Document:

Exhibit 10.2

    
      

    

    harman
      international

    
      

    

    Harman
      International Industries, Incorporated 8500 Balboa Blvd., P.O. Box 2200,
      Northridge, CA 91329 (818) 893-8411

    

    

    December
      8, 2006

    

    Dr.
      Floyd
      Toole

    1301
      St.
      James Ct.

    Oak
      Park,
      CA 91377

    

     

    
      	
              Re:

            	
              Exclusive
                Consulting Agreement
                (“Agreement”)

            

    

     

    Dear
      Dr.
      Toole:

     

    This
      letter is written to confirm the terms of your engagement as a consultant to
      Harman International Industries, Inc. (“Harman”) and its subsidiaries
      (collectively, the “Company”) following termination of your employment with the
      Company on January 31, 2007. This letter agreement (“Agreement”) will become
      effective when countersigned by you, and your engagement as a consultant will
      commence upon termination of your employment, on the terms set forth below.
      It
      is our mutual intention that, following the termination of your employment
      with
      the Company (“Current Employment Agreement”), this Agreement will supersede and
      replace any and all other employment, consulting or other agreements with the
      Company save for post-employment benefits to which you are entitled from the
      Company, and any other agreements specifically excepted in this
      Agreement.

     

    1.  Scope
      of Work; Responsibilities.

     

    (a) General. You
      will
      be responsible for advising the Company generally concerning acoustic science
      and emerging technologies, for assisting its business leaders in achieving
      acoustic excellence, and for representing the Company and at professional and
      trade association forums. You will furnish the Company with the full benefit
      of
      your knowledge, skill and experience as to all questions and problems which
      Company may present you and you shall answer, advise, suggest and opine with
      respect to such questions and problems to the best of your ability.

     

    (b) Specific
      Tasks. Your
      specific tasks will fall into the three categories listed below, and you will
      investigate and consult as requested or as you deem necessary in order to
      accomplish them. The completion of those tasks pursuant to the agreed upon
      performance criteria, rather than the amount of hours you spend in providing
      services to the Company, shall determine whether you are performing adequately
      under this Agreement.

     

    
      	 	
              1.

            	
              Making
                presentations as requested by and as mutually agreed with the Company’s
                Consumer, Professional and Automotive OEM groups, either internally
                or to
                customers, introducing them to the Company and its contributions
                to
                acoustic science;

            

    

     

    
      	 	
              2.

            	
              Attendance
                at major conferences or trade shows by the following organizations,
                plus
                any others agreed to by the Company, as well as membership therein
                as
                required or appropriate, including participation as a speaker or
                panelist
                as requested by the Company or the relevant organization and agreed
                by
                you:

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        Dr.
          Floyd Toole

        December
          8, 2006

        Page
          2

      

    

    
      	 	
              ·

            	
              Audio
                Engineering Society (AES) - one U.S. and one European convention
                per
                year;

            

    

     

    
      	 	
              ·

            	
              Custom
                Electronic Design and Installations Association (CEDIA) - once per
                year;
                and

            

    

     

    
      	 	
              ·

            	
              2007
                International Electroacoustics Technology Symposium in Nanjing and
                Shenzhen, China.

            

    

     

    
      	 	
              3.

            	
              Continued
                work on completion or updating of various white papers, articles
                and books
                for audio professional or trade associations and/or individuals engaged
                in
                the field of acoustics, including among others the following
                -

            

    

     

    
      	 	
              ·

            	
              Permanent
                educational curriculum on loudspeakers and rooms (CEDIA);
                and

            

    

     

    
      	 	
              ·

            	
              Technical
                treatise on Sound Reproduction.

            

    

     

    (c) Exclusive
      Engagement. This
      is
      an exclusive consulting engagement for the Company, and you will not accept
      or
      participate in any consulting arrangement or business involving any other
      automotive, consumer or professional audio electronics. 

     

    (d) Reporting
      Relationships.
      You will
      be accountable to the Chief Executive Officer of the Company and to Tim Nind
      of
      Harman Becker Automotive Systems GmbH for all phases of your activities, or
      to
      such other person as may be designated by the Company. You will as necessary
      and
      at times mutually agreed by you, advise and consult with the Company’s
      Group/Division R&D and/or Technology executives, as well as with executive
      officers of the Company and with the Group and Division presidents.

     

    2.  Compensation.
      The
      Company shall pay you Five thousand dollars ($5,000.00) per month on the first
      day of each month following a month in which consulting services were rendered.
      Such compensation shall be full consideration for your services hereunder
      regardless of any additional time that you may devote. 

     

    3.  Expense
      Reimbursement.
      You
      will be entitled to reimbursement from the Company for any ordinary and
      necessary expenses incurred by you in performing your duties hereunder upon
      submission to the Company of an expense report in accordance with Company
      policies and procedures, and providing such additional receipts and records
      as
      may be requested by Company to substantiate such expenses.

     

    4.  Term.
      The
      term of this Agreement shall commence on the first business day after the date
      upon which your employment with the Company terminates, subject to earlier
      termination as provided herein, and will continue thereafter for a period of
      one
      (1) year; provided,
      however,
      that the term of this Agreement may, at the Company’s option at the expiration
      of its initial or any subsequent term, be extended for one additional year
      unless you advise the Company in writing at least thirty (30) days prior to
      such
      expiration of your intention not to extend this Agreement. The Company may
      immediately terminate this Agreement at any time for breach by you of any term
      hereof. Except as otherwise provided in this Agreement, and except for
      post-employment benefits to which you are entitled from the Company, neither
      you
      nor Harman shall have any obligation to the other following termination of
      this
      Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        Dr.
          Floyd Toole

        December
          8, 2006

        Page
          3

      

    

    5.  Place
      of Performance.
      The
      Company shall make available to you such of its facilities as are reasonably
      required by you in the performance of your services hereunder. If the parties
      agree that you should perform your services elsewhere, the Company shall not
      be
      responsible for rent or other charges in connection with those
      facilities.

     

    6.  Warranties.
      You
      represent, warrant and undertake that on the day your employment with the
      Company ends (a) you will be free to render consulting services to Company,
      (b)
      such services will not conflict with any prior commitment or obligation you
      have, and (c) you will not at any time use for the Company’s benefit or disclose
      to the Company any information you have received from third parties and that
      you
      are lawfully obligated to keep confidential.

     

    7.  Confidentiality.
      You
      will keep in strict confidence, and will not, directly or indirectly, at any
      time during or after your employment or consultancy with the Company, disclose,
      furnish, disseminate, make available or, except in the course of performing
      your
      duties of employment or consultancy, use any trade secrets or confidential
      business and technical information of the Company or its customers or vendors,
      without limitation as to when or how you may have acquired such information.
      Such confidential information shall include, without limitation, the Company’s
      unique selling, manufacturing and servicing methods and business techniques,
      training, service and business manuals, promotional product information,
      customer and prospective customer lists, other customer and prospective customer
      information and other business information. You specifically acknowledge that
      all such confidential information, whether reduced to writing, maintained on
      any
      form of electronic media, or maintained in your mind or memory and whether
      compiled by the Company and/or you, derives independent economic value from
      not
      being readily known to or ascertainable by proper means by others who can obtain
      economic value from its disclosure or use, that reasonable efforts have been
      made by the Company to maintain the secrecy of such information, that such
      information is the sole property of the Company and that any retention and
      use
      of such information by you during your employment or consultancy with the
      Company (except in the course of performing your duties and obligations
      hereunder) or after the termination of your employment or consultancy shall
      constitute a misappropriation of the Company’s trade secrets.

     

    8.  Inventions.
      You
      will fully and promptly disclose in writing to Company any and all ideas,
      inventions and discoveries which are solely or jointly made, conceived,
      developed or reduced to practice during the term hereof which relate to
      loudspeakers or the production thereof. All documents, drawings and other
      material which constitute your work product shall be and remain the sole
      property of Company, and you will return to Company all such documents, and
      all
      copies thereof, upon termination hereof. Your entire right, title and interest
      in and to such ideas, discoveries and inventions, both domestic and foreign,
      shall become the sole property of Company. You will execute, acknowledge and
      deliver to Company any and all further assignments, contracts or other
      instruments Company deems necessary or expedient, without further compensation,
      to carry out and effectuate the intents and purposes of this Agreement and
      to
      vest in Company each and all of the rights granted or stated to be granted
      to
      Company. The obligations set forth in this Section 8 shall survive any
      termination of this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        Dr.
          Floyd Toole

        December
          8, 2006

        Page
          4

      

    

    9.  Independent
      Contractor.
      You
      shall render services hereunder personally without delegating any part of your
      work to any other person. You will at all times be acting and performing
      hereunder as an independent contractor and not as an agent or employee of the
      Company. Nothing in this Agreement shall be deemed to create an
      employee-employer or agent-principal relationship between you and the Company,
      nor to authorize you to act as an agent or legal representative for the Company.
      You hereby acknowledge that you are not authorized to act as a Company legal
      representative or otherwise. You further acknowledge that you will not be
      entitled to participate as an employee in or under any employee benefit plan
      of
      Company, nor to receive any other employment rights or benefits available to
      or
      enjoyed by employees of the Company, except to the extent earned prior to your
      termination of employment with the Company.

     

    10. 
       Noncompetition.
      During
      the term of this Agreement you shall not, without the Company’s prior written
      approval, establish or engage in any competitive business, directly or through
      any enterprise or company in which you are interested or act as a partner,
      shareholder, director, officer, employee, or consultant. For purposes hereof,
      the words “competitive business” shall mean an enterprise engaged in designing,
      developing, manufacturing or procuring loudspeakers for consumer, professional
      audio or automotive applications.

     

    11. 
       Assignment.
      This
      Agreement requires the performance of personal services by you. You shall not
      assign any right, delegate any duty or otherwise transfer any interest hereunder
      without the Company’s prior written approval, and any attempted such assignment,
      delegation or transfer without such consent shall be null and void.

     

    12. 
       Notices.
      All
      notices and other communications required or permitted to be given hereunder,
      if
      in written form, will be deemed given two days after deposit in the U.S. mail,
      postage prepaid and addressed to the parties at their respective addresses
      set
      forth below (unless by written notice a different person or address shall have
      been designated).

     

    
      	 	
              If
                to Company, to:

            	
              If
                to Consultant, to:

            

    

    

      
        	 	
                Harman
                  International Industries, Inc.

              	
                Dr.
                  Floyd Toole

              

      

    

    
      	 	
              8500
                Balboa Blvd.

            	
              1301
                N. King James Ct.

            

    

    
      	 	
              Northridge,
                CA 91329

            	
              Oak
                Park, CA 91377

            

    

    Attn:
      Vice
      President & General Counsel

    
      	 	
              Phone:
                (818) 895-5724

            	
              Phone:
                (818) 889-4864

            

    

     

    13. 
       Entire
      Agreement.
      This
      Agreement contains the entire agreement between the parties and all prior and
      collateral representations or promises are merged herein. No modification,
      waiver or termination of any provision contained herein nor any future
      representation, promise or condition in connection with the subject matter
      hereof shall be binding upon the parties unless made in writing, signed by
      you
      and an officer of, or the original signatory hereon for Company, as the case
      may
      be.

     

    14. 
       Waiver.
      No
      waiver by either party of any breach of any covenant or provision of this
      Agreement shall be deemed to be a waiver of any preceding or succeeding breach
      of the same or any other covenant or provision.

     

    15.  
      Law.
      This
      Agreement shall be construed in accordance with the laws of the State of
      California, without regard to its conflict of laws doctrine.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        Dr.
          Floyd Toole

        December
          8, 2006

        Page
          5

      

    

    16. 
       Arbitration.
      Any
      dispute concerning your employment or its termination shall be resolved by
      final
      and binding arbitration before a neutral arbitrator; provided,
      however,
      that no dispute concerning breach or performance of the terms set forth in
      paragraphs 7, 8, or 10 of this Agreement shall be arbitrated. The arbitrator
      shall be selected by mutual agreement or in accordance with the procedures
      of
      the American Arbitration Association. Arbitration shall take place in Los
      Angeles, California unless you and the Company otherwise agree in
      writing.

     

    
      	 	 	 	
              Harman
                International Industries, Inc.

            
	 	 	 	
              (“Company”)

            
	 	 	 	 	 
	 	 	 	 	 
	 	
              /s/
                Dr. Floyd Toole

            	 	
              By:

            	
              /s/
                Bernard Girod

            
	 	
              Dr.
                Floyd Toole (“Consultant”)

            	 	
              Name:

            	
              Bernard
                Girod

            
	 	 	 	
              Title:

            	
              Chief
                Executive OfficerUnassociated Document

    
      
        
          

            
               
MORTGAGE
              ASSET SECURITIZATION TRANSACTIONS, INC.

            Depositor

             

            

             

            

             

            BARCLAYS
              CAPITAL REAL ESTATE INC.

            d/b/a
              HOMEQ SERVICING

            Servicer

             

            

             

            

             

            WELLS
              FARGO BANK, N.A.

            Master
              Servicer and Trust Administrator

             

            

             

            and

             

            

             

            U.S.
              BANK
              NATIONAL ASSOCIATION

            Trustee

             

            

             

            POOLING
              AND SERVICING AGREEMENT

            Dated
              as
              of December 1, 2006

             

            

             

            MASTR
              Asset Backed Securities Trust 2006-NC3

            Mortgage
              Pass-Through Certificates

            Series
              2006-NC3

             

            

            
              
                
                  

                  

                

                 

              

              
                 

                
                  

                

              

              
                 

                
                

              

            

            

            TABLE
              OF
              CONTENTS

            
              	
                      ARTICLE
                        I

                    
	
                      DEFINITIONS

                    
	
                      SECTION
                        1.01.

                    	
                      Defined
                        Terms.

                    
	
                      SECTION
                        1.02.

                    	
                      Allocation
                        of Certain Interest Shortfalls.

                    
	
                      SECTION
                        1.03.

                    	
                      Rights
                        of the NIMS Insurer.

                    
	 	 
	
                      ARTICLE
                        II

                    
	
                      CONVEYANCE
                        OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

                    
	
                      SECTION
                        2.01.

                    	
                      Conveyance
                        of the Mortgage Loans.

                    
	
                      SECTION
                        2.02.

                    	
                      Acceptance
                        of REMIC I by Trustee.

                    
	
                      SECTION
                        2.03.

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

                    
	
                      SECTION
                        2.04.

                    	
                      Reserved.

                    
	
                      SECTION
                        2.05.

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

                    
	
                      SECTION
                        2.06.

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

                    
	
                      SECTION
                        2.07.

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

                    
	
                      SECTION
                        2.08.

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

                    
	 	 
	
                      ARTICLE
                        III

                    
	
                      ADMINISTRATION
                        AND SERVICING OF THE MORTGAGE LOANS

                    
	
                      SECTION
                        3.01.

                    	
                      Servicer
                        to Act as Servicer.

                    
	
                      SECTION
                        3.02.

                    	
                      Sub-Servicing
                        Agreements Between Servicer and Sub-Servicers.

                    
	
                      SECTION
                        3.03.

                    	
                      Successor
                        Sub-Servicers.

                    
	
                      SECTION
                        3.04.

                    	
                      Liability
                        of the Servicer.

                    
	
                      SECTION
                        3.05.

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

                    
	
                      SECTION
                        3.06.

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

                    
	
                      SECTION
                        3.07.

                    	
                      Collection
                        of Certain Mortgage Loan Payments.

                    
	
                      SECTION
                        3.08.

                    	
                      Sub-Servicing
                        Accounts.

                    
	
                      SECTION
                        3.09.

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

                    
	
                      SECTION
                        3.10.

                    	
                      Collection
                        Account.

                    
	
                      SECTION
                        3.11.

                    	
                      Withdrawals
                        from the Collection Account.

                    
	
                      SECTION
                        3.12.

                    	
                      Investment
                        of Funds in the Collection Account.

                    
	
                      SECTION
                        3.13.

                    	
                      [Reserved].

                    
	
                      SECTION
                        3.14.

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

                    
	
                      SECTION
                        3.15.

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

                    
	
                      SECTION
                        3.16.

                    	
                      Realization
                        Upon Defaulted Mortgage Loans.

                    
	
                      SECTION
                        3.17.

                    	
                      Trustee
                        to Cooperate; Release of Mortgage Files.

                    
	
                      SECTION
                        3.18.

                    	
                      Servicing
                        Compensation.

                    
	
                      SECTION
                        3.19.

                    	
                      Reports
                        to the Trust Administrator; Collection Account
                        Statements.

                    
	
                      SECTION
                        3.20.

                    	
                      Statement
                        as to Compliance.

                    
	
                      SECTION
                        3.21.

                    	
                      Assessments
                        of Compliance and Attestation Reports.

                    
	
                      SECTION
                        3.22.

                    	
                      Access
                        to Certain Documentation.

                    
	
                      SECTION
                        3.23.

                    	
                      Title,
                        Management and Disposition of REO Property.

                    
	
                      SECTION
                        3.24.

                    	
                      Obligations
                        of the Servicer in Respect of Prepayment Interest
                        Shortfalls.

                    
	
                      SECTION
                        3.25.

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

                    
	
                      SECTION
                        3.26.

                    	
                      Advance
                        Facility

                    
	
                      SECTION
                        3.27.

                    	
                      Solicitations.

                    
	 	 
	
                      ARTICLE
                        IIIA

                    
	
                      ADMINISTRATION
                        AND SERVICING OF THE MORTGAGE LOANS

                    
	
                      SECTION
                        3A.01.

                    	
                      Master
                        Servicer to Act as Master Servicer

                    
	
                      SECTION
                        3A.02.

                    	
                      [Reserved].

                    
	
                      SECTION
                        3A.03.

                    	
                      Monitoring
                        of Servicer.

                    
	
                      SECTION
                        3A.04.

                    	
                      Fidelity
                        Bond

                    
	
                      SECTION
                        3A.05.

                    	
                      Power
                        to Act; Procedures.

                    
	
                      SECTION
                        3A.06.

                    	
                      Due
                        on Sale Clauses; Assumption Agreements.

                    
	
                      SECTION
                        3A.07.

                    	
                      [Reserved].

                    
	
                      SECTION
                        3A.08.

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

                    
	
                      SECTION
                        3A.09.

                    	
                      Compensation
                        for the Master Servicer.

                    
	
                      SECTION
                        3A.10.

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

                    
	
                      SECTION
                        3A.11.

                    	
                      Distribution
                        Account.

                    
	
                      SECTION
                        3A.12.

                    	
                      Permitted
                        Withdrawals and Transfers from the Distribution
                        Account.

                    
	
                      SECTION
                        3A.13.

                    	
                      Late
                        Remittance.

                    
	 	 
	
                      ARTICLE
                        IV

                    
	
                      PAYMENTS
                        TO CERTIFICATEHOLDERS

                    
	
                      SECTION
                        4.01.

                    	
                      Distributions.

                    
	
                      SECTION
                        4.02.

                    	
                      Statements
                        to Certificateholders.

                    
	
                      SECTION
                        4.03.

                    	
                      Remittance
                        Reports; Advances.

                    
	
                      SECTION
                        4.04.

                    	
                      Allocation
                        of Realized Losses.

                    
	
                      SECTION
                        4.05.

                    	
                      Compliance
                        with Withholding Requirements.

                    
	
                      SECTION
                        4.06.

                    	
                      Exchange
                        Commission Filings; Additional Information.

                    
	
                      SECTION
                        4.07.

                    	
                      Net
                        WAC Rate Carryover Reserve Account.

                    
	
                      SECTION
                        4.08.

                    	
                      Swap
                        Account.

                    
	
                      SECTION
                        4.09.

                    	
                      Tax
                        Treatment of Swap Payments and Swap Termination
                        Payments.

                    
	
                      SECTION
                        4.10.

                    	
                      Cap
                        Account.

                    
	
                      SECTION
                        4.11.

                    	
                      Collateral
                        Accounts.

                    
	
                      SECTION
                        4.12.

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

                    
	 	 
	
                      ARTICLE
                        V

                    
	
                      THE
                        CERTIFICATES

                    
	
                      SECTION
                        5.01.

                    	
                      The
                        Certificates.

                    
	
                      SECTION
                        5.02.

                    	
                      Registration
                        of Transfer and Exchange of Certificates.

                    
	
                      SECTION
                        5.03.

                    	
                      Mutilated,
                        Destroyed, Lost or Stolen Certificates.

                    
	
                      SECTION
                        5.04.

                    	
                      Persons
                        Deemed Owners.

                    
	
                      SECTION
                        5.05.

                    	
                      Certain
                        Available Information.

                    
	 	 
	
                      ARTICLE
                        VI

                    
	
                      THE
                        DEPOSITOR, THE SERVICER AND THE MASTER SERVICER

                    
	
                      SECTION
                        6.01.

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

                    
	
                      SECTION
                        6.02.

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

                    
	
                      SECTION
                        6.03.

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

                    
	
                      SECTION
                        6.04.

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

                    
	
                      SECTION
                        6.05.

                    	
                      Successor
                        Master Servicer.

                    
	
                      SECTION
                        6.06.

                    	
                      Rights
                        of the Depositor in Respect of the Servicer.

                    
	
                      SECTION
                        6.07.

                    	
                      [Reserved].

                    
	
                      SECTION
                        6.08.

                    	
                      Duties
                        of the Credit Risk Manager.

                    
	
                      SECTION
                        6.09.

                    	
                      Limitation
                        Upon Liability of the Credit Risk Manager.

                    
	
                      SECTION
                        6.10.

                    	
                      Removal
                        of the Credit Risk Manager.

                    
	 	 
	
                      ARTICLE
                        VII

                    
	
                      DEFAULT

                    
	
                      SECTION
                        7.01.

                    	
                      Servicer
                        Events of Default and Master Servicer Events of
                        Termination.

                    
	
                      SECTION
                        7.02.

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

                    
	
                      SECTION
                        7.03.

                    	
                      Trustee
                        to Act; Appointment of Successor Master Servicer.

                    
	
                      SECTION
                        7.04.

                    	
                      Notification
                        to Certificateholders.

                    
	
                      SECTION
                        7.05.

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

                    
	
                      SECTION
                        7.06.

                    	
                      Survivability
                        of Servicer and Master Servicer Liabilities.

                    
	 	 
	
                      ARTICLE
                        VIII

                    
	
                      CONCERNING
                        THE TRUSTEE AND THE TRUST ADMINISTRATOR

                    
	
                      SECTION
                        8.01.

                    	
                      Duties
                        of Trustee and Trust Administrator.

                    
	
                      SECTION
                        8.02.

                    	
                      Certain
                        Matters Affecting the Trustee and the Trust
                        Administrator.

                    
	
                      SECTION
                        8.03.

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

                    
	
                      SECTION
                        8.04.

                    	
                      Trustee
                        and Trust Administrator May Own Certificates.

                    
	
                      SECTION
                        8.05.

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

                    
	
                      SECTION
                        8.06.

                    	
                      Eligibility
                        Requirements for Trustee and Trust Administrator.

                    
	
                      SECTION
                        8.07.

                    	
                      Resignation
                        and Removal of the Trustee or Trust Administrator.

                    
	
                      SECTION
                        8.08.

                    	
                      Successor
                        Trustee or Trust Administrator.

                    
	
                      SECTION
                        8.09.

                    	
                      Merger
                        or Consolidation of Trustee or Trust Administrator.

                    
	
                      SECTION
                        8.10.

                    	
                      Appointment
                        of Co-Trustee or Separate Trustee.

                    
	
                      SECTION
                        8.11.

                    	
                      Appointment
                        of Office or Agency; Appointment of Custodian.

                    
	
                      SECTION
                        8.12.

                    	
                      Representations
                        and Warranties.

                    
	 	 
	
                      ARTICLE
                        IX

                    
	
                      TERMINATION

                    
	
                      SECTION
                        9.01.

                    	
                      Termination
                        Upon Repurchase or Liquidation of All Mortgage Loans.

                    
	
                      SECTION
                        9.02.

                    	
                      Additional
                        Termination Requirements.

                    
	 	 
	
                      ARTICLE
                        X

                    
	
                      REMIC
                        PROVISIONS

                    
	
                      SECTION
                        10.01.

                    	
                      REMIC
                        Administration.

                    
	
                      SECTION
                        10.02.

                    	
                      Prohibited
                        Transactions and Activities.

                    
	
                      SECTION
                        10.03.

                    	
                      Servicer,
                        Master Servicer and Trustee Indemnification.

                    
	 	 
	
                      ARTICLE
                        XI

                    
	
                      MISCELLANEOUS
                        PROVISIONS

                    
	
                      SECTION
                        11.01.

                    	
                      Amendment.

                    
	
                      SECTION
                        11.02.

                    	
                      Recordation
                        of Agreement; Counterparts.

                    
	
                      SECTION
                        11.03.

                    	
                      Limitation
                        on Rights of Certificateholders.

                    
	
                      SECTION
                        11.04.

                    	
                      Governing
                        Law.

                    
	
                      SECTION
                        11.05.

                    	
                      Notices.

                    
	
                      SECTION
                        11.06.

                    	
                      Severability
                        of Provisions.

                    
	
                      SECTION
                        11.07.

                    	
                      Notice
                        to Rating Agencies and the NIMS Insurer.

                    
	
                      SECTION
                        11.08.

                    	
                      Article
                        and Section References.

                    
	
                      SECTION
                        11.09.

                    	
                      Grant
                        of Security Interest.

                    
	
                      SECTION
                        11.10.

                    	
                      Third
                        Party Rights.

                    
	
                      SECTION
                        11.11.

                    	
                      Intention
                        of the Parties and Interpretation.

                    

            

            

            
              
                 

              

              
                 

                
                  

                

              

              
                 

              

            

            

            
              	
                      Exhibits

                    	 
	
                      Exhibit
                        A-A-1

                    	
                      Form
                        of Class A-1 Certificate

                    
	
                      Exhibit
                        A-A-2

                    	
                      Form
                        of Class A-2 Certificate

                    
	
                      Exhibit
                        A-A-3

                    	
                      Form
                        of Class A-3 Certificate

                    
	
                      Exhibit
                        A-A-4

                    	
                      Form
                        of Class A-4 Certificate

                    
	
                      Exhibit
                        A-A-5

                    	
                      Form
                        of Class A-5 Certificate

                    
	
                      Exhibit
                        A-M-1

                    	
                      Form
                        of Class M-1 Certificate

                    
	
                      Exhibit
                        A-M-2

                    	
                      Form
                        of Class M-2 Certificate

                    
	
                      Exhibit
                        A-M-3

                    	
                      Form
                        of Class M-3 Certificate

                    
	
                      Exhibit
                        A-M-4

                    	
                      Form
                        of Class M-4 Certificate

                    
	
                      Exhibit
                        A-M-5

                    	
                      Form
                        of Class M-5 Certificate

                    
	
                      Exhibit
                        A-M-6

                    	
                      Form
                        of Class M-6 Certificate

                    
	
                      Exhibit
                        A-M-7

                    	
                      Form
                        of Class M-7 Certificate

                    
	
                      Exhibit
                        A-M-8

                    	
                      Form
                        of Class M-8 Certificate

                    
	
                      Exhibit
                        A-M-9

                    	
                      Form
                        of Class M-9 Certificate

                    
	
                      Exhibit
                        A-M-10

                    	
                      Form
                        of Class M-10 Certificate

                    
	
                      Exhibit
                        A-M-11

                    	
                      Form
                        of Class M-11 Certificate

                    
	
                      Exhibit
                        A-15

                    	
                      [Reserved]

                    
	
                      Exhibit
                        A-CE

                    	
                      Form
                        of Class CE Certificate

                    
	
                      Exhibit
                        A-P

                    	
                      Form
                        of Class P Certificate

                    
	
                      Exhibit
                        A-R

                    	
                      Form
                        of Class R Certificate

                    
	
                      Exhibit
                        A-RX

                    	
                      Form
                        of Class R-X Certificate

                    
	
                      Exhibit
                        B

                    	
                      [Reserved]

                    
	
                      Exhibit
                        C-1

                    	
                      Form
                        of Initial Certification

                    
	
                      Exhibit
                        C-2

                    	
                      Form
                        of Final Certification

                    
	
                      Exhibit
                        C-3

                    	
                      Form
                        of Receipt of Mortgage Notes

                    
	
                      Exhibit
                        D

                    	
                      Form
                        of Assignment Agreement

                    
	
                      Exhibit
                        E

                    	
                      Request
                        for Release

                    
	
                      Exhibit
                        F-1

                    	
                      Form
                        of Transferor Representation Letter and Form of Transferee
                        Representation
                        Letter in Connection with Transfer of the Private Certificates
                        Pursuant to
                        Rule 144A Under the 1933 Act

                    
	
                      Exhibit
                        F-2

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

                    
	
                      Exhibit
                        G

                    	
                      Form
                        of Certification with respect to ERISA and the Code

                    
	
                      Exhibit
                        H

                    	
                      [Reserved]

                    
	
                      Exhibit
                        I

                    	
                      Form
                        of Lost Note Affidavit

                    
	
                      Exhibit
                        J-1

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

                    
	
                      Exhibit
                        J-2

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

                    
	
                      Exhibit
                        K

                    	
                      Forms
                        of Interest Rate Cap Agreements

                    
	
                      Exhibit
                        L

                    	
                      Annual
                        Statement of Compliance pursuant to Section 3.20 

                    
	
                      Exhibit
                        M

                    	
                      Form
                        of Interest Rate Swap Agreement

                    
	
                      Exhibit
                        N

                    	
                      Form
                        of Swap Administration Agreement

                    
	
                      Exhibit
                        O

                    	
                      Servicing
                        Criteria to Be Addressed in Assessment of Compliance

                    
	
                      Exhibit
                        P

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

                    
	
                      Exhibit
                        Q

                    	
                      Additional
                        Disclosure Notification

                    
	
                      Exhibit
                        R-1

                    	
                      Form
                        of Delinquency Report

                    
	
                      Exhibit
                        R-2

                    	
                      Form
                        of Monthly Remittance Report

                    
	
                      Exhibit
                        R-3

                    	
                      Form
                        of Realized Loss Report

                    
	
                      Exhibit
                        S-1

                    	
                      Form
                        of Watchlist Report

                    
	
                      Exhibit
                        S-2

                    	
                      Form
                        of Loss Severity Report

                    
	
                      Exhibit
                        S-3

                    	
                      Form
                        of Prepayment Premiums Report

                    
	
                      Exhibit
                        S-4

                    	
                      Form
                        of Analytics Report

                    
	 	 
	 	 
	
                      Schedule
                        1

                    	
                      Mortgage
                        Loan Schedule

                    
	
                      Schedule
                        2

                    	
                      Prepayment
                        Charge Schedule

                    

            

            

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

             

            PRELIMINARY
              STATEMENT:

             

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

             

            REMIC
              I

             

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

             

            
              	
                      Designation

                    	 	
                      REMIC
                        I

                      Remittance
                        Rate

                    	 	
                      Initial

                      Uncertificated
                        Balance

                    	 	
                      Latest
                        Possible

                      Maturity
                        Date(1)

                    	 
	
                      I

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      88.31

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-1-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,846,363.64

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-1-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,846,363.64

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-2-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      2,280,134.51

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-2-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      2,280,134.51

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-3-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      2,711,948.52

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-3-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      2,711,948.52

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-4-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,135,282.80

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-4-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,135,282.80

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-5-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,548,702.31

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-5-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,548,702.31

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-6-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,945,162.36

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-6-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,945,162.36

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-7-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,322,836.55

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-7-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,322,836.55

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-8-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,674,288.79

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-8-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,674,288.79

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-9-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,931,681.25

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-9-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,931,681.25

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-10-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,703,511.25

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-10-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,703,511.25

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-11-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,485,777.85

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-11-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,485,777.85

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-12-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,278,350.57

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-12-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,278,350.57

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-13-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,080,577.15

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-13-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,080,577.15

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-14-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,892,196.66

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-14-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,892,196.66

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-15-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,712,426.35

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-15-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,712,426.35

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-16-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,541,266.24

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-16-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,541,266.24

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-17-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,378,064.03

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-17-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,378,064.03

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-18-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,222,297.89

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-18-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,222,297.89

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-19-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,165,548.91

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-19-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,165,548.91

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-20-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      5,200,032.13

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-20-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      5,200,032.13

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-21-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,705,729.03

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-21-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,705,729.03

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-22-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,259,042.88

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-22-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,259,042.88

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-23-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,862,191.45

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-23-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,862,191.45

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-24-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,464,165.91

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-24-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,464,165.91

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-25-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      2,157,765.47

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-25-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      2,157,765.47

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-26-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      2,044,919.81

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-26-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      2,044,919.81

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-27-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,937,944.74

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-27-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,937,944.74

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-28-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,835,927.05

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-28-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,835,927.05

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-29-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,740,562.69

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-29-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,740,562.69

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-30-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,650,155.71

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-30-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,650,155.71

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-31-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,658,244.07

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-31-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,658,244.07

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-32-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,796,398.46

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-32-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,796,398.46

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-33-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,669,985.23

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-33-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,669,985.23

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-34-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,552,964.94

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-34-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,552,964.94

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-35-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,446,642.16

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-35-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,446,642.16

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-36-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,306,139.53

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-36-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,306,139.53

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-37-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,117,106.75

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-37-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,117,106.75

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-38-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,058,270.46

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-38-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,058,270.46

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-39-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,002,565.15

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-39-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,002,565.15

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-40-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      949,599.45

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-40-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      949,599.45

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-41-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      899,764.72

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-41-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      899,764.72

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-42-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      852,930.51

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-42-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      852,930.51

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-43-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      808,574.99

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-43-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      808,574.99

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-44-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      766,567.71

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-44-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      766,567.71

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-45-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      726,908.66

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-45-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      726,908.66

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-46-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      689,336.92

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-46-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      689,336.92

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-47-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      653,852.51

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-47-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      653,852.51

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-48-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      620,324.96

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-48-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      620,324.96

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-49-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      588,493.35

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-49-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      588,493.35

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-50-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      558,618.61

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-50-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      558,618.61

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-51-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      530,178.89

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-51-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      530,178.89

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-52-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      503,304.67

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-52-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      503,304.67

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-53-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      477,735.01

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-53-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      477,735.01

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-54-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      453,861.31

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-54-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      453,861.31

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-55-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      430,900.81

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-55-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      430,900.81

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-56-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      409,375.33

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-56-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      409,375.33

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-57-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      389,023.98

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-57-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      389,023.98

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-58-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      369,846.74

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-58-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      369,846.74

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-59-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      351,582.70

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-59-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      351,582.70

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-60-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      7,237,515.87

                    	 	
                      September
                        25, 2036

                    	 
	
                      I-60-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      7,237,515.87

                    	 	
                      September
                        25, 2036

                    	 
	
                      II

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      250.14

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-1-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      5,230,136.36

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-1-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      5,230,136.36

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-2-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      6,458,865.49

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-2-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      6,458,865.49

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-3-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      7,682,051.48

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-3-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      7,682,051.48

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-4-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      8,881,217.20

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-4-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      8,881,217.20

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-5-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      10,052,297.69

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-5-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      10,052,297.69

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-6-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      11,175,337.64

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-6-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      11,175,337.64

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-7-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      12,245,163.45

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-7-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      12,245,163.45

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-8-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      13,240,711.21

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-8-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      13,240,711.21

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-9-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      13,969,818.75

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-9-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      13,969,818.75

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-10-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      13,323,488.75

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-10-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      13,323,488.75

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-11-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      12,706,722.15

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-11-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      12,706,722.15

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-12-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      12,119,149.43

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-12-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      12,119,149.43

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-13-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      11,558,922.85

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-13-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      11,558,922.85

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-14-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      11,025,303.34

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-14-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      11,025,303.34

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-15-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      10,516,073.65

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-15-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      10,516,073.65

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-16-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      10,031,233.76

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-16-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      10,031,233.76

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-17-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      9,568,935.97

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-17-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      9,568,935.97

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-18-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      9,127,702.11

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-18-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      9,127,702.11

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-19-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      8,966,951.09

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-19-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      8,966,951.09

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-20-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      14,729,967.87

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-20-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      14,729,967.87

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-21-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      13,329,770.97

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-21-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      13,329,770.97

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-22-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      12,064,457.12

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-22-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      12,064,457.12

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-23-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      10,940,308.55

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-23-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      10,940,308.55

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-24-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      9,812,834.09

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-24-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      9,812,834.09

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-25-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      6,112,234.53

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-25-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      6,112,234.53

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-26-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      5,792,580.19

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-26-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      5,792,580.19

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-27-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      5,489,555.26

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-27-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      5,489,555.26

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-28-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      5,200,572.95

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-28-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      5,200,572.95

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-29-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,930,437.31

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-29-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,930,437.31

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-30-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,674,344.29

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-30-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,674,344.29

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-31-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,697,255.93

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-31-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,697,255.93

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-32-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      5,088,601.54

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-32-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      5,088,601.54

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-33-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,730,514.77

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-33-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,730,514.77

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-34-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,399,035.06

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-34-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,399,035.06

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-35-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,097,857.84

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-35-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      4,097,857.84

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-36-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,699,860.47

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-36-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,699,860.47

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-37-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,164,393.25

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-37-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      3,164,393.25

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-38-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      2,997,729.54

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-38-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      2,997,729.54

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-39-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      2,839,934.85

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-39-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      2,839,934.85

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-40-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      2,689,900.55

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-40-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      2,689,900.55

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-41-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      2,548,735.28

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-41-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      2,548,735.28

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-42-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      2,416,069.49

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-42-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      2,416,069.49

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-43-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      2,290,425.01

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-43-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      2,290,425.01

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-44-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      2,171,432.29

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-44-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      2,171,432.29

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-45-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      2,059,091.34

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-45-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      2,059,091.34

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-46-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,952,663.08

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-46-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,952,663.08

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-47-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,852,147.49

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-47-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,852,147.49

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-48-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,757,175.04

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-48-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,757,175.04

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-49-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,667,006.65

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-49-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,667,006.65

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-50-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,582,381.39

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-50-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,582,381.39

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-51-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,501,821.11

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-51-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,501,821.11

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-52-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,425,695.33

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-52-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,425,695.33

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-53-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,353,264.99

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-53-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,353,264.99

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-54-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,285,638.69

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-54-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,285,638.69

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-55-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,220,599.19

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-55-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,220,599.19

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-56-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,159,624.67

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-56-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,159,624.67

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-57-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,101,976.02

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-57-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,101,976.02

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-58-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,047,653.26

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-58-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      1,047,653.26

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-59-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      995,917.30

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-59-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      995,917.30

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-60-A

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      20,501,484.13

                    	 	
                      September
                        25, 2036

                    	 
	
                      II-60-B

                    	 	
                      Variable(2)

                    	 	
                      $

                    	
                      20,501,484.13

                    	 	
                      September
                        25, 2036

                    	 

            

            

            
              	
                      (1)

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

                    
	
                      (2)

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

                    

            

            

             

            

             

            
              
                 

              

              
                 

                
                  

                

              

              
                 

              

            

            REMIC
              II

             

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

             

            
              	
                      Designation

                    	
                      REMIC
                        II

                      Remittance
                        Rate

                    	
                      Initial

                      Uncertificated
                        Balance

                    	
                      Latest
                        Possible

                      Maturity
                        Date(1)

                    
	
                      II-LTAA

                    	
                      Variable(2)

                    	
                      $

                    	
                      505,527,726.84

                    	
                      September
                        25, 2036

                    
	
                      II-LTA1

                    	
                      Variable(2)

                    	
                      $

                    	
                      1,033,660.00

                    	
                      September
                        25, 2036

                    
	
                      II-LTA2

                    	
                      Variable(2)

                    	
                      $

                    	
                      1,609,000.00

                    	
                      September
                        25, 2036

                    
	
                      II-LTA3

                    	
                      Variable(2)

                    	
                      $

                    	
                      392,000.00

                    	
                      September
                        25, 2036

                    
	
                      II-LTA4

                    	
                      Variable(2)

                    	
                      $

                    	
                      666,500.00

                    	
                      September
                        25, 2036

                    
	
                      II-LTA5

                    	
                      Variable(2)

                    	
                      $

                    	
                      260,525.00

                    	
                      September
                        25, 2036

                    
	
                      II-LTM1

                    	
                      Variable(2)

                    	
                      $

                    	
                      196,020.00

                    	
                      September
                        25, 2036

                    
	
                      II-LTM2

                    	
                      Variable(2)

                    	
                      $

                    	
                      260,500.00

                    	
                      September
                        25, 2036

                    
	
                      II-LTM3

                    	
                      Variable(2)

                    	
                      $

                    	
                      87,695.00

                    	
                      September
                        25, 2036

                    
	
                      II-LTM4

                    	
                      Variable(2)

                    	
                      $

                    	
                      87,690.00

                    	
                      September
                        25, 2036

                    
	
                      II-LTM5

                    	
                      Variable(2)

                    	
                      $

                    	
                      90,270.00

                    	
                      September
                        25, 2036

                    
	
                      II-LTM6

                    	
                      Variable(2)

                    	
                      $

                    	
                      69,635.00

                    	
                      September
                        25, 2036

                    
	
                      II-LTM7

                    	
                      Variable(2)

                    	
                      $

                    	
                      61,900.00

                    	
                      September
                        25, 2036

                    
	
                      II-LTM8

                    	
                      Variable(2)

                    	
                      $

                    	
                      43,845.00

                    	
                      September
                        25, 2036

                    
	
                      II-LTM9

                    	
                      Variable(2)

                    	
                      $

                    	
                      59,320.00

                    	
                      September
                        25, 2036

                    
	
                      II-LTM10

                    	
                      Variable(2)

                    	
                      $

                    	
                      77,375.00

                    	
                      September
                        25, 2036

                    
	
                      II-LTM11

                    	
                      Variable(2)

                    	
                      $

                    	
                      72,215.00

                    	
                      September
                        25, 2036

                    
	
                      II-LTZZ

                    	
                      Variable(2)

                    	
                      $

                    	
                      5,248,742.38

                    	
                      September
                        25, 2036

                    
	
                      II-LTP

                    	
                      Variable(2)

                    	
                      $

                    	
                      100.00

                    	
                      September
                        25, 2036

                    
	
                      II-LT1SUB

                    	
                      Variable(2)

                    	
                      $

                    	
                      6,245.09

                    	
                      September
                        25, 2036

                    
	
                      II-LT1GRP

                    	
                      Variable(2)

                    	
                      $

                    	
                      26,918.30

                    	
                      September
                        25, 2036

                    
	
                      II-LT2SUB

                    	
                      Variable(2)

                    	
                      $

                    	
                      17,690.13

                    	
                      September
                        25, 2036

                    
	
                      II-LT2GRP

                    	
                      Variable(2)

                    	
                      $

                    	
                      76,250.63

                    	
                      September
                        25, 2036

                    
	
                      II-LTXX

                    	
                      Variable(2)

                    	
                      $

                    	
                      515,717,515.07

                    	
                      September
                        25, 2036

                    
	
                      II-LTIO

                    	
                      Variable(2)

                    	
                      $

                    	
                      515,844,500.00

                    	
                      September
                        25, 2036

                    

            

            ________________

            
              	
                      (1)

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

                    

            

            
              	
                      (2)

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

                    

            

            
              	
                      (3)

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

                    

            

            
              
                 

              

              
                 

                
                  

                

              

              
                 

              

            

            REMIC
              III

             

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

             

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

             

            
              	
                      Designation

                    	
                      Pass-Through
                        Rate

                    	
                      Initial
                        Aggregate

                      Certificate
                        Principal Balance

                    	
                      Latest
                        Possible

                      Maturity
                        Date(1)

                    
	
                      Class
                        A-1

                    	
                      Variable(2)

                    	
                      $

                    	
                      206,732,000.00
                        

                    	
                      September
                        25, 2036

                    
	
                      Class
                        A-2

                    	
                      Variable(2)

                    	
                      $

                    	
                      321,800,000.00
                        

                    	
                      September
                        25, 2036

                    
	
                      Class
                        A-3

                    	
                      Variable(2)

                    	
                      $

                    	
                      78,400,000.00
                        

                    	
                      September
                        25, 2036

                    
	
                      Class
                        A-4

                    	
                      Variable(2)

                    	
                      $

                    	
                      133,300,000.00
                        

                    	
                      September
                        25, 2036

                    
	
                      Class
                        A-5

                    	
                      Variable(2)

                    	
                      $

                    	
                      52,105,000.00
                        

                    	
                      September
                        25, 2036

                    
	
                      Class
                        M-1

                    	
                      Variable(2)

                    	
                      $

                    	
                      39,204,000.00
                        

                    	
                      September
                        25, 2036

                    
	
                      Class
                        M-2

                    	
                      Variable(2)

                    	
                      $

                    	
                      52,100,000.00
                        

                    	
                      September
                        25, 2036

                    
	
                      Class
                        M-3

                    	
                      Variable(2)

                    	
                      $

                    	
                      17,539,000.00
                        

                    	
                      September
                        25, 2036

                    
	
                      Class
                        M-4

                    	
                      Variable(2)

                    	
                      $

                    	
                      17,538,000.00
                        

                    	
                      September
                        25, 2036

                    
	
                      Class
                        M-5

                    	
                      Variable(2)

                    	
                      $

                    	
                      18,054,000.00
                        

                    	
                      September
                        25, 2036

                    
	
                      Class
                        M-6

                    	
                      Variable(2)

                    	
                      $

                    	
                      13,927,000.00
                        

                    	
                      September
                        25, 2036

                    
	
                      Class
                        M-7

                    	
                      Variable(2)

                    	
                      $

                    	
                      12,380,000.00
                        

                    	
                      September
                        25, 2036

                    
	
                      Class
                        M-8

                    	
                      Variable(2)

                    	
                      $

                    	
                      8,769,000.00
                        

                    	
                      September
                        25, 2036

                    
	
                      Class
                        M-9

                    	
                      Variable(2)

                    	
                      $

                    	
                      11,864,000.00
                        

                    	
                      September
                        25, 2036

                    
	
                      Class
                        M-10

                    	
                      Variable(2)

                    	
                      $

                    	
                      15,475,000.00
                        

                    	
                      September
                        25, 2036

                    
	
                      Class
                        M-11

                    	
                      Variable(2)

                    	
                      $

                    	
                      14,443,000.00
                        

                    	
                      September
                        25, 2036

                    
	
                      Class
                        CE Interest

                    	
                      Variable(3)

                    	
                      $

                    	
                      18,059,238.45

                    	
                      September
                        25, 2036

                    
	
                      Class
                        P Interest

                    	
                      N/A(4)

                    	
                      $

                    	
                      100.00

                    	
                      September
                        25, 2036

                    
	
                      Class
                        Swap-IO Interest

                    	
                      N/A(5)

                    	
                      N/A

                    	
                      September
                        25, 2036

                    

            

            _______________

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

                    

            

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

                    

            

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

                    

            

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

                    

            

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

                    

            

             

            
              
                 

              

              
                 

                
                  

                

              

              
                 

              

            

            REMIC
              IV

             

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

             

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

             

            
              	
                      Class
                        Designation

                    	
                      Pass-Through
                        Rate

                    	
                      Initial
                        Aggregate

                      Certificate
                        Principal Balance

                    	
                      Latest
                        Possible

                      Maturity
                        Date(1)

                    
	
                      Class
                        CE Certificates

                    	
                      Variable(2)

                    	
                      $
                        18,059,238.45

                    	
                      September
                        25, 2036

                    

            

            _______________

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

                    

            

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

                    

            

            
              
                 

              

              
                 

                
                  

                

              

              
                 

              

            

            REMIC
              V

             

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

             

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

             

            
              	
                      Class
                        Designation

                    	
                      Pass-Through
                        Rate

                    	
                      Initial
                        Aggregate

                      Certificate
                        Principal Balance

                    	
                      Latest
                        Possible

                      Maturity
                        Date(1)

                    
	
                      Class
                        P Certificates

                    	
                      Variable(2)

                    	
                      $100.00

                    	
                      September
                        25, 2036

                    

            

            _______________

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

                    

            

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

                    

            

             

            
              
                 

              

              
                 

                
                  

                

              

              
                 

              

            

            REMIC
              VI

             

            As
              provided herein, the Trustee shall make an election to treat the segregated
              pool
              of assets consisting of the Class SWAP-IO Interest as a REMIC for federal
              income
              tax purposes, and such segregated pool of assets shall be designated
              as “REMIC
              VI.” The Class R-VI Interest represents the sole class of “residual interests”
in REMIC VI for purposes of the REMIC Provisions. The following table
              irrevocably sets forth the designation, the Pass-Through Rate, the
              initial
              aggregate Certificate Principal Balance and, for purposes of satisfying
              Treasury
              regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for
              the indicated REMIC VI Regular Interest SWAP-IO, which will be
              uncertificated. 

             

            
              	
                      Designation

                    	 	
                      Pass-Through
                        Rate

                    	 	
                      Initial
                        Aggregate

                      Certificate
                        Principal Balance

                    	 	
                      Latest
                        Possible

                      Maturity
                        Date(1)

                    	 
	
                      SWAP-IO

                    	 	
                      Variable(2)

                    	 	
                      N/A

                    	 	
                      September
                        25, 2036

                    	 

            

            ________________

            
              	
                      (1)

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

                    
	
                      (2)

                    	
                      REMIC
                        VI Regular Interest SWAP-IO shall receive 100% of amounts
                        received in
                        respect of the Class SWAP-IO
                        Interest.

                    

            

            

            As
              of the
              Cut-off Date, the Mortgage Loans had an aggregate Stated Principal
              Balance equal
              to $1,031,689,338.45.

             

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

             

             

          

        

      

      ARTICLE
        I

       

      DEFINITIONS

       

      
        	SECTION
                1.01.  	
                Defined
                  Terms.

              

      

       

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

       

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

       

      “Accepted
        Master Servicing Practices”: With respect to any Mortgage Loan, as applicable,
        either (x) those customary mortgage loan master servicing practices of prudent
        mortgage servicing institutions that master service mortgage loans of the
        same
        type and quality as such Mortgage Loan in the jurisdiction where the related
        Mortgaged Property is located, to the extent applicable to the Master Servicer
        (except in its capacity as successor to the Servicer), or (y) as provided
        in
        Section 3A.01 hereof, but in no event below the standard set forth in
        clause (x).

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Assignment
        Agreement”: The Assignment and Recognition Agreement, dated December 28, 2006,
        among UBS Real Estate Securities Inc., Mortgage Asset Securitization
        Transactions, Inc. and the Originator.

       

      “Attestation
        Report”: As defined in Section 3.21.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Certificate”:
        Any one of the Mortgage Pass-Through Certificates, Series 2006-NC3, Class
        A-1,
        Class A-2, Class A-3, Class A-4, Class A-5, Class M-1, Class M-2, Class M-3,
        Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10,
        Class M-11, Class CE, Class P, Class R or Class R-X, issued under this
        Agreement.

       

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

       

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

       

      
        	
                Class

              	
                REMIC
                  II Regular Interest

              	
                Certificate
                  Margin

              
	
                (1)
                  (%)

              	
                (2)
                  (%)

              
	
                A-1

              	
                II-LTA1

              	
                0.130

              	
                0.260

              
	
                A-2

              	
                II-LTA2

              	
                0.060

              	
                0.120

              
	
                A-3

              	
                II-LTA3

              	
                0.100

              	
                0.200

              
	
                A-4

              	
                II-LTA4

              	
                0.160

              	
                0.320

              
	
                A-5

              	
                II-LTA5

              	
                0.210

              	
                0.420

              
	
                M-1

              	
                II-LTM1

              	
                0.230

              	
                0.345

              
	
                M-2

              	
                II-LTM2

              	
                0.270

              	
                0.405

              
	
                M-3

              	
                II-LTM3

              	
                0.320

              	
                0.480

              
	
                M-4

              	
                II-LTM4

              	
                0.350

              	
                0.525

              
	
                M-5

              	
                II-LTM5

              	
                0.370

              	
                0.555

              
	
                M-6

              	
                II-LTM6

              	
                0.440

              	
                0.660

              
	
                M-7

              	
                II-LTM7

              	
                0.820

              	
                1.230

              
	
                M-8

              	
                II-LTM8

              	
                1.400

              	
                2.100

              
	
                M-9

              	
                II-LTM9

              	
                2.250

              	
                3.375

              
	
                M-10

              	
                II-LTM10

              	
                2.700

              	
                4.050

              
	
                M-11

              	
                II-LTM11

              	
                2.700

              	
                4.050

              

      

      __________

      
        	
                (1)

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

              
	
                (2)

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

              

      

      

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Class
        A
        Certificates”: Any of the Class A-1 Certificates, Class A-2 Certificates, Class
        A-3 Certificates, Class A-4 Certificates or Class A-5 Certificates.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Class
        M-4 Principal Distribution Amount”: With respect to any Distribution Date, the
        excess of (x) the sum of (i) the aggregate Certificate Principal Balance
        of the
        Class A Certificates (after taking into account the distribution of the Senior
        Principal Distribution Amount on such Distribution Date), (ii) the aggregate
        Certificate Principal Balance of the Sequential Class M Certificates (after
        taking into account the distribution of the Sequential Class M Principal
        Distribution Amount on such Distribution Date) and (iii) the Certificate
        Principal Balance of the Class M-4 Certificates immediately prior to such
        Distribution Date over (y) the lesser of (A) the product of (i) 78.10%
        and
        (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the
        last
        day of the related Due Period (after giving effect to scheduled payments
        of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period) and (B) the excess of the aggregate Stated Principal Balance of the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) over $5,158,446.69

       

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

       

      “Class
        M-5 Principal Distribution Amount”: With respect to any Distribution Date, the
        excess of (x) the sum of (i) the aggregate Certificate Principal Balance
        of the
        Class A Certificates (after taking into account the distribution of the Senior
        Principal Distribution Amount on such Distribution Date), (ii) the aggregate
        Certificate Principal Balance of the Sequential Class M Certificates (after
        taking into account the distribution of the Sequential Class M Principal
        Distribution Amount on such Distribution Date), (iii) the Certificate Principal
        Balance of the Class M-4 Certificates (after taking into account the
        distribution of the Class M-4 Principal Distribution Amount on such Distribution
        Date) and (iv) the Certificate Principal Balance of the Class M-5 Certificates
        immediately prior to such Distribution Date over (y) the lesser of (A) the
        product of (i) 81.60%
        and
        (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the
        last
        day of the related Due Period (after giving effect to scheduled payments
        of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period) and (B) the excess of the aggregate Stated Principal Balance of the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) over $5,158,446.69.

       

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

       

      “Class
        M-6 Principal Distribution Amount”: With respect to any Distribution Date, the
        excess of (x) the sum of (i) the aggregate Certificate Principal Balance
        of the
        Class A Certificates (after taking into account the distribution of the Senior
        Principal Distribution Amount on such Distribution Date), (ii) the aggregate
        Certificate Principal Balance of the Sequential Class M Certificates (after
        taking into account the distribution of the Sequential Class M Principal
        Distribution Amount on such Distribution Date), (iii) the Certificate Principal
        Balance of the Class M-4 Certificates (after taking into account the
        distribution of the Class M-4 Principal Distribution Amount on such Distribution
        Date), (iv) the Certificate Principal Balance of the Class M-5 Certificates
        (after taking into account the distribution of the Class M-5 Principal
        Distribution Amount on such Distribution Date) and (v) the Certificate Principal
        Balance of the Class M-6 Certificates immediately prior to such Distribution
        Date over (y) the lesser of (A) the product of (i) 84.30%
        and
        (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the
        last
        day of the related Due Period (after giving effect to scheduled payments
        of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period) and (B) the excess of the aggregate Stated Principal Balance of the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) over $5,158,446.69.

       

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

       

      “Class
        M-7 Principal Distribution Amount”: With respect to any Distribution Date, the
        excess of (x) the sum of (i) the aggregate Certificate Principal Balance
        of the
        Class A Certificates (after taking into account the distribution of the Senior
        Principal Distribution Amount on such Distribution Date), (ii) the aggregate
        Certificate Principal Balance of the Sequential Class M Certificates (after
        taking into account the distribution of the Sequential Class M Principal
        Distribution Amount on such Distribution Date), (iii) the Certificate Principal
        Balance of the Class M-4 Certificates (after taking into account the
        distribution of the Class M-4 Principal Distribution Amount on such Distribution
        Date), (iv) the Certificate Principal Balance of the Class M-5 Certificates
        (after taking into account the distribution of the Class M-5 Principal
        Distribution Amount on such Distribution Date), (v) the Certificate Principal
        Balance of the Class M-6 Certificates (after taking into account the
        distribution of the Class M-6 Principal Distribution Amount on such Distribution
        Date) and (vi) the Certificate Principal Balance of the Class M-7 Certificates
        immediately prior to such Distribution Date over (y) the lesser of (A) the
        product of (i) 86.70%
        and
        (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the
        last
        day of the related Due Period (after giving effect to scheduled payments
        of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period) and (B) the excess of the aggregate Stated Principal Balance of the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) over $5,158,446.69.

       

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

       

      “Class
        M-8 Principal Distribution Amount”: With respect to any Distribution Date, the
        excess of (x) the sum of (i) the aggregate Certificate Principal Balance
        of the
        Class A Certificates (after taking into account the distribution of the Senior
        Principal Distribution Amount on such Distribution Date), (ii) the aggregate
        Certificate Principal Balance of the Sequential Class M Certificates (after
        taking into account the distribution of the Sequential Class M Principal
        Distribution Amount on such Distribution Date), (iii) the Certificate Principal
        Balance of the Class M-4 Certificates (after taking into account the
        distribution of the Class M-4 Principal Distribution Amount on such Distribution
        Date), (iv) the Certificate Principal Balance of the Class M-5 Certificates
        (after taking into account the distribution of the Class M-5 Principal
        Distribution Amount on such Distribution Date), (v) the Certificate Principal
        Balance of the Class M-6 Certificates (after taking into account the
        distribution of the Class M-6 Principal Distribution Amount on such Distribution
        Date), (vi) the Certificate Principal Balance of the Class M-7 Certificates
        (after taking into account the distribution of the Class M-7 Principal
        Distribution Amount on such Distribution Date) and (vii) the Certificate
        Principal Balance of the Class M-8 Certificates immediately prior to such
        Distribution Date over (y) the lesser of (A) the product of (i) 88.40%
        and
        (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the
        last
        day of the related Due Period (after giving effect to scheduled payments
        of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period) and (B) the excess of the aggregate Stated Principal Balance of the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) over $5,158,446.69.

       

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

       

      “Class
        M-9 Principal Distribution Amount”: With respect to any Distribution Date, the
        excess of (x) the sum of (i) the aggregate Certificate Principal Balance
        of the
        Class A Certificates (after taking into account the distribution of the Senior
        Principal Distribution Amount on such Distribution Date), (ii) the aggregate
        Certificate Principal Balance of the Sequential Class M Certificates (after
        taking into account the distribution of the Sequential Class M Principal
        Distribution Amount on such Distribution Date), (iii) the Certificate Principal
        Balance of the Class M-4 Certificates (after taking into account the
        distribution of the Class M-4 Principal Distribution Amount on such Distribution
        Date), (iv) the Certificate Principal Balance of the Class M-5 Certificates
        (after taking into account the distribution of the Class M-5 Principal
        Distribution Amount on such Distribution Date), (v) the Certificate Principal
        Balance of the Class M-6 Certificates (after taking into account the
        distribution of the Class M-6 Principal Distribution Amount on such Distribution
        Date), (vi) the Certificate Principal Balance of the Class M-7 Certificates
        (after taking into account the distribution of the Class M-7 Principal
        Distribution Amount on such Distribution Date), (vii) the Certificate Principal
        Balance of the Class M-8 Certificates (after taking into account the
        distribution of the Class M-8 Principal Distribution Amount on such Distribution
        Date) and (viii) the Certificate Principal Balance of the Class M-9 Certificates
        immediately prior to such Distribution Date over (y) the lesser of (A) the
        product of (i) 90.70% and (ii) the aggregate Stated Principal Balance of
        the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) and (B) the excess of the aggregate
        Stated
        Principal Balance of the Mortgage Loans as of the last day of the related
        Due
        Period (after giving effect to scheduled payments of principal due during
        the
        related Due Period, to the extent received or advanced, and unscheduled
        collections of principal received during the related Prepayment Period) over
        $5,158,446.69.

       

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

       

      “Class
        M-10 Principal Distribution Amount”: With respect to any Distribution Date, the
        excess of (x) the sum of (i) the aggregate Certificate Principal Balance
        of the
        Class A Certificates (after taking into account the distribution of the Senior
        Principal Distribution Amount on such Distribution Date), (ii) the aggregate
        Certificate Principal Balance of the Sequential Class M Certificates (after
        taking into account the distribution of the Sequential Class M Principal
        Distribution Amount on such Distribution Date), (iii) the Certificate Principal
        Balance of the Class M-4 Certificates (after taking into account the
        distribution of the Class M-4 Principal Distribution Amount on such Distribution
        Date), (iv) the Certificate Principal Balance of the Class M-5 Certificates
        (after taking into account the distribution of the Class M-5 Principal
        Distribution Amount on such Distribution Date), (v) the Certificate Principal
        Balance of the Class M-6 Certificates (after taking into account the
        distribution of the Class M-6 Principal Distribution Amount on such Distribution
        Date), (vi) the Certificate Principal Balance of the Class M-7 Certificates
        (after taking into account the distribution of the Class M-7 Principal
        Distribution Amount on such Distribution Date), (vii) the Certificate Principal
        Balance of the Class M-8 Certificates (after taking into account the
        distribution of the Class M-8 Principal Distribution Amount on such Distribution
        Date), (viii) the Certificate Principal Balance of the Class M-9 Certificates
        (after taking into account the distribution of the Class M-9 Principal
        Distribution Amount on such Distribution Date) and (ix) the Certificate
        Principal Balance of the Class M-10 Certificates immediately prior to such
        Distribution Date over (y) the lesser of (A) the product of (i) 93.70% and
        (ii)
        the aggregate Stated Principal Balance of the Mortgage Loans as of the last
        day
        of the related Due Period (after giving effect to scheduled payments of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period) and (B) the excess of the aggregate Stated Principal Balance of the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) over $5,158,446.69. 

       

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

       

      “Class
        M-11 Principal Distribution Amount”: With respect to any Distribution Date, the
        excess of (x) the sum of (i) the aggregate Certificate Principal Balance
        of the
        Class A Certificates (after taking into account the distribution of the Senior
        Principal Distribution Amount on such Distribution Date), (ii) the aggregate
        Certificate Principal Balance of the Sequential Class M Certificates (after
        taking into account the distribution of the Sequential Class M Principal
        Distribution Amount on such Distribution Date), (iii) the Certificate Principal
        Balance of the Class M-4 Certificates (after taking into account the
        distribution of the Class M-4 Principal Distribution Amount on such Distribution
        Date), (iv) the Certificate Principal Balance of the Class M-5 Certificates
        (after taking into account the distribution of the Class M-5 Principal
        Distribution Amount on such Distribution Date), (v) the Certificate Principal
        Balance of the Class M-6 Certificates (after taking into account the
        distribution of the Class M-6 Principal Distribution Amount on such Distribution
        Date), (vi) the Certificate Principal Balance of the Class M-7 Certificates
        (after taking into account the distribution of the Class M-7 Principal
        Distribution Amount on such Distribution Date), (vii) the Certificate Principal
        Balance of the Class M-8 Certificates (after taking into account the
        distribution of the Class M-8 Principal Distribution Amount on such Distribution
        Date), (viii) the Certificate Principal Balance of the Class M-9 Certificates
        (after taking into account the distribution of the Class M-9 Principal
        Distribution Amount on such Distribution Date), (ix) the Certificate Principal
        Balance of the Class M-10 Certificates (after taking into account the
        distribution of the Class M-10 Principal Distribution Amount on such
        Distribution Date) and (x) the Certificate Principal Balance of the Class
        M-11
        Certificates immediately prior to such Distribution Date over (y) the lesser
        of
        (A) the product of (i) 96.50% and (ii) the aggregate Stated Principal Balance
        of
        the Mortgage Loans as of the last day of the related Due Period (after giving
        effect to scheduled payments of principal due during the related Due Period,
        to
        the extent received or advanced, and unscheduled collections of principal
        received during the related Prepayment Period) and (B) the excess of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the last day
        of
        the related Due Period (after giving effect to scheduled payments of principal
        due during the related Due Period, to the extent received or advanced, and
        unscheduled collections of principal received during the related Prepayment
        Period) over $5,158,446.69.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Closing
        Date”: December 28, 2006. 

       

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

       

      “Collection
        Account”: The account or accounts created and maintained, or caused to be
        created and maintained, by the Servicer pursuant to Section 3.10(a), which
        shall
        be entitled “HomEq Servicing, as a Servicer for U.S. Bank National Association,
        as Trustee, in trust for the registered holders of MASTR Asset Backed Securities
        Trust 2006-NC3, Mortgage Pass-Through Certificates.” The Collection Account must
        be an Eligible Account.

       

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

       

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

       

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

       

      “Corporate
        Trust Office”: The principal corporate trust office of the Trustee or the Trust
        Administrator, as the case may be, at which at any particular time its corporate
        trust business in connection with this Agreement shall be administered, which
        office at the date of the execution of this instrument is located at (i)
        with
        respect to the Trustee, U.S. Bank National Association, 60 Livingston Avenue,
        EP-MN-WS3D,
        St.
        Paul, Minnesota 55107, Attention: Structured Finance/MASTR 2006-NC3, or at
        such
        other address as the Trustee may designate from time to time by notice to
        the
        Certificateholders, the Depositor, the Servicer, the Master Servicer, the
        Originator, and the Trust Administrator, or (ii) with respect to the Trust
        Administrator, (A) for Certificate transfer and surrender purposes, Wells
        Fargo
        Bank, N.A., Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479,
        Attention: Corporate Trust Services—MASTR 2006-NC3 and (B) for all other
        purposes, Wells Fargo Bank, N.A., 9062 Old Annapolis Road, Columbia, Maryland
        21045, Attention: Corporate Trust Services—MASTR 2006-NC3, or in each case, at
        such other address as the Trust Administrator may designate from time to
        time by
        notice to the Certificateholders, the Depositor, the Servicer, the Master
        Servicer, the Originator and the Trustee.

       

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

       

      
        	
                REMIC
                  II Regular Interest

              	
                Regular
                  Certificate

              
	
                II-LTA1

              	
                Class
                  A-1

              
	
                II-LTA2

              	
                Class
                  A-2

              
	
                II-LTA3

              	
                Class
                  A-3

              
	
                II-LTA4

              	
                Class
                  A-4

              
	
                II-LTA5

              	
                Class
                  A-5

              
	
                II-LTM1

              	
                Class
                  M-1

              
	
                II-LTM2

              	
                Class
                  M-2

              
	
                II-LTM3

              	
                Class
                  M-3

              
	
                II-LTM4

              	
                Class
                  M-4

              
	
                II-LTM5

              	
                Class
                  M-5

              
	
                II-LTM6

              	
                Class
                  M-6

              
	
                II-LTM7

              	
                Class
                  M-7

              
	
                II-LTM8

              	
                Class
                  M-8

              
	
                II-LTM9

              	
                Class
                  M-9

              
	
                II-LTM10

              	
                Class
                  M-10

              
	
                II-LTM11

              	
                Class
                  M-11

              
	
                II-LTP

              	
                Class
                  P

              

      

      

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

       

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

       

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

       

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

       

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

       

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

       

      “Custodial
        Agreement”: The Custodial Agreement, dated as of December 28, 2006, between the
        Trustee and Deutsche Bank National Trust Company.

       

      “Custodian”:
        The
        entity acting as custodian of the Mortgage Files on behalf of and for the
        benefit of the Trustee, which as of the Closing Date shall be Deutsche
        Bank National Trust Company. The parties hereto acknowledge that any duties
        or
        actions of Deutsche Bank National Trust Company as Custodian are subject
        to the
        terms and provisions of the Custodial Agreement.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Determination
        Date”: With respect to any Distribution Date, the 15th
        day of
        the calendar month in which such Distribution Date occurs or, if such
        15th
        day is
        not a Business Day, the Business Day immediately preceding such 15th
        day.

       

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

       

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

       

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

       

      “Distribution
        Account”: The trust account or accounts created and maintained by the Trust
        Administrator pursuant to Section 3A.11 which shall be entitled “Wells
        Fargo Bank, N.A. as Trust Administrator, in trust for the registered holders
        of
        MASTR Asset Backed Securities Trust 2006-NC3, Mortgage Pass-Through
        Certificates, Series 2006-NC3—Distribution Account.” The Distribution Account
        must be an Eligible Account.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Fitch”:
        Fitch Ratings, or its successor in interest. 

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Group
        I
        Allocation Percentage”: With respect to any Distribution Date, the percentage
        equivalent of a fraction, the numerator of which is the Group I Principal
        Remittance Amount for such Distribution Date, and the denominator of which
        is
        the Principal Remittance Amount for such Distribution Date.

       

      “Group
        I
        Basic Principal Distribution Amount”: With respect to any Distribution Date, the
        excess of (i) the Group I Principal Remittance Amount for such Distribution
        Date
        over (ii)(a) the Overcollateralization Release Amount, if any, for such
        Distribution Date multiplied by (b) the Group I Allocation
        Percentage.

       

      “Group
        I
        Certificates”: The Class A-1 Certificates.

       

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

       

      “Group
        I
        Mortgage Loan”: A Mortgage Loan assigned to Loan Group I with a Stated Principal
        Balance that conforms to Fannie Mae and Freddie Mac loan limits.

       

      “Group
        I
        Principal Distribution Amount”: With respect to any Distribution Date, the sum
        of (i) the Group I Basic Principal Distribution Amount for such Distribution
        Date and (ii)(a) the Extra Principal Distribution Amount for such Distribution
        Date multiplied by (b) the Group I Allocation Percentage.

       

      “Group
        I
        Principal Remittance Amount”: With respect to any Distribution Date, the sum of
        (i) each scheduled payment of principal collected or advanced on the Group
        I
        Mortgage Loans by the Servicer that was due during the related Due Period,
        (ii)
        the principal portion of all partial and full Principal Prepayments of the
        Group
        I Mortgage Loans applied by the Servicer during the related Prepayment Period,
        (iii) the principal portion of all related Net Liquidation Proceeds, Insurance
        Proceeds and Subsequent Recoveries received during such Prepayment Period
        with
        respect to the Group I Mortgage Loans, (iv) that portion of the Purchase
        Price,
        representing principal of any repurchased Group I Mortgage Loan, deposited
        in
        the Collection Account during such Prepayment Period, (v) the principal portion
        of any related Substitution Adjustment Amounts deposited in the Collection
        Account during such Prepayment Period with respect to the Group I Mortgage
        Loans
        and (vi) on the Distribution Date on which the Trust Fund is to be terminated
        pursuant to Section 9.01, that portion of the Termination Price, in respect
        of
        principal on the Group I Mortgage Loans.

       

      “Group
        I
        Senior Principal Distribution Amount”: The excess of (x) the aggregate
        Certificate Principal Balance of the Group I Certificates immediately prior
        to
        such Distribution Date over (y) the lesser of (A) the product of (i) 53.60%
        and
        (ii) the aggregate Stated Principal Balance of the Group I Mortgage Loans
        as of
        the last day of the related Due Period (after giving effect to scheduled
        payments of principal due during the related Due Period, to the extent received
        or advanced, and unscheduled collections of principal received during the
        related Prepayment Period) and (B) the excess of the aggregate Stated Principal
        Balance of the Group I Mortgage Loans as of the last day of the related Due
        Period (after giving effect to scheduled payments of principal due during
        the
        related Due Period, to the extent received or advanced, and unscheduled
        collections of principal received during the related Prepayment Period) over
        $1,345,915.13.

      “Group
        II
        Allocation Percentage”: With respect to any Distribution Date, the percentage
        equivalent of a fraction, the numerator of which is the Group II Principal
        Remittance Amount for such Distribution Date, and the denominator of which
        is
        the Principal Remittance Amount for such Distribution Date.

       

      “Group
        II
        Basic Principal Distribution Amount”: With respect to any Distribution Date, the
        excess of (i) the Group II Principal Remittance Amount for such Distribution
        Date over (ii)(a) the Overcollateralization Release Amount, if any, for such
        Distribution Date multiplied by (b) the Group II Allocation
        Percentage.

       

      “Group
        II
        Certificates”: The Class A-2 Certificates, the Class A-3 Certificates, the Class
        A-4 Certificates and the Class A-5 Certificates.

       

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

       

      “Group
        II
        Mortgage Loan”: A Mortgage Loan assigned to Loan Group II with a Stated
        Principal Balance that may or may not conform to Fannie Mae and Freddie Mac
        loan
        limits.

       

      “Group
        II
        Principal Distribution Amount”: With respect to any Distribution Date, the sum
        of (i) the Group II Basic Principal Distribution Amount for such Distribution
        Date and (ii)(a) the Extra Principal Distribution Amount for such Distribution
        Date multiplied by (b) the Group II Allocation Percentage.

       

      “Group
        II
        Principal Remittance Amount”: With respect to any Distribution Date, the sum of
        (i) each scheduled payment of principal collected or advanced on the Group
        II
        Mortgage Loans by the Servicer that was due during the related Due Period,
        (ii)
        the principal portion of all partial and full principal prepayments of the
        Group
        II Mortgage Loans applied by the Servicer during the related Prepayment Period,
        (iii) the principal portion of all related Net Liquidation Proceeds, Insurance
        Proceeds and Subsequent Recoveries received during such Prepayment Period
        with
        respect to the Group II Mortgage Loans, (iv) that portion of the Purchase
        Price,
        representing principal of any repurchased Group II Mortgage Loan, deposited
        in
        the Collection Account during such Prepayment Period, (v) the principal portion
        of any related Substitution Adjustment Amounts deposited in the Collection
        Account during such Prepayment Period with respect to the Group II Mortgage
        Loans and (vi) on the Distribution Date on which the Trust Fund is to be
        terminated pursuant to Section 9.01, that portion of the Termination Price,
        in
        respect of principal on the Group II Mortgage Loans.

       

      “Group
        II
        Senior Principal Distribution Amount”: The excess of (x) the aggregate
        Certificate Principal Balance of the Group II Certificates immediately prior
        to
        such Distribution Date over (y) the lesser of (A) the product of (i) 53.60%
        and
        (ii) the aggregate Stated Principal Balance of the Group II Mortgage Loans
        as of
        the last day of the related Due Period (after giving effect to scheduled
        payments of principal due during the related Due Period, to the extent received
        or advanced, and unscheduled collections of principal received during the
        related Prepayment Period) and (B) the excess of the aggregate Stated Principal
        Balance of the Group II Mortgage Loans as of the last day of the related
        Due
        Period (after giving effect to scheduled payments of principal due during
        the
        related Due Period, to the extent received or advanced, and unscheduled
        collections of principal received during the related Prepayment Period) over
        $3,812,531.56.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Interest
        Determination Date”: With respect to the Class A Certificates, the Mezzanine
        Certificates, REMIC II Regular Interest II-LTA1, REMIC II Regular Interest
        II-LTA2, REMIC II Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4,
        REMIC II Regular Interest II-LTA5, REMIC II Regular Interest II-LTM1, REMIC
        II
        Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular
        Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest
        II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8,
        REMIC
        II
        Regular Interest II-LTM9,
        REMIC
        II Regular Interest II-LTM10 and REMIC II Regular Interest II-LTM11 and any
        Accrual Period therefor, the second London Business Day preceding the
        commencement of such Accrual Period.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Loan
        Group”: Any of Loan Group I or Loan Group II, as the context
        requires.

       

      “Loan
        Group I”: The group of Mortgage Loans identified in the Mortgage Loan Schedule
        as having been assigned to Loan Group I.

       

      “Loan
        Group II”: The group of Mortgage Loans identified in the Mortgage Loan Schedule
        as having been assigned to Loan Group II.

       

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

       

      “Loss
        Severity Percentage”: With respect to any Distribution Date, the percentage
        equivalent of a fraction, the numerator of which is the amount of Realized
        Losses incurred on a Mortgage Loan and the denominator of which is the principal
        balance of such Mortgage Loan immediately prior to the liquidation of such
        Mortgage Loan.

       

      “Marker
        Rate”: With respect to the Class CE Interest and any Distribution Date, a per
        annum rate equal to two (2) times the weighted average of the REMIC II
        Remittance Rate for each of REMIC II Regular Interests II-LTA1, II-LTA2,
        II-LTA3,
        II-LTA4, II-LTA5, II-LTM1, II-LTM2, II-LTM3, II-LTM4, II-LTM5, II-LTM6, II-LTM7,
        II-LTM8, II-LTM9, II-LTM10, II-LTM11 and II-LTZZ, with the rate on each such
        REMIC II Regular Interest (other than REMIC II Regular Interest II-LTZZ)
        subject
        to a cap equal to the lesser of (a) One-Month LIBOR plus the related Certificate
        Margin and (b) the Net WAC Rate for the purpose of this calculation and with
        the
        rate on REMIC II Regular Interest II-LTZZ subject to a cap of zero for the
        purpose of this calculation; provided, however, that solely for this purpose,
        calculations of the REMIC II Remittance Rate and the related caps with respect
        to such REMIC II Regular Interests (other than REMIC II Regular Interest
        II-LTZZ) shall be multiplied by a fraction, the numerator of which is the
        actual
        number of days elapsed in the related Accrual Period and the denominator
        of
        which is 30.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      For
        any
        Distribution Date with respect to the Mezzanine Certificates, a per annum
        rate
        equal to the weighted average (weighted on the basis of the results of
        subtracting from the aggregate Stated Principal Balance of the applicable
        Loan
        Group, the current Certificate Principal Balance of the related Class A
        Certificates) of the Maximum Cap Rate for the Group I Certificates and the
        Maximum Cap Rate for the Group II Certificates.

       

      “Maximum
        II-LTZZ Uncertificated Interest Deferral Amount”: With respect to any
        Distribution Date, the excess of (i) accrued interest at the REMIC II Remittance
        Rate applicable to REMIC II Regular Interest II-LTZZ for such Distribution
        Date
        on a balance equal to the Uncertificated Balance of REMIC II Regular Interest
        II-LTZZ minus the REMIC II Overcollateralization Amount, in each case for
        such
        Distribution Date, over (ii) Uncertificated Interest on REMIC II Regular
        Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular Interest
        II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular Interest II-LTA5,
        REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC
        II
        Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular
        Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest
        II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9,
        REMIC II Regular Interest II-LTM10 and REMIC
        II
        Regular Interest II-LTM11
        for
        such Distribution Date, with the rate on each such REMIC II Regular Interest
        subject to a cap equal to the lesser of (a) One-Month LIBOR plus the
        related Certificate Margin and (b) the Net WAC Rate; provided, however, each
        cap
        shall be multiplied by a fraction, the numerator of which is the actual number
        of days elapsed in the related Accrual Period and the denominator of which
        is
        30.

       

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

       

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

       

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

       

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

       

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

       

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

       

      “MOM
        Loan”: With respect to any Mortgage Loan, MERS acting as the mortgagee of such
        Mortgage Loan, solely as nominee for the originator of such Mortgage Loan
        and
        its successors and assigns, at the origination thereof.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      (i)  the
        Mortgage Loan identifying number;

       

      (ii)  [reserved];

       

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

       

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

       

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

       

      (vi)  the
        original months to maturity;

       

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

       

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

       

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

       

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

       

      (xi)  the
        stated maturity date;

       

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

       

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

       

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

       

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

       

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

       

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

       

      (xviii)  the
        Mortgage Rate at origination;

       

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

       

      (xx)  the
        risk
        grade assigned by the Originator;

       

      (xxi)  the
        Value
        of the Mortgaged Property;

       

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

       

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

       

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

       

      (xxv)  the
        rounding code;

       

      (xxvi)  the
        program code;

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Mortgagor”:
        The obligor on a Mortgage Note.

       

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

       

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

       

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

       

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

       

      “Net
        WAC
        Rate”: For any Distribution Date with respect to the Group I Certificates, a per
        annum rate equal to the product of (x) the weighted average of the Adjusted
        Net
        Mortgage Rates of the Group I Mortgage Loans, weighted based on their
        outstanding Principal Balances as of the first day of the calendar month
        preceding the month in which the Distribution Date occurs minus (i) an amount,
        expressed as a percentage, equal to the product of (A) the Net Swap Payment,
        if
        any, paid by the Trust for such Distribution Date divided by the aggregate
        Stated Principal Balance of the Mortgage Loans and (B) 12 and (ii) an amount,
        expressed as a percentage, equal to the product of (A) the Swap Termination
        Payment, if any, due from the Trust (other than any Swap Termination Payment
        resulting from a Swap Provider Trigger Event) for such Distribution Date,
        divided by the aggregate Stated Principal Balance of the Mortgage Loans and
        (B)
        12, and (y) a fraction, the numerator of which is 30 and the denominator
        of
        which is the actual number of days elapsed in the related Accrual Period.
        With
        respect to any Distribution Date and the REMIC III Regular Interests the
        ownership of which is represented by the Group I Certificates, the weighted
        average (adjusted for the actual number of days elapsed in the related Accrual
        Period) of the REMIC II Remittance Rate on REMIC II Regular Interest II-LT1GRP,
        weighted on the basis of the Uncertificated Principal Balance of such REMIC
        II
        Regular Interest immediately prior to such Distribution Date.

       

      For
        any
        Distribution Date with respect to the Group II Certificates, a per annum
        rate
        equal to the product of (x) the weighted average of the Adjusted Net Mortgage
        Rates of the Group II Mortgage Loans, weighted based on their outstanding
        Stated
        Principal Balances as of the first day of the calendar month preceding the
        month
        in which the Distribution Date occurs and minus (i) an amount, expressed
        as a
        percentage, equal to the product of (A) the Net Swap Payment, if any, paid
        by
        the Trust for such Distribution Date divided by the aggregate Stated Principal
        Balance of the Mortgage Loans and (B) 12 and (ii) an amount, expressed as
        a
        percentage, equal to the product of (A) the Swap Termination Payment, if
        any,
        due from the Trust (other than any Swap Termination Payment resulting from
        a
        Swap Provider Trigger Event) for such Distribution Date, divided by the
        aggregate Stated Principal Balance of the Mortgage Loans and (B) 12, and
        (y) a
        fraction, the numerator of which is 30 and the denominator of which is the
        actual number of days elapsed in the related Accrual Period. With respect
        to any
        Distribution Date and the REMIC III Regular Interests the ownership of which
        is
        represented by the Group II Certificates, the weighted average (adjusted
        for the
        actual number of days elapsed in the related Accrual Period) of the REMIC
        II
        Remittance Rate on REMIC II Regular Interest II-LT2GRP, weighted on the basis
        of
        the Uncertificated Principal Balance of such REMIC II Regular Interest
        immediately prior to such Distribution Date.

       

      For
        any
        Distribution Date with respect to the Mezzanine Certificates, a per annum
        rate
        equal to the weighted average (weighted on the basis of the results of
        subtracting from the aggregate Stated Principal Balance of each Loan Group
        the
        current aggregate Certificate Principal Balance of the related Class A
        Certificates) of the Net WAC Rate for the Group I Certificates and the Net
        WAC
        Rate for the Group II Certificates. With respect to any Distribution Date
        and
        the REMIC III Regular Interests the ownership of which is represented by
        the
        Mezzanine Certificates, a per annum rate equal to the weighted average (adjusted
        for the actual number of days elapsed in the related Accrual Period) of the
        REMIC II Remittance Rates on (a) REMIC II Regular Interest II-LT1SUB, subject to
        a cap and a floor equal to the REMIC II Remittance Rate on REMIC II Regular
        Interest II-LT1GRP and (b) REMIC II Regular Interest II-LT2SUB, subject to
        a cap
        and a floor equal to the REMIC II Remittance Rate on REMIC II Regular Interest
        II-LT2GRP, in each case as determined for such Distribution Date, weighted
        on
        the basis of the Uncertificated Principal Balance of each such REMIC II Regular
        Interest immediately prior to such Distribution Date.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “One-Month
        LIBOR”: With respect to the Class A Certificates, the Mezzanine Certificates,
        REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2,
REMIC
        II
        Regular Interest II-LTA3,
        REMIC
        II Regular Interest II-LTA4, REMIC II Regular Interest II-LTA5, REMIC II
        Regular
        Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest
        II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5,
        REMIC
        II
        Regular Interest II-LTM6,
        REMIC
        II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II
        Regular
        Interest II-LTM9, REMIC II Regular Interest II-LTM10 and REMIC II Regular
        Interest II-LTM11 and any Accrual Period therefor, the rate determined by
        the
        Trust Administrator on the related Interest Determination Date on the basis
        of
        the offered rate for one-month U.S. dollar deposits, as such rate appears
        on
        Telerate Page 3750 as of 11:00 a.m. (London time) on such Interest Determination
        Date; provided that if such rate does not appear on Telerate Page 3750, the
        rate
        for such date will be determined on the basis of the offered rates of the
        Reference Banks for one-month U.S. dollar deposits, as of 11:00 a.m. (London
        time) on such Interest Determination Date. In such event, the Trust
        Administrator will request the principal London office of each of the Reference
        Banks to provide a quotation of its rate. If on such Interest Determination
        Date, two or more Reference Banks provide such offered quotations, One-Month
        LIBOR for the related Accrual Period shall be the arithmetic mean of such
        offered quotations (rounded upwards if necessary to the nearest whole multiple
        of 1/16%). If on such Interest Determination Date, fewer than two Reference
        Banks provide such offered quotations, One-Month LIBOR for the related Accrual
        Period shall be the higher of (i) One-Month LIBOR as determined on the previous
        Interest Determination Date and (ii) the Reserve Interest Rate. Notwithstanding
        the foregoing, if, under the priorities described above, One-Month LIBOR
        for an
        Interest Determination Date would be based on One-Month LIBOR for the previous
        Interest Determination Date for the third consecutive Interest Determination
        Date, the Trust Administrator shall select, after consultation with the NIMS
        Insurer, an alternative comparable index (over which the Trust Administrator
        has
        no control), used for determining one-month Eurodollar lending rates that
        is
        calculated and published (or otherwise made available) by an independent
        party.

       

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

       

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

       

      “Originator”:
        New Century Mortgage Corporation.

       

      “Originator
        Master Agreement”:
        The
        Amended and Restated Master Seller’s Purchase and Warranties Agreement dated as
        of December 1, 2005, between the Seller and the Originator, as amended (which
        agreement has been assigned to the Depositor pursuant to the Assignment
        Agreement).

       

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

       

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

       

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

       

      “Overcollateralization
        Target Amount”: With respect to any Distribution Date, (i) 1.75%
        of the
        Cut-off Date Principal Balance of the Mortgage Loans, (ii) on or after the
        Stepdown Date provided that a Trigger Event is not in effect, the greater
        of (x)
        3.50% of the aggregate Stated Principal Balance of the Mortgage Loans as
        of the
        last day of the related Due Period (after giving effect to scheduled payments
        of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period) and (y) an amount equal to approximately 0.50% of the aggregate Stated
        Principal Balance of the Mortgage Loans as of the Cut-off Date, or (iii)
        on or
        after the Stepdown Date if a Trigger Event is in effect, the
        Overcollateralization Target Amount for the immediately preceding Distribution
        Date. On and after any Distribution Date following the reduction of the
        aggregate Certificate Principal Balance of the Class A Certificates and the
        Mezzanine Certificates to zero, the Overcollateralization Target Amount shall
        be
        zero.

       

      “Overcollateralized
        Amount”: For any Distribution Date, the amount equal to (i) the aggregate Stated
        Principal Balance of the Mortgage Loans as of the last day of the related
        Due
        Period (after giving effect to scheduled payments of principal due during
        the
        related Due Period, to the extent received or advanced, and unscheduled
        collections of principal received during the related Prepayment Period) as
        of
        the related Determination Date minus (ii) the aggregate Certificate Principal
        Balance of the Class A Certificates, the Mezzanine Certificates and the Class
        P
        Certificates as of such Distribution Date after giving effect to distributions
        to be made on such Distribution Date.

       

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

       

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

       

      With
        respect to the Class CE Interest and any Distribution Date, a rate per annum
        equal to the percentage equivalent of a fraction, the numerator of which
        is (x)
        the sum of (i) 100% of the interest on REMIC II Regular Interest II-LTP and
        (ii)
        interest on the Uncertificated Balance of each REMIC II Regular Interest
        listed
        in clause (y) at a rate equal to the related REMIC II Remittance Rate minus
        the
        Marker Rate and the denominator of which is (y) the aggregate Uncertificated
        Balance of REMIC II Regular Interests II-LTAA, II-LTA1, II-LTA2, II-LTA3,
        II-LTA4, II-LTA5,
        II-LTM1,
        II-LTM2, II-LTM3, II-LTM4, II-LTM5, II-LTM6, II-LTM7, II-LTM8, II-LTM9,
        II-LTM10, II-LTM11 and II-LTZZ.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      (i)  the
        Mortgage Loan identifying number;

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Private
        Mezzanine Certificates”: The Class M-11 Certificates.

       

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

       

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

       

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

       

      “Prospectus
        Supplement”: That certain Prospectus Supplement dated December 8, 2006 relating
        to the public offering of the Class A Certificates and the Mezzanine
        Certificates (other than the Private Mezzanine Certificates).

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Regulation
        AB”: Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100 - 229.1123, as such may be amended from time to time, and subject
        to
        such clarification and interpretation as have been provided by the Commission
        in
        the adopting release (Asset-Backed Securities, Securities Act Release No.
        33-8518, 70 Fed. Reg. 1,506 - 1,631 (Jan. 7, 2005)) or by the staff of the
        Commission, or as may be provided by the Commission or its staff from time
        to
        time. 

       

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

       

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

       

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

       

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

       

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

       

      “REMIC
        I
        Group I Regular Interests”: REMIC I Regular Interest I and REMIC I Regular
        Interest I-1-A through REMIC I Regular Interest I-60-B as designated in the
        Preliminary Statement hereto.

       

      “REMIC
        I
        Group II Regular Interests”: REMIC I Regular Interest II and REMIC I Regular
        Interest II-1-A through REMIC II Regular Interest I-60-B as designated in
        the
        Preliminary Statement hereto.

       

      “REMIC
        I
        Regular Interest”: Any of the separate non-certificated beneficial ownership
        interests in REMIC I issued hereunder and designated as a “regular interest” in
        REMIC I. Each REMIC I Regular Interest shall accrue interest at the related
        REMIC I Remittance Rate in effect from time to time, and shall be entitled
        to
        distributions of principal, subject to the terms and conditions hereof, in
        an
        aggregate amount equal to its initial Uncertificated Principal Balance as
        set
        forth in the Preliminary Statement hereto. The designations for the respective
        REMIC I Regular Interests are set forth in the Preliminary Statement hereto.
        

       

      “REMIC
        I
        Remittance Rate”: With respect to REMIC I Regular Interest I, a per annum rate
        equal to the weighted average of the Adjusted Net Mortgage Rates of the Group
        I
        Mortgage Loans. With respect to each REMIC I Group I Regular Interest ending
        with the designation “A”, a per annum rate equal to the weighted average of the
        Adjusted Net Mortgage Rates of the Group I Mortgage Loans multiplied by 2,
        subject to a maximum rate of 10.900%. With respect to each REMIC I Group
        I
        Regular Interest ending with the designation “B”, the greater of (x) a per annum
        rate equal to the excess, if any, of (i) 2 multiplied by the weighted average
        of
        the Adjusted Net Mortgage Rates of the Group I Mortgage Loans over (ii) 10.900%
        and (y) 0.00%. With respect to REMIC I Regular Interest II, a per annum rate
        equal to the weighted average of the Adjusted Net Mortgage Rates of the Group
        II
        Mortgage Loans. With respect to each REMIC I Group II Regular Interest ending
        with the designation “A”, a per annum rate equal to the weighted average of the
        Adjusted Net Mortgage Rates of the Group II Mortgage Loans multiplied by
        2,
        subject to a maximum rate of 10.900%. With respect to each REMIC I Group
        II
        Regular Interest ending with the designation “B”, the greater of (x) a per annum
        rate equal to the excess, if any, of (i) 2 multiplied by the weighted average
        of
        the Adjusted Net Mortgage Rates of the Group II Mortgage Loans over (ii)
        10.900%
        and (y) 0.00%. 

       

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

       

      “REMIC
        II
        Interest Loss Allocation Amount”: With respect to any Distribution Date, an
        amount (subject to adjustment based on the actual number of days elapsed
        in the
        respective Accrual Periods for the indicated Regular Interests for such
        Distribution Date) equal to (a) the product of (i) 50% of the aggregate Stated
        Principal Balance of the Mortgage Loans and REO Properties then outstanding
        and
        (ii) the REMIC II Remittance Rate for REMIC II Regular Interest II-LTAA minus
        the Marker Rate, divided by (b) 12.

       

      “REMIC
        II
        Marker Allocation Percentage”: 50% of any amount payable or loss attributable
        from the Mortgage Loans, which shall be allocated to the REMIC II Regular
        Interests.

       

      “REMIC
        II
        Overcollateralized Amount”: With respect to any date of determination, (i) 0.50%
        of the aggregate Uncertificated Balance of the REMIC II Regular Interests
        (other
        than REMIC II Regular Interest II-LTP) minus (ii) the aggregate Uncertificated
        Balance of REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2,
        REMIC II Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC
        II
        Regular Interest II-LTA5, REMIC II Regular Interest II-LTM1, REMIC II Regular
        Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest
        II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6,
        REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC
        II
        Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10 and REMIC II
        Regular Interest II-LTM11, in each case as of such date of
        determination.

       

      “REMIC
        II
        Principal Loss Allocation Amount”: With respect to any Distribution Date, an
        amount equal to the product of (i) the aggregate Stated Principal Balance
        of the
        Mortgage Loans and REO Properties then outstanding and (ii) 1 minus a fraction,
        the numerator of which is two times the aggregate Uncertificated Balance
        of
        REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC
        II
        Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular
        Interest II- LTA5, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest
        II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4,
        REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC
        II
        Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular
        Interest II-LTM9, REMIC II Regular Interest II-LTM10, REMIC II Regular Interest
        II-LTM11 and the denominator of which is the aggregate Uncertificated Balance
        of
        REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC
        II
        Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular
        Interest II- LTA5, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest
        II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4,
        REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC
        II
        Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular
        Interest II-LTM9, REMIC II Regular Interest II-LTM10, REMIC II Regular Interest
        II-LTM11 and REMIC II Regular Interest II-LTZZ.

       

      “REMIC
        II
        Regular Interest”: Any of the separate non-certificated beneficial ownership
        interests in REMIC II issued hereunder and designated as a “regular interest” in
        REMIC II. Each REMIC II Regular Interest shall accrue interest at the related
        REMIC II Remittance Rate in effect from time to time, and shall be entitled
        to
        distributions of principal, subject to the terms and conditions hereof, in
        an
        aggregate amount equal to its initial Uncertificated Balance as set forth
        in the
        Preliminary Statement hereto. The REMIC II Regular Interests are as follows:
        REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTA1, REMIC
        II
        Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC II Regular
        Interest II-LTA4, REMIC II Regular Interest II-LTA5, REMIC II Regular Interest
        II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3,
        REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC
        II
        Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular
        Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest
        II-LTM10, REMIC II Regular Interest II-LTM11, REMIC II Regular Interest II-LTP,
        REMIC II Regular Interest II-LTXX, REMIC II Regular Interest II-TLZZ, REMIC
        II
        Regular Interest II-LTIO, REMIC II Regular Interest II-LT1GRP, REMIC II Regular
        Interest II-LT1SUB, REMIC II Regular Interest II-LT2GRP and REMIC II Regular
        Interest II-LT2SUB.

       

      “REMIC
        II
        Remittance Rate”: With respect to REMIC II Regular Interest II-LTAA, REMIC II
        Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular
        Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular Interest
        II-LTA5, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2,
        REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC
        II
        Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular
        Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest
        II-LTM9, REMIC II Regular Interest II-LTM10, REMIC II Regular Interest II-LTM11,
        REMIC II Regular Interest II-LTZZ, REMIC II Regular Interest II-LTP, REMIC
        II
        Regular Interest II-LT1SUB, REMIC II Regular Interest II-LT2SUB and REMIC
        II
        Regular Interest II-LTXX, a per annum rate (but not less than zero) equal
        to the
        weighted average of: (w) with respect to REMIC I Regular Interest I and REMIC
        I
        Regular Interest II, the REMIC I Remittance Rate for each such REMIC I Regular
        Interest for each such Distribution Date, (x) with respect to each REMIC
        I
        Regular Interest ending with the designation “B”, the weighted average of the
        REMIC I Remittance Rates for such REMIC I Regular Interests, weighted on
        the
        basis of the Uncertificated Balances of such REMIC I Regular Interests for
        each
        such Distribution Date and (y) with respect to REMIC I Regular Interests
        ending
        with the designation “A”, for each Distribution Date listed below, the weighted
        average of the rates listed below for each such REMIC I Regular Interest
        listed
        below, weighted on the basis of the Uncertificated Balances of each such
        REMIC I
        Regular Interest for each such Distribution Date:

       

      
        	
                Distribution
                  Date

              	
                REMIC
                  I Regular Interest

              	
                Rate

              
	
                1

              	
                I-1-A
                  through I-60-A

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

              
	 	
                II-1-A
                  through II-60-A

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

              
	
                2

              	
                I-2-A
                  through I-60-A

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

              
	 	
                II-2-A
                  through II-60-A

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

              
	 	
                I-1-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A

              	
                REMIC
                  I Remittance Rate

              
	
                3

              	
                I-3-A
                  through I-60-A

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

              
	 	
                II-3-A
                  through II-60-A

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

              
	 	
                I-1-A
                  and I-2-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  and II-2-A

              	
                REMIC
                  I Remittance Rate

              
	
                4

              	
                I-4-A
                  through I-60-A

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

              
	 	
                II-4-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-3-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-3-A

              	
                REMIC
                  I Remittance Rate

              
	
                5

              	
                I-5-A
                  through I-60-A

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

              
	 	
                II-5-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-4-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-4-A

              	
                REMIC
                  I Remittance Rate

              
	
                6

              	
                I-6-A
                  through I-60-A

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

              
	 	
                II-6-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-5-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-5-A

              	
                REMIC
                  I Remittance Rate

              
	
                7

              	
                I-7-A
                  through I-60-A

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

              
	 	
                II-7-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-6-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-6-A

              	
                REMIC
                  I Remittance Rate

              
	
                8

              	
                I-8-A
                  through I-60-A

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

              
	 	
                II-8-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-7-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-7-A

              	
                REMIC
                  I Remittance Rate

              
	
                9

              	
                I-9-A
                  through I-60-A

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

              
	 	
                II-9-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-8-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-8-A

              	
                REMIC
                  I Remittance Rate

              
	
                10

              	
                I-10-A
                  through I-60-A

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

              
	 	
                II-10-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-9-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-9-A

              	
                REMIC
                  I Remittance Rate

              
	
                11

              	
                I-11-A
                  through I-60-A

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

              
	 	
                II-11-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-10-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-10-A

              	
                REMIC
                  I Remittance Rate

              
	
                12

              	
                I-12-A
                  through I-60-A

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

              
	 	
                II-12-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-11-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-11-A

              	
                REMIC
                  I Remittance Rate

              
	
                13

              	
                I-13-A
                  through I-60-A

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

              
	 	
                II-13-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-12-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-12-A

              	
                REMIC
                  I Remittance Rate

              
	
                14

              	
                I-14-A
                  through I-60-A

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

              
	 	
                II-14-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-13-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-13-A

              	
                REMIC
                  I Remittance Rate

              
	
                15

              	
                I-15-A
                  through I-60-A

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

              
	 	
                II-15-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-14-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-14-A

              	
                REMIC
                  I Remittance Rate

              
	
                16

              	
                I-16-A
                  through I-60-A

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

              
	 	
                II-16-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-15-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-15-A

              	
                REMIC
                  I Remittance Rate

              
	
                17

              	
                I-17-A
                  through I-60-A

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

              
	 	
                II-17-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-16-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-16-A

              	
                REMIC
                  I Remittance Rate

              
	
                18

              	
                I-18-A
                  through I-60-A

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

              
	 	
                II-18-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-17-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-17-A

              	
                REMIC
                  I Remittance Rate

              
	
                19

              	
                I-19-A
                  through I-60-A

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

              
	 	
                II-19-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-18-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-18-A

              	
                REMIC
                  I Remittance Rate

              
	
                20

              	
                I-20-A
                  through I-60-A

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

              
	 	
                II-20-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-19-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-19-A

              	
                REMIC
                  I Remittance Rate

              
	
                21

              	
                I-21-A
                  through I-60-A

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

              
	 	
                II-21-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-20-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-20-A

              	
                REMIC
                  I Remittance Rate

              
	
                22

              	
                I-22-A
                  through I-60-A

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

              
	 	
                II-22-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-21-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-21-A

              	
                REMIC
                  I Remittance Rate

              
	
                23

              	
                I-23-A
                  through I-60-A

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

              
	 	
                II-23-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-22-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-22-A

              	
                REMIC
                  I Remittance Rate

              
	
                24

              	
                I-24-A
                  through I-60-A

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

              
	 	
                II-24-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-23-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-23-A

              	
                REMIC
                  I Remittance Rate

              
	
                25

              	
                I-25-A
                  through I-60-A

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

              
	 	
                II-25-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-24-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-24-A

              	
                REMIC
                  I Remittance Rate

              
	
                26

              	
                I-26-A
                  through I-60-A

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

              
	 	
                II-26-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-25-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-25-A

              	
                REMIC
                  I Remittance Rate

              
	
                27

              	
                I-27-A
                  through I-60-A

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

              
	 	
                II-27-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-26-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-26-A

              	
                REMIC
                  I Remittance Rate

              
	
                28

              	
                I-28-A
                  through I-60-A

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

              
	 	
                II-28-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-27-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-27-A

              	
                REMIC
                  I Remittance Rate

              
	
                29

              	
                I-29-A
                  through I-60-A

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

              
	 	
                II-29-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-28-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-28-A

              	
                REMIC
                  I Remittance Rate

              
	
                30

              	
                I-30-A
                  through I-60-A

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

              
	 	
                II-30-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-29-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-29-A

              	
                REMIC
                  I Remittance Rate

              
	
                31

              	
                I-31-A
                  through I-60-A

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

              
	 	
                II-31-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-30-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-30-A

              	
                REMIC
                  I Remittance Rate

              
	
                32

              	
                I-32-A
                  through I-60-A

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

              
	 	
                II-32-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-31-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-31-A

              	
                REMIC
                  I Remittance Rate

              
	
                33

              	
                I-33-A
                  through I-60-A

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

              
	 	
                II-33-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-32-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-32-A

              	
                REMIC
                  I Remittance Rate

              
	
                34

              	
                I-34-A
                  through I-60-A

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

              
	 	
                II-34-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-33-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-33-A

              	
                REMIC
                  I Remittance Rate

              
	
                35

              	
                I-35-A
                  through I-60-A

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

              
	 	
                II-35-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-34-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-34-A

              	
                REMIC
                  I Remittance Rate

              
	
                36

              	
                I-36-A
                  through I-60-A

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

              
	 	
                II-36-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-35-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-35-A

              	
                REMIC
                  I Remittance Rate

              
	
                37

              	
                I-37-A
                  through I-60-A

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

              
	 	
                II-37-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-36-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-36-A

              	
                REMIC
                  I Remittance Rate

              
	
                38

              	
                I-38-A
                  through I-60-A

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

              
	 	
                II-38-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-37-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-37-A

              	
                REMIC
                  I Remittance Rate

              
	
                39

              	
                I-39-A
                  through I-60-A

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

              
	 	
                II-39-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-38-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-38-A

              	
                REMIC
                  I Remittance Rate

              
	
                40

              	
                I-40-A
                  through I-60-A

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

              
	 	
                II-40-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-39-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-39-A

              	
                REMIC
                  I Remittance Rate

              
	
                41

              	
                I-41-A
                  through I-60-A

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

              
	 	
                II-41-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-40-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-40-A

              	
                REMIC
                  I Remittance Rate

              
	
                42

              	
                I-42-A
                  through I-60-A

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

              
	 	
                II-42-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-41-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-41-A

              	
                REMIC
                  I Remittance Rate

              
	
                43

              	
                I-43-A
                  through I-60-A

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

              
	 	
                II-43-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-42-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-42-A

              	
                REMIC
                  I Remittance Rate

              
	
                44

              	
                I-44-A
                  through I-60-A

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

              
	 	
                II-44-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-43-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-43-A

              	
                REMIC
                  I Remittance Rate

              
	
                45

              	
                I-45-A
                  through I-60-A

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

              
	 	
                II-45-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-44-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-44-A

              	
                REMIC
                  I Remittance Rate

              
	
                46

              	
                I-46-A
                  through I-60-A

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

              
	 	
                II-46-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-45-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-45-A

              	
                REMIC
                  I Remittance Rate

              
	
                47

              	
                I-47-A
                  through I-60-A

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

              
	 	
                II-47-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-46-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-46-A

              	
                REMIC
                  I Remittance Rate

              
	
                48

              	
                I-48-A
                  through I-60-A

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

              
	 	
                II-48-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-47-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-47-A

              	
                REMIC
                  I Remittance Rate

              
	
                49

              	
                I-49-A
                  through I-60-A

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

              
	 	
                II-49-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-39-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-39-A

              	
                REMIC
                  I Remittance Rate

              
	
                50

              	
                I-50-A
                  through I-60-A

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

              
	 	
                II-50-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-49-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-49-A

              	
                REMIC
                  I Remittance Rate

              
	
                51

              	
                I-51-A
                  through I-60-A

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

              
	 	
                II-51-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-50-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-50-A

              	
                REMIC
                  I Remittance Rate

              
	
                52

              	
                I-52-A
                  through I-60-A

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

              
	 	
                II-52-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-51-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-51-A

              	
                REMIC
                  I Remittance Rate

              
	
                53

              	
                I-53-A
                  through I-60-A

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

              
	 	
                II-53-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-52-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-52-A

              	
                REMIC
                  I Remittance Rate

              
	
                54

              	
                I-54-A
                  through I-60-A

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

              
	 	
                II-54-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-53-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-53-A

              	
                REMIC
                  I Remittance Rate

              
	
                55

              	
                I-55-A
                  through I-60-A

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

              
	 	
                II-55-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-54-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-54-A

              	
                REMIC
                  I Remittance Rate

              
	
                56

              	
                I-56-A
                  through I-60-A

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

              
	 	
                II-56-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-55-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-55-A

              	
                REMIC
                  I Remittance Rate

              
	
                57

              	
                I-57-A
                  through I-60-A

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

              
	 	
                II-57-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-56-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-56-A

              	
                REMIC
                  I Remittance Rate

              
	
                58

              	
                I-58-A
                  through I-60-A

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

              
	 	
                II-58-A
                  through II-60-A

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

              
	 	
                I-1-A
                  through I-57-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-57-A

              	
                REMIC
                  I Remittance Rate

              
	
                59

              	
                I-59-A
                  and I-60-A

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

              
	 	
                II-59-A
                  and II-60-A

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

              
	 	
                I-1-A
                  through I-58-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-58-A

              	
                REMIC
                  I Remittance Rate

              
	
                60

              	
                I-60-A

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

              
	 	
                II-60-A

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

              
	 	
                I-1-A
                  through I-59-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-59-A

              	
                REMIC
                  I Remittance Rate

              
	
                thereafter

              	
                I-1-A
                  through I-60-A

              	
                REMIC
                  I Remittance Rate

              
	 	
                II-1-A
                  through II-60-A

              	
                REMIC
                  I Remittance Rate

              

      

      

      With
        respect to REMIC II Regular Interest II-LT1GRP, a per annum rate (but not
        less
        than zero) equal to the weighted average of: (w) with respect to REMIC I
        Regular
        Interest I, the REMIC I Remittance Rate for each such REMIC 1 Regular Interest
        for each such Distribution Date, (x) with respect to REMIC I Group I Regular
        Interests ending with the designation “B”, the weighted average of the REMIC I
        Remittance Rates for such REMIC I Regular Interests, weighted on the basis
        of
        the Uncertificated Balances of each such REMIC I Regular Interest for each
        such
        Distribution Date and (y) with respect to REMIC I Group I Regular Interests
        ending with the designation “A”, for each Distribution Date listed below, the
        weighted average of the rates listed below for such REMIC I Regular Interests
        listed below, weighted on the basis of the Uncertificated Balances of each
        such
        REMIC I Regular Interest for each such Distribution Date:

       

      
        	
                Distribution
                  Date

              	
                REMIC
                  I Regular Interest

              	
                Rate

              
	
                1

              	
                I-1-A
                  through I-60-A

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

              
	 	 	 
	
                2

              	
                I-2-A
                  through I-60-A

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

              
	 	
                I-1-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                3

              	
                I-3-A
                  through I-60-A

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

              
	 	
                I-1-A
                  and I-2-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                4

              	
                I-4-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-3-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                5

              	
                I-5-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-4-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                6

              	
                I-6-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-5-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                7

              	
                I-7-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-6-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                8

              	
                I-8-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-7-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                9

              	
                I-9-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-8-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                10

              	
                I-10-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-9-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                11

              	
                I-11-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-10-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                12

              	
                I-12-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-11-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                13

              	
                I-13-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-12-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                14

              	
                I-14-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-13-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                15

              	
                I-15-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-14-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                16

              	
                I-16-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-15-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                17

              	
                I-17-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-16-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                18

              	
                I-18-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-17-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                19

              	
                I-19-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-18-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                20

              	
                I-20-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-19-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                21

              	
                I-21-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-20-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                22

              	
                I-22-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-21-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                23

              	
                I-23-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-22-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                24

              	
                I-24-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-23-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                25

              	
                I-25-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-24-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                26

              	
                I-26-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-25-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                27

              	
                I-27-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-26-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                28

              	
                I-28-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-27-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                29

              	
                I-29-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-28-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                30

              	
                I-30-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-29-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                31

              	
                I-31-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-30-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                32

              	
                I-32-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-31-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                33

              	
                I-33-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-32-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                34

              	
                I-34-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-33-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                35

              	
                I-35-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-34-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                36

              	
                I-36-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-35-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                37

              	
                I-37-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-36-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                38

              	
                I-38-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-37-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                39

              	
                I-39-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-38-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                40

              	
                I-40-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-39-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                41

              	
                I-41-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-40-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                42

              	
                I-42-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-41-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                43

              	
                I-43-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-42-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                44

              	
                I-44-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-43-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                45

              	
                I-45-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-44-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                46

              	
                I-46-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-45-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                47

              	
                I-47-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-46-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                48

              	
                I-48-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-47-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                49

              	
                I-49-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-48-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                50

              	
                I-50-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-49-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                51

              	
                I-51-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-50-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                52

              	
                I-52-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-51-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                53

              	
                I-53-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-52-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                54

              	
                I-54-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-53-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                55

              	
                I-55-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-54-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                56

              	
                I-56-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-55-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                57

              	
                I-57-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-56-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                58

              	
                I-58-A
                  through I-60-A

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

              
	 	
                I-1-A
                  through I-57-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                59

              	
                I-59-A
                  and I-60-A

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

              
	 	
                I-1-A
                  through I-58-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                60

              	
                I-60-A

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

              
	 	
                I-1-A
                  through I-59-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                thereafter

              	
                I-1-A
                  through I-60-A

              	
                REMIC
                  I Remittance Rate

              

      

      

      With
        respect to REMIC II Regular Interest II-LT2GRP, a per annum rate (but not
        less
        than zero) equal to the weighted average of: (w) with respect to REMIC I
        Regular
        Interest II, the REMIC I Remittance Rate for each such REMIC 1 Regular Interest
        for each such Distribution Date, (x) with respect to REMIC I Group II Regular
        Interests ending with the designation “B”, the weighted average of the REMIC I
        Remittance Rates for such REMIC I Regular Interests, weighted on the basis
        of
        the Uncertificated Balances of each such REMIC I Regular Interest for each
        such
        Distribution Date and (y) with respect to REMIC I Group II Regular Interests
        ending with the designation “A”, for each Distribution Date listed below, the
        weighted average of the rates listed below for such REMIC I Regular Interests
        listed below, weighted on the basis of the Uncertificated Balances of each
        such
        REMIC I Regular Interest for each such Distribution Date:

       

      
        	
                Distribution
                  Date

              	
                REMIC
                  I Regular Interest

              	
                Rate

              
	
                1

              	
                II-1-A
                  through II-60-A

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

              
	 	 	 
	
                2

              	
                II-2-A
                  through II-60-A

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

              
	 	
                II-1-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                3

              	
                II-3-A
                  through II-60-A

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

              
	 	
                II-1-A
                  and II-2-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                4

              	
                II-4-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-3-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                5

              	
                II-5-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-4-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                6

              	
                II-6-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-5-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                7

              	
                II-7-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-6-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                8

              	
                II-8-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-7-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                9

              	
                II-9-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-8-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                10

              	
                II-10-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-9-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                11

              	
                II-11-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-10-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                12

              	
                II-12-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-11-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                13

              	
                II-13-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-12-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                14

              	
                II-14-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-13-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                15

              	
                II-15-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-14-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                16

              	
                II-16-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-15-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                17

              	
                II-17-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-16-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                18

              	
                II-18-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-17-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                19

              	
                II-19-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-18-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                20

              	
                II-20-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-19-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                21

              	
                II-21-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-20-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                22

              	
                II-22-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-21-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                23

              	
                II-23-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-22-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                24

              	
                II-24-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-23-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                25

              	
                II-25-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-24-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                26

              	
                II-26-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-25-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                27

              	
                II-27-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-26-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                28

              	
                II-28-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-27-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                29

              	
                II-29-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-28-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                30

              	
                II-30-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-29-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                31

              	
                II-31-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-30-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                32

              	
                II-32-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-31-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                33

              	
                II-33-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-32-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                34

              	
                II-34-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-33-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                35

              	
                II-35-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-34-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                36

              	
                II-36-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-35-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                37

              	
                II-37-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-36-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                38

              	
                II-38-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-37-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                39

              	
                II-39-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-38-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                40

              	
                II-40-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-39-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                41

              	
                II-41-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-40-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                42

              	
                II-42-A
                  through II-60-A 

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

              
	 	
                II-1-A
                  through II-41-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                43

              	
                II-43-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-42-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                44

              	
                II-44-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-43-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                45

              	
                II-45-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-44-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                46

              	
                II-46-A
                  through II-60-A 

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

              
	 	
                II-1-A
                  through II-45-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                47

              	
                II-47-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-46-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                48

              	
                II-48-A
                  and II-60-A

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

              
	 	
                II-1-A
                  through II-47-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                49

              	
                II-49-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-48-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                50

              	
                II-50-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-49-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                51

              	
                II-51-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-50-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                52

              	
                II-52-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-51-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                53

              	
                II-53-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-52-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                54

              	
                II-54-A
                  through II-60-A 

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

              
	 	
                II-1-A
                  through II-53-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                55

              	
                II-55-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-54-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                56

              	
                II-56-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-55-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                57

              	
                II-57-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-56-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                58

              	
                II-58-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-57-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                59

              	
                II-59-A
                  through II-60-A

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

              
	 	
                II-1-A
                  through II-58-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                60

              	
                II-60-A

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

              
	 	
                II-1-A
                  through II-59-A

              	
                REMIC
                  I Remittance Rate

              
	 	 	 
	
                thereafter

              	
                II-1-A
                  through II-60-A

              	
                REMIC
                  I Remittance Rate

              

      

      

      With
        respect to REMIC II Regular Interest II-LTIO, and (i) the first Distribution
        Date through the 60th
        Distribution Date, the excess of (x) the weighted average of the Uncertificated
        REMIC I Pass-Through Rates for REMIC I Regular Interests including the
        designation “SWAP”, over (y) 2 multiplied by Swap LIBOR and (ii) thereafter,
        0.00%. 

       

      “REMIC
        II
        Required Overcollateralized Amount”: 0.50% of the Overcollateralization Target
        Amount.

       

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

       

      “REMIC
        II
        Sub WAC Allocation Percentage”: 50% of any amount payable or loss attributable
        from the Mortgage Loans, which shall be allocated to REMIC II Regular Interest
        II-LT1SUB, REMIC II Regular Interest II-LT1GRP, REMIC II Regular Interest
        II-LT2SUB, REMIC II Regular Interest II-LT2GRP and REMIC II Regular Interest
        II-LTXX.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Request
        for Release”: A request for release in such electronic or other format as shall
        be mutually agreeable by the Custodian and the Servicer, in substantially
        the
        form of Exhibit E attached hereto or Exhibit 3 of the related Custodial
        Agreement.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Seller”:
        UBS Real Estate Securities Inc. or its successor in interest. 

       

      “Senior
        Principal Distribution Amount”: With respect to any Distribution Date, the sum
        of (i) the Group I Senior Principal Distribution Amount and (ii) the Group
        II
        Senior Principal Distribution Amount.

       

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

       

      “Sequential
        Class M Principal Distribution Amount”: With respect to any Distribution Date,
        the excess of (x) the sum of (i) the aggregate Certificate Principal Balance
        of
        the Class A Certificates (after taking into account the distribution of the
        Senior Principal Distribution Amount on such Distribution Date) and (ii)
        the
        aggregate Certificate Principal Balance of the Sequential Class M Certificates
        immediately prior to such Distribution Date over (y) the lesser of (A) the
        product of (i) 74.70% and (ii) the aggregate Stated Principal Balance of
        the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) and (B) the excess of the aggregate
        Stated
        Principal Balance of the Mortgage Loans as of the last day of the related
        Due
        Period (after giving effect to scheduled payments of principal due during
        the
        related Due Period, to the extent received or advanced, and unscheduled
        collections of principal received during the related Prepayment Period) over
        $5,158,446.69.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Servicing
        Fee Rate”: With respect to each Mortgage Loan, the rate of 0.50% per
        annum.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Stepdown
        Date”: The earlier to occur of (i) the first Distribution Date immediately
        succeeding the Distribution Date on which the aggregate Certificate Principal
        Balance of the Class A Certificates has been reduced to zero and (ii) the
        later
        to occur of (x) the Distribution Date occurring in January 2010 and (y) the
        first Distribution Date on which the Credit Enhancement Percentage (calculated
        for this purpose only after taking into account payments of principal on
        the
        Mortgage Loans but prior to any distributions of the Group I Principal
        Distribution Amount and the Group II Principal Distribution Amount to the
        holders of the certificates then entitled to distributions of principal on
        such
        Distribution Date) is greater than or equal to approximately 46.40%.

       

      “Subcontractor”
        means any vendor, subcontractor or other Person that is not responsible for
        the
        overall servicing of Mortgage Loans but performs one or more discrete functions
        identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans
        under
        the direction or authority of any Servicer (or a Sub-Servicer of any Servicer),
        the Master Servicer, the Custodian or the Trust Administrator.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Termination
        Price”: As defined in Section 9.01.

       

      “Terminator”:
        As defined in Section 9.01.

       

      “Transaction
        Addendum MABS 2006-NC3”: The transaction addendum to the Master Consulting
        Agreement, dated as of December 28, 2006, by and between Mortgage Asset
        Securitization Transactions, Inc. and the Credit Risk Manager, relating to
        the
        transaction contemplated by this Agreement.

       

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

       

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

       

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

       

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

       

      (b)  the
        Delinquency Percentage exceeds 34.48% of the Credit Enhancement Percentage;
        or

       

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

       

      
        	
                Distribution
                  Date Occurring In

              	
                Percentage

              
	
                January
                  2009 through December 2009

              	
                1.45%
                  for the first month, plus an additional 1/12th
                  of
                  1.75% for each month thereafter

              
	
                January
                  2010 through December 2010

              	
                3.20%
                  for the first month, plus an additional 1/12th
                  of
                  1.80% for each month thereafter

              
	
                January
                  2011 through December 2011

              	
                5.00%
                  for the first month, plus an additional 1/12th
                  of
                  1.45% for each month thereafter

              
	
                January
                  2012 through December 2012

              	
                6.45%
                  for the first month, plus an additional 1/12th
                  of
                  0.80% for each month thereafter

              
	
                January
                  2013 and thereafter

              	
                7.25%

              

      

      

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        	
                Distribution
                  Date

              	
                REMIC
                  I Regular Interests

              
	
                1

              	
                I-1-A
                  through I-60-A and II-1-A through II-60-A 

              
	
                2

              	
                I-2-A
                  through I-60-A and II-2-A through II-60-A 

              
	
                3

              	
                I-3-A
                  through I-60-A and II-3-A through II-60-A 

              
	
                4

              	
                I-4-A
                  through I-60-A and II-4-A through II-60-A 

              
	
                5

              	
                I-5-A
                  through I-60-A and II-5-A through II-60-A 

              
	
                6

              	
                I-6-A
                  through I-60-A and II-6-A through II-60-A 

              
	
                7

              	
                I-7-A
                  through I-60-A and II-7-A through II-60-A 

              
	
                8

              	
                I-8-A
                  through I-60-A and II-8-A through II-60-A

              
	
                9

              	
                I-9-A
                  through I-60-A and II-9-A through II-60-A 

              
	
                10

              	
                I-10-A
                  through I-60-A and II-10-A through II-60-A 

              
	
                11

              	
                I-11-A
                  through I-60-A and II-11-A through II-60-A 

              
	
                12

              	
                I-12-A
                  through I-60-A and II-12-A through II-60-A 

              
	
                13

              	
                I-13-A
                  through I-60-A and II-13-A through II-60-A 

              
	
                14

              	
                I-14-A
                  through I-60-A and II-14-A through II-60-A 

              
	
                15

              	
                I-15-A
                  through I-60-A and II-15-A through II-60-A 

              
	
                16

              	
                I-16-A
                  through I-60-A and II-16-A through II-60-A 

              
	
                17

              	
                I-17-A
                  through I-60-A and II-17-A through II-60-A 

              
	
                18

              	
                I-18-A
                  through I-60-A and II-18-A through II-60-A 

              
	
                19

              	
                I-19-A
                  through I-60-A and II-19-A through II-60-A 

              
	
                20

              	
                I-20-A
                  through I-60-A and II-20-A through II-60-A 

              
	
                21

              	
                I-21-A
                  through I-60-A and II-21-A through II-60-A 

              
	
                22

              	
                I-22-A
                  through I-60-A and II-22-A through II-60-A 

              
	
                23

              	
                I-23-A
                  through I-60-A and II-23-A through II-60-A 

              
	
                24

              	
                I-24-A
                  through I-60-A and II-24-A through II-60-A 

              
	
                25

              	
                I-25-A
                  through I-60-A and II-25-A through II-60-A 

              
	
                26

              	
                I-26-A
                  through I-60-A and II-26-A through II-60-A 

              
	
                27

              	
                I-27-A
                  through I-60-A and II-27-A through II-60-A 

              
	
                28

              	
                I-28-A
                  through I-60-A and II-28-A through II-60-A 

              
	
                29

              	
                I-29-A
                  through I-60-A and II-29-A through II-60-A

              
	
                30

              	
                I-30-A
                  through I-60-A and II-30-A through II-60-A 

              
	
                31

              	
                I-31-A
                  through I-60-A and II-31-A through II-60-A 

              
	
                32

              	
                I-32-A
                  through I-60-A and II-32-A through II-60-A 

              
	
                33

              	
                I-33-A
                  through I-60-A and II-33-A through II-60-A 

              
	
                34

              	
                I-34-A
                  through I-60-A and II-34-A through II-60-A 

              
	
                35

              	
                I-35-A
                  through I-60-A and II-35-A through II-60-A 

              
	
                36

              	
                I-36-A
                  through I-60-A and II-36-A through II-60-A 

              
	
                37

              	
                I-37-A
                  through I-60-A and II-37-A through II-60-A 

              
	
                38

              	
                I-38-A
                  through I-60-A and II-38-A through II-60-A 

              
	
                39

              	
                I-39-A
                  through I-60-A and II-39-A through II-60-A 

              
	
                40

              	
                I-40-A
                  through I-60-A and II-40-A through II-60-A 

              
	
                41

              	
                I-41-A
                  through I-60-A and II-41-A through II-60-A

              
	
                42

              	
                I-42-A
                  through I-60-A and II-42-A through II-60-A

              
	
                43

              	
                I-43-A
                  through I-60-A and II-43-A through II-60-A

              
	
                44

              	
                I-44-A
                  through I-60-A and II-44-A through II-60-A

              
	
                45

              	
                I-45-A
                  through I-60-A and II-45-A through II-60-A

              
	
                46

              	
                I-46-A
                  through I-60-A and II-46-A through II-60-A

              
	
                47

              	
                I-47-A
                  through I-60-A and II-47-A through II-60-A

              
	
                48

              	
                I-48-A
                  through I-60-A and II-48-A through II-60-A

              
	
                49

              	
                I-49-A
                  through I-60-A and II-49-A through II-60-A

              
	
                50

              	
                I-50-A
                  through I-60-A and II-50-A through II-60-A

              
	
                51

              	
                I-51-A
                  through I-60-A and II-51-A through II-60-A

              
	
                52

              	
                I-52-A
                  through I-60-A and II-52-A through II-60-A

              
	
                53

              	
                I-53-A
                  through I-60-A and II-53-A through II-60-A

              
	
                54

              	
                I-54-A
                  through I-60-A and II-54-A through II-60-A

              
	
                55

              	
                I-55-A
                  through I-60-A and II-55-A through II-60-A

              
	
                56

              	
                I-56-A
                  through I-60-A and II-56-A through II-60-A

              
	
                57

              	
                I-57-A
                  through I-60-A and II-57-A through II-60-A

              
	
                58

              	
                I-58-A
                  through I-60-A and II-58-A through II-60-A

              
	
                59

              	
                I-59-A
                  through I-60-A and II-59-A through II-60-A

              
	
                60

              	
                I-60-A
                  and II-60-A 

              
	
                thereafter

              	
                $0.00

              

      

      

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

       

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

       

      “United
        States Person”: A citizen or resident of the United States, a corporation,
        partnership or other entity created or organized in, or under the laws of,
        the
        United States, any state thereof or, the District of Columbia (except, in
        the
        case of a partnership, to the extent provided in regulations) provided that,
        for
        purposes solely of the restrictions on the transfer of Class R Certificates
        and
        Class R-X Certificates, no partnership or other entity treated as a partnership
        for United States federal income tax purposes shall be treated as a United
        States Person unless all persons that own an interest in such partnership
        either
        directly or through any entity that is not a corporation for United States
        federal income tax purposes are required by the applicable operative agreement
        to be United States Persons or an estate whose income is subject to United
        States federal income tax regardless of its source, or a trust if a court
        within
        the United States is able to exercise primary supervision over the
        administration of the trust and one or more United States persons have the
        authority to control all substantial decisions of the trust. To the extent
        prescribed in regulations by the Secretary of the Treasury, a trust which
        was in
        existence on August 20, 1996 (other than a trust treated as owned by the
        grantor
        under subpart E of part I of subchapter J of chapter 1 of the Code), and
        which
        was treated as a United States person on August 20, 1996 may elect to continue
        to be treated as a United States person notwithstanding the previous sentence.
        The term “United States” shall have the meaning set forth in Section 7701
        of the Code.

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        	SECTION
                1.02.  	
                Allocation
                  of Certain Interest Shortfalls.

              

      

       

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

       

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

       

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

       

      (A) The
        REMIC
        II Marker Allocation Percentage of the aggregate amount of any Prepayment
        Interest Shortfalls (to the extent not covered by payments by the Servicer
        pursuant to Section 3.24) and the REMIC II Marker Allocation Percentage of
        the
        aggregate amount of any Relief Act Interest Shortfalls incurred in respect
        of
        the Mortgage Loans for any Distribution Date shall be allocated among REMIC
        II
        Regular Interest II-LTAA, REMIC II Regular Interest II-LTA1, REMIC II Regular
        Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC II Regular Interest
        II-LTA4, REMIC II Regular Interest II-LTA5, REMIC II Regular Interest II-LTM1,
        REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC
        II
        Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular
        Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest
        II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10,
        REMIC II Regular Interest II-LTM11 and REMIC II Regular Interest II-LTZZ,
        on a
pro
        rata basis
        based on, and to the extent of, one month’s interest at the then applicable
        respective Pass-Through Rate on the respective Uncertificated Balance of
        each
        such REMIC II Regular Interest; and

       

      (B) The
        REMIC
        II Sub WAC Allocation Percentage of the aggregate amount of any Prepayment
        Interest Shortfalls (to the extent not covered by payments by the Servicer
        pursuant to Section 3.24) and the REMIC II Sub WAC Allocation Percentage
        of the
        aggregate amount of any Relief Act Interest Shortfalls incurred in respect
        of
        the Mortgage Loans for any Distribution Date shall be allocated to
        Uncertificated Interest payable to REMIC II Regular Interest II-LT1SUB, REMIC
        II
        Regular Interest II-LT1GRP, REMIC II Regular Interest II-LT2SUB, REMIC II
        Regular Interest II-LT2GRP and REMIC II Regular Interest II-LTXX, on a
pro
        rata
        basis
        based on, and to the extent of, one month’s interest at the then applicable
        respective Pass-Through Rate on the respective Uncertificated Balance of
        each
        such REMIC II Regular Interest. 

       

      
        	SECTION
                1.03.  	
                Rights
                  of the NIMS Insurer.

              

      

       

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

       

      ARTICLE
        II

       

      CONVEYANCE
        OF MORTGAGE LOANS;

      ORIGINAL
        ISSUANCE OF CERTIFICATES

       

      
        	SECTION
                2.01.  	
                Conveyance
                  of the Mortgage Loans.

              

      

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        	SECTION
                2.02.  	
                Acceptance
                  of REMIC I by Trustee.

              

      

       

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

       

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

       

      The
        Trustee
        (or the Custodian on behalf of the Trustee pursuant to the Custodial
        Agreement)
        agrees,
        for the benefit of the Certificateholders and the NIMS Insurer on or prior
        to
        the Closing Date, to review each Mortgage File and to certify in substantially
        the form attached hereto as Exhibit C-1 or
        the
        form specified in the Custodial Agreement (such
        certification may be combined with the certification given in the preceding
        paragraph) that, as to each Mortgage Loan listed in the Mortgage Loan Schedule
        (other than any Mortgage Loan paid in full or any Mortgage Loan specifically
        identified in the exception report annexed thereto as not being covered by
        such
        certification), (i) all documents constituting part of such Mortgage File
        (other
        than such documents described in Section 2.01(v)) required to be delivered
        to it
        pursuant to this Agreement are in its possession, (ii) such documents have
        been
        reviewed by it and appear regular on their face and relate to such Mortgage
        Loan
        and (iii) based on its examination and only as to the foregoing, the information
        set forth in the Mortgage Loan Schedule that corresponds to items (1), (3),
        (11), (12), (15) and (18) of the definition of “Mortgage Loan Schedule”
accurately reflects information set forth in the Mortgage File. It is herein
        acknowledged that, in conducting such review, the Trustee (or the Custodian
        on
        behalf of the Trustee) is under no duty or obligation (i) to inspect, review
        or
        examine any such documents, instruments, certificates or other papers to
        determine whether they are genuine, enforceable, or appropriate for the
        represented purpose or whether they have actually been recorded or that they
        are
        other than what they purport to be on their face or (ii) to determine whether
        any Mortgage File should include any of the documents specified in clause
        (v) of
        Section 2.01.

       

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

       

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

       

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

       

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

       

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

       

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

              

      

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        	SECTION
                2.04.  	
                Reserved.

              

      

       

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

              

      

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

              

      

       

      (a)  The
        Depositor, concurrently with the execution and delivery hereof, does hereby
        transfer, assign, set over and otherwise convey in trust to the Trustee without
        recourse all the right, title and interest of the Depositor in and to the
        assets
        described in the definition of REMIC I for the benefit of the Holders of
        the
        REMIC I Regular Interests (which are uncertificated) and the Class R
        Certificates (in respect of the Class R-I Interest). The Trustee acknowledges
        receipt of the assets described in the definition of REMIC I and declares
        that
        it holds and will hold the same in trust for the exclusive use and benefit
        of
        the holders of the REMIC I Regular Interests and the Class R Certificates
        (in
        respect of the Class R-I Interest). The interests evidenced by the Class
        R-I
        Interest, together with the REMIC I Regular Interests, constitute the entire
        beneficial ownership interest in REMIC I.

       

      (b)  The
        Depositor, concurrently with the execution and delivery hereof, does hereby
        transfer, assign, set over and otherwise convey in trust to the Trustee without
        recourse all the right, title and interest of the Depositor in and to the
        REMIC
        I Regular Interests (which are uncertificated) for the benefit of the Holders
        of
        the REMIC II Regular Interests (which are uncertificated) and the Class R
        Certificates (in respect of the Class R-II Interest). The Trustee acknowledges
        receipt of the REMIC I Regular Interests and declares that it holds and will
        hold the same in trust for the exclusive use and benefit of the Holders of
        the
        REMIC II Regular Interests and the Class R Certificates (in respect of the
        Class
        R-II Interest). The interests evidenced by the Class R-II Interest, together
        with the REMIC II Regular Interests, constitute the entire beneficial ownership
        interest in REMIC II.

       

      (c)  The
        Depositor, concurrently with the execution and delivery hereof, does hereby
        transfer, assign, set over and otherwise convey in trust to the Trustee without
        recourse all the right, title and interest of the Depositor in and to the
        REMIC
        II Regular Interests (which are uncertificated) for the benefit of the Holders
        of the REMIC III Regular Interests and the Class R Certificates (in respect
        of
        the Class R-III Interest). The Trustee acknowledges receipt of the REMIC
        II
        Regular Interests and declares that it holds and will hold the same in trust
        for
        the exclusive use and benefit of the Holders of the REMIC III Regular Interests
        and the Class R Certificates (in respect of the Class R-III Interest). The
        interests evidenced by the Class R-III Interest, together with the Regular
        Certificates (other than the Class CE Certificates and the Class P
        Certificates), the Class CE Interest and the Class P Interest and the Class
        Swap-IO Interest, constitute the entire beneficial ownership interest in
        REMIC
        III.

       

      (d)  The
        Depositor, concurrently with the execution and delivery hereof, does hereby
        transfer, assign, set over and otherwise convey in trust to the Trustee without
        recourse all the right, title and interest of the Depositor in and to the
        Class
        CE Interest (which is uncertificated) for the benefit of the Holders of the
        Class CE Certificates and the Class R-X Certificates (in respect of the Class
        R-IV Interest). The Trustee acknowledges receipt of the Class CE Interest
        and
        declares that it holds and will hold the same in trust for the exclusive
        use and
        benefit of the Holders of the Class CE Certificates and the Class R-X
        Certificates (in respect of the Class R-IV Interest). The interests evidenced
        by
        the Class R-IV Interest, together with the Class CE Certificates, constitute
        the
        entire beneficial ownership interest in REMIC IV.

       

      (e)  The
        Depositor, concurrently with the execution and delivery hereof, does hereby
        transfer, assign, set over and otherwise convey in trust to the Trustee without
        recourse all the right, title and interest of the Depositor in and to the
        Class
        P Interest (which is uncertificated) for the benefit of the Holders of the
        Class
        P Certificates and the Class R-X Certificates (in respect of the Class R-V
        Interest). The Trustee acknowledges receipt of the Class P Interest and declares
        that it holds and will hold the same in trust for the exclusive use and benefit
        of the Holders of the Class P Certificates and the Class R-X Certificates
        (in
        respect of the Class R-V Interest). The interests evidenced by the Class
        R-V
        Interest, together with the Class P Certificates, constitute the entire
        beneficial ownership interest in REMIC V.

       

      (f)  The
        Depositor, concurrently with the execution and delivery hereof, does hereby
        transfer, assign, set over and otherwise convey in trust to the Trustee without
        recourse all the right, title and interest of the Depositor in and to the
        Class
        Swap-IO Interest (which is uncertificated) for the benefit of the Holders
        of
        REMIC VI Regular Interest SWAP -IO and the Class R-X Certificates (in respect
        of
        the Class R-VI Interest). The Trustee acknowledges receipt of the Class Swap-IO
        Interest and declares that it holds and shall hold the same in trust for
        the
        exclusive use and benefit of the Holders of REMIC VI Regular Interest SWAP
        -IO
        and the Class R-X Certificates (in respect of the Class R-VI Interest). The
        interests evidenced by the Class R-VI Interest, together with REMIC VI Regular
        Interest SWAP-IO, constitute the entire beneficial ownership interest in
        REMIC
        VI.

       

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

              

      

       

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

       

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

       

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

              

      

       

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

       

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

       

      ARTICLE
        III

       

      ADMINISTRATION
        AND SERVICING 

      OF
        THE
        MORTGAGE LOANS

       

      
        	SECTION
                3.01.  	
                Servicer
                  to Act as Servicer.

              

      

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

              

      

       

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

       

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

       

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

       

      
        	SECTION
                3.03.  	
                Successor
                  Sub-Servicers.

              

      

       

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

       

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

       

      
        	SECTION
                3.04.  	
                Liability
                  of the Servicer.

              

      

       

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

       

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

              

      

       

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

       

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

              

      

       

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

       

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

       

      
        	SECTION
                3.07.  	
                Collection
                  of Certain Mortgage Loan Payments.

              

      

       

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

       

      
        	SECTION
                3.08.  	
                Sub-Servicing
                  Accounts.

              

      

       

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

       

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

              

      

       

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

       

      
        	SECTION
                3.10.  	
                Collection
                  Account.

              

      

       

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

       

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

       

      (ii)  all
        payments on account of interest (net of the Servicing Fee) on each Mortgage
        Loan;

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        	SECTION
                3.11.  	
                Withdrawals
                  from the Collection Account.

              

      

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        	SECTION
                3.12.  	
                Investment
                  of Funds in the Collection Account.

              

      

       

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

       

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

       

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

       

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

       

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

       

      
        	SECTION
                3.13.  	
                [Reserved].

              

      

       

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

              

      

       

      (a) The
        Servicer shall cause to be maintained for each Mortgage Loan hazard insurance
        with extended coverage on the Mortgaged Property in an amount which is at
        least
        equal to the least of (i) the current Principal Balance of such Mortgage
        Loan,
        (ii) the amount necessary to fully compensate for any damage or loss to the
        improvements that are a part of such property on a replacement cost basis
        and
        (iii) the maximum insurable value of the improvements which are part of such
        Mortgaged Property, in each case in an amount not less than such amount as
        is
        necessary to avoid the application of any coinsurance clause contained in
        the
        related hazard insurance policy. The Servicer shall also cause to be maintained
        hazard insurance with extended coverage on each REO Property in an amount
        which
        is at least equal to the least of (i) the maximum insurable value of the
        improvements which are a part of such property, (ii) the outstanding Principal
        Balance of the related Mortgage Loan at the time it became an REO Property
        and
        (iii) the maximum insurable value of the improvements which are part of such
        REO
        Property. The Servicer will comply in the performance of this Agreement with
        all
        reasonable rules and requirements of each insurer under any such hazard
        policies. Any amounts to be collected by the Servicer under any such policies
        (other than amounts to be applied to the restoration or repair of the property
        subject to the related Mortgage or amounts to be released to the Mortgagor
        in
        accordance with the procedures that the Servicer would follow in servicing
        loans
        held for its own account, subject to the terms and conditions of the related
        Mortgage and Mortgage Note) shall be deposited in the Collection Account,
        subject to withdrawal pursuant to Section 3.11, if received in respect of
        a
        Mortgage Loan, or in the REO Account, subject to withdrawal pursuant to Section
        3.23, if received in respect of an REO Property. Any cost incurred by the
        Servicer in maintaining any such insurance shall not, for the purpose of
        calculating distributions to Certificateholders, be added to the unpaid
        Principal Balance of the related Mortgage Loan, notwithstanding that the
        terms
        of such Mortgage Loan so permit. It is understood and agreed that no earthquake
        or other additional insurance is to be required of any Mortgagor other than
        pursuant to such applicable laws and regulations as shall at any time be
        in
        force and as shall require such additional insurance. If the Mortgaged Property
        or REO Property is at any time in an area identified in the Federal Register
        by
        the Federal Emergency Management Agency as having special flood hazards and
        flood insurance has been made available, the Servicer will cause to be
        maintained a flood insurance policy in respect thereof. Such flood insurance
        shall be in an amount equal to the least of (i) the unpaid Principal Balance
        of
        the related Mortgage Loan, (ii) the maximum amount of such insurance available
        for the related Mortgaged Property under the national flood insurance program
        (assuming that the area in which such Mortgaged Property is located is
        participating in such program) and (iii) the maximum insurable value of the
        improvements which are part of such Mortgaged Property.

       

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

       

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

       

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

              

      

       

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

       

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

       

      
        	SECTION
                3.16.  	
                Realization
                  Upon Defaulted Mortgage Loans.

              

      

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

              

      

       

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

       

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

       

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

       

      
        	SECTION
                3.18.  	
                Servicing
                  Compensation.

              

      

       

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

       

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

       

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

              

      

       

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

       

      
        	SECTION
                3.20.  	
                Statement
                  as to Compliance.

              

      

       

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

       

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

       

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

       

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

       

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

       

      
        	SECTION
                3.21.  	
                Assessments
                  of Compliance and Attestation
                  Reports.

              

      

       

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

      

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      (c) Failure
        of the Servicer to timely comply with this Section 3.21 shall be deemed a
        Servicer Event of Default, and upon written receipt of notice (which notice
        may
        be delivered electronically) from the Trust Administrator of such Servicer
        Event
        of Default, the Trustee or the Master Servicer, as applicable, at the direction
        of the Depositor may, in addition to whatever rights the Trustee or the Master
        Servicer, as applicable, may have under this Agreement and at law or in equity,
        including injunctive relief and specific performance, upon notice immediately
        terminate (as provided in Section 7.01(a)) all the rights and obligations
        of the
        Servicer under this Agreement and in and to the Mortgage Loans and the proceeds
        thereof without compensating the Servicer for the same (other than the
        Servicer’s rights to reimbursement of unreimbursed Advances and Servicing
        Advances and accrued and unpaid Servicing Fees in the manner provided in
        this
        Agreement). This paragraph shall supersede any other provision in this Agreement
        or any other agreement to the contrary.

       

      Each
        of
        the Servicer, the Master Servicer, the Trust Administrator and the Custodian
        (if
        a party to this Agreement, or otherwise pursuant to the Custodial Agreement)
        shall indemnify and hold harmless the Depositor, the Master Servicer and
        the
        Trust Administrator and its respective officers, directors and Affiliates
        from
        and against any actual losses, damages, penalties, fines, forfeitures,
        reasonable and necessary legal fees and related costs, judgments and other
        costs
        and expenses that such Person may sustain based upon a breach of the obligations
        of such Indemnifying Party under this Section 3.21.

       

      The
        parties hereto acknowledge that any duties or actions of Deutsche Bank National
        Trust Company as Custodian are subject to the terms and provisions of the
        Custodial Agreement.

       

      If
        the
        indemnifications provided for herein are unavailable or insufficient to hold
        harmless any indemnified party, then the indemnifying party agrees that it
        shall
        contribute to the amount paid or payable by such indemnified party as a result
        of any claims, losses, damages or liabilities incurred by such indemnified
        party
        in such proportion as is appropriate to reflect the relative fault of such
        indemnified party on the one hand and the indemnifying party on the other.
        This
        indemnification shall survive the termination of this Agreement or the
        termination of the indemnifying party.

       

      
        	SECTION
                3.22.  	
                Access
                  to Certain Documentation.

              

      

       

      The
        Servicer shall provide to the Office of the Controller of the Currency, the
        Office of Thrift Supervision, the FDIC, and any other federal or state banking
        or insurance regulatory authority that may exercise authority over any
        Certificateholder, access to the documentation regarding the Mortgage Loans
        required by applicable laws and regulations. Such access shall be afforded
        without charge, but only upon reasonable request and during normal business
        hours at the offices of the Servicer designated by it. In addition, access
        to
        the documentation regarding the Mortgage Loans required by applicable laws
        and
        regulations will be provided to such Certificateholder, the Trustee, the
        Trust
        Administrator, the Master Servicer and to any Person identified to the Servicer
        as a prospective transferee of a Certificate subject to the execution of
        a
        confidentiality agreement in form and substance satisfactory to the Servicer,
        upon reasonable request during normal business hours at the offices of the
        Servicer designated by it at the expense of the Person requesting such access.
        Nothing in this Section 3.22 shall derogate from the obligation of any such
        party to observe any applicable law prohibiting disclosure of information
        regarding the Mortgagors and the failure of any such party to provide access
        as
        provided in this Section as a result of such obligation shall not constitute
        a
        breach of this Section 3.22.

       

      Nothing
        in this Section 3.22 shall require the Servicer to collect, create, collate
        or
        otherwise generate any information that it does not generate in its usual
        course
        of business. The Servicer shall not be required to make copies of or ship
        documents to any party unless provisions have been made for the reimbursement
        of
        the costs thereof.

       

      
        	SECTION
                3.23.  	
                Title,
                  Management and Disposition of REO
                  Property.

              

      

       

      (a)  In
        the
        event that title to an REO Property is acquired in foreclosure or by deed
        in
        lieu of foreclosure, the deed or certificate of sale shall be taken (pursuant
        to
        a limited power of attorney to be provided by the Trustee to the Servicer)
        in
        the name of the Trustee or a nominee thereof, on behalf of the
        Certificateholders, or in the event the Trustee or a nominee thereof is not
        authorized or permitted to hold title to real property in the state where
        the
        REO Property is located, or would be adversely affected under the “doing
        business” or tax laws of such state by so holding title, the deed or certificate
        of sale shall be taken in the name of such Person or Persons as shall be
        consistent with an Opinion of Counsel obtained by the Servicer (the cost
        of
        which shall constitute a Servicing Advance) from an attorney duly licensed
        to
        practice law in the state where the REO Property is located. Any Person or
        Persons holding such title other than the Trustee shall acknowledge in writing
        that such title is being held as nominee for the benefit of the Trustee.
        The
        Trustee’s name shall be placed on the title to such REO Property solely as the
        Trustee hereunder and not in its individual capacity. The Servicer shall
        ensure
        that the title to such REO Property references this Agreement and the Trustee’s
        capacity hereunder. The Servicer, on behalf of REMIC I, shall sell any REO
        Property as soon as practicable and in any event no later than the end of
        the
        third full taxable year after the taxable year in which such REMIC acquires
        ownership of such REO Property for purposes of Section 860G(a)(8) of the
        Code or
        request from the Internal Revenue Service, no later than 60 days before the
        day
        on which the three-year grace period would otherwise expire, an extension
        of
        such three-year period, unless the Servicer shall have delivered to the Trust
        Administrator, the Trustee and the NIMS Insurer an Opinion of Counsel acceptable
        to the NIMS Insurer and addressed to the Trust Administrator, the Trustee,
        the
        NIMS Insurer and the Depositor, to the effect that the holding by the REMIC
        of
        such REO Property subsequent to three years after its acquisition will not
        result in the imposition on the REMIC of taxes on “prohibited transactions”
thereof, as defined in Section 860F of the Code, or cause any of the REMICs
        created hereunder to fail to qualify as a REMIC under Federal law at any
        time
        that any Certificates are outstanding. The Servicer shall manage, conserve,
        protect and operate each REO Property for the Certificateholders solely for
        the
        purpose of its prompt disposition and sale in a manner which does not cause
        such
        REO Property to fail to qualify as “foreclosure property” within the meaning of
        Section 860G(a)(8) of the Code or result in the receipt by any of the REMICs
        created hereunder of any “income from non-permitted assets” within the meaning
        of Section 860F(a)(2)(B) of the Code, or any “net income from foreclosure
        property” which is subject to taxation under the REMIC Provisions.

       

      (b)  The
        Servicer shall separately account for all funds collected and received in
        connection with the operation of any REO Property and shall establish and
        maintain, or cause to be established and maintained, with respect to REO
        Properties an account held in trust for the Trustee for the benefit of the
        Certificateholders (the “REO Account”), which shall be an Eligible Account. The
        Servicer shall be permitted to allow the Collection Account to serve as the
        REO
        Account, subject to separate ledgers for each REO Property. The Servicer
        shall
        be entitled to retain or withdraw any interest income paid on funds deposited
        in
        the REO Account.

       

      (c)  The
        Servicer shall have full power and authority, subject only to the specific
        requirements and prohibitions of this Agreement, to do any and all things
        in
        connection with any REO Property as are consistent with the manner in which
        the
        Servicer manages and operates similar property owned by the Servicer or any
        of
        its Affiliates, all on such terms and for such period (subject to the
        requirement of prompt disposition set forth in Section 3.23(a)) as the Servicer
        deems to be in the best interests of Certificateholders. In connection
        therewith, the Servicer shall deposit, or cause to be deposited in the clearing
        account in which it customarily deposits payments and collections on mortgage
        loans in connection with its mortgage loan servicing activities on a daily
        basis, and in no event more than one Business Day after the Servicer’s receipt
        thereof, and shall thereafter deposit in the REO Account, in no event more
        than
        two Business Days after the Servicer’s receipt thereof, all revenues received by
        it with respect to an REO Property and shall withdraw therefrom funds necessary
        for the proper operation, management and maintenance of such REO Property
        including, without limitation:

       

      (i)  all
        insurance premiums due and payable in respect of such REO Property;

       

      (ii)  all
        real
        estate taxes and assessments in respect of such REO Property that may result
        in
        the imposition of a lien thereon; and

       

      (iii)  all
        costs
        and expenses necessary to maintain, operate and dispose of such REO
        Property.

       

      To
        the
        extent that amounts on deposit in the REO Account with respect to an REO
        Property are insufficient for the purposes set forth in clauses (i) through
        (iii) above with respect to such REO Property, the Servicer shall advance
        from
        its own funds such amount as is necessary for such purposes if, but only
        if, the
        Servicer would make such advances if the Servicer owned the REO Property
        and if
        in the Servicer’s judgment, the payment of such amounts will be recoverable from
        the rental or sale of the REO Property.

       

      Notwithstanding
        the foregoing, none of the Servicer, the Trust Administrator or the Trustee
        shall:

       

      (a)  authorize
        the Trust Fund to enter into, renew or extend any New Lease with respect to any
        REO Property, if the New Lease by its terms will give rise to any income
        that
        does not constitute Rents from Real Property;

       

      (b)  authorize
        any amount to be received or accrued under any New Lease other than amounts
        that
        will constitute Rents from Real Property;

       

      (c)  authorize
        any construction on any REO Property, other than the completion of a building
        or
        other improvement thereon, and then only if more than ten percent of the
        construction of such building or other improvement was completed before default
        on the related Mortgage Loan became imminent, all within the meaning of Section
        856(e)(4)(B) of the Code; or

       

      (d)  authorize
        any Person to Directly Operate any REO Property on any date more than 90
        days
        after its date of acquisition by the Trust Fund;

       

      unless,
        in any such case, the Servicer has obtained an Opinion of Counsel, provided
        to
        the Trust Administrator, the Master Servicer and the NIMS Insurer, to the
        effect
        that such action will not cause such REO Property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) of the Code at
        any time that it is held by the REMIC, in which case the Servicer may take
        such
        actions as are specified in such Opinion of Counsel.

       

      The
        Servicer may contract with any Independent Contractor for the operation and
        management of any REO Property; provided that:

       

      (i)  the
        terms
        and conditions of any such contract shall not be inconsistent
        herewith;

       

      (ii)  any
        such
        contract shall require, or shall be administered to require, that the
        Independent Contractor pay all costs and expenses incurred in connection
        with
        the operation and management of such REO Property, including those listed
        above
        and remit all related revenues (net of such costs and expenses) to the Servicer
        as soon as practicable, but in no event later than thirty days following
        the
        receipt thereof by such Independent Contractor;

       

      (iii)  none
        of
        the provisions of this Section 3.23(c) relating to any such contract or to
        actions taken through any such Independent Contractor shall be deemed to
        relieve
        the Servicer of any of its duties and obligations to the Trustee on behalf
        of
        the Certificateholders with respect to the operation and management of any
        such
        REO Property; and

       

      (iv)  the
        Servicer shall be obligated with respect thereto to the same extent as if
        it
        alone were performing all duties and obligations in connection with the
        operation and management of such REO Property.

       

      The
        Servicer shall be entitled to enter into any agreement with any Independent
        Contractor performing services for it related to its duties and obligations
        hereunder for indemnification of the Servicer by such Independent Contractor,
        and nothing in this Agreement shall be deemed to limit or modify such
        indemnification. The Servicer shall be solely liable for all fees owed by
        it to
        any such Independent Contractor, irrespective of whether the Servicer’s
        compensation pursuant to Section 3.18 is sufficient to pay such fees; provided,
        however, that to the extent that any payments made by such Independent
        Contractor would constitute Servicing Advances if made by the Servicer, such
        amounts shall be reimbursable as Servicing Advances made by the
        Servicer.

       

      (d)  In
        addition to the withdrawals permitted under Section 3.23(c), the Servicer
        may
        from time to time make withdrawals from the REO Account for any REO Property:
        (i) to pay itself or any Sub-Servicer unpaid Servicing Fees in respect of
        the
        related Mortgage Loan; and (ii) to reimburse itself or any Sub-Servicer for
        unreimbursed Servicing Advances and Advances made in respect of such REO
        Property or the related Mortgage Loan. On the Servicer Remittance Date, the
        Servicer shall withdraw from each REO Account maintained by it and deposit
        into
        the Distribution Account in accordance with Section 3.10(d)(ii), for
        distribution on the related Distribution Date in accordance with Section
        4.01,
        the income from the related REO Property received during the prior calendar
        month, net of any withdrawals made pursuant to Section 3.23(c) or this Section
        3.23(d).

       

      (e)  Subject
        to the time constraints set forth in Section 3.23(a), each REO Disposition
        shall
        be carried out by the Servicer in a manner, at such price and upon such terms
        and conditions as shall be normal and usual in the servicing standard set
        forth
        in Section 3.01.

       

      (f)  The
        proceeds from the REO Disposition, net of any amount required by law to be
        remitted to the Mortgagor under the related Mortgage Loan and net of any
        payment
        or reimbursement to the Servicer or any Sub-Servicer as provided above, shall
        be
        deposited in the Distribution Account in accordance with Section 3.10(d)(ii)
        on
        the Servicer Remittance Date in the month following the receipt thereof for
        distribution on the related Distribution Date in accordance with Section
        4.01.
        Any REO Disposition shall be for cash only (unless changes in the REMIC
        Provisions made subsequent to the Startup Day allow a sale for other
        consideration).

       

      (g)  The
        Servicer shall file information returns with respect to the receipt of mortgage
        interest received in a trade or business, reports of foreclosures and
        abandonments of any Mortgaged Property and cancellation of indebtedness income
        with respect to any Mortgaged Property as required by Sections 6050H, 6050J
        and
        6050P of the Code, respectively. Such reports shall be in form and substance
        sufficient to meet the reporting requirements imposed by such Sections 6050H,
        6050J and 6050P of the Code.

       

      
        	SECTION
                3.24.  	
                Obligations
                  of the Servicer in Respect of Prepayment Interest
                  Shortfalls.

              

      

       

      Not
        later
        than 2:00 p.m. New York time on each Servicer Remittance Date, the Servicer
        shall remit to the Distribution Account an amount (“Compensating Interest”)
        equal to the lesser of (A) the aggregate of the Prepayment Interest Shortfalls
        for the related Distribution Date and (B) its aggregate Servicing Fee received
        in the related Due Period. The Servicer shall not have the right to
        reimbursement for any amounts remitted to the Trust Administrator in respect
        of
        Compensating Interest. Such amounts so remitted shall be included in the
        Available Funds and distributed therewith on the next Distribution Date.
        The
        Servicer shall not be obligated to pay Compensating Interest with respect
        to
        Relief Act Interest Shortfalls or Principal Prepayments in full occurring
        from
        the Cut-off Date through December 15, 2006.

       

      
        	SECTION
                3.25.  	
                Obligations
                  of the Servicer in Respect of Mortgage Rates and Monthly
                  Payments. 

              

      

       

      In
        the
        event that a shortfall in any collection on or liability with respect to
        the
        Mortgage Loans in the aggregate results from or is attributable to adjustments
        to Mortgage Rates, Monthly Payments or Stated Principal Balances that were
        made
        by the Servicer in a manner not consistent with the terms of the related
        Mortgage Note and this Agreement, the Servicer, upon discovery or receipt
        of
        notice thereof, immediately shall deposit in the Collection Account from
        its own
        funds the amount of any such shortfall and shall indemnify and hold harmless
        the
        Trust Fund, the Trustee, the Trust Administrator, the Depositor and any
        successor servicer in respect of any such liability. Such indemnities shall
        survive the termination or discharge of this Agreement. Notwithstanding the
        foregoing, this Section 3.25 shall not limit the ability of the Servicer
        to seek
        recovery of any such amounts from the related Mortgagor under the terms of
        the
        related Mortgage Note, as permitted by law.

       

      
        	SECTION
                3.26.  	
                Advance
                  Facility

              

      

       

      The
        Servicer is hereby authorized to enter into a financing or other facility
        (any
        such arrangement, an “Advance Facility”) under which (1) the Servicer sells,
        assigns or pledges to another Person (together with such Person’s successors and
        assigns, an “Advancing Person”) the Servicer’s rights under this Agreement to be
        reimbursed for any Advances or Servicing Advances and/or (2) an Advancing
        Person
        agrees to fund some or all Advances and/or Servicing Advances required to
        be
        made by the Servicer pursuant to this Agreement. No consent of the Depositor,
        the Trustee, the Trust Administrator, the Certificateholders or any other
        party
        shall be required before the Servicer may enter into an Advance Facility.
        The
        Servicer shall notify each other party to this Agreement prior to or promptly
        after entering into or terminating any Advance Facility. Notwithstanding
        the
        existence of any Advance Facility under which an Advancing Person agrees
        to fund
        Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall
        remain obligated pursuant to this Agreement to make Advances and Servicing
        Advances pursuant to and as required by this Agreement. If the Servicer enters
        into an Advance Facility, and for so long as an Advancing Person remains
        entitled to receive reimbursement for any Advances including Nonrecoverable
        Advances (“Advance Reimbursement Amounts”) and/or Servicing Advances including
        Nonrecoverable Advances (“Servicing Advance Reimbursement Amounts” and together
        with Advance Reimbursement Amounts, “Reimbursement Amounts”) (in each case to
        the extent such type of Reimbursement Amount is included in the Advance
        Facility), as applicable, pursuant to this Agreement, then, the Servicer
        shall
        identify such Reimbursement Amounts consistent with the reimbursement rights
        set
        forth in Section 3.11(a)(ii), (iii), (vi) and (vii) and remit such Reimbursement
        Amounts in accordance with Section 3.10(b) or otherwise in accordance with
        the
        documentation establishing the Advance Facility to such Advancing Person
        or to a
        trustee, agent or custodian (an “Advance Facility Trustee”) designated by such
        Advancing Person. Notwithstanding anything to the contrary herein, in no
        event
        shall Advance Reimbursement Amounts or Servicing Advance Reimbursement Amounts
        be included in the Available Funds or distributed to
        Certificateholders.

       

      Reimbursement
        Amounts shall consist solely of amounts in respect of Advances and/or Servicing
        Advances made with respect to the Mortgage Loans for which the Servicer would
        be
        permitted to reimburse itself in accordance with this Agreement, assuming
        the
        Servicer or the Advancing Person had made the related Advance(s) and/or
        Servicing Advance(s). Notwithstanding the foregoing, except with respect
        to
        reimbursement of Nonrecoverable Advances as set forth in this Agreement,
        no
        Person shall be entitled to reimbursement from funds held in the Collection
        Account for future distribution to Certificateholders pursuant to this
        Agreement. None of the Depositor, the Trust Administrator or the Trustee
        shall
        have any duty or liability with respect to the calculation or payment of
        any
        Reimbursement Amount, nor shall the Depositor, the Master Servicer, the Trust
        Administrator or the Trustee have any responsibility to track or monitor
        the
        administration of the Advance Facility or the payment of Reimbursement Amounts
        to the related Advancing Person or Advance Facility Trustee. The Servicer
        shall
        maintain and provide to any successor servicer and (upon request) the Trust
        Administrator a detailed accounting on a loan by loan basis as to amounts
        advanced by, sold, pledged or assigned to, and reimbursed to any Advancing
        Person. The successor servicer shall be entitled to rely on any such information
        provided by the predecessor servicer, and the successor servicer shall not
        be
        liable for any errors in such information.

       

      An
        Advancing Person who receives an assignment or pledge of the rights to be
        reimbursed for Advances and/or Servicing Advances, and/or whose obligations
        hereunder are limited to the funding or purchase of Advances and/or Servicing
        Advances shall not be required to meet the criteria for qualification of
        a
        subservicer set forth in this Agreement.

       

      Reimbursement
        Amounts distributed with respect to each Mortgage Loan shall be allocated
        to
        outstanding unreimbursed Advances or Servicing Advances (as the case may
        be)
        made with respect to that Mortgage Loan on a “first in, first out” (FIFO) basis.
        Such documentation shall also require the Servicer to provide to the related
        Advancing Person or Advance Facility Trustee loan by loan information with
        respect to each Reimbursement Amount distributed to such Advancing Person
        or
        Advance Facility Trustee, to enable the Advancing Person or Advance Facility
        Trustee to make the FIFO allocation of each Reimbursement Amount with respect
        to
        each Mortgage Loan. The Servicer shall remain entitled to be reimbursed for
        all
        Advances and Servicing Advances funded by the Servicer to the extent the
        related
        rights to be reimbursed therefor have not been sold, assigned or pledged
        to an
        Advancing Person.

       

      The
        Servicer shall indemnify the Depositor, the Trustee, the Master Servicer,
        the
        Trust Administrator, any successor servicer and the Trust Fund resulting
        from
        any claim by the related Advancing Person arising out of the Advance Facility,
        except to the extent that such claim, loss, liability or damage resulted
        from or
        arose out of negligence, recklessness or willful misconduct or breach of
        its
        duties hereunder on the part of the Depositor, the Trust Administrator, the
        Trustee or any successor servicer.

       

      Any
        amendment to this Section 3.26 or to any other provision of this Agreement
        that
        may be necessary or appropriate to effect the terms of an Advance Facility
        as
        described generally in this Section 3.26, including amendments to add provisions
        relating to a successor servicer, may be entered into by the Trustee, the
        Trust
        Administrator, the Depositor and the Servicer without the consent of any
        Certificateholder, provided such amendment complies with Section 11.01 hereof.
        All reasonable costs and expenses (including attorneys’ fees) of each party
        hereto of any such amendment shall be borne solely by the Servicer. Prior
        to
        entering into an Advance Facility, the Servicer shall notify the Advancing
        Person in writing that: (a) the Advances and/or Servicing Advances purchased,
        financed by and/or pledged to the Advancing Person are obligations owed to
        the
        Servicer on a non-recourse basis payable only from the cash flows and proceeds
        received under this Agreement for reimbursement of Advances and/or Servicing
        Advances only to the extent provided herein, and the Trustee, the Trust
        Administrator and the Trust are not otherwise obligated or liable to repay
        any
        Advances and/or Servicing Advances financed by the Advancing Person; (b)
        the
        Servicer will be responsible for remitting to the Advancing Person the
        applicable amounts collected by it as reimbursement for Advances and/or
        Servicing Advances funded by the Advancing Person, subject to the restrictions
        and priorities created in this Agreement; and (c) neither the Trustee nor
        the
        Trust Administrator shall have any responsibility to track or monitor the
        administration of the Advance Facility between the Servicer and the Advancing
        Person.

       

      
        	SECTION
                3.27.  	
                Solicitations.

              

      

       

      The
        Servicer shall not take any action or cause any action to be taken by any
        of its
        employees, agents or Affiliates, or by any independent contractors acting
        on the
        Servicer’s behalf, to solicit any borrower in any manner whatsoever, including
        but not limited to, soliciting a borrower to prepay or refinance a Mortgage
        Loan. Furthermore, neither the Servicer nor any of its Affiliates shall directly
        or indirectly provide information to any third party for purposes of soliciting
        the borrowers related to the Mortgage Loans. It is understood that promotions
        undertaken by the Servicer or its Affiliates which are directed to the general
        public at large (i.e., newspaper advertisements, radio or T.V. ads, etc.)
        and
        not specifically directed to the borrowers related to the Mortgage Loans
        shall
        not constitute a breach of this Section 3.27. From and after the Closing
        Date,
        Servicer hereby agrees that Servicer will not take any action or cause any
        action to be taken by any of its agents or Affiliates, or by any independent
        contractors or independent mortgage brokerage companies on the Servicer’s
        behalf, to personally, by telephone or mail, solicit the borrower under any
        Mortgage Loan for the purpose of refinancing such Mortgage Loan; provided,
        that
        Servicer may solicit any borrower for whom Servicer has received a request
        for
        verification of mortgage, a request for demand for payoff, a borrower initiated
        written or verbal communication indicating a desire to prepay the related
        Mortgage Loan, or the borrower initiates a title search, provided further,
        it is
        understood and agreed that promotions undertaken by the Servicer or any of
        its
        affiliates which concern optional insurance products or other additional
        products shall not constitute solicitation nor is the Servicer prohibited
        from
        responding to unsolicited requests or inquiries made by a borrower or an
        agent
        of a borrower. Notwithstanding the foregoing, the following solicitations,
        if
        undertaken by the Servicer or any Affiliate of the Servicer, shall not be
        prohibited: (i) solicitations or promotions that are directed to the general
        public at large, including, without limitation, mass mailings based on mailing
        lists and newspaper, radio, television and other mass media advertisements
        and
        (ii) borrower messages included on, and statement inserts provided with,
        the
        monthly statements sent to borrowers; provided, however, that similar messages
        and inserts are sent to all other borrowers of similar type mortgage loans
        serviced by the Servicer and such Affiliates, including, but not limited
        to,
        those mortgage loans serviced for the Servicer’s and/or such Affiliates own
        account; and (iii) solicitations made as a part of a campaign directed to
        borrowers with mortgage loans meeting certain defined parameters (other than
        parameters relating to the borrowers or the Mortgage Loans specifically),
        provided, that such solicitations are made to all borrowers of mortgage loans
        serviced by the Servicer and such Affiliates with respect to mortgage loans
        meeting such defined parameters, including, but not limited to, those mortgage
        loans serviced for the Servicer’s and/or such Affiliates own
        account.

       

      ARTICLE
        IIIA

       

      ADMINISTRATION
        AND SERVICING

      OF
        THE
        MORTGAGE LOANS

       

      
        	SECTION
                3A.01.  	
                Master
                  Servicer to Act as Master Servicer

              

      

       

      The
        Master Servicer shall supervise, monitor and oversee the obligation of the
        Servicer to service and administer the Mortgage Loans in accordance with
        the
        terms of this Agreement and shall have full power and authority to do any
        and
        all things which it may deem necessary or desirable in connection with such
        master servicing and administration. In performing its obligations hereunder,
        the Master Servicer shall act in a manner consistent with Accepted Master
        Servicing Practices. Furthermore, the Master Servicer shall oversee and consult
        with the Servicer as reasonably necessary from time-to-time to carry out
        the
        Master Servicer’s obligations hereunder, shall receive, review and evaluate all
        reports, information and other data provided to the Master Servicer by the
        Servicer and shall cause the Servicer to perform and observe the covenants,
        obligations and conditions to be performed or observed by the Servicer under
        this Agreement. The Master Servicer shall independently monitor the Servicer’s
        servicing activities with respect to each Mortgage Loan, reconcile the results
        of such monitoring with such information provided in the previous sentence
        on a
        monthly basis and coordinate corrective adjustments to the Servicer’s and Master
        Servicer’s records, and based on such reconciled and corrected information, the
        Master Servicer shall provide such information to the Trust Administrator
        as
        shall be necessary in order for it to prepare the statements specified in
        Section 4.02, and prepare any other information and statements required to
        be forwarded by the Master Servicer hereunder. The Master Servicer shall
        reconcile the results of its Mortgage Loan monitoring with the actual
        remittances of the Servicer to the Collection Account pursuant to Section
        3.10.

       

      The
        Trustee shall furnish the Servicer and the Master Servicer with any powers
        of
        attorney and other documents in form as provided to it necessary or appropriate
        to enable the Servicer and the Master Servicer to service and administer
        the
        Mortgage Loans and REO Properties.

       

      The
        Trustee and the Trust Administrator shall provide access to the records and
        documentation in possession of the Trustee or the Trust Administrator, as
        applicable, regarding the Mortgage Loans and REO Properties and the servicing
        thereof to the Certificateholders, the FDIC, and the supervisory agents and
        examiners of the FDIC, such access being afforded only upon reasonable prior
        written request and during normal business hours at the office of the Trustee
        or
        the Trust Administrator, as applicable; provided, however, that, unless
        otherwise required by law, neither the Trustee nor the Trust Administrator
        shall
        be required to provide access to such records and documentation if the provision
        thereof would violate the legal right to privacy of any Mortgagor. The Trustee
        and the Trust Administrator shall allow representatives of the above entities
        to
        photocopy any of the records and documentation and shall provide equipment
        for
        that purpose at a charge that covers the Trustee’s or Trust Administrator’s, as
        applicable, actual costs.

       

      The
        Trustee shall execute and deliver to the Servicer and the Master Servicer
        any
        court pleadings, requests for trustee’s sale or other documents necessary or
        desirable to (i) the foreclosure or trustee’s sale with respect to a Mortgaged
        Property; (ii) any legal action brought to obtain judgment against any Mortgagor
        on the Mortgage Note or Security Instrument; (iii) obtain a deficiency judgment
        against the Mortgagor; or (iv) enforce any other rights or remedies provided
        by
        the Mortgage Note or Mortgage or otherwise available at law or
        equity.

       

      
        	SECTION
                3A.02.  	
                [Reserved].

              

      

       

      
        	SECTION
                3A.03.  	
                Monitoring
                  of Servicer.

              

      

       

      The
        Master Servicer shall be responsible for reporting to the Trustee, the Trust
        Administrator and the Depositor the non-compliance by the Servicer with its
        duties under this Agreement. In the review of the Servicer’s activities, the
        Master Servicer may rely upon an Officers’ Certificate of the Servicer (or
        similar document signed by a Servicing Officer of the Servicer) with regard
        to
        the Servicer’s compliance with the terms of this Agreement. In the event that
        the Master Servicer, in its good faith judgment, determines that the Servicer
        should be terminated in accordance with the terms hereof, or that a notice
        should be sent pursuant to the terms hereof with respect to the occurrence
        of an
        event that, unless cured, would constitute grounds for such termination,
        the
        Master Servicer shall notify the Depositor, the Trust Administrator and the
        Trustee thereof and the Master Servicer shall issue such notice or take such
        other action as it deems appropriate.

       

      The
        Master Servicer (or if the Master Servicer is the Servicer, the Trustee),
        for
        the benefit of the Certificateholders, shall enforce the obligations of the
        Servicer under this Agreement, and shall, in the event that it receives notice
        and confirms that the Servicer has failed to perform its obligations in
        accordance with this Agreement, subject to the preceding paragraph, terminate
        the rights and obligations of the Servicer hereunder and in accordance with
        the
        provisions of Article VII of this Agreement and act as Servicer of the Mortgage
        Loans or appoint a successor servicer; provided, however, it is understood
        and
        acknowledged by the parties hereto that there will be a period of transition
        (not to exceed 90 days) before the actual servicing functions can be fully
        transferred to such successor servicer. Such enforcement, including, without
        limitation, the legal prosecution of claims and the pursuit of other appropriate
        remedies, shall be in such form and carried out to such an extent and at
        such
        time as the Master Servicer or Trustee, as applicable, in its good faith
        business judgment, would require were it the owner of the Mortgage Loans.
        The
        Master Servicer or the Trustee, as applicable, shall pay the costs of such
        enforcement at its own expense, provided that the Master Servicer or the
        Trustee, as applicable, shall not be required to prosecute or defend any
        legal
        action except to the extent that the Master Servicer or the Trustee, as
        applicable, shall have received reasonable indemnity for its costs and expenses
        in pursuing such action.

       

      To
        the
        extent that the costs and expenses of the Master Servicer or Trustee, as
        applicable, related to any termination of the Servicer, appointment of a
        successor servicer or the transfer and assumption of servicing by the Master
        Servicer or the Trustee, as applicable, with respect to this Agreement
        (including, without limitation, (i) all legal costs and expenses and all
        due
        diligence costs and expenses associated with an evaluation of the potential
        termination of the Servicer as a result of a Servicer Event of Default and
        (ii)
        all costs and expenses associated with the complete transfer of servicing,
        including all servicing files and all servicing data and the completion,
        correction or manipulation of such servicing data as may be required by the
        successor servicer to correct any errors or insufficiencies in the servicing
        data or otherwise to enable the successor servicer to service the Mortgage
        Loans
        in accordance with this Agreement) are not fully and timely reimbursed by
        the
        terminated Servicer, the Master Servicer or the Trustee, as applicable, shall
        be
        entitled to reimbursement of such costs and expenses from the Distribution
        Account.

       

      The
        Master Servicer (or if the Master Servicer is the Servicer, the Trustee)
        shall,
        upon receipt from the Servicer, the Master Servicer or the Trust Administrator,
        of notice of any failure of the Servicer to comply with the remittance
        requirements and other obligations set forth in this Agreement, enforce such
        obligations.

       

      If
        the
        Master Servicer or the Trustee, as applicable, acts as Servicer, it will
        not
        assume liability for the representations and warranties of the Servicer that
        it
        replaces.

       

      
        	SECTION
                3A.04.  	
                Fidelity
                  Bond

              

      

       

      The
        Master Servicer, at its expense, shall maintain in effect a blanket fidelity
        bond and an errors and omissions insurance policy, affording coverage with
        respect to all directors, officers, employees and other Persons acting on
        such
        Master Servicer’s behalf, and covering errors and omissions in the performance
        of the Master Servicer’s obligations hereunder. The errors and omissions
        insurance policy and the fidelity bond shall be in such form and amount
        generally acceptable for entities serving as master servicer. 

       

      
        	SECTION
                3A.05.  	
                Power
                  to Act; Procedures.

              

      

       

      The
        Master Servicer shall master service the Mortgage Loans and shall have full
        power and authority, subject to the REMIC Provisions and the provisions of
        Article X hereof, to do any and all things that it may deem necessary or
        desirable in connection with the master servicing and administration of the
        Mortgage Loans, including but not limited to the power and authority (i)
        to
        execute and deliver, on behalf of the Certificateholders and the Trustee,
        customary consents or waivers and other instruments and documents, (ii) to
        consent to transfers of any Mortgaged Property and assumptions of the Mortgage
        Notes and related Mortgages, (iii) to collect any Insurance Proceeds and
        Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
        of
        the ownership of the Mortgaged Property securing any Mortgage Loan, in each
        case, in accordance with the provisions of this Agreement; provided, however,
        that the Master Servicer shall not (and, consistent with its responsibilities
        under Article X, shall not permit any Servicer to) knowingly or intentionally
        take any action, or fail to take (or fail to cause to be taken) any action
        reasonably within its control and the scope of duties more specifically set
        forth herein, that, under the REMIC Provisions, if taken or not taken, as
        the
        case may be, would cause the Trust REMIC to fail to qualify as a REMIC or
        result
        in the imposition of a tax upon the Trust Fund (including but not limited
        to the
        tax on prohibited transactions as defined in Section 860F(a)(2) of the Code
        and the tax on contributions to a REMIC set forth in Section 860G(d) of the
        Code) unless the Master Servicer has received an Opinion of Counsel (but
        not at
        the expense of the Master Servicer) to the effect that the contemplated action
        would not cause any REMIC to fail to qualify as a REMIC or result in the
        imposition of a tax upon any REMIC. The Trustee shall furnish the Master
        Servicer or the Servicer, upon written request from a Servicing Officer,
        with
        any powers of attorney empowering the Master Servicer or the Servicer to
        execute
        and deliver instruments of satisfaction or cancellation, or of partial or
        full
        release or discharge, and to foreclose upon or otherwise liquidate Mortgaged
        Property, and to appeal, prosecute or defend in any court action relating
        to the
        Mortgage Loans or the Mortgaged Property, in accordance with this Agreement,
        and
        the Trustee shall execute and deliver such other documents, as the Master
        Servicer may request, to enable the Master Servicer to master service and
        administer the Mortgage Loans and carry out its duties hereunder, in each
        case
        in accordance with Accepted Master Servicing Practices (and the Trustee shall
        have no liability for misuse of any such powers of attorney by the Master
        Servicer or the Servicer). If the Master Servicer or the Trustee has been
        advised that it is likely that the laws of the state in which action is to
        be
        taken prohibit such action if taken in the name of the Trustee or that the
        Trustee would be adversely affected under the “doing business” or tax laws of
        such state if such action is taken in its name, the Master Servicer shall
        join
        with the Trustee in the appointment of a co-trustee pursuant to
        Section 8.10 hereof. In the performance of its duties hereunder, the Master
        Servicer shall be an independent contractor and shall not, except in those
        instances where it is taking action in the name of the Trustee, be deemed
        to be
        the agent of the Trustee.

       

      
        	SECTION
                3A.06.  	
                Due
                  on Sale Clauses; Assumption
                  Agreements.

              

      

       

      To
        the
        extent Mortgage Loans contain enforceable due-on-sale clauses, the Master
        Servicer shall cause the Servicer to enforce such clauses in accordance with
        this Agreement. If applicable law prohibits the enforcement of a due-on-sale
        clause or such clause is otherwise not enforced in accordance with this
        Agreement, and, as a consequence, a Mortgage Loan is assumed, the original
        Mortgagor may be released from liability in accordance with this
        Agreement.

       

      
        	SECTION
                3A.07.  	
                [Reserved].

              

      

       

      
        	SECTION
                3A.08.  	
                Documents,
                  Records and Funds in Possession of Master Servicer to be Held for
                  Trustee.

              

      

       

      The
        Master Servicer and the Servicer shall transmit to the Trustee (or the Custodian
        on behalf of the Trustee) such documents and instruments coming into the
        possession of the Master Servicer or the Servicer from time to time as are
        required by the terms hereof to be delivered to the Trustee, the Trust
        Administrator or the Custodian. Any funds received by the Master Servicer
        or by
        the Servicer in respect of any Mortgage Loan or which otherwise are collected
        by
        the Master Servicer or by the Servicer as Liquidation Proceeds or Insurance
        Proceeds in respect of any Mortgage Loan shall be held for the benefit of
        the
        Trustee and the Certificateholders subject to the Master Servicer’s right to
        retain or withdraw from the Distribution Account the Master Servicing
        Compensation and other amounts provided in this Agreement, and to the right
        of
        the Servicer to retain its Servicing Fee and other amounts as provided in
        this
        Agreement. The Master Servicer shall, and subject to Section 3.22 shall cause
        the Servicer to, provide access to information and documentation regarding
        the
        Mortgage Loans to the Trust Administrator, its agents and accountants at
        any
        time upon reasonable request and during normal business hours, and to
        Certificateholders that are savings and loan associations, banks or insurance
        companies, the Office of Thrift Supervision, the FDIC and the supervisory
        agents
        and examiners of such Office and Corporation or examiners of any other federal
        or state banking or insurance regulatory authority if so required by applicable
        regulations of the Office of Thrift Supervision or other regulatory authority,
        such access to be afforded without charge but only upon reasonable request
        in
        writing and during normal business hours at the offices of the Master Servicer
        designated by it. In fulfilling such a request the Master Servicer shall
        not be
        responsible for determining the sufficiency of such information.

       

      All
        Mortgage Files and funds collected or held by, or under the control of, the
        Master Servicer or the Servicer, in respect of any Mortgage Loans, whether
        from
        the collection of principal and interest payments or from Liquidation Proceeds
        or Insurance Proceeds, shall be held by the Servicer or the Master Servicer,
        as
        applicable, for and on behalf of the Trustee and the Certificateholders and
        shall be and remain the sole and exclusive property of the Trustee; provided,
        however, that the Master Servicer and the Servicer shall be entitled to setoff
        against, and deduct from, any such funds any amounts that are properly due
        and
        payable to the Master Servicer or the Servicer under this
        Agreement.

       

      
        	SECTION
                3A.09.  	
                Compensation
                  for the Master Servicer.

              

      

       

      The
        Master Servicer will be entitled all income and gain realized from any
        investment of funds in the Distribution Account, pursuant to Section 3A.11
        and Section 3A.12, for the performance of its activities hereunder (the
“Master Servicing Compensation”). Servicing compensation in the form of
        assumption fees, if any, late payment charges, as collected, if any, or
        otherwise shall be retained by the Servicer in accordance with Section 3.18.
        The
        Master Servicer shall be required to pay all expenses incurred by it in
        connection with the performance of its duties hereunder and shall not be
        entitled to reimbursement therefor except as provided in this
        Agreement.

       

      
        	SECTION
                3A.10.  	
                Obligations
                  of the Master Servicer in Respect of Prepayment Interest
                  Shortfalls.

              

      

       

      In
        the
        event of a Prepayment Interest Shortfall, the Master Servicer shall remit
        to the
        Trust Administrator, from its own funds and without right of reimbursement
        (except as described below), not later than the related Distribution Date,
        Compensating Interest in an amount equal to the lesser of (i) the aggregate
        amounts in respect of Compensating Interest required to be paid by the Servicer
        pursuant to Section 3.24 with respect to Prepayment Interest Shortfalls
        attributable to Principal Prepayments in full on the Mortgage Loans for the
        related Distribution Date and not so paid by the Servicer and (ii) the aggregate
        compensation payable to the Master Servicer for the related collection period
        under this Agreement. In the event the Master Servicer pays any amount in
        respect of such Compensating Interest prior to the time it shall have succeeded
        as successor servicer, the Master Servicer shall be subrogated to the Trust
        Fund’s right to receive such amount from the Servicer. In the event the Trust
        Fund receives from the Servicer all or any portion of amounts in respect
        of
        Compensating Interest required to be paid by the Servicer pursuant to Section
        3.24, not so paid by the Servicer when required, and paid by the Master Servicer
        pursuant to this Section 3A.10, then the Master Servicer may reimburse
        itself for the amount of Compensating Interest paid by the Master Servicer
        from
        such receipts by the Trust Fund.

       

      
        	SECTION
                3A.11.  	
                Distribution
                  Account. 

              

      

       

      On
        behalf
        of the Trust Fund, the Trust Administrator shall establish and maintain one
        or
        more accounts (such account or accounts, the “Distribution Account”), held in
        trust for the benefit of the Trustee and the Certificateholders. The
        Distribution Account shall be an Eligible Account. The Master Servicer will
        deposit in the Distribution Account as identified by the Master Servicer
        and as
        received by the Master Servicer, the following amounts:

       

      (1) Any
        amounts remitted to the Master Servicer by the Servicer from the Collection
        Account;

       

      (2) Any
        Advances received from the Servicer or made by the Master Servicer or (if
        the
        Master Servicer is the Servicer) the Trustee (in each case in its capacity
        as
        successor servicer), and any payments of Compensating Interest received from
        the
        Servicer or made by the Master Servicer (unless, in the case of the Master
        Servicer, such amounts are deposited by the Master Servicer directly into
        the
        Distribution Account);

       

      (3) Any
        Insurance Proceeds or Net Liquidation Proceeds received by or on behalf of
        the
        Master Servicer or which were not deposited in the Collection
        Account;

       

      (4)
         Any
        amounts required to be deposited with respect to losses on investments of
        deposits in the Distribution Account; and

       

      (5) Any
        other
        amounts received by or on behalf of the Master Servicer and required to be
        deposited in the Distribution Account pursuant to this Agreement.

       

      All
        amounts deposited to the Distribution Account shall be held by the Master
        Servicer in the name of the Trustee in trust for the benefit of the
        Certificateholders in accordance with the terms and provisions of this
        Agreement. The requirements for crediting the Distribution Account shall
        be
        exclusive, it being understood and agreed that, without limiting the generality
        of the foregoing, payments in the nature of (A) the late payment charges
        or
        assumption, tax service, statement account or payoff, substitution,
        satisfaction, release and other like fees and charges and (B) the items
        enumerated in Section 3A.12(a) (with respect the clearing and termination
        of the Distribution Account and with respect to amounts deposited in error),
        in
        Section 3A.12(b) or in clauses (i), (ii), (iii) and (iv), (v) of
        Section 3A.12(c), need not be credited by the Master Servicer to the
        Distribution Account. In the event that the Master Servicer shall deposit
        or
        cause to be deposited to the Distribution Account any amount not required
        to be
        credited thereto, the Trustee or the Trust Administrator, upon receipt of
        a
        written request therefor signed by a Servicing Officer of the Master Servicer,
        shall promptly transfer such amount to the Master Servicer, any provision
        herein
        to the contrary notwithstanding.

       

      The
        Trust
        Administrator may direct any depository institution maintaining the Distribution
        Account to invest the funds on deposit in such account or to hold such funds
        uninvested. All investments pursuant to this Section 3A.11 shall be in one
        or more Permitted Investments bearing interest or sold at a discount, and
        maturing, unless payable on demand, (i) no later than the Business Day
        immediately preceding the date on which such funds are required to be withdrawn
        from such account pursuant to this Agreement, if a Person other than the
        Trust
        Administrator is the obligor thereon or if such investment is managed or advised
        by a Person other than the Trust Administrator or an Affiliate of the Trust
        Administrator, and (ii) no later than the date on which such funds are required
        to be withdrawn from such account pursuant to this Agreement, if the Trust
        Administrator is the obligor thereon or if such investment is managed or
        advised
        by the Trust Administrator or any Affiliate. All such Permitted Investments
        shall be held to maturity, unless payable on demand. Any investment of funds
        in
        the Distribution Account shall be made in the name of the Trustee, or in
        the
        name of a nominee of the Trust Administrator. The Trust Administrator shall
        be
        entitled to sole possession over each such investment, and any certificate
        or
        other instrument evidencing any such investment shall be delivered directly
        to
        the Trust Administrator or its agent, together with any document of transfer
        necessary to transfer title to such investment to the Trust Administrator
        or its
        nominee. In the event amounts on deposit in the Distribution Account are
        at any
        time invested in a Permitted Investment payable on demand, the Trust
        Administrator shall:

       

      (a)  (x)consistent
        with any notice required to be given thereunder, demand that payment thereon
        be
        made on the last day such Permitted Investment may otherwise mature hereunder
        in
        an amount equal to the lesser of (1) all amounts then payable thereunder
        and (2)
        the amount required to be withdrawn on such date; and

       

      (b)  (y)demand
        payment of all amounts due thereunder promptly upon determination by a
        Responsible Officer of the Trust Administrator that such Permitted Investment
        would not constitute a Permitted Investment in respect of funds thereafter
        on
        deposit in the Distribution Account.

       

      All
        income and gain realized from the investment of funds deposited in the
        Distribution Account shall be for the benefit of the Master Servicer. The
        Trust
        Administrator shall deposit in the Distribution Account the amount of any
        loss
        of principal incurred in respect of any such Permitted Investment made with
        funds in such Account immediately upon realization of such loss.

       

      
        	SECTION
                3A.12.  	
                Permitted
                  Withdrawals and Transfers from the Distribution
                  Account.

              

      

       

      The
        Trust
        Administrator will, from time to time on demand of the Master Servicer, the
        Servicer or the Trustee, make or cause to be made such withdrawals or transfers
        from the Distribution Account pursuant to this Agreement. The Trust
        Administrator may clear and terminate the Distribution Account pursuant to
        Section 9.01 and remove amounts from time to time deposited in
        error.

       

      On
        an
        ongoing basis, the Trust Administrator shall withdraw funds from the
        Distribution Account to pay (i) any Extraordinary Trust Fund Expenses including
        but not limited to amounts payable to the Servicer or the Depositor pursuant
        to
        Section 6.03(b), to the Trustee pursuant to Section 3.06, Section 7.02 or
        Section 8.05 or to the Master Servicer pursuant to Section 6.03(c), and
        (ii) any amounts expressly payable to the Master Servicer as set forth in
        Section 3A.09.

       

      The
        Trust
        Administrator may withdraw from the Distribution Account any of the following
        amounts (in the case of any such amount payable or reimbursable to the Servicer,
        only to the extent the Servicer shall not have paid or reimbursed itself
        such
        amount prior to making any remittance to the Master Servicer pursuant to
        the
        terms of this Agreement):

       

      (i) to
        reimburse the Master Servicer or (if the Master Servicer is the Servicer)
        the
        Trustee (to the extent either of them is obligated to do so as successor
        Servicer) for any Advance of its own funds, the right of the Master Servicer
        or
        the Trustee, as applicable to reimbursement pursuant to this subclause (i)
        being
        limited to amounts received on a particular Mortgage Loan (including, for
        this
        purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds
        and Subsequent Recoveries) which represent late payments or recoveries of
        the
        principal of or interest on such Mortgage Loan respecting which such Advance
        was
        made;

       

      (ii) to
        reimburse the Master Servicer from Insurance Proceeds, Liquidation Proceeds
        or
        Subsequent Recoveries relating to a particular Mortgage Loan for amounts
        expended by the Master Servicer in good faith in connection with the restoration
        of the related Mortgaged Property which was damaged by an Uninsured Cause
        or in
        connection with the liquidation of such Mortgage Loan;

       

      (iii) to
        reimburse the Master Servicer from Insurance Proceeds relating to a particular
        Mortgage Loan for insured expenses incurred with respect to such Mortgage
        Loan
        and to reimburse the Master Servicer from Liquidation Proceeds and Subsequent
        Recoveries from a particular Mortgage Loan for Liquidation Expenses incurred
        with respect to such Mortgage Loan;

       

      (iv) to
        reimburse the Master Servicer for advances of funds (other than Advances)
        made
        with respect to the Mortgage Loans, and the right to reimbursement pursuant
        to
        this subclause being limited to amounts received on the related Mortgage
        Loan
        (including, for this purpose, the Purchase Price therefor, Insurance Proceeds,
        Liquidation Proceeds and Subsequent Recoveries) which represent late recoveries
        of the payments for which such advances were made;

       

      (v) to
        reimburse the Master Servicer (or if the Master Servicer is the Servicer)
        the
        Trustee (to the extent either of them is obligated to do so as successor
        Servicer)for any Advance or Servicing Advance, after a Realized Loss has
        been
        allocated with respect to the related Mortgage Loan if the Advance or Servicing
        Advance has not been reimbursed pursuant to clauses (i) through
        (iv);

       

      (vi) to
        make
        distributions in accordance with Section 4.01;

       

      (vii) to
        pay
        compensation to the Trust Administrator on each Distribution Date;

       

      (viii) to
        pay
        any amounts in respect of taxes pursuant to Section 10.01(g);

       

      (ix) without
        duplication of the amount set forth in clause (iii) above, to pay any
        Extraordinary Trust Fund Expenses to the extent not paid by the Master Servicer
        from the Distribution Account;

       

      (x) without
        duplication of any of the foregoing, to reimburse or pay the Servicer any
        such
        amounts as are due thereto under this Agreement and have not been retained
        by or
        paid to the Servicer, to the extent provided in this Agreement and to refund
        to
        the Servicer any amount remitted by the Servicer to the Master Servicer in
        error;

       

      (xi) to
        pay to
        the Master Servicer, any interest or investment income earned on funds deposited
        in the Distribution Account;

       

      (xii) to
        withdraw any amount deposited in the Distribution Account in error;

       

      (xiii) to
        clear
        and terminate the Distribution Account pursuant to
        Section 9.01;

       

      (xiv) to
        make
        distributions to the Swap Account and the Cap Account; and

       

      (xv) to
        pay
        the Credit Risk Manager the Credit Risk Manager Fee.

       

      The
        Master Servicer shall keep and maintain separate accounting, on a Mortgage
        Loan
        by Mortgage Loan basis, for the purpose of accounting for any reimbursement
        from
        the Distribution Account pursuant to clauses (i) through (v) above or with
        respect to any such amounts which would have been covered by such clauses
        had
        the amounts not been retained by the Master Servicer without being deposited
        in
        the Distribution Account.

       

      On
        or
        before the Business Day prior to each Distribution Date, the Master Servicer
        or
        (if the Master Servicer is the Servicer) the Trustee (to the extent either
        of
        them is obligated to do so as successor Servicer) shall remit to the Trust
        Administrator for deposit in the Distribution Account any Advances required
        to
        be made and the Master Servicer shall deposit in the Distribution Account
        any
        Compensating Interest required to be paid, in either such case by the Master
        Servicer or the Trustee, as applicable, with respect to the Mortgage
        Loans.

       

      
        	SECTION
                3A.13.  	
                Late
                  Remittance.

              

      

       

      With
        respect to any remittance received by the Master Servicer after the day on
        which
        such payment was due, the Servicer shall pay to the Master Servicer interest
        on
        any such late payment at an annual rate equal to the Prime Rate, adjusted
        as of
        the date of each change, plus three percentage points, but in no event greater
        than the maximum amount permitted by applicable law. Such interest shall
        be
        deposited in the Distribution Account by the Servicer on the date such late
        payment is made and shall cover the period commencing with the day following
        the
        day such payment was due and ending with the Business Day on which such payment
        is made, both inclusive. Such interest shall be remitted along with the
        distribution payable on the next succeeding Servicer Remittance Date. The
        payment by the Servicer of any such interest shall not be deemed an extension
        of
        time for payment or a waiver of any Servicer Event of Default.

       

      ARTICLE
        IV

       

      PAYMENTS
        TO CERTIFICATEHOLDERS

       

      
        	SECTION
                4.01.  	
                Distributions.

              

      

       

      (a)  On
        each
        Distribution Date, the following amounts, in the following order of priority,
        shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular
        Interests and distributed to the holders of the Class R Certificates (in
        respect
        of the Class R-I Interest), as the case may be: 

       

      With
        respect to the Group I Mortgage Loans:

       

      (1) to
        Holders of REMIC I Regular Interest I, REMIC I Regular Interest I-LTP and
        each
        of REMIC I Regular Interest I-1-A through I-60-B, pro
        rata,
        in an
        amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests
        for such Distribution Date, plus (B) any amounts payable in respect thereof
        remaining unpaid from previous Distribution Dates.

       

      (2) to
        the
        extent of amounts remaining after the distributions made pursuant to clause
        (1)
        above, payments of principal shall be allocated as follows: first, to REMIC
        I
        Regular Interest I and then to REMIC I Regular Interests I-1-A through I-60-B
        starting with the lowest numerical denomination until the Uncertificated
        Balance
        of each such REMIC I Regular Interest is reduced to zero, provided that,
        for
        REMIC I Regular Interests with the same numerical denomination, such payments
        of
        principal shall be allocated pro
        rata
        between
        such REMIC I Regular Interests, and second, to the extent of the product
        of (a)
        any Overcollateralization Reduction Amounts multiplied by (b) a fraction,
        the
        numerator of which is the aggregate Stated Principal Balance of the Group
        I
        Mortgage Loans and the denominator of which is the aggregate Stated Principal
        Balance of the Mortgage Loans, to REMIC I Regular Interest I until the
        Uncertificated Balance of such REMIC I Regular Interest is reduced to zero;
        and

       

      (3) to
        the
        Holders of REMIC I Regular Interest I-60-B, (A) all amounts representing
        Prepayment Charges in respect of the Mortgage Loans received during the related
        Prepayment Period and (B) on the Distribution Date immediately following
        the
        expiration of the latest Prepayment Charge as identified on the Prepayment
        Charge Schedule or any Distribution Date thereafter until $100 has been
        distributed pursuant to this clause. 

       

      With
        respect to the Group II Mortgage Loans:

       

      (1) to
        Holders of REMIC I Regular Interest II and each of REMIC I Regular Interest
        II-1-A through II-60-B, pro
        rata,
        in an
        amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests
        for such Distribution Date, plus (B) any amounts payable in respect thereof
        remaining unpaid from previous Distribution Dates.

       

      (2) to
        the
        extent of amounts remaining after the distributions made pursuant to clause
        (1)
        above, payments of principal shall be allocated as follows: first, to REMIC
        I
        Regular Interest II and then to REMIC I Regular Interests II-1-A through
        II-60-B
        starting with the lowest numerical denomination until the Uncertificated
        Balance
        of each such REMIC I Regular Interest is reduced to zero, provided that,
        for
        REMIC I Regular Interests with the same numerical denomination, such payments
        of
        principal shall be allocated pro
        rata
        between
        such REMIC I Regular Interests, and second, to the extent of the product
        of (a)
        any Overcollateralization Reduction Amounts multiplied by (b) a fraction,
        the
        numerator of which is the aggregate Stated Principal Balance of the Group
        I
        Mortgage Loans and the denominator of which is the aggregate Stated Principal
        Balance of the Mortgage Loans, to REMIC I Regular Interest II until the
        Uncertificated Balance of such REMIC I Regular Interest is reduced to
        zero.

       

      (3)
         On
        each
        Distribution Date, all amounts representing Prepayment Charges in respect
        of the
        Mortgage Loans received during the related Prepayment Period shall be
        distributed by REMIC I to the Holders of REMIC I Regular Interest II-60-B.
        The
        payment of the foregoing amounts to the Holders of REMIC I Regular Interest
        I-LTP shall not reduce the Uncertificated Balance thereof.

       

      (b)  (1)On
        each
        Distribution Date, the following amounts, in the following order of priority,
        shall be distributed by REMIC II to REMIC III on account of the REMIC II
        Regular
        Interests or withdrawn from the Distribution Account and distributed to the
        holders of the Class R Certificates (in respect of the Class R-II Interest),
        as
        the case may be:

       

      (i)(a) to
        the
        Holders of REMIC II Regular Interest II-LTIO, in an amount equal to (A)
        Uncertificated Interest for such REMIC II Regular Interest for such Distribution
        Date, plus (B) any amounts in respect thereof remaining unpaid from previous
        Distribution Dates;

       

      (b) to
        Holders of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTA1,
        REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC
        II
        Regular Interest II-LTA4, REMIC II Regular Interest II-LTA5, REMIC II Regular
        Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest
        II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5,
        REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC
        II
        Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular
        Interest II-LTM10, REMIC II Regular Interest II-LTM11, REMIC II Regular Interest
        II-LTZZ and REMIC II Regular Interest II-LTP, pro
        rata,
        in an
        amount equal to (A) the Uncertificated Interest for such Distribution Date,
        plus
        (B) any amounts in respect thereof remaining unpaid from previous Distribution
        Dates. Amounts payable as Uncertificated Interest in respect of REMIC II
        Regular
        Interest II-LTZZ shall be reduced and deferred when the REMIC II
        Overcollateralized Amount is less than the REMIC II Required
        Overcollateralization Amount, by the lesser of (x) the amount of such difference
        and (y) the Maximum II-LTZZ Uncertificated Interest Deferral Amount and such
        amount will be payable to the Holders of REMIC II Regular Interest II-LTA1,
        REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC
        II
        Regular Interest II-LTA4, REMIC II Regular Interest II-LTA5, REMIC II Regular
        Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest
        II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5,
        REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC
        II
        Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular
        Interest II-LTM10 and REMIC II Regular Interest II-LTM11 in the same proportion
        as the Overcollateralization Deficiency Amount is allocated to the Corresponding
        Certificates and the Uncertificated Balance of REMIC II Regular Interest
        II-LTZZ
        shall be increased by such amount; and

       

      (c) to
        Holders of REMIC II Regular Interest II-LT1SUB, REMIC II Regular Interest
        II-LT1GRP, REMIC II Regular Interest II-LT2SUB, REMIC II Regular Interest
        II-LT2GRP and REMIC II Regular Interest II-LTXX, pro
        rata,
        in an
        amount equal to (A) the Uncertificated Interest for such Distribution Date,
        plus
        (B) any amounts in respect thereof remaining unpaid from previous Distribution
        Dates;

       

      (ii) second,
        to the Holders of REMIC II Regular Interests, in an amount equal to the
        remainder of the REMIC II Marker Allocation Percentage of Available Funds
        for
        such Distribution Date after the distributions made pursuant to clause (b)(1)(i)
        above, allocated as follows:

       

      (a) 98.00%
        of
        such remainder to the Holders of REMIC II Regular Interest II-LTAA and REMIC
        II
        Regular Interest II-LTP, until the Uncertificated Balance of such REMIC II
        Regular Interests are reduced to zero; provided, however, that REMIC II Regular
        Interest II-LTP shall not be reduced until the Distribution Date immediately
        following the expiration of the latest Prepayment Charge as identified on
        the
        Prepayment Charge Schedule or any Distribution Date thereafter, at which
        point
        such amount shall be distributed to REMIC II Regular Interest II-LTP, until
        $100
        has been distributed pursuant to this clause;

       

      (b) 2.00%
        of
        such remainder, first to the Holders of REMIC II Regular Interest II-LTA1,
        REMIC
        II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC II
        Regular
        Interest II-LTA4, REMIC II Regular Interest II-LTA5, REMIC II Regular Interest
        II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3,
        REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC
        II
        Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular
        Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest
        II-LTM10 and REMIC II Regular Interest II-LTM11, equal to 1.00% of and in
        the
        same proportion as principal payments are allocated to the Corresponding
        Certificates, until the Uncertificated Balances of such REMIC II Regular
        Interests are reduced to zero and second, to the Holders of REMIC II Regular
        Interest II-LTZZ, 1.00%, until the Uncertificated Balance of such REMIC II
        Regular Interest is reduced to zero; and

       

      (c) any
        remaining amount to the Holders of the Class R Certificates (in respect of
        the
        Class R-II Interest);

       

      provided,
        however, that (i) 98.00% and (ii) 2.00% of any principal payments that are
        attributable to an Overcollateralization Release Amount shall be allocated
        to
        Holders of (i) REMIC II Regular Interest II-LTAA and REMIC II Regular Interest
        II-LTP, in that order and (ii) REMIC II Regular Interest II-LTZZ, respectively;
        provided that REMIC II Regular Interest II-LTP shall not be reduced until
        the
        Distribution Date immediately following the expiration of the latest Prepayment
        Charge as identified on the Prepayment Charge Schedule or any Distribution
        Date
        thereafter, at which point such amount shall be distributed to REMIC II Regular
        Interest II-LTP, until $100 has been distributed pursuant to this
        clause.

       

      On
        each
        Distribution Date, all amounts representing Prepayment Charges in respect
        of the
        Mortgage Loans during the related Prepayment Period and any Servicer Prepayment
        Charge Payment Amount paid by the Servicer during the related Prepayment
        Period
        will be distributed by REMIC II to the Holders of REMIC II Regular Interest
        II-LTP. The payment of the foregoing amounts to the Holders of REMIC II Regular
        Interest II-LTP shall not reduce the Uncertificated Balance
        thereof.

       

      (iii) to
        the
        Holders of REMIC II Regular Interests, in an amount equal to the remainder
        of
        the REMIC II Sub WAC Allocation Percentage of Available Funds for such
        Distribution Date after the distributions made pursuant to clause (i) above,
        allocated so that distributions of principal shall be deemed to be made to
        the
        REMIC II Regular Interests first, so as to keep the Uncertificated Balance
        of
        each REMIC II Regular Interest ending with the designation “GRP” equal to 0.01%
        of the aggregate Stated Principal Balance of the Mortgage Loans in the related
        Loan Group; second, to each REMIC II Regular Interest ending with the
        designation “SUB,” so that the Uncertificated Balance of each such REMIC II
        Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated
        Principal Balance of the Mortgage Loans in the related Loan Group over (y)
        the
        Certificate Principal Balance of the Class A Certificate in the related Loan
        Group (except that if any such excess is a larger number than in the preceding
        distribution period, the least amount of principal shall be distributed to
        such
        REMIC II Regular Interests such that the REMIC II Subordinated Balance Ratio
        is
        maintained); and third, any remaining principal to REMIC II Regular Interest
        II-LTXX.

       

      Notwithstanding
        the priorities and amounts of distribution of funds pursuant to Sections
        4.01(a)
        or 4.01(b), actual distributions of Available Funds shall be made only in
        accordance with Sections 4.01(c),(d) or (e).

       

      On
        each
        Distribution Date, 100% of the amounts distributed on REMIC II Regular Interest
        II-LTIO shall be deemed distributed by REMIC II to REMIC III in respect of
        the
        Class Swap-IO Interest. Such amounts shall be deemed distributed by REMIC
        III to
        REMIC VI Regular Interest SWAP-IO and from REMIC VI Regular Interest SWAP-IO
        to
        the Swap Administrator for deposit into the Swap Account. 

       

      (2)(I) On
        each
        Distribution Date, the Trust Administrator shall withdraw from the Distribution
        Account that portion of Available Funds for such Distribution Date consisting
        of
        the Group I Interest Remittance Amount for such Distribution Date, and make
        the
        following distributions in the order of priority described below, in each
        case
        to the extent of the Group I Interest Remittance Amount remaining for such
        Distribution Date:

       

      (i)  to
        the
        Holders of the Group I Certificates, the related Monthly Interest Distributable
        Amount and the related Unpaid Interest Shortfall Amount, if any, for such
        Certificates for such Distribution Date; and

       

      (ii)  concurrently,
        to the Holders of the Group II Certificates, on a pro
        rata
        basis,
        based on the entitlement of each such Class, an amount equal to the excess,
        if
        any, of (x) the amount required to be distributed pursuant to Section
        4.01(a)(2)(II)(i) for such Distribution Date over (y) the amount actually
        distributed pursuant to such sections, from the Group II Interest Remittance
        Amount.

       

      (II) On
        each
        Distribution Date the Trust Administrator shall withdraw from the Distribution
        Account that portion of Available Funds for such Distribution Date consisting
        of
        the Group II Interest Remittance Amount for such Distribution Date, and make
        the
        following distributions in the order of priority described below, in each
        case
        to the extent of the Group II Interest Remittance Amount remaining for such
        Distribution Date:

       

      (iii)  concurrently,
        to the Holders of the Group II Certificates, on a pro
        rata basis
        based on the entitlement of each such Class, the related Monthly Interest
        Distributable Amount and the related Unpaid Interest Shortfall Amount, if
        any,
        for such Certificates for such Distribution Date; and

       

      (iv)  to
        the
        Holders of the Group I Certificates, an amount equal to the excess, if any,
        of
        (x) the amount required to be distributed pursuant to Section 4.01(a)(2)(I)(i)
        for such Distribution Date over (y) the amount actually distributed pursuant
        to
        such sections from the Group I Interest Remittance Amount.

       

      (III) On
        each
        Distribution Date, following the distributions made pursuant to Section
        4.01(a)(2)(I) and Section 4.01(a)(2)(II) above, the Trust Administrator shall
        distribute, in each case to the extent of the sum of the Group I Interest
        Remittance Amount and the Group II Interest Remittance Amount remaining
        undistributed for such Distribution Date, sequentially to the Holders of
        the
        Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7,
        Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that order,
        in
        an amount equal to the Monthly Interest Distributable Amount for each such
        Class.

       

      (3)(I) On
        each
        Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
        Event
        is in effect, distributions in respect of principal to the extent of the
        Group I
        Principal Distribution Amount shall be made in the following amounts and
        order
        of priority:

       

      (i)  first,
        to
        the Holders of the Group I Certificates, until the Certificate Principal
        Balance
        thereof has been reduced to zero; and

       

      (ii)  second,
        to the Holders of the Group II Certificates (allocated among the Group II
        Certificates in the priority described below), after taking into account
        the
        distribution of the Group II Principal Distribution Amount already distributed,
        until the Certificate Principal Balances thereof have been reduced to
        zero.

       

      (II) On
        each
        Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
        Event
        is in effect, distributions in respect of principal to the extent of the
        Group
        II Principal Distribution Amount shall be made in the following amounts and
        order of priority:

       

      (i)  first,
        to
        the Holders of the Group II Certificates (allocated among the Group II
        Certificates in the priority described below), until the Certificate Principal
        Balances thereof have been reduced to zero; and

       

      (ii)  second,
        to the Holders of the Group I Certificates, after taking into account the
        distribution of the Group I Principal Distribution Amount already distributed
        until the Certificate Principal Balance thereof has been reduced to
        zero.

       

      (III) On
        each
        Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
        Event
        is in effect, distributions in respect of principal to the extent of the
        sum of
        the Group I Principal Distribution Amount and the Group II Principal
        Distribution Amount remaining undistributed for such Distribution Date shall
        be
        made sequentially to the Holders of the Class M-1, Class M-2, Class M-3,
        Class
        M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and
        Class
        M-11 Certificates, in that order, in each case, until the Certificate Principal
        Balance of each such Class has been reduced to zero. 

       

      (IV) On
        each
        Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
        Event is not in effect, distributions in respect of principal to the extent
        of
        the Group I Principal Distribution Amount shall be made in the following
        amounts
        and order of priority:

       

      (iii)  first,
        to
        the Holders of the Group I Certificates, the Group I Senior Principal
        Distribution Amount until the Certificate Principal Balance thereof has been
        reduced to zero; and

       

      (iv)  second,
        to the Holders of the Group II Certificates (allocated among the Group II
        Certificates in the priority described below), the remaining undistributed
        Group
        II Senior Principal Distribution Amount, after taking into account the
        distribution of the Group II Principal Distribution Amount, up to an amount
        equal to the Group II Senior Principal Distribution Amount remaining
        undistributed, until the Certificate Principal Balances thereof have been
        reduced to zero.

       

      (V) On
        each
        Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
        Event is not in effect, distributions in respect of principal to the extent
        of
        the Group II Principal Distribution Amount shall be made in the following
        amounts and order of priority:

       

      (v)  first,
        to
        the Holders of the Group II Certificates (allocated among the Group II
        Certificates in the priority described below), the Group II Senior Principal
        Distribution Amount until the Certificate Principal Balances thereof have
        been
        reduced to zero; and

       

      (vi)  second,
        to the Holders of the Group I Certificates, the remaining undistributed Group
        I
        Senior Principal Distribution Amount, after taking into account the distribution
        of the Group I Principal Distribution Amount, up to an amount equal to the
        Group
        I Senior Principal Distribution Amount remaining undistributed, until the
        Certificate Principal Balance thereof has been reduced to zero.

       

      (VI) On
        each
        Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
        Event is not in effect, distributions in respect of principal to the extent
        of
        the sum of the Group I Principal Distribution Amount and the Group II Principal
        Distribution Amount remaining undistributed for such Distribution Date shall
        be
        made in the following amounts and order of priority:

       

      (vii)  first,
        sequentially,
        to the
        Holders of the Class M-1 Certificates, the Class M-2 Certificates and the
        Class
        M-3 Certificates, the Sequential Class M Principal Distribution Amount until
        the
        aggregate Certificate Principal Balances thereof have been reduced to
        zero;

       

      (ii)  second,
        to the Holders of the Class M-4 Certificates, the Class M-4 Principal
        Distribution Amount until the Certificate Principal Balance thereof has been
        reduced to zero;

       

      (iii)  third,
        to
        the Holders of the Class M-5 Certificates, the Class M-5 Principal Distribution
        Amount until the Certificate Principal Balance thereof has been reduced to
        zero;

       

      (iv)  fourth,
        to the Holders of the Class M-6 Certificates, the Class M-6 Principal
        Distribution Amount until the Certificate Principal Balance thereof has been
        reduced to zero;

       

      (v)  fifth,
        to
        the Holders of the Class M-7 Certificates, the Class M-7 Principal Distribution
        Amount until the Certificate Principal Balance thereof has been reduced to
        zero;

       

      (vi)  sixth,
        to
        the Holders of the Class M-8 Certificates, the Class M-8 Principal Distribution
        Amount until the Certificate Principal Balance thereof has been reduced to
        zero;

       

      (vii)  seventh,
        to the Holders of the Class M-9 Certificates, the Class M-9 Principal
        Distribution Amount until the Certificate Principal Balance thereof has been
        reduced to zero;

       

      (viii)  eighth,
        to the Holders of the Class M-10 Certificates, the Class M-10 Principal
        Distribution Amount until the Certificate Principal Balance thereof has been
        reduced to zero;
        and

       

      (viii)  ninth,
        to
        the Holders of the Class M-11 Certificates, the Class M-11 Principal
        Distribution Amount until the Certificate Principal Balance thereof has been
        reduced to zero

       

      With
        respect to the Group II Certificates, all principal distributions will be
        distributed sequentially, to the Class A-2 Certificates, Class A-3 Certificates,
        Class A-4 Certificates and Class A-5 Certificates, in that order, until their
        respective Certificate Principal Balances have been reduced to zero; provided,
        however, on any Distribution Date on which the aggregate Certificate Principal
        Balance of the Mezzanine Certificates and the Class CE Certificates has been
        reduced to zero, all principal distributions will be distributed concurrently,
        to the Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates
        and Class A-5 Certificates, on a pro
        rata
        basis
        based on the Certificate Principal Balance of each such Class.

       

      (c)  On
        each
        Distribution Date, the Net Monthly Excess Cashflow shall be distributed as
        follows:

       

      (i)  to
        the
        Holders of the Class or Classes of Certificates then entitled to receive
        distributions in respect of principal, in an amount equal to any Extra Principal
        Distribution Amount, without taking into account amounts, if any, received
        under
        the Interest Rate Swap Agreement, distributable to such Holders as part of
        the
        Group I Principal Distribution Amount or the Group II Principal Distribution
        Amount, as applicable, as described under Section 4.01(b) above;

       

      (ii)  sequentially,
        to the Holders of the Class M-1 Certificates, Class M-2 Certificates, Class
        M-3
        Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6
        Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9
        Certificates, Class M-10 Certificates and Class M-11 Certificates, in that
        order, in each case first, in an amount equal to the Unpaid Interest Shortfall
        Amount allocable to such Certificates and second, in an amount equal to the
        Allocated Realized Loss Amount allocable to such Certificates;

       

      (iii)  to
        the
        Net WAC Rate Carryover Reserve Account, the amount of any Net WAC Rate Carryover
        Amounts, without taking into account amounts, if any, received under the
        Interest Rate Swap Agreement;

       

      (iv)  to
        the
        Swap Provider, any Swap Termination Payments resulting from a Swap Provider
        Trigger Event;

       

      (v)  to
        the
        Holders of the Class CE Certificates, (a) the Monthly Interest Distributable
        Amount and any Overcollateralization Release Amount for such Distribution
        Date
        and (b) on any Distribution Date on which the aggregate Certificate Principal
        Balance of the Class A Certificates and the Mezzanine Certificates has been
        reduced to zero, any remaining amounts in reduction of the Certificate Principal
        Balance of the Class CE Certificates, until the Certificate Principal Balance
        thereof has been reduced to zero;

       

      (vi)  if
        such
        Distribution Date follows the Prepayment Period during which occurs the latest
        date on which a Prepayment Charge may be required to be paid in respect of
        any
        Mortgage Loans, to the Holders of the Class P Certificates, in reduction
        of the
        Certificate Principal Balance thereof, until the Certificate Principal Balance
        thereof is reduced to zero; and

       

      (vii)  any
        remaining amounts to the Holders of the Residual Certificates (in respect
        of the
        appropriate Class R Interest).

       

      Without
        limiting the provisions of Section 9.01(b), by acceptance of the Residual
        Certificates the Holders of the Residual Certificates agree, and it is the
        understanding of the parties hereto, that for so long as any of the notes
        issued
        pursuant to the Indenture are outstanding or any amounts are reimbursable
        or
        payable to the NIMS Insurer in accordance with the terms of the Indenture,
        to
        pledge their rights to receive any amounts otherwise distributable to the
        Holders of the Class R Certificates (and such rights are hereby assigned
        and
        transferred) to the Holders of the Class CE Certificates.

       

      (d)  On
        each
        Distribution Date, after making the distributions of the Available Funds
        as set
        forth above, the Trust Administrator will withdraw from the Net WAC Rate
        Carryover Reserve Account, to the extent of amounts remaining on deposit
        therein, the amount of any Net WAC Rate Carryover Amount for such Distribution
        Date and distribute such amount in the following order of priority:

       

      (i)  
        concurrently, to the Class A Certificates, on a pro rata basis based on the
        remaining Net WAC Rate Carryover Amount for each such Class; and

       

      (ii)  sequentially,
        to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates,
        Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class
        M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates, Class M-10
        Certificates and Class M-11 Certificates, in that order, the Net WAC Rate
        Carryover Amount for each such Class.

       

      On
        each
        Distribution Date, the Trust Administrator shall withdraw any amounts then
        on
        deposit in the Distribution Account that represent (i) Prepayment Charges
        collected by the Servicer and remitted to the Master Servicer in connection
        with
        the Principal Prepayment of any of the Mortgage Loans, (ii) any Originator
        Prepayment Charge Payment Amounts or (iii) any Servicer Prepayment Charge
        Payment Amounts, and shall distribute such amounts to the Holders of the
        Class P
        Certificates. Such distributions shall not be applied to reduce the Certificate
        Principal Balance of the Class P Certificates.

       

      Following
        the foregoing distributions, an amount equal to the amount of Subsequent
        Recoveries remitted to the Master Servicer shall be applied to increase the
        Certificate Principal Balance of the Class of Certificates with the Highest
        Priority up to the extent of such Realized Losses previously allocated to
        that
        Class of Certificates pursuant to Section 4.04. An amount equal to the
        amount of any remaining Subsequent Recoveries shall be applied to increase
        the
        Certificate Principal Balance of the Class of Certificates with the next
        Highest
        Priority, up to the amount of such Realized Losses previously allocated to
        that
        Class of Certificates pursuant to Section 4.04. Holders of such
        Certificates will not be entitled to any distribution in respect of interest
        on
        the amount of such increases for any Accrual Period preceding the Distribution
        Date on which such increase occurs. Any such increases shall be applied to
        the
        Certificate Principal Balance of each Certificate of such Class in accordance
        with its respective Percentage Interest.

       

      (e)  On
        or
        before each Distribution Date, Net Swap Payments (whether payable to the
        Swap
        Provider or to the Supplemental Interest Trust Trustee), any Swap Termination
        Payment owed to the Swap Provider not resulting from a Swap Provider Trigger
        Event pursuant to the Interest Rate Swap Agreement and any Swap Termination
        Payments owed to the Supplemental Interest Trust Trustee will be deposited
        by
        the Swap Administrator into the Swap Account. On or before each Distribution
        Date, pursuant to the Interest Rate Swap Agreement, the Trust Administrator
        shall withdraw from amounts on deposit in the Swap Account (other than amounts
        representing Swap Termination Payments received by the Supplemental Interest
        Trust Trustee or Net Swap Payments received by the Supplemental Interest
        Trust
        Trustee) prior to any distribution to any Certificates and distribute such
        withdrawn amounts as follows:

       

      (i)  to
        the
        Swap Provider, any Net Swap Payment owed to the Swap Provider pursuant to
        the
        Interest Rate Swap Agreement for such Distribution Date;

       

      (ii)  to
        the
        Swap Provider, any Swap Termination Payment owed to the Swap Provider not
        due to
        a Swap Provider Trigger Event pursuant to the Interest Rate Swap Agreement
        and
        to the extent not paid by the Trust Administrator (in its capacity as
        Supplemental Interest Trust Trustee) from any upfront payment received pursuant
        to any replacement interest rate swap agreement;

       

      (f)  On
        each
        Distribution Date, after making the distributions of the Available Funds,
        Net
        Monthly Excess Cashflow and amounts on deposit in the Net WAC Rate Carryover
        Reserve Account as set forth above, the Trust Administrator shall distribute
        the
        amount on deposit in the Swap Account as follows:

       

      (i)  concurrently,
        to each Class of Class A Certificates, the related Monthly Interest
        Distributable Amount and Unpaid Interest Shortfall Amount remaining
        undistributed after the distributions of the Group
        I
        Interest Remittance Amount and/or the Group II Interest Remittance
        Amount,
        on a
        pro rata basis based on such respective remaining Monthly Interest Distributable
        Amount and Unpaid Interest Shortfall Amount;

       

      (ii)  sequentially,
        to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6,
        Class
        M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that
        order, the related Monthly Interest Distributable Amount and Unpaid Interest
        Shortfall Amount, to the extent remaining undistributed after the distributions
        of the Group I Interest Remittance Amount and/or the Group II Interest
        Remittance Amount and the Net Monthly Excess Cashflow;

       

      (iii)  to
        the
        Holders of the Class or Classes of Certificates then entitled to receive
        distributions in respect of principal, in an amount equal to any Extra Principal
        Distribution Amount, without taking into account amounts, if any, received
        under
        the Interest Rate Swap Agreement, distributable to such Holders as part of
        the
        Group I Principal Distribution Amount or the Group II Principal Distribution
        Amount, remaining undistributed after distribution of the Net Monthly Excess
        Cashflow;

       

      (iv)  sequentially
        to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6,
        Class
        M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that
        order, in each case up to the related Allocated Realized Loss Amount related
        to
        such Certificates for such Distribution Date remaining undistributed after
        distribution of the Net Monthly Excess Cashflow;

       

      (v)  concurrently,
        to each Class of Class A Certificates, the related Net WAC Rate Carryover
        Amount, to the extent remaining undistributed after distributions are made
        from
        the Net WAC Rate Carryover Reserve Account, on a pro rata basis based on
        such
        respective Net WAC Rate Carryover Amounts remaining; and

       

      (vi)  sequentially,
        to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6,
        Class
        M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that
        order, the related Net WAC Rate Carryover Amount, to the extent remaining
        undistributed after distributions are made from the Net WAC Rate Carryover
        Reserve Account.

       

      (g)  On
        each
        Distribution Date, after making the distributions of the Available Funds,
        Net
        Monthly Excess Cashflow, amounts on deposit in the Net WAC Rate Carryover
        Reserve Account and amounts on deposit in the Swap Account as set forth above,
        the Trust Administrator shall distribute the amount on deposit in the Cap
        Account as follows:

       

      (i)  concurrently,
        to each Class of Class A Certificates, the related Monthly Interest
        Distributable Amount and Unpaid Interest Shortfall Amount remaining
        undistributed after the distributions of the Group I Interest Remittance
        Amount
        and/or the Group II Interest Remittance Amount, on a pro rata basis based
        on
        such respective remaining Monthly Interest Distributable Amount and Unpaid
        Interest Shortfall Amount;

       

      (ii)  sequentially,
        to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6,
        Class
        M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that
        order, the related Monthly Interest Distributable Amount and Unpaid Interest
        Shortfall Amount, to the extent remaining undistributed after the distributions
        of the Group I Interest Remittance Amount and/or the Group II Interest
        Remittance Amount, the Net Monthly Excess Cashflow and
        distributions from the Swap Account;

       

      (iii)  to
        the
        Holders of the Class or Classes of Certificates then entitled to receive
        distributions in respect of principal, in an amount equal to any Extra Principal
        Distribution Amount, without taking into account amounts, if any, received
        under
        the Interest Rate Swap Agreement, distributable to such Holders as part of
        the
        Group I Principal Distribution Amount or the Group II Principal Distribution
        Amount, remaining undistributed after distribution of the Net Monthly Excess
        Cashflow and distributions from the Swap Account;

       

      (iv)  sequentially
        to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6,
        Class
        M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that
        order, in each case up to the related Allocated Realized Loss Amount related
        to
        such Certificates for such Distribution Date remaining undistributed after
        distribution of the Net Monthly Excess Cashflow and distributions from the
        Swap
        Account;

       

      (v)  concurrently,
        to each Class of Class A Certificates, the related Net WAC Rate Carryover
        Amount, to the extent remaining undistributed after distributions are made
        from
        the Net WAC Rate Carryover Reserve Account, on a pro rata basis based on
        such
        respective Net WAC Rate Carryover Amounts remaining; and

       

      (vi)  sequentially,
        to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6,
        Class
        M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that
        order, the related Net WAC Rate Carryover Amount, to the extent remaining
        undistributed after distributions are made from the Net WAC Rate Carryover
        Reserve Account and distributions from the Swap Account; and 

       

      (vii)  any
        remaining amount to the Holders of the Class CE Certificates.

       

      (h)  Distributions
        made with respect to each Class of Certificates on each Distribution Date
        shall
        be allocated pro
        rata
        among
        the outstanding Certificates in such Class based on their respective Percentage
        Interests. Distributions in respect of each Class of Certificates on each
        Distribution Date will be made to the Holders of the respective Class of
        record
        on the related Record Date (except as otherwise provided in Section 4.01(d)
        or Section 9.01 respecting the final distribution on such Class), based on
        the aggregate Percentage Interest represented by their respective Certificates,
        and shall be made by wire transfer of immediately available funds to the
        account
        of any such Holder at a bank or other entity having appropriate facilities
        therefor, if such Holder shall have so notified the Trust Administrator in
        writing at least five Business Days prior to the Record Date immediately
        prior
        to such Distribution Date and is the registered owner of Certificates having
        an
        initial aggregate Certificate Principal Balance or Notional Amount that is
        in
        excess of the lesser of (i) $5,000,000 or (ii) two-thirds of the initial
        Certificate Principal Balance or Notional Amount of such Class of Certificates,
        or otherwise by check mailed by first class mail to the address of such Holder
        appearing in the Certificate Register. The final distribution on each
        Certificate will be made in like manner, but only upon presentment and surrender
        of such Certificate at the Corporate Trust Office of the Trust Administrator
        or
        such other location specified in the notice to Certificateholders of such
        final
        distribution.

       

      Each
        distribution with respect to a Book-Entry Certificate shall be paid to the
        Depository, as Holder thereof, and the Depository shall be responsible for
        crediting the amount of such distribution to the accounts of its Depository
        Participants in accordance with its normal procedures. Each Depository
        Participant shall be responsible for disbursing such distribution to the
        Certificate Owners that it represents and to each indirect participating
        brokerage firm (a “brokerage firm” or “indirect participating firm”) for which
        it acts as agent. Each brokerage firm shall be responsible for disbursing
        funds
        to the Certificate Owners that it represents. None of the Trustee, the Trust
        Administrator, the Depositor or the Master Servicer shall have any
        responsibility therefor except as otherwise provided by this Agreement or
        applicable law.

       

      (i)  The
        rights of the Certificateholders to receive distributions in respect of the
        Certificates, and all interests of the Certificateholders in such distributions,
        shall be as set forth in this Agreement. None of the Holders of any Class
        of
        Certificates, the Trustee, the Trust Administrator or the Master Servicer
        shall
        in any way be responsible or liable to the Holders of any other Class of
        Certificates in respect of amounts properly previously distributed on the
        Certificates.

       

      (j)  Except
        as
        otherwise provided in Section 9.01, whenever the Trust Administrator
        expects that the final distribution with respect to any Class of Certificates
        will be made on the next Distribution Date, the Trust Administrator shall,
        no
        later than three (3) days before the related Distribution Date, mail to each
        Holder on such date of such Class of Certificates a notice to the effect
        that:

       

      (i)  the
        Trust
        Administrator expects that the final distribution with respect to such Class
        of
        Certificates will be made on such Distribution Date but only upon presentation
        and surrender of such Certificates at the office of the Trust Administrator
        therein specified, and

       

      (ii)  no
        interest shall accrue on such Certificates from and after the end of the
        related
        Accrual Period.

       

      Any
        funds
        not distributed to any Holder or Holders of Certificates of such Class on
        such
        Distribution Date because of the failure of such Holder or Holders to tender
        their Certificates shall, on such date, be set aside and held in trust by
        the
        Trust Administrator and credited to the account of the appropriate non-tendering
        Holder or Holders. If any Certificates as to which notice has been given
        pursuant to this Section 4.01(e) shall not have been surrendered for
        cancellation within six months after the time specified in such notice, the
        Trust Administrator shall mail a second notice to the remaining non-tendering
        Certificateholders to surrender their Certificates for cancellation in order
        to
        receive the final distribution with respect thereto. If within one year after
        the second notice all such Certificates shall not have been surrendered for
        cancellation, the Trust Administrator shall, directly or through an agent,
        mail
        a final notice to the remaining non-tendering Certificateholders concerning
        surrender of their Certificates but shall continue to hold any remaining
        funds
        for the benefit of non-tendering Certificateholders. The costs and expenses
        of
        maintaining the funds in trust and of contacting such Certificateholders
        shall
        be paid out of the assets remaining in the Trust Fund. If within one year
        after
        the final notice any such Certificates shall not have been surrendered for
        cancellation, the Trust Administrator shall pay to UBS Securities LLC all
        such
        amounts, and all rights of non-tendering Certificateholders in or to such
        amounts shall thereupon cease. No interest shall accrue or be payable to
        any
        Certificateholder on any amount held in trust by the Trust Administrator
        as a
        result of such Certificateholder’s failure to surrender its Certificate(s) for
        final payment thereof in accordance with this Section 4.01(d). Any such
        amounts held in trust by the Trust Administrator shall be held in an Eligible
        Account and the Trust Administrator may direct any depository institution
        maintaining such account to invest the funds in one or more Permitted
        Investments. All income and gain realized from the investment of funds deposited
        in such accounts held in trust by the Trust Administrator shall be for the
        benefit of the Trust Administrator; provided, however, that the Trust
        Administrator shall deposit in such account the amount of any loss of principal
        incurred in respect of any such Permitted Investment made with funds in such
        accounts immediately upon the realization of such loss.

       

      (k)  Notwithstanding
        anything to the contrary herein, (i) in no event shall the Certificate Principal
        Balance of a Class A Certificate or a Mezzanine Certificate be reduced more
        than
        once in respect of any particular amount both (a) allocated to such Certificate
        in respect of Realized Losses pursuant to Section 4.04 and (b) distributed
        to the Holder of such Certificate in reduction of the Certificate Principal
        Balance thereof pursuant to this Section 4.01 from Net Monthly Excess
        Cashflow and (ii) in no event shall the Uncertificated Balance of a REMIC
        I
        Regular Interest be reduced more than once in respect of any particular amount
        both (a) allocated to such REMIC I Regular Interest in respect of Realized
        Losses pursuant to Section 4.04 and (b) distributed on such REMIC I Regular
        Interest in reduction of the Uncertificated Balance thereof pursuant to this
        Section 4.01.

       

      
        	SECTION
                4.02.  	
                Statements
                  to Certificateholders.

              

      

       

      On
        each
        Distribution Date, based (in part), as applicable, on information provided
        to
        the Trust Administrator by the Master Servicer (which in turn shall be based
        (in
        part), as applicable, on information provided to the Master Servicer by the
        Servicer), the Trust Administrator shall prepare and make available to each
        Holder of the Regular Certificates, the Credit Risk Manager, the other parties
        hereto, the
        NIMS
        Insurer
        and the
        Rating Agencies, a statement as to the distributions to be made on such
        Distribution Date containing the following information:

       

      (i)  the
        amount of the distribution made on such Distribution Date to the Holders
        of the
        Certificates of each Class allocable to principal, and the amount of the
        distribution made on such Distribution Date to the Holders of the Class P
        Certificates allocable to Prepayment Charges, Originator Prepayment Charge
        Payment Amounts and Servicer Prepayment Charge Payment Amounts;

       

      (ii)  the
        amount of the distribution made on such Distribution Date to the Holders
        of the
        Certificates of each Class allocable to interest;

       

      (iii)  the
        fees
        and expenses of the Trust accrued and paid on such Distribution Date and
        to whom
        such fees and expenses were paid;

       

      (iv)  the
        aggregate amount of Advances for such Distribution Date (including the general
        purpose of such Advances);

       

      (v)  the
        aggregate Stated Principal Balance of the Mortgage Loans and any REO Properties
        as of the last day of the related Due Period;

       

      (vi)  the
        number, aggregate Stated Principal Balance, weighted average remaining term
        to
        maturity and weighted average Mortgage Rate of the Mortgage Loans as of the
        related Due Date;

       

      (vii)  the
        number and aggregate unpaid Principal Balance of Mortgage Loans (a) delinquent
        30 to 59 days, (b) delinquent 60 to 89 days, (c) delinquent 90 or more days,
        in
        each case, as of the last day of the preceding calendar month, not including
        Liquidated Mortgage Loans as of the end of the related Prepayment Period,
        (d) as
        to which foreclosure proceedings have been commenced and (e) with respect
        to
        which the related Mortgagor has filed for protection under applicable bankruptcy
        laws, with respect to whom bankruptcy proceedings are pending or with respect
        to
        whom bankruptcy protection is in force and with respect to (a), (b) and (c)
        above, delinquencies shall be determined by and reported utilizing the OTS
        methodology;

       

      (viii)  the
        total
        number and cumulative principal balance of all REO Properties as of the close
        of
        business on the last day of the preceding Prepayment Period;

       

      (ix)  the
        aggregate amount of Principal Prepayments made during the related Prepayment
        Period;

       

      (x)  the
        Delinquency Percentage;

       

      (xi)  the
        aggregate amount of Realized Losses incurred during the related Prepayment
        Period, which will include the aggregate amount of Subsequent Recoveries
        received during the related Prepayment Period and the aggregate amount of
        Realized Losses incurred since the Closing Date, which will include the
        cumulative amount of Subsequent Recoveries received since the Closing
        Date;

       

      (xii)  the
        aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the
        Collection Account or the Distribution Account for such Distribution
        Date;

       

      (xiii)  the
        aggregate Certificate Principal Balance and Notional Amount, as applicable,
        of
        each Class of Certificates, before and after giving effect to the distributions,
        and allocations of Realized Losses, made on such Distribution Date, separately
        identifying any reduction thereof due to allocations of Realized
        Losses;

       

      (xiv)  the
        Certificate Factor for each such Class of Certificates applicable to such
        Distribution Date;

       

      (xv)  the
        Monthly Interest Distributable Amount in respect of the Class A Certificates,
        the Mezzanine Certificates and the Class CE Certificates for such Distribution
        Date and the Unpaid Interest Shortfall Amount, if any, with respect to the
        Class
        A Certificates and the Mezzanine Certificates on such Distribution Date,
        separately identifying any reduction thereof due to allocations of Realized
        Losses, Prepayment Interest Shortfalls and Relief Act Interest
        Shortfalls;

       

      (xvi)  the
        aggregate amount of any Prepayment Interest Shortfall for such Distribution
        Date, to the extent not covered by payments by the Servicer or the Master
        Servicer;

       

      (xvii)  the
        aggregate amount of Relief Act Interest Shortfalls for such Distribution
        Date;

       

      (xviii)  the
        Net
        Monthly Excess Cashflow, the Overcollateralization Target Amount, the
        Overcollateralized Amount, the Overcollateralization Deficiency Amount and
        the
        Credit Enhancement Percentage for such Distribution Date;

       

      (xix)  the
        respective Pass-Through Rates applicable to the Class A Certificates, the
        Mezzanine Certificates and the Class CE Certificates for such Distribution
        Date
        (and whether such Pass-Through Rate was limited by the Net WAC
        Rate);

       

      (xx)  the
        Aggregate Loss Severity Percentage;

       

      (xxi)  whether
        the Stepdown Date or a Trigger Event is in effect;

       

      (xxii)  the
        total
        cashflows received and the general sources thereof;

       

      (xxiii)  the
        Available Funds;

       

      (xxiv)  the
        Net
        WAC Rate Carryover Amount for the Class A Certificates and the Mezzanine
        Certificates, if any, for such Distribution Date, the amount remaining unpaid
        after reimbursements therefor on such Distribution Date;

       

      (xxv)  the
        amount of any Net Swap Payments or Swap Termination Payments; and

       

      (xxvi)  unless
        otherwise set forth in the Form 10-D relating to such Distribution Date,
        material modifications, extensions or waivers to Mortgage Loan terms, fees,
        penalties or payments during the preceding calendar month or that have become
        material over time and the aggregate number of Mortgage Loans which have
        been
        modified, waived or amended since the Closing Date; and 

       

      (xxvii)  the
        applicable Record Dates, Accrual Periods and Determination Dates for calculating
        distributions for such Distribution Date.

       

      The
        Trust
        Administrator will make such statement (and, at its option, any additional
        files
        containing the same information in an alternative format) available each
        month
        to Certificateholders, the Master Servicer, the Servicer, the Depositor and
        the
        Rating Agencies via the Trust Administrator’s internet website. The Trust
        Administrator’s internet website shall initially be located at
“www.ctslink.com”. Assistance in using the website can be obtained by calling
        the Trust Administrator’s customer service desk at (301) 815-6600. Parties that
        are unable to use the above distribution options are entitled to have a paper
        copy mailed to them via first class mail by calling the customer service
        desk
        and indicating such. The Trust Administrator shall have the right to change
        the
        way such statements are distributed in order to make such distribution more
        convenient and/or more accessible to the above parties and the Trust
        Administrator shall provide timely and adequate notification to all above
        parties regarding any such changes. As a condition to access the Trust
        Administrator’s internet website, the Trust Administrator may require
        registration and the acceptance of a disclaimer. The Trust Administrator
        will
        not be liable for the dissemination of information in accordance with this
        Agreement. The Trust Administrator shall also be entitled to rely on but
        shall
        not be responsible for the content or accuracy of any information provided
        by
        third parties for purposes of preparing the distribution date statement and
        may
        affix thereto any disclaimer it deems appropriate in its reasonable discretion
        (without suggesting liability on the part of any other party
        thereto).

       

      In
        the
        case of information furnished pursuant to subclauses (i) through (iii) above,
        the amounts shall be expressed as a dollar amount per Single Certificate
        of the
        relevant Class.

       

      Within
        a
        reasonable period of time after the end of each calendar year, the Trust
        Administrator shall, upon written request, forward to each Person who at
        any
        time during the calendar year was a Holder of a Regular Certificate and the
        NIMS
        Insurer a statement containing the information set forth in subclauses (i)
        through (iii) above, aggregated for such calendar year or applicable portion
        thereof during which such Person was a Certificateholder. Such obligation
        of the
        Trust Administrator shall be deemed to have been satisfied to the extent
        that
        substantially comparable information shall be provided by the Trust
        Administrator pursuant to any requirements of the Code as from time to time
        are
        in force.

       

      Within
        a
        reasonable period of time after the end of each calendar year, the Trust
        Administrator shall furnish to each Person who at any time during the calendar
        year was a Holder of a Residual Certificate and the NIMS Insurer a statement
        setting forth the amount, if any, actually distributed with respect to the
        Residual Certificates, as appropriate, aggregated for such calendar year
        or
        applicable portion thereof during which such Person was a
        Certificateholder.

       

      The
        Trust
        Administrator shall, upon request, furnish to each Certificateholder and
        the
        NIMS Insurer, during the term of this Agreement, such periodic, special,
        or
        other reports or information, whether or not provided for herein, as shall
        be
        reasonable with respect to the Certificateholder, or otherwise with respect
        to
        the purposes of this Agreement, all such reports or information to be provided
        at the expense of the Certificateholder in accordance with such reasonable
        and
        explicit instructions and directions as the Certificateholder may provide.
        For
        purposes of this Section 4.02, the Trust Administrator’s duties are limited
        to the extent that the Master Servicer receives timely reports as required
        from
        the Servicer.

       

      On
        each
        Distribution Date the Trust Administrator shall provide Intex Solutions,
        Inc.
        and Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each
        class of Certificates as of such Distribution Date, using a format and media
        mutually acceptable to the Trust Administrator and Bloomberg.

       

      For
        each
        Distribution Date, through and including the Distribution Date in December
        2007,
        the
        Trust Administrator shall calculate on each Significance Percentage Calculation
        Date, the Significance Percentage of the Interest Rate Swap Agreement.
If
        on any
        such Distribution Date, the Significance Percentage is equal to or greater
        than
        9%, the Trust Administrator shall promptly notify the Depositor and the
        Depositor shall obtain the financial information required to be delivered
        by the
        Swap Provider pursuant to the terms of the Interest Rate Swap Agreement.
        If, on
        any succeeding Distribution Date through and including the Distribution Date
        in
        December 2007, the Significance Percentage is equal to or greater than 10%,
        the
        Trust Administrator shall promptly notify the Depositor and the Depositor
        shall,
        within 5 Business Days of such Distribution Date, deliver to the Trust
        Administrator the financial information provided to it by the Swap Provider
        for
        inclusion in the Form 10-D relating to such Distribution Date. If the Depositor
        delivers to the Trust Administrator the financial information provided to
        it by
        the Swap Provider after 5 Business Days but before the related Form 10-D
        filing
        deadline, the Trust Administrator will use commercially reasonable efforts
        to
        include such information in such Form 10-D filing. If on any Distribution
        Date
        after December 2007, the Significance Percentage is greater than 10%, the
        Trust
        Administrator shall include the Significance Percentage on the statement
        to
        Certificateholders for the related Distribution Date.

       

      The
        Trust
        Administrator shall calculate the Significance Percentage in accordance with
        the
        definition of “Significance Percentage” as set forth herein.

       

      Notwithstanding
        the foregoing, the Trust Administrator shall not have any obligations pursuant
        to the immediately preceding two paragraphs if a Form 15 Suspension Notification
        with respect to the Trust is filed on or prior to January 30, 2007.

       

      
        	SECTION
                4.03.  	
                Remittance
                  Reports; Advances.

              

      

       

      (a)  On
        the
        2nd Business Day following the Determination Date, but in no event later
        than
        noon on the 18th calendar day (or, if such 18th day is not a Business Day
        (other
        than a Saturday), then on the next succeeding Business Day, or, if such 18th
        day
        is a Saturday, then on the preceding Business Day), the Servicer shall furnish
        to the Trust Administrator, the NIMS Insurer and the Credit Risk Manager
        a
        monthly remittance advice (which together with any supplemental reports is
        known
        as the “Remittance Report”) in a format attached as Exhibit R-2 or in any other
        format as mutually agreed to between the Servicer and the Trust Administrator,
        containing such information regarding the Mortgage Loans as is needed by
        the
        Trust Administrator to perform its duties as set forth in Section 4.01 and
        4.02
        hereof. Such Remittance Report will also include a delinquency report
        substantially in the form set forth in Exhibit R-1 and a realized loss report
        substantially in the form set forth in Exhibit R-3 (or in either case, such
        other format as mutually agreed to between the Servicer and the Trust
        Administrator).

       

      (b)  With
        respect to any Mortgage Loan on which a Monthly Payment was due during the
        related Due Period and delinquent on the related Determination Date, the
        amount
        of the Servicer’s Advance will be equal to the Monthly Payment (net of the
        related Servicing Fee) that would have been due on the related Due Date in
        respect of the related Mortgage Loan. With respect to each REO Property,
        which
        REO Property was acquired during or prior to the related Prepayment Period
        and
        as to which such REO Property an REO Disposition did not occur during the
        related Prepayment Period, an amount equal to the excess, if any, of the
        Monthly
        Payment (net of the related Servicing Fee) that would have been due on the
        related Due Date in respect of the related Mortgage Loan, over the net income
        from such REO Property deposited in the Collection Account pursuant to Section
        3.23 for distribution on such Distribution Date.

       

      On
        the
        Servicer Remittance Date, the Servicer shall remit in immediately available
        funds to the Trust Administrator for deposit in the Distribution Account
        an
        amount equal to the aggregate amount of Advances, if any, to be made in respect
        of the Mortgage Loans for the related Distribution Date either (i) from its
        own
        funds or (ii) from the Collection Account, to the extent of funds held therein
        for future distribution (in which case it will cause to be made an appropriate
        entry in the records of the Collection Account that amounts held for future
        distribution have been, as permitted by this Section 4.03, used by the Servicer
        in discharge of any such Advance) or (iii) in the form of any combination
        of (i)
        and (ii) aggregating the total amount of Advances to be made by the Servicer
        with respect to the Mortgage Loans. Any amounts held for future distribution
        used by the Servicer to make an Advance as permitted in the preceding sentence
        shall be appropriately reflected in the Servicer’s records and replaced by the
        Servicer by deposit in the Collection Account on or before any future Servicer
        Remittance Date to the extent that the Available Funds for the related
        Distribution Date (determined without regard to Advances to be made on the
        Servicer Remittance Date) shall be less than the total amount that would
        be
        distributed to the Certificateholders pursuant to Section 4.01 on such
        Distribution Date if such amounts held for future distributions had not been
        so
        used to make Advances. The Trust Administrator will provide notice to the
        Servicer and the NIMS Insurer by telecopy by the close of business on the
        Servicer Remittance Date in the event that the amount remitted by the Servicer
        to the Trust Administrator on such date is less than the Advances required
        to be
        made by the Servicer for the related Distribution Date.

       

      (c)  The
        obligation of the Servicer to make such Advances is mandatory, notwithstanding
        any other provision of this Agreement but subject to (d) below, and, with
        respect to any Mortgage Loan or REO Property, shall continue until a Final
        Recovery Determination in connection therewith or the removal thereof from
        the
        Trust Fund pursuant to any applicable provision of this Agreement, except
        as
        otherwise provided in this Section. With respect however to Balloon Mortgage
        Loans, the Servicer shall not be required to make any Advances covering the
        Balloon Payment.

       

      (d)  Notwithstanding
        anything herein to the contrary, no Advance or Servicing Advance shall be
        required to be made hereunder by the Servicer if such Advance or Servicing
        Advance would, if made, constitute a Nonrecoverable Advance or Nonrecoverable
        Servicing Advance, respectively. The determination by the Servicer that it
        has
        made a Nonrecoverable Advance or a Nonrecoverable Servicing Advance or that
        any
        proposed Advance or Servicing Advance, if made, would constitute a
        Nonrecoverable Advance or Nonrecoverable Servicing Advance, respectively,
        shall
        be evidenced by a certification of a Servicing Officer delivered to the Trust
        Administrator (whereupon, upon receipt of such certification, the Trust
        Administrator shall forward a copy of such certification to the Depositor,
        the
        Trustee, the NIMS Insurer and the Credit Risk Manager). Notwithstanding the
        foregoing, if following the application of Liquidation Proceeds on any Mortgage
        Loan that was the subject of a Final Recovery Determination, any Servicing
        Advance with respect to such Mortgage Loan shall remain unreimbursed to the
        Servicer, then without limiting the provisions of Section 3.11(a), a
        certification of a Servicing Officer regarding such Nonrecoverable Servicing
        Advance shall not be required to be delivered by the Servicer to the Trust
        Administrator. 

       

      (e)  In
        the
        event the Servicer fails to make any Advance required to be made by it pursuant
        to this Section 4.03 and such failure is not remedied within the applicable
        cure
        period pursuant to Section 7.01(a), then, pursuant to Section 7.01(a), the
        Servicer will be terminated, and, in accordance with Sections 7.01(a) and
        7.02,
        the Master Servicer or (if the Master Servicer is the Servicer) the Trustee
        (in
        its respective capacity as successor servicer) or another successor servicer
        shall be required to make such Advance on the Distribution Date with respect
        to
        which the Servicer was required to make such Advance, subject to the Master
        Servicer’s or the Trustee’s (or other successor servicer’s) determination of
        recoverability. The Servicer, the Master Servicer or the Trustee, as applicable
        (or other successor servicer) shall not be required to make any Advance to
        cover
        any Relief Act Interest Shortfall on any Mortgage Loan or shortfalls relating
        to
        bankruptcy proceedings. If the Master Servicer or the Trustee, as applicable
        (or
        other successor servicer) is required to make any Advances, such advances
        may be
        made by it in the manner set forth under subsection 4.03(b) above.

       

      
        	SECTION
                4.04.  	
                Allocation
                  of Realized Losses.

              

      

       

      (a)  Prior
        to
        each Distribution Date, the Servicer shall determine as to each Mortgage
        Loan
        and REO Property: (i) the total amount of Realized Losses, if any, incurred
        in
        connection with any Final Recovery Determinations made during the related
        Prepayment Period; (ii) whether and the extent to which such Realized Losses
        constituted Bankruptcy Losses; and (iii) the respective portions of such
        Realized Losses allocable to interest and allocable to principal. Prior to
        each
        Distribution Date, the Servicer shall also determine as to each Mortgage
        Loan:
        (A) the total amount of Realized Losses, if any, incurred in connection with
        any
        Deficient Valuations made during the related Prepayment Period; and (B) the
        total amount of Realized Losses, if any, incurred in connection with Debt
        Service Reductions in respect of Monthly Payments due during the related
        Due
        Period. The information described in the two preceding sentences that is
        to be
        supplied by the Servicer shall be either included in the related Remittance
        Report or evidenced by an Officers’ Certificate delivered to the Trust
        Administrator by the Servicer not later than the 18th of the calendar month
        in
        which such Distribution Date occurs (or, if such 18th day is not a Business
        Day
        (other than a Saturday), then on the next succeeding Business Day, or, if
        such
        18th day is a Saturday, then on the preceding Business Day), immediately
        following the end of (x) in the case of Bankruptcy Losses allocable to interest,
        the Due Period during which any such Realized Loss was incurred, and (y)
        in the
        case of all other Realized Losses, the Prepayment Period during which any
        such
        Realized Loss was incurred.

       

      (b)  All
        Realized Losses on the Mortgage Loans shall be allocated by the Trust
        Administrator on each Distribution Date in the following order of priority:
        

       

      (i)  to
        Net
        Monthly Excess Cashflow; 

       

      (ii)  to
        the
        Class CE Certificates, until the Certificate Principal Balance thereof has
        been
        reduced to zero; 

       

      (iii)  to
        the
        Class M-11 Certificates, until the Certificate Principal Balance thereof
        has
        been reduced to zero; 

       

      (iv)  to
        the
        Class M-10 Certificates, until the Certificate Principal Balance thereof
        has
        been reduced to zero; 

       

      (v)  to
        the
        Class M-9 Certificates, until the Certificate Principal Balance thereof has
        been
        reduced to zero; 

       

      (vi)  to
        the
        Class M-8 Certificates, until the Certificate Principal Balance thereof has
        been
        reduced to zero; 

       

      (vii)  to
        the
        Class M-7 Certificates, until the Certificate Principal Balance thereof has
        been
        reduced to zero; 

       

      (viii)  to
        the
        Class M-6 Certificates, until the Certificate Principal Balance thereof has
        been
        reduced to zero; 

       

      (ix)  to
        the
        Class M-5 Certificates, until the Certificate Principal Balance thereof has
        been
        reduced to zero; 

       

      (x)  to
        the
        Class M-4 Certificates, until the Certificate Principal Balance thereof has
        been
        reduced to zero; 

       

      (xi)  to
        the
        Class M-3 Certificates, until the Certificate Principal Balance thereof has
        been
        reduced to zero; 

       

      (xii)  to
        the
        Class M-2 Certificates, until the Certificate Principal Balance thereof has
        been
        reduced to zero; and 

       

      (xiii)  to
        the
        Class M-1 Certificates, until the Certificate Principal Balance thereof has
        been
        reduced to zero.

       

      All
        Realized Losses to be allocated to the Certificate Principal Balances of
        all
        Classes on any Distribution Date shall be so allocated after the actual
        distributions to be made on such date as provided above. All references above
        to
        the Certificate Principal Balance of any Class of Certificates shall be to
        the
        Certificate Principal Balance of such Class immediately prior to the relevant
        Distribution Date, before reduction thereof by any Realized Losses, in each
        case
        to be allocated to such Class of Certificates, on such Distribution
        Date.

       

      Any
        allocation of Realized Losses to a Mezzanine Certificate on any Distribution
        Date shall be made by reducing the Certificate Principal Balance thereof
        by the
        amount so allocated; any allocation of Realized Losses to a Class CE Certificate
        shall be made by reducing the amount otherwise payable in respect thereof
        pursuant to Section 4.01(a)(5)(iv). No allocations of any Realized Losses
        shall be made to the Certificate Principal Balances of the Class A Certificates
        or the Class P Certificates.

       

      As
        used
        herein, an allocation of a Realized Loss on a “pro
        rata
        basis”
among two or more specified Classes of Certificates means an allocation on
        a
pro
        rata
        basis,
        among the various Classes so specified, to each such Class of Certificates
        on
        the basis of their then outstanding Certificate Principal Balances prior
        to
        giving effect to distributions to be made on such Distribution Date. All
        Realized Losses and all other losses allocated to a Class of Certificates
        hereunder will be allocated among the Certificates of such Class in proportion
        to the Percentage Interests evidenced thereby.

       

      (c)  All
        Realized Losses on the Group I Mortgage Loans shall be allocated on each
        Distribution Date first, to REMIC I Regular Interest I until the Uncertificated
        Balance of such REMIC I Regular Interest has been reduced to zero and second,
        to
        REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-60-B, starting
        with the lowest numerical denomination until such REMIC I Regular Interest
        has
        been reduced to zero, provided that, for REMIC I Regular Interests with the
        same
        numerical denomination, such Realized Losses shall be allocated pro
        rata
        between
        such REMIC I Regular Interests. All Realized Losses on the Group II Mortgage
        Loans shall be allocated on each Distribution Date first, to REMIC I Regular
        Interest II until the Uncertificated Balance of such REMIC I Regular Interest
        has been reduced to zero and second, to REMIC I Regular Interest II-1-A through
        REMIC I Regular Interest II-60-B, starting with the lowest numerical
        denomination until such REMIC I Regular Interest has been reduced to zero,
        provided that, for REMIC I Regular Interests with the same numerical
        denomination, such Realized Losses shall be allocated pro
        rata
        between
        such REMIC I Regular Interests.

       

      (d)  The
        REMIC
        II Marker Percentage of all Realized Losses on the Mortgage Loans shall be
        allocated by the Trustee on each Distribution Date to the following REMIC
        II
        Regular Interests in the specified percentages, as follows: 

       

      (i)  to
        Uncertificated Interest payable to the REMIC II Regular Interest II-LTAA
        and
        REMIC II Regular Interest II-LTZZ up to an aggregate amount equal to the
        REMIC
        II Interest Loss Allocation Amount, 98% and 2%, respectively; 

       

      (ii)  to
        the
        Uncertificated Balances of the REMIC II Regular Interest II-LTAA and REMIC
        II
        Regular Interest II-LTZZ up to an aggregate amount equal to the REMIC II
        Principal Loss Allocation Amount, 98% and 2%, respectively; 

       

      (iii)  to
        the
        Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular
        Interest II-LTM11 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%,
        respectively, until the Uncertificated Balance of REMIC II Regular Interest
        II-LTM11 has been reduced to zero;

       

      (iv)  to
        the
        Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular
        Interest II-LTM10 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%,
        respectively, until the Uncertificated Balance of REMIC II Regular Interest
        II-LTM10 has been reduced to zero;
        

       

      (v)  
        to the
        Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular
        Interest II-LTM9 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%,
        respectively, until the Uncertificated Balance of REMIC II Regular Interest
        II-LTM9 has been reduced to zero; 

       

      (vi)  to
        the
        Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular
        Interest II-LTM8 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%,
        respectively, until the Uncertificated Balance of REMIC II Regular Interest
        II-LTM8 has been reduced to zero; 

       

      (vii)  to
        the
        Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular
        Interest II-LTM7 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%,
        respectively, until the Uncertificated Balance of REMIC II Regular Interest
        II-LTM7 has been reduced to zero; 

       

      (viii)  to
        the
        Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular
        Interest II-LTM6 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%,
        respectively, until the Uncertificated Balance of REMIC II Regular Interest
        II-LTM6 has been reduced to zero; 

       

      (ix)  to
        the
        Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular
        Interest II-LTM5 and REMIC II Regular Interest III-LTZZ, 98%, 1% and 1%,
        respectively, until the Uncertificated Balance of REMIC II Regular Interest
        II-LTM5 has been reduced to zero; 

       

      (x)  to
        the
        Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular
        Interest II-LTM4 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%,
        respectively, until the Uncertificated Balance of REMIC II Regular Interest
        II-LTM4 has been reduced to zero; 

       

      (xi)  to
        the
        Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular
        Interest II-LTM3 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%,
        respectively, until the Uncertificated Balance of REMIC II Regular Interest
        II-LTM3 has been reduced to zero; 

       

      (xii)  to
        the
        Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular
        Interest II-LTM2 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%,
        respectively, until the Uncertificated Balance of REMIC II Regular Interest
        II-LTM2 has been reduced to zero and 

       

      (xiii)  to
        the
        Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular
        Interest II-LTM1 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%,
        respectively, until the Uncertificated Balance of REMIC II Regular Interest
        II-LTM1 has been reduced to zero.

       

      
        	SECTION
                4.05.  	
                Compliance
                  with Withholding Requirements.

              

      

       

      Notwithstanding
        any other provision of this Agreement, the Trust Administrator shall comply
        with
        all federal withholding requirements respecting payments to Certificateholders
        of interest or original issue discount that the Trust Administrator reasonably
        believes are applicable under the Code. The consent of Certificateholders
        shall
        not be required for such withholding. In the event the Trust Administrator
        does
        withhold any amount from interest or original issue discount payments or
        advances thereof to any Certificateholder pursuant to federal withholding
        requirements, the Trust Administrator shall indicate the amount withheld
        to such
        Certificateholders.

       

      
        	SECTION
                4.06.  	
                Exchange
                  Commission Filings; Additional
                  Information.

              

      

       

      (a)  (i)
        Within 15 days after each Distribution Date (subject to permitted extensions
        under the Exchange Act), the Trust Administrator shall, in accordance with
        industry standards, prepare and file with the Commission via the Electronic
        Data
        Gathering and Retrieval System (“EDGAR”), a distribution report on Form 10-D,
        signed by the Master Servicer, with a copy of the Monthly Statement to be
        furnished by the Trust Administrator to the Certificateholders for such
        Distribution Date attached thereto. Any disclosure in addition to the Monthly
        Statement that is required to be included on Form 10-D (“Additional Form 10-D
        Disclosure”) shall be reported by the parties set forth on Exhibit P to the
        Depositor and the Trust Administrator and directed and approved by the Depositor
        pursuant to the following paragraph, and the Trust Administrator will have
        no
        duty or liability for any failure hereunder to determine or prepare any
        Additional Form 10-D Disclosure, except as set forth in the next
        paragraph.

       

      (ii) As
        set
        forth on Exhibit P hereto, within 5 calendar days after the related Distribution
        Date, (i) the parties described on Exhibit P shall be required to provide
        to the
        Trust Administrator and to the Depositor, to the extent known by a Responsible
        Officer thereof, in EDGAR-compatible format, or in such other format as
        otherwise agreed upon by the Trust Administrator and such party, the form
        and
        substance of any Additional Form 10-D Disclosure, if applicable, together
        with
        an Additional Disclosure Notification in the form of Exhibit Q hereto and
        (ii)
        the Depositor will approve, as to form and substance, or disapprove, as the
        case
        may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D.
        The
        Trust Administrator has no duty under this Agreement to monitor or enforce
        the
        performance by the other parties listed on Exhibit P of their duties under
        this
        paragraph or proactively solicit or procure from such other parties any
        Additional Form 10-D Disclosure information. The Depositor will be responsible
        for any reasonable fees and expenses assessed or incurred by the Trust
        Administrator in connection with including any Additional Form 10-D Disclosure
        on Form 10-D pursuant to this paragraph. 

       

      Form
        10-D
        requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has
        filed all reports required to be filed by Section 13 or 15(d) of the Exchange
        Act during the preceding 12 months (or for such shorter period that the
        registrant was required to file such reports), and (2) has been subject to
        such
        filing requirements for the past 90 days.” The Depositor hereby represents to
        the Trust Administrator that the Depositor has filed all such required reports
        during the preceding 12 months and that it has been subject to such filing
        requirement for the past 90 days. The Depositor shall notify the Trust
        Administrator in writing, no later than the fifth calendar day after the
        related
        Distribution Date with respect to the filing of a report on Form 10-D, if
        the
        answer to either question should be “no.” The Trust Administrator shall be
        entitled to rely on such representations in preparing, executing and/or filing
        any such report.

       

      After
        preparing the Form 10-D, the Trust Administrator shall forward electronically
        a
        copy of the Form 10-D to the Depositor (provided that such Form 10-D includes
        any Additional Form 10-D Disclosure). Within two Business Days after receipt
        of
        such copy, but no later than the 12th
        calendar
        day after the Distribution Date, the Depositor shall notify the Trust
        Administrator in writing (which may be furnished electronically) of any changes
        to or approval of such Form 10-D. In the absence of receipt of any written
        changes or approval, the Trust Administrator shall be entitled to assume
        that
        such Form 10-D is in final form and the Trust Administrator may proceed with
        the
        process for execution and filing of the Form 10-D. A duly authorized
        representative of the Master Servicer shall sign each Form 10-D. If a Form
        10-D
        cannot be filed on time or if a previously filed Form 10-D needs to be amended,
        the Trust Administrator will follow the procedures set forth in Section
        4.06(a)(vi). Promptly (but no later than one Business Day) after filing with
        the
        Commission, the Trust Administrator will make available on its internet website
        a final executed copy of each Form 10-D filed by the Trust Administrator.
        Each
        party to this Agreement acknowledges that the performance by each of the
        Master
        Servicer and the Trust Administrator of its duties under this Section
        4.06(a)(ii) related to the timely preparation, execution and filing of Form
        10-D
        is contingent upon such parties strictly observing all applicable deadlines
        in
        the performance of their duties under this Section 4.06(a)(ii). The Depositor
        acknowledges that the performance by each of the Master Servicer and the
        Trust
        Administrator of its respective duties under this Section 4.06(a)(ii) related
        to
        the preparation and execution of Form 10-D is also contingent upon the Servicer,
        the Custodian and any Servicing Function Participant strictly observing
        deadlines no later than those set forth in this paragraph or in the Custodial
        Agreement, that are applicable to the parties to this Agreement or in the
        Custodial Agreement in the delivery to the Trust Administrator of any necessary
        Additional Form 10-D Disclosure. Neither the Master Servicer nor the Trust
        Administrator shall have any liability for any loss, expense, damage or claim
        arising out of or with respect to any failure to properly prepare or execute
        and/or timely file such Form 10-D, where such failure results from the Trust
        Administrator’s inability or failure to obtain or receive, on a timely basis,
        any information from any other party hereto or any Servicing Function
        Participant needed to prepare, arrange for execution or file such Form 10-D,
        not
        resulting from its own negligence, bad faith or willful misconduct.
        Notwithstanding anything contained herein, the Trust Administrator shall
        promptly notify the Depositor if a Form 10-D cannot be timely filed prior
        to the
        related filing deadline.

       

      (iii) Within
        four (4) Business Days after the occurrence of an event requiring disclosure
        on
        Form 8-K (each such event, a “Reportable Event”), and if requested by the
        Depositor, the Trust Administrator shall prepare and file on behalf of the
        Trust
        a Form 8-K, as required by the Exchange Act, provided that the Depositor
        shall
        file the initial Form 8-K in connection with the issuance of the Certificates.
        Any disclosure or information related to a Reportable Event or that is otherwise
        required to be included on Form 8-K (other than the initial Form 8-K) (“Form 8-K
        Disclosure Information”) shall be reported by the parties set forth on Exhibit P
        and, pursuant to the following paragraph, directed and approved by the
        Depositor, and the Trust Administrator will have no duty or liability for
        any
        failure hereunder to determine or prepare any Form 8-K Disclosure Information
        or
        Form 8-K, except as set forth in the next paragraph.

       

      As
        set
        forth on Exhibit P hereto, for so long as the Trust is subject to the Exchange
        Act reporting requirements, no later than close of business (New York City
        time)
        on the 2nd Business Day after the occurrence of a Reportable Event (i) the
        parties set forth on Exhibit P shall be required pursuant to Section 4.06(a)(v)
        below to provide to the Trust Administrator and the Depositor, to the extent
        known by a Responsible Officer thereof, in EDGAR-compatible format, or in
        such
        other format as otherwise agreed upon by the Trust Administrator, the Depositor
        and such party, the form and substance of any Form 8-K Disclosure Information,
        if applicable, together with an Additional Disclosure Notification and (ii)
        the
        Depositor will approve, as to form and substance, or disapprove, as the case
        may
        be, the inclusion of the Form 8-K Disclosure Information on Form 8-K. The
        Depositor will be responsible for any reasonable fees and expenses assessed
        or
        incurred by the Trust Administrator in connection with including any Form
        8-K
        Disclosure Information on Form 8-K pursuant to this Section.

       

      After
        preparing the Form 8-K, the Trust Administrator shall forward electronically
        a
        copy of the Form 8-K to the Depositor. Promptly, but no later than the close
        of
        business on the third Business Day after the Reportable Event, the Depositor
        shall notify the Trust Administrator in writing (which may be furnished
        electronically) of any changes to or approval of such Form 8-K. In the absence
        of receipt of any written changes or approval, the Trust Administrator shall
        be
        entitled to assume that such Form 8-K is in final form and the Trust
        Administrator may proceed with the process for execution and filing of the
        Form
        8-K. A duly authorized representative of the Master Servicer shall sign each
        Form 8-K. If a Form 8-K cannot be filed on time or if a previously filed
        Form
        8-K needs to be amended, the Trust Administrator will follow the procedures
        set
        forth in Section 4.06(a)(vi). Promptly (but no later than one Business Day)
        after filing with the Commission, the Trust Administrator will make available
        on
        its internet website a final executed copy of each Form 8-K filed by the
        Trust
        Administrator. The parties to this Agreement acknowledge that the performance
        by
        each of the Master Servicer and the Trust Administrator of its duties under
        this
        Section 4.06(a)(iii) related to the timely preparation, execution and filing
        of
        Form 8-K is contingent upon such parties strictly observing all applicable
        deadlines in the performance of their duties under this Section 4.06(a)(iii).
        The Depositor acknowledges that the performance by each of the Master Servicer
        and the Trust Administrator of its duties under this Section 4.06(a)(iii)
        related to the preparation, execution and filing of Form 8-K is also contingent
        upon the Servicer, the Custodian (if a party to this Agreement) and any
        Servicing Function Participant strictly observing deadlines no later than
        those
        set forth in this paragraph (or as set forth in the Custodial Agreement with
        respect to the Custodian) that are applicable to the parties to this Agreement
        (or the Custodial Agreement) in the delivery to the Trust Administrator of
        any
        necessary Form 8-K Disclosure Information pursuant to any related servicing
        agreement, the Custodial Agreement or any other applicable agreement. Neither
        the Master Servicer nor the Trust Administrator shall have any liability
        for any
        loss, expense, damage or claim arising out of or with respect to any failure
        to
        properly prepare, execute or timely file such Form 8-K, where such failure
        results from the Trust Administrator’s inability or failure to obtain or
        receive, on a timely basis, any information from the Servicer, the Custodian
        or
        any Servicing Function Participant (other than any Servicing Function
        Participant engaged by the Master Servicer or Trust Administrator) needed
        to
        prepare, arrange for execution or file such Form 8-K, not resulting from
        its own
        negligence, bad faith or willful misconduct. Notwithstanding anything contained
        herein, the Trust Administrator shall promptly notify the Depositor if a
        Form
        8-K cannot be timely filed prior to the related filing deadline.

       

      (iv)
         On
        or
        prior to the 90th day after the end of each fiscal year of the Trust or such
        earlier date as may be required by the Exchange Act (the “10-K Filing Deadline”)
        (it being understood that the fiscal year for the Trust ends on December
        31st of
        each year), commencing in March 2007, the Trust Administrator shall prepare
        and
        file on behalf of the Trust a Form 10-K, in form and substance as required
        by
        the Exchange Act. Each such Form 10-K shall include the following items,
        in each
        case to the extent they have been delivered to the Trust Administrator within
        the applicable time frames set forth in this Agreement:

       

      (a) an
        annual
        compliance statement for the Servicer, the Master Servicer, the Trust
        Administrator and any Servicing Function Participant engaged by such parties
        (each, a “Reporting
        Servicer”)
        as
        described under Section 3.20 of this Agreement, provided,
        however,
        that
        the Trust Administrator, at its discretion, may omit from the Form 10-K any
        annual compliance statement that is not required to be filed with such Form
        10-K
        pursuant to Regulation AB; 

       

      (b) (A)
        the
        annual reports on assessment of compliance with Servicing Criteria for each
        Reporting Servicer, as described under Section 3.21 of this Agreement and
        (B) if
        each Reporting Servicer’s report on assessment of compliance with Servicing
        Criteria identifies any material instance of noncompliance, disclosure
        identifying such instance of noncompliance, or if each Reporting Servicer’s
        report on assessment of compliance with Servicing Criteria is not included
        as an
        exhibit to such Form 10-K, disclosure that such report is not included and
        an
        explanation why such report is not included, provided,
        however,
        that
        the Trust Administrator, at its discretion, may omit from the Form 10-K any
        assessment of compliance or attestation report described in clause (c) below
        that is not required to be filed with such Form 10-K pursuant to Regulation
        AB’

       

      (c) (A)
        the
        registered public accounting firm attestation report for each Reporting
        Servicer, as described under Section 3.21 of this Agreement and (B) if any
        registered public accounting firm attestation report identifies any material
        instance of noncompliance, disclosure identifying such instance of
        noncompliance, or if any such registered public accounting firm attestation
        report is not included as an exhibit to such Form 10-K, disclosure that such
        report is not included and an explanation why such report is not included;
        and

       

      (d) a
        Sarbanes-Oxley Certification as described in this Section 4.06(a)(iv).

       

      Any
        disclosure or information in addition to (a) through (d) above that is required
        to be included on Form 10-K (“Additional
        Form 10-K Disclosure”)
        shall
        be reported by the parties set forth on Exhibit P to the Depositor and the
        Trust
        Administrator and directed and approved by the Depositor pursuant to the
        following paragraph, and the Trust Administrator will have no duty or liability
        for any failure hereunder to determine or prepare any Additional Form 10-K
        Disclosure, except as set forth in the next paragraph. 

       

      As
        set
        forth on Exhibit P hereto, no later than March 15th
        (with no
        cure period) of each year that the Trust is subject to the Exchange Act
        reporting requirements, commencing in 2007, (i) the parties described on
        Exhibit
        P shall be required to provide to the Trust Administrator and to the Depositor,
        to the extent known by a Responsible Officer thereof, in EDGAR-compatible
        format, or in such other format as otherwise agreed upon by the Trust
        Administrator and such party, the form and substance of any Additional Form
        10-K
        Disclosure, if applicable, together with an Additional Disclosure Notification,
        and (ii) the Depositor will approve, as to form and substance, or disapprove,
        as
        the case may be, the inclusion of the Additional Form 10-K Disclosure on
        Form
        10-K. The Trust Administrator has no duty under this Agreement to monitor
        or
        enforce the performance by the other parties listed on Exhibit P of their
        duties
        under this paragraph or proactively solicit or procure from such other parties
        any Additional Form 10-K Disclosure information. The Depositor will be
        responsible for any reasonable fees and expenses assessed or incurred by
        the
        Trust Administrator in connection with including any Additional Form 10-K
        Disclosure on Form 10-K pursuant to this paragraph.

       

      Form
        10-K
        requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has
        filed all reports required to be filed by Section 13 or 15(d) of the Exchange
        Act during the preceding 12 months (or for such shorter period that the
        registrant was required to file such reports), and (2) has been subject to
        such
        filing requirements for the past 90 days.” The Depositor hereby represents to
        the Trust Administrator that the Depositor has filed all such required reports
        during the preceding 12 months and that it has been subject to such filing
        requirement for the past 90 days. The Depositor shall notify the Trust
        Administrator in writing, no later than March 15th with respect to the filing
        of
        a report on Form 10-K, if the answer to either question should be “no.” The
        Trust Administrator shall be entitled to rely on such representations in
        preparing, executing and/or filing any such report.

       

      After
        preparing the Form 10-K, the Trust Administrator shall forward electronically
        a
        copy of the Form 10-K to the Depositor. Within three Business Days after
        receipt
        of such copy, but no later than March 25th, the Depositor shall notify the
        Trust
        Administrator in writing (which may be furnished electronically) of any changes
        to or approval of such Form 10-K. In the absence of receipt of any written
        changes or approval, the Trust Administrator shall be entitled to assume
        that
        such Form 10-K is in final form, and the Trust Administrator may proceed
        with
        the process for execution and filing of the Form 10-K. A senior officer of
        the
        Master Servicer in charge of the master servicing function shall sign the
        Form
        10-K. If a Form 10-K cannot be filed on time or if a previously filed Form
        10-K
        needs to be amended, the Trust Administrator will follow the procedures set
        forth in Section 4.06(a)(vi). Promptly (but no later than one Business Day)
        after filing with the Commission, the Trust Administrator will make available
        on
        its internet website a final executed copy of each Form 10-K filed by the
        Trust
        Administrator. The parties to this Agreement acknowledge that the performance
        by
        each of the Master Servicer and the Trust Administrator of its duties under
        this
        Section 4.04(a)(iv) related to the timely preparation, execution and filing
        of
        Form 10-K is contingent upon such parties strictly observing all applicable
        deadlines in the performance of their duties under this Section 4.04(a)(iv),
        Section 3.20 and Section 3.21. The Depositor acknowledges that the performance
        by each of the Master Servicer and the Trust Administrator of its duties
        under
        this Section 4.04(a)(iv) related to the timely preparation and execution
        of Form
        10-K is also contingent upon the Servicer, the Custodian and any Servicing
        Function Participant strictly observing deadlines no later than those set
        forth
        in this paragraph (or as set forth in the Custodial Agreement with respect
        to
        the Custodian) that are applicable to the parties to this Agreement (or the
        Custodial Agreement) in the delivery to the Trust Administrator of any necessary
        Additional Form 10-K Disclosure, any annual statement of compliance and any
        assessment of compliance and attestation pursuant to the related Servicing
        Agreement, the Custodial Agreement or any other applicable agreement. Neither
        the Master Servicer nor the Trust Administrator shall have any liability
        for any
        loss, expense, damage or claim arising out of or with respect to any failure
        to
        properly prepare, execute and/or timely file such Form 10-K, where such failure
        results from the Trust Administrator’s inability or failure to obtain or
        receive, on a timely basis, any information from the Servicer, the Custodian
        or
        any Servicing Function Participant needed to prepare, arrange for execution
        or
        file such Form 10-K, not resulting from its own negligence, bad faith or
        willful
        misconduct. Notwithstanding anything contained herein, the Trust Administrator
        shall promptly notify the Depositor if a Form 10-K cannot be timely filed
        prior
        to the related filing deadline.

       

      Each
        Form
        10-K shall include a Sarbanes-Oxley Certification, substantially in the form
        set
        forth in Exhibit J-1 attached hereto, required to be included therewith pursuant
        to the Sarbanes-Oxley Act. The Servicer and the Trust Administrator shall
        provide, and each such party shall cause any Servicing Function Participant
        engaged by it to provide, to the Person who signs the Sarbanes-Oxley
        Certification (the “Certifying
        Person”),
        by
        March 15th (with no cure period) of each year in which the Trust is subject
        to
        the reporting requirements of the Exchange Act and otherwise within a reasonable
        period of time upon request, a certification (each, a “Back-Up
        Certification”),
        in
        the form attached hereto as Exhibit J-2, upon which the Certifying Person,
        the
        entity for which the Certifying Person acts as an officer, and such entity’s
        officers, directors and Affiliates (collectively with the Certifying Person,
        “Certification
        Parties”)
        can
        reasonably rely. The senior officer of the Master Servicer in charge of the
        master servicing function shall serve as the Certifying Person on behalf
        of the
        Trust. Such officer of the Certifying Person can be contacted by e-mail at
        cts.sec.notifications@wellsfargo.com or by facsimile at 410-715-2380. In
        the
        event any such party or any Servicing Function Participant engaged by such
        party
        is terminated or resigns pursuant to the terms of this Agreement, or any
        applicable sub-servicing agreement, as the case may be, such party shall
        provide
        a Back-Up Certification to the Certifying Person pursuant to this Section
        4.06
        (a)(iv) with respect to the period of time it was subject to this Agreement
        or
        any applicable sub-servicing agreement, as the case may be. Notwithstanding
        the
        foregoing, (i) the Master Servicer and the Trust Administrator shall not
        be
        required to deliver a Back-Up Certification to each other if both are the
        same
        Person and the Master Servicer is the Certifying Person and (ii) the Master
        Servicer shall not be obligated to sign the Sarbanes-Oxley Certification
        in the
        event that it does not receive any Back-Up Certification required to be
        furnished to it pursuant to this section or any Servicing Agreement or any
        other
        agreement. 

       

      (v) With
        respect to any Additional Form 10-D Disclosure, Additional Form 10-K Disclosure
        or any Form 8-K Disclosure Information (collectively, the “Additional
        Disclosure”) relating to the Trust Fund, the Trust Administrator’s obligation to
        include such Additional Information in the applicable Exchange Act report
        is
        subject to its receipt of such information from the entity that is indicated
        in
        Exhibit P as the responsible party for providing such information, if other
        than
        the Trust Administrator, as and when required as described in Section
        4.06(a)(ii) through (iv) above. Each of the Master Servicer, the Servicer
        and
        Depositor hereby agree to notify and to provide, to the extent known, to
        the
        Trust Administrator and the Depositor, all Additional Disclosure relating
        to the
        Trust Fund, with respect to which such party is the responsible party for
        providing that information, as indicated in Exhibit P hereof. The Swap Provider
        will be obligated pursuant to the Interest Rate Swap Agreement to provide
        to the
        Trust Administrator and the Depositor any information that may be required
        to be
        included in any Form 10-D, Form 8-K or Form 10-K. The Servicer shall be
        responsible for determining the pool concentration applicable to any
        Sub-Servicer at any time, for purposes of disclosure as required by Items
        1108
        and 1110 of Regulation AB.

       

      (vi) On
        or
        prior to January 30 of the first year in which the Trust Administrator is
        able
        to do so under applicable law, the Trust Administrator shall prepare and
        file a
        Form 15 Suspension Notification relating to the automatic suspension of
        reporting in respect of the Trust under the Exchange Act. 

       

      In
        the
        event that the Trust Administrator is unable to timely file with the Commission
        all or any required portion of any Form 8-K, Form 10-D or Form 10-K required
        to
        be filed pursuant to this Agreement because required disclosure information
        was
        either not delivered to it or was delivered to it after the delivery deadlines
        set forth in this Agreement or for any other reason, the Trust Administrator
        will promptly electronically notify the Depositor. In the case of Form 10-D
        and
        Form 10-K, the parties to this Agreement will cooperate to prepare and file
        a
        Form 12b-25 and a Form 10-D/A and Form 10-K/A as applicable, pursuant to
        Rule
        12b-25 of the Exchange Act. In the case of Form 8-K, the Trust Administrator
        will, upon receipt of all required Form 8-K Disclosure Information and upon
        the
        approval and direction of the Depositor, include such disclosure information
        on
        the next Form 10-D. In the event that any previously filed Form 8-K, Form
        10-D
        or Form 10-K needs to be amended in connection with any Additional Form 10-D
        Disclosure (other than, in the case of Form 10-D, for the purpose of restating
        any Monthly Statement), Additional Form 10-K Disclosure or Form 8-K Disclosure
        Information, the Trust Administrator will electronically notify the Depositor
        and such other parties to the transaction as are affected by such amendment,
        and
        such parties will cooperate to prepare any necessary Form 8-K/A, Form 10-D/A
        or
        Form 10-K/A. Any Form 15, Form 12b-25 or any amendment to Form 8-K, Form
        10-D or
        Form 10-K shall be signed by a duly authorized representative, or senior
        officer
        in charge of master servicing, as applicable, of the Master Servicer. The
        parties to this Agreement acknowledge that the performance by each of the
        Master
        Servicer and the Trust Administrator of its duties under this Section
        4.06(a)(vi) related to the timely preparation, execution and filing of Form
        15,
        a Form 12b-25 or any amendment to Form 8-K, Form 10-D or Form 10-K is contingent
        upon each such party performing its duties under this Section. Neither the
        Master Servicer nor the Trust Administrator shall have any liability for
        any
        loss, expense, damage or claim arising out of or with respect to any failure
        to
        properly prepare, execute and/or timely file any such Form 15, Form 12b-25
        or
        any amendments to Form 8-K, Form 10-D or Form 10-K, where such failure results
        from the Trust Administrator’s inability or failure to obtain or receive, on a
        timely basis, any information from the Servicer, the Custodian or any Servicing
        Function Participant needed to prepare, arrange for execution or file such
        Form
        15, Form 12b-25 or any amendments to Form 8-K, Form 10-D or Form 10-K, not
        resulting from its own negligence, bad faith or willful misconduct.

       

      The
        Depositor agrees to promptly furnish to the Trust Administrator, from time
        to
        time upon request, such further information, reports and financial statements
        within its control related to this Agreement, and the Mortgage Loans as the
        Trust Administrator reasonably deems appropriate to prepare and file all
        necessary reports with the Commission. The Trust Administrator shall have
        no
        responsibility to file any items other than those specified in this Section
        4.06; provided, however, the Trust Administrator will cooperate with the
        Depositor in connection with any additional filings with respect to the Trust
        Fund as the Depositor deems necessary under the Exchange Act. Fees and expenses
        incurred by the Trust Administrator in connection with this Section 4.06
        shall
        not be reimbursable from the Trust Fund.

       

      (vii) [Reserved].

       

      (b)  The
        Trust
        Administrator shall indemnify and hold harmless the Depositor and its officers,
        directors and affiliates from and against any losses, damages, penalties,
        fines,
        forfeitures, reasonable and necessary legal fees and related costs, judgments
        and other costs and expenses arising out of or based upon (i) a breach of
        the
        Trust Administrator’s obligations under this Section 4.06 or the Trust
        Administrator’s negligence, bad faith or willful misconduct in connection
        therewith or (ii) any material misstatement or omission in the Annual Statement
        of Compliance and the Assessment of Compliance delivered by the Trust
        Administrator pursuant to Section 3.20 and Section 3.21.

       

      The
        Depositor shall indemnify and hold harmless the Trust Administrator and the
        Master Servicer and their respective officers, directors and affiliates from
        and
        against any losses, damages, penalties, fines, forfeitures, reasonable and
        necessary legal fees and related costs, judgments and other costs and expenses
        arising out of or based upon a breach of the obligations of the Depositor
        under
        this Section 4.06 or the Depositor’s negligence, bad faith or willful misconduct
        in connection therewith.

       

      The
        Master Servicer shall indemnify and hold harmless the Trust Administrator
        and
        the Depositor and their respective officers, directors and affiliates from and
        against any losses, damages, penalties, fines, forfeitures, reasonable and
        necessary legal fees and related costs, judgments and other costs and expenses
        arising out of or based upon (i) a breach of the obligations of the Master
        Servicer under this Section 4.06 or the Master Servicer’s negligence, bad faith
        or willful misconduct in connection therewith or (ii) any material misstatement
        or omission in the Statement as to Compliance delivered by the Master Servicer
        pursuant to Section 3.20 or the Assessment of Compliance delivered by the
        Master
        Servicer pursuant to Section 3.21.

       

      The
        Servicer shall indemnify and hold harmless the Master Servicer, Trust
        Administrator and the Depositor and their respective officers, directors
        and
        affiliates from and against any losses, damages, penalties, fines, forfeitures,
        reasonable and necessary legal fees and related costs, judgments and other
        costs
        and expenses arising out of or based upon (i) a breach of the obligations
        of the
        Servicer under this Section 4.06 and (ii) any material misstatement or omission
        in the Annual Statement of Compliance delivered by the Servicer pursuant
        to
        Section 3.20 or the Assessment of Compliance delivered by the Servicer pursuant
        to Section 3.21.

       

      Notwithstanding
        the provisions set forth in this Agreement, the Servicer shall not be obligated
        to provide any indemnification or reimbursement hereunder to any other party
        for
        any losses, damages, penalties, fines, forfeitures, legal fees and expenses
        and
        related costs, judgments, and any other costs, fees and expenses that any
        of
        them may sustain which are indirect, consequential, punitive or special in
        nature.

       

      If
        the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless the Depositor, the Master Servicer or the Trust Administrator, as
        applicable, then the defaulting party, in connection with a breach of its
        respective obligations under this Section 4.06 or its respective negligence,
        bad
        faith or willful misconduct in connection therewith, agrees that it shall
        contribute to the amount paid or payable by the other parties as a result
        of the
        losses, claims, damages or liabilities of the other party in such proportion
        as
        is appropriate to reflect the relative fault and the relative benefit of
        the
        respective parties.

       

      (c)  Nothing
        shall be construed from the foregoing subsections (a) and (b) to require
        the
        Trust Administrator or any officer, director or Affiliate thereof to sign
        any
        Form 10-K or any certification contained therein. Furthermore, the inability
        of
        the Trust Administrator to file a Form 10-K as a result of the lack of required
        information as set forth in Section 4.06(a) or required signatures on such
        Form
        10-K or any certification contained therein shall not be regarded as a breach
        by
        the Trust Administrator of any obligation under this Agreement.

       

      (d)  Notwithstanding
        the provisions of Section 11.01, this Section 4.06 may be amended without
        the
        consent of the Certificateholders.

       

      
        	SECTION
                4.07.  	
                Net
                  WAC Rate Carryover Reserve Account.

              

      

       

      No
        later
        than the Closing Date, the Trust Administrator shall establish and maintain
        with
        itself a separate, segregated trust account titled, “Wells Fargo Bank, N.A. as
        Trust Administrator, in trust for the registered holders of MASTR Asset Backed
        Securities Trust 2006-NC3, Mortgage Pass-Through Certificates, Series
        2006-NC3—Net WAC Rate Carryover Reserve Account.” Such account shall be an
        Eligible Account and amounts therein shall be held uninvested. All amounts
        deposited in the Net WAC Rate Carryover Reserve Account shall be distributed
        to
        the Holders of the Class A Certificates and/or the Mezzanine Certificates
        in the
        manner set forth in Section 4.01.

       

      On
        each
        Distribution Date as to which there is a Net WAC Rate Carryover Amount payable
        to the Class A Certificates and/or the Mezzanine Certificates, the Trust
        Administrator has been directed by the Class CE Certificateholders to, and
        therefore will, deposit into the Net WAC Rate Carryover Reserve Account the
        amounts described in Section 4.01(e)(v), rather than distributing such
        amounts to the Class CE Certificateholders. On each such Distribution Date,
        the
        Trust Administrator shall hold all such amounts for the benefit of the Holders
        of the Class A Certificates and the Mezzanine Certificates, and will distribute
        such amounts to the Holders of the Class A Certificates and/or the Mezzanine
        Certificates in the amounts and priorities set forth in
        Section 4.01(a).

       

      It
        is the
        intention of the parties hereto that, for federal and state income and state
        and
        local franchise tax purposes, the Net WAC Rate Carryover Reserve Account
        be
        disregarded as an entity separate from the Holder of the Class CE Certificates
        unless and until the date when either (a) there is more than one Class CE
        Certificateholder or (b) any Class of Certificates in addition to the Class
        CE
        Certificates is recharacterized as an equity interest in the Net WAC Rate
        Carryover Reserve Account for federal income tax purposes, in which case
        it is
        the intention of the parties hereto that, for federal and state income and
        state
        and local franchise tax purposes, the Net WAC Rate Carryover Reserve Account
        be
        treated as a grantor trust; provided, that the Trust Administrator shall
        not be
        required to prepare and file grantor trust tax returns in respect of such
        grantor trust unless it receives additional reasonable compensation (not
        to
        exceed $10,000 per year) from the Holders of the Class CE Certificates for
        the
        preparation of such filings, written notification recognizing the creation
        of a
        grantor trust and comparable documentation evidencing the grantor trust,
        if any.
All
        amounts deposited into the Net WAC Rate Carryover Reserve Account shall be
        treated as amounts distributed by REMIC III to the Holder of the Class CE
        Interest and by REMIC IV to the Holder of the Class CE Certificates. The
        Net WAC
        Rate Carryover Reserve Account will be an “outside reserve fund” within the
        meaning of Treasury Regulation Section 1.860G-2(h). Upon the termination
        of the
        Trust, or the payment in full of the Class A and the Mezzanine Certificates,
        all
        amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account
        will
        be released by the Trust and distributed to the Seller or its designee. The
        Net
        WAC Rate Carryover Reserve Account will be part of the Trust but not part
        of any
        REMIC and any payments to the Holders of the Class A and the Mezzanine
        Certificates of Net WAC Rate Carryover Amounts will not be payments with
        respect
        to a “regular interest” in a REMIC within the meaning of Code Section
        860(G)(a)(1).

       

      By
        accepting a Class CE Certificate, each Class CE Certificateholder hereby
        agrees
        to direct the Trust Administrator, and the Trust Administrator hereby is
        directed, to deposit into the Net WAC Rate Carryover Reserve Account the
        amounts
        described above on each Distribution Date as to which there is any Net WAC
        Rate
        Carryover Amount rather than distributing such amounts to the Class CE
        Certificateholders. By accepting a Class CE Certificate, each Class CE
        Certificateholder further agrees that such direction is given for good and
        valuable consideration, the receipt and sufficiency of which is acknowledged
        by
        such acceptance.

       

      For
        federal income tax purposes, the Depositor shall provide the Trust Administrator
        the value of the right of the Class A and Mezzanine Certificates to receive
        Net
        WAC Rate Carryover Amounts from the Net WAC Rate Carryover Reserve Account
        and
        the Swap Account.

       

      
        	SECTION
                4.08.  	
                Swap
                  Account.

              

      

       

      (a)  On
        the
        Closing Date, there is hereby established a separate trust (the “Supplemental
        Interest Trust”), into which the Depositor shall deposit: (i) the Interest Rate
        Swap Agreement and (ii) the Swap Administration Agreement. The Supplemental
        Interest Trust shall be maintained by the Supplemental
        Interest Trust Trustee.
        No
        later than the Closing Date, the Supplemental Interest Trust Trustee shall
        establish and maintain with itself a separate, segregated trust account titled,
        “Wells Fargo Bank, N.A. as Supplemental Interest Trust Trustee, in trust for
        the
        registered holders of MASTR Asset Backed Securities Trust 2006-NC3, Mortgage
        Pass-Through Certificates, Series 2006-NC3—Swap Account.” Such
        account shall be an Eligible Account and funds on deposit therein shall be
        held
        separate and apart from, and shall not be commingled with, any other moneys,
        including, without limitation, other moneys of the Supplemental Interest
        Trust
        Trustee held pursuant to this Agreement. Amounts
        therein shall be held uninvested.

       

      (b)  On
        each
        Distribution Date, prior to any distribution to any Certificate, the
        Supplemental Interest Trust Trustee shall deposit into the Swap Account:
        (i) the
        amount of any Net Swap Payment or Swap Termination Payment (other than any
        Swap
        Termination Payment resulting from a Swap Provider Trigger Event) owed to
        the
        Swap Provider (after taking into account any upfront payment received from
        the
        counterparty to a replacement interest rate swap agreement) from funds collected
        and received with respect to the Mortgage Loans prior to the determination
        of
        Available Funds and (ii) amounts received by the Supplemental Interest Trust
        Trustee from the Swap Provider, for distribution pursuant to the Swap
        Administration Agreement, dated as of the Closing Date (the “Swap Administration
        Agreement”), among Wells Fargo Bank, N.A. in its capacity as Supplemental
        Interest Trust Trustee, Wells Fargo Bank, N.A. in its capacity as Swap
        Administrator, Wells Fargo Bank, N.A. in its capacity as Trust Administrator
        and
        the Seller.

       

      (c)  The
        Supplemental Interest Trust will be an “outside reserve fund” within the meaning
        of Treasury Regulation Section 1.860G-2(h). It
        is the
        intention of the parties hereto that, for federal and state income and state
        and
        local franchise tax purposes, the Supplemental Interest Trust be disregarded
        as
        an entity separate from the Holder of the Class CE Certificates unless and
        until
        the date when either (a) there is more than one Class CE Certificateholder
        or
        (b) any Class of Certificates in addition to the Class CE Certificates is
        recharacterized as an equity interest in the Supplemental Interest Trust
        for
        federal income tax purposes, in which case it is the intention of the parties
        hereto that, for federal and state income and state and local franchise tax
        purposes, the Supplemental Interest Trust be treated as a grantor trust;
        provided, that the Trust Administrator shall not be required to prepare and
        file
        grantor trust tax returns in respect of such grantor trust unless it receives
        additional reasonable compensation (not to exceed $10,000 per year) from
        the
        Holders of the Class CE Certificates for the preparation of such filings,
        written notification recognizing the creation of a grantor trust and comparable
        documentation evidencing the grantor trust, if any.

       

      (d)  To
        the
        extent that the Supplemental Interest Trust is determined to be a separate
        legal
        entity from the Supplemental Interest Trust Trustee, any obligation of the
        Supplemental Interest Trust Trustee under the Interest Rate Swap Agreement
        shall
        be deemed to be an obligation of the Supplemental Interest Trust.

       

      (e)  The
        Trust
        Administrator shall treat the Holders of Certificates (other than the Class
        P,
        Class CE, Class R and Class R-X Certificates) as having entered into a notional
        principal contract with respect to the Holders of the Class CE Certificates.
        Pursuant to each such notional principal contract, all Holders of Certificates
        (other than the Class P, Class CE, Class R and Class R-X Certificates) shall
        be
        treated as having agreed to pay, on each Distribution Date, to the Holder
        of the
        Class CE Certificates an aggregate amount equal to the excess, if any, of
        (i)
        the amount payable on such Distribution Date on the REMIC III Regular Interest
        corresponding to such Class of Certificates over (ii) the amount payable
        on such
        Class of Certificates on such Distribution Date (such excess, a “Class IO
        Distribution Amount”). A Class IO Distribution Amount payable from interest
        collections shall be allocated pro
        rata
        among
        such Certificates based on the excess of (a) the amount of interest otherwise
        payable to such Certificates over (ii) the amount of interest payable to
        such
        Certificates at a per annum rate equal to the Net WAC Pass-Through Rate,
        and a
        Class IO Distribution Amount payable from principal collections shall be
        allocated to the most subordinate Class of Certificates with an outstanding
        principal balance to the extent of such balance. In addition, pursuant to
        such
        notional principal contract, the Holder of the Class CE Certificates shall
        be
        treated as having agreed to pay Net WAC Rate Carryover Amounts to the Holders
        of
        the Certificates (other than the Class CE, Class P, Class R and Class R-X
        Certificates) in accordance with the terms of this Agreement. Any payments
        to
        the Certificates from amounts deemed received in respect of this notional
        principal contract shall not be payments with respect to a Regular Interest
        in a
        REMIC within the meaning of Code Section 860G(a)(1). However, any payment
        from
        the Certificates (other than the Class CE, Class P, Class R and Class R-X
        Certificates) of a Class IO Distribution Amount shall be treated for tax
        purposes as having been received by the Holders of such Certificates in respect
        of their interests in REMIC III and as having been paid by such Holders to
        the
        Trust Administrator pursuant to the notional principal contract. Thus, each
        Certificate (other than the Class P, Class R and Class R-X Certificates)
        shall
        be treated as representing not only ownership of Regular Interests in REMIC
        III
        or REMIC IV, but also ownership of an interest in, and obligations with respect
        to, a notional principal contract.

       

      
        	SECTION
                4.09.  	
                Tax
                  Treatment of Swap Payments and Swap Termination
                  Payments.

              

      

       

      For
        federal income tax purposes, each holder of a Class A or Mezzanine Certificate
        is deemed to own an undivided beneficial ownership interest in a REMIC regular
        interest and the right to receive payments from either the Net WAC Rate
        Carryover Reserve Account or the Swap Account in respect of the Net WAC Rate
        Carryover Amount or the obligation to make payments to the Swap Account.
        For
        federal income tax purposes, the Trust Administrator will account for payments
        to each Class A and Mezzanine Certificates as follows: each Class A and
        Mezzanine Certificate will be treated as receiving their entire payment from
        REMIC III (regardless of any Swap Termination Payment or obligation under
        the
        Interest Rate Swap Agreement) and subsequently paying their portion of any
        Swap
        Termination Payment in respect of each such Class’ obligation under the Interest
        Rate Swap Agreement. In the event that any such Class is resecuritized in
        a
        REMIC, the obligation under the Interest Rate Swap Agreement to pay any such
        Swap Termination Payment (or any shortfall in Swap Provider Fee), will be
        made
        by one or more of the REMIC Regular Interests issued by the resecuritization
        REMIC subsequent to such REMIC Regular Interest receiving its full payment
        from
        any such Class A or Mezzanine Certificate. Resecuritization of any Class
        A or
        Mezzanine Certificate in a REMIC will be permissible only if the Trust
        Administrator hereunder is the trustee in such resecuritization.

       

      The
        REMIC
        regular interest corresponding to a Class A or Mezzanine Certificate will
        be
        entitled to receive interest and principal payments at the times and in the
        amounts equal to those made on the certificate to which it corresponds, except
        that (i) the maximum interest rate of that REMIC regular interest will equal
        the
        Net WAC Pass-Through Rate computed for this purpose by limiting the Base
        Calculation Amount of the Interest Rate Swap Agreement to the aggregate Stated
        Principal Balance of the Mortgage Loans and (ii) any Swap Termination Payment
        will be treated as being payable solely from Net Monthly Excess Cashflow.
        As a
        result of the foregoing, the amount of distributions and taxable income on
        the
        REMIC regular interest corresponding to a Class A or Mezzanine Certificate
        may
        exceed the actual amount of distributions on the Class A or Mezzanine
        Certificate.

       

      
        	SECTION
                4.10.  	
                Cap
                  Account.

              

      

       

      (a)  No
        later
        than the Closing Date, the Trust Administrator shall establish and maintain
        with
        itself, a separate, segregated trust account titled, “Wells Fargo Bank, N.A. as
        Trust Administrator, in trust for the registered holders of MASTR Asset Backed
        Securities Trust 2006-NC3, Mortgage Pass-Through Certificates, Series
        2006-NC3—Cap Account.” Such account shall be an Eligible Account and amounts
        therein shall be held uninvested.

       

      (b)  On
        each
        Distribution Date, prior to any distribution to any Certificate, the Trust
        Administrator shall deposit into the Cap Account amounts received by the
        Trust
        Administrator under the Interest Rate Cap Agreements for distribution in
        accordance with Section 4.01(h) above. 

       

      (c)  It
        is the
        intention of the parties hereto that, for federal and state income and state
        and
        local franchise tax purposes, the Cap Account be disregarded as an entity
        separate from the Holder of the Class CE Certificates unless and until the
        date
        when either (a) there is more than one Class CE Certificateholder or (b)
        any
        Class of Certificates in addition to the Class CE Certificates is
        recharacterized as an equity interest in the Cap Account for federal income
        tax
        purposes, in which case it is the intention of the parties hereto that, for
        federal and state income and state and local franchise tax purposes, the
        Cap
        Account be treated as a grantor trust; provided, that the Trust Administrator
        shall not be required to prepare and file grantor trust tax returns in respect
        of such grantor trust unless it receives additional reasonable compensation
        (not
        to exceed $10,000 per year) from the Holders of the Class CE Certificates
        for
        the preparation of such filings, written notification recognizing the creation
        of a grantor trust and comparable documentation evidencing the grantor trust,
        if
        any. The Cap Account will be an “outside reserve fund” within the meaning of
        Treasury Regulation Section 1.860G-2(h). Upon the termination of the Trust
        Fund,
        or the payment in full of the Class A Certificates and the Mezzanine
        Certificates, all amounts remaining on deposit in the Cap Account shall be
        released by the Trust Fund and distributed to the Class CE Certificateholders
        or
        their designees. The Cap Account shall be part of the Trust Fund but not
        part of
        any Trust REMIC and any payments to the Holders of the Floating Rate
        Certificates of Net WAC Rate Carryover Amounts will not be payments with
        respect
        to a “regular interest” in a REMIC within the meaning of Code Section
        860(G)(a)(1).

       

      (d)  By
        accepting a Class CE Certificate, each Class CE Certificateholder hereby
        agrees
        to direct the Trust Administrator, and the Trust Administrator is hereby
        directed, to deposit into the Cap Account the amounts described above on
        each
        Distribution Date.

       

      (e)  For
        federal income tax purposes, the Depositor shall provide the Trust
        Administrator, no later than January 1, 2007, the value of the right of the
        Class A and Mezzanine Certificates to receive Net WAC Rate Carryover Amounts
        from the Net WAC Rate Carryover Reserve Account and the Swap
        Account.

       

      
        	SECTION
                4.11.  	
                Collateral
                  Accounts.

              

      

       

      (a)  The
        Trust
        Administrator is hereby directed to perform the obligations of the Custodian
        as
        defined under the Interest Rate Cap Credit Support Annex (the “Interest Rate Cap
        Custodian”). On or before the Closing Date, the Interest Rate Cap Custodian
        shall establish an Interest Rate Cap Collateral Account. The Interest Rate
        Cap
        Collateral Account shall be held in the name of the Interest Rate Cap Custodian
        in trust for the benefit of the Certificateholders. The Interest Rate Cap
        Collateral Account must be an Eligible Account and shall be titled “Interest
        Rate Cap Collateral Account, Wells Fargo Bank, N.A., as Interest Rate Cap
        Custodian for Wells Fargo Bank, N.A. as Trust Administrator, in trust for
        the
        registered Certificateholders of MASTR Asset Backed Securities Trust 2006-NC3,
        Mortgage Pass-Through Certificates, Series 2006-NC3.”

       

      The
        Interest Rate Cap Custodian shall credit to Interest Rate Cap Collateral
        Account
        all collateral (whether in the form of cash or securities) posted by the
        Interest Rate Cap Provider to secure the obligations of the Interest Rate
        Cap
        Provider in accordance with the terms of the Interest Rate Cap Agreements.
        Except for investment earnings, the Interest Rate Cap Provider shall not
        have
        any legal, equitable or beneficial interest in the Interest Rate Cap Collateral
        Account other than in accordance with this Agreement, the Interest Rate Cap
        Agreements and applicable law. The Interest Rate Cap Custodian shall maintain
        and apply all collateral and earnings thereon on deposit in the Interest
        Rate
        Cap Collateral Account in accordance with the Interest Rate Cap Credit Support
        Annex and this Agreement.

       

      Cash
        collateral posted by the Interest Rate Cap Provider in accordance with the
        Interest Rate Cap Credit Support Annex shall be maintained in accordance
        with
        the requirements of the Interest Rate Cap Credit Support Annex. The Trust
        Administrator shall not be liable for any losses incurred on such investment.
        All amounts earned on amounts on deposit in the Interest Rate Cap Collateral
        Account (whether cash collateral or securities) shall be taxable to the Interest
        Rate Cap Provider.

       

      Upon
        the
        occurrence of an Event of Default, a Termination Event, or an Additional
        Termination Event (each as defined in the Interest Rate Cap Agreements) with
        respect to the Interest Rate Cap Provider or upon the occurrence or designation
        of an Early Termination Date (as defined in the Interest Rate Cap Agreements)
        as
        a result of any such Event of Default, Termination Event, or Additional
        Termination Event with respect to the Interest Rate Cap Provider, and, in
        either
        such case, unless the Interest Rate Cap Provider has paid in full all of
        its
        Obligations (as defined in the Interest Rate Cap Credit Support Annex) that
        are
        then due, then any collateral posted by the Interest Rate Cap Provider in
        accordance with the Interest Rate Cap Credit Support Annex shall be applied
        to
        the payment of any Obligations due to Party B (as defined in the Interest
        Rate
        Cap Agreements) in accordance with the Interest Rate Cap Credit Support Annex.
        Any excess amounts held in such Interest Rate Cap Collateral Account after
        payment of all amounts owing to Party B under the Interest Rate Cap Agreement
        shall be withdrawn from the Interest Rate Cap Collateral Account and paid
        to the
        Interest Rate Cap Provider in accordance with the Interest Rate Cap Credit
        Support Annex.

       

      (b)  The
        Trust
        Administrator (in its capacity as Supplemental Interest Trust Trustee) is
        hereby
        directed to perform the obligations of the Custodian as defined under the
        Swap
        Credit Support Annex (the “Swap Custodian”). On or before the Closing Date, the
        Swap Custodian shall establish a Swap Collateral Account. The Swap Collateral
        Account shall be held in the name of the Swap Custodian in trust for the
        benefit
        of the Certificateholders. The Swap Collateral Account must be an Eligible
        Account and shall be titled “Swap Collateral Account, Wells Fargo Bank, N.A., as
        Swap Custodian for Wells Fargo Bank, N.A. as Trust Administrator, in trust
        for
        the registered Certificateholders of MASTR Asset Backed Securities Trust
        2006-NC3, Mortgage Pass-Through Certificates, Series 2006-NC3.”

       

      The
        Swap
        Custodian shall credit to Swap Collateral Account all collateral (whether
        in the
        form of cash or securities) posted by the Swap Provider to secure the
        obligations of the Swap Provider in accordance with the terms of the Interest
        Rate Swap Agreement. Except for investment earnings, the Swap Provider shall
        not
        have any legal, equitable or beneficial interest in the Swap Collateral Account
        other than in accordance with this Agreement, the Interest Rate Swap Agreement
        and applicable law. The Swap Custodian shall maintain and apply all collateral
        and earnings thereon on deposit in the Swap Collateral Account in accordance
        with the Swap Credit Support Annex and this Agreement.

       

      Cash
        collateral posted by the Swap Provider in accordance with the Swap Credit
        Support Annex shall be maintained in accordance with the requirements of
        the
        Swap Credit Support Annex. The Trust Administrator shall not be liable for
        any
        losses incurred on such investment. All amounts earned on amounts on deposit
        in
        the Swap Collateral Account (whether cash collateral or securities) shall
        be
        taxable to the Swap Provider.

       

      Upon
        the
        occurrence of an Event of Default, a Termination Event, or an Additional
        Termination Event (each as defined in the Interest Rate Swap Agreement) with
        respect to the Swap Provider or upon the occurrence or designation of an
        Early
        Termination Date (as defined in the Interest Rate Swap Agreement) as a result
        of
        any such Event of Default, Termination Event, or Additional Termination Event
        with respect to the Interest Rate Swap Provider, and, in either such case,
        unless the Swap Provider has paid in full all of its Obligations (as defined
        in
        the Swap Credit Support Annex) that are then due, then any collateral posted
        by
        the Swap Provider in accordance with the Swap Credit Support Annex shall
        be
        applied to the payment of any Obligations due to Party B (as defined in the
        Interest Rate Swap Agreement) in accordance with the Swap Credit Support
        Annex.
        Any excess amounts held in such Swap Collateral Account after payment of
        all
        amounts owing to Party B under the Interest Rate Swap Agreement shall be
        withdrawn from the Swap Collateral Account and paid to the Swap Provider
        in
        accordance with the Swap Credit Support Annex.

       

      
        	SECTION
                4.12.  	
                Rights
                  and Obligations Under the Interest Rate Cap Agreements and the
                  Interest
                  Rate Swap Agreement.

              

      

       

      (a)  In
        the
        event that the Interest Rate Cap Provider fails to perform any of its
        obligations under either of the Interest Rate Cap Agreements (including,
        without
        limitation, its obligation to make any payment or transfer collateral), or
        breaches any of its representations and warranties thereunder, or in the
        event
        that any Event of Default, Termination Event, or Additional Termination Event
        (each as defined in the Interest Rate Cap Agreements) occurs with respect
        to
        either of the Interest Rate Cap Agreements, the Trust Administrator shall,
        promptly following actual notice of such failure, breach or event, notify
        the
        Depositor and send any notices and make any demands, on behalf of the Trust,
        required to enforce the rights of the Trust under the related Interest Rate
        Cap
        Agreement.

       

      In
        the
        event that the Interest Rate Cap Provider’s obligations are guaranteed by a
        third party under a guaranty relating to either of the Interest Rate Cap
        Agreements (such guaranty the “Guaranty” and such third party the “Guarantor”),
        then to the extent that the Interest Rate Cap Provider fails to make any
        payment
        by the close of business on the day it is required to make payment under
        the
        terms of the related Interest Rate Cap Agreement, the Trust Administrator
        shall,
        promptly following actual knowledge of the Interest Rate Cap Provider’s failure
        to pay, demand that the Guarantor make any and all payments then required
        to be
        made by the Guarantor pursuant to such Guaranty; provided, that the Trust
        Administrator shall in no event be liable for any failure or delay in the
        performance by the Interest Rate Cap Provider or any Guarantor of its
        obligations hereunder or pursuant to the related Interest Rate Cap Agreement
        and
        the Guaranty, nor for any special, indirect or consequential loss or damage
        of
        any kind whatsoever (including but not limited to lost profits) in connection
        therewith.

       

      Upon
        an
        early termination of either of the Interest Rate Cap Agreements other than
        in
        connection with the optional termination of the Trust, the Trust Administrator,
        at the direction of the Depositor, will use reasonable efforts to appoint
        a
        successor interest rate cap provider to enter into a new interest rate cap
        agreement on terms substantially similar to the related Interest Rate Cap
        Agreement, with a successor interest rate cap provider meeting all applicable
        eligibility requirements. If the Trust Administrator receives a termination
        payment from the Interest Rate Cap Provider in connection with such early
        termination, the Trust Administrator will apply such termination payment
        to any
        upfront payment required to appoint the successor interest rate cap provider.
        If
        the Trust Administrator is required to pay a termination payment to the Interest
        Rate Cap Provider in connection with such early termination, the Trust
        Administrator will apply any upfront payment received from the successor
        interest rate cap provider to pay such termination payment.

       

      If
        the
        Trust Administrator is unable to appoint a successor interest rate cap provider
        within 30 days of the early termination, then the Trust Administrator will
        deposit any termination payment received from the original Interest Rate
        Cap
        Provider into a separate, non-interest bearing reserve account and will,
        on each
        subsequent Distribution Date, withdraw from the amount then remaining on
        deposit
        in such reserve account an amount equal to the payment, if any, that would
        have
        been paid to the Trust Administrator by the original Interest Rate Cap Provider
        calculated in accordance with the terms of the original Interest Rate Cap
        Agreement, and distribute such amount in accordance with the terms of Section
        4.01(h).

       

      Upon
        an
        early termination of either of the Interest Rate Cap Agreements in connection
        with the optional termination of the Trust, if the Trust Administrator receives
        a termination payment from the Interest Rate Cap Provider, such termination
        payment will be distributed in accordance with Section 4.01(h).

       

      (b)  In
        the
        event that the Swap Provider fails to perform any of its obligations under
        the
        Interest Rate Swap Agreement (including, without limitation, its obligation
        to
        make any payment or transfer collateral), or breaches any of its representations
        and warranties thereunder, or in the event that any Event of Default,
        Termination Event, or Additional Termination Event (each as defined in the
        Interest Rate Swap Agreement) occurs with respect to the Interest Rate Swap
        Agreement, the Trust Administrator (in its capacity as Supplemental Interest
        Trust Trustee) shall, promptly following actual notice of such failure, breach
        or event, notify the Depositor and send any notices and make any demands,
        on
        behalf of the Supplemental Interest Trust, required to enforce the rights
        of the
        Supplemental Interest Trust under the Interest Rate Swap Agreement.

       

      In
        the
        event that the Swap Provider’s obligations are guaranteed by a third party under
        a guaranty relating to the Interest Rate Swap Agreement (such guaranty the
        “Guaranty” and such third party the “Guarantor”), then to the extent that the
        Swap Provider fails to make any payment by the close of business on the day
        it
        is required to make payment under the terms of the Interest Rate Swap Agreement,
        the Trust Administrator (in its capacity as Supplemental Interest Trust Trustee)
        shall, promptly following actual knowledge of the Swap Provider’s failure to
        pay, demand that the Guarantor make any and all payments then required to
        be
        made by the Guarantor pursuant to such Guaranty; provided, that the Trust
        Administrator (in its capacity as Supplemental Interest Trust Trustee) shall
        in
        no event be liable for any failure or delay in the performance by the Swap
        Provider or any Guarantor of its obligations hereunder or pursuant to the
        Interest Rate Swap Agreement and the Guaranty, nor for any special, indirect
        or
        consequential loss or damage of any kind whatsoever (including but not limited
        to lost profits) in connection therewith.

       

      Upon
        an
        early termination of the Interest Rate Swap Agreement other than in connection
        with the optional termination of the Trust, the Trust Administrator (in its
        capacity as Supplemental Interest Trust Trustee) will, at the direction of
        the
        Depositor, use reasonable efforts to appoint a successor swap provider to
        enter
        into a new interest rate swap agreement on terms substantially similar to
        the
        Interest Rate Swap Agreement, with a successor swap provider meeting all
        applicable eligibility requirements. If the Trust Administrator (in its capacity
        as Supplemental Interest Trust Trustee) receives a termination payment from
        the
        Swap Provider in connection with such early termination, the Trust Administrator
        (in its capacity as Supplemental Interest Trust Trustee) will apply such
        termination payment to any upfront payment required to appoint the successor
        swap provider. If the Trust Administrator (in its capacity as Supplemental
        Interest Trust Trustee) is required to pay a termination payment to the Swap
        Provider in connection with such early termination, the Trust Administrator
        (in
        its capacity as Supplemental Interest Trust Trustee) will apply any upfront
        payment received from the successor swap provider to pay such termination
        payment.

       

      If
        the
        Trust Administrator (in its capacity as Supplemental Interest Trust Trustee)
        is
        unable to appoint a successor swap provider within 30 days of the early
        termination, then the Trust Administrator (in its capacity as Supplemental
        Interest Trust Trustee) will deposit any termination payment received from
        the
        original Swap Provider into a separate, non-interest bearing reserve account
        and
        will, on each subsequent Distribution Date, withdraw from the amount then
        remaining on deposit in such reserve account an amount equal to the Net Swap
        Payment, if any, that would have been paid to the Trust Administrator (in
        its
        capacity as Supplemental Interest Trust Trustee) by the original Swap Provider
        calculated in accordance with the terms of the original Interest Rate Swap
        Agreement, and distribute such amount in accordance with the terms of Section
        4.01(g).

       

      Upon
        an
        early termination of the Interest Rate Swap Agreement in connection with
        the
        optional termination of the Trust, if the Trust Administrator (in its capacity
        as Supplemental Interest Trust Trustee) receives a termination payment from
        the
        Swap Provider, such termination payment will be distributed in accordance
        with
        Section 4.01(g).

       

      ARTICLE
        V

       

      THE
        CERTIFICATES

       

      
        	SECTION
                5.01.  	
                The
                  Certificates.

              

      

       

      (a)  The
        Certificates in the aggregate will represent the entire beneficial ownership
        interest in the Mortgage Loans and all other assets included in REMIC
        I.

       

      The
        Certificates will be substantially in the forms annexed hereto as Exhibits
        A-1
        through A-20. The Certificates of each Class will be issuable in registered
        form
        only, in denominations of authorized Percentage Interests as described in
        the
        definition thereof. Each Certificate will share ratably in all rights of
        the
        related Class.

       

      Upon
        original issue, the Certificates shall be executed by the Trust Administrator
        and authenticated and delivered by the Trust Administrator to or upon the
        order
        of the Depositor. The Certificates shall be executed by manual or facsimile
        signature on behalf of the Trust Administrator by an authorized signatory.
        Certificates bearing the manual or facsimile signatures of individuals who
        were
        at any time the proper officers of the Trust Administrator shall bind the
        Trust
        Administrator notwithstanding that such individuals or any of them have ceased
        to hold such offices prior to the authentication and delivery of such
        Certificates or did not hold such offices at the date of such Certificates.
        No
        Certificate shall be entitled to any benefit under this Agreement or be valid
        for any purpose, unless there appears on such Certificate a certificate of
        authentication substantially in the form provided herein executed by the
        Trust
        Administrator by manual signature, and such certificate of authentication
        shall
        be conclusive evidence, and the only evidence, that such Certificate has
        been
        duly authenticated and delivered hereunder. All Certificates shall be dated
        the
        date of their authentication.

       

      (b)  The
        Class
        A Certificates and the Mezzanine Certificates shall initially be issued as
        one
        or more Certificates held by the Book-Entry Custodian or, if appointed to
        hold
        such Certificates as provided below, the Depository and registered in the
        name
        of the Depository or its nominee and, except as provided below, registration
        of
        such Certificates may not be transferred by the Trust Administrator except
        to
        another Depository that agrees to hold such Certificates for the respective
        Certificate Owners with Ownership Interests therein. The Certificate Owners
        shall hold their respective Ownership Interests in and to such Certificates
        through the book-entry facilities of the Depository and, except as provided
        below, shall not be entitled to definitive, fully registered Certificates
        (“Definitive Certificates”) in respect of such Ownership Interests. All
        transfers by Certificate Owners of their respective Ownership Interests in
        the
        Book-Entry Certificates shall be made in accordance with the procedures
        established by the Depository Participant or brokerage firm representing
        such
        Certificate Owner. Each Depository Participant shall only transfer the Ownership
        Interests in the Book-Entry Certificates of Certificate Owners it represents
        or
        of brokerage firms for which it acts as agent in accordance with the
        Depository’s normal procedures. The Trust Administrator is hereby initially
        appointed as the Book-Entry Custodian and hereby agrees to act as such in
        accordance herewith and in accordance with the agreement that it has with
        the
        Depository authorizing it to act as such. The Book-Entry Custodian may, and,
        if
        it is no longer qualified to act as such, the Book-Entry Custodian shall,
        appoint, by a written instrument delivered to the Depositor, the Master Servicer
        and the Trust Administrator, any other transfer agent (including the Depository
        or any successor Depository) to act as Book-Entry Custodian under such
        conditions as the predecessor Book-Entry Custodian and the Depository or
        any
        successor Depository may prescribe, provided that the predecessor Book-Entry
        Custodian shall not be relieved of any of its duties or responsibilities
        by
        reason of any such appointment of other than the Depository. If the Trust
        Administrator resigns or is removed in accordance with the terms hereof,
        the
        successor trust administrator or, if it so elects, the Depository shall
        immediately succeed to its predecessor’s duties as Book-Entry Custodian. The
        Depositor shall have the right to inspect, and to obtain copies of, any
        Certificates held as Book-Entry Certificates by the Book-Entry
        Custodian.

       

      The
        Trustee, the Trust Administrator, the Master Servicer and the Depositor may
        for
        all purposes (including the making of payments due on the Book-Entry
        Certificates) deal with the Depository as the authorized representative of
        the
        Certificate Owners with respect to the Book-Entry Certificates for the purposes
        of exercising the rights of Certificateholders hereunder. The rights of
        Certificate Owners with respect to the Book-Entry Certificates shall be limited
        to those established by law and agreements between such Certificate Owners
        and
        the Depository Participants and brokerage firms representing such Certificate
        Owners. Multiple requests and directions from, and votes of, the Depository
        as
        Holder of the Book-Entry Certificates with respect to any particular matter
        shall not be deemed inconsistent if they are made with respect to different
        Certificate Owners. The Trust Administrator may establish a reasonable record
        date in connection with solicitations of consents from or voting by
        Certificateholders and shall give notice to the Depository of such record
        date.

       

      If
        (i)(A)
        the Depositor advises the Trust Administrator in writing that the Depository
        is
        no longer willing or able to properly discharge its responsibilities as
        Depository, and (B) the Depositor is unable to locate a qualified successor
        or
        (ii) after the occurrence of a Servicer Event of Default or a Master Servicer
        Event of Default, Certificate Owners representing in the aggregate not less
        than
        51% of the Ownership Interests of the Book-Entry Certificates advise the
        Trust
        Administrator through the Depository, in writing, that the continuation of
        a
        book-entry system through the Depository is no longer in the best interests
        of
        the Certificate Owners, the Trust Administrator shall notify all Certificate
        Owners, through the Depository, of the occurrence of any such event and of
        the
        availability of Definitive Certificates to Certificate Owners requesting
        the
        same. Upon surrender to the Trust Administrator of the Book-Entry Certificates
        by the Book-Entry Custodian or the Depository, as applicable, accompanied
        by
        registration instructions from the Depository for registration of transfer,
        the
        Trust Administrator shall cause the Definitive Certificates to be issued.
        Such
        Definitive Certificates will be issued in minimum denominations of $25,000,
        except that any beneficial ownership that was represented by a Book-Entry
        Certificate in an amount less than $25,000 immediately prior to the issuance
        of
        a Definitive Certificate shall be issued in a minimum denomination equal
        to the
        amount represented by such Book-Entry Certificate. None of the Depositor,
        the
        Master Servicer, the Servicer, the Trustee or the Trust Administrator shall
        be
        liable for any delay in the delivery of such instructions and may conclusively
        rely on, and shall be protected in relying on, such instructions. Upon the
        issuance of Definitive Certificates all references herein to obligations
        imposed
        upon or to be performed by the Depository shall be deemed to be imposed upon
        and
        performed by the Trust Administrator, to the extent applicable with respect
        to
        such Definitive Certificates, and the Trustee and the Trust Administrator
        shall
        recognize the Holders of the Definitive Certificates as Certificateholders
        hereunder.

       

      
        	SECTION
                5.02.  	
                Registration
                  of Transfer and Exchange of
                  Certificates.

              

      

       

      (a)  The
        Trust
        Administrator shall cause to be kept at one of the offices or agencies to
        be
        appointed by the Trust Administrator in accordance with the provisions of
        Section 8.11, a Certificate Register for the Certificates in which, subject
        to such reasonable regulations as it may prescribe, the Trust Administrator
        shall provide for the registration of Certificates and of transfers and
        exchanges of Certificates as herein provided.

       

      (b)  No
        transfer of any Class M-11 Certificate, Class CE Certificate, Class P
        Certificate or Residual Certificate (collectively, the “Private Certificates”)
        shall be made unless that transfer is made pursuant to an effective registration
        statement under the Securities Act of 1933, as amended (the “1933 Act”), and an
        effective registration or qualification under applicable state securities
        laws,
        or is made in a transaction that does not require such registration or
        qualification. In the event that such a transfer of a Private Certificate
        is to
        be made without registration or qualification (other than in connection with
        (i)
        the initial transfer of any such Certificate by the Depositor to an Affiliate
        of
        the Depositor or,
        in
        the case of the Class R-X Certificates, the first transfer by an Affiliate
        of
        the Depositor or the first transfer by the initial transferee of an Affiliate
        of
        the Depositor,
        (ii)
        the transfer of any such Class CE, Class P or Residual Certificate to the
        issuer
        under the Indenture or the indenture trustee under the Indenture or (iii)
        a
        transfer of any such Certificate from the issuer under the Indenture or the
        indenture trustee under the Indenture to the Depositor or an Affiliate of
        the
        Depositor), the Trustee and the Certificate Registrar shall each require
        receipt
        of: (i) if such transfer is purportedly being made in reliance upon Rule
        144A
        under the 1933 Act, written certifications from the Certificateholder desiring
        to effect the transfer and from such Certificateholder’s prospective transferee,
        substantially in the forms attached hereto as Exhibit F-1; and (ii) in all
        other
        cases, an Opinion of Counsel satisfactory to it that such transfer may be
        made
        without such registration (which Opinion of Counsel shall not be an expense
        of
        the Depositor, the Trustee, the Trust Administrator, the Master Servicer
        in its
        capacity as such, the Servicer, any Sub-Servicer or the Trust Fund), together
        with copies of the written certification(s) of the Certificateholder desiring
        to
        effect the transfer and/or such Certificateholder’s prospective transferee upon
        which such Opinion of Counsel is based, if any. None of the Depositor, the
        Master Servicer, the Servicer, the Trust Administrator, the Certificate
        Registrar or the Trustee is obligated to register or qualify the Private
        Certificates under the 1933 Act or any other securities laws or to take any
        action not otherwise required under this Agreement to permit the transfer
        of
        such Certificates without registration or qualification.

       

      Any
        Certificateholder desiring to effect the transfer of any such Certificate
        shall,
        and does hereby agree to, indemnify the Trustee, the Trust Administrator,
        the
        Depositor and the Master Servicer against any liability that may result if
        the
        transfer is not so exempt or is not made in accordance with such federal
        and
        state laws.

       

      No
        transfer of any Class CE Certificate shall be made unless the transferee
        of such
        Class CE Certificate provides to the Trust Administrator, the Swap Provider
        and
        the Interest Rate Cap Provider the appropriate tax certification form (i.e.,
        IRS
        Form W-9 or IRS Form W-8BEN, W-8IMY, or W-8ECI, as applicable (or
        any
        successor thereto))
        as a
        condition to such transfer and agrees to update
        such forms (i) upon expiration of any such form, (ii) as required under then
        applicable U.S. Treasury Regulations and (iii) promptly upon learning that
        any
        IRS Form W-9
        or
        IRS Form W-8BEN, W-8IMY, or W-8ECI, as applicable
        (or any
        successor thereto), has become obsolete or incorrect. In addition, no transfer
        of any Class CE Certificate shall be made if such transfer would cause the
        Supplemental Interest Trust or the Cap Account to be beneficially owned by
        two
        or more persons for federal income tax purposes, or continue to be so treated,
        unless (a) each proposed transferee of such Class CE Certificate complies
        with
        the foregoing conditions, (b) the proposed majority Holder of the Class CE
        Certificates (or each Holder, if there is or would be no majority Holder)
        (A)
        provides, or causes to be provided, on behalf of the Supplemental Interest
        Trust
        and the Cap Account, if applicable, the appropriate tax certification form
        that
        would be required from the Supplemental Interest Trust or the Cap Account,
        as
        applicable, to eliminate any withholding or deduction for taxes from amounts
        payable by the Swap Provider or the Interest Rate Cap Provider, pursuant
        to the
        Interest Rate Swap Agreement or the Interest Rate Cap Agreement, to the Trust
        Administrator, the Swap Provider and the Interest Rate Cap Provider on behalf
        of
        the Supplemental Interest Trust or the Cap Account (i.e., IRS Form W-9 or
        IRS
        Form W-8BEN, W-8IMY or W-8ECI, as applicable (or any successor form thereto)
        as
        a condition to such transfer, together with any applicable attachments) and
        (B)
        agrees to update such form (x) upon expiration of any such form, (y) as required
        under then applicable U.S. Treasury regulations and (z) promptly upon learning
        that such form has become obsolete or incorrect. If, under applicable U.S.
        Treasury regulations, such tax certification form may only be signed by a
        trustee acting on behalf of the Supplemental Interest Trust or the Cap Account,
        then the Supplemental Interest Trust Trustee or the Trust Administrator,
        as
        applicable, shall sign such certification form if so requested by a Holder
        of
        the Class CE Certificates.

       

      Upon
        receipt of any such tax certification form from a transferee of any Class
        CE
        Certificate pursuant to the immediately preceding paragraph, the Trust
        Administrator shall provide a copy of any such tax certification form to
        the
        Swap Provider and the Interest Rate Cap Provider, upon its request, solely
        to
        the extent the Swap Provider or the Interest Rate Cap Provider has not received
        such IRS Form directly from the Holder of the Class CE Certificates. Each
        Holder
        of a Class CE Certificate by its purchase of such Certificate is deemed to
        consent to any such IRS Form being so forwarded. Upon the request of the
        Swap
        Provider or the Interest Rate Cap Provider, the Trust Administrator shall
        be
        required to forward any tax certification received by it to the Swap Provider
        or
        the Interest Rate Cap Provider at the last known address provided to it,
        and,
        subject to Section 8.01, shall not be liable for the receipt of such tax
        certification by the Swap Provider or the Interest Rate Cap Provider, nor
        any
        action taken or not taken by the Swap Provider or the Interest Rate Cap Provider
        with respect to such tax certification. Any purported sales or transfers
        of any
        Class CE Certificate to a transferee which does not comply with the requirements
        of the preceding paragraph shall be deemed null and void under this Agreement.
        The Trust Administrator shall have no duty to take any action to correct
        any
        misstatement or omission in any tax certification provided to it by the Holder
        of the Class CE Certificates and forwarded to the Swap Provider or the Interest
        Rate Cap Provider.

       

      (c)  No
        transfer of a Class
        CE
        Certificate, Class P Certificate or Residual Certificate
        or any
        interest therein shall be made to any Plan, any Person acting, directly or
        indirectly, on behalf of any such Plan or any Person acquiring such Certificates
        with “Plan Assets” of a Plan within the meaning of the Department of Labor
        regulation promulgated at 29 C. F. R. § 2510.3-101 (“Plan Assets”), as certified
        by such transferee in the form of Exhibit G, unless the Trust Administrator
        is
        provided with an Opinion of Counsel for the benefit of the Trustee, the Trust
        Administrator, the Depositor, the Master Servicer and the Servicer and on
        which
        they may rely which establishes to the satisfaction of the Depositor, the
        Trustee, the Trust Administrator, the Servicer and the Master Servicer that
        the
        purchase of such Certificates is permissible under applicable law, will not
        constitute or result in any prohibited transaction under ERISA or
        Section 4975 of the Code and will not subject the Depositor, the Master
        Servicer, the Servicer, the NIMS Insurer, the Trust Administrator, the Trustee
        or the Trust Fund to any obligation or liability (including obligations or
        liabilities under ERISA or Section 4975 of the Code) in addition to those
        undertaken in this Agreement, which Opinion of Counsel shall not be an expense
        of the Depositor, the Master Servicer, the Servicer, the Trust Administrator,
        the Trustee or the Trust Fund. Neither an Opinion of Counsel nor any
        certification will be required in connection with the (i) the initial transfer
        of any Class CE Certificate, Class P Certificate or Residual Certificate
        by the
        Depositor to an Affiliate of the Depositor, (ii) the transfer of any Class
        CE
        Certificate, Class P Certificate or Residual Certificate to the issuer under
        the
        Indenture or the indenture trustee under the Indenture or (iii) a transfer
        of
        any Class CE Certificate, Class P Certificate or Residual Certificate from
        the
        issuer under the Indenture or the indenture trustee under the Indenture to
        the
        Depositor or an Affiliate of the Depositor (in which case, the Transferee
        thereof shall have deemed to have represented that it is not a Plan or a
        Person
        investing Plan Assets) and the Trust Administrator shall be entitled to
        conclusively rely upon a representation (which, upon the request of the Trust
        Administrator, shall be a written representation) from the Transferor of
        the
        status of such transferee as an affiliate of the Depositor.

       

      Any
        transferee of a Class A Certificate or Mezzanine Certificate acquired prior
        to
        the termination of the Supplemental Interest Trust shall be deemed to represent
        that either (i) it is not a Plan or purchasing with assets of a Plan or (ii)(A)
        such Plan is an accredited investor within the meaning of the Exemption and
        (B)
        such acquisition or holding is eligible for the exemptive relief available
        under
        Department of Labor Prohibited Transaction Class Exemption (“PTE”) 84-14, PTE
        91-38, PTE 90-1, PTE 95-60 or PTE 96-23 or in the case of a Class M-11
        Certificate, PTE 95-60.

       

      Subsequent
        to the termination of the Supplemental Interest Trust, each beneficial owner
        of
        a Mezzanine Certificate or any interest therein shall be deemed to have
        represented, by virtue of its acquisition or holding of that certificate
        or
        interest therein, that either (i) it is not a Plan or investing with “Plan
        Assets,” (ii) other than in the case of a Class M-11 Certificate, it has
        acquired and is holding such Mezzanine Certificate in reliance on the Exemption,
        and that it understands that there are certain conditions to the availability
        of
        the Exemption, including that the Mezzanine Certificate must be rated, at
        the
        time of purchase not lower than “BBB-” (or its equivalent) by S&P, Moody’s
        or Fitch or (iii)(1) it is an insurance company, (2) the source of funds
        used to
        acquire or hold the certificate or interest therein is an “insurance company
        general account,” as such term is defined in PTE 95-60, and (3) the conditions
        in Sections I and III of PTE 95-60 have been satisfied.

       

      If
        any
        Certificate or any interest therein is acquired or held in violation of the
        provisions of the preceding three paragraphs, the next preceding permitted
        beneficial owner will be treated as the beneficial owner of that Certificate
        retroactive to the date of transfer to the purported beneficial owner. Any
        purported beneficial owner whose acquisition or holding of any such Certificate
        or interest therein was effected in violation of the provisions of the preceding
        three paragraphs shall indemnify and hold harmless the Depositor, the Master
        Servicer, the Servicer, the NIMS Insurer, the Trust Administrator, the Trustee
        and the Trust Fund from and against any and all liabilities, claims, costs
        or
        expenses incurred by those parties as a result of that acquisition or
        holding.

       

      (d)  (i)Each
        Person who has or who acquires any Ownership Interest in a Residual Certificate
        shall be deemed by the acceptance or acquisition of such Ownership Interest
        to
        have agreed to be bound by the following provisions and to have irrevocably
        authorized the Trust Administrator or its designee under clause (iii)(A)
        below
        to deliver payments to a Person other than such Person and to negotiate the
        terms of any mandatory sale under clause (iii)(B) below and to execute all
        instruments of Transfer and to do all other things necessary in connection
        with
        any such sale. The rights of each Person acquiring any Ownership Interest
        in a
        Residual Certificate are expressly subject to the following
        provisions:

       

      
        (A)  Each
          Person holding or acquiring any Ownership Interest in a Residual Certificate
          shall be a Permitted Transferee and shall promptly notify the Trust
          Administrator of any change or impending change in its status as a Permitted
          Transferee.

         

        (B)  In
          connection with any proposed Transfer of any Ownership Interest in a Residual
          Certificate, the Trust Administrator shall require delivery to it, and
          shall not
          register the Transfer of any Residual Certificate until its receipt of,
          an
          affidavit and agreement (a “Transfer Affidavit and Agreement,” in the form
          attached hereto as Exhibit F-2) from the proposed Transferee, in form and
          substance satisfactory to the Trust Administrator, representing and warranting,
          among other things, that such Transferee is a Permitted Transferee, that
          it is
          not acquiring its Ownership Interest in the Residual Certificate that is
          the
          subject of the proposed Transfer as a nominee, trustee or agent for any
          Person
          that is not a Permitted Transferee, that for so long as it retains its
          Ownership
          Interest in a Residual Certificate, it will endeavor to remain a Permitted
          Transferee, and that it has reviewed the provisions of this Section 5.02(d)
          and agrees to be bound by them.

         

        (C)  Notwithstanding
          the delivery of a Transfer Affidavit and Agreement by a proposed Transferee
          under clause (B) above, if a Responsible Officer of the Trust Administrator
          who
          is assigned to this transaction has actual knowledge that the proposed
          Transferee is not a Permitted Transferee, no Transfer of an Ownership Interest
          in a Residual Certificate to such proposed Transferee shall be
          effected.

         

        (D)  Each
          Person holding or acquiring any Ownership Interest in a Residual Certificate
          shall agree (x) to require a Transfer Affidavit and Agreement in the form
          attached hereto as Exhibit F-2 from any other Person to whom such Person
          attempts to transfer its Ownership Interest in a Residual Certificate and
          (y)
          not to transfer its Ownership Interest unless it provides a Transferor
          Affidavit
          (in the form attached hereto as Exhibit F-2) to the Trust Administrator
          stating
          that, among other things, it has no actual knowledge that such other Person
          is
          not a Permitted Transferee.

         

        (E)  Each
          Person holding or acquiring an Ownership Interest in a Residual Certificate,
          by
          purchasing an Ownership Interest in such Certificate, agrees to give the
          Trust
          Administrator written notice that it is a “pass-through interest holder” within
          the meaning of temporary Treasury regulation Section 1.67-3T(a)(2)(i)(A)
          immediately upon acquiring an Ownership Interest in a Residual Certificate,
          if
          it is, or is holding an Ownership Interest in a Residual Certificate on
          behalf
          of, a “pass-through interest holder.”

         

      

      (ii)
        The
        Trust Administrator will register the Transfer of any Residual Certificate
        only
        if it shall have received the Transfer Affidavit and Agreement and all of
        such
        other documents as shall have been reasonably required by the Trust
        Administrator as a condition to such registration. In addition, no Transfer
        of a
        Residual Certificate shall be made unless the Trust Administrator shall have
        received a representation letter from the Transferee of such Certificate
        to the
        effect that such Transferee is a Permitted Transferee.

       

      (iii)
        If
        any purported Transferee shall become a Holder of a Residual Certificate
        in
        violation of the provisions of this Section 5.02(d), then the last
        preceding Permitted Transferee shall be restored, to the extent permitted
        by
        law, to all rights as holder thereof retroactive to the date of registration
        of
        such Transfer of such Residual Certificate. The Trust Administrator shall
        be
        under no liability to any Person for any registration of Transfer of a Residual
        Certificate that is in fact not permitted by this Section 5.02(d) or for
        making any payments due on such Certificate to the holder thereof or for
        taking
        any other action with respect to such holder under the provisions of this
        Agreement.

       

      (A)  
        If any
        purported Transferee shall become a holder of a Residual Certificate in
        violation of the restrictions in this Section 5.02(d) and to the extent
        that the retroactive restoration of the rights of the holder of such Residual
        Certificate as described in clause (iii)(A) above shall be invalid, illegal
        or
        unenforceable, then the Trust Administrator shall have the right, without
        notice
        to the holder or any prior holder of such Residual Certificate, to sell such
        Residual Certificate to a purchaser selected by the Trust Administrator on
        such
        terms as the Trust Administrator may choose. Such purported Transferee shall
        promptly endorse and deliver each Residual Certificate in accordance with
        the
        instructions of the Trust Administrator. Such purchaser may be the Trust
        Administrator itself or any Affiliate of the Trust Administrator. The proceeds
        of such sale, net of the commissions (which may include commissions payable
        to
        the Trustee or its Affiliates), expenses and taxes due, if any, will be remitted
        by the Trust Administrator to such purported Transferee. The terms and
        conditions of any sale under this clause (iii)(B) shall be determined in
        the
        sole discretion of the Trust Administrator, and the Trust Administrator shall
        not be liable to any Person having an Ownership Interest in a Residual
        Certificate as a result of its exercise of such discretion.

       

      (iv)
        The
        Trust Administrator shall make available to the Internal Revenue Service
        and
        those Persons specified by the REMIC Provisions all information necessary
        to
        compute any tax imposed (A) as a result of the Transfer of an Ownership Interest
        in a Residual Certificate to any Person who is a Disqualified Organization,
        including the information described in Treasury regulations sections
        1.860D-1(b)(5) and 1.860E-2(a)(5) with respect to the “excess inclusions” of
        such Residual Certificate and (B) as a result of any regulated investment
        company, real estate investment trust, common Trust, partnership, trust,
        estate
        or organization described in Section 1381 of the Code that holds an
        Ownership Interest in a Residual Certificate having as among its record holders
        at any time any Person which is a Disqualified Organization. Reasonable
        compensation for providing such information may be accepted by the Trust
        Administrator.

       

      (v) The
        provisions of this Section 5.02(d) set forth prior to this subsection (v)
        may be modified, added to or eliminated, provided that there shall have been
        delivered to the Trust Administrator and the NIMS Insurer at the expense
        of the
        party seeking to modify, add to or eliminate any such provision the
        following:

       

      (A)  written
        notification from each Rating Agency to the effect that the modification,
        addition to or elimination of such provisions will not cause such Rating
        Agency
        to downgrade its then-current ratings of any Class of Certificates;
        and

       

      (B)  an
        Opinion of Counsel, in form and substance satisfactory to the Trust
        Administrator and the NIMS Insurer, to the effect that such modification
        of,
        addition to or elimination of such provisions will not cause any Trust REMIC
        to
        cease to qualify as a REMIC and will not cause any Trust REMIC to be subject
        to
        an entity-level tax caused by the Transfer of any Residual Certificate to
        a
        Person that is not a Permitted Transferee or a Person other than the prospective
        transferee to be subject to a REMIC-tax caused by the Transfer of a Residual
        Certificate to a Person that is not a Permitted Transferee.

       

      The
        Trust
        Administrator shall forward to the NIMS Insurer a copy of the items delivered
        to
        it pursuant to (A) and (B) above.

       

      (e)  Subject
        to the preceding subsections, upon surrender for registration of transfer
        of any
        Certificate at any office or agency of the Trust Administrator maintained
        for
        such purpose pursuant to Section 8.11, the Trust Administrator shall
        execute, authenticate and deliver, in the name of the designated Transferee
        or
        Transferees, one or more new Certificates of the same Class of a like aggregate
        Percentage Interest.

       

      (f)  At
        the
        option of the Holder thereof, any Certificate may be exchanged for other
        Certificates of the same Class with authorized denominations and a like
        aggregate Percentage Interest, upon surrender of such Certificate to be
        exchanged at any office or agency of the Trust Administrator maintained for
        such
        purpose pursuant to Section 8.11. Whenever any Certificates are so
        surrendered for exchange, the Trust Administrator shall execute, authenticate
        and deliver, the Certificates which the Certificateholder making the exchange
        is
        entitled to receive. Every Certificate presented or surrendered for transfer
        or
        exchange shall (if so required by the Trust Administrator) be duly endorsed
        by,
        or be accompanied by a written instrument of transfer in the form satisfactory
        to the Trust Administrator duly executed by, the Holder thereof or his attorney
        duly authorized in writing. In addition, (i) with respect to each Class R
        Certificate, the holder thereof may exchange, in the manner described above,
        such Class R Certificate for three separate certificates, each representing
        such
        holder’s respective Percentage Interest in the Class R-I Interest, the Class
        R-II Interest and the Class R-III Interest, respectively, in each case that
        was
        evidenced by the Class R Certificate being exchanged and (ii) with respect
        to
        each Class R-X Certificate, the holder thereof may exchange, in the manner
        described above, such Class R-X Certificate for three separate certificates,
        each representing such holder’s respective Percentage Interest in the Class R-IV
        Interest, the Class R-V Interest and the Class R-VI Interest, respectively,
        in
        each case that was evidenced by the Class R-X Certificate being
        exchanged.

       

      (g)  No
        service charge to the Certificateholders shall be made for any transfer or
        exchange of Certificates, but the Trust Administrator may require payment
        of a
        sum sufficient to cover any tax or governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      (h)  All
        Certificates surrendered for transfer and exchange shall be canceled and
        destroyed by the Trust Administrator in accordance with its customary
        procedures.

       

      
        	SECTION
                5.03.  	
                Mutilated,
                  Destroyed, Lost or Stolen
                  Certificates.

              

      

       

      If
        (i)
        any mutilated Certificate is surrendered to the Trust Administrator, or the
        Trust Administrator receives evidence to its satisfaction of the destruction,
        loss or theft of any Certificate, and (ii) there is delivered to the Trust
        Administrator, the Trustee and the NIMS Insurer such security or indemnity
        as
        may be required by it to save it harmless, then, in the absence of actual
        knowledge by the Trust Administrator that such Certificate has been acquired
        by
        a bona fide purchaser or the Trust Administrator shall execute, authenticate
        and
        deliver, in exchange for or in lieu of any such mutilated, destroyed, lost
        or
        stolen Certificate, a new Certificate of the same Class and of like denomination
        and Percentage Interest. Upon the issuance of any new Certificate under this
        Section, the Trust Administrator may require the payment of a sum sufficient
        to
        cover any tax or other governmental charge that may be imposed in relation
        thereto and any other expenses (including the fees and expenses of the Trust
        Administrator) connected therewith. Any replacement Certificate issued pursuant
        to this Section shall constitute complete and indefeasible evidence of
        ownership in the applicable REMIC created hereunder, as if originally issued,
        whether or not the lost, stolen or destroyed Certificate shall be found at
        any
        time.

       

      
        	SECTION
                5.04.  	
                Persons
                  Deemed Owners.

              

      

       

      The
        Depositor, the Servicer, the Master Servicer, the NIMS Insurer, the Trust
        Administrator, the Trustee and any agent of any of them may treat the Person
        in
        whose name any Certificate is registered as the owner of such Certificate
        for
        the purpose of receiving distributions pursuant to Section 4.01 and for all
        other purposes whatsoever, and none of the Depositor, the Master Servicer,
        the
        Servicer, the NIMS Insurer, the Trust Administrator, the Trustee or any agent
        of
        any of them shall be affected by notice to the contrary.

       

      
        	SECTION
                5.05.  	
                Certain
                  Available Information.

              

      

       

      On
        or
        prior to the date of the first sale of any Private Certificate to an Independent
        third party, the Depositor shall provide to the Trust Administrator ten copies
        of any private placement memorandum or other disclosure document used by
        the
        Depositor in connection with the offer and sale of such Certificates. In
        addition, if any such private placement memorandum or disclosure document
        is
        revised, amended or supplemented at any time following the delivery thereof
        to
        the Trust Administrator, the Depositor promptly shall inform the Trust
        Administrator of such event and shall deliver to the Trust Administrator
        ten
        copies of the private placement memorandum or disclosure document, as revised,
        amended or supplemented. The Trust Administrator shall maintain at its Corporate
        Trust Office and shall make available free of charge during normal business
        hours for review by any Holder of a Certificate or any Person identified
        to the
        Trust Administrator as a prospective transferee of a Certificate, originals
        or
        copies of the following items: (i) in the case of a Holder or prospective
        transferee of a Private Certificate, the related private placement memorandum
        or
        other disclosure document relating to such Class of Certificates, in the
        form
        most recently provided to the Trust Administrator; and (ii) in all cases,
        (A)
        this Agreement and any amendments hereof entered into pursuant to
        Section 11.01, (B) all Monthly Statements required to be delivered to
        Certificateholders of the relevant Class pursuant to Section 4.02 since the
        Closing Date, and all other notices, reports, statements and written
        communications delivered to the Certificateholders of the relevant Class
        pursuant to this Agreement since the Closing Date, (C) all certifications
        delivered by a Responsible Officer of the Trust Administrator since the Closing
        Date, (D) any and all Officers’ Certificates delivered to the Trust
        Administrator by the Servicer since the Closing Date to evidence the Servicer’s
        determination that any Advance or Servicing Advance was, or if made, would
        be a
        Nonrecoverable Advance or Nonrecoverable Servicing Advance, respectively,
        and
        (E) any and all Officers’ Certificates delivered to the Trust Administrator by
        the Servicer since the Closing Date pursuant to Section 4.04(a). Copies and
        mailing of any and all of the foregoing items will be available from the
        Trust
        Administrator upon request at the expense of the Person requesting the
        same.

       

      ARTICLE
        VI

       

      THE
        DEPOSITOR, THE SERVICER AND THE MASTER SERVICER

       

      
        	SECTION
                6.01.  	
                Liability
                  of the Depositor, the Servicer and the Master
                  Servicer.

              

      

       

      The
        Depositor, the Servicer and the Master Servicer each shall be liable in
        accordance herewith only to the extent of the obligations specifically imposed
        by this Agreement upon them in their respective capacities as Depositor,
        Servicer and Master Servicer and undertaken hereunder by the Depositor, the
        Servicer and the Master Servicer herein.

       

      
        	SECTION
                6.02.  	
                Merger
                  or Consolidation of the Depositor, the Servicer or the Master
                  Servicer.

              

      

       

      Subject
        to the following paragraph, the Depositor will keep in full effect its
        existence, rights and franchises as a corporation under the laws of the
        jurisdiction of its incorporation. Subject to the following paragraph, the
        Servicer will keep in full effect its existence, rights and franchises as
        a
        limited liability company under the laws of the State of Delaware. Subject
        to
        the following paragraph, the Master Servicer will keep in full effect its
        existence, rights and franchises as a national banking association and shall
        ensure that it (or an Affiliate) maintains its qualification as an approved
        conventional seller/servicer for Fannie Mae or Freddie Mac in good standing.
        The
        Depositor, the Servicer and the Master Servicer each will obtain and preserve
        its qualification to do business as a foreign corporation in each jurisdiction
        in which such qualification is or shall be necessary to protect the validity
        and
        enforceability of this Agreement, the Certificates or any of the Mortgage
        Loans
        and to perform its respective duties under this Agreement.

       

      The
        Depositor, the Servicer or the Master Servicer may be merged or consolidated
        with or into any Person, or transfer all or substantially all of its assets
        or
        its servicing platform in the case of the Servicer to any Person, in which
        case
        any Person resulting from any merger or consolidation to which the Depositor,
        the Servicer or the Master Servicer shall be a party, or any Person succeeding
        to the business of the Depositor, the Servicer or the Master Servicer, shall
        be
        the successor of the Depositor, the Servicer or the Master Servicer, as the
        case
        may be, hereunder, without the execution or filing of any paper or any further
        act on the part of any of the parties hereto, anything herein to the contrary
        notwithstanding; provided, however, that the successor or surviving Person
        to
        the Servicer shall be qualified to service mortgage loans on behalf of Fannie
        Mae or Freddie Mac; and provided further that the Rating Agencies’ ratings of
        the Class A Certificates and the Mezzanine Certificates in effect immediately
        prior to such merger or consolidation will not be qualified, reduced or
        withdrawn as a result thereof (as evidenced by a letter to such effect from
        the
        Rating Agencies).

       

      
        	SECTION
                6.03.  	
                Limitation
                  on Liability of the Depositor, the Servicer, the Master Servicer
                  and
                  Others.

              

      

       

      (a)  The
        Servicer (but not the Trustee if it is required to succeed a Servicer after
        becoming Master Servicer hereunder) indemnifies and holds the NIMS Insurer,
        the
        Trustee, the Trust Administrator, the Master Servicer and the Depositor harmless
        against any and all claims, losses, penalties, fines, forfeitures, reasonable
        legal fees and related costs, judgments, and any other costs, fees and expenses
        that the NIMS Insurer, the Trustee, the Trust Administrator, the Master Servicer
        and the Depositor may sustain in any way related to the failure of the Servicer
        to perform its duties and service the Mortgage Loans in compliance with the
        terms of this Agreement.

       

      The
        Servicer shall immediately notify the NIMS Insurer, the Trustee, the Trust
        Administrator, the Master Servicer and the Depositor if a claim is made that
        may
        result in such claims, losses, penalties, fines, forfeitures, legal fees
        or
        related costs, judgments, or any other costs, fees and expenses, and the
        Servicer shall assume (with the consent of the Trust Administrator, the
        Depositor, the Master Servicer and the Trustee, as applicable) the defense
        of
        any such claim and pay all expenses in connection therewith, including
        reasonable counsel fees, and promptly pay, discharge and satisfy any judgment
        or
        decree which may be entered against the NIMS Insurer, the Trustee, the Trust
        Administrator, the Master Servicer and/or the Depositor in respect of such
        claim. The provisions of this Section 6.03 shall survive the termination
        of this
        Agreement and the payment of the outstanding Certificates.

       

      (b)  The
        Master Servicer agrees to indemnify the Indemnified Persons for, and to hold
        them harmless against, any loss, liability or expense (including reasonable
        legal fees and disbursements of counsel) incurred on their part that may
        be
        sustained in connection with, arising out of, or relating to, any claim or
        legal
        action (including any pending or threatened claim or legal action) relating
        to
        this Agreement or the Certificates or the powers of attorney delivered by
        the
        Trustee hereunder (i) related to the Master Servicer’s failure to perform its
        duties in compliance with this Agreement (except as any such loss, liability
        or
        expense shall be otherwise reimbursable pursuant to this Agreement) or (ii)
        incurred by reason of the Master Servicer’s willful misfeasance, bad faith or
        gross negligence in the performance of duties hereunder or by reason of reckless
        disregard of obligations and duties hereunder, provided, in each case, that
        with
        respect to any such claim or legal action (or pending or threatened claim
        or
        legal action), the Trustee shall have given the Master Servicer and the
        Depositor written notice thereof promptly after the Trustee shall have with
        respect to such claim or legal action knowledge thereof. The Master Servicer’s
        failure to receive any such notice shall not affect any Indemnified Person’s
        right to indemnification under this Section 6.03(b), except to the extent
        the Master Servicer is materially prejudiced by such failure to give notice.
        This indemnity shall survive the resignation or removal of the Trustee, Master
        Servicer or the Trust Administrator and the termination of this Agreement.
        For
        purposes of this Section 6.03(b), “Indemnified Persons” means each of the
        Trustee, the Servicer, the NIMS Insurer and their respective officers,
        directors, agents and employees and, with respect to the Trustee, any separate
        co-trustee and its officers, directors, agents and employees.

       

      (c)  None
        of
        the Depositor, the NIMS Insurer, the Master Servicer, the Trust Administrator,
        the Servicer or any of the directors, officers, employees or agents of the
        Depositor, the Master Servicer, the Trust Administrator or the Servicer shall
        be
        under any liability to the Trust Fund or the Certificateholders for any action
        taken or for refraining from the taking of any action in good faith pursuant
        to
        this Agreement, or for errors in judgment; provided, however, that this
        provision shall not protect the Depositor, the Master Servicer, the Trust
        Administrator, the Servicer or any such person against any breach of warranties,
        representations or covenants made herein, or against any specific liability
        imposed on the Master Servicer or Servicer pursuant hereto, or against any
        liability which would otherwise be imposed by reason of willful misfeasance,
        bad
        faith or gross negligence in the performance of duties or by reason of reckless
        disregard of obligations and duties hereunder, in the case of the Master
        Servicer, a breach of the servicing standard set forth in Section 3A.01 or
        in
        the case of the Servicer, a breach of the servicing standard set forth in
        Section 3.01. The Depositor, the NIMS Insurer, the Master Servicer, the Trust
        Administrator and the Servicer and any director, officer, employee or agent
        of
        the Depositor, the NIMS Insurer, the
        Master Servicer, the Trust Administrator or
        the
        Servicer may rely in good faith on any document of any kind which is,
prima
        facie,
        is
        properly executed and submitted by any Person respecting any matters arising
        hereunder. The Depositor, the NIMS Insurer, the Master Servicer, the Trust
        Administrator, the Servicer and any director, officer, employee or agent
        of the
        Depositor, the NIMS Insurer, the Master Servicer, the Trust Administrator
        or the
        Servicer shall be indemnified and held harmless by the Trust Fund against
        any
        loss, liability or expense incurred in connection with (i) any legal action
        relating to this Agreement or the Certificates, other than any loss, liability
        or expense relating to any specific Mortgage Loan or Mortgage Loans (except
        as
        any such loss, liability or expense shall be otherwise reimbursable pursuant
        to
        this Agreement) or any loss, liability or expense incurred by reason of willful
        misfeasance, bad faith or negligence in the performance of duties hereunder
        or
        by reason of its reckless disregard of obligations and duties hereunder or
        (ii)
        any breach of a representation or warranty by the Originator or any other
        party
        regarding the Mortgage Loans. None of the Depositor, the NIMS Insurer, the
        Master Servicer, the Trust Administrator or the Servicer shall be under any
        obligation to appear in, prosecute or defend any legal action unless such
        action
        is related to its respective duties under this Agreement and, in its opinion,
        does not involve it in any expense or liability; provided, however, that
        each of
        the Depositor, the NIMS Insurer, the Master Servicer, the Trust Administrator
        and the Servicer may in its discretion undertake any such action which it
        may
        deem necessary or desirable with respect to this Agreement and the rights
        and
        duties of the parties hereto and the interests of the Certificateholders
        hereunder. In such event, the legal expenses and costs of such action and
        any
        liability resulting therefrom (except any loss, liability or expense incurred
        by
        reason of willful misfeasance, bad faith or gross negligence in the performance
        of duties hereunder or by reason of reckless disregard of obligations and
        duties
        hereunder) shall be expenses, costs and liabilities of the Trust Fund, and
        the
        Depositor, the NIMS Insurer, the Master Servicer, the Trust Administrator
        and
        the Servicer shall be entitled to be reimbursed therefor from the Collection
        Account or Distribution Account, as applicable, as and to the extent provided
        in
        Section 3.11 or Section 3A.12, any such right of reimbursement being prior
        to
        the rights of the Certificateholders to receive any amount in the Collection
        Account or Distribution Account. The Master Servicer’s, the Trust
        Administrator’s or Servicer’s right to indemnity or reimbursement pursuant to
        this Section shall survive any termination of this Agreement, any resignation
        or
        termination of the Master Servicer, the Trust Administrator or such Servicer
        pursuant to Section 6.04 or 7.01 with respect to any losses, expenses, costs
        or
        liabilities arising prior to such resignation or termination (or arising
        from
        events that occurred prior to such resignation or termination).

       

      
        	SECTION
                6.04.  	
                Limitation
                  on Resignation of the Servicer; Assignment of Master
                  Servicing.

              

      

       

      (a)  Except
        as
        otherwise provided herein, the Servicer shall not resign from the obligations
        and duties hereby imposed on it except upon determination that its duties
        hereunder are no longer permissible under applicable law. Any such determination
        pursuant to the preceding sentence permitting the resignation of the Servicer
        shall be evidenced by an Opinion of Counsel to such effect obtained at the
        expense of the Servicer and delivered to the Trustee, the Trust Administrator,
        the Master Servicer and the NIMS Insurer. No resignation of the Servicer
        shall
        become effective until the Master Servicer or (if the Master Servicer is
        the
        Servicer) the Trustee or a successor servicer acceptable to the NIMS Insurer
        shall have assumed the Servicer’s responsibilities, duties, liabilities (other
        than those liabilities arising prior to the appointment of such successor)
        and
        obligations under this Agreement. Any such resignation shall not relieve
        the
        Servicer of responsibility for any of the obligations specified in Sections
        7.01
        and 7.02 as obligations that survive the resignation or termination of the
        Servicer.

       

      Except
        as
        expressly provided herein, the Servicer shall not assign or transfer any
        of its
        rights, benefits or privileges hereunder to any other Person, or delegate
        to or
        subcontract with, or authorize or appoint any other Person to perform any
        of the
        duties, covenants or obligations to be performed by the Servicer hereunder.
        The
        foregoing prohibition on assignment shall not prohibit the Servicer from
        designating a Sub-Servicer as payee of any indemnification amount payable
        to the
        Servicer hereunder; provided, however, that as provided in Section 3.06 hereof,
        no Sub-Servicer shall be a third-party beneficiary hereunder and the parties
        hereto shall not be required to recognize any Sub-Servicer as an indemnitee
        under this Agreement. If, pursuant to any provision hereof, the duties of
        the
        Servicer are transferred to a successor servicer, the entire amount of the
        Servicing Fee and other compensation payable to the Servicer pursuant hereto
        shall thereafter be payable to such successor servicer.

       

      (b)  The
        Master Servicer may sell, assign or delegate its rights, duties and obligations
        as Master Servicer under this Agreement in their entirety; provided, however,
        that: (i) the purchaser or transferee accepting such sale, assignment and
        delegation (a) shall be a Person qualified to service mortgage loans for
        Fannie
        Mae or Freddie Mac; (b) shall have a net worth of not less than $50,000,000
        (unless otherwise approved by each Rating Agency pursuant to clause (ii)
        below);
        (c) shall be reasonably satisfactory to the NIMS Insurer and the Trustee
        (as
        evidenced in a writing signed by each of the NIMS Insurer and the Trustee);
        and
        (d) shall execute and deliver to the Trustee and the NIMS Insurer an agreement,
        in form and substance reasonably satisfactory to the Trustee and the NIMS
        Insurer, which contains an assumption by such Person of the due and punctual
        performance and observance of each covenant and condition to be performed
        or
        observed by it as master servicer under this Agreement from and after the
        effective date of such assumption agreement; (ii) each Rating Agency shall
        be
        given prior written notice of the identity of the proposed successor to the
        Master Servicer and shall confirm in writing to the Master Servicer, the
        NIMS
        Insurer and the Trustee that any such sale, assignment or delegation would
        not
        result in a withdrawal or a downgrading of the rating on any Class of
        Certificates in effect immediately prior to such sale, assignment or delegation;
        and (iii) the Master Servicer shall deliver to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions
        precedent to such action under this Agreement have been fulfilled and such
        action is permitted by and complies with the terms of this Agreement. No
        such
        sale, assignment or delegation shall affect any liability of the Master Servicer
        arising prior to the effective date thereof.

       

      
        	SECTION
                6.05.  	
                Successor
                  Master Servicer.

              

      

       

      In
        connection with the appointment of any successor Master Servicer or the
        assumption of the duties of the Master Servicer, the Depositor, the NIMS
        Insurer, the Trust Administrator or the Trustee may make such arrangements
        for
        the compensation of such successor Master Servicer out of payments on the
        Mortgage Loans as the Depositor, the NIMS Insurer or the Trustee and such
        successor Master Servicer shall agree. If the successor Master Servicer does
        not
        agree that such market value is a fair price, such successor Master Servicer
        shall obtain two quotations of market value from third parties actively engaged
        in the master servicing of single-family mortgage loans. Notwithstanding
        the
        foregoing, the compensation payable to a successor Master Servicer may not
        exceed the compensation which the Master Servicer would have been entitled
        to
        retain if the Master Servicer had continued to act as Master Servicer
        hereunder.

       

      
        	SECTION
                6.06.  	
                Rights
                  of the Depositor in Respect of the
                  Servicer.

              

      

       

      The
        Servicer shall afford (and any Sub-Servicing Agreement shall provide that
        each
        Sub-Servicer shall afford) the Depositor, the NIMS Insurer, the Master Servicer,
        the Trust Administrator and the Trustee, upon reasonable notice, during normal
        business hours, reasonable access to all records maintained by the Servicer
        (and
        any such Sub-Servicer) in respect of the Servicer’s rights and obligations
        hereunder and access to officers of the Servicer (and those of any such
        Sub-Servicer) responsible for such obligations. Upon request, the Servicer
        shall
        furnish to the Depositor, the NIMS Insurer, the Master Servicer, the Trust
        Administrator and the Trustee its (and any such Sub-Servicer’s) most recent
        financial statements and such other information relating to the Servicer’s
        capacity to perform its obligations under this Agreement as it possesses
        (and
        that any such Sub-Servicer possesses). To the extent such information is
        not
        otherwise available to the public, the Depositor, the NIMS Insurer, the Master
        Servicer, the Trust Administrator and the Trustee shall not disseminate any
        information obtained pursuant to the preceding two sentences without the
        Servicer’s written consent, except as required pursuant to this Agreement or to
        the extent that it is appropriate to do so (i) in working with legal counsel,
        auditors, taxing authorities or other governmental agencies or (ii) pursuant
        to
        any law, rule, regulation, order, judgment, writ, injunction or decree of
        any
        court or governmental authority having jurisdiction over the Depositor and
        the
        Trustee or the Trust Fund, and in any case, the Depositor, the NIMS Insurer,
        the
        Master Servicer, the Trust Administrator or the Trustee, as the case may
        be,
        shall use its best efforts to assure the confidentiality of any such
        disseminated non-public information. 

       

      The
        Depositor may, but is not obligated to, enforce the obligations of the Servicer
        under this Agreement and may, but is not obligated to, perform, or cause
        a
        designee to perform, any defaulted obligation of the Servicer under this
        Agreement or exercise the rights of the Servicer under this Agreement; provided
        that the Servicer shall not be relieved of any of its obligations under this
        Agreement by virtue of such performance by the Depositor or its designee.
        The
        Depositor shall not have any responsibility or liability for any action or
        failure to act by the Servicer and is not obligated to supervise the performance
        of the Servicer under this Agreement or otherwise. 

       

      
        	SECTION
                6.07.  	
                [Reserved].

              

      

       

      
        	SECTION
                6.08.  	
                Duties
                  of the Credit Risk Manager.

              

      

       

      The
        Certificateholders, by their purchase and acceptance of the Certificates,
        appoint Clayton Fixed Income Services Inc. as Credit Risk Manager. For and
        on
        behalf of the Depositor, the Credit Risk Manager will provide reports and
        recommendations concerning certain delinquent and defaulted Mortgage Loans,
        and
        as to the collection of any Prepayment Charges with respect to the Mortgage
        Loans. Such reports and recommendations will be based upon information provided
        pursuant to the Credit Risk Management Agreement to the Credit Risk Manager
        by
        the Servicer. The Credit Risk Manager shall look solely to the Servicer and/or
        Master Servicer, as applicable, for all information and data (including loss
        and
        delinquency information and data) and loan level information and data relating
        to the servicing of the Mortgage Loans and the Trustee shall not have any
        obligation to provide any such information to the Credit Risk Manager and
        shall
        not otherwise have any responsibility under the Credit Risk Management
        Agreement. Upon any termination of the Credit Risk Manager or the appointment
        of
        a successor Credit Risk Manager, the Depositor shall give written notice
        thereof
        to the Servicer, the Trustee, the Master Servicer, the Trust Administrator,
        the
        NIMS Insurer and each Rating Agency. Notwithstanding the foregoing, the
        termination of the Credit Risk Manager pursuant to this Section shall not
        become
        effective until the appointment of a successor Credit Risk Manager.

       

      With
        respect to each Distribution Date, on or about the 15th
        calendar
        day of each month following the month in which such Distribution Date occurs,
        the Credit Risk Manager shall have prepared and shall make available to the
        Depositor, the Trustee, the Trust Administrator, the Servicer, the Master
        Servicer, the Swap Provider and the Cap Provider, the following reports (each
        such report to be made in a format compatible with EDGAR filing
        requirements):

       

      (i)  Watchlist
        Report: A listing of individual Mortgage Loans that are of concern to the
        Credit
        Risk Manager. Each Watchlist Report shall contain a listing of Mortgage Loans
        in
        any delinquency status, including current and paid-off loans, and may contain
        the comments of the Credit Risk Manager in its sole discretion. The Watchlist
        Report shall be presented in substantially the same format attached hereto
        as
        Exhibit S-1;

       

      (ii)  Loss
        Severity Report: A compilation and summary of all losses, indicating the
        loan
        loss severity for each Mortgage Pool. Each Loss Severity Report shall include
        detail of all losses reported by the Servicer as Realized Losses, except
        those
        for which the Servicer has not provided detail adequate for reporting purposes.
        The Loss Severity Report shall be presented in substantially the same format
        attached hereto as Exhibit S-2;

       

      (iii)  Prepayment
        Report: A summary of Prepayment Charges assessed or waived by the Servicer.
        The
        Prepayment Report shall be presented in substantially the same format attached
        hereto as Exhibit S-3; and

       

      (iv)  Analytics
        Report: Analytics Reports shall include statistical and/or graphical portrayals
        of (a) the delinquency trend, over time, of the Mortgage Loans; (b) the constant
        prepayment rate “CPR” experience of the Mortgage Loans; and (c) the Standard
        Default Assumption experience of the Mortgage Loans. The Analytics Report
        shall
        be presented in substantially the same format attached hereto as Exhibit
        S-4.

       

      Upon
        request of the Depositor, the Credit
        Risk Manager shall make such reports and any additional information reasonably
        requested by the Depositor available each month to Certificateholders, the
        Trustee, the Trust Administrator, the Master Servicer and the Rating Agencies
        via the Credit Risk Manager’s internet website. The Credit Risk Manager’s
        internet website shall initially be located at https://reports.clayton.com.
        The
        user name for access to the website shall be the Certificateholder’s e-mail
        address and the password shall be “MABS 2006-NC3”. The Master Servicer shall not
        have any obligation to review such reports or otherwise monitor or supervise
        the
        activities of the Credit Risk Manager.

       

      
        	SECTION
                6.09.  	
                Limitation
                  Upon Liability of the Credit Risk
                  Manager.

              

      

       

      Neither
        the Credit Risk Manager, nor any of its directors, officers, employees, or
        agents shall be under any liability to the Trustee, the Certificateholders,
        the
        Trust Administrator, the Servicer, the Master Servicer or the Depositor for
        any
        action taken or for refraining from the taking of any action made in good
        faith
        pursuant to this Agreement, in reliance upon information provided by the
        Servicer or the Master Servicer under the related Credit Risk Management
        Agreement, or for errors in judgment; provided, however, that this provision
        shall not protect the Credit Risk Manager or any such person against liability
        that would otherwise be imposed by reason of willful malfeasance or bad faith
        in
        its performance of its duties. The Credit Risk Manager and any director,
        officer, employee, or agent of the Credit Risk Manager may rely in good faith
        on
        any document of any kind prima
        facie
        properly
        executed and submitted by any Person respecting any matters arising hereunder,
        and may rely in good faith upon the accuracy of information furnished by
        the
        Servicer or the Master Servicer pursuant to the related Credit Risk Management
        Agreement in the performance of its duties thereunder and
        hereunder.

       

      
        	SECTION
                6.10.  	
                Removal
                  of the Credit Risk Manager.

              

      

       

      The
        Credit Risk Manager may be removed as Credit Risk Manager by Certificateholders
        holding not less than 66 2/3% of the Voting Rights in the Trust Fund, in
        the
        exercise of its or their sole discretion. The Certificateholders shall provide
        written notice of the Credit Risk Manager’s removal to the Trust Administrator.
        Upon receipt of such notice, the Trust Administrator shall provide written
        notice to the Credit Risk Manager of its removal, which shall be effective
        upon
        receipt of such notice by the Credit Risk Manager. 

       

      ARTICLE
        VII

       

      DEFAULT

       

      
        	SECTION
                7.01.  	
                Servicer
                  Events of Default and Master Servicer Events of
                  Termination.

              

      

       

      (a)  “Servicer
        Event of Default,” wherever used herein, means any one of the following
        events:

       

      (i)  any
        failure by the Servicer to remit to the Trust Administrator for distribution
        to
        the Certificateholders any payment (other than an Advance required to be
        made
        from its own funds on any Servicer Remittance Date pursuant to Section 4.03)
        required to be made under the terms of the Certificates and this Agreement
        which
        continues unremedied for a period of one Business Day after the date upon
        which
        written notice of such failure, requiring the same to be remedied, shall
        have
        been given to the Servicer by the Depositor or the Trust Administrator (in
        which
        case notice shall be provided by telecopy), or to the Servicer, the Depositor
        and the Trust Administrator by the NIMS Insurer or the Holders of Certificates
        entitled to at least 25% of the Voting Rights; or

       

      (ii)  other
        than with respect to clause (vi) below, any failure on the part of the Servicer
        duly to observe or perform in any material respect any other of the covenants
        or
        agreements on the part of the Servicer contained in this Agreement, or the
        breach by the Servicer of any representation and warranty contained in Section
        2.05, which continues unremedied for a period of 30 days (or if such failure
        or
        breach cannot be remedied within 30 days, then such remedy shall have been
        commenced within 30 days and diligently pursued thereafter; provided, however,
        that in no event shall such failure or breach be allowed to exist for a period
        of greater than 90 days) after the earlier of (i) the date on which written
        notice of such failure, requiring the same to be remedied, shall have been
        given
        to the Servicer by the Depositor or the Trust
        Administrator or
        to the
        Servicer, the Depositor and the Trust Administrator by the NIMS Insurer or
        the
        Holders of Certificates entitled to at least 25% of the Voting Rights and
        (ii)
        actual knowledge of such failure by a Servicing Officer of the Servicer;
        or

       

      (iii)  a
        decree
        or order of a court or agency or supervisory authority having jurisdiction
        in
        the premises in an involuntary case under any present or future federal or
        state
        bankruptcy, insolvency or similar law or the appointment of a conservator
        or
        receiver or liquidator in any insolvency, readjustment of debt, marshalling
        of
        assets and liabilities or similar proceeding, or for the winding-up or
        liquidation of its affairs, shall have been entered against the Servicer
        and
        such decree or order shall have remained in force undischarged or unstayed
        for a
        period of 90 days; or

       

      (iv)  the
        Servicer shall consent to the appointment of a conservator or receiver or
        liquidator in any insolvency, readjustment of debt, marshalling of assets
        and
        liabilities or similar proceedings of or relating to it or of or relating
        to all
        or substantially all of its property; or

       

      (v)  the
        Servicer shall admit in writing its inability to pay its debts generally
        as they
        become due, file a petition to take advantage of any applicable insolvency
        or
        reorganization statute, make an assignment for the benefit of its creditors,
        or
        voluntarily suspend payment of its obligations; or

       

      (vi)  any
        failure by the Servicer to timely comply with its obligations pursuant to
        Section 3.20, Section 3.21 or Section 4.06 hereof (in each case, taking into
        account any applicable cure periods); 

       

      (vii)  any
        failure of the Servicer to make any Advance on any Servicer Remittance Date
        required to be made from its own funds pursuant to Section 4.03 which continues
        unremedied until 3:00 p.m. New York time on the Business Day following the
        Servicer Remittance Date.

       

      If
        (a) a
        Servicer Event of Default described in clauses (i) through (vi) of this Section
        shall occur, then, and in each and every such case, so long as such Servicer
        Event of Default shall not have been remedied, the Depositor, the Master
        Servicer, the Trustee or the Trust Administrator may, and at the written
        direction of the Holders of Certificates entitled to at least 51% of Voting
        Rights, or at the direction of the NIMS Insurer, the Trustee shall or (b)
        a
        Servicer Event of Default described in clause (vii) of this Section shall
        occur
        and the Trustee or the Master Servicer has, at the direction of the Depositor,
        determined to terminate the Servicer, then the Trustee, shall, by notice
        in
        writing to the Servicer, the Master Servicer and the Depositor, terminate
        all of
        the rights and obligations of the Servicer in its capacity as Servicer under
        this Agreement, to the extent permitted by law, and in and to the Mortgage
        Loans
        and the proceeds thereof. If a Servicer Event of Default described in clause
        (vii) hereof shall occur, the Trustee shall, by notice in writing to the
        Servicer, the Depositor, the Master Servicer and the NIMS Insurer, terminate
        all
        of the rights and obligations of the Servicer in its capacity as Servicer
        under
        this Agreement and in and to the Mortgage Loans and the proceeds thereof.
        Subject to Section 7.02 hereof, on or after the receipt by the Servicer of
        such
        written notice, all authority and power of the Servicer under this Agreement,
        whether with respect to the Certificates (other than as a Holder of any
        Certificate) or the Mortgage Loans or otherwise, shall pass to and be vested
        in
        the Master Servicer or (if the Master Servicer is the Servicer) the Trustee
        pursuant to and under this Section, and, without limitation, the Master Servicer
        or the Trustee, as applicable, is hereby authorized and empowered, as
        attorney-in-fact or otherwise, to execute and deliver, on behalf of and at
        the
        expense of the Servicer, any and all documents and other instruments and
        to do
        or accomplish all other acts or things necessary or appropriate to effect
        the
        purposes of such notice of termination, whether to complete the transfer
        and
        endorsement or assignment of the Mortgage Loans and related documents, or
        otherwise. The Servicer agrees to promptly (and in any event no later than
        ten
        Business Days subsequent to such notice) provide the Master Servicer or the
        Trustee, as applicable, with all documents and records requested by it to
        enable
        it to assume the Servicer’s functions under this Agreement, and to cooperate
        with the Master Servicer or the Trustee, as applicable, in effecting the
        termination of the Servicer’s responsibilities and rights under this Agreement,
        including, without limitation, the transfer within one Business Day to the
        Master Servicer or the Trustee, as applicable, for administration by it of
        all
        cash amounts which at the time shall be or should have been credited by the
        Servicer to the Collection Account held by or on behalf of the Servicer,
        the
        Distribution Account or any REO Account or Servicing Account held by or on
        behalf of the Servicer or thereafter be received with respect to the Mortgage
        Loans or any REO Property serviced by the Servicer; provided, however, that
        the
        Servicer shall continue to be entitled to receive all amounts accrued or
        owing
        to it under this Agreement on or prior to the date of such termination, whether
        in respect of Advances or otherwise, and shall continue to be entitled to
        the
        benefits of Section 6.03, notwithstanding any such termination, with respect
        to
        events occurring prior to such termination.

       

      (b)  “Master
        Servicer Event of Default,” wherever used herein, means any one of the following
        events:

       

      (i)  the
        Master Servicer fails to cause to be deposited in the Distribution Account
        any
        amount so required to be deposited pursuant to this Agreement (other than
        an
        Advance), and such failure continues unremedied for a period of one Business
        Day
        after the date upon which written notice of such failure, requiring the same
        to
        be remedied, shall have been given to the Master Servicer; or

       

      (ii)  the
        Master Servicer fails to observe or perform in any material respect any other
        material covenants and agreements set forth in this Agreement to be performed
        by
        it, which covenants and agreements materially affect the rights of
        Certificateholders, and such failure continues unremedied for a period of
        60
        days after the date on which written notice of such failure, properly requiring
        the same to be remedied, shall have been given to the Master Servicer by
        the
        Trustee or the NIMS Insurer or to the Master Servicer and the Trustee by
        the
        Holders of Certificates evidencing not less than 25% of the Voting Rights;
        or

       

      (iii)  there
        is
        entered against the Master Servicer a decree or order by a court or agency
        or
        supervisory authority having jurisdiction in the premises for the appointment
        of
        a conservator, receiver or liquidator in any insolvency, readjustment of
        debt,
        marshaling of assets and liabilities or similar proceedings, or for the winding
        up or liquidation of its affairs, and the continuance of any such decree
        or
        order is unstayed and in effect for a period of 60 consecutive days, or an
        involuntary case is commenced against the Master Servicer under any applicable
        insolvency or reorganization statute and the petition is not dismissed within
        60
        days after the commencement of the case; or

       

      (iv)  the
        Master Servicer consents to the appointment of a conservator or receiver
        or
        liquidator in any insolvency, readjustment of debt, marshaling of assets
        and
        liabilities or similar proceedings of or relating to the Master Servicer
        or
        substantially all of its property; or the Master Servicer admits in writing
        its
        inability to pay its debts generally as they become due, files a petition
        to
        take advantage of any applicable insolvency or reorganization statute, makes
        an
        assignment for the benefit of its creditors, or voluntarily suspends payment
        of
        its obligations; or

       

      (v)  the
        Master Servicer assigns or delegates its duties or rights under this Agreement
        in contravention of the provisions permitting such assignment or delegation
        under Section 6.05; or

       

      (vi)  any
        failure of the Master Servicer to make any Advance (other than a Nonrecoverable
        Advance) required to be made from its own funds pursuant to Section 4.03 by
        5:00 p.m. New York time on the Business Day prior to the applicable Distribution
        Date.

       

      In
        each
        and every such case, so long as such Master Servicer Event of Default with
        respect to the Master Servicer shall not have been remedied, either the Trustee,
        the NIMS Insurer or the Holders of Certificates evidencing not less than
        51% of
        the Voting Rights, by notice in writing to the Depositor, the Master Servicer
        (and to the Trustee if given by such Certificateholders), with a copy to
        the
        NIMS Insurer and the Rating Agencies, may terminate all of the rights and
        obligations (but not the liabilities) of the Master Servicer under this
        Agreement and in and to the Mortgage Loans and/or the REO Property master
        serviced by the Master Servicer and the proceeds thereof. Upon the receipt
        by
        the Master Servicer of the written notice, all authority and power of the
        Master
        Servicer under this Agreement, whether with respect to the Certificates,
        the
        Mortgage Loans, REO Property or under any other related agreements (but only
        to
        the extent that such other agreements relate to the Mortgage Loans or related
        REO Property) shall, subject to Section 7.03, automatically and without
        further action pass to and be vested in the Trustee pursuant to this
        Section 7.01(b); and, without limitation, the Trustee is hereby authorized
        and empowered to execute and deliver, on behalf of the Master Servicer as
        attorney-in-fact or otherwise, any and all documents and other instruments
        and
        to do or accomplish all other acts or things necessary or appropriate to
        effect
        the purposes of such notice of termination, whether to complete the transfer
        and
        endorsement or assignment of the Mortgage Loans and related documents, or
        otherwise. The Master Servicer agrees to cooperate with the Trustee in effecting
        the termination of the Master Servicer’s rights and obligations hereunder,
        including, without limitation, the transfer to the Trustee of (i) the property
        and amounts which are then or should be part of the Trust Fund or which
        thereafter become part of the Trust Fund; and (ii) originals or copies of
        all
        documents of the Master Servicer reasonably requested by the Trustee to enable
        it to assume the Master Servicer’s duties thereunder. In addition to any other
        amounts which are then, or, notwithstanding the termination of its activities
        under this Agreement, may become payable to the Master Servicer under this
        Agreement, the Master Servicer shall be entitled to receive, out of any amount
        received on account of a Mortgage Loan or related REO Property, that portion
        of
        such payments which it would have received as reimbursement under this Agreement
        if notice of termination had not been given. The termination of the rights
        and
        obligations of the Master Servicer shall not affect any obligations incurred
        by
        the Master Servicer prior to such termination.

       

      Notwithstanding
        the foregoing, if a Master Servicer Event of Default described in clause
        (vi) of
        this Section 7.01(b) shall occur, the Trustee shall, by notice in writing
        to the Master Servicer, which may be delivered by telecopy, immediately
        terminate all of the rights and obligations of the Master Servicer thereafter
        arising under this Agreement, but without prejudice to any rights it may
        have as
        a Certificateholder or to reimbursement of Advances and other advances of
        its
        own funds, and the Trustee shall act as provided in Section 7.03 to carry
        out the duties of the Master Servicer, including the obligation to make any
        Advance the nonpayment of which was a Master Servicer Event of Default described
        in clause (vi) of this Section 7.01(b). Any such action taken by the
        Trustee must be prior to the distribution on the relevant Distribution
        Date.

       

      
        	SECTION
                7.02.  	
                Master
                  Servicer or Trustee to Act; Appointment of Successor
                  Servicer.

              

      

       

      (a)  From
        the
        time the Servicer receives a notice of termination, the Master Servicer or
        (if
        the Master Servicer is the Servicer) the Trustee (or such other successor
        servicer as is acceptable to the NIMS Insurer) shall be the successor in
        all
        respects to the Servicer in its capacity as Servicer under this Agreement
        and
        the transactions set forth or provided for herein, and all the responsibilities,
        duties and liabilities relating thereto and arising thereafter shall be assumed
        by the Master Servicer or the Trustee, as applicable (except for any
        representations or warranties of the Servicer under this Agreement, the
        responsibilities, duties and liabilities contained in Section 2.05 and the
        obligation to deposit amounts in respect of losses pursuant to Section 3.12)
        by
        the terms and provisions hereof; provided, however, the Master Servicer or
        the
        Trustee, as applicable, shall immediately assume the Servicer’s obligations to
        make Advances pursuant to Section 4.03; provided, further, however, that
        if the
        Master Servicer or the Trustee, as applicable, is prohibited by law or
        regulation from obligating itself to make advances regarding delinquent mortgage
        loans, then the Master Servicer or the Trustee, as applicable, shall not
        be
        obligated to make Advances pursuant to Section 4.03; and provided further,
        that
        any failure to perform such duties or responsibilities caused by the Servicer’s
        failure to provide information required by Section 7.01(a) shall not be
        considered a default by the Master Servicer or the Trustee, as applicable,
        as
        successor to the Servicer hereunder. It is understood and acknowledged by
        the
        parties hereto that there will be a period of transition (not to exceed 90
        days)
        before the transition of servicing obligations is fully effective. As
        compensation therefor, the Master Servicer or the Trustee, as applicable,
        shall
        be entitled to the Servicing Fee and all funds relating to the Mortgage Loans
        to
        which the Servicer would have been entitled if it had continued to act
        hereunder. Notwithstanding the above and subject to Section 7.02(b) below,
        the
        Master Servicer or the Trustee, as applicable, if it shall be unwilling to
        so
        act, or shall, if it is unable to so act or if it is prohibited by law from
        making advances regarding delinquent mortgage loans or if the Holders of
        Certificates entitled to at least 51% of the Voting Rights or the NIMS Insurer
        so request in writing to the Trustee, promptly appoint or petition a court
        of
        competent jurisdiction to appoint, an established mortgage loan servicing
        institution acceptable to each Rating Agency and the NIMS Insurer and having
        a
        net worth of not less than $15,000,000, as the successor to the Servicer
        under
        this Agreement in the assumption of all or any part of the responsibilities,
        duties or liabilities of the Servicer under this Agreement.

       

      Pending
        appointment of a successor to the Servicer hereunder, unless the Master Servicer
        or the Trustee, as applicable, is prohibited by law from so acting, the Master
        Servicer or the Trustee, as applicable, shall act in such capacity as
        hereinabove provided. In connection with such appointment and assumption,
        the
        successor shall be entitled to receive compensation out of payments on Mortgage
        Loans in an amount equal to the compensation which the Servicer would otherwise
        have received pursuant to Section 3.18 (or such other compensation as the
        Master
        Servicer or the Trustee, as applicable, and such successor shall agree, not
        to
        exceed the Servicing Fee). The appointment of a successor servicer shall
        not
        affect any liability of the predecessor Servicer which may have arisen under
        this Agreement prior to its termination as Servicer to pay any deductible
        under
        an insurance policy pursuant to Section 3.14 or to indemnify the NIMS Insurer
        pursuant to Section 6.03, nor shall any successor servicer be liable for
        any
        acts or omissions of the predecessor servicer or for any breach by such servicer
        of any of its representations or warranties contained herein or in any related
        document or agreement. The Master Servicer or the Trustee, as applicable,
        and
        such successor shall take such action, consistent with this Agreement, as
        shall
        be necessary to effectuate any such succession. All reasonable Servicing
        Transfer Costs shall be paid by the predecessor servicer upon presentation
        of
        reasonable documentation of such costs, and if such predecessor servicer
        defaults in its obligation to pay such costs, such costs shall be paid by
        the
        successor servicer or the Master Servicer or the Trustee, as applicable (in
        which case the successor servicer or the Master Servicer or the Trustee,
        as
        applicable, shall be entitled to reimbursement therefor from the assets of
        the
        Trust Fund).

       

      (b)  No
        appointment of a successor to the Servicer under this Agreement shall be
        effective until the assumption by the successor of all of the Servicer’s
        responsibilities, duties and liabilities hereunder. In connection with such
        appointment and assumption described herein, the Master Servicer or the Trustee,
        as applicable, may make such arrangements for the compensation of such successor
        out of payments on Mortgage Loans as it and such successor shall agree;
        provided, however, that no such compensation shall be in excess of that
        permitted the Servicer as such hereunder. The Depositor, the Trustee, the
        Trust
        Administrator, the Master Servicer and such successor shall take such action,
        consistent with this Agreement, as shall be necessary to effectuate any such
        succession. Pending appointment of a successor to the Servicer under this
        Agreement the Master Servicer or the Trustee, as applicable, shall act in
        such
        capacity as hereinabove provided. 

       

      Any
        successor to the Servicer, including the Master Servicer or the Trustee,
        as
        applicable, shall during the term of its service as servicer continue to
        service
        and administer the Mortgage Loans for the benefit of Certificateholders,
        and
        maintain in force a policy or policies of insurance covering errors and
        omissions in the performance of its obligations as Servicer hereunder and
        a
        fidelity bond in respect of its officers, employees and agents to the same
        extent as the Servicer is so required pursuant to Section 3.14.

       

      (c)  Notwithstanding
        any provision in this Agreement to the contrary, for a period of 30 days
        following the date on which the Servicer shall have received a notice of
        a
        Servicer Event of Default pursuant to Section 7.01, or a default under a
        loan
        agreement pursuant to Section 6.04 or a Servicer resignation pursuant to
        Section
        6.04, the terminated Servicer or its designee may, with the consent of the
        NIMS
        Insurer, appoint a successor servicer that satisfies the eligibility criteria
        of
        a successor servicer set forth above; provided that such successor servicer
        agrees to fully effect the servicing transfer within 90 days following the
        termination of the Servicer and to make all Advances that would otherwise
        be
        made by the Master Servicer or the Trustee, as applicable, under Section
        7.01 as
        of the date of such appointment. Any proceeds received in connection with
        the
        appointment of such successor servicer (after
        deduction of any expenses incurred in connection with the servicing
        transfer)
        shall be
        the property of the terminated Servicer or its designee. Notwithstanding
        the
        foregoing, in the event of a Servicer Event of Default pursuant to Section
        7.01(a)(vii), either (i) the Servicer shall remit the amount of the required
        Advance by 3:00 p.m. New York time on the Business Day following the Servicer
        Remittance Date or (ii) by 3:00 p.m. New York time on the Business Day following
        the Servicer Remittance Date, the Servicer shall have appointed a successor
        servicer that satisfies the eligibility criteria of a successor servicer
        set
        forth above and that has remitted the amount of the required Advance to the
        Trust Administrator. If the Servicer fails to adhere to the requirements
        set
        forth in the immediately preceding sentence, the Master Servicer or the Trustee,
        as applicable, shall be the successor in all respects to the Servicer in
        its
        capacity as Servicer under this Agreement and shall immediately assume the
        Servicer’s obligations to make Advances. In no event shall the termination of
        the Servicer under this Agreement result in any diminution of the Servicer’s
        right to reimbursement for any outstanding Advances or Servicing Advances
        or
        accrued and unpaid Servicing Fees due such Servicer at the time of termination.
        Reimbursement of unreimbursed Advances and Servicing Advances and accrued
        and
        unpaid Servicing Fees shall be made on a FIFO, loan-by-loan basis. The Servicer
        shall continue to be entitled to the benefits of Section 6.03 hereof related
        to
        indemnification, notwithstanding any termination hereunder. 

       

      (d)  In
        connection with the termination or resignation of the Servicer hereunder,
        either
        (i) the successor servicer, including the Master Servicer or the Trustee,
        as
        applicable, if the Master Servicer or the Trustee, as applicable, is acting
        as
        successor servicer, shall represent and warrant that it is a member of MERS
        in
        good standing and shall agree to comply in all material respects with the
        rules
        and procedures of MERS in connection with the servicing of the Mortgage Loans
        that are registered with MERS, in which case the predecessor servicer shall
        cooperate with the successor servicer in causing MERS to revise its records
        to
        reflect the transfer of servicing to the successor servicer as necessary
        under
        MERS’ rules and regulations, or (ii) the predecessor servicer shall cooperate
        with the successor servicer in causing MERS to execute and deliver an assignment
        of Mortgage in recordable form to transfer the Mortgage from MERS to the
        Master
        Servicer or the Trustee, as applicable, and to execute and deliver such other
        notices, documents and other instruments as may be necessary or desirable
        to
        effect a transfer of such Mortgage Loan or servicing of such Mortgage Loan
        on
        the MERS® System to the successor servicer. The predecessor servicer shall file
        or cause to be filed any such assignment in the appropriate recording office.
        The predecessor servicer shall bear any and all fees of MERS, costs of preparing
        any assignments of Mortgage, and fees and costs of filing any assignments
        of
        Mortgage that may be required under this Section 7.02(d).

       

      
        	SECTION
                7.03.  	
                Trustee
                  to Act; Appointment of Successor Master
                  Servicer.

              

      

       

      (a)  Upon
        the
        receipt by the Master Servicer of a notice of termination pursuant to
        Section 7.01(b) or an Opinion of Counsel rendered by Independent counsel
        pursuant to Section 6.05(b) to the effect that the Master Servicer is
        legally unable to act or to delegate its duties to a Person which is legally
        able to act, the Trustee shall automatically become the successor in all
        respects to the Master Servicer in its capacity under this Agreement and
        the
        transactions set forth or provided for herein and shall thereafter be subject
        to
        all the responsibilities, duties, liabilities and limitations on liabilities
        relating thereto placed on the Master Servicer by the terms and provisions
        hereof; provided, however, that the Trustee (i) shall have no obligation
        whatsoever with respect to any liability (other than Advances deemed recoverable
        and not previously made) incurred by the Master Servicer at or prior to the
        time
        of termination and (ii) shall not be obligated to perform any obligation
        of the
        Master Servicer under Section 3.20 or 3.21 with respect to any period of
        time
        during which the Trustee was not the Master Servicer. As compensation therefor,
        but subject to Section 6.05, the Trustee shall be entitled to compensation
        which the Master Servicer would have been entitled to retain if the Master
        Servicer had continued to act hereunder, except for those amounts due the
        Master
        Servicer as reimbursement permitted under this Agreement for advances previously
        made or expenses previously incurred. Notwithstanding the above, the Trustee
        may, if it shall be unwilling so to act, or shall, if it is legally unable
        so to
        act, appoint or petition a court of competent jurisdiction to appoint, any
        established housing and home finance institution which is a Fannie Mae- or
        Freddie Mac-approved servicer, acceptable to the NIMS Insurer and with respect
        to a successor to the Master Servicer only, having a net worth of not less
        than
        $50,000,000, as the successor to the Master Servicer hereunder in the assumption
        of all or any part of the responsibilities, duties or liabilities of the
        Master
        Servicer hereunder; provided, that the Trustee shall obtain consent from
        the
        NIMS Insurer and a letter or other evidence each Rating Agency that the ratings,
        if any, on each of the Certificates will not be lowered as a result of the
        selection of the successor to the Master Servicer. Pending appointment of
        a
        successor to the Master Servicer hereunder, the Trustee shall act in such
        capacity as hereinabove provided. In connection with such appointment and
        assumption, the Trustee may make such arrangements for the compensation of
        such
        successor out of payments on the Mortgage Loans as it and such successor
        shall
        agree; provided, however, that the provisions of Section 6.05 shall apply,
        the compensation shall not be in excess of that which the Master Servicer
        would
        have been entitled to if the Master Servicer had continued to act hereunder,
        and
        that such successor shall undertake and assume the obligations of the Trustee
        to
        pay compensation to any third Person acting as an agent or independent
        contractor in the performance of master servicing responsibilities hereunder.
        The Trustee and such successor shall take such action, consistent with this
        Agreement, as shall be necessary to effectuate any such succession.

       

      If
        the
        Master Servicer and the Trust Administrator are the same entity, then at
        any
        time the Master Servicer resigns or is removed as Master Servicer, the Trust
        Administrator shall also be removed hereunder. All reasonable Master Servicing
        Transfer Costs shall be paid by the predecessor Master Servicer upon
        presentation of reasonable documentation of such costs, and if such predecessor
        Master Servicer defaults in its obligation to pay such costs, such costs
        shall
        be paid by the successor Master Servicer or the Trustee (in which case the
        successor Master Servicer or the Trustee, as applicable, shall be entitled
        to
        reimbursement therefor from the assets of the Trust Fund).

       

      (b)  If
        the
        Trustee shall succeed to any duties of the Master Servicer respecting the
        Mortgage Loans as provided herein, it shall do so in a separate capacity
        and not
        in its capacity as Trustee and, accordingly, the provisions of Article VIII
        shall be inapplicable to the Trustee in its duties as the successor to the
        Master Servicer in the master servicing of the Mortgage Loans (although such
        provisions shall continue to apply to the Trustee in its capacity as Trustee);
        the provisions of Article VI, however, shall apply to it in its capacity
        as
        successor Master Servicer.

       

      
        	SECTION
                7.04.  	
                Notification
                  to Certificateholders.

              

      

       

      (a)  Upon
        any
        termination of the Servicer or the Master Servicer pursuant to Section 7.01
        above or any appointment of a successor to the Servicer or Master Servicer
        pursuant to Section 7.02 or Section 7.03 above, the Trust Administrator, or
        in the event of the termination of the Master Servicer, the Trustee (or such
        other successor Trust Administrator) shall give prompt written notice thereof
        to
        the Servicer, the Credit Risk Manager, the NIMS Insurer, the Master Servicer
        and
        the Certificateholders at their respective addresses appearing in the
        Certificate Register.

       

      (b)  Not
        later
        than the later of 60 days after the occurrence of any event, which constitutes
        or which, with notice or lapse of time or both, would constitute a Servicer
        Event of Default or a Master Servicer Event of Default or five days after
        a
        Responsible Officer of the Trust Administrator (in the case of a Servicer
        Event
        of Default) or the Trustee (in the case of a Master Servicer Event of Default)
        becomes aware of the occurrence of such an event, the Trust Administrator
        or
        Trustee, as applicable, shall transmit by mail to the Credit Risk Manager,
        the
        NIMS Insurer and to all Holders of Certificates notice of each such occurrence,
        unless such Servicer Event of Default or Master Servicer Event of Default
        shall
        have been cured or waived.

       

      
        	SECTION
                7.05.  	
                Waiver
                  of Servicer Events of Default and Master Servicer Events of
                  Termination.

              

      

       

      The
        Holders representing at least 66% of the Voting Rights (with the consent
        of the
        NIMS Insurer) evidenced by all Classes of Certificates affected by any default,
        Servicer Event of Default or Master Servicer Event of Default hereunder may
        waive such default, Servicer Event of Default or Master Servicer Event of
        Default; provided, however, that a Servicer Event of Default under clause
        (i) or
        (vii) of Section 7.01(a) or Master Servicer Event of Default under clause
        (i) or
        (vi) of Section 7.01(b) may be waived only by all of the Holders of the
        Regular Certificates (with the consent of the NIMS Insurer). Upon any such
        waiver of a default, Servicer Event of Default or Master Servicer Event of
        Default, such default, Servicer Event of Default or Master Servicer Event
        of
        Default shall cease to exist and shall be deemed to have been remedied for
        every
        purpose hereunder. No such waiver shall extend to any subsequent or other
        default, Servicer Event of Default or Master Servicer Event of Default or
        impair
        any right consequent thereon except to the extent expressly so waived. Notice
        of
        any such waiver shall be given by the Trust Administrator or the Trustee
        as
        applicable, to the Rating Agencies and the NIMS Insurer.

       

      
        	SECTION
                7.06.  	
                Survivability
                  of Servicer and Master Servicer
                  Liabilities.

              

      

       

      Notwithstanding
        anything herein to the contrary, upon termination of the Servicer or the
        Master
        Servicer hereunder, any liabilities
        of
        the Servicer or the Master Servicer, as applicable, which accrued prior to
        such
        termination shall survive such termination.

       

      ARTICLE
        VIII

       

      CONCERNING
        THE TRUSTEE AND THE TRUST ADMINISTRATOR

       

      
        	SECTION
                8.01.  	
                Duties
                  of Trustee and Trust Administrator.

              

      

       

      The
        Trustee and the Trust Administrator, prior to the occurrence of a Servicer
        Event
        of Default or Master Servicer Event of Default and after the curing of all
        Servicer Events of Default or Master Servicer Events of Termination which
        may
        have occurred, undertakes to perform such duties and only such duties as
        are
        specifically set forth in this Agreement. If a Servicer Event of Default
        or
        Master Servicer Event of Default has occurred (which has not been cured)
        of
        which a Responsible Officer has knowledge, each of the Trustee and the Trust
        Administrator shall exercise such of the rights and powers vested in it by
        this
        Agreement, and use the same degree of care and skill in their exercise, as
        a
        prudent man would exercise or use under the circumstances in the conduct
        of his
        own affairs.

       

      Each
        of
        the Trustee and the Trust Administrator, upon receipt of all resolutions,
        certificates, statements, opinions, reports, documents, orders or other
        instruments furnished to it which are specifically required to be furnished
        pursuant to any provision of this Agreement, shall examine them to determine
        whether they conform to the requirements of this Agreement; provided, however,
        that neither the Trustee nor the Trust Administrator will be responsible
        for the
        accuracy or content of any such resolutions, certificates, statements, opinions,
        reports, documents or other instruments. If any such instrument is found
        not to
        conform to the requirements of this Agreement in a material manner the Trustee
        or the Trust Administrator, as applicable, shall take such action as it deems
        appropriate to have the instrument corrected, and if the instrument is not
        corrected to the Trustee’s or the Trust Administrator’s satisfaction, the
        Trustee or the Trust Administrator, as applicable, will provide notice thereof
        to the Certificateholders and the NIMS Insurer.

       

      No
        provision of this Agreement shall be construed to relieve the Trustee or
        the
        Trust Administrator from liability for its own negligent action, its own
        negligent failure to act or its own misconduct; provided, however,
        that:

       

      (i)  Prior
        to
        the occurrence of a Servicer Event of Default or Master Servicer Event of
        Default, and after the curing of all such Servicer Events of Default or Master
        Servicer Events of Termination which may have occurred, the duties and
        obligations of the Trustee and the Trust Administrator shall be determined
        solely by the express provisions of this Agreement, the Trustee and the Trust
        Administrator shall not be liable except for the performance of such duties
        and
        obligations as are specifically set forth in this Agreement, no implied
        covenants or obligations shall be read into this Agreement against the Trustee
        or the Trust Administrator and, in the absence of bad faith on the part of
        the
        Trustee or the Trust Administrator, as applicable, the Trustee or the Trust
        Administrator, as applicable, 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 Trust Administrator,
        as
        the case may be, and conforming to the requirements of this
        Agreement;

       

      (ii)  Neither
        the Trustee nor the Trust Administrator shall be personally liable for an
        error
        of judgment made in good faith by a Responsible Officer of the Trustee or
        the
        Trust Administrator, as applicable, unless it shall be proved that the Trustee
        or the Trust Administrator, as the case may be, was negligent in ascertaining
        the pertinent facts;

       

      (iii)  Neither
        the Trustee nor the Trust Administrator shall be personally liable with respect
        to any action taken, suffered or omitted to be taken by it in good faith
        in
        accordance with the direction of the NIMS Insurer or the Holders of Certificates
        evidencing not less than 51% of the Voting Rights relating to the time, method
        and place of conducting any proceeding for any remedy available to the Trustee
        or the Trust Administrator, as applicable, or exercising or omitting to exercise
        any trust or power conferred upon the Trustee, under this Agreement;
        and

       

      (iv)  The
        Trustee shall not be required to take notice or be deemed to have notice
        or
        knowledge of any default, Servicer Event of Default or Master Servicer Event
        of
        Default unless a Responsible Officer of the Trustee at the Corporate Trust
        Office obtains actual knowledge of such failure or the Trustee receives written
        notice of such failure from the Depositor, the Servicer, the NIMS Insurer
        or the
        Holders of Certificates evidencing not less than 51% of the Voting
        Rights.

       

      Neither
        the Trustee nor the Trust Administrator shall be required to expend or risk
        its
        own funds or otherwise incur financial liability in the performance of any
        of
        its duties hereunder, or in the exercise of any of its rights or powers,
        if
        there is reasonable ground for believing that the repayment of such funds
        or
        adequate indemnity against such risk or liability is not reasonably assured
        to
        it, and none of the provisions contained in this Agreement shall in any event
        require the Trustee to perform, or be responsible for the manner of performance
        of, any of the obligations of the Master Servicer under this Agreement, except
        during such time, if any, as the Trustee shall be the successor to, and be
        vested with the rights, duties, powers and privileges of, the Master Servicer
        in
        accordance with the terms of this Agreement.

       

      
        	SECTION
                8.02.  	
                Certain
                  Matters Affecting the Trustee and the Trust Administrator.

              

      

       

      (a)  Except
        as
        otherwise provided in Section 8.01:

       

      (i)  Either
        the Trustee or the Trust Administrator may request and rely upon, and shall
        be
        protected in acting or refraining from acting upon, any resolution, Officers’
Certificate, certificate of auditors or any other certificate, statement,
        instrument, opinion, report, notice, request, consent, order, appraisal,
        bond or
        other paper or document reasonably believed by it to be genuine and to have
        been
        signed or presented by the proper party or parties, and the manner of obtaining
        consents and of evidencing the authorization of the execution thereof by
        Certificateholders shall be subject to such reasonable regulations as the
        Trustee or the Trust Administrator may prescribe;

       

      (ii)  Either
        the Trustee or the Trust Administrator may consult with counsel and any Opinion
        of Counsel shall be full and complete authorization and protection in respect
        of
        any action taken or suffered or omitted by it hereunder in good faith and
        in
        accordance with such Opinion of Counsel;

       

      (iii)  Neither
        the Trustee nor the Trust Administrator shall be under any obligation to
        exercise any of the rights or powers vested in it by this Agreement, or to
        institute, conduct or defend any litigation hereunder or in relation hereto,
        at
        the request, order or direction of any of the Certificateholders or the NIMS
        Insurer, pursuant to the provisions of this Agreement, unless such
        Certificateholders or the NIMS Insurer, as applicable, shall have offered
        to the
        Trustee or the Trust Administrator, as applicable, reasonable security or
        indemnity against the costs, expenses and liabilities which may be incurred
        therein or thereby; the right of the Trustee or the Trust Administrator to
        perform any discretionary act enumerated in this Agreement shall not be
        construed as a duty, and neither the Trustee nor the Trust Administrator
        shall
        be answerable for other than its negligence or willful misconduct in the
        performance of any such act; nothing contained herein shall, however, relieve
        the Trustee of the obligation, upon the occurrence of a Master Servicer Event
        of
        Default of which the Trustee has received written notice or of which a
        Responsible Officer of the Trustee has actual knowledge (which has not been
        cured or waived), to exercise such of the rights and powers vested in it
        by this
        Agreement, and to use the same degree of care and skill in their exercise,
        as a
        prudent person would exercise under the circumstances in the conduct of his
        own
        affairs;

       

      (iv)  Prior
        to
        the occurrence of a Servicer Event of Default or Master Servicer Event of
        Default hereunder and after the curing or waiver of all Servicer Events of
        Default or Master Servicer Events of Termination which may have occurred,
        neither the Trustee nor the Trust Administrator shall be personally liable
        for
        any action taken, suffered or omitted by it in good faith and believed by
        it to
        be authorized or within the discretion or rights or powers conferred upon
        it by
        this Agreement;

       

      (v)  Prior
        to
        the occurrence of a Servicer Event of Default or Master Servicer Event of
        Default and after the curing of all Servicer Events of Default or Master
        Servicer Events of Termination which may have occurred, neither the Trustee
        nor
        the Trust Administrator shall be bound to make any investigation into the
        facts
        or matters stated in any resolution, certificate, statement, instrument,
        opinion, report, notice, request, consent, order, approval, bond or other
        paper
        or documents, unless requested in writing to do so by the NIMS Insurer or
        the
        Holders of Certificates entitled to at least 25% of the Voting Rights; provided,
        however, that if the payment within a reasonable time to the Trustee or the
        Trust Administrator, as applicable, of the costs, expenses or liabilities
        likely
        to be incurred by it in the making of such investigation is, in the opinion
        of
        the Trustee or the Trust Administrator, as applicable, not reasonably assured
        to
        the Trustee or the Trust Administrator, as applicable, by the security afforded
        to it by the terms of this Agreement, the Trustee or the Trust Administrator,
        as
        applicable, may require reasonable indemnity against such cost, expense or
        liability as a condition to such proceeding; and

       

      (vi)  Either
        the Trustee or the Trust Administrator may execute any of the trusts or powers
        hereunder or perform any duties hereunder either directly or by or through
        agents or attorneys, custodians or nominees.

       

      (b)  All
        rights of action under this Agreement or under any of the Certificates,
        enforceable by the Trustee, may be enforced by it without the possession
        of any
        of the Certificates, or the production thereof at the trial or other proceeding
        relating thereto, and any such suit, action or proceeding instituted by the
        Trustee shall be brought in its name for the benefit of all the Holders of
        such
        Certificates, subject to the provisions of this Agreement.

       

      
        	SECTION
                8.03.  	
                Neither
                  Trustee nor Trust Administrator Liable for Certificates or Mortgage
                  Loans.

              

      

       

      The
        recitals contained herein and in the Certificates (other than the signature
        of
        the Trust Administrator, the authentication of the Trust Administrator on
        the
        Certificates, the acknowledgments of the Trustee contained in Article II
        and the
        representations and warranties of the Trustee and the Trust Administrator
        in
        Section 8.13) shall be taken as the statements of the Depositor and neither
        the Trustee nor the Trust Administrator assumes any responsibility for their
        correctness. Neither the Trustee nor the Trust Administrator makes any
        representations or warranties as to the validity or sufficiency of this
        Agreement (other than as specifically set forth in Section 8.12) or of the
        Certificates (other than the signature of the Trust Administrator and
        authentication of the Trust Administrator on the Certificates) or of any
        Mortgage Loan or related document. Neither the Trustee nor the Trust
        Administrator shall be accountable for the use or application by the Depositor
        of any of the Certificates or of the proceeds of such Certificates, or for
        the
        use or application of any funds paid to the Depositor, the Servicer or the
        Master Servicer in respect of the Mortgage Loans or deposited in or withdrawn
        from the Collection Account by the Servicer or the Distribution Account by
        the
        Master Servicer.

       

      
        	SECTION
                8.04.  	
                Trustee
                  and Trust Administrator May Own
                  Certificates.

              

      

       

      Each
        of
        the Trustee and the Trust Administrator in its individual capacity or any
        other
        capacity may become the owner or pledgee of Certificates with the same rights
        it
        would have if it were not Trustee or Trust Administrator, as applicable.
        Each of
        the Trustee and the Trust Administrator in its individual capacity or any
        other
        capacity may transact any banking and trust business with the Originator,
        the
        Servicer, the Depositor or their Affiliates.

       

      
        	SECTION
                8.05.  	
                Trust
                  Administrator’s and Trustee’s Fees and
                  Expenses.

              

      

       

      On
        each
        Distribution Date, the Trust Administrator shall be entitled to compensation
        as
        separately agreed with the Master Servicer. The annual fees of the Trustee
        hereunder and of the Custodian shall be paid in accordance with side letter
        agreements with the Trust Administrator and at the sole expense of the Trust
        Administrator. The Trustee, the Trust Administrator or any director, officer,
        employee or agent of any of them, shall be indemnified by the Trust Fund
        and
        held harmless against any loss, liability or expense (not including expenses
        and
        disbursements incurred or made by the Trustee or the Trust Administrator,
        including the compensation and the expenses and disbursements of its agents
        and
        counsel, in the ordinary course of the Trustee’s or the Trust Administrator’s
        performance in accordance with the provisions of this Agreement) incurred
        by the
        Trustee or by the Trust Administrator arising out of or in connection with
        the
        acceptance or administration of the obligations and duties of the Trustee
        or the
        Trust Administrator under this Agreement, other than any loss, liability
        or
        expense (i) resulting from a breach of the Servicer’s or the Master Servicer’s
        obligations and duties under this Agreement for which the Trustee or the
        Trust
        Administrator, as applicable, is indemnified under this Agreement or (ii)
        any
        loss, liability or expense incurred by reason of willful misfeasance, bad
        faith
        or negligence of the Trustee or of the Trust Administrator, as applicable,
        in
        the performance of its duties hereunder or by reason of the Trustee’s or the
        Trust Administrator’s, as applicable, reckless disregard of obligations and
        duties hereunder or as a result of a breach of the Trustee’s or the Trust
        Administrator’s, as applicable, obligations under Article X hereof. Any amounts
        payable to the Trustee, the Trust Administrator or any director, officer,
        employee or agent of the Trustee or the Trust Administrator, in respect of
        the
        indemnification provided by this Section 8.05, or pursuant to any other
        right of reimbursement from the Trust Fund that the Trustee, the Trust
        Administrator or any director, officer, employee or agent of the Trustee
        or the
        Trust Administrator, may have hereunder in its capacity as such, may be
        withdrawn by the Trust Administrator for payment to the applicable indemnified
        Person from the Distribution Account at any time. The foregoing indemnity
        shall
        survive the resignation or removal of the Trustee or the Trust
        Administrator.

       

      
        	SECTION
                8.06.  	
                Eligibility
                  Requirements for Trustee and Trust
                  Administrator.

              

      

       

      Each
        of
        the Trustee and the Trust Administrator hereunder shall at all times be an
        entity duly organized and validly existing under the laws of the United States
        of America or any state thereof, authorized under such laws to exercise
        corporate trust powers, having a combined capital and surplus of at least
        $50,000,000 and subject to supervision or examination by federal or state
        authority. If such entity publishes reports of condition at least annually,
        pursuant to law or to the requirements of the aforesaid supervising or examining
        authority, then for the purposes of this Section 8.06, the combined capital
        and surplus of such entity shall be deemed to be its combined capital and
        surplus as set forth in its most recent report of condition so published.
        The
        principal offices of each of the Trustee and the Trust Administrator (other
        than
        the initial Trustee and initial Trust Administrator) shall be in a state
        with
        respect to which an Opinion of Counsel has been delivered to such Trustee
        or
        Trust Administrator, as applicable, at the time such Trustee or Trust
        Administrator, as applicable, is appointed Trustee or Trust Administrator,
        as
        applicable, to the effect that the Trust will not be a taxable entity under
        the
        laws of such state. In case at any time the Trustee or the Trust Administrator
        shall cease to be eligible in accordance with the provisions of this
        Section 8.06, the Trustee or the Trust Administrator, as applicable, shall
        resign immediately in the manner and with the effect specified in
        Section 8.07.

       

      
        	SECTION
                8.07.  	
                Resignation
                  and Removal of the Trustee or Trust
                  Administrator.

              

      

       

      The
        Trustee or the Trust Administrator may at any time resign and be discharged
        from
        the trusts hereby created by giving written notice thereof to the Depositor,
        the
        NIMS Insurer, the Servicer, the Master Servicer, each Rating Agency and,
        if the
        Trustee is resigning, to the Trust Administrator, or, if the Trust Administrator
        is resigning, to the Trustee. Upon receiving such notice of resignation,
        the
        Depositor shall promptly appoint a successor Trustee or Trust Administrator,
        (which may be the same Person in the event both the Trustee and the Trust
        Administrator resign or are removed) acceptable to the NIMS Insurer by written
        instrument, in duplicate, one copy of which instrument shall be delivered
        to the
        resigning Trustee or Trust Administrator, as applicable, and one copy to
        the
        successor Trustee or Trust Administrator. If no successor Trustee or Trust
        Administrator, as applicable, shall have been so appointed and having accepted
        appointment within 30 days after the giving of such notice of resignation,
        the
        resigning Trustee or Trust Administrator may petition any court of competent
        jurisdiction for the appointment of a successor Trustee or Trust Administrator,
        as applicable.

       

      If
        the
        Trust Administrator and the Master Servicer are the same entity, then at
        any
        time the Trust Administrator resigns or is removed as Trust Administrator,
        the
        Master Servicer shall also be removed hereunder.

       

      If
        at any
        time the Trustee or the Trust Administrator shall cease to be eligible in
        accordance with the provisions of Section 8.06 and shall fail to resign
        after written request therefor by the Depositor or the NIMS Insurer (or in
        the
        case of the Trust Administrator, the Trustee), or if at any time the Trustee
        or
        the Trust Administrator shall be legally unable to act, or shall be adjudged
        bankrupt or insolvent, or a receiver of the Trustee or the Trust Administrator
        or of its property shall be appointed, or any public officer shall take charge
        or control of the Trustee or the Trust Administrator or of its property or
        affairs for the purpose of rehabilitation, conservation or liquidation, then
        the
        Depositor, the NIMS Insurer, the Servicer or the Master Servicer may remove
        the
        Trustee or the Trust Administrator, as applicable. If the Depositor, the
        Servicer or the Master Servicer removes the Trustee or the Trust Administrator
        under the authority of the immediately preceding sentence, the Depositor
        shall
        promptly appoint a successor Trustee or Trust Administrator, as applicable,
        acceptable to the NIMS Insurer, by written instrument, in duplicate, one
        copy of
        which instrument shall be delivered to the Trustee or Trust Administrator
        so
        removed and one copy to the successor Trustee or Trust
        Administrator.

       

      The
        Holders of Certificates entitled to at least 51% of the Voting Rights (or
        the
        NIMS Insurer upon failure of the Trustee to perform its obligations hereunder)
        may at any time remove the Trustee or the Trust Administrator and appoint
        a
        successor trustee acceptable to the NIMS Insurer, by written instrument or
        instruments, in triplicate, signed by such Holders or their attorneys-in-fact
        duly authorized, one complete set of which instruments shall be delivered
        to the
        Depositor, one complete set to the Trustee or Trust Administrator so removed
        and
        one complete set to the successor so appointed. A copy of such instrument
        shall
        be delivered to the Certificateholders, the Servicer and the Master Servicer
        by
        the Depositor.

       

      The
        Trust
        Administrator (i) may not be the Originator, the Servicer, the Depositor
        or an
        affiliate of the Depositor unless the Trust Administrator is an institutional
        trust department, (ii) must be authorized to exercise corporate trust powers
        under the laws of its jurisdiction of organization, and (iii) must be rated
        at
        least “A/F1” by Fitch, if Fitch is a Rating Agency, or the equivalent rating by
        S&P or Moody’s, or such other rating as is acceptable to Fitch as evidenced
        by a Rating Agency confirmation. If no successor Trust Administrator shall
        have
        been appointed and shall have accepted appointment within 60 days after the
        Trust Administrator ceases to be the Trust Administrator pursuant to this
        Section 8.07, then the Trustee shall perform the duties of the Trust
        Administrator pursuant to this Agreement. The Trustee shall notify the Rating
        Agencies of any change of Trust Administrator.

       

      Any
        resignation or removal of the Trustee or Trust Administrator and appointment
        of
        a successor Trustee or Trust Administrator pursuant to any of the provisions
        of
        this Section shall not become effective until acceptance of appointment by
        the successor trustee as provided in Section 8.08.

       

      Notwithstanding
        anything to the contrary contained herein, the Master Servicer and the Trust
        Administrator shall at all times be the same Person.

       

      
        	SECTION
                8.08.  	
                Successor
                  Trustee or Trust Administrator.

              

      

       

      Any
        successor Trustee or Trust Administrator appointed as provided in
        Section 8.07 shall execute, acknowledge and deliver to the Depositor, the
        NIMS Insurer, the Servicer, the Master Servicer and to its predecessor Trustee
        or Trust Administrator an instrument accepting such appointment hereunder,
        and
        thereupon the resignation or removal of the predecessor Trustee or Trust
        Administrator shall become effective, and such successor Trustee or Trust
        Administrator, without any further act, deed or conveyance, shall become
        fully
        vested with all the rights, powers, duties and obligations of its predecessor
        hereunder, with like effect as if originally named as Trustee or Trust
        Administrator. The Depositor and the predecessor Trustee or Trust Administrator
        shall execute and deliver such instruments and do such other things as may
        reasonably be required for fully and certainly vesting and confirming in
        the
        successor Trustee or Trust Administrator all such rights, powers, duties
        and
        obligations.

       

      No
        successor Trustee or Trust Administrator shall accept appointment as provided
        in
        this Section 8.08 unless at the time of such acceptance such successor
        Trustee or Trust Administrator shall be eligible under the provisions of
        Section 8.06 and the appointment of such successor Trustee or Trust
        Administrator shall not result in a downgrading of the Regular Certificates
        by
        any Rating Agency, as evidenced by a letter from each Rating
        Agency.

       

      Upon
        acceptance of appointment by a successor Trustee or Trust Administrator as
        provided in this Section 8.08, the successor Trustee or Trust Administrator
        shall mail notice of the appointment of a successor Trustee or Trust
        Administrator hereunder to all Holders of Certificates at their addresses
        as
        shown in the Certificate Register and to each Rating Agency.

       

      Any
        Person appointed as successor trust administrator pursuant to this Agreement
        shall also be required to serve as successor supplemental interest trust
        trustee
        under the Interest Rate Swap Agreement.

       

      
        	SECTION
                8.09.  	
                Merger
                  or Consolidation of Trustee or Trust
                  Administrator.

              

      

       

      Any
        entity into which the Trustee or the Trust Administrator may be merged or
        converted or with which it may be consolidated, or any entity resulting from
        any
        merger, conversion or consolidation to which the Trustee or the Trust
        Administrator shall be a party, or any entity succeeding to the business
        of the
        Trustee or Trust Administrator, shall be the successor of the Trustee or
        the
        Trust Administrator hereunder, as applicable, provided such entity shall
        be
        eligible under the provisions of Section 8.06 and 8.08, without the
        execution or filing of any paper or any further act on the part of any of
        the
        parties hereto, anything herein to the contrary notwithstanding.

       

      
        	SECTION
                8.10.  	
                Appointment
                  of Co-Trustee or Separate Trustee.

              

      

       

      Notwithstanding
        any other provisions hereof, at any time, for the purpose of meeting any
        legal
        requirements of any jurisdiction in which any part of REMIC I or property
        securing the same may at the time be located, the Trustee shall have the
        power
        and shall execute and deliver all instruments to appoint one or more Persons
        approved by the Trustee and the NIMS Insurer to act as co-trustee or
        co-trustees, jointly with the Trustee, or separate trustee or separate trustees,
        of all or any part of REMIC I, and to vest in such Person or Persons, in
        such
        capacity, such title to REMIC I, or any part thereof, and, subject to the
        other
        provisions of this Section 8.10, such powers, duties, obligations, rights
        and trusts as the Trustee may consider necessary or desirable. Any such
        co-trustee or separate trustee shall be subject to the written approval of
        the
        NIMS Insurer. If the NIMS Insurer shall not have joined in such appointment
        within 15 days after the receipt by it of a request to do so, the Trustee
        alone
        shall have the power to make such appointment. No co-trustee or separate
        trustee
        hereunder shall be required to meet the terms of eligibility as a successor
        trustee under Section 8.06 hereunder and no notice to Holders of
        Certificates of the appointment of co-trustee(s) or separate trustee(s) shall
        be
        required under Section 8.08 hereof.

       

      In
        the
        case of any appointment of a co-trustee or separate trustee pursuant to this
        Section 8.10 all rights, powers, duties and obligations conferred or
        imposed upon the Trustee shall be conferred or imposed upon and exercised
        or
        performed by the Trustee and such separate trustee or co-trustee jointly,
        except
        to the extent that under any law of any jurisdiction in which any particular
        act
        or acts are to be performed by the Trustee (whether as Trustee hereunder
        or as
        successor to a defaulting Master Servicer hereunder), the Trustee shall be
        incompetent or unqualified to perform such act or acts, in which event such
        rights, powers, duties and obligations (including the holding of title to
        REMIC
        I or any portion thereof in any such jurisdiction) shall be exercised and
        performed by such separate trustee or co-trustee at the direction of the
        Trustee.

       

      Any
        notice, request or other writing given to the Trustee shall be deemed to
        have
        been given to each of the then separate trustees and co-trustees, as effectively
        as if given to each of them. Every instrument appointing any separate trustee
        or
        co-trustee shall refer to this Agreement and the conditions of this Article
        VIII. Each separate trustee and co-trustee, upon its acceptance of the trust
        conferred, shall be vested with the estates or property specified in its
        instrument of appointment, either jointly with the Trustee, or separately,
        as
        may be provided therein, subject to all the provisions of this Agreement,
        specifically including every provision of this Agreement relating to the
        conduct
        of, affecting the liability of, or affording protection to, the Trustee.
        Every
        such instrument shall be filed with the Trustee and a copy thereof given
        to the
        NIMS Insurer.

       

      Any
        separate trustee or co-trustee may, at any time, constitute the Trustee,
        its
        agent or attorney-in-fact, with full power and authority, to the extent not
        prohibited by law, to do any lawful act under or in respect of this Agreement
        on
        its behalf and in its name. If any separate trustee or co-trustee shall die,
        become incapable of acting, resign or be removed, all of its estates,
        properties, rights, remedies and trusts shall vest in and be exercised by
        the
        Trustee, to the extent permitted by law, without the appointment of a new
        or
        successor trustee or co-trustee.

       

      
        	SECTION
                8.11.  	
                Appointment
                  of Office or Agency; Appointment of
                  Custodian.

              

      

       

      The
        Trust
        Administrator will appoint an office or agency in the City of Minneapolis,
        Minnesota where the Certificates may be surrendered for registration of transfer
        or exchange, and presented for final distribution, and where notices and
        demands
        to or upon the Trust Administrator in respect of the Certificates and this
        Agreement may be served.

       

      The
        Trustee may, with the consent of the Depositor, the Servicer, the Master
        Servicer and the NIMS Insurer, appoint a Custodian pursuant to a Custodial
        Agreement to hold all or a portion of the Mortgage Files as agent for the
        Trustee. The appointment of the Custodian may at any time be terminated pursuant
        to the Custodial Agreement and a substitute Custodian appointed therefor
        upon
        the reasonable request of the Servicer, the Master Servicer or the NIMS Insurer
        to the Trustee, the consent to which shall not be unreasonably withheld.
        Deutsche
        Bank National Trust Company is hereby appointed as the Custodian,
        and the
        Depositor, the Servicer and the Master Servicer each consent to such
        appointment. Subject to Article VIII hereof, the Trustee agrees to comply
        with
        the terms of the Custodial Agreement and to enforce the terms and provisions
        thereof against the Custodian, if applicable, for the benefit of the
        Certificateholders having an interest in any Mortgage File held by the
        Custodian. The Custodian shall be a depository institution or trust company
        subject to supervision by federal or state authority, shall have combined
        capital and surplus of at least $10,000,000 and shall be qualified to do
        business in the jurisdiction in which it holds any Mortgage File. Subject
        to
        Section 8.02(a) and Section 2.02, in no event shall the appointment of the
        Custodian pursuant to the Custodial Agreement diminish the obligations of
        the
        Trustee hereunder.

       

      
        	SECTION
                8.12.  	
                Representations
                  and Warranties.

              

      

       

      Each
        of
        the Trustee and the Trust Administrator hereby represents and warrants to
        the
        Servicer, the Master Servicer and the Depositor, as of the Closing Date,
        that:

       

      (i)  It
        is a
        national banking association duly organized, validly existing and in good
        standing under the laws of the United States of America.

       

      (ii)  The
        execution and delivery of this Agreement by it, and the performance and
        compliance with the terms of this Agreement by it, will not violate its articles
        of association or bylaws or constitute a default (or an event which, with
        notice
        or lapse of time, or both, would constitute a default) under, or result in
        the
        breach of, any material agreement or other instrument to which it is a party
        or
        which is applicable to it or any of its assets.

       

      (iii)  It
        has
        the full power and authority to enter into and consummate all transactions
        contemplated by this Agreement, has duly authorized the execution, delivery
        and
        performance of this Agreement, and has duly executed and delivered this
        Agreement.

       

      (iv)  This
        Agreement, assuming due authorization, execution and delivery by the other
        parties hereto, constitutes a valid, legal and binding obligation of it,
        enforceable against it in accordance with the terms hereof, subject to (A)
        applicable bankruptcy, insolvency, receivership, reorganization, moratorium
        and
        other laws affecting the enforcement of creditors’ rights generally, and (B)
        general principles of equity, regardless of whether such enforcement is
        considered in a proceeding in equity or at law.

       

      (v)  It
        is not
        in violation of, and its execution and delivery of this Agreement and its
        performance and compliance with the terms of this Agreement will not constitute
        a violation of, any law, any order or decree of any court or arbiter, or
        any
        order, regulation or demand of any federal, state or local governmental or
        regulatory authority, which violation, in its good faith and reasonable
        judgment, is likely to affect materially and adversely either the ability
        of it
        to perform its obligations under this Agreement or its financial
        condition.

       

      (vi)  No
        litigation is pending or, to the best of its knowledge, threatened against
        it,
        which would prohibit it from entering into this Agreement or, in its good
        faith
        reasonable judgment, is likely to materially and adversely affect either
        the
        ability of it to perform its obligations under this Agreement or its financial
        condition.

       

      ARTICLE
        IX

       

       

      TERMINATION

       

      
        	SECTION
                9.01.  	
                Termination
                  Upon Repurchase or Liquidation of All Mortgage
                  Loans.

              

      

       

      (a)  Subject
        to Section 9.02, the respective obligations and responsibilities under this
        Agreement of the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee (other than the indemnification obligations
        of the
        Servicer and the Master Servicer pursuant to Section 6.03 and of the
        Servicer to make remittances to the Trust Administrator and the Trust
        Administrator to make payments in respect of the REMIC I Regular Interests
        and
        the Classes of Certificates as hereinafter set forth) shall terminate upon
        payment to the Certificateholders and the deposit of all amounts held by
        or on
        behalf of the Trust Administrator and required hereunder to be so paid or
        deposited on the Distribution Date coinciding with or following the earlier
        to
        occur of (i) the purchase by the Terminator (as defined below) on a servicing
        retained basis of all Mortgage Loans and each REO Property remaining in REMIC
        I
        and (ii) the final payment or other liquidation (or any advance with respect
        thereto) of the last Mortgage Loan or REO Property remaining in REMIC I;
        provided, however, that in no event shall the trust created hereby continue
        beyond the earlier of (i) the expiration of 21 years from the death of the
        last
        survivor of the descendants of Joseph P. Kennedy, the late ambassador of
        the
        United States to the Court of St. James, living on the date hereof and (ii)
        the
        Latest Possible Maturity Date as defined in the Preliminary Statement. Subject
        to Section 3.10 hereof, the purchase by the Terminator of all Mortgage
        Loans and each REO Property remaining in REMIC I shall be at a price (the
        “Termination Price”) equal to the greater of (i) the Stated Principal Balance of
        the Mortgage Loans and the appraised value of any REO Properties, such appraisal
        to be conducted by an Independent appraiser mutually agreed upon by the
        Terminator and the Trust Administrator in their reasonable discretion and
        (ii)
        the fair market value of all of the assets of REMIC I (as determined by the
        Terminator and the Trust Administrator, as of the close of business on the
        third
        Business Day next preceding the date upon which notice of any such termination
        is furnished to Certificateholders pursuant to clause (c) of this
        Section 9.01) in each case, plus accrued and unpaid interest thereon at the
        weighted average of the Mortgage Rates through the end of the Due Period
        preceding the final Distribution Date plus unreimbursed Advances, Servicing
        Advances, any unpaid Servicing Fees allocable to such Mortgage Loans and
        REO
        Properties and any other amounts owed to the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee under this Agreement, any accrued and
        unpaid
        Net WAC Rate Carryover Amount and any Swap Termination Payment payable to
        the
        Swap Provider then remaining unpaid or which is due to the exercise of such
        option; provided, however, such option may only be exercised if (i) the
        Termination Price is sufficient to pay all interest accrued on, as well as
        amounts necessary to retire the principal balance of, each class of notes
        issued
        pursuant to the Indenture and any remaining amounts owed to the trustee under
        the Indenture and the NIMS Insurer on the date such notes are retired and
        (ii)
        the fair market value of the Mortgage Loans and REO Properties determined
        as
        described above is at least equal to the Stated Principal Balance of the
        Mortgage Loans (after giving effect to scheduled payments of principal due
        during the related Due Period, to the extent received or advanced, and
        unscheduled collections of principal received during the related Prepayment
        Period) and the appraised value of the REO Properties.

       

      (b)  The
        majority holder of the Class CE Certificates (so long as such Holder is not
        the
        Seller or an affiliate of the Seller), or if such majority holder fails to
        exercise such right, the Servicer, or if the Servicer fails to exercise such
        right, the Master Servicer, or if the Master Servicer fails to exercise such
        right, the NIMS Insurer, shall have the right (the party exercising such
        right,
        the “Terminator”), to purchase all of the Mortgage Loans and each REO Property
        remaining in REMIC I pursuant to clause (i) of the preceding paragraph no
        later
        than the Determination Date in the month immediately preceding the Distribution
        Date on which the Certificates will be retired; provided, however, that the
        Terminator may elect to purchase all of the Mortgage Loans and each REO Property
        remaining in REMIC I pursuant to clause (i) above only if the aggregate Stated
        Principal Balance of the Mortgage Loans and each REO Property remaining in
        the
        Trust Fund at the time of such election is equal to or less than 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.
        By acceptance of the Residual Certificates, the Holder of the Residual
        Certificates agrees for so long as any notes insured by the NIMS Insurer
        and
        secured by all or a portion of the Class CE, Class P, Class R or Class R-X
        Certificates are outstanding, in connection with any termination hereunder,
        to
        assign and transfer any amounts in excess of par, and to the extent received
        in
        respect of such termination, to pay any such amounts to the Holders of the
        Class
        CE Certificates.

       

      In
        connection with any termination pursuant to this Section 9.01(b): 

       

      (i) At
        least
        twenty (20) days prior to the latest date on which notice of such optional
        termination is required to be mailed to the Certificateholders pursuant to
        Section 9.01(c), the Terminator shall notify in writing (which may be done
        in
        electronic format) the Swap Provider of the final Distribution Date on which
        the
        Terminator intends to terminate the Trust Fund;

       

      (ii) No
        later
        than 4:00 pm (New York City time) four (4) Business Days prior to the final
        Distribution Date specified in the notices required pursuant to Sections
        9.01(c), the Trust Administrator shall request in writing (in accordance
        with
        the applicable provision of the Interest Rate Swap Agreement) and by phone
        from
        the Swap Provider the amount of the Estimated Swap Termination Payment. The
        Swap
        Provider shall, no later than 2:00 pm (New York City time) on the following
        Business Day, notify in writing (which may be done in electronic format)
        the
        Trust Administrator of the amount of the Estimated Swap Termination Payment
        and
        the Trust Administrator shall promptly on the same day notify the Terminator
        of
        the amount of the Estimated Swap Termination Payment; and 

       

      (iii) Two
        (2)
        Business Days prior to the final Distribution Date specified in the notices
        required pursuant to Sections 9.01(c), (x) the Terminator shall, no later
        than
        1:00 pm (New York City time) on such day, deliver to the Trust Administrator
        and
        the Trust Administrator shall deposit funds in the Distribution Account in
        an
        amount equal to the sum of the Termination Price (which shall be based on
        the
        Estimated Swap Termination Payment), and (y) if the Trust Administrator shall
        have determined that the all of the requirements for Optional Termination
        have
        been met, including without limitation the deposit required pursuant to the
        immediately preceding clause (x) as well as the requirements specified in
        Section 9.01(c), then the Trust Administrator shall, on the same Business
        Day,
        provide written notice to the Terminator and the Swap Provider (in accordance
        with the applicable provision of the Interest Rate Swap Agreement) confirming
        (a) its receipt of the Termination Price (which shall be based on the Estimated
        Swap Termination Payment), and (b) that all other requirements of the Optional
        Termination have been met (the “Optional Termination Notice”). Upon the delivery
        of the Optional Termination Notice by the Trust Administrator pursuant to
        the
        preceding sentence, (i) the optional termination shall become irrevocable,
        (ii)
        the notice to Certificateholders of such optional termination provided pursuant
        to Section 9.01(c) shall become unrescindable, (iii) the Swap Provider shall
        determine the Swap Termination Payment in accordance with the Interest Rate
        Swap
        Agreement (which shall not exceed the Estimated Swap Termination Payment),
        and
        (iv) the Swap Provider shall provide to the Trust Administrator written notice
        of the amount of the Swap Termination Payment not later than one (1) Business
        Day prior to the final Distribution Date specified in the notices required
        pursuant to Sections 9.01(c).

       

      (c)  Notice
        of
        the liquidation of the Certificates shall be given promptly by the Trust
        Administrator by letter to Certificateholders, the Swap Provider and the
        NIMS
        Insurer mailed (a) in the event such notice is given in connection with the
        purchase of the Mortgage Loans and each REO Property by the Terminator, not
        earlier than the 10th
        day and
        not later than the 20th
        day of
        the month next preceding the month of the final distribution on the Certificates
        or (b) otherwise during the month of such final distribution on or before
        the
        Determination Date in such month, in each case specifying (i) the Distribution
        Date upon which the Trust Fund will terminate and the final payment in respect
        of the REMIC I Regular Interests and the Certificates will be made upon
        presentation and surrender of the related Certificates at the office of the
        Trust Administrator therein designated, (ii) the amount of any such final
        payment, (iii) that no interest shall accrue in respect of the REMIC I Regular
        Interests or the Certificates from and after the Accrual Period relating
        to the
        final Distribution Date therefor and (iv) that the Record Date otherwise
        applicable to such Distribution Date is not applicable, payments being made
        only
        upon presentation and surrender of the Certificates at the office of the
        Trust
        Administrator. In the event such notice is given in connection with the purchase
        of all of the Mortgage Loans and each REO Property remaining in REMIC I by
        the
        Terminator, the Terminator shall deliver to the Trust Administrator for deposit
        in the Distribution Account not later than the last Business Day of the month
        next preceding the month of the final distribution on the Certificates an
        amount
        in immediately available funds equal to the Termination Price. The Trust
        Administrator shall remit to the Servicer from such funds deposited in the
        Distribution Account (i) any amounts which the Servicer would be permitted
        to
        withdraw and retain from the Collection Account pursuant to Section 3.11
        and
        (ii) any other amounts otherwise payable by the Trust Administrator to the
        Servicer from amounts on deposit in the Distribution Account pursuant to
        the
        terms of this Agreement, in each case prior to making any final distributions
        pursuant to Section 9.01(d) below. Upon certification to the Trustee and
        the
        Trust Administrator by the Terminator of the making of such final deposit,
        the
        Trust Administrator shall promptly release to the Terminator the Mortgage
        Files
        for the remaining Mortgage Loans, and the Trustee shall execute all assignments,
        endorsements and other instruments necessary to effectuate such
        transfer.

       

      (d)  Upon
        presentation of the Certificates by the Certificateholders on the final
        Distribution Date, the Trust Administrator shall distribute to each
        Certificateholder so presenting and surrendering its Certificates the amount
        otherwise distributable on such Distribution Date in accordance with
        Section 4.01 in respect of the Certificates so presented and surrendered.
        Any funds not distributed to any Holder or Holders of Certificates being
        retired
        on such Distribution Date because of the failure of such Holder or Holders
        to
        tender their Certificates shall, on such date, be set aside and held in trust
        and credited to the account of the appropriate non-tendering Holder or Holders.
        If any Certificates as to which notice has been given pursuant to this
        Section 9.01 shall not have been surrendered for cancellation within six
        months after the time specified in such notice, the Trust Administrator shall
        mail a second notice to the remaining non-tendering Certificateholders to
        surrender their Certificates for cancellation in order to receive the final
        distribution with respect thereto.  If within one year after the second
        notice all such Certificates shall not have been surrendered for cancellation,
        the Trust Administrator shall, directly or through an agent, mail a final
        notice
        to the remaining non-tendering Certificateholders concerning surrender of
        their
        Certificates. The costs and expenses of maintaining the funds in trust and
        of
        contacting such Certificateholders shall be paid out of the assets remaining
        in
        the Trust Fund. If within one year after the final notice any such Certificates
        shall not have been surrendered for cancellation, the Trust Administrator
        shall
        pay to UBS Securities LLC all such amounts, and all rights of non-tendering
        Certificateholders in or to such amounts shall thereupon cease. No interest
        shall accrue or be payable to any Certificateholder on any amount held in
        trust
        by the Trust Administrator as a result of such Certificateholder’s failure to
        surrender its Certificate(s) for final payment thereof in accordance with
        this
        Section 9.01. Any such amounts held in trust by the Trust Administrator
        shall be held in an Eligible Account and the Trust Administrator may direct
        any
        depository institution maintaining such account to invest the funds in one
        or
        more Permitted Investments. All income and gain realized from the investment
        of
        funds deposited in such accounts held in trust by the Trust Administrator
        shall
        be for the benefit of the Trust Administrator; provided, however, that the
        Trust
        Administrator shall deposit in such account the amount of any loss of principal
        incurred in respect of any such Permitted Investment made with funds in such
        accounts immediately upon the realization of such loss.

       

      Immediately
        following the deposit of funds in trust hereunder in respect of the
        Certificates, the Trust Fund shall terminate.

       

      
        	SECTION
                9.02.  	
                Additional
                  Termination Requirements.

              

      

       

      (a)  In
        the
        event that the Terminator purchases all the Mortgage Loans and each REO Property
        or the final payment on or other liquidation of the last Mortgage Loan or
        REO
        Property remaining in REMIC I pursuant to Section 9.01, the Trust Fund
        shall be terminated in accordance with the following additional requirements,
        unless the Trust Administrator and the Servicer have received an Opinion
        of
        Counsel, which Opinion of Counsel shall be at the expense of the Terminator
        (or
        in connection with a termination resulting from the final payment on or other
        liquidation of the last Mortgage Loan or REO Property remaining in REMIC
        I,
        which Opinion of Counsel shall be at the expense of the person seeking
        nonadherence to the following additional requirements but which in no event
        shall be at the expense of the Trust Fund or, unless it is the person seeking
        nonadherence to the following additional requirements, the Servicer or the
        Trust
        Administrator), to the effect that the failure of REMIC I to comply with
        such
        additional requirements of this Section 9.02 will not (A) result in the
        imposition on the Trust Fund of taxes on “prohibited transactions,” as described
        in Section 860F of the Code, or (B) cause REMIC I to fail to qualify as a
        REMIC at any time that any Certificate is outstanding:

       

      (i)  The
        Trust
        Administrator shall specify the first day in the 90-day liquidation period
        in a
        statement attached to each Trust REMIC’s final Tax Return pursuant to Treasury
        regulation Section 1.860F-1 and shall satisfy all requirements of a
        qualified liquidation under Section 860F of the Code and any regulations
        thereunder, as evidenced by an Opinion of Counsel obtained at the expense
        of the
        Terminator;

       

      (ii)  During
        such 90-day liquidation period and, at or prior to the time of making of
        the
        final payment on the Certificates, the Trustee shall sell all of the assets
        of
        REMIC I to the Terminator for cash; and

       

      (iii)  At
        the
        time of the making of the final payment on the Certificates, the Trust
        Administrator shall distribute or credit, or cause to be distributed or
        credited, to the Holders of the Residual Certificates all cash on hand in
        the
        Trust Fund (other than cash retained to meet claims), and the Trust Fund
        shall
        terminate at that time.

       

      (b)  At
        the
        expense of the Terminator, the Depositor shall prepare or cause to be prepared
        the documentation required in connection with the adoption of a plan of
        liquidation of each Trust REMIC pursuant to this Section 9.02.

       

      (c)  By
        their
        acceptance of Certificates, the Holders thereof hereby agree to authorize
        the
        Trust Administrator to specify the 90-day liquidation period for each Trust
        REMIC, which authorization shall be binding upon all successor
        Certificateholders.

       

      ARTICLE
        X

       

      REMIC
        PROVISIONS

       

      
        	SECTION
                10.01.  	
                REMIC
                  Administration.

              

      

       

      (a)  The
        Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and,
        if
        necessary, under applicable state law. Each such election will be made by
        the
        Trustee on Form 1066 or other appropriate federal tax or information return
        or
        any appropriate state return for the taxable year ending on the last day
        of the
        calendar year in which the Certificates are issued. For the purposes of the
        REMIC election in respect of REMIC I, the REMIC I Regular Interests shall
        be
        designated as the Regular Interests in REMIC I and the Class R-I Interest
        shall
        be designated as the Residual Interest in REMIC I. For the purposes of the
        REMIC
        election in respect of REMIC II, the REMIC II Regular Interests shall be
        designated as the Regular Interests in REMIC II and the Class R-II Interest
        shall be designated as the Residual Interest in REMIC II. The Class A
        Certificates, the Mezzanine Certificates, the Class CE Interest, the Class
        P
        Interest and the Class Swap-IO Interest shall be designated as the Regular
        Interests in REMIC III and the Class R-III Interest shall be designated as
        the
        Residual Interest in REMIC III. The CE Certificates shall be designated as
        the
        Regular Interests in REMIC IV and the Class R-IV Interest shall be designated
        as
        the Residual Interest in REMIC IV. The P Certificates shall be designated
        as the
        Regular Interests in REMIC V and the Class R-V Interest shall be designated
        as
        the Residual Interest in REMIC V. REMIC VI Regular Interest SWAP-IO shall
        be
        designated as the Regular Interests in REMIC VI and the Class R-VI Interest
        shall be designated as the Residual Interest in REMIC VI. The Trustee shall
        not
        permit the creation of any “interests” in any Trust REMIC (within the meaning of
        Section 860G of the Code) other than the interests identified above as Regular
        Interests or Residual Interests in REMIC I, REMIC II, REMIC III, REMIC IV,
        REMIC
        V or REMIC VI.

       

      (b)  The
        Closing Date is hereby designated as the “Startup Day” of each Trust REMIC
        within the meaning of Section 860G(a)(9) of the Code.

       

      (c)  The
        Trust
        Administrator shall be reimbursed for any and all expenses relating to any
        tax
        audit of the Trust Fund (including, but not limited to, any professional
        fees or
        any administrative or judicial proceedings with respect to any Trust REMIC
        that
        involve the Internal Revenue Service or state tax authorities), including
        the
        expense of obtaining any tax related Opinion of Counsel except as specified
        herein. The Trust Administrator, as agent for each Trust REMIC’s tax matters
        person shall (i) act on behalf of the Trust Fund in relation to any tax matter
        or controversy involving any Trust REMIC and (ii) represent the Trust Fund
        in
        any administrative or judicial proceeding relating to an examination or audit
        by
        any governmental taxing authority with respect thereto. The holder of the
        largest Percentage Interest of the Residual Certificates shall be designated,
        in
        the manner provided under Treasury Regulations Section 1.860F-4(d) and Treasury
        Regulations Section 301.6231(a)(7)-1, as the tax matters person of the related
        REMIC created hereunder. By their acceptance thereof, the holder of the largest
        Percentage Interest of the Residual Certificates hereby agrees to irrevocably
        appoint the Trust Administrator or an Affiliate as its agent to perform all
        of
        the duties of the tax matters person for the Trust Fund.

       

      (d)  The
        Trust
        Administrator shall prepare, sign and file all of the Tax Returns (including
        Form 8811, which must be filed within 30 days following the Closing Date)
        in
        respect of each Trust REMIC. The expenses of preparing and filing such returns
        shall be borne by the Trust Administrator without any right of reimbursement
        therefor.

       

      (e)  The
        Trust
        Administrator shall perform on behalf of each Trust REMIC all reporting and
        other tax compliance duties that are the responsibility of such REMIC under
        the
        Code, the REMIC Provisions or other compliance guidance issued by the Internal
        Revenue Service or any state or local taxing authority. Among its other duties,
        as required by the Code, the REMIC Provisions or other such compliance guidance,
        the Trust Administrator shall provide (i) to any Transferor of a Residual
        Certificate such information as is necessary for the application of any tax
        relating to the transfer of a Residual Certificate to any Person who is not
        a
        Permitted Transferee, (ii) to the Certificateholders such information or
        reports
        as are required by the Code or the REMIC Provisions including reports relating
        to interest, original issue discount and market discount or premium (using
        the
        Prepayment Assumption as required) and (iii) to the Internal Revenue Service
        the
        name, title, address and telephone number of the person who will serve as
        the
        representative of each Trust REMIC. The Depositor shall provide or cause
        to be
        provided to the Trust Administrator, within ten (10) days after the Closing
        Date, all information or data that the Trust Administrator reasonably determines
        to be relevant for tax purposes as to the valuations and issue prices of
        the
        Certificates, including, without limitation, the price, yield, prepayment
        assumption and projected cash flow of the Certificates.

       

      (f)  The
        Trust
        Administrator shall take such action and shall cause each Trust REMIC to
        take
        such action as shall be necessary to create or maintain the status thereof
        as a
        REMIC under the REMIC Provisions. Neither the Trust Administrator nor the
        Trustee shall take any action or cause the Trust Fund to take any action
        or fail
        to take (or fail to cause to be taken) any action that, under the REMIC
        Provisions, if taken or not taken, as the case may be, could (i) endanger
        the
        status of any Trust REMIC as a REMIC or (ii) result in the imposition of
        a tax
        upon the Trust Fund (including but not limited to the tax on prohibited
        transactions as defined in Section 860F(a)(2) of the Code and the tax on
        contributions to a REMIC set forth in Section 860G(d) of the Code) (either
        such event, an “Adverse REMIC Event”) unless the Trustee, the Trust
        Administrator and the NIMS Insurer have received an Opinion of Counsel,
        addressed to the Trustee, the NIMS Insurer and the Trust Administrator (at
        the
        expense of the party seeking to take such action but in no event at the expense
        of the Trustee or the Trust Administrator) to the effect that the contemplated
        action will not, with respect to any Trust REMIC, endanger such status or
        result
        in the imposition of such a tax, nor shall the Servicer take or fail to take
        any
        action (whether or not authorized hereunder) as to which the Trustee, the
        Trust
        Administrator or the NIMS Insurer has advised it in writing that it has received
        an Opinion of Counsel to the effect that an Adverse REMIC Event could occur
        with
        respect to such action; provided that the Servicer may conclusively rely
        on such
        Opinion of Counsel and shall incur no liability for its action or failure
        to act
        in accordance with such Opinion of Counsel. In addition, prior to taking
        any
        action with respect to any Trust REMIC or the respective assets of each,
        or
        causing any Trust REMIC to take any action, which is not contemplated under
        the
        terms of this Agreement, the Servicer will consult with the Trustee, the
        Trust
        Administrator, the Master Servicer, the NIMS Insurer or their respective
        designees, in writing, with respect to whether such action could cause an
        Adverse REMIC Event to occur with respect to any Trust REMIC and the Servicer
        shall not take any such action or cause any Trust REMIC to take any such
        action
        as to which the Trustee, the Trust Administrator, the Master Servicer or
        the
        NIMS Insurer has advised it in writing that an Adverse REMIC Event could
        occur;
        provided that the Servicer may conclusively rely on such writing and shall
        incur
        no liability for its action or failure to act in accordance with such writing.
        The Trustee, the Trust Administrator, the Master Servicer or the NIMS Insurer
        may consult with counsel to make such written advice, and the cost of same
        shall
        be borne by the party seeking to take the action not permitted by this
        Agreement, but in no event shall such cost be an expense of the Trustee,
        the
        Trust Administrator or the Master Servicer. At all times as may be required
        by
        the Code, the Trust Administrator will ensure that substantially all of the
        assets of REMIC I will consist of “qualified mortgages” as defined in
        Section 860G(a)(3) of the Code and “permitted investments” as defined in
        Section 860G(a)(5) of the Code, to the extent such obligations are within
        the Trust Administrator’s control and not otherwise inconsistent with the terms
        of this Agreement.

       

      (g)  In
        the
        event that any tax is imposed on “prohibited transactions” of any REMIC created
        hereunder as defined in Section 860F(a)(2) of the Code, on the “net income
        from foreclosure property” of such REMIC as defined in Section 860G(c) of
        the Code, on any contributions to any such REMIC after the Startup Day therefor
        pursuant to Section 860G(d) of the Code, or any other tax is imposed by the
        Code or any applicable provisions of state or local tax laws, such tax shall
        be
        charged (i) to the Trust Administrator pursuant to Section 10.03 hereof, if
        such tax arises out of or results from a breach by the Trust Administrator
        of
        any of its obligations under this Article X, (ii) to the Trustee pursuant
        to
        Section 10.03 hereof, if such tax arises out of or results from a breach by
        the Trustee of any of its obligations under this Article X, (iii) to the
        Master
        Servicer pursuant to Section 10.03 hereof, if such tax arises out of or
        results from a breach by the Master Servicer of any of its obligations under
        Article III or this Article X, (iv) to the Servicer pursuant to
        Section 10.03 hereof, if such tax arises out of or results from a breach by
        the Master Servicer of any of its obligations under Article III or this Article
        X or (v) against amounts on deposit in the Distribution Account and shall
        be
        paid by withdrawal therefrom.

       

      (h)  [Reserved].

       

      (i)  The
        Trust
        Administrator shall, for federal income tax purposes, maintain books and
        records
        with respect to each Trust REMIC on a calendar year and on an accrual
        basis.

       

      (j)  Following
        the Startup Day, none of the Servicer, the Master Servicer, the Trust
        Administrator or the Trustee shall accept any contributions of assets to
        any
        Trust REMIC other than in connection with any Qualified Substitute Mortgage
        Loan
        delivered in accordance with Section 2.03 unless it shall have received an
        Opinion of Counsel to the effect that the inclusion of such assets in the
        Trust
        Fund will not cause the related REMIC to fail to qualify as a REMIC at any
        time
        that any Certificates are outstanding or subject such REMIC to any tax under
        the
        REMIC Provisions or other applicable provisions of federal, state and local
        law
        or ordinances.

       

      (k)  None
        of
        the Trustee, the Trust Administrator, the Servicer or the Master Servicer
        shall
        enter into any arrangement by which any Trust REMIC will receive a fee or
        other
        compensation for services nor permit either REMIC to receive any income from
        assets other than “qualified mortgages” as defined in Section 860G(a)(3) of
        the Code or “permitted investments” as defined in Section 860G(a)(5) of the
        Code.

       

      
        	SECTION
                10.02.  	
                Prohibited
                  Transactions and Activities.

              

      

       

      None
        of
        the Depositor, the Servicer, the Master Servicer, the Trust Administrator
        or the
        Trustee shall sell, dispose of or substitute for any of the Mortgage Loans
        (except in connection with (i) the foreclosure of a Mortgage Loan, including
        but
        not limited to, the acquisition or sale of a Mortgaged Property acquired
        by deed
        in lieu of foreclosure, (ii) the bankruptcy of REMIC I, (iii) the termination
        of
        REMIC I pursuant to Article IX of this Agreement, (iv) a substitution pursuant
        to Article II of this Agreement or (v) a purchase of Mortgage Loans pursuant
        to
        Article II or III of this Agreement), nor acquire any assets for any Trust
        REMIC
        (other than REO Property acquired in respect of a defaulted Mortgage Loan),
        nor
        sell or dispose of any investments in the Collection Account or the Distribution
        Account for gain, nor accept any contributions to any Trust REMIC after the
        Closing Date (other than a Qualified Substitute Mortgage Loan delivered in
        accordance with Section 2.03), unless it has received an Opinion of
        Counsel, addressed to the Trustee, the Trust Administrator and the NIMS Insurer
        (at the expense of the party seeking to cause such sale, disposition,
        substitution, acquisition or contribution but in no event at the expense
        of the
        Trustee or the Trust Administrator) that such sale, disposition, substitution,
        acquisition or contribution will not (a) affect adversely the status of any
        Trust REMIC as a REMIC or (b) cause any Trust REMIC to be subject to a tax
        on
“prohibited transactions” or “contributions” pursuant to the REMIC
        Provisions.

       

      
        	SECTION
                10.03.  	
                Servicer,
                  Master Servicer and Trustee
                  Indemnification.

              

      

       

      (a)  In
        the
        event that any Trust REMIC fails to qualify as a REMIC, loses its status
        as a
        REMIC, or incurs federal, state or local taxes as a result of a prohibited
        transaction or prohibited contribution under the REMIC Provisions due to
        (i) the
        negligent performance by the Trustee or the Trust Administrator of its duties
        and obligations set forth herein or (ii) any state, local or franchise taxes
        imposed upon the Trust Fund as a result of the location of the Trustee or
        the
        Trust Administrator or any co-trustee, the Trustee or the Trust Administrator,
        as applicable, shall indemnify the NIMS Insurer, the Servicer, the Master
        Servicer and the Trust Fund against any and all Losses resulting from such
        negligence, including, without limitation, any reasonable attorneys’ fees
        imposed on or incurred as a result of a breach of the Trustee’s or the Trust
        Administrator’s, as applicable, or any co-trustee’s covenants; provided,
        however,
        that
        the Trustee or the Trust Administrator, as applicable, shall not be liable
        for
        any such Losses attributable to the action or inaction of the Servicer, the
        Master Servicer, the Depositor or the Holder of such Residual Certificate,
        as
        applicable, nor for any such Losses resulting from misinformation provided
        by
        the Holder of such Residual Certificate on which the Trustee or the Trust
        Administrator, as applicable, has relied. The foregoing shall not be deemed
        to
        limit or restrict the rights and remedies of the Holder of such Residual
        Certificate now or hereafter existing at law or in equity. Notwithstanding
        the
        foregoing, however, in no event shall the Trustee or the Trust Administrator,
        as
        applicable, have any liability (1) for any action or omission that is taken
        in
        accordance with and in compliance with the express terms of, or which is
        expressly permitted by the terms of, this Agreement, (2) for any Losses other
        than arising out of a negligent performance by the Trustee or the Trust
        Administrator, as applicable, of its duties and obligations set forth herein,
        and (3) for any special or consequential damages to Certificateholders (in
        addition to payment of principal and interest on the Certificates).

       

      (b)  In
        the
        event that any Trust REMIC fails to qualify as a REMIC, loses its status
        as a
        REMIC, or incurs federal, state or local taxes as a result of a prohibited
        transaction or prohibited contribution under the REMIC Provisions due to
        the
        negligent performance by the Master Servicer of its duties and obligations
        set
        forth herein, the Master Servicer shall indemnify the NIMS Insurer, the
        Servicer, the Trustee, the Trust Administrator and the Trust Fund against
        any
        and all losses, claims, damages, liabilities or expenses (“Losses”) resulting
        from such negligence, including, without limitation, any reasonable attorneys’
fees imposed on or incurred as a result of a breach of the Master Servicer’s
        covenants; provided,
        however,
        that
        the Master Servicer shall not be liable for any such Losses attributable
        to the
        action or inaction of the Trustee, the Trust Administrator, the Servicer,
        the
        Depositor or the Holder of such Residual Certificate, as applicable, nor
        for any
        such Losses resulting from misinformation provided by the Holder of such
        Residual Certificate on which the Master Servicer has relied. The foregoing
        shall not be deemed to limit or restrict the rights and remedies of the Holder
        of such Residual Certificate now or hereafter existing at law or in equity.
        Notwithstanding the foregoing, however, in no event shall the Master Servicer
        have any liability (1) for any action or omission that is taken in accordance
        with and in compliance with the express terms of, or which is expressly
        permitted by the terms of, this Agreement, (2) for any Losses other than
        arising
        out of a negligent performance by the Master Servicer of its duties and
        obligations set forth herein, and (3) for any special or consequential damages
        to Certificateholders (in addition to payment of principal and interest on
        the
        Certificates).

       

      (c)  In
        the
        event that any Trust REMIC fails to qualify as a REMIC, loses its status
        as a
        REMIC, or incurs federal, state or local taxes as a result of a prohibited
        transaction or prohibited contribution under the REMIC Provisions due to
        (i) the
        negligent performance by the Servicer of its duties and obligations set forth
        herein or (ii) any state, local or franchise taxes imposed upon the Trust
        Fund
        as a result of the location of the Servicer or any sub-servicer, the Servicer
        shall indemnify the NIMS Insurer, the Master Servicer, the Trustee, the Trust
        Administrator and the Trust Fund against any and all losses, claims, damages,
        liabilities or expenses (“Losses”) resulting from such negligence, including,
        without limitation, any reasonable attorneys’ fees imposed on or incurred as a
        result of a breach of the Servicer’s or any sub-servicer’s covenants;
provided,
        however,
        that
        the Servicer shall not be liable for any such Losses attributable to the
        action
        or inaction of the Master Servicer, the Trustee, the Trust Administrator,
        the
        Depositor or the Holder of such Residual Certificate, as applicable, nor
        for any
        such Losses resulting from misinformation provided by the Holder of such
        Residual Certificate on which the Servicer has relied. The foregoing shall
        not
        be deemed to limit or restrict the rights and remedies of the Holder of such
        Residual Certificate now or hereafter existing at law or in equity.
        Notwithstanding the foregoing, however, in no event shall the Servicer have
        any
        liability (1) for any action or omission that is taken in accordance with
        and in
        compliance with the express terms of, or which is expressly permitted by
        the
        terms of, this Agreement, (2) for any Losses other than arising out of a
        negligent performance by the Servicer of its duties and obligations set forth
        herein, and (3) for any special or consequential damages to Certificateholders
        (in addition to payment of principal and interest on the
        Certificates).

       

      ARTICLE
        XI

       

      MISCELLANEOUS
        PROVISIONS

       

      
        	SECTION
                11.01.  	
                Amendment.

              

      

       

      This
        Agreement may be amended from time to time by the Depositor, the Servicer,
        the
        Master Servicer, the Trust Administrator and the Trustee with the consent
        of the
        NIMS Insurer and without the consent of any of the Certificateholders, (i)
        to
        cure any ambiguity or defect, (ii) to correct, modify or supplement any
        provisions herein (including to give effect to the expectations of
        Certificateholders), or (iii) to make any other provisions with respect to
        matters or questions arising under this Agreement which shall not be
        inconsistent with the provisions of this Agreement, provided that such action
        shall not adversely affect in any material respect the interests of any
        Certificateholder as evidenced by either (i) an Opinion of Counsel delivered
        to
        the Servicer, the Master Servicer, the Trustee, the Trust Administrator and
        the
        NIMS Insurer or (ii) confirmation from the Rating Agencies, delivered to
        the
        Servicer, the Master Servicer, the Trustee, the Trust Administrator and the
        NIMS
        Insurer, that such amendment will not result in the reduction or withdrawal
        of
        the rating of any outstanding Class of Certificates. No amendment shall be
        deemed to adversely affect in any material respect the interests of any
        Certificateholder who shall have consented thereto, and no Opinion of Counsel
        shall be required to address the effect of any such amendment on any such
        consenting Certificateholder.

       

      This
        Agreement may also be amended from time to time by the Depositor, the Servicer,
        the Master Servicer, the Trust Administrator, the NIMS Insurer and the Trustee
        with the consent of the NIMS Insurer and the Holders of Certificates entitled
        to
        at least 66% of the Voting Rights for the purpose of adding any provisions
        to or
        changing in any manner or eliminating any of the provisions of this Agreement
        or
        of modifying in any manner the rights of the Swap Provider or Holders of
        Certificates; provided, however, that no such amendment shall (i) reduce
        in any
        manner the amount of, or delay the timing of, payments received on Mortgage
        Loans which are required to be distributed on any Certificate without the
        consent of the Holder of such Certificate, (ii) adversely affect in any material
        respect the interests of the Swap Provider or Holders of any Class of
        Certificates (as evidenced by either (i) an Opinion of Counsel delivered
        to the
        Trustee and the NIMS Insurer or (ii) confirmation from the Rating Agencies,
        delivered to the Servicer, the Master Servicer, the Trustee and the NIMS
        Insurer, that such action will not result in the reduction or withdrawal
        of the
        rating of any outstanding Class of Certificates) in a manner, other than
        as
        described in (i), or (iii) modify the consents required by the immediately
        preceding clauses (i) and (ii) without the consent of the Holders of all
        Certificates then outstanding. Notwithstanding any other provision of this
        Agreement, for purposes of the giving or withholding of consents pursuant
        to
        this Section 11.01, Certificates registered in the name of the Depositor,
        the Servicer or the Master Servicer or any Affiliate thereof shall be entitled
        to Voting Rights with respect to matters affecting such
        Certificates.

       

      Notwithstanding
        any contrary provision of this Agreement, none of the Trustee, the Trust
        Administrator or the NIMS Insurer shall consent to any amendment to this
        Agreement unless it shall have first received an Opinion of Counsel satisfactory
        to the NIMS Insurer to the effect that such amendment will not result in
        the
        imposition of any tax on any Trust REMIC pursuant to the REMIC Provisions
        or
        cause any Trust REMIC to fail to qualify as a REMIC at any time that any
        Certificates are outstanding.

       

      Notwithstanding
        any of the other provisions of this Section 11.01, none of the parties to
        this
        Agreement shall enter into any amendment to this Agreement that could reasonably
        be expected to have a material adverse effect on the interests of the Swap
        Provider hereunder (excluding, for the avoidance of doubt, any amendment
        to this
        Agreement that is entered into solely for the purpose of appointing a successor
        servicer, trust administrator, trustee or other service provider) without
        the
        prior written consent of the Swap Provider, which consent shall not be
        unreasonably withheld, conditioned or delayed.

       

      Promptly
        after the execution of any such amendment the Trust Administrator shall notify
        each Certificateholder and make available to each Certificateholder and the
        NIMS
        Insurer a copy of such amendment.

       

      It
        shall
        not be necessary for the consent of Certificateholders under this
        Section 11.01 to approve the particular form of any proposed amendment, but
        it shall be sufficient if such consent shall approve the substance thereof.
        The
        manner of obtaining such consents and of evidencing the authorization of
        the
        execution thereof by Certificateholders shall be subject to such reasonable
        regulations as the Trust Administrator may prescribe.

       

      The
        cost
        of any Opinion of Counsel to be delivered pursuant to this Section 11.01
        shall be borne by the Person seeking the related amendment, but in no event
        shall such Opinion of Counsel be an expense of the Trustee or the Trust
        Administrator.

       

      The
        Trustee and the Trust Administrator may, but neither shall be obligated to
        enter
        into any amendment pursuant to this Section that affects its rights, duties
        and immunities under this Agreement or otherwise.

       

      
        	SECTION
                11.02.  	
                Recordation
                  of Agreement; Counterparts.

              

      

       

      To
        the
        extent permitted by applicable law, this Agreement is subject to recordation
        in
        all appropriate public offices for real property records in all the counties
        or
        other comparable jurisdictions in which any or all of the properties subject
        to
        the Mortgages are situated, and in any other appropriate public recording
        office
        or elsewhere, such recordation to be effected by the Servicer at the expense
        of
        the Certificateholders, but only upon direction of the Trustee or the Trust
        Administrator accompanied by an Opinion of Counsel to the effect that such
        recordation materially and beneficially affects the interests of the
        Certificateholders.

       

      For
        the
        purpose of facilitating the recordation of this Agreement as herein provided
        and
        for other purposes, this Agreement may be executed simultaneously in any
        number
        of counterparts, each of which counterparts shall be deemed to be an original,
        and such counterparts shall constitute but one and the same
        instrument.

       

      
        	SECTION
                11.03.  	
                Limitation
                  on Rights of Certificateholders.

              

      

       

      The
        death
        or incapacity of any Certificateholder shall not operate to terminate this
        Agreement or the Trust, nor entitle such Certificateholder’s legal
        representatives or heirs to claim an accounting or to take any action or
        proceeding in any court for a partition or winding up of the Trust Fund,
        nor
        otherwise affect the rights, obligations and liabilities of the parties hereto
        or any of them.

       

      No
        Certificateholder shall have any right to vote (except as expressly provided
        for
        herein) or in any manner otherwise control the operation and management of
        the
        Trust, or the obligations of the parties hereto, nor shall anything herein
        set
        forth, or contained in the terms of any of the Certificates, be construed
        so as
        to constitute the Certificateholders from time to time as partners or members
        of
        an association; nor shall any Certificateholder be under any liability to
        any
        third person by reason of any action taken by the parties to this Agreement
        pursuant to any provision hereof.

       

      No
        Certificateholder shall have any right by virtue of any provision of this
        Agreement to institute any suit, action or proceeding in equity or at law
        upon
        or under or with respect to this Agreement, unless such Holder previously
        shall
        have given to the Trustee a written notice of default and of the continuance
        thereof, as hereinbefore provided, and unless also the Holders of Certificates
        entitled to at least 25% of the Voting Rights shall have made written request
        upon the Trustee to institute such action, suit or proceeding in its own
        name as
        Trustee hereunder and shall have offered to the Trustee such reasonable
        indemnity as it may require against the costs, expenses and liabilities to
        be
        incurred therein or thereby, and the Trustee, for 15 days after its receipt
        of
        such notice, request and offer of indemnity, shall have neglected or refused
        to
        institute any such action, suit or proceeding. It is understood and intended,
        and expressly covenanted by each Certificateholder with every other
        Certificateholder and the Trustee, that no one or more Holders of Certificates
        shall have any right in any manner whatsoever by virtue of any provision
        of this
        Agreement to affect, disturb or prejudice the rights of the Holders of any
        other
        of such Certificates, or to obtain or seek to obtain priority over or preference
        to any other such Holder, or to enforce any right under this Agreement, except
        in the manner herein provided and for the equal, ratable and common benefit
        of
        all Certificateholders. For the protection and enforcement of the provisions
        of
        this Section, each and every Certificateholder and the Trustee shall be entitled
        to such relief as can be given either at law or in equity.

       

      
        	SECTION
                11.04.  	
                Governing
                  Law.

              

      

       

      This
        Agreement shall be construed in accordance with the laws of the State of
        New
        York and the obligations, rights and remedies of the parties hereunder shall
        be
        determined in accordance with such laws.

       

      
        	SECTION
                11.05.  	
                Notices.

              

      

       

      All
        directions, demands and notices hereunder shall be in writing and shall be
        deemed to have been duly given when received if personally delivered at or
        mailed by first class mail, postage prepaid, or by express delivery service
        or
        delivered in any other manner specified herein, to (a) in the case of the
        Depositor, 1285 Avenue of the Americas, New York, New York 10019, Attention:
        Legal (telecopy number (212) 713-2080), or such other address or telecopy
        number
        as may hereafter be furnished to the Servicer, the Master Servicer, the Trust
        Administrator, the NIMS Insurer and the Trustee in writing by the Depositor,
        (b)
        in the case of the Servicer, HomEq Servicing, 4837 Watt Avenue, North Highlands,
        California 95660-5101, Attention: Portfolio Management, Facsimile No. (916)
        339-6995 with a copy to HomEq Servicing, 1620 East Roseville Parkway, Suite
        210,
        2nd Floor, Roseville, California 95661, Attention: Legal Department, Facsimile
        No. (916) 339-6995 or such other address or telecopy number as may hereafter
        be
        furnished to the Trustee, the Trust Administrator, the Master Servicer and
        the
        Depositor in writing by the Servicer, (c) in the case of the Master Servicer
        or
        the Trust Administrator, Wells Fargo Bank, N.A., P.O. Box 98, Columbia, Maryland
        21046, Attention: Client Manager-MABS 2006-NC3 (telecopy number (410) 715-2380),
        with a copy to Wells Fargo Bank, N.A., 9062 Old Annapolis Road, Columbia,
        Maryland 21045, Attention: Client Manager-MABS 2006-NC3 (telecopy number
        (410)
        715-2380), with a copy to Wells Fargo Bank, N.A., Sixth Street and Marquette
        Avenue, Minneapolis, Minnesota 55479, Attention: Client Manager-MABS 2006-NC3,
        or such other address or telecopy number as may hereafter be furnished to
        the
        Servicer, the Trustee, the NIMS Insurer and the Depositor in writing by the
        Master Servicer, (d) in the case of the Trustee, 60 Livingston Avenue,
        EP-MN-WS3D, St. Paul, Minnesota 55107, Attention: Structured Finance/MASTR
        2006-NC3 (telecopy number (651) 495-8090), or such other address or telecopy
        number as may hereafter be furnished to the Depositor, the Servicer, the
        NIMS
        Insurer, the Trust Administrator and the Master Servicer in writing by the
        Trustee, (e) in the case of the Credit Risk Manager, 1700 Lincoln Street,
        Suite
        1600, Denver, Colorado 80203, Attention: General Counsel, or such other address
        or telecopy number as may hereafter be furnished to the Depositor, the Servicer,
        the Trust Administrator, the Master Servicer, the Trustee and the NIMS Insurer
        and (f) in the case of the NIMS Insurer, if any, the address set forth in
        the
        Indenture, or such other address or telecopy number as may hereafter be
        furnished to the Master Servicer, the Trust Administrator, the Depositor
        and the
        Trustee in writing by the NIMS Insurer. Any notice required or permitted
        to be
        given to a Certificateholder shall be given by first class mail, postage
        prepaid, at the address of such Holder as shown in the Certificate Register.
        Any
        notice so mailed within the time prescribed in this Agreement shall be
        conclusively presumed to have been duly given when mailed, whether or not
        the
        Certificateholder receives such notice. A copy of any notice required to
        be
        telecopied hereunder also shall be mailed to the appropriate party in the
        manner
        set forth above.

       

      
        	SECTION
                11.06.  	
                Severability
                  of Provisions.

              

      

       

      If
        any
        one or more of the covenants, agreements, provisions or terms of this Agreement
        shall be for any reason whatsoever held invalid, then such covenants,
        agreements, provisions or terms shall be deemed severable from the remaining
        covenants, agreements, provisions or terms of this Agreement and shall in
        no way
        affect the validity or enforceability of the other provisions of this Agreement
        or of the Certificates or the rights of the Holders thereof.

       

      
        	SECTION
                11.07.  	
                Notice
                  to Rating Agencies and the NIMS
                  Insurer.

              

      

       

      The
        Trust
        Administrator shall use its best efforts promptly to provide notice to the
        Rating Agencies and the NIMS Insurer with respect to each of the following
        of
        which it has actual knowledge:

       

      (1)  Any
        material change or amendment to this Agreement;

       

      (2)  The
        occurrence of any Servicer Event of Default or Master Servicer Event of Default
        that has not been cured or waived;

       

      (3)  The
        resignation or termination of the Master Servicer, the Trust Administrator
        or
        the Trustee;

       

      (4)  The
        repurchase or substitution of Mortgage Loans pursuant to or as contemplated
        by
        Section 2.03;

       

      (5)  The
        final
        payment to the Holders of any Class of Certificates;

       

      (6)  Any
        change in the location of the Collection Account or the Distribution
        Account;

       

      (7)  Any
        event
        that would result in the inability of the Master Servicer to make advances
        regarding delinquent Mortgage Loans to the same extent the Servicer is required
        to make such advances as provided in Section 4.03; and

       

      (8)  The
        filing of any claim under any Servicer’s blanket bond and errors and omissions
        insurance policy required by Section 3.14 or the cancellation or material
        modification of coverage under any such instrument.

       

      In
        addition, the Trust Administrator shall promptly make available to each Rating
        Agency and the NIMS Insurer copies of each report to Certificateholders
        described in Section 4.02 and the Master Servicer shall promptly make
        available to each Rating Agency copies of the following:

       

      (1)  Each
        annual statement as to compliance described in Section 3.20;
        and

       

      (2)  Each
        annual independent public accountants’ servicing report described in
        Section 3.21.

       

      (3)  Any
        notice delivered pursuant to Section 7.01.

       

      Any
        such
        notice pursuant to this Section 11.07 shall be in writing and shall be deemed
        to
        have been duly given if personally delivered at or mailed by first class
        mail,
        postage prepaid, or by express delivery service to Moody’s Investors Service
        Inc., 99 Church Street, New York, New York 10004 and Standard & Poor’s
        Ratings Services, a division of The McGraw-Hill Companies, Inc., 55 Water
        Street, New York, New York 10007, or such other addresses as the Rating Agencies
        may designate in writing to the parties hereto.

       

      
        	SECTION
                11.08.  	
                Article
                  and Section References.

              

      

       

      All
        article and section references used in this Agreement, unless otherwise
        provided, are to articles and sections in this Agreement.

       

      
        	SECTION
                11.09.  	
                Grant
                  of Security Interest.

              

      

       

      It
        is the
        express intent of the parties hereto that the conveyance of the Mortgage
        Loans
        by the Depositor to the Trustee, be, and be construed as, a sale of the Mortgage
        Loans by the Depositor and not a pledge of the Mortgage Loans to secure a
        debt
        or other obligation of the Depositor. However, in the event that,
        notwithstanding the aforementioned intent of the parties, the Mortgage Loans
        are
        held to be property of the Depositor, then, (a) it is the express intent
        of the
        parties that such conveyance be deemed a pledge of the Mortgage Loans by
        the
        Depositor to the Trustee to secure a debt or other obligation of the Depositor
        and (b)(1) this Agreement shall also be deemed to be a security agreement
        within
        the meaning of Articles 8 and 9 of the Uniform Commercial Code as in effect
        from
        time to time in the State of New York; (2) the conveyance provided for in
        Section 2.01 hereof shall be deemed to be a grant by the Depositor to the
        Trustee of a security interest in all of the Depositor’s right, title and
        interest in and to the Mortgage Loans and all amounts payable to the holders
        of
        the Mortgage Loans and the Swap Provider in accordance with the terms thereof
        and all proceeds of the conversion, voluntary or involuntary, of the foregoing
        into cash, instruments, securities or other property, including without
        limitation all amounts, other than investment earnings, from time to time
        held
        or invested in the Collection Account and the Distribution Account, whether
        in
        the form of cash, instruments, securities or other property; (3) the obligations
        secured by such security agreement shall be deemed to be all of the Depositor’s
        obligations under this Agreement, including the obligation to provide to
        the
        Certificateholders and the Swap Provider the benefits of this Agreement relating
        to the Mortgage Loans and the Trust Fund; and (4) notifications to persons
        holding such property, and acknowledgments, receipts or confirmations from
        persons holding such property, shall be deemed notifications to, or
        acknowledgments, receipts or confirmations from, financial intermediaries,
        bailees or agents (as applicable) of the Trustee for the purpose of perfecting
        such security interest under applicable law. Accordingly, the Depositor hereby
        grants to the Trustee a security interest in the Mortgage Loans and all other
        property described in clause (2) of the preceding sentence, for the purpose
        of
        securing to the Trustee the performance by the Depositor of the obligations
        described in clause (3) of the preceding sentence. Notwithstanding the
        foregoing, the parties hereto intend the conveyance pursuant to
        Section 2.01 to be a true, absolute and unconditional sale of the Mortgage
        Loans and assets constituting the Trust Fund by the Depositor to the
        Trustee.

       

      
        	SECTION
                11.10.  	
                Third
                  Party Rights.

              

      

       

      Each
        of
        the NIMS Insurer and the Swap Provider shall be deemed a third-party beneficiary
        of this Agreement to the same extent as if it were a party hereto, and shall
        have the right to enforce the provisions of this Agreement.

       

      
        	SECTION
                11.11.  	
                Intention
                  of the Parties and Interpretation.

              

      

       

      Each
        of
        the parties hereto acknowledges and agrees that the purpose of Sections 3.20,
        3.21 and 4.06 of this Agreement is to facilitate compliance by the Depositor
        with the provisions of Regulation AB promulgated by the SEC under the Exchange
        Act (17 C.F.R. §§ 229.1100 - 229.1123), as such may be amended from time to time
        and subject to clarification and interpretive advice as may be issued by
        the
        staff of the Commission from time to time. Therefore, each of the parties
        hereto
        agrees that (a) the obligations of the parties hereunder shall be interpreted
        in
        such a manner as to accomplish that purpose, (b) the parties’ obligations
        hereunder will be supplemented and modified as reasonably necessary to be
        consistent with any such amendments, interpretive advice or guidance, convention
        or consensus among active participants in the asset-backed securities markets,
        advice of counsel, or otherwise in respect of the requirements of Regulation
        AB,
        (c) the parties shall comply, to the extent practicable from a timing and
        information systems perspective and to the extent that the Depositor will
        pay
        any increased costs of the Trustee and the Trust Administrator caused by
        such
        request, with requests made by the Depositor for delivery of additional or
        different information as the Depositor may determine in good faith is necessary
        to comply with the provisions of Regulation AB, and (d) no amendment of this
        Agreement shall be required to effect any such changes in the parties’
obligations as are necessary to accommodate evolving interpretations of the
        provisions of Regulation AB.

       

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

      IN
        WITNESS WHEREOF, the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee have caused their names to be signed hereto
        by
        their respective officers thereunto duly authorized, in each case as of the
        day
        and year first above written.

       

      

        
          	 	
                  MORTGAGE
                    ASSET SECURITIZATION TRANSACTIONS, INC.,

                
	 	
                  as
                    Depositor

                
	 	
                  By:
                    /s/
                    Steven Warjanka 

                
	 	
                  Name:
                    Steven Warjanka

                
	 	
                  Title:
                    Director

                
	 	
                  By:
                    /s/
                    Glenn McIntyre 

                
	 	
                  Name:
                    Glenn McIntyre

                
	 	
                  Title:
                    Executive Director

                
	 	
                   

                   

                  WELLS
                    FARGO BANK, N.A.,

                
	 	
                  as
                    Master Servicer and Trust Administrator

                
	 	
                   

                  By:
                    /s/
                    Raymond Delli Colli 

                
	 	
                  Name:
                    Raymond Delli Colli

                
	 	
                  Title:
                    Vice President

                
	 	
                   

                   

                  BARCLAYS
                    CAPITAL REAL ESTATE INC. d/b/a HOMEQ SERVICING,

                
	 	
                  as
                    Servicer

                
	 	
                   

                  By:
                    /s/
                    Keith Becher 

                
	 	
                  Name:
                    Keith Becher

                
	 	
                  Title:
                    Chief Operating Officer

                
	 	 
	 	
                   

                   

                  U.S.
                    BANK NATIONAL ASSOCIATION,

                
	 	
                  as
                    Trustee

                
	 	
                   

                  By:
                    /s/
                    Shannon M. Rantz 

                
	 	
                  Name:
                    Shannon M. Rantz

                
	 	
                  Title:
                    Vice President

                

        

      

      

      
        	
                For
                  purposes of Sections 6.08, 6.09 and 6.10:

              	 
	
                CLAYTON
                  FIXED INCOME SERVICES INC.

              	 
	
                 

                By:
                  /s/
                  Kevin J. Kanouff 

              	 
	
                Name:
                  Kevin J. Kanouff

              	 
	
                Title:
                  President and General Counsel

              	 
	 	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

        
          	
                  STATE
                    OF NEW YORK

                	
                  )

                
	 	
                  )
                    ss.:

                
	
                  COUNTY
                    OF NEW YORK 

                	
                  )

                

        

      

       

      On
        the
        ___ day of December 2006, before me, a notary public in and for said State,
        personally appeared ________________________ and ________________________,
        known
        to me to be a(n) ________________________ and ________________________,
        respectively, of Mortgage Asset Securitization Transactions, Inc., one of
        the
        entities that executed the within instrument, and also known to me to be
        the
        person who executed it on behalf of said entity, and acknowledged to me that
        such entity executed the within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      
        
          	
                   

                	 
	
                   

                	
                  Notary
                    Public

                

        

      

       

      [Notarial
        Seal]

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

        
          	
                  STATE
                    OF

                	
                  )

                
	 	
                  )
                    ss.:

                
	
                  COUNTY
                    OF

                	
                  )

                

        

      

       

      
      

      On
        the
        ____ day of December 2006, before me, a notary public in and for said State,
        personally appeared ________________________ known to me to be a(n)
        ________________________ of Barclays Capital Real Estate Inc. d/b/a HomEq
        Servicing, one of the entities that executed the within instrument, and also
        known to me to be the person who executed it on behalf of said entity, and
        acknowledged to me that such entity executed the within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

      
         

        
          
            	
                     

                  	 
	
                     

                  	
                    Notary
                      Public

                  

          

        

         

      

      [Notarial
        Seal]

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

        
          	
                  STATE
                    OF MARYLAND

                	
                  )

                
	 	
                  )
                    ss.:

                
	
                  COUNTY
                    OF HOWARD

                	
                  )

                

        

      

       

       

      On
        the
        ____ day of December 2006, before me, a notary public in and for said State,
        personally appeared ________________________ known to me to be a(n)
        ________________________ of Wells Fargo Bank, N.A., one of the entities that
        executed the within instrument, and also known to me to be the person who
        executed it on behalf of said entity, and acknowledged to me that such entity
        executed the within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      
        
          
            
              	
                       

                    	 
	
                       

                    	
                      Notary
                        Public

                    

            

          

           

        

      

      [Notarial
        Seal]

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

        
          	
                  STATE
                    OF MINNESOTA

                	
                  )

                
	 	
                  )
                    ss.:

                
	
                  COUNTY
                    OF RAMSEY

                	
                  )

                

        

      

       

       

      On
        the
        ____ day of December 2006, before me, a notary public in and for said State,
        personally appeared ________________________, known to me to be a(n)
        ________________________ of U.S. Bank National Association, one of the entities
        that executed the within instrument, and also known to me to be the person
        who
        executed it on behalf of said entity, and acknowledged to me that such entity
        executed the within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

      
         

        
          
            
              
                	
                         

                      	 
	
                         

                      	
                        Notary
                          Public

                      

              

            

             

          

        

      

      [Notarial
        Seal]

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      A-A-1

     

    FORM
      OF
      CLASS A-1 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

    

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, THE HOLDER OF THIS
      CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH IN SECTION
      5.02 (c) OF THE AGREEMENT.

    

    
      	
              Series:
                2006-NC3

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: December 1,
                2006

              First
                Distribution Date: January 25, 2007

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class A-1 Certificates as of
                the
                Issue Date: $ 206,732,000.00

              Denomination:
                $ 206,732,000.00

              Servicer:
                Barclays Capital Real Estate Inc. d/b/a HomEq Servicing

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Custodian:
                Deutsche Bank National Trust Comany

              Trustee:
                U.S. Bank National Association

              Issue
                Date: December 28, 2006

              CUSIP:
                55275RAA0

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE
      MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE
      TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
      THE
      UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF
      THE
      UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class A-1 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      A-1 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class A-1
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class A-1 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      A-1 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer, the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      of
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    Prior
      to
      the termination of the supplemental interest trust, the holder of this
      certificate shall be deemed to have made the representation set forth in Section
      5.02 (c) of the Pooling & Servicing Agreement. 

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator and the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      December ___, 2006

     

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-NC3,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM - 

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian 

              __________________       
                

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              __________________

              (State)

            
	
              TEN
                ENT - 

            	
              as
                tenants by the entireties

            	 
	
              JT
                TEN - 

            	
              as
                joint tenants with right

              of
                survivorship and not as

              tenants
                in common

            	 

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    

     

    EXHIBIT
      A-A-2

     

    FORM
      OF
      CLASS A-2 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

    

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, THE HOLDER OF THIS
      CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH IN SECTION
      5.02 (c) OF THE AGREEMENT.

    

    
      	
              Series:
                2006-NC3

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: December 1,
                2006

              First
                Distribution Date: January 25, 2007

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class A-2 Certificates as of
                the
                Issue Date: $321,800,000.00

              Denomination:
                $321,800,000.00

              Servicer:
                Barclays Capital Real Estate Inc. d/b/a HomEq Servicing

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Custodian:
                Deutsche Bank National Trust Company

              Trustee:
                U.S. Bank National Association

              Issue
                Date: December 28, 2006

              CUSIP:
                55275RAB8

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class A-2 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      A-2 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class A-2
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class A-2 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      A-2 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer, the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      of
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

    

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    Prior
      to
      the termination of the supplemental interest trust, the holder of this
      certificate shall be deemed to have made the representation set forth in Section
      5.02 (c) of the Pooling & Servicing Agreement. 

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      December ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-NC3,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

    
       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 

                __________________       
                  

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

    

     

     Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    EXHIBIT
      A-A-3

     

    FORM
      OF
      CLASS A-3 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

    

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, THE HOLDER OF THIS
      CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH IN SECTION
      5.02 (c) OF THE AGREEMENT.

    

    
      	
              Series:
                2006-NC3

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: December 1,
                2006

              First
                Distribution Date: January 25, 2007

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class A-3 Certificates as of
                the
                Issue Date: $78,400,000.00

              Denomination:
                $78,400,000.00

              Servicer:
                Barclays Capital Real Estate Inc. d/b/a HomEq Servicing

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Custodian:
                Deutsche Bank National Trust Company

              Trustee:
                U.S. Bank National Association

              Issue
                Date: December 28, 2006

              CUSIP:
                55275RAC6

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class A-3 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      A-3 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class A-3
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class A-3 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      A-3 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer, the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      of
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

    

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    Prior
      to
      the termination of the supplemental interest trust, the holder of this
      certificate shall be deemed to have made the representation set forth in Section
      5.02 (c) of the Pooling & Servicing Agreement. 

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      December ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-NC3,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

    
       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 

                __________________       
                  

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

    

     

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      _________________________________________________________________ 

    

    
      	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    EXHIBIT
      A-A-4

     

    FORM
      OF
      CLASS A-4 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

    

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, THE HOLDER OF THIS
      CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH IN SECTION
      5.02 (c) OF THE AGREEMENT.

    

    

    
      	
              Series:
                2006-NC3

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: December 1,
                2006

              First
                Distribution Date: January 25, 2007

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class A-4 Certificates as of
                the
                Issue Date: $133,300,000.00

              Denomination:
                $133,300,000.00

              Servicer:
                Barclays Capital Real Estate Inc. d/b/a HomEq Servicing

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Custodian:
                Deustche Bank National Trust Company

              Trustee:
                U.S. Bank National Association

              Issue
                Date: December 28, 2006

              CUSIP:
                55275RAD4

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class A-4 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      A-4 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class A-4
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class A-4 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      A-4 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer, the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      of
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

    

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    Prior
      to
      the termination of the supplemental interest trust, the holder of this
      certificate shall be deemed to have made the representation set forth in Section
      5.02 (c) of the Pooling & Servicing Agreement. 

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      December ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-NC3,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 

                __________________       
                  

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    EXHIBIT
      A-A-5

     

    FORM
      OF
      CLASS A-5 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

    

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, THE HOLDER OF THIS
      CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH IN SECTION
      5.02 (c) OF THE AGREEMENT.

    

    

    
      	
              Series:
                2006-NC3

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: December 1,
                2006

              First
                Distribution Date: January 25, 2007

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class A-5 Certificates as of
                the
                Issue Date: $52,105,000.00

              Denomination:
                $52,105,000.00

              Servicer:
                Barclays Capital Real Estate Inc. d/b/a HomEq Servicing

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Custodian:
                Deutsche Bank National Trust Company

              Trustee:
                U.S. Bank National Association

              Issue
                Date: December 28, 2006

              CUSIP:
                55275RAE2

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class A-5 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      A-5 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class A-5
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class A-5 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      A-5 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer, the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      of
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    Prior
      to
      the termination of the supplemental interest trust, the holder of this
      certificate shall be deemed to have made the representation set forth in Section
      5.02 (c) of the Pooling & Servicing Agreement. 

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      December ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-NC3,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 

                __________________       
                  

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    EXHIBIT
      A-M-1

     

    FORM
      OF
      CLASS M-1 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES TO THE EXTENT DESCRIBED
      IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE POOLING & SERVICING AGREEMENT.

    

    
      	
              Series:
                2006-NC3

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: December 1,
                2006

              First
                Distribution Date: January 25, 2007

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-1 Certificates as of
                the
                Issue Date: $39,204,000.00

              Denomination:
                $39,204,000.00

              Servicer:
                Barclays Capital Real Estate Inc. d/b/a HomEq Servicing

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Custodian:
                Deutsche Bank National Trust Company

              Trustee:
                U.S. Bank National Association

              Issue
                Date: December 28, 2006

              CUSIP:
                55275RAF9

            

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-1 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-1 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-1
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-1 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      M-1 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer, the Trust Administrator, the Trustee and the
      NIMS
      Insurer, if any, the rights of the Certificateholders under the Agreement at
      any
      time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      of
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      set
      forth in Section 5.02 (c) of the Pooling & Servicing Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      December ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-NC3,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 

                __________________       
                  

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    EXHIBIT
      A-M-2

     

    FORM
      OF
      CLASS M-2 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES AND THE CLASS M-1
      CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

    

    
      	
              Series:
                2006-NC3

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: December 1,
                2006

              First
                Distribution Date: January 25, 2007

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-2 Certificates as of
                the
                Issue Date: $52,100,000.00

              Denomination:
                $52,100,000.00

              Servicer:
                Barclays Capital Real Estate Inc. d/b/a HomEq Servicing

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Custodian:
                Deutshce Bank National Trust Company

              Trustee:
                U.S. Bank National Association

              Issue
                Date: December 28, 2006

              CUSIP:
                55275RAG7 

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-2 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-2 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-2
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-2 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      M-2 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer, the Trust Administrator, the Trustee and the
      NIMS
      Insurer, if any, the rights of the Certificateholders under the Agreement at
      any
      time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      of
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      set
      forth in Section 5.02 (c) of the Pooling & Servicing Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      December ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-NC3,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 

                __________________       
                  

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    EXHIBIT
      A-M-3

     

    FORM
      OF
      CLASS M-3 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES AND THE CLASS M-2 CERTIFICATES TO THE EXTENT DESCRIBED IN THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

    

    
      	
              Series:
                2006-NC3

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: December 1,
                2006

              First
                Distribution Date: January 25, 2007

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-3 Certificates as of
                the
                Issue Date: $17,539,000.00

              Denomination:
                $17,539,000.00

              Servicer:
                Barclays Capital Real Estate Inc. d/b/a HomEq Servicing

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Custodian:
                Deutsche Bank National Trust Company

              Trustee:
                U.S. Bank National Association

              Issue
                Date: December 28, 2006

              CUSIP:
                55275RAH5 

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-3 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-3 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-3
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-3 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      M-3 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer, the Trust Administrator, the Trustee and the
      NIMS
      Insurer, if any, the rights of the Certificateholders under the Agreement at
      any
      time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      of
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates..

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      set
      forth in Section 5.02 (c) of the Pooling & Servicing Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      December ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-NC3,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 

                __________________       
                  

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    EXHIBIT
      A-M-4

     

    FORM
      OF
      CLASS M-4 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES AND THE CLASS M-3 CERTIFICATES TO
      THE
      EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

    

    
      	
              Series:
                2006-NC3

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: December 1,
                2006

              First
                Distribution Date: January 25, 2007

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-4 Certificates as of
                the
                Issue Date: $17,538,000.00

              Denomination:
                $17,538,000.00

              Servicer:
                Barclays Capital Real Estate Inc. d/b/a HomEq Servicing

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Custodian:
                Deutsche Bank National Trust Company

              Trustee:
                U.S. Bank National Association

              Issue
                Date: December 28, 2006

              CUSIP:
                55275RAJ1 

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-4 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-4 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-4
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-4 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      M-4 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer, the Trust Administrator, the Trustee and the
      NIMS
      Insurer, if any, the rights of the Certificateholders under the Agreement at
      any
      time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      of
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      set
      forth in Section 5.02 (c) of the Pooling & Servicing Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      December ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-NC3,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 

                __________________       
                  

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    EXHIBIT
      A-M-5

     

    FORM
      OF
      CLASS M-5 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES AND THE
      CLASS M-4 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

    

    
      	
              Series:
                2006-NC3

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: December 1,
                2006

              First
                Distribution Date: January 25, 2007

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-5 Certificates as of
                the
                Issue Date: $18,054,000.00

              Denomination:
                $18,054,000.00

              Servicer:
                Barclays Capital Real Estate Inc. d/b/a HomEq Servicing

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Custodian:
                Deutsche Bank National Trust Company

              Trustee:
                U.S. Bank National Association

              Issue
                Date: December 28, 2006

              CUSIP:
                55275RAK8 

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-5 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-5 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-5
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-5 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      M-5 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer, the Trust Administrator, the Trustee and the
      NIMS
      Insurer, if any, the rights of the Certificateholders under the Agreement at
      any
      time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      of
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates..

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      set
      forth in Section 5.02 (c) of the Pooling & Servicing Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      December ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-NC3,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 

                __________________       
                  

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    EXHIBIT
      A-M-6

     

    FORM
      OF
      CLASS M-6 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS
      M-4 CERTIFICATES AND THE CLASS M-5 CERTIFICATES TO THE EXTENT DESCRIBED IN
      THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

    

    
      	
              Series:
                2006-NC3

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: December 1,
                2006

              First
                Distribution Date: January 25, 2007

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-6 Certificates as of
                the
                Issue Date: $13,927,000.00

              Denomination:
                $13,927,000.00

              Servicer:
                Barclays Capital Real Estate Inc. d/b/a HomEq Servicing

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Custodian:
                Deutsche Bank National Trust Company

              Trustee:
                U.S. Bank National Association

              Issue
                Date: December 28, 2006

              CUSIP:
                55275RAL6 

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-6 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-6 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-6
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-6 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      M-6 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer, the Trust Administrator, the Trustee and the
      NIMS
      Insurer, if any, the rights of the Certificateholders under the Agreement at
      any
      time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      of
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      set
      forth in Section 5.02 (c) of the Pooling & Servicing Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      December ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-NC3,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 

                __________________       
                  

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

     

    EXHIBIT
      A-M-7

     

    FORM
      OF
      CLASS M-7 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS
      M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES AND THE CLASS M-6 CERTIFICATES
      TO
      THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

    

    
      	
              Series:
                2006-NC3

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: December 1,
                2006

              First
                Distribution Date: January 25, 2007

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-7 Certificates as of
                the
                Issue Date: $12,380,000.00

              Denomination:
                $12,380,000.00

              Servicer:
                Barclays Capital Real Estate Inc. d/b/a HomEq Servicing

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Custodian:
                Deutsche Bank National Trust Company

              Trustee:
                U.S. Bank National Association

              Issue
                Date: December 28, 2006

              CUSIP:
                55275RAM4 

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-7 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-7 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-7
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-7 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      M-7 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer, the Trust Administrator, the Trustee and the
      NIMS
      Insurer, if any, the rights of the Certificateholders under the Agreement at
      any
      time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      of
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      set
      forth in Section 5.02 (c) of the Pooling & Servicing Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      December ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-NC3,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 

                __________________       
                  

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    EXHIBIT
      A-M-8

     

    FORM
      OF
      CLASS M-8 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS
      M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES AND
      THE
      CLASS M-7 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

    

    
      	
              Series:
                2006-NC3

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: December 1,
                2006

              First
                Distribution Date: January 25, 2007

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-8 Certificates as of
                the
                Issue Date: $8,769,000.00

              Denomination:
                $8,769,000.00

              Servicer:
                Barclays Capital Real Estate Inc. d/b/a HomEq Servicing

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Custodian:
                Deutsche Bank National Trust Company

              Trustee:
                U.S. Bank National Association

              Issue
                Date: December 28, 2006

              CUSIP:
                55275RAN2 

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE
      MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE
      TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
      THE
      UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF
      THE
      UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-8 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-8 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-8
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-8 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      M-8 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer, the Trust Administrator, the Trustee and the
      NIMS
      Insurer, if any, the rights of the Certificateholders under the Agreement at
      any
      time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      of
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      set
      forth in Section 5.02 (c) of the Pooling & Servicing Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      December ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-NC3,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 

                __________________       
                  

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    

     

    EXHIBIT
      A-M-9

     

    FORM
      OF
      CLASS M-9 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS
      M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES, THE
      CLASS M-7 CERTIFICATES AND THE CLASS M-8 CERTIFICATES TO THE EXTENT DESCRIBED
      IN
      THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

    

    
      	
              Series:
                2006-NC3

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: December 1,
                2006

              First
                Distribution Date: January 25, 2007

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-9 Certificates as of
                the
                Issue Date: $11,864,000.00

              Denomination:
                $11,864,000.00

              Servicer:
                Barclays Capital Real Estate Inc. d/b/a HomEq Servicing

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Custodian:
                Deutsche Bank National Trust Company

              Trustee:
                U.S. Bank National Association

              Issue
                Date: December 28, 2006

              CUSIP:
                55275RAP7 

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-9 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-9 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-9
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-9 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      M-9 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer, the Trust Administrator, the Trustee and the
      NIMS
      Insurer, if any, the rights of the Certificateholders under the Agreement at
      any
      time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      of
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      set
      forth in Section 5.02 (c) of the Pooling & Servicing Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      December ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-NC3,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 

                __________________       
                  

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    

     

    EXHIBIT
      A-M-10

     

    FORM
      OF
      CLASS M-10 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS
      M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES, THE
      CLASS M-7 CERTIFICATES, THE CLASS M-8 CERTIFICATES AND THE CLASS M-9
      CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

    

    
      	
              Series:
                2006-NC3

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: December 1,
                2006

              First
                Distribution Date: January 25, 2007

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-10 Certificates as of
                the
                Issue Date: $15,475,000.00

              Denomination:
                $15,475,000.00

              Servicer:
                Barclays Capital Real Estate Inc. d/b/a HomEq Servicing

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Custodian:
                Deutsche Bank National Trust Company

              Trustee:
                U.S. Bank National Association

              Issue
                Date: December 28, 2006

              CUSIP:
                55275RAQ5 

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-10 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-10 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-10
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-10 Certificates the aggregate initial
      Certificate Principal Balance of which is in excess of the lesser of (i)
      $5,000,000 or (ii) two-thirds of the aggregate initial Certificate Principal
      Balance of the Class M-10 Certificates, or otherwise by check mailed by first
      class mail to the address of the Person entitled thereto, as such name and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Trust Administrator of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency appointed
      by the Trust Administrator for that purpose as provided in the
      Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer, the Trust Administrator, the Trustee and the
      NIMS
      Insurer, if any, the rights of the Certificateholders under the Agreement at
      any
      time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      of
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      set
      forth in Section 5.02 (c) of the Pooling & Servicing Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      December ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-NC3,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 

                __________________       
                  

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 
	 	 

    

    

     

    EXHIBIT
      A-M-11

     

    FORM
      OF
      CLASS M-11 CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
      OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
      OR
      TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT
      AND
      UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE AGREEMENT.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
      DESCRIBED HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS
      M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES, THE
      CLASS M-7 CERTIFICATES, THE CLASS M-8 CERTIFICATES, THE CLASS M-9 CERTIFICATES
      AND THE CLASS M-10 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND
      SERVICING AGREEMENT REFERRED TO HEREIN.

     

    

    
      	
              Series:
                2006-NC3

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: December 1,
                2006

              First
                Distribution Date: January 25, 2007

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-11 Certificates as of
                the
                Issue Date: $14,443,000.00

              Denomination:
                $14,443,000.00

              Servicer:
                Barclays Capital Real Estate Inc. d/b/a HomEq Servicing

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Custodian:
                Deutsche Bank National Trust Company

              Trustee:
                U.S. Bank National Association

              Issue
                Date: December 28, 2006

              CUSIP:
                55275RAR3 

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-11 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-11 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-11
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-11 Certificates the aggregate initial
      Certificate Principal Balance of which is in excess of the lesser of (i)
      $5,000,000 or (ii) two-thirds of the aggregate initial Certificate Principal
      Balance of the Class M-11 Certificates, or otherwise by check mailed by first
      class mail to the address of the Person entitled thereto, as such name and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Trust Administrator of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency appointed
      by the Trust Administrator for that purpose as provided in the
      Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer, the Trust Administrator, the Trustee and the
      NIMS
      Insurer, if any, the rights of the Certificateholders under the Agreement at
      any
      time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      of
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the Trust
      Administrator shall require receipt of (i) if such transfer is purportedly
      being
      made in reliance upon Rule 144A under the 1933 Act, written certifications
      from
      the Holder of the Certificate desiring to effect the transfer, and from such
      Holder's prospective transferee, substantially in the forms attached to the
      Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
      satisfactory to it that such transfer may be made without such registration
      or
      qualification (which Opinion of Counsel shall not be an expense of the Trust
      Fund or of the Depositor, the Trustee or the Master Servicer, the Trust
      Administrator in their respective capacities as such), together with copies
      of
      the written certification(s) of the Holder of the Certificate desiring to effect
      the transfer and/or such Holder's prospective transferee upon which such Opinion
      of Counsel is based. None of the Depositor or the Trust Administrator is
      obligated to register or qualify the Class of Certificates specified on the
      face
      hereof under the 1933 Act or any other securities law or to take any action
      not
      otherwise required under the Agreement to permit the transfer of such
      Certificates without registration or qualification. Any Holder desiring to
      effect a transfer of this Certificate shall be required to indemnify the
      Trustee, the Trust Administrator, the Depositor, the Servicer and the Master
      Servicer against any liability that may result if the transfer is not so exempt
      or is not made in accordance with such federal and state laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made except
      in accordance with Section 5.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      December ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-NC3,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 

                __________________       
                  

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 
	 	 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    EXHIBIT
      A-CE

     

    FORM
      OF
      CLASS CE CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES AND THE MEZZANINE
      CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
      OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
      OR
      TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT
      AND
      UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE AGREEMENT.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
      DESCRIBED HEREIN.

    

    
      	
              Series
                2006-NC3

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: December 1,
                2006

              First
                Distribution Date: January 25, 2007

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class CE Certificates as of
                the Issue
                Date: $18,059,238.45

              Servicer:
                Barclays Capital Real Estate Inc. d/b/a HomEq Servicing

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Custodian:
                Deutsche Bank National Trust Company

              Trustee:
                U.S. Bank National Association

              Issue
                Date: December 28, 2006

            
	 	 

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that UBS Securities LLC is the registered owner of a Percentage
      Interest (obtained by dividing the denomination of this Certificate by the
      aggregate Certificate Principal Balance of the Class CE Certificates as of
      the
      Issue Date) in that certain beneficial ownership interest evidenced by all
      the
      Class CE Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class CE
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class CE Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      CE Certificates, or otherwise by check mailed by first class mail to the address
      of the Person entitled thereto, as such name and address shall appear on the
      Certificate Register. Notwithstanding the above, the final distribution on
      this
      Certificate will be made after due notice by the Trust Administrator of the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer, the Trust Administrator, the Trustee and the
      NIMS
      Insurer, if any, the rights of the Certificateholders under the Agreement at
      any
      time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      of
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the Trust
      Administrator shall require receipt of (i) if such transfer is purportedly
      being
      made in reliance upon Rule 144A under the 1933 Act, written certifications
      from
      the Holder of the Certificate desiring to effect the transfer, and from such
      Holder's prospective transferee, substantially in the forms attached to the
      Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
      satisfactory to it that such transfer may be made without such registration
      or
      qualification (which Opinion of Counsel shall not be an expense of the Trust
      Fund or of the Depositor, the Trustee or the Master Servicer, the Trust
      Administrator in their respective capacities as such), together with copies
      of
      the written certification(s) of the Holder of the Certificate desiring to effect
      the transfer and/or such Holder's prospective transferee upon which such Opinion
      of Counsel is based. None of the Depositor or the Trust Administrator is
      obligated to register or qualify the Class of Certificates specified on the
      face
      hereof under the 1933 Act or any other securities law or to take any action
      not
      otherwise required under the Agreement to permit the transfer of such
      Certificates without registration or qualification. Any Holder desiring to
      effect a transfer of this Certificate shall be required to indemnify the
      Trustee, the Trust Administrator, the Depositor, the Servicer and the Master
      Servicer against any liability that may result if the transfer is not so exempt
      or is not made in accordance with such federal and state laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made except
      in accordance with Section 5.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate principal balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      December ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-NC3,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 

                __________________       
                  

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    EXHIBIT
      A-P

     

    FORM
      OF
      CLASS P CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
      OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
      OR
      TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT
      AND
      UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE AGREEMENT.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
      DESCRIBED HEREIN.

    

    
      	
              Series:
                2006-NC3

              Cut-off
                Date and date of Pooling and Servicing Agreement: December 1,
                2006

              First
                Distribution Date: January 25, 2007

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class P Certificates as of the
                Issue
                Date: $100.00

              Denomination:
                $100.00

              Servicer:
                Barclays Capital Real Estate Inc. d/b/a HomEq Servicing

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Custodian:
                Deutsche Bank National Trust Company

              Trustee:
                U.S. Bank National Association

              Issue
                Date: December 28, 2006

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that UBS Securities LLC is the registered owner of a Percentage
      Interest (obtained by dividing the denomination of this Certificate by the
      aggregate Certificate Principal Balance of the Class P Certificates as of the
      Issue Date) in that certain beneficial ownership interest evidenced by all
      the
      Class P Certificates in REMIC IV created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class P Certificates
      on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class P Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      P
      Certificates, or otherwise by check mailed by first class mail to the address
      of
      the Person entitled thereto, as such name and address shall appear on the
      Certificate Register. Notwithstanding the above, the final distribution on
      this
      Certificate will be made after due notice by the Trust Administrator of the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer, the Trust Administrator, the Trustee and the
      NIMS
      Insurer, if any, the rights of the Certificateholders under the Agreement at
      any
      time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      of
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

    

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

    

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the Trust
      Administrator shall require receipt of (i) if such transfer is purportedly
      being
      made in reliance upon Rule 144A under the 1933 Act, written certifications
      from
      the Holder of the Certificate desiring to effect the transfer, and from such
      Holder's prospective transferee, substantially in the forms attached to the
      Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
      satisfactory to it that such transfer may be made without such registration
      or
      qualification (which Opinion of Counsel shall not be an expense of the Trust
      Fund or of the Depositor, the Trustee or the Master Servicer, the Trust
      Administrator in their respective capacities as such), together with copies
      of
      the written certification(s) of the Holder of the Certificate desiring to effect
      the transfer and/or such Holder's prospective transferee upon which such Opinion
      of Counsel is based. None of the Depositor or the Trust Administrator is
      obligated to register or qualify the Class of Certificates specified on the
      face
      hereof under the 1933 Act or any other securities law or to take any action
      not
      otherwise required under the Agreement to permit the transfer of such
      Certificates without registration or qualification. Any Holder desiring to
      effect a transfer of this Certificate shall be required to indemnify the
      Trustee, the Trust Administrator, the Depositor, the Servicer and the Master
      Servicer against any liability that may result if the transfer is not so exempt
      or is not made in accordance with such federal and state laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made except
      in accordance with Section 5.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate principal balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      December ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-NC3,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 

                __________________       
                  

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-R

    

    FORM
      OF
      CLASS R CERTIFICATE

     

    THIS
      CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES PERSON.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”), AS THOSE TERMS ARE
      DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE
      OF
      1986 AS AMENDED (THE “CODE”).

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IN
      ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
      OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
      OR
      TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT
      AND
      UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE AGREEMENT.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
      DESCRIBED HEREIN.

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IF
      THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE TRUST ADMINISTRATOR
      THAT (A) SUCH TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY POSSESSION THEREOF,
      ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY
      INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE
      FOREGOING, (2) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION
      521 OF THE CODE) THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE
      UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE
      CODE, (3) ANY ORGANIZATION DESCRIBED IN SECTION 1381(A)(2)(C) OF THE CODE (ANY
      SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL HEREINAFTER
      BE REFERRED TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF A
      DISQUALIFIED ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE
      THE
      ASSESSMENT OR COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN
      ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED
      TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF
      ANY
      TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED
      ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION
      SHALL
      BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL
      NOT
      BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT
      NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER
      OF
      THIS CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO
      THE
      PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 5.02(c) OF THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A
      DISQUALIFIED ORGANIZATION IS PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP
      OF
      THIS CERTIFICATE.

    

    
      	
              Series:
                2006-NC3

              Cut-off
                Date and date of Pooling and Servicing Agreement: December 1,
                2006

              First
                Distribution Date: January 25, 2007

              No.
                1 

            	
              Aggregate
                Percentage Interest of the Class R Certificates as of the Issue Date:
                100.00%

              Servicer:
                Barclays Capital Real Estate Inc. d/b/a HomEq Servicing

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Custodian:
                Deutsche Bank National Trust Company

              Trustee:
                U.S. Bank National Association

              Issue
                Date: December 28, 2006

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that UBS Securities LLC is the registered owner of a Percentage
      Interest (as specified above) in that certain beneficial ownership interest
      evidenced by all the Certificates of the Class to which this Certificate belongs
      created pursuant to a Pooling and Servicing Agreement, dated as specified above
      (the “Agreement”), among Mortgage Asset Securitization Transactions, Inc.
      (hereinafter called the “Depositor,” which term includes any successor entity
      under the Agreement), the Master Servicer, the Trust Administrator and the
      Trustee, a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class R Certificates
      on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class R Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      R
      Certificates, or otherwise by check mailed by first class mail to the address
      of
      the Person entitled thereto, as such name and address shall appear on the
      Certificate Register. Notwithstanding the above, the final distribution on
      this
      Certificate will be made after due notice by the Trust Administrator of the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer, the Trust Administrator, the Trustee and the
      NIMS
      Insurer, if any, the rights of the Certificateholders under the Agreement at
      any
      time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      of
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

    

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

    

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the Trust
      Administrator shall require receipt of (i) if such transfer is purportedly
      being
      made in reliance upon Rule 144A under the 1933 Act, written certifications
      from
      the Holder of the Certificate desiring to effect the transfer, and from such
      Holder's prospective transferee, substantially in the forms attached to the
      Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
      satisfactory to it that such transfer may be made without such registration
      or
      qualification (which Opinion of Counsel shall not be an expense of the Trust
      Fund or of the Depositor, the Trustee or the Master Servicer, the Trust
      Administrator in their respective capacities as such), together with copies
      of
      the written certification(s) of the Holder of the Certificate desiring to effect
      the transfer and/or such Holder's prospective transferee upon which such Opinion
      of Counsel is based. Neither the Depositor nor the Trust Administrator is
      obligated to register or qualify the Class of Certificates specified on the
      face
      hereof under the 1933 Act or any other securities law or to take any action
      not
      otherwise required under the Agreement to permit the transfer of such
      Certificates without registration or qualification. Any Holder desiring to
      effect a transfer of this Certificate shall be required to indemnify the
      Trustee, the Trust Administrator, the Depositor, the Servicer, and the Master
      Servicer against any liability that may result if the transfer is not so exempt
      or is not made in accordance with such federal and state laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made except
      in accordance with Section 5.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    Prior
      to
      registration of any transfer, sale or other disposition of this Certificate,
      the
      proposed transferee shall provide to the Trust Administrator (i) an affidavit
      to
      the effect that such transferee is any Person other than a Disqualified
      Organization or the agent (including a broker, nominee or middleman) of a
      Disqualified Organization, and (ii) a certificate that acknowledges that (A)
      the
      Class R Certificates have been designated as a residual interest in a REMIC,
      (B)
      it will include in its income a pro
      rata share
      of
      the net income of the Trust Fund and that such income may be an “excess
      inclusion,” as defined in the Code, that, with certain exceptions, cannot be
      offset by other losses or benefits from any tax exemption, and (C) it expects
      to
      have the financial means to satisfy all of its tax obligations including those
      relating to holding the Class R Certificates. Notwithstanding the registration
      in the Certificate Register of any transfer, sale or other disposition of this
      Certificate to a Disqualified Organization or an agent (including a broker,
      nominee or middleman) of a Disqualified Organization, such registration shall
      be
      deemed to be of no legal force or effect whatsoever and such Person shall not
      be
      deemed to be a Certificateholder for any purpose, including, but not limited
      to,
      the receipt of distributions in respect of this Certificate.

     

    The
      Holder of this Certificate, by its acceptance hereof, shall be deemed to have
      consented to the provisions of Section 5.02 of the Agreement and to any
      amendment of the Agreement deemed necessary by counsel of the Depositor to
      ensure that the transfer of this Certificate to any Person other than a
      Permitted Transferee or any other Person will not cause the Trust Fund to cease
      to qualify as a REMIC or cause the imposition of a tax upon the
      REMIC.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate principal balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      December ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-NC3,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 

                __________________       
                  

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

     

    

     

    EXHIBIT
      A-RX

     

    FORM
      OF
      CLASS R-X CERTIFICATE

     

    THIS
      CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES PERSON.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”), AS THOSE TERMS ARE
      DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE
      OF
      1986 AS AMENDED (THE “CODE”).

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IN
      ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
      OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
      OR
      TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT
      AND
      UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE AGREEMENT.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
      DESCRIBED HEREIN.

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IF
      THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE TRUST ADMINISTRATOR
      THAT (A) SUCH TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY POSSESSION THEREOF,
      ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY
      INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE
      FOREGOING, (2) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION
      521 OF THE CODE) THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE
      UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE
      CODE, (3) ANY ORGANIZATION DESCRIBED IN SECTION 1381(A)(2)(C) OF THE CODE (ANY
      SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL HEREINAFTER
      BE REFERRED TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF A
      DISQUALIFIED ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE
      THE
      ASSESSMENT OR COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN
      ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED
      TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF
      ANY
      TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED
      ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION
      SHALL
      BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL
      NOT
      BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT
      NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER
      OF
      THIS CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO
      THE
      PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 5.02 (C) OF THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A
      DISQUALIFIED ORGANIZATION IS PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP
      OF
      THIS CERTIFICATE.

    

    
      	
              Series:
                2006-NC3

              Cut-off
                Date and date of Pooling and Servicing Agreement: December 1,
                2006

              First
                Distribution Date: January 25, 2007

              No.
                1 

            	
              Aggregate
                Percentage Interest of the Class R-X Certificates as of the Issue
                Date:
                100.00%

              Servicer:
                Barclays Capital Real Estate Inc. d/b/a HomEq Servicing

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Custodian:
                Deutsche Bank National Trust Company

              Trustee:
                U.S. Bank National Association

              Issue
                Date: December 28, 2006

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that UBS Securities LLC is the registered owner of a Percentage
      Interest (as specified above) in that certain beneficial ownership interest
      evidenced by all the Certificates of the Class to which this Certificate belongs
      created pursuant to a Pooling and Servicing Agreement, dated as specified above
      (the “Agreement”), among Mortgage Asset Securitization Transactions, Inc.
      (hereinafter called the “Depositor,” which term includes any successor entity
      under the Agreement), the Master Servicer, the Trust Administrator and the
      Trustee, a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class R-X
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class R-X Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      R-X Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer, the Trust Administrator, the Trustee and the
      NIMS
      Insurer, if any, the rights of the Certificateholders under the Agreement at
      any
      time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      of
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

    

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

    

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the Trust
      Administrator shall require receipt of (i) if such transfer is purportedly
      being
      made in reliance upon Rule 144A under the 1933 Act, written certifications
      from
      the Holder of the Certificate desiring to effect the transfer, and from such
      Holder's prospective transferee, substantially in the forms attached to the
      Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
      satisfactory to it that such transfer may be made without such registration
      or
      qualification (which Opinion of Counsel shall not be an expense of the Trust
      Fund or of the Depositor, the Trustee or the Master Servicer, the Trust
      Administrator in their respective capacities as such), together with copies
      of
      the written certification(s) of the Holder of the Certificate desiring to effect
      the transfer and/or such Holder's prospective transferee upon which such Opinion
      of Counsel is based. Neither the Depositor nor the Trust Administrator is
      obligated to register or qualify the Class of Certificates specified on the
      face
      hereof under the 1933 Act or any other securities law or to take any action
      not
      otherwise required under the Agreement to permit the transfer of such
      Certificates without registration or qualification. Any Holder desiring to
      effect a transfer of this Certificate shall be required to indemnify the
      Trustee, the Trust Administrator, the Depositor, the Servicer and the Master
      Servicer against any liability that may result if the transfer is not so exempt
      or is not made in accordance with such federal and state laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made except
      in accordance with Section 5.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    Prior
      to
      registration of any transfer, sale or other disposition of this Certificate,
      the
      proposed transferee shall provide to the Trust Administrator (i) an affidavit
      to
      the effect that such transferee is any Person other than a Disqualified
      Organization or the agent (including a broker, nominee or middleman) of a
      Disqualified Organization, and (ii) a certificate that acknowledges that (A)
      the
      Class R-X Certificates have been designated as a residual interest in a REMIC,
      (B) it will include in its income a pro
      rata share
      of
      the net income of the Trust Fund and that such income may be an “excess
      inclusion,” as defined in the Code, that, with certain exceptions, cannot be
      offset by other losses or benefits from any tax exemption, and (C) it expects
      to
      have the financial means to satisfy all of its tax obligations including those
      relating to holding the Class R-X Certificates. Notwithstanding the registration
      in the Certificate Register of any transfer, sale or other disposition of this
      Certificate to a Disqualified Organization or an agent (including a broker,
      nominee or middleman) of a Disqualified Organization, such registration shall
      be
      deemed to be of no legal force or effect whatsoever and such Person shall not
      be
      deemed to be a Certificateholder for any purpose, including, but not limited
      to,
      the receipt of distributions in respect of this Certificate.

     

    The
      Holder of this Certificate, by its acceptance hereof, shall be deemed to have
      consented to the provisions of Section 5.02 of the Agreement and to any
      amendment of the Agreement deemed necessary by counsel of the Depositor to
      ensure that the transfer of this Certificate to any Person other than a
      Permitted Transferee or any other Person will not cause the Trust Fund to cease
      to qualify as a REMIC or cause the imposition of a tax upon the
      REMIC.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate principal balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      December ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-NC3,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 

                __________________       
                  

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    
      	 	 	 
	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    

     

    

     

    EXHIBIT
      B

     

    [RESERVED]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      C-1

     

    FORM
      OF
      INITIAL CERTIFICATION

     

    December
      28, 2006

    

    
      	
              Mortgage
                Asset Securitization Transactions, Inc.

              1285
                Avenue of the Americas

              New
                York, New York 10019

            	
              U.S.
                Bank National Association 

              60
                Livingston Avenue

              EP-MN-WS3D
                

              St.
                Paul, MN 55107 

              Attn:
                Structured Finance/MASTR 2006-NC3

            
	
              Wells
                Fargo Bank, N.A.

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

            	 

    

    

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement, dated as of December 1, 2006, 

              among
                Mortgage Asset Securitization Transactions, Inc., Barclays 

              Capital
                Real Estate Inc. d/b/a HomEq Servicing, Wells Fargo Bank, N.A.
                

              and
                U.S. Bank National Association, 

              Mortgage
                Pass-Through Certificates, Series
                2006-NC3

            

    

     

    Ladies
      and Gentlemen:

     

    Attached
      is the [Custodian’s] [Trustee’s] preliminary exception report delivered in
      accordance with Section 2.02 of the referenced Pooling and Servicing Agreement
      (the “Pooling and Servicing Agreement”). Capitalized terms used but not
      otherwise defined herein shall have the meanings set forth in the Pooling and
      Servicing Agreement.

     

    The
      [Custodian] [Trustee] has made no independent examination of any documents
      contained in each Mortgage File beyond the review specifically required in
      the
      Pooling and Servicing Agreement. The [Custodian] [Trustee] makes no
      representations as to (i) the validity, legality, sufficiency, enforceability
      or
      genuineness of any of the documents contained in the Mortgage File pertaining
      to
      the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) the
      collectability, insurability, effectiveness or suitability of any such Mortgage
      Loan or (iii) whether any Mortgage File included any of the documents specified
      in clause (vi) of Section 2.01 of the Pooling and Servicing
      Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement. This Certificate is qualified
      in
      all respects by the terms of said Pooling and Servicing Agreement.

     

    
      	
              [TRUSTEE/
                CUSTODIAN]

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    

    EXHIBIT
      C-2

     

    FORM
      OF
      FINAL CERTIFICATION

     

    [Date]

    

    
      	
              Mortgage
                Asset Securitization Transactions, Inc.

              1285
                Avenue of the Americas

              New
                York, New York 10019

            	
              U.S.
                Bank National Association 

              60
                Livingston Avenue

              EP-MN-WS3D
                

              St.
                Paul, MN 55107 

              Attn:
                Structured Finance/MASTR 2006-NC3

            
	
              Wells
                Fargo Bank, N.A.

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

            	 

    

    

    
      	
              Re:

            	
              Pooling
                and Servicing Agreement, dated as of December 1, 2006, among Mortgage
                Asset Securitization Transactions, Inc., Barclays Capital Real Estate
                Inc.
                d/b/a HomEq Servicing, Wells Fargo Bank, N.A. and U.S. Bank National
                Association, Mortgage
                Pass-Through Certificates, Series
                2006-NC3

            

    

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement, the
      undersigned, as [Custodian’s] [Trustee’s], hereby certifies that as to each
      Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage
      loan
      paid in full or listed on Schedule I hereto) it (or its custodian) has received
      the applicable documents listed in Section 2.01 of the Pooling and Servicing
      Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified on the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed above and has determined that
      each
      such document appears to be complete and, based on an examination of such
      documents, the information set forth in the Mortgage Loan Schedule is
      correct.

     

    The
      [Custodian’s] [Trustee’s] has made no independent examination of any documents
      contained in each Mortgage File beyond the review specifically required in
      the
      Pooling and Servicing Agreement. The [Custodian’s] [Trustee’s] makes no
      representations as to (i) the validity, legality, sufficiency, enforceability
      or
      genuineness of any of the documents contained in the Mortgage File pertaining
      to
      the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) the
      collectability, insurability, effectiveness or suitability of any such Mortgage
      Loan or (iii) whether any Mortgage File included any of the documents specified
      in clause (vi) of Section 2.01 of the Pooling and Servicing
      Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement. This Certificate is qualified
      in
      all respects by the terms of said Pooling and Servicing Agreement.

     

    
      	
              [TRUSTEE/
                CUSTODIAN]

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C-3

     

    FORM
      OF
      RECEIPT OF MORTGAGE NOTE

     

    

    
      	
              Mortgage
                Asset Securitization Transactions, Inc.

              1285
                Avenue of the Americas

              New
                York, New York 10019

            	
              U.S.
                Bank National Association 

              60
                Livingston Avenue 

              EP-MN-WS3D
                

              St.
                Paul, MN 55107 

              Attn:
                Structured Finance/ MASTR 2006-NC3

            
	 	 
	
              Wells
                Fargo Bank, N.A.

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

            	
              Barclays
                Capital Real Estate Inc. d/b/a HomEq Servicing

              4837
                Watt Avenue 

              North
                Highlands, California 95660

            

    

    

     

    

     

    
      	
              Re:

            	
              Pooling
                and Servicing Agreement, dated as of December 1, 2006, among Mortgage
                Asset Securitization Transactions, Inc., Barclays Capital Real Estate
                Inc.
                d/b/a HomEq Servicing, Wells Fargo Bank, N.A. and U.S. Bank National
                Association, Mortgage Pass-Through Certificates, Series
                2006-NC3

            

    

    Ladies
      and Gentlemen:

     

    Pursuant
      to Section 2.01 of the Pooling and Servicing Agreement, dated as of December
      1,
      2006, among Mortgage Asset Securitization Transactions, Inc. as Depositor,
      Barclays Capital Real Estate Inc. d/b/a HomEq Servicing as Servicer (the
“Servicer”), Wells Fargo Bank, N.A. as Master Servicer and Trust Administrator
      (the “Master Servicer” and the “Trust Administrator”), Deutsche Bank National
      Trust Company as Custodian (the “Custodian”) and U.S. Bank National Association
      as Trustee, we hereby acknowledge the receipt of the original Mortgage Notes
      (a
      copy of which is attached hereto as Exhibit 1) with any exceptions thereto
      listed on Exhibit 2.

     

    
      	
              [TRUSTEE/
                CUSTODIAN] 

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      D

     

    FORM
      OF
      ASSIGNMENT AND RECOGNITION AGREEMENT

     

     

    

      ASSIGNMENT
        AND RECOGNITION AGREEMENT

       

      THIS
        ASSIGNMENT AND RECOGNITION AGREEMENT, dated December 28, 2006, (“Agreement”)
        among
        UBS Real Estate Securities Inc. (“Assignor”),
        Mortgage Asset Securitization Transactions, Inc. (“Assignee”)
        and
        New Century Mortgage Corporation (the “Company”):

       

      For
        and
        in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
        consideration the receipt and sufficiency of which hereby are acknowledged,
        and
        of the mutual covenants herein contained, the parties hereto hereby agree
        as
        follows:

       

      I.
        Assignment and Conveyance

      

      The
        Assignor hereby conveys, sells, grants, transfers and assigns to the Assignee
        (x) all of the right, title and interest of the Assignor, as purchaser, in,
        to
        and under (a) those certain Mortgage Loans listed as being originated by
        the
        Company on the schedule (the “Mortgage
        Loan Schedule”)
        attached hereto as Exhibit A (the “Mortgage
        Loans”)
        and
        (b) except as described below, that certain Master Seller’s Purchase, Warranties
        and Interim Servicing Agreement dated as of May 1, 2004 as amended (the
“Purchase
        Agreement”),
        among
        the Assignor, as initial purchaser (the “Purchaser”),
        New
        Century Mortgage Corporation, as seller and the Company, as originator and
        servicer, solely insofar as the Purchase Agreement relates to the Mortgage
        Loans
        and (y) other than as provided below with respect to the enforcement of
        representations and warranties, none of the obligations of the Assignor under
        the Purchase Agreement.

       

      The
        Assignor specifically reserves and does not assign to the Assignee hereunder
        any
        and all right, title and interest in, to and under and any obligations of
        the
        Assignor with respect to any mortgage loans subject to the Purchase Agreement
        which are not the Mortgage Loans set forth on the Mortgage Loan Schedule
        and are
        not the subject of this Agreement.

       

      II.
        Recognition of the Company

       

      From
        and
        after the date hereof, the Company shall and does hereby recognize that the
        Assignee will transfer the Mortgage Loans and assign its rights under the
        Purchase Agreement (solely to the extent set forth herein) and this Agreement
        to
        MASTR Asset-Backed Securities Trust 2006-NC3 (the “Trust”) created pursuant to a
        Pooling and Servicing Agreement, dated as of December 1, 2006 (the “Pooling
        Agreement”), among
        the
        Assignee, Wells Fargo Bank, N.A. as master servicer and trust administrator
        (including its successors in interest and any successor servicers under the
        Pooling Agreement, the “Master Servicer” or “Trust Administrator”), Barclays
        Capital Real Estate Inc. d/b/a HomEq Servicing, as servicer (including its
        successors in interest and any successor servicer under the Pooling Agreement,
        the “Servicer”) and U.S. Bank National Association, as trustee (including its
        successors in interest and any successor trustees under the Pooling Agreement,
        the “Trustee”).
        The
        Company hereby acknowledges and agrees that from and after the date hereof
        (i)
        the Trust will be the owner of the Mortgage Loans, (ii) the Trust
        (including the Trustee, the Trust Administrator, the Master Servicer and
        the
        Servicer acting on the Trust’s behalf) shall have all the rights and remedies
        available to the Assignor, insofar as they relate to the Mortgage Loans,
        under
        the Purchase Agreement, including, without limitation, the enforcement of
        the
        document delivery requirements and remedies with respect to breaches of
        representations and warranties set forth in the Purchase Agreement, and shall
        be
        entitled to enforce all of the obligations of the Company thereunder insofar
        as
        they relate to the Mortgage Loans and (iii) all references to the Purchaser
        (insofar as they relate to the rights, title and interest and, with respect
        to
        obligations of the Purchaser, only insofar as they relate to the enforcement
        of
        the representations, warranties and covenants of the Company) or the Custodian
        under the Purchase Agreement insofar as they relate to the Mortgage Loans,
        shall
        be deemed to refer to the Trust (including the Trustee, the Trust Administrator,
        the Master Servicer and the Servicer acting on the Trust’s behalf). Neither the
        Company nor the Assignor shall amend or agree to amend, modify, waiver, or
        otherwise alter any of the terms or provisions of the Purchase Agreement
        which
        amendment, modification, waiver or other alteration would in any way affect
        the
        Mortgage Loans or the Company’s performance under the Purchase Agreement with
        respect to the Mortgage Loans without the prior written consent of the
        Trustee.

       

      III.
        Representations, Warranties and Covenants

      

      1.  The
        Company warrants and represents to the Assignor, the Assignee and the Trust
        as
        of the date hereof that:

       

      (a)  The
        Company is duly organized, validly existing and in good standing under the
        laws
        of the jurisdiction of its incorporation;

       

      (b)  The
        Company has full power and authority to execute, deliver and perform its
        obligations under this Agreement and has full power and authority to perform
        its
        obligations under the Purchase Agreement. The execution by the Company of
        this
        Agreement is in the ordinary course of the Company’s business and will not
        conflict with, or result in a breach of, any of the terms, conditions or
        provisions of the Company’s charter or bylaws or any legal restriction, or any
        material agreement or instrument to which the Company is now a party or by
        which
        it is bound, or result in the violation of any law, rule, regulation, order,
        judgment or decree to which the Company or its property is subject. The
        execution, delivery and performance by the Company of this Agreement have
        been
        duly authorized by all necessary corporate action on part of the Company.
        This
        Agreement has been duly executed and delivered by the Company, and, upon
        the due
        authorization, execution and delivery by the Assignor and the Assignee, will
        constitute the valid and legally binding obligation of the Company, enforceable
        against the Company in accordance with its terms except as enforceability
        may be
        limited by bankruptcy, reorganization, insolvency, moratorium or other similar
        laws now or hereafter in effect relating to creditors’ rights generally, and by
        general principles of equity regardless of whether enforceability is considered
        in a proceeding in equity or at law; 

       

      (c)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        the Company in connection with the execution, delivery or performance by
        the
        Company of this Agreement except as has already been obtained; and

       

      (d)  There
        is
        no action, suit, proceeding or investigation pending or threatened against
        the
        Company, before any court, administrative agency or other tribunal, which
        would
        draw into question the validity of this Agreement or the Purchase Agreement,
        or
        which, either in any one instance or in the aggregate, would result in any
        material adverse change in the ability of the Company to perform its obligations
        under this Agreement or the Purchase Agreement, and the Company is
        solvent.

       

      2.  Pursuant
        to Section 11 of the Purchase Agreement, the Company hereby represents and
        warrants, for the benefit of the Assignor, the Assignee and the Trust, that
        the
        representations and warranties set forth in Sections 7.01 and 7.02 of the
        Purchase Agreement (set forth on Schedule 1), are true and correct as of
        the
        Closing Date (as defined in the Pooling and Servicing Agreement) as if such
        representations and warranties were made on such date, except that the
        representation and warranty set forth in Section 7.02(a) shall, for the purposes
        of this Agreement, relate to the Mortgage Loan Schedule attached
        hereto.

       

      3.  [Reserved].

       

      4.  The
        Assignor hereby makes the following representation and warranty as of the
        date
        hereof:

       

      (a)  Each
        Mortgage Loan at the time it was made complied in all material respects with
        applicable local, state, and federal laws, including, but not limited to,
        all
        applicable predatory and abusive lending laws;

       

      (b)  None
        of
        the Mortgage Loans are High Cost as defined by any applicable predatory and
        abusive lending laws;

       

      (c)  No
        Mortgage Loan is a High Cost Loan or Covered Loan, as applicable (as such
        terms
        are defined in the then current Standard & Poor’s LEVELS®
        Glossary
        which is now Version 5.7 Revised, Appendix E); 

       

      (d)  No
        mortgage loan originated on or after October 1, 2002 through March 6, 2003
        is
        governed by the Georgia Fair Lending Act.

       

      IV.
        Remedies for Breach of Representations and Warranties

       

      The
        Company hereby acknowledges and agrees that the remedies available to the
        Assignor, the Assignee and the Trust (including the Trustee and the Master
        Servicer acting on the Trust’s behalf) in connection with any breach of the
        representations and warranties made by the Company set forth in Section 4
        hereof
        shall be as set forth in Subsection 7.03 of the Purchase Agreement as if
        they
        were set forth herein (including without limitation the repurchase and indemnity
        obligations set forth therein).

       

      The
        Assignor hereby acknowledges and agrees that the remedies available to the
        Assignee and the Trust (including the Trustee and the Master Servicer acting
        on
        the Trust’s behalf) in connection with any breach of the representations and
        warranties made by the Assignor set forth in Section 3 hereof shall be as
        set
        forth in Section 2.03 of the Pooling and Servicing Agreement as if they were
        set
        forth herein (including without limitation the repurchase obligations set
        forth
        therein). The Assignor hereby acknowledges and agrees that a breach of any
        one
        of the representations set forth in Sections 3 above will be deemed to
        materially adversely affect the interests of the certificateholders and shall
        require a repurchase of the affected Mortgage Loan(s).

       

      V.
        Miscellaneous

       

      This
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws. 

       

      No
        term
        or provision of this Agreement may be waived or modified unless such waiver
        or
        modification is in writing and signed by the party against whom such waiver
        or
        modification is sought to be enforced, with the prior written consent of
        the
        Trustee and the Trust Administrator. 

       

      This
        Agreement shall inure to the benefit of (i) the successors and assigns of
        the
        parties hereto and (ii) the Trust (including the Trustee, the Trust
        Administrator and the Master Servicer acting on the Trust’s behalf). Any entity
        into which Assignor, Assignee or Company may be merged or consolidated shall,
        without the requirement for any further writing, be deemed Assignor, Assignee
        or
        Company, respectively, hereunder. 

       

      Each
        of
        this Agreement and the Purchase Agreement shall survive the conveyance of
        the
        Mortgage Loans and the assignment of the Purchase Agreement (to the extent
        assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
        and
        nothing contained herein shall supersede or amend the terms of the Purchase
        Agreement.

       

      This
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument. 

       

      In
        the
        event that any provision of this Agreement conflicts with any provision of
        the
        Purchase Agreement with respect to the Mortgage Loans, the terms of this
        Agreement shall control. 

       

      Capitalized
        terms used in this Agreement (including the exhibits hereto) but not defined
        in
        this Agreement shall have the meanings given to such terms in the Purchase
        Agreement.

       

       

      [SIGNATURE
        PAGE FOLLOWS]

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties have caused this Agreement to be executed by
        their
        duly authorized officers as of the date first above written.

      

      

      
        	 	 	 	 	 	 	 	
                UBS
                  REAL ESTATE SECURITIES INC.

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

       

      

      
        	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

      

      
        	 	 	 	 	 	 	 	
                MORTGAGE
                  ASSET SECURITIZATION TRANSACTIONS, INC.

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

       

      

      
        	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

      

      

      
        	 	
                NEW
                  CENTURY MORTGAGE CORPORATION

              
	 	 	 
	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:

              	 

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A

      

      Mortgage
        Loan Schedule

      

      Available
        Upon Request

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        1

      

      Capitalized
        terms used herein but not defined in this Schedule 1 shall have the meanings
        given to such terms in the Purchase Agreement:

       

      Subsection
        7.01 Representations
        and Warranties Regarding the Seller.

       

      The
        Seller and the Servicer represent, warrant and covenant to the Purchaser
        that as
        of the date hereof and as of the related Closing Date:

       

      (a)  Due
        Organization and Authority.
        Each of
        the Seller and the Servicer is a corporation duly organized, validly existing
        and in good standing under the laws of the state of California and has all
        licenses necessary to carry on its business as now being conducted and is
        licensed, qualified and in good standing in each state wherein it owns or
        leases
        any material properties or where a Mortgaged Property is located, if the
        laws of
        such state require licensing or qualification in order to conduct business
        of
        the type conducted by the Seller or the Servicer, as applicable, and in any
        event the Seller and the Servicer are in compliance with the laws of any
        such
        state to the extent necessary to ensure the enforceability of the related
        Mortgage Loan in accordance with the terms of this Agreement and the related
        Purchase Price and Terms Letter; the Seller has the full corporate power,
        authority and legal right to hold, transfer and convey the Mortgage Loans
        and
        the Seller and the Servicer have the full corporate power, authority and
        legal
        right to execute and deliver this Agreement and, as applicable, the related
        Purchase Price and Terms Letter and to perform their obligations hereunder;
        the
        execution, delivery and performance of this Agreement (including all instruments
        of transfer to be delivered pursuant to this Agreement and the related Purchase
        Price and Terms Letter) by the Seller and the Servicer, and the consummation
        of
        the transactions contemplated hereby have been duly and validly authorized
        by
        each of the Seller and the Servicer; this Agreement, the related Purchase
        Price
        and Terms Letter and all agreements contemplated hereby have been duly executed
        and delivered and constitute the valid, legal, binding and enforceable
        obligations of the Seller and the Servicer, regardless of whether such
        enforcement is sought in a proceeding in equity or at law; and all requisite
        corporate action has been taken by the Seller and the Servicer to make this
        Agreement, the related Purchase Price and Terms Letter and all agreements
        contemplated hereby valid and binding upon the Seller and the Servicer in
        accordance with their terms;

       

      (b)  Ordinary
        Course of Business.
        The
        consummation of the transactions contemplated by this Agreement and the related
        Purchase Price and Terms Letter are in the ordinary course of business of
        the
        Seller and the Servicer, and the transfer, assignment and conveyance of the
        Mortgage Notes and the Mortgages by the Seller pursuant to this Agreement
        and
        the related Purchase Price and Terms Letter are not subject to the bulk transfer
        or any similar statutory provisions in effect in any applicable
        jurisdiction;

       

      (c)  No
        Conflicts.
        Neither
        the execution and delivery of this Agreement, the related Purchase Price
        and
        Terms Letter, the acquisition or origination of the Mortgage Loans by the
        Seller
        or the Servicer, as applicable, the sale of the Mortgage Loans by the Seller
        to
        the Purchaser, the consummation of the transactions contemplated hereby,
        nor the
        fulfillment of or compliance with the terms and conditions of this Agreement,
        will conflict with or result in a breach of any of the terms, conditions
        or
        provisions of the Seller’s or the Servicer’s charter or by-laws or any legal
        restriction or, in any material respects, any agreement or instrument to
        which
        the Seller or the Servicer is now a party or by which it is bound, or constitute
        a default or result in an acceleration under any of the foregoing, or result
        in
        the violation of any law, rule, regulation, order, judgment or decree to
        which
        the Seller or the Servicer or its property is subject, or result in the creation
        or imposition of any lien, charge or encumbrance that would have an adverse
        effect upon any of its properties pursuant to the terms of any mortgage,
        contract, deed of trust or other instrument, or impair the ability of the
        Purchaser to realize on the Mortgage Loans, impair the value of the Mortgage
        Loans, or impair the ability of the Purchaser to realize the full amount
        of any
        insurance benefits accruing pursuant to this Agreement;

       

      (d)  Ability
        to Perform; Solvency.
        Neither
        the Seller nor the Servicer believes, nor does it have any reason or cause
        to
        believe, that it cannot perform each and every covenant contained in this
        Agreement and the related Purchase Price and Terms Letter. The Seller is
        solvent
        and the sale of the Mortgage Loans will not cause the Seller to become
        insolvent. The sale of the Mortgage Loans is not undertaken with the intent
        to
        hinder, delay or defraud any of Seller’s creditors;

       

      (e)  No
        Litigation Pending.
        There
        is no action, suit, proceeding or investigation pending or threatened against
        the Seller or the Servicer, before any court, administrative agency or other
        tribunal asserting the invalidity of this Agreement, seeking to void the
        sale of
        the Mortgage Loans by the Servicer or Seller or prevent the consummation
        of any
        of the transactions contemplated by this Agreement or which, either in any
        one
        instance or in the aggregate, may result in any material adverse change in
        the
        business, operations, financial condition, properties or assets of the Seller
        or
        the Servicer, or in any material impairment of the right or ability of the
        Seller or the Servicer to carry on its business substantially as now conducted,
        or in any material liability on the part of the Seller or the Servicer, or
        which
        would draw into question the validity of this Agreement, the related Purchase
        Price and Terms Letter or the Mortgage Loans or of any action taken or to
        be
        taken in connection with the obligations of the Seller or the Servicer
        contemplated herein, or which would be likely to impair materially the ability
        of the Seller or the Servicer to perform under the terms of this
        Agreement;

       

      (f)  No
        Consent Required.
        No
        consent, approval, authorization or order of, or registration or filing with,
        or
        notice to any court or governmental agency or body including HUD, the FHA
        or the
        VA is required for the execution, delivery and performance by the Seller
        or the
        Servicer of or compliance by the Seller or the Servicer with this Agreement
        or
        the Mortgage Loans, the delivery of a portion of the Mortgage Files to the
        Custodian or the sale of the Mortgage Loans or the consummation of the
        transactions contemplated by this Agreement, or if required, such approval
        has
        been obtained prior to the related Closing Date;

       

      (g)  Selection
        Process.
        The
        Mortgage Loans were selected from among the outstanding one- to four-family
        mortgage loans in the Seller’s portfolio at the related Closing Date as to which
        the representations and warranties set forth in Subsection
        7.02
        could be
        made and such selection was not made in a manner so as to affect adversely
        the
        interests of the Purchaser;

       

      (h)  Delivery
        to the Custodian.
        The
        Mortgage Note, the Mortgage, the Assignment of Mortgage and any other documents
        required to be delivered with respect to each Mortgage Loan pursuant to this
        Agreement and the related Purchase Price and Terms Letter, shall be delivered
        to
        the Custodian all in compliance with the specific requirements of this
        Agreement. With respect to each Mortgage Loan, the Seller will be in possession
        of a complete Mortgage File in compliance with Exhibit A
        hereto,
        except for such documents as will be delivered to the Custodian;

       

      (i)  Mortgage
        Loan Characteristics.
        The
        characteristics of the Mortgage Loans are as set forth on the description
        of the
        pool characteristics for the Mortgage Loans delivered pursuant to Section 9
        on the
        related Closing Date in the form attached as Exhibit
        G
        hereto;

       

      (j)  No
        Untrue Information.
        Neither
        this Agreement, the related Purchase Price and Terms Letter nor any information,
        statement, tape, diskette, report, form, or other document furnished or to
        be
        furnished pursuant to this Agreement or any Reconstitution Agreement or in
        connection with the transactions contemplated hereby (including any
        Securitization Transfer or Whole Loan Transfer) contains or will contain
        any
        untrue statement of fact or omits or will omit to state a fact necessary
        to make
        the statements contained herein or therein not misleading;

       

      (k)  Financial
        Statements.
        Each of
        the Seller and the Servicer have delivered to the Purchaser financial statements
        as to its last three complete fiscal years and any later quarter ended more
        than
        60 days prior to the execution of this Agreement. All such financial statements
        fairly present the pertinent results of operations and changes in financial
        position for each of such periods and the financial position at the end of
        each
        such period of the Seller or the Servicer, as applicable, and its subsidiaries
        and have been prepared in accordance with generally accepted accounting
        principles consistently applied throughout the periods involved, except as
        set
        forth in the notes thereto. There has been no change in the business,
        operations, financial condition, properties or assets of the Seller or the
        Servicer since the date of the Seller’s or the Servicer’s financial statements
        that would have a material adverse effect on its ability to perform its
        obligations under this Agreement. The Seller and the Servicer have completed
        any
        forms requested by the Purchaser in a timely manner and in accordance with
        the
        provided instructions;

       

      (l)  No
        Brokers.
        Neither
        the Seller nor the Servicer have dealt with any broker, investment banker,
        agent
        or other person that may be entitled to any commission or compensation in
        connection with the sale of the Mortgage Loans;

       

      (m)  Sale
        Treatment.
        The
        Seller intends to reflect the transfer of the Mortgage Loans as a sale on
        the
        books and records of the Seller and the Seller has determined that the
        disposition of the Mortgage Loans pursuant to this Agreement and the related
        Purchase Price and Terms Letter will be afforded sale treatment for tax and
        accounting purposes;

       

      (n)  Owner
        of Record.
        The
        Seller is the owner of record of each Mortgage and the indebtedness evidenced
        by
        each Mortgage Note, except for an intervening assignments of Mortgage which
        have
        been sent for recording, upon recordation of which, the Seller will be the
        owner
        of record of each Mortgage and the indebtedness evidenced by each Mortgage
        Note;
        and

       

      (o)  HUD/Freddie
        Mac.
        The
        Servicer is an approved seller/servicer for Freddie Mac in good standing
        and is
        a HUD approved mortgagee pursuant to Section 203 of the National Housing
        Act. No
        event has occurred, including but not limited to a change in insurance coverage,
        which would make the Servicer unable to comply with Freddie Mac or HUD
        eligibility requirements or which would require notification to Freddie Mac
        or
        HUD.

       

      (p)  Subsection
        7.02Representations
        and Warranties Regarding Individual Mortgage Loans.

       

      The
        Seller hereby represents and warrants to the Purchaser that, as to each Mortgage
        Loan, as of the related Closing Date for such Mortgage Loan:

       

      (a)  Mortgage
        Loans as Described.
        The
        information set forth in the Mortgage Loan Schedule is complete, true and
        correct;

       

      (b)  Payments
        Current.
        All
        payments required to be made up to the related Closing Date for the Mortgage
        Loan under the terms of the Mortgage Note, other than payments for which
        the
        related due date was not thirty or more days prior to the related Closing
        Date,
        have been made and credited. No Mortgage Loan has a Thirty-day Delinquency
        nor
        has the Mortgage Loan had a Thirty-day Delinquency at any time since the
        origination of the Mortgage Loan. The first Monthly Payment shall be made
        with
        respect to the Mortgage Loan on its Due Date or during the month in which
        it is
        due, all in accordance with the terms of the related Mortgage Note;

       

      (c)  No
        Outstanding Charges.
        There
        are no defaults in complying with the terms of the Mortgage, and all taxes,
        governmental assessments, insurance premiums, water, sewer and municipal
        charges, leasehold payments or ground rents which previously became due and
        owing have been paid, or an escrow of funds has been established in an amount
        sufficient to pay for every such item which remains unpaid and which has
        been
        assessed but is not yet due and payable. Neither the Seller nor the Servicer
        has
        advanced funds, or induced, solicited or knowingly received any advance of
        funds
        by a party other than the Mortgagor, directly or indirectly, for the payment
        of
        any amount required under the Mortgage Loan, except for interest accruing
        from
        the date of the Mortgage Note or date of disbursement of the Mortgage Loan
        proceeds, whichever is earlier, to the day which precedes by one month the
        Due
        Date of the first installment of principal and interest;

       

      (d)  Original
        Terms Unmodified.
        The
        terms of the Mortgage Note and Mortgage have not been impaired, waived, altered
        or modified in any respect, from the date of origination except by a written
        instrument which has been recorded, if necessary to protect the interests
        of the
        Purchaser, and which has been delivered to the Custodian or to such other
        Person
        as the Purchaser shall designate in writing, and the terms of which are
        reflected in the Mortgage Loan Schedule. The substance of any such waiver,
        alteration or modification has been approved by any related insurer to the
        extent required by the policy, and its terms are reflected on the Mortgage
        Loan
        Schedule, if applicable. No Mortgagor has been released, in whole or in part,
        except in connection with an assumption agreement, approved by any related
        insurer, to the extent required by the policy, and which assumption agreement
        is
        part of the Mortgage Loan File delivered to the Custodian or to such other
        Person as the Purchaser shall designate in writing and the terms of which
        are
        reflected in the Mortgage Loan Schedule;

       

      (e)  No
        Defenses.
        The
        Mortgage Loan is not subject to any right of rescission, set-off, counterclaim
        or defense, including without limitation the defense of usury, nor will the
        operation of any of the terms of the Mortgage Note or the Mortgage, or the
        exercise of any right thereunder, render either the Mortgage Note or the
        Mortgage unenforceable, in whole or in part, or subject to any right of
        rescission, set-off, counterclaim or defense, including without limitation
        the
        defense of usury, and no such right of rescission, set-off, counterclaim
        or
        defense has been asserted with respect thereto, and no Mortgagor was a debtor
        in
        any state or Federal bankruptcy or insolvency proceeding at the time the
        Mortgage Loan was originated or as of the related Closing Date;

       

      (f)  Hazard
        Insurance.
        Pursuant to the terms of the Mortgage, all buildings or other improvements
        upon
        the Mortgaged Property are insured by a Qualified Insurer against loss by
        fire,
        hazards of extended coverage and such other hazards as are provided for in
        the
        Fannie Mae Guides or by Freddie Mac in an amount representing coverage not
        less
        than the lesser of (i) the maximum insurable value of the improvements securing
        such Mortgage Loans, and (ii) the greater of (a) the outstanding principal
        balance of the Mortgage Loan, and (b) an amount such that the proceeds thereof
        shall be sufficient to prevent the Mortgagor and/or the mortgagee from becoming
        a co-insurer. If required by the National Flood Insurance Act of 1968, as
        amended, each Mortgage Loan is covered by a flood insurance policy meeting
        the
        requirements of the current guidelines of the Federal Insurance Administration
        is in effect which policy is in an amount not less than the amount required
        by
        the Flood Disaster Protection Act of 1973, as amended, conforms to Fannie
        Mae
        and Freddie Mac and is insured by a Qualified Insurer. All individual insurance
        policies contain a standard mortgagee clause naming the Servicer and its
        successors and assigns as mortgagee, and all premiums thereon have been paid.
        The Mortgage obligates the Mortgagor thereunder to maintain the hazard insurance
        policy at the Mortgagor’s cost and expense, and on the Mortgagor’s failure to do
        so, authorizes the holder of the Mortgage to obtain and maintain such insurance
        at such Mortgagor’s cost and expense, and to seek reimbursement therefor from
        the Mortgagor. Where required by state law or regulation, the Mortgagor has
        been
        given an opportunity to choose the carrier of the required hazard insurance,
        provided the policy is not a “master”
or
        “blanket”
hazard
        insurance policy covering a condominium, or any hazard insurance policy covering
        the common facilities of a planned unit development. The hazard insurance
        policy
        is the valid and binding obligation of the insurer, is in full force and
        effect,
        and will be in full force and effect and inure to the benefit of the Purchaser
        upon the consummation of the transactions contemplated by this Agreement.
        Neither the Seller nor the Servicer has engaged in, and has no knowledge
        of the
        Mortgagor’s or any servicer’s having engaged in, any act or omission which would
        impair the coverage of any such policy, the benefits of the endorsement provided
        for herein, or the validity and binding effect of such policy, without
        limitation. No unlawful fee, commission, kickback or other unlawful compensation
        or value of any kind has been or will be received, retained or realized by
        any
        attorney, firm or other person or entity, and no such unlawful items have
        been
        received, retained or realized by the Seller or the Servicer;

       

      (g)  Compliance
        with Applicable Laws.
        Any and
        all requirements of any federal, state or local law including, without
        limitation, usury, truth-in-lending, real estate settlement procedures, consumer
        credit protection, equal credit opportunity, all predatory, abusive and fair
        lending laws and disclosure laws or unfair and deceptive practices laws
        applicable to the Mortgage Loan or any related Prepayment Penalty have been
        complied with, the consummation of the transactions contemplated hereby will
        not
        involve the violation of any such laws or regulations, and the Seller shall
        maintain in its possession, available for the Purchaser’s inspection, and shall
        deliver to the Purchaser upon demand, evidence of compliance with all such
        requirements;

       

      (h)  No
        Satisfaction of Mortgage.
        The
        Mortgage has not been satisfied, canceled, subordinated or rescinded, in
        whole
        or in part, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part, nor has any instrument been executed that
        would effect any such release, cancellation, subordination or rescission.
        Neither the Seller nor the Servicer has waived the performance by the Mortgagor
        of any action, if the Mortgagor’s failure to perform such action would cause the
        Mortgage Loan to be in default, nor has the Seller or the Servicer waived
        any
        default resulting from any action or inaction by the Mortgagor;

       

      (i)  Location
        and Type of Mortgaged Property.
        The
        Mortgaged Property is located in the state identified in the Mortgage Loan
        Schedule and consists of real property with a detached single family residence
        erected thereon, or a two- to four-family dwelling, or an individual condominium
        unit in a low-rise condominium project, or an individual unit in a planned
        unit
        development or a de minimis planned unit development which is in each case
        four
        stories or less, provided, however, that any manufactured dwelling shall
        conform
        with the applicable Fannie Mae and Freddie Mac requirements regarding such
        dwellings and that no Mortgage Loan is secured by a single parcel of real
        property with a cooperative housing corporation, a log home or a mobile home
        erected thereon or by a mixed-use property, a property in excess of 10 acres,
        or
        other unique property types. As of the date of origination, no portion of
        the
        Mortgaged Property was used for commercial purposes, and since the date of
        origination, no portion of the Mortgaged Property has been used for commercial
        purposes; provided, that Mortgaged Properties which contain a home office
        shall
        not be considered as being used for commercial purposes as long as the Mortgaged
        Property has not been altered for commercial purposes and is not storing
        any
        chemicals or raw materials other than those commonly used for homeowner repair,
        maintenance and/or household purposes. With respect to any Mortgage Loan
        secured
        by a Mortgaged Property improved by manufactured housing, (i) the related
        manufactured housing unit is permanently affixed to the land, and (ii) the
        related manufactured housing unit and the related land are subject to a Mortgage
        properly filed in the appropriate public recording office and naming the
        Originator as mortgagee;

       

      (j)  Valid
        First Lien.
        The
        Mortgage is a valid, subsisting, enforceable and perfected, first lien on
        the
        Mortgaged Property, including all buildings and improvements on the Mortgaged
        Property and all installations and mechanical, electrical, plumbing, heating
        and
        air conditioning systems located in or annexed to such buildings, and all
        additions, alterations and replacements made at any time with respect to
        the
        foregoing. The lien of the Mortgage is subject only to:

       

      
        	(i)  	
                the
                  lien of current real property taxes and assessments not yet due
                  and
                  payable;

              

      

       

      
        	(ii)  	
                covenants,
                  conditions and restrictions, rights of way, easements and other
                  matters of
                  the public record as of the date of recording acceptable to prudent
                  mortgage lending institutions generally and specifically referred
                  to in
                  the lender’s title insurance policy delivered to the originator of the
                  Mortgage Loan and (a) specifically referred to or otherwise
                  considered in the appraisal made for the originator of the Mortgage
                  Loan
                  or (b) which do not adversely affect the Appraised Value of the
                  Mortgaged Property set forth in such appraisal;
                  and

              

      

       

      
        	(iii)  	
                other
                  matters to which like properties are commonly subject which do
                  not
                  materially interfere with the benefits of the security intended
                  to be
                  provided by the Mortgage or the use, enjoyment, value or marketability
                  of
                  the related Mortgaged Property.

              

      

      

      Any
        security agreement, chattel mortgage or equivalent document related to and
        delivered in connection with the Mortgage Loan establishes and creates a
        valid,
        subsisting, enforceable and perfected first lien and first priority security
        interest on the property described therein and the Originator had full right
        to
        sell and assign the same to Seller and Seller had full right to sell and
        assign
        the same to the Purchaser;

       

      (k)  Validity
        of Mortgage Documents.
        The
        Mortgage Note and the Mortgage and any other agreement executed and delivered
        by
        a Mortgagor in connection with a Mortgage Loan are genuine, and each is the
        legal, valid and binding obligation of the maker thereof enforceable in
        accordance with its terms. All parties to the Mortgage Note, the Mortgage
        and
        any other such related agreement had legal capacity to enter into the Mortgage
        Loan and to execute and deliver the Mortgage Note, the Mortgage and any such
        agreement, and the Mortgage Note, the Mortgage and any other such related
        agreement have been duly and properly executed by other such related parties.
        No
        fraud, error, omission, misrepresentation, negligence or similar occurrence
        with
        respect to a Mortgage Loan has taken place on the part of any Person, including
        without limitation, the Mortgagor, any appraiser, any builder or developer,
        or
        any other party involved in the origination or servicing of the Mortgage
        Loan.
        The Seller has reviewed all of the documents constituting the Servicing File
        and
        has made such inquiries as it deems necessary to make and confirm the accuracy
        of the representations set forth herein;

       

      (l)  Full
        Disbursement of Proceeds.
        The
        Mortgage Loan has been closed and the proceeds of the Mortgage Loan have
        been
        fully disbursed and there is no requirement for future advances thereunder,
        and
        any and all requirements as to completion of any on-site or off-site improvement
        and as to disbursements of any escrow funds therefor have been complied with.
        All costs, fees and expenses incurred in making or closing the Mortgage Loan
        and
        the recording of the Mortgage were paid, and the Mortgagor is not entitled
        to
        any refund of any amounts paid or due under the Mortgage Note or
        Mortgage;

       

      (m)  Ownership.
        The
        Seller is the sole owner of record and holder of the Mortgage Loan and the
        indebtedness evidenced by each Mortgage Note. The Mortgage Loan is not assigned
        or pledged, and the Seller has good, indefeasible and marketable title thereto,
        and has full right to transfer and sell the Mortgage Loan to the Purchaser
        free
        and clear of any encumbrance, equity, participation interest, lien, pledge,
        charge, claim or security interest, and has full right and authority subject
        to
        no interest or participation of, or agreement with, any other party, to sell
        and
        assign each Mortgage Loan pursuant to this Agreement and the related Purchase
        Price and Terms Letter and following the sale of each Mortgage Loan, the
        Purchaser will own such Mortgage Loan free and clear of any encumbrance,
        equity,
        participation interest, lien, pledge, charge, claim or security interest.
        The
        Seller intends to relinquish all rights to possess, control and monitor the
        Mortgage Loan. After the related Closing Date, the Seller will have no right
        to
        modify or alter the terms of the sale of the Mortgage Loan and the Seller
        will
        have no obligation or right to repurchase the Mortgage Loan or substitute
        another Mortgage Loan, except as provided in this Agreement;

       

      (n)  Doing
        Business.
        All
        parties which have had any interest in the Mortgage Loan, whether as mortgagee,
        assignee, pledgee or otherwise, are (or, during the period in which they
        held
        and disposed of such interest, were) (1) in compliance with any and all
        applicable licensing requirements of the laws of the state wherein the Mortgaged
        Property is located, and (2) either (i) organized under the laws of
        such state, or (ii) qualified to do business in such state, or (iii) a
        federal savings and loan association, a savings bank or a national bank having
        a
        principal office in such state, or (3) not doing business in such
        state;

       

      (o)  LTV.
        No
        Mortgage Loan has an LTV greater than 95%. No Mortgage Loan had a Combined
        Loan-to-Value Ratio at the time of origination of more than 100%;

       

      (p)  Title
        Insurance.
        The
        Mortgage Loan is covered by an ALTA lender’s title insurance policy, or with
        respect to any Mortgage Loan for which the related Mortgaged Property is
        located
        in California a CLTA lender’s title insurance policy, or other generally
        acceptable form of policy or insurance acceptable to Fannie Mae or Freddie
        Mac
        and each such title insurance policy is issued by a Qualified Insurer, insuring
        the Seller, its successors and assigns, or the Originator, its successors
        and
        assigns, as to the first priority lien of the Mortgage in the original principal
        amount of the Mortgage Loan, subject only to the exceptions contained in
        clauses
        (1) and (2) of paragraph (j) of this Subsection
        7.02,
        and in
        the case of adjustable rate Mortgage Loans, against any loss by reason of
        the
        invalidity or unenforceability of the lien resulting from the provisions
        of the
        Mortgage providing for adjustment to the Mortgage Interest Rate and Monthly
        Payment;

       

      (q)  No
        Defaults.
        Other
        than payments due but not yet delinquent, there is no default, breach, violation
        or event which would permit acceleration existing under the Mortgage or the
        Mortgage Note and no event which, with the passage of time or with notice
        and
        the expiration of any grace or cure period, would constitute a default, breach,
        violation or event which would permit acceleration, and neither the Seller
        nor
        the Originator, nor any of their affiliates nor any of their respective
        predecessors, have waived any default, breach, violation or event which would
        permit acceleration. With respect to each Mortgage Loan which is indicated
        by
        the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage
        Loan
        Schedule) (i) the First Lien is in full force and effect, (ii) there is no
        default, breach, violation or event of acceleration existing under such First
        Lien mortgage or the related mortgage note, (iii) no event which, with the
        passage of time or with notice and the expiration of any grace or cure period,
        would constitute a default, breach, violation or event of acceleration
        thereunder, and either (A) the First Lien mortgage contains a provision which
        allows or (B) applicable law requires, the mortgagee under the Second Lien
        Mortgage Loan to receive notice of, and affords such mortgagee an opportunity
        to
        cure any default by payment in full or otherwise under the First Lien
        mortgage;

       

      (r)  No
        Mechanics’ Liens.
        There
        are no mechanics’ or similar liens or claims which have been filed for work,
        labor or material (and no rights are outstanding that under law could give
        rise
        to such liens) affecting the related Mortgaged Property which are or may
        be
        liens prior to, or equal or coordinate with, the lien of the related
        Mortgage;

       

      (s)  Location
        of Improvements; No Encroachments.
        All
        improvements which were considered in determining the Appraised Value of
        the
        Mortgaged Property lay wholly within the boundaries and building restriction
        lines of the Mortgaged Property, and no improvements on adjoining properties
        encroach upon the Mortgaged Property. No improvement located on or being
        part of
        the Mortgaged Property is in violation of any applicable zoning law or
        regulation;

       

      (t)  Origination;
        Payment Terms.
        Each
        Mortgage Loan was either originated by the Originator or acquired by the
        Originator from a Third Party Originator or Qualified Correspondent and,
        subsequent to the Originator’s origination or acquisition of such Mortgage Loan,
        the Originator conveyed the Mortgage Loan to the Seller. Either (a) the Mortgage
        Loan was originated by a mortgagee approved by the Secretary of Housing and
        Urban Development pursuant to Sections 203 and 211 of the National Housing
        Act, a savings and loan association, a savings bank, a commercial bank, credit
        union, insurance company or other similar institution which is supervised
        and
        examined by a federal or state authority, or (b) the following requirements
        have
        been met with respect to the Mortgage Loan: the Seller and the Originator
        meet
        the requirements set forth in clause (a), and (i) such Mortgage Loan was
        underwritten in accordance with standards established by the Seller and the
        Originator, using application forms and related credit documents approved
        by the
        Seller and the Originator, (ii) the Seller and the Originator approved each
        application and the related credit documents before a commitment by the
        correspondent was issued, and no such commitment was issued until the Seller
        and
        the Originator agreed to fund such Mortgage Loan, (iii) the closing documents
        for such Mortgage Loan were prepared on forms approved by the Seller and
        the
        Originator, and (iv) such Mortgage Loan was actually funded by the Seller
        and
        the Originator and was purchased by the Seller and the Originator at closing
        or
        soon thereafter. The documents, instruments and agreements submitted for
        loan
        underwriting were not falsified and contain no untrue statement of material
        fact
        or omit to state a material fact required to be stated therein or necessary
        to
        make the information and statements therein not misleading. No Mortgage Loan
        contains terms or provisions which would result in negative amortization.
        Except
        with respect to IO Mortgage Loans, principal payments on the Mortgage Loan
        commenced no more than sixty days after funds were disbursed in connection
        with
        the Mortgage Loan. The Mortgage Interest Rate as well as the Lifetime Rate
        Cap,
        the Initial Rate Cape and the Periodic Cap, are as set forth on Exhibit
        G
        hereto.
        The Mortgage Note is payable in equal monthly installments of principal and
        interest, which installments of interest, with respect to Adjustable Rate
        Mortgage Loans, are subject to change due to the adjustments to the Mortgage
        Interest Rate on each Interest Rate Adjustment Date, with interest calculated
        and payable in arrears, sufficient to amortize the Mortgage Loan fully by
        the
        stated maturity date, over an original term of not more than thirty years
        from
        commencement of amortization; provided that
        with
        respect to IO Mortgage Loans, The Mortgage Note is initially payable in equal
        monthly installments of interest, with interest calculated and payable in
        arrears, for such period set forth in the related Mortgage Note and then
        the
        Mortgage Note is payable in equal monthly installments of principal and
        interest, with interest calculated and payable in arrears, sufficient to
        amortize the Mortgage Loan fully by the stated maturity date, over the remaining
        term of the IO Mortgage Loan. The Mortgage Loan is payable on the first day
        of
        each month. There are no Mortgage Loans which contain a provision allowing
        the
        Mortgagor to convert the Mortgage Note from an adjustable interest rate Mortgage
        Note to a fixed interest rate Mortgage Note;

       

      (u)  Customary
        Provisions.
        The
        Mortgage contains customary and enforceable provisions such as to render
        the
        rights and remedies of the holder thereof adequate for the realization against
        the Mortgaged Property of the benefits of the security provided thereby,
        including, (i) in the case of a Mortgage designated as a deed of trust, by
        trustee’s sale, and (ii) otherwise by judicial foreclosure. Upon default by
        a Mortgagor on a Mortgage Loan and foreclosure on, or trustee’s sale of, the
        Mortgaged Property pursuant to the proper procedures, the holder of the Mortgage
        Loan will be able to deliver good and merchantable title to the Mortgaged
        Property. There is no homestead or other exemption available to a Mortgagor
        which would interfere with the right to sell the Mortgaged Property at a
        trustee’s sale or the right to foreclose the Mortgage, subject to applicable
        federal and state laws and judicial precedent with respect to bankruptcy
        and
        right of redemption or similar law;

       

      (v)  Conformance
        with Agency and Underwriting Standards.
        The
        Mortgage Loan was underwritten in accordance with the Underwriting Standards
        (a
        copy of which is attached hereto as Exhibit
        H).
        The
        Mortgage Note and Mortgage are on forms acceptable to Freddie Mac or Fannie
        Mae
        and neither the Seller nor the Originator has made any representations to
        a
        Mortgagor that are inconsistent with the mortgage instruments used;

       

      (w)  Occupancy
        of the Mortgaged Property.
        As of
        the related Closing Date the Mortgaged Property is lawfully occupied under
        applicable law. All inspections, licenses and certificates required to be
        made
        or issued with respect to all occupied portions of the Mortgaged Property
        and,
        with respect to the use and occupancy of the same, including but not limited
        to
        certificates of occupancy and fire underwriting certificates, have been made
        or
        obtained from the appropriate authorities;

       

      (x)  No
        Additional Collateral.
        The
        Mortgage Note is not and has not been secured by any collateral except the
        lien
        of the corresponding Mortgage and the security interest of any applicable
        security agreement or chattel mortgage referred to in clause (j)
        above;

       

      (y)  Deeds
        of Trust.
        In the
        event the Mortgage constitutes a deed of trust, a trustee, authorized and
        duly
        qualified under applicable law to serve as such, has been properly designated
        and currently so serves and is named in the Mortgage, and no fees or expenses
        are or will become payable by the Purchaser to the trustee under the deed
        of
        trust, except in connection with a trustee’s sale after default by the
        Mortgagor;

       

      (z)  Delivery
        of Mortgage Documents.
        The
        Mortgage Note, the Mortgage, the Assignment of Mortgage and any other documents
        required to be delivered under this Agreement and the related Purchase Price
        and
        Terms Letter for each Mortgage Loan have been delivered to the Custodian.
        The
        Seller is in possession of a complete, true and accurate Mortgage File in
        compliance with Exhibit A
        hereto,
        except for such documents the originals of which have been delivered to the
        Custodian;

       

      (aa)  Condominiums/Planned
        Unit Developments.
        If the
        Mortgaged Property is a condominium unit or a planned unit development (other
        than a de minimis planned unit development) such condominium or planned unit
        development project such Mortgage Loan was originated in accordance with,
        and
        the Mortgaged Property meets the guidelines set forth in the Originator’s
        Underwriting Guidelines;

       

      (bb)  Transfer
        of Mortgage Loans.
        The
        Assignment of Mortgage with respect to each Mortgage Loan is in recordable
        form
        and is acceptable for recording under the laws of the jurisdiction in which
        the
        Mortgaged Property is located. The transfer, assignment and conveyance of
        the
        Mortgage Notes and the Mortgages by the Seller are not subject to the bulk
        transfer or similar statutory provisions in effect in any applicable
        jurisdiction;

       

      (cc)  Due-On-Sale.
        With
        respect to each Fixed Rate Mortgage Loan, the Mortgage contains an enforceable
        provision for the acceleration of the payment of the unpaid principal balance
        of
        the Mortgage Loan in the event that the Mortgaged Property is sold or
        transferred without the prior written consent of the mortgagee thereunder,
        and
        to the best of the Seller’s knowledge, such provision is
        enforceable;

       

      (dd)  No
        Buydown Provisions; No Graduated Payments or Contingent
        Interests.
        The
        Mortgage Loan does not contain provisions pursuant to which Monthly Payments
        are
        paid or partially paid with funds deposited in any separate account established
        by the Seller, the Originator, the Mortgagor, or anyone on behalf of the
        Mortgagor, or paid by any source other than the Mortgagor nor does it contain
        any other similar provisions which may constitute a “buydown” provision. The
        Mortgage Loan is not a graduated payment mortgage loan and the Mortgage Loan
        does not have a shared appreciation or other contingent interest
        feature;

       

      (ee)  Consolidation
        of Future Advances.
        Any
        future advances made to the Mortgagor prior to the related Cut-off Date have
        been consolidated with the outstanding principal amount secured by the Mortgage,
        and the secured principal amount, as consolidated, bears a single interest
        rate
        and single repayment term. The lien of the Mortgage securing the consolidated
        principal amount is expressly insured as having a first lien priority with
        respect to each Mortgage Loan which is indicated by the Seller to be a First
        Lien (as reflected on the Mortgage Loan Schedule), by a title insurance policy,
        an endorsement to the policy insuring the mortgagee’s consolidated interest or
        by other title evidence acceptable to Fannie Mae and Freddie Mac. The
        consolidated principal amount does not exceed the original principal amount
        of
        the Mortgage Loan;

       

      (ff)  Mortgaged
        Property Undamaged; No Condemnation Proceedings.
        There
        is no proceeding pending or threatened for the total or partial condemnation
        of
        the Mortgaged Property. The Mortgaged Property is undamaged by waste, fire,
        earthquake or earth movement, windstorm, flood, tornado or other casualty
        so as
        to affect adversely the value of the Mortgaged Property as security for the
        Mortgage Loan or the use for which the premises were intended and each Mortgaged
        Property is in good repair. There have not been any condemnation proceedings
        with respect to the Mortgaged Property neither the Seller nor the Originator
        have knowledge of any such proceedings in the future;

       

      (gg)  Collection
        Practices; Escrow Deposits; Interest Rate Adjustments.
        The
        origination, servicing and collection practices used by the Servicer, the
        Seller, the Originator and any prior servicer with respect to the Mortgage
        Loan
        have been in all respects in compliance with Accepted Servicing Practices,
        applicable laws and regulations, and have been in all respects legal and
        proper
        and prudent in the mortgage origination and servicing business. With respect
        to
        escrow deposits and Escrow Payments (other than with respect to each Mortgage
        Loan which is indicated by the Seller to be a Second Lien Mortgage Loan and
        for
        which the mortgagee under the First Lien is collecting Escrow Payments (as
        reflected on the Mortgage Loan Schedule), all such payments are in the
        possession of, or under the control of, the Servicer, the Seller or the
        Originator and there exist no deficiencies in connection therewith for which
        customary arrangements for repayment thereof have not been made. All Escrow
        Payments have been collected in full compliance with state and federal law
        and
        the provisions of the related Mortgage Note and Mortgage. An escrow of funds
        is
        not prohibited by applicable law and has been established in an amount
        sufficient to pay for every item that remains unpaid and has been assessed
        but
        is not yet due and payable. No escrow deposits or Escrow Payments or other
        charges or payments due the Seller have been capitalized under the Mortgage
        or
        the Mortgage Note. All Mortgage Interest Rate adjustments have been made
        in
        strict compliance with state and federal law and the terms of the related
        Mortgage and Mortgage Note on the related Interest Rate Adjustment Date.
        If,
        pursuant to the terms of the Mortgage Note, another index was selected for
        determining the Mortgage Interest Rate, the same index was used with respect
        to
        each Mortgage Note which required a new index to be selected, and such selection
        did not conflict with the terms of the related Mortgage Note. The Seller
        or the
        Originator executed and delivered any and all notices required under applicable
        law and the terms of the related Mortgage Note and Mortgage regarding the
        Mortgage Interest Rate and the Monthly Payment adjustments. Any interest
        required to be paid pursuant to state, federal and local law has been properly
        paid and credited;

       

      (hh)  Other
        Insurance Policies.
        No
        action, inaction or event has occurred and no state of facts exists or has
        existed that has resulted or will result in the exclusion from, denial of,
        or
        defense to coverage under any applicable, special hazard insurance policy,
        or
        bankruptcy bond, irrespective of the cause of such failure of coverage. In
        connection with the placement of any such insurance, no commission, fee,
        or
        other compensation has been or will be received by the Seller or the Originator
        or by any officer, director, or employee of the Seller or the Originator
        or any
        designee of the Seller or the Originator or any corporation in which the
        Seller
        or the Originator or any officer, director, or employee had a financial interest
        at the time of placement of such insurance;

       

      (ii)  No
        Violation of Environmental Laws.
        The
        Mortgaged Property is free from any and all toxic or hazardous substances
        and
        there exists no violation of any local, state or federal environmental law,
        rule
        or regulation. There is no pending action or proceeding directly involving
        the
        Mortgaged Property in which compliance with any environmental law, rule or
        regulation is an issue; there is no violation of any environmental law, rule
        or
        regulation with respect to the Mortgage Property; and nothing further remains
        to
        be done to satisfy in full all requirements of each such law, rule or regulation
        constituting a prerequisite to use and enjoyment of said property;

       

      (jj)  Servicemembers
        Civil Relief Act.
        The
        Mortgagor has not notified the Seller or Servicer requesting relief under
        the
        Soldiers’ and Sailors’ Civil Relief Act of 1940 or the Servicemembers Civil
        Relief Act, and the Seller or Servicer has no knowledge of any relief requested
        or allowed to the Mortgagor under the Soldiers’ and Sailors’ Civil Relief Act of
        1940 or the Servicemembers Civil Relief Act or any similar state
        laws;

       

      (kk)  Appraisal.
        The
        Mortgage File contains an appraisal of the related Mortgaged Property which,
        (a)
        with respect to First Lien Mortgage Loans, was on appraisal form 1004 or
        form
        2055 with an interior inspection, or (b) with respect to Second Lien Mortgage
        Loans, was on appraisal form 704, 2065 or 2055 with an exterior only inspection,
        and (c) with respect to (a) or (b) above, was made and signed, prior to the
        approval of the Mortgage Loan application, by a qualified appraiser, duly
        appointed by the Seller, who had no interest, direct or indirect in the
        Mortgaged Property or in any loan made on the security thereof, whose
        compensation is not affected by the approval or disapproval of the Mortgage
        Loan
        and who met the minimum qualifications of Fannie Mae and Freddie Mac. Each
        appraisal of the Mortgage Loan was made in accordance with the relevant
        provisions of the Financial Institutions Reform, Recovery, and Enforcement
        Act
        of 1989;

       

      (ll)  Disclosure
        Materials.
        The
        Mortgagor has executed a statement to the effect that the Mortgagor has received
        all disclosure materials required by, and the Originator has complied with,
        all
        applicable law with respect to the making of the Mortgage Loans. The Seller
        shall cause the Originator to maintain such statement in the Mortgage
        File;

       

      (mm)  Construction
        or Rehabilitation of Mortgaged Property.
        No
        Mortgage Loan was made in connection with the construction or rehabilitation
        of
        a Mortgaged Property or facilitating the trade-in or exchange of a Mortgaged
        Property;

       

      (nn)  Value
        of Mortgaged Property.
        The
        Seller has no knowledge of any circumstances existing that could reasonably
        be
        expected to adversely affect the value or the marketability of any Mortgaged
        Property or Mortgage Loan or to cause the Mortgage Loans to prepay during
        any
        period materially faster or slower than similar mortgage loans held by the
        Seller generally secured by properties in the same geographic area as the
        related Mortgaged Property;

       

      (oo)  No
        Defense to Insurance Coverage.
        The
        Seller has caused or will cause to be performed any and all acts required
        to
        preserve the rights and remedies of the Purchaser in any insurance policies
        applicable to the Mortgage Loans including, without limitation, any necessary
        notifications of insurers, assignments of policies or interests therein,
        and
        establishments of coinsured, joint loss payee and mortgagee rights in favor
        of
        the Purchaser. No action has been taken or failed to be taken, no event has
        occurred and no state of facts exists or has existed on or prior to the related
        Closing Date (whether or not known to the Seller on or prior to such date)
        which
        has resulted or will result in an exclusion from, denial of, or defense to
        coverage under any primary mortgage insurance (including, without limitation,
        any exclusions, denials or defenses which would limit or reduce the availability
        of the timely payment of the full amount of the loss otherwise due thereunder
        to
        the insured) whether arising out of actions, representations, errors, omissions,
        negligence, or fraud of the Seller, the Originator, the related Mortgagor
        or any
        party involved in the application for such coverage, including the appraisal,
        plans and specifications and other exhibits or documents submitted therewith
        to
        the insurer under such insurance policy, or for any other reason under such
        coverage, but not including the failure of such insurer to pay by reason
        of such
        insurer’s breach of such insurance policy or such insurer’s financial inability
        to pay;

       

      (pp)  Escrow
        Analysis.
        With
        respect to each Mortgage, the Seller or the Originator has within the last
        twelve months (unless such Mortgage was originated within such twelve month
        period) analyzed the required Escrow Payments for each Mortgage and adjusted
        the
        amount of such payments so that, assuming all required payments are timely
        made,
        any deficiency will be eliminated on or before the first anniversary of such
        analysis, or any overage will be refunded to the Mortgagor, in accordance
        with
        RESPA and any other applicable law;

       

      (qq)  Prior
        Servicing.
        Each
        Mortgage Loan has been serviced in all material respects in strict compliance
        with Accepted Servicing Practices and the Servicer has reported the Mortgagor
        credit files to each of the three credit repositories in a timely
        manner;

       

      (rr)  Credit
        Information.
        As to
        each consumer report (as defined in the Fair Credit Reporting Act, Public
        Law
        91-508) or other credit information furnished by the Seller or the Originator
        to
        the Purchaser, that Seller or the Originator, as applicable, has full right
        and
        authority and is not precluded by law or contract from furnishing such
        information to the Purchaser and the Purchaser is not precluded from furnishing
        the same to any subsequent or prospective purchaser of such Mortgage. The
        Seller
        and the Originator shall hold the Purchaser harmless from any and all damages,
        losses, costs and expenses (including attorney’s fees) arising from disclosure
        of credit information in connection with the Purchaser’s secondary marketing
        operations and the purchase and sale of mortgages or Servicing Rights
        thereto;

       

      (ss)  Leaseholds.
        Except
        with respect to Mortgage Loans secured by property located in the state of
        Hawaii, none of the Mortgage Loans are secured by mortgaged properties that
        are
        located on leaseholds. With respect to each Mortgage Loan secured by property
        located on leaseholds: (1) the lessor under the lease holds a fee simple
        interest in the land; (2) the terms of such lease expressly permit the
        mortgaging of the leasehold estate, the assignment of the lease without the
        lessor’s consent and the acquisition by the holder of the Mortgage of the rights
        of the lessee upon foreclosure or assignment in lieu of foreclosure or provide
        the holder of the Mortgage with substantially similar protections; (3) the
        terms of such lease do not (a) allow the termination thereof upon the
        lessee’s default without the holder of the Mortgage being entitled to receive
        written notice of, and opportunity to cure, such default, (b) allow the
        termination of the lease in the event of damage or destruction as long as the
        Mortgage is in existence, (c) prohibit the holder of the Mortgage from
        being insured (or receiving proceeds of insurance) under the hazard insurance
        policy or policies relating to the Mortgaged Property or (d) permit any
        increase in rent other than pre-established increases set forth in the lease;
        (4) the original term of such lease is not less than 15 years; (5) the
        term of such lease does not terminate earlier than ten years after the maturity
        date of the Mortgage Note; (6) the Mortgaged Property is located in a
        jurisdiction in which the use of leasehold estates in transferring ownership
        in
        residential properties is a widely accepted practice; (7) the lease is in
        full
        force and effect, unmodified and not supplemented by any writing or otherwise;
        (8) the mortgagor is not in default under any of the terms thereof and there
        are
        no circumstances which, with the passage of time or the giving of notice
        or
        both, would constitute an event of default thereunder; (9) the lessor under
        the
        lease is not in default under any of the terms or provisions thereof on the
        part
        of the lessor to be observed or performed; (10) the lease or a memorandum
        thereof has been recorded and by its terms permits the leasehold estate to
        be
        mortgaged; and (11) such Mortgage Loan conforms to the Fannie Mae Selling
        Guide
        in connection ground leases;

       

      (tt)  Prepayment
        Penalty.
        Each
        Mortgage Loan is subject to a Prepayment Penalty as provided in the related
        Mortgage Note unless otherwise indicated on the Mortgage Loan Schedule hereof.
        For any Mortgage Loan originated prior to October 1, 2002 that is subject
        to a
        Prepayment Penalty, such prepayment penalty does not extend beyond five years
        after the date of origination. For any Mortgage Loan originated on or following
        October 1, 2002 that is subject to a Prepayment Penalty, such prepayment
        penalty
        does not extend beyond three years after the date of origination and no Mortgage
        Loan has a Prepayment Penalty period in excess of five years; Each Prepayment
        Penalty is permissible and enforceable in accordance with its terms upon
        the
        Mortgagor's full and voluntary principal prepayment under applicable law,
        except
        to the extent that: (1) the enforceability thereof may be limited by bankruptcy,
        insolvency, moratorium, receivership and other similar laws relating to
        creditors' rights; (2) the collectability thereof may be limited due to
        acceleration in connection with a foreclosure or other involuntary prepayment;
        or (3) subsequent changes in applicable law may limit or prohibit enforceability
        thereof under applicable law. With
        respect to any Mortgage Loan that contains a provision permitting imposition
        of
        a premium upon a prepayment prior to maturity: (i) prior to the loan’s
        origination, the Mortgagor agreed to such premium in exchange for a monetary
        benefit, including but not limited to a rate or fee reduction, (ii) prior
        to the
        loan’s origination, the Mortgagor was offered the option of obtaining a Mortgage
        Loan that did not require payment of such a premium, (iii) the prepayment
        premium is disclosed to the Mortgagor in the loan documents pursuant to
        applicable state and federal law, and (iv) notwithstanding any state or federal
        law to the contrary, the Company shall not impose such prepayment premium
        in any
        instance when the mortgage debt is accelerated as the result of the Mortgagor’s
        default in making the loan payments;

       

      (uu)  Predatory
        Lending Regulations.
        No
        Mortgage Loan is (a) subject to, covered by or in violation of the Home
        Ownership and Equity Protection Act of 1994 (“HOEPA”), (b) classified as a “high
        cost,” “covered,” “high risk home”, “high-rate, high-fee,” “threshold,” or
“predatory” loan under HOEPA or any other applicable state, federal or local
        law, including any predatory or abusive lending laws (or a similarly classified
        loan using different terminology under a law imposing heightened scrutiny
        or
        additional legal liability for a residential mortgage loan having high interest
        rates, points and/or fees) (c) a High Cost Loan or Covered Loan, as applicable
        (as such terms are defined in the current Standard & Poor’s LEVELS® Glossary
        Revised, Appendix E) or (d) in violation of any state law or ordinance
        comparable to HOEPA;

       

      (vv)  Single-premium
        Credit Life Insurance Policy.
        In
        connection with the origination of any Mortgage Loan, no proceeds from any
        Mortgage Loan were used to finance a single-premium credit life insurance
        policy. With respect to each Mortgage Loan, no Mortgagor obtained a prepaid
        single-premium credit-life, credit-disability, credit unemployment or credit
        property insurance policy in connection with the origination of the Mortgage
        Loan;;

       

      (ww)  Tax
        Service Contract; Flood Certification Contract.
        Each
        Mortgage Loan is covered by a paid in full, life of loan tax service contract
        and a paid in full, life of loan flood certification contract and each of
        these
        contracts is assignable to the Purchaser;

       

      (xx)  Qualified
        Mortgage.
        The
        Mortgage Loan is a “qualified mortgage” within the meaning of Section 860G(a)(3)
        of the Code;

       

      (yy)  Regarding
        the Mortgagor.
        The
        Mortgagor is one or more natural persons and/or trustees for an Illinois
        land
        trust or a trustee under a “living trust” and such “living trust” is in
        compliance with Fannie Mae guidelines for such trusts;

       

      (zz)  Recordation.
        Each
        original Mortgage was recorded and all subsequent assignments of the original
        Mortgage (other than the assignment to the Purchaser) have been recorded
        in the
        appropriate jurisdictions wherein such recordation is necessary to perfect
        the
        lien thereof as against creditors of the Seller, the Originator, or is in
        the
        process of being recorded. The Assignment of Mortgage is in recordable form
        and
        is acceptable for recording in the jurisdiction in which the Mortgaged Property
        is located;

       

      (aaa)  FICO
        Scores.
        Each
        Mortgagor has a non-zero FICO score;

       

      (bbb)  Compliance
        with Anti-Money Laundering Laws.
        The
        Seller and the Servicer have complied with all applicable anti-money laundering
        laws and regulations, including without limitation the USA Patriot Act of
        2001
        (collectively, the “Anti-Money
        Laundering Laws”);
        the
        Seller or the Servicer has established an anti-money laundering compliance
        program as required by the Anti-Money Laundering Laws, has conducted the
        requisite due diligence in connection with the origination of each Mortgage
        Loan
        for purposes of the Anti-Money Laundering Laws, including with respect to
        the
        legitimacy of the applicable Mortgagor and the origin of the assets used
        by the
        said Mortgagor to purchase the property in question, and maintains, and will
        maintain, sufficient information to identify the applicable Mortgagor for
        purposes of the Anti-Money Laundering Laws. No Mortgage Loan is subject to
        nullification pursuant to Executive Order 13224 (the “Executive Order”) or the
        regulations promulgated by the Office of Foreign Assets Control of the United
        States Department of the Treasury (the “OFAC Regulations”) or in violation of
        the Executive Order or the OFAC Regulations, and no Mortgagor is subject
        to the
        provisions of such Executive Order or the OFAC Regulations nor listed as
        a
“blocked person” for purposes of the OFAC Regulations;

       

      (ccc)  Interest
        Calculation.
        Interest on each Mortgage Loan is calculated on the basis of a 360-day year
        consisting of twelve 30-day months;

       

      (ddd)  No
        Balloon Loans.
        No
        Mortgage Loan is a balloon loan;

       

      (eee)  Credit
        Reporting.
        With
        respect to each Mortgage Loan, the Servicer has fully and accurately furnished
        complete information on the related borrower credit files to Equifax, Experian
        and Trans Union Credit Information Company, in accordance with the Fair Credit
        Reporting Act and its implementing regulations;

       

      (fff)  No
        Mortgage Loan is a “High Cost Home Loan” as defined in the Georgia Fair Lending
        Act, as amended (the “Georgia Act”) or New York Banking Law 6-1. No Mortgage
        Loan secured by owner occupied real property or an owner occupied manufactured
        home located in the State of Georgia was originated (or modified) on or after
        October 1, 2002 through and including March 6, 2003;

       

      (ggg)  No
        Mortgage Loan is a “High-Cost Home Loan,” as defined in Section 6-1 of the New
        York State Banking Law;

       

      (hhh)  No
        Mortgagor was encouraged or required to select a Mortgage Loan product offered
        by the Mortgage Loan’s originator which is a higher cost product designed for
        less creditworthy borrowers, unless at the time of the Mortgage Loan’s
        origination, such Mortgagor did not qualify taking into account credit history
        and debt to income ratios for a lower cost credit product then offered by
        the
        Mortgage Loan’s originator or any affiliate of the Mortgage Loan’s originator.
        If, at the time of loan application, the Mortgagor may have qualified for
        a for
        a lower cost credit product then offered by any mortgage lending affiliate
        of
        the Mortgage Loan’s originator, the Mortgage Loan’s originator referred the
        Mortgagor’s application to such affiliate for underwriting
        consideration;

       

      (iii)  The
        methodology used in underwriting the extension of credit for each Mortgage
        Loan
        employs objective mathematical principles which relate the Mortgagor’s income,
        assets and liabilities to the proposed payment and such underwriting methodology
        does not rely on the extent of the Mortgagor’s equity in the collateral as the
        principal determining factor in approving such credit extension. Such
        underwriting methodology confirmed that at the time of origination
        (application/approval) the Mortgagor had a reasonable ability to make timely
        payments on the Mortgage Loan;

       

      (jjj)  All
        points fees and charges (including finance charges) and whether or not financed,
        assessed, collected or to be collected in connection with the origination
        and
        servicing of each Loan have been disclosed in writing to the Mortgagor in
        accordance with applicable state and federal law and regulation;

       

      (kkk)  
        [Reserved];

       

      (lll)  The
        Servicer will transmit full-file credit reporting data for each Mortgage
        Loan
        pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage Loan,
        Servicer agrees it shall report one of the following statuses each month
        as
        follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
        foreclosed, or charged-off;

       

      (mmm)  No
        Mortgage Loan is a “High Cost Home Loan” as defined in the Arkansas Home Loan
        Protection Act effective July 16, 2003 (Act 1340 or 2003);

       

      (nnn)  No
        Mortgage Loan is a “High Cost Home Loan” as defined in the Kentucky high-cost
        loan statute effective June 24, 2003 (Ky. Rev. Stat. Section
        360.100);

       

      (ooo)  No
        Mortgage Loan secured by property located in the State of Nevada is a “home
        loan” as defined in the Nevada Assembly Bill No. 284;

       

      (ppp)  No
        Mortgage Loan originated in the City of Oakland is subject to the City of
        Oakland, California Ordinance 12361, as a home loan;

       

      (qqq)  No
        Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership
        and
        Equity Protection Act;

       

      (rrr)  No
        Mortgage Loan is a “High-Risk Home Loan” as defined in the Illinois High-Risk
        Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et
        seq.);

       

      (sss)  No
        Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan
        Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et
        seq.);

       

      (ttt)  No
        Mortgage Loan is a “High-Cost Home Loan” under the New Jersey Home Ownership
        Security Act of 2002 (the “NJ Act”); and each Mortgage Loan subject to the NJ
        Act is considered under the NJ Act as, either, a (1) purchase money Home
        Loan,
        (2) purchase money Covered Loan, or (3) a rate/term refinance Home
        Loan;

       

      (uuu)  No
        Mortgage Loan originated in the city of Los Angeles, California on or after
        the
        effective date of the Los Angeles, California anti-predatory lending ordinance
        is a “home loan” under such ordinance; 

       

      (vvv)  No
        Mortgage Loan that is secured by property located within the State of Maine
        meets the definition of a (i) “high-rate, high-fee” mortgage loan under Article
        VIII, Title 9-A of the Maine Consumer Credit Code No Mortgage Loan or (ii)
        “High-Cost Home Loan” as defined under the Maine House Bill 383 L.D. 494,
        effective as of September 13, 2003;

       

      (www)  No
        Mortgagor agreed to submit to arbitration to resolve any dispute arising
        out of
        or relating in any way to the Mortgage Loan transaction; 

       

      (xxx)  As
        to any
        Mortgage Loan which is not a MERS Mortgage Loan, the Assignment of Mortgage
        is
        in recordable form and is acceptable for recording under the laws of the
        jurisdiction in which the Mortgaged Property is located;

       

      (yyy)  With
        respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and such
        MIN
        is accurately provided on the related Mortgage Loan Schedule. The related
        assignment of Mortgage to MERS has been duly and properly recorded;

       

      (zzz)  With
        respect to each MERS Mortgage Loan, neither the Seller nor the Servicer has
        received any notice of liens or legal actions with respect to such Mortgage
        Loan
        and no such notices have been electronically posted by MERS;

       

      (aaaa)  Each
        Loan
        is eligible for sale in the secondary mortgage market or for securitization
        without unreasonable credit enhancement; and

       

      (bbbb)  With
        respect to each Mortgage Loan which is a Second Lien, (i) the related first
        lien
        does not provide for negative amortization, and (ii) either no consent for
        the
        Mortgage Loan is required by the holder of the first lien or such consent
        has
        been obtained and is contained in the Mortgage File;

       

      (cccc)  With
        respect to any Mortgage Loan for which a mortgage loan application was submitted
        by the Mortgagor after April 1, 2004, no such Mortgage Loan secured by Mortgaged
        Property in the State of Illinois which has a Mortgage Interest Rate in excess
        of 8.0% per annum has lender-imposed fees (or other charges) in excess of
        3.0%
        of the original principal balance of the Mortgage Loan;

       

      (dddd)  The
        Mortgagor has not made or caused to be made any payment in the nature of
        an
‘average’ or ‘yield spread premium’ to a mortgage broker or a like Person which
        has not been fully disclosed to the Mortgagor;

       

      (eeee)  No
        Mortgage Loan is a “High-Cost Home Mortgage Loan” as defined in the
        Massachusetts Predatory Home Loan Practices Act, effective November 6, 2004
        (Mass. Ann. Laws Ch. 183C);

       

      (ffff)  No
        predatory or deceptive lending practices, including but not limited to, the
        extension of credit to the applicable Mortgagor without regard for said
        Mortgagor's ability to repay the Mortgage Loan and the extension of credit
        to
        said Mortgagor which has no apparent benefit to said Mortgagor, were employed
        by
        the originator of the Mortgage Loan in connection with the origination of
        the
        Mortgage Loan;

       

      (gggg)  All
        points and fees related to each Mortgage Loan were disclosed in writing to
        the
        Mortgagor in accordance with applicable state and federal law and regulation.
        Other than with respect to each Points and Fees Excess Loan, as identified
        on
        the related Points and Fees Schedule, no Mortgagor was charged Points and
        Fees
in
        an
        amount greater than (a) $1,000 or (b) 5% of the principal amount of such
        Mortgage Loan, whichever is greater;

       

      (hhhh)  No
        Mortgage Loan is secured by property considered to be manufactured
        housing;

       

      (iiii)  The
        methodology used in underwriting the extension of credit for each Mortgage
        Loan
        did not rely on the extent of the Mortgagor’s equity in the collateral as the
        principal determining factor in approving such extension of credit. The
        methodology employed objective criteria that related such facts as, without
        limitation, the Mortgagor’s credit history, income, assets or liabilities, to
        the proposed mortgage payment and, based on such methodology, the Seller
        made a
        reasonable determination that at the time of origination the Mortgagor had
        the
        ability to make timely payments on the Mortgage Loan;

       

      (jjjj)  The
        information set forth in the Points and Fees Schedule is complete, true and
        correct;

       

      (kkkk)  With
        respect to each Mortgage Loan which is indicated by the Seller to be a Second
        Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) (i) the First
        Lien is in full force and effect, (ii) there is no default, breach, violation
        or
        event of acceleration existing under such First Lien mortgage or the related
        mortgage note, (iii) no event which, with the passage of time or with notice
        and
        the expiration of any grace or cure period, would constitute a default, breach,
        violation or event of acceleration thereunder, and either (A) the First Lien
        mortgage contains a provision which allows or (B) applicable law requires,
        the
        mortgagee under the Second Lien Mortgage Loan to receive notice of, and affords
        such mortgagee an opportunity to cure any default by payment in full or
        otherwise under the First Lien mortgage, (iv) either no consent for the Mortgage
        Loan is required by the holder of the First Lien or such consent has been
        obtained and is contained in the Mortgage File, and (v) such Second Lien
        Mortgage Loan is secured by a one- to four-family residence that was (or
        would
        be) the principal residence of the Mortgagor upon the origination of the
        Second
        Lien Mortgage Loan;

    

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      E

     

    REQUEST
      FOR RELEASE

    OF
      DOCUMENTS

     

    To: U.S.
      Bank
      National Association 

    1133
      Rankin Street, Suite 100

    EP-MN-TMZD

    St.
      Paul,
      MN 55116

    Attn:
      Document Collateral Services/ MASTR 2006-NC3

    

    Deutsche
      Bank National Trust Company

    1761
      E. St. Andrew Place

    Santa
      Ana, California 92705

    Attn:
      Mortgage Custody—UB067C

    

    
      	
              Re:

            	
              Pooling
                and Servicing Agreement, dated as of December 1, 2006, among Mortgage
                Asset Securitization Transactions, Inc., Barclays Capital Real Estate
                Inc.
                d/b/a HomEq Servicing, National Association, Wells Fargo Bank, N.A.
                and
                U.S. Bank National Association, Mortgage Pass-Through
                Certificates, Series 2006-NC3

            

    

     

     

    In
      connection with the administration of the Mortgage Loans held by you as
      Custodian pursuant to the above-captioned Pooling and Servicing Agreement,
      we
      request the release, and hereby acknowledge receipt of the [Custodian’s]
      [Trustee’s] Mortgage File Or the Mortgage Loan described below, for the reason
      indicated.

     

    In
      addition, all amounts have been received in connection with such payment,
      repurchase or liquidation and have been credited to the related Collection
      Account.

     

    Mortgage
      Loan Number:

     

    Mortgagor
      Name. Address & Zip Code:

     

    Reason
      for Requesting Documents
      (check
      one):

     

    
      	
              1.

            	
              Mortgage
                Paid in Full ____

            
	 	 
	
              2.
                

            	
              Foreclosure
                ____

            
	 	 
	
              3.
                

            	
              Substitution
                ____

            
	 	 
	
              4.

            	
              Other
                Liquidation (Repurchases, etc.) ____

            
	 	 
	
              5.

            	
              Nonliquidation             Reason:
                ______________________________________

            

    

    

    Address
      to which Custodian should deliver

    the
      [Custodian's] [Trustee’s] Mortgage File:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              By:

            	 
	 	
              (authorized
                signer)

            
	
              Issuer:

            	 
	
              Address:

            	 
	
              Date:

            	 

    

    [Custodian]
      [Trustee]

    [Deutsche
      Bank National Trust Company]

    [U.S.
      Bank National Association]

    

    
      	
              Please
                acknowledge the execution of the above request by your signature
                and date
                below:

            
	 	 	 
	
              Signature

            	 	 	
              Date

            	 
	 	 	 	 	 
	
              Documents
                returned to [Custodian]
                [Trustee] :

            	 	 	 
	 	 	 	 	 
	
              [Custodian]
                [Trustee]

            	 	
               

            	 

    

    

     

    

    EXHIBIT
      F-1

     

    FORM
      OF
      TRANSFEROR REPRESENTATION LETTER

     

    [Date]

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attn:
      Transfer Unit / MABS 2006-NC3

    

    
      	
              Re:

            	
              MASTR
                Asset Backed Securities Trust 2006-NC3, Mortgage Pass-Through
                Certificates, Class ___, representing
                a ___% Class ___ Percentage
                Interest

            

    

    Ladies
      and Gentlemen:

     

    In
      connection with the transfer by ________________ (the “Transferor”) to
      ________________ (the “Transferee”) of the captioned Mortgage Pass-Through
      certificates (the “Certificates”), the Transferor hereby certifies as
      follows:

     

    Neither
      the Transferor nor anyone acting on its behalf has (a) offered, pledged, sold,
      disposed of or otherwise transferred any Certificate, any interest in any
      Certificate or any other similar security to any person in any manner, (b)
      has
      solicited any offer to buy or to accept a pledge, disposition or other transfer
      of any Certificate, any interest in any Certificate or any other similar
      security from any person in any manner, (c) has otherwise approached or
      negotiated with respect to any Certificate, any interest in any Certificate
      or
      any other similar security with any person in any manner, (d) has made any
      general solicitation by means of general advertising or in any other manner,
      (e)
      has taken any other action, that (in the case of each of subclauses (a) through
      (e) above) would constitute a distribution of the Certificates under the
      Securities Act of 1933, as amended (the “1933 Act”), or would render the
      disposition of any Certificate a violation of Section 5 of the 1933 Act or
      any
      state securities law or would require registration or qualification pursuant
      thereto. The Transferor will not act, nor has it authorized or will it authorize
      any person to act, in any manner set forth in the foregoing sentence with
      respect to any Certificate. The Transferor will not sell or otherwise transfer
      any of the Certificates, except in compliance with the provisions of that
      certain Pooling and Servicing Agreement, dated as of December 1, 2006, among
      Mortgage Asset Securitization Transactions, Inc. as Depositor, Barclays Capital
      Real Estate Inc. d/b/a HomEq Servicing as Servicer, Wells Fargo Bank, N.A.
      as
      Master Servicer and Trust Administrator and U.S. Bank National Association
      as
      Trustee (the “Pooling and Servicing Agreement”), pursuant to which Pooling and
      Servicing Agreement the Certificates were issued.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Capitalized
      terms used but not defined herein shall have the meanings assigned thereto
      in
      the Pooling and Servicing Agreement.

     

    
      	
              Very
                truly yours,

               

            
	
              [Transferor]

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    FORM
      OF
      TRANSFEREE REPRESENTATION LETTER

     

    [Date]

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attn:
      Transfer Unit / MABS 2006-NC3

    

    UBS
      AG

    100
      Liverpool Street

    London
      EC2M 2RH

    

    
      	
              Re:

            	
              MASTR
                Asset Backed Securities Trust 2006-NC3, Mortgage Pass-Through
                Certificates, Series 2006-NC3, Class ___, representing a ___% Class
                ___
                Percentage Interest

            

    

    Ladies
      and Gentlemen:

     

    In
      connection with the purchase from ______________________ (the “Transferor”) on
      the date hereof of the captioned trust certificates (the “Certificates”),
      _______________ (the “Transferee”) hereby certifies as follows:

     

    1. The
      Transferee is a “qualified institutional buyer” as that term is defined in Rule
      144A (“Rule 144A”) under the Securities Act of 1933 (the “1933 Act”) and has
      completed either of the forms of certification to that effect attached hereto
      as
      Annex 1 or Annex 2. The Transferee is aware that the sale to it is being made
      in
      reliance on Rule 144A. The Transferee is acquiring the Certificates for its
      own
      account or for the account of a qualified institutional buyer, and understands
      that such Certificate may be resold, pledged or transferred only (i) to a person
      reasonably believed to be a qualified institutional buyer that purchases for
      its
      own account or for the account of a qualified institutional buyer to whom notice
      is given that the resale, pledge or transfer is being made in reliance on Rule
      144A, or (ii) pursuant to another exemption from registration under the 1933
      Act.

     

    2. The
      Transferee has been furnished with all information regarding (a) the
      Certificates and distributions thereon, (b) the nature, performance and
      servicing of the Mortgage Loans, (c) the Pooling and Servicing Agreement
      referred to below, and (d) any credit enhancement mechanism associated with
      the
      Certificates, that it has requested.

     

    3.
      With
      respect to a transfer of the Class CE Certificates, the Transferee agrees to
      provide to the Trust Administrator, the Swap Provider and the Interest Rate
      Cap
      Provider the appropriate tax certification form (i.e., IRS Form W-9 or IRS
      Form
      W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable (or any successor form
      thereto)), and agrees to update such forms (i) upon expiration of any such
      form,
      (ii) as required under then applicable U.S. Treasury regulations and (iii)
      promptly upon learning that any IRS Form W-9 or IRS Form W-8BEN, W-8IMY, W-8EXP
      or W-8ECI, as applicable (or any successor form thereto), has become obsolete
      or
      incorrect. In addition, if the transfer contemplated hereby causes the
      Supplemental Interest Trust or the Cap Account to be beneficially owned by
      two
      or more persons for federal income tax purposes, or continue to be so treated,
      (a) each Transferee shall comply with the foregoing conditions, (b) the proposed
      majority Holder of the Class CE Certificates (or each Holder, if there is or
      would be no majority Holder) (A) shall provide, or cause to be provided, on
      behalf of the Supplemental Interest Trust and the Cap Account, if applicable,
      the appropriate tax certification form that would be required from the
      Supplemental Interest Trust or the Cap Account, as applicable, to eliminate
      any
      withholding or deduction for taxes from amounts payable by the Swap Provider
      or
      the Interest Rate Cap Provider, pursuant to the Interest Rate Swap Agreement
      or
      the Interest Rate Cap Agreement, to the Trust Administrator, the Swap Provider
      and the Interest Rate Cap Provider on behalf of the Supplemental Interest Trust
      or the Cap Account (i.e., IRS Form W-9 or IRS Form W-8BEN, W-8IMY or W-8ECI,
      as
      applicable (or any successor form thereto) as a condition to such transfer,
      together with any applicable attachments) and (B) each Transferee agrees to
      update such form (x) upon expiration of any such form, (y) as required under
      then applicable U.S. Treasury regulations and (z) promptly upon learning that
      such form has become obsolete or incorrect.

    

    The
      Transferee hereby authorizes the Trust Administrator to provide any such tax
      certification form to the Swap Provider and the Interest Rate Cap Provider,
      upon
      its request, solely to the extent the Swap Provider or the Interest Rate Cap
      Provider has not received such IRS Form directly from the Holder of the Class
      CE
      Certificates. Each Holder of a Class CE Certificate by its purchase of such
      Certificate is deemed to consent to any such IRS Form being so forwarded. Upon
      the request of the Swap Provider or the Interest Rate Cap Provider, the Trust
      Administrator shall be required to forward any tax certification received by
      it
      to the Swap Provider or the Interest Rate Cap Provider at the last known address
      provided to it, and, subject to Section 8.01 of the Pooling and Servicing
      Agreement, shall not be liable for the receipt of such tax certification by
      the
      Swap Provider or the Interest Rate Cap Provider, nor any action taken or not
      taken by the Swap Provider or the Interest Rate Cap Provider with respect to
      such tax certification. Any purported sales or transfers of the Class CE
      Certificate to a Transferee which does not comply with the requirements of
      the
      preceding paragraph shall be deemed null and void under the Pooling and
      Servicing Agreement. The Trust Administrator shall have no duty to take any
      action to correct any misstatement or omission in any tax certification provided
      to it by the Holder of the Class CE Certificates and forwarded to the Swap
      Provider or the Interest Rate Cap Provider.

    

    All
      capitalized terms used but not otherwise defined herein have the respective
      meanings assigned thereto in the Pooling and Servicing Agreement, dated as
      of
      December 1, 2006, among Mortgage Asset Securitization Transactions, Inc. as
      Depositor, Barclays Capital Real Estate Inc. d/b/a HomEq Servicing as Servicer,
      Wells Fargo Bank, N.A. as Master Servicer, Trust Administrator and Custodian
      and
      U.S. Bank National Association as Trustee, pursuant to which the Certificates
      were issued.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              [TRANSFEREE]

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

     

     

    
 

    ANNEX
      1 TO EXHIBIT F-1

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

    [FOR
      TRANSFEREES OTHER THAN REGISTERED INVESTMENT COMPANIES]

     

    The
      undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and Wells Fargo Bank, N.A., as Trust Administrator, with respect
      to the Mortgage Pass-Through certificates (the “Certificates”) described in the
      Transferee Certificate to which this certification relates and to which this
      certification is an Annex:

     

    1.
      As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the entity purchasing the
      Certificates (the “Transferee”).

     

    2.
      In
      connection with purchases by the Transferee, the Transferee is a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act of 1933 (“Rule 144A”) because (i) the Transferee owned and/or invested on a
      discretionary basis $______________________1 
      in
      securities (except for the excluded securities referred to below) as of the
      end
      of the Transferee's most recent fiscal year (such amount being calculated in
      accordance with Rule 144A) and (ii) the Transferee satisfies the criteria in
      the
      category marked below.

     

    ___
      CORPORATION, ETC. The Transferee is a corporation (other than a bank, savings
      and loan association or similar institution), Massachusetts or similar business
      trust, partnership, or any organization described in Section 501(c)(3) of the
      Internal Revenue Code of 1986.

     

    ___
      BANK.
      The Transferee (a) is a national bank or banking institution organized under
      the
      laws of any State, territory or the District of Columbia, the business of which
      is substantially confined to banking and is supervised by the State or
      territorial banking commission or similar official or is a foreign bank or
      equivalent institution, and (b) has an audited net worth of at least $25,000,000
      as demonstrated in its latest annual financial statements, a copy of which
      is
      attached hereto.

     

    ___
      SAVINGS AND LOAN. The Transferee (a) is a savings and loan association, building
      and loan association, cooperative bank, homestead association or similar
      institution, which is supervised and examined by a State or Federal authority
      having supervision over any such institutions or is a foreign savings and loan
      association or equivalent institution and (b) has an audited net worth of at
      least

     

    ___
      BROKER-DEALER. The Transferee is a dealer registered pursuant to Section 15
      of
      the Securities Exchange Act of 1934.

     

    ___
      INSURANCE COMPANY. The Transferee is an insurance company whose primary and
      predominant business activity is the writing of insurance or the reinsuring
      of
      risks underwritten by insurance companies and which is subject to supervision
      by
      the insurance commissioner or a similar official or agency of a State, territory
      or the District of Columbia.

     

    ___
      STATE
      OR LOCAL PLAN. The Transferee is a plan established and maintained by a State,
      its political subdivisions, or any agency or instrumentality of the State or
      its
      political subdivisions, for the benefit of its employees.

     

    ___
      ERISA
      PLAN. The Transferee is an employee benefit plan within the meaning of Title
      I
      of the Employee Retirement Income Security Act of 1974, as amended.

     

    ___
      INVESTMENT ADVISOR. The Transferee is an investment advisor registered under
      the
      Investment Advisers Act of 1940.

     

    3.
      The
      term “SECURITIES” as used herein DOES NOT INCLUDE (i) securities of issuers that
      are affiliated with the Transferee, (ii) securities that are part of an unsold
      allotment to or subscription by the Transferee, if the Transferee is a dealer,
      (iii) securities issued or guaranteed by the U.S. or any instrumentality
      thereof, (iv) bank deposit notes and certificates of deposit, (v) loan
      participations, (vi) repurchase agreements, (vii) securities owned but subject
      to a repurchase agreement and (viii) currency, interest rate and commodity
      swaps.

     

    4.
      For
      purposes of determining the aggregate amount of securities owned and/or invested
      on a discretionary basis by the Transferee, the Transferee used the cost of
      such
      securities to the Transferee and did not include any of the securities referred
      to in the preceding paragraph. Further, in determining such aggregate amount,
      the Transferee may have included securities owned by subsidiaries of the
      Transferee, but only if such subsidiaries are consolidated with the Transferee
      in its financial statements prepared in accordance with generally accepted
      accounting principles and if the investments of such subsidiaries are managed
      under the Transferee's direction. However, such securities were not included
      if
      the Transferee is a majority-owned, consolidated subsidiary of another
      enterprise and the Transferee is not itself a reporting company under the
      Securities Exchange Act of 1934.

     

    5.
      The
      Transferee acknowledges that it is familiar with Rule 144A and understands
      that
      the Transferor and other parties related to the Certificates are relying and
      will continue to rely on the statements made herein because one or more sales
      to
      the Transferee may be in reliance on Rule 144A.

     

    
      	
              ___
                

            	
              ___
                

            	
              Will
                the Transferee be purchasing the Certificates

            
	
              Yes
                

            	
              No
                

            	
              only
                for the Transferee's own account?

            
	 	 	 

    

    6.
      If the
      answer to the foregoing question is “no”, the Transferee agrees that, in
      connection with any purchase of securities sold to the Transferee for the
      account of a third party (including any separate account) in reliance on Rule
      144A, the Transferee will only purchase for the account of a third party that
      at
      the time is a “qualified institutional buyer” within the meaning of Rule 144A.
      In addition, the Transferee agrees that the Transferee will not purchase
      securities for a third party unless the Transferee has obtained a current
      representation letter from such third party or taken other appropriate steps
      contemplated by Rule 144A to conclude that such third party independently meets
      the definition of “qualified institutional buyer” set forth in Rule
      144A.

     

    7.
      The
      Transferee will notify each of the parties to which this certification is made
      of any changes in the information and conclusions herein. Until such notice
      is
      given, the Transferee's purchase of the Certificates will constitute a
      reaffirmation of this certification as of the date of such purchase. In
      addition, if the Transferee is a bank or savings and loan as provided above,
      the
      Transferee agrees that it will furnish to such parties updated annual financial
      statements promptly after they become available.

     

    Dated:
      ___________

     

    
      	 
	
              Print
                Name of Transferee

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

      

      
        1 Transferee
          must own and/or invest on a discretionary basis at least $100,000,000 in
          securities unless Transferee is a dealer, and, in that case, Transferee
          must own
          and/or invest on a discretionary basis at least $10,000,000 in securities.
          $25,000,000 as demonstrated in its latest annual financial statements,
          A COPY OF
          WHICH IS ATTACHED HERETO.

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      2 TO EXHIBIT F-1

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [FOR
      TRANSFEREES THAT ARE REGISTERED INVESTMENT COMPANIES]

     

    The
      undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and Wells Fargo Bank, N.A., as Trust Administrator, with respect
      to the Mortgage Pass-Through certificates (the “Certificates”) described in the
      Transferee Certificate to which this certification relates and to which this
      certification is an Annex:

     

    1.
      As
      indicated below, the undersigned is the President, Chief Financial Officer
      or
      Senior Vice President of the entity purchasing the Certificates (the
“Transferee”) or, if the Transferee is a “qualified institutional buyer” as that
      term is defined in Rule 144A under the Securities Act of 1933 (“Rule 144A”)
      because the Transferee is part of a Family of Investment Companies (as defined
      below), is such an officer of the investment adviser (the
“Adviser”).

     

    2.
      In
      connection with purchases by the Transferee, the Transferee is a “qualified
      institutional buyer” as defined in Rule 144A because (i) the Transferee is an
      investment company registered under the Investment Company Act of 1940, and
      (ii)
      as marked below, the Transferee alone, or the Transferee's Family of Investment
      Companies, owned at least $100,000,000 in securities (other than the excluded
      securities referred to below) as of the end of the Transferee's most recent
      fiscal year. For purposes of determining the amount of securities owned by
      the
      Transferee or the Transferee's Family of Investment Companies, the cost of
      such
      securities was used.

     

    
      	
              ____
                

            	
              The
                Transferee owned $___________________ in securities (other than the
                excluded securities referred to below) as of the end of the Transferee's
                most recent fiscal year (such amount being calculated in accordance
                with
                Rule 144A).

            
	 	 
	
              ____
                

            	
              The
                Transferee is part of a Family of Investment Companies which owned
                in the
                aggregate $______________ in securities (other than the excluded
                securities referred to below) as of the end of the Transferee's most
                recent fiscal year (such amount being calculated in accordance with
                Rule
                144A).

            
	 	 

    

    3.
      The
      term “FAMILY OF INVESTMENT COMPANIES” as used herein means two or more
      registered investment companies (or series thereof) that have the same
      investment adviser or investment advisers that are affiliated (by virtue of
      being majority owned subsidiaries of the same parent or because one investment
      adviser is a majority owned subsidiary of the other).

     

    4.
      The
      term “SECURITIES” as used herein does not include (i) securities of issuers that
      are affiliated with the Transferee or are part of the Transferee's Family of
      Investment Companies, (ii) securities issued or guaranteed by the U.S. or any
      instrumentality thereof, (iii) bank deposit notes and certificates of deposit,
      (iv) loan participations, (v) repurchase agreements, (vi) securities owned
      but
      subject to a repurchase agreement and (vii) currency, interest rate and
      commodity swaps.

     

    5.
      The
      Transferee is familiar with Rule 144A and understands that the parties to which
      this certification is being made are relying and will continue to rely on the
      statements made herein because one or more sales to the Transferee will be
      in
      reliance on Rule 144A. In addition, the Transferee will only purchase for the
      Transferee's own account.

     

    6.
      The
      undersigned will notify the parties to which this certification is made of
      any
      changes in the information and conclusions herein. Until such notice, the
      Transferee's purchase of the Certificates will constitute a reaffirmation of
      this certification by the undersigned as of the date of such
      purchase.

     

    Dated:
      __________

     

    
      	 
	
              Print
                Name of Transferee or Advisor

            
	
              By:

            	 
	
              Name

            	 
	
              Title

            	 
	 	 
	 	 
	
              IF
                AN ADVISER:

            
	 	 
	 
	
              Print
                Name of Buyer

            

    

    

     

    

    

      
         

      

    

    FORM
      OF TRANSFEREE REPRESENTATION LETTER

     

    The
      undersigned hereby certifies on behalf of the purchaser named below (the
“Purchaser”) as follows:

     

    1.
      I am
      an executive officer of the Purchaser.

     

    2.
      The
      Purchaser is a “qualified institutional buyer”, as defined in Rule 144A, (“Rule
      144A”) under the Securities Act of 1933, as amended.

     

    3.
      As of
      the date specified below (which is not earlier than the last day of the
      Purchaser's most recent fiscal year), the amount of “securities”, computed for
      purposes of Rule 144A, owned and invested on a discretionary basis by the
      Purchaser was in excess of $100,000,000.

     

    
      	
              Name
                of Purchaser

              __________________________

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    Date
      of
      this certificate: ______________

     

    Date
      of
      information provided in paragraph 3: ______________

    

    EXHIBIT
      F-2

     

    FORM
      OF
      TRANSFER AFFIDAVIT AND AGREEMENT

     

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

     

    1.  The
      undersigned is an officer of the proposed Transferee of an Ownership Interest
      in
      a Class [R] [R-X] Certificate (the “Certificate”) issued pursuant to the Pooling
      and Servicing Agreement, (the “Agreement”), relating to the above-referenced
      Certificates, dated as of December 1, 2006 (the “Agreement”),
      among
      Mortgage Asset Securitization Transactions, Inc., as depositor (the
“Depositor”),
      Barclays Capital Real Estate Inc. d/b/a HomEq Servicing as servicer (the
“Servicer”), Wells Fargo Bank, N.A., as master servicer (the “Master
      Servicer”)
      and
      trust administrator (the “Trust Administrator”), Deutsche Bank National Trust
      Company as custodian (the “Custodian”)
      and
      U.S. Bank National Association, as trustee (the “Trustee”).
      Capitalized terms used, but not defined herein or in Exhibit 1 hereto, shall
      have the meanings ascribed to such terms in the Agreement. The Transferee has
      authorized the undersigned to make this affidavit on behalf of the Transferee
      for the benefit of the Depositor and the Trustee.

     

    2.  The
      Transferee is, as of the date hereof, and will be, as of the date of the
      Transfer, a Permitted Transferee. The Transferee is acquiring its Ownership
      Interest in the Certificate for its own account. The Transferee has no knowledge
      that any such affidavit is false.

     

    3.  The
      Transferee has been advised of, and understands that (i) a tax will be
      imposed on Transfers of the Certificate to Persons that are not Permitted
      Transferees; (ii) such tax will be imposed on the transferor, or, if such
      Transfer is through an agent (which includes a broker, nominee or middleman)
      for
      a Person that is not a Permitted Transferee, on the agent; and (iii) the
      Person otherwise liable for the tax shall be relieved of liability for the
      tax
      if the subsequent Transferee furnished to such Person an affidavit that such
      subsequent Transferee is a Permitted Transferee and, at the time of Transfer,
      such Person does not have actual knowledge that the affidavit is
      false.

     

    4.  The
      Transferee has been advised of, and understands that a tax will be imposed
      on a
“pass-through entity” holding the Certificate if at any time during the taxable
      year of the pass-through entity a Person that is not a Permitted Transferee
      is
      the record holder of an interest in such entity. The Transferee understands
      that
      such tax will not be imposed for any period with respect to which the record
      holder furnishes to the pass-through entity an affidavit that such record holder
      is a Permitted Transferee and the pass-through entity does not have actual
      knowledge that such affidavit is false. (For this purpose, a “pass-through
      entity” includes a regulated investment company, a real estate investment trust
      or common trust fund, a partnership, trust or estate, and certain cooperatives
      and, except as may be provided in Treasury Regulations, persons holding
      interests in pass-through entities as a nominee for another
      Person.)

     

    5.  The
      Transferee has reviewed the provisions of Section 5.02 (c) of the Agreement
      and understands the legal consequences of the acquisition of an Ownership
      Interest in the Certificate including, without limitation, the restrictions
      on
      subsequent Transfers and the provisions regarding voiding the Transfer and
      mandatory sales. The Transferee expressly agrees to be bound by and to abide
      by
      the provisions of Section 5.02 (c) of the Agreement and the restrictions
      noted on the face of the Certificate. The Transferee understands and agrees
      that
      any breach of any of the representations included herein shall render the
      Transfer to the Transferee contemplated hereby null and void.

     

    6.  The
      Transferee agrees to require a Transfer Affidavit from any Person to whom the
      Transferee attempts to Transfer its Ownership Interest in the Certificate,
      and
      in connection with any Transfer by a Person for whom the Transferee is acting
      as
      nominee, trustee or agent, and the Transferee will not Transfer its Ownership
      Interest or cause any Ownership Interest to be Transferred to any Person that
      the Transferee knows is not a Permitted Transferee. In connection with any
      such
      Transfer by the Transferee, the Transferee agrees to deliver to the Trustee
      a
      certificate substantially in the form set forth as Exhibit L to the
      Agreement (a “Transferor
      Certificate”)
      to the
      effect that such Transferee has no actual knowledge that the Person to which
      the
      Transfer is to be made is not a Permitted Transferee.

     

    7.  The
      Transferee has historically paid its debts as they have come due, intends to
      pay
      its debts as they come due in the future, and understands that the taxes payable
      with respect to the Certificate may exceed the cash flow with respect thereto
      in
      some or all periods and intends to pay such taxes as they become due. The
      Transferee does not have the intention to impede the assessment or collection
      of
      any tax legally required to be paid with respect to the
      Certificate.

     

    8.  The
      Transferee’s taxpayer identification number is [_____________].

     

    9.  The
      Transferee is a U.S. Person as defined in Code
      Section 7701(a)(30).

     

    10.  The
      Transferee is aware that the Certificate may be a “noneconomic residual
      interest” within the meaning of proposed Treasury regulations promulgated
      pursuant to the Code and that the transferor of a noneconomic residual interest
      will remain liable for any taxes due with respect to the income on such residual
      interest, unless no significant purpose of the transfer was to impede the
      assessment or collection of tax.

     

    11.  The
      Transferee will not cause income from the Certificate to be attributable to
      a
      foreign permanent establishment or fixed base, within the meaning of an
      applicable income tax treaty, of the Transferee or any other U.S.
      person.

     

    12.  Check
      one
      of the following:

     

    o  The
      present
      value of the anticipated tax liabilities associated with holding the
      Certificate, as applicable, does not exceed the sum of:

     

    
      	 	
              (i)

            	
              the
                present value of any consideration given to the Transferee to acquire
                such
                Certificate;

            

    

     

    
      	 	
              (ii)

            	
              the
                present value of the expected future distributions on such Certificate;
                and

            

    

     

    
      	 	
              (iii)

            	
              the
                present value of the anticipated tax savings associated with holding
                such
                Certificate as the related REMIC generates
                losses.

            

    

     

    For
      purposes of this calculation, (i) the Transferee is assumed to pay tax at the
      highest rate currently specified in Section 11(b) of the Code (but the tax
      rate
      in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate
      specified in Section 11(b) of the Code if the Transferee has been subject to
      the
      alternative minimum tax under Section 55 of the Code in the preceding two years
      and will compute its taxable income in the current taxable year using the
      alternative minimum tax rate) and (ii) present values are computed using a
      discount rate equal to the short-term Federal rate prescribed by Section 1274(d)
      of the Code for the month of the transfer and the compounding period used by
      the
      Transferee.

     

    o The
      transfer of the Certificate
      complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5) and (6) and,
      accordingly,

     

    
      	 	
              (i)

            	
              the
                Transferee is an “eligible corporation,” as defined in U.S. Treasury
                Regulations Section 1.860E-1(c)(6)(i), as to which income from the
                Certificate will only be taxed in the United
                States;

            

    

     

    
      	 	
              (ii)

            	
              at
                the time of the transfer, and at the close of the Transferee’s two fiscal
                years preceding the year of the transfer, the Transferee had gross
                assets
                for financial reporting purposes (excluding any obligation of a person
                related to the Transferee within the meaning of U.S. Treasury Regulations
                Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets
                in
                excess of $10 million;

            

    

     

    
      	 	
              (iii)

            	
              the
                Transferee will transfer the Certificate only to another “eligible
                corporation,” as defined in U.S. Treasury Regulations Section
                1.860E-1(c)(6)(i), in a transaction that satisfies the requirements
                of
                Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5)
                of
                the U.S. Treasury Regulations;
                and

            

    

     

    
      	 	
              (iv)

            	
              the
                Transferee determined the consideration paid to it to acquire the
                Certificate based on reasonable market assumptions (including, but
                not
                limited to, borrowing and investment rates, prepayment and loss
                assumptions, expense and reinvestment assumptions, tax rates and
                other
                factors specific to the Transferee) that it has determined in good
                faith.

            

    

     

    o  None
      of the
      above.

     

    13.  The
      Transferee is not an employee benefit plan that is subject to Title I of ERISA
      or a plan that is subject to Section 4975 of the Code or a plan subject to
      any Federal, state or local law that is substantially similar to Title I of
      ERISA or Section 4975 of the Code, and the Transferee is not acting on behalf
      of
      or investing plan assets of such a plan.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
      behalf, pursuant to the authority of its Board of Directors, by its [Vice]
      President, attested by its [Assistant] Secretary, this ____ day of __________,
      20__.

     

    
      	
              [OWNER]

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	
              [Vice]
                President

            

    

    

     

    ATTEST:

     

    
      	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	
              [Assistant]
                Secretary

            

    

    

     

    Personally
      appeared before me the above-named , known or proved to me to be the same person
      who executed the foregoing instrument and to be a [Vice] President of the Owner,
      and acknowledged to me that [he/she] executed the same as [his/her] free act
      and
      deed and the free act and deed of the Owner.

     

    Subscribed
      and sworn before me this ____ day of __________, 20___.

     

    
      	 	 
	 	
              Notary
                Public

            
	 	
               

              County
                of __________________ 

              State
                of ___________________

               

              My
                Commission expires:

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    FORM
      OF TRANSFEROR AFFIDAVIT

     

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

     

    __________________________,
      being duly sworn, deposes, represents and warrants as follows:

     

    1.
       I
      am a
      ____________________ of ____________________________ (the “Owner”), a
      corporation duly organized and existing under the laws of ______________, on
      behalf of whom I make this affidavit.

     

    2.
       The
      Owner
      is not transferring the Residual Certificates (the “Residual Certificates”) to
      impede the assessment or collection of any tax.

     

    3.
       The
      Owner
      has no actual knowledge that the Person that is the proposed transferee (the
      “Purchaser”) of the Residual Certificates: (i) has insufficient assets to pay
      any taxes owed by such proposed transferee as holder of the Residual
      Certificates; (ii) may become insolvent or subject to a bankruptcy proceeding
      for so long as the Residual Certificates remain outstanding; and (iii) is not
      a
      Permitted Transferee.

     

    4.
       The
      Owner
      understands that the Purchaser has delivered to the Trust Administrator a
      transfer affidavit and agreement in the form attached to the Pooling and
      Servicing Agreement as Exhibit F-2. The Owner does not know or believe that
      any
      representation contained therein is false.

     

    5.
       At
      the
      time of transfer, the Owner has conducted a reasonable investigation of the
      financial condition of the Purchaser as contemplated by Treasury Regulations
      Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Owner
      has
      determined that the Purchaser has historically paid its debts as they became
      due
      and has found no significant evidence to indicate that the Purchaser will not
      continue to pay its debts as they become due in the future. The Owner
      understands that the transfer of a Residual Certificate may not be respected
      for
      United States income tax purposes (and the Owner may continue to be liable
      for
      United States income taxes associated therewith) unless the Owner has conducted
      such an investigation.

     

    6.
       Capitalized
      terms not otherwise defined herein shall have the meanings ascribed to them
      in
      the Pooling and Servicing Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
      behalf, pursuant to the authority of its Board of Directors, by its [Vice]
      President, attested by its [Assistant] Secretary, this ____ day of ___________,
      20__.

     

    
      	
              [OWNER]

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	
              [Vice]
                President

            

    

    

     

    
      	
              ATTEST:

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	
              [Assistant]
                Secretary

            

    

    

     

    Personally
      appeared before me the above-named , known or proved to me to be the same person
      who executed the foregoing instrument and to be a [Vice] President of the Owner,
      and acknowledged to me that [he/she] executed the same as [his/her] free act
      and
      deed and the free act and deed of the Owner.

     

    Subscribed
      and sworn before me this ____ day of __________, 20___.

     

    
      	 	 
	 	
              Notary
                Public

            
	 	
               

              County
                of __________________ 

              State
                of ___________________

               

              My
                Commission expires:

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      G

     

    FORM
      OF
      CERTIFICATION WITH RESPECT TO ERISA AND THE CODE

     

    _____________,
      2006

     

    Mortgage
      Asset Securitization Transactions, Inc.

    1285
      Avenue of the Americas

    New
      York,
      New York 10019

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attn:
      Transfer Unit / MABS 2006-NC3

    

    U.S.
      Bank
      National Association 

    60
      Livingston Avenue

    EP-MN-WS3D
      

    St.
      Paul,
      MN 55107 

    Attn:
      Structured Finance/ MASTR 2006-NC3

    

     

    
      	
              Re:

            	
              MASTR
                Asset Backed Securities Trust 2006-NC3, Mortgage
                Pass-Through Certificates, Class 

            

    

    Dear
      Sirs:

     

    _______________________
      (the “Transferee”) intends to acquire from _____________________ (the
“Transferor”) $____________ Initial Certificate Principal Balance of MASTR Asset
      Backed Securities Trust 2006-NC3, Mortgage Pass-Through Certificates, Series
      2006-NC3, Class [CE] [P] [R] [R-X] (the “Certificates”), issued pursuant to a
      Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”) dated as
      of December 1, 2006, among Mortgage Asset Securitization Transactions, Inc.
      as
      depositor (the “Depositor”), Barclays Capital Real Estate Inc. d/b/a HomEq
      Servicing as servicer (the “Servicer”), Wells Fargo Bank, N.A. as master
      servicer and trust administrator (the “Master Servicer”, the “Trust
      Administrator” and the “Custodian”), Deutsche Bank National Trust Company as
      custodian (the “Custodian”) and U.S. Bank National Association as trustee (the
“Trustee”). Capitalized terms used herein and not otherwise defined shall have
      the meanings assigned thereto in the Pooling and Servicing Agreement. The
      Transferee hereby certifies, represents and warrants to, and covenants with
      the
      Depositor, the Trust Administrator, the Trustee and the Master Servicer that:
      

     

    The
      Certificates (i) are not being acquired by, and will not be transferred to,
      any
      employee benefit plan within the meaning of section 3(3) of the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”), or other
      retirement arrangement, including individual retirement accounts and annuities,
      Keogh plans and bank collective investment funds and insurance company general
      or separate accounts in which such plans, accounts or arrangements are invested,
      that is subject to Section 406 of ERISA or Section 4975 of the Internal Revenue
      Code of 1986 (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being
      acquired with “plan assets” of a Plan within the meaning of the Department of
      Labor (“DOL”) regulation, 29 C.F.R. §
      2510.3-101, and (iii) will not be transferred to any entity that is deemed
      to be
      investing in plan assets within the meaning of the DOL regulation at 29 C.F.R.
§
2510.3-101.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Very
                truly yours,

               

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      H

     

    [Reserved]

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      I

     

    FORM
      OF
      LOST NOTE AFFIDAVIT

     

    Loan
      #:
      ____________

    BORROWER:
      _____________

     

    LOST
      NOTE
      AFFIDAVIT

     

    I,
      as
      ____________________ of ______________________, a _______________ corporation
      am
      authorized to make this Affidavit on behalf of _____________________ (the
“Seller”). In connection with the administration of the Mortgage Loans held by
      ____________________, a _________________ corporation as Seller on behalf of
      Mortgage Asset Securitization Transactions, Inc. (the “Purchaser”),
      _____________________ (the “Deponent”), being duly sworn, deposes and says
      that:

     

    1. The
      Seller's address is: 

     

    
      	 
	 
	 

    

    
    

     

    
      	 	
              2.

            	
              The
                Seller previously delivered to the Purchaser a signed Initial
                Certification with respect to such Mortgage and/or Assignment of
                Mortgage;

            

    

     

    3.            Such
      Mortgage Note and/or Assignment of Mortgage was assigned or sold to the
      Purchaser by ________________________, a ____________ corporation  pursuant
      to the terms and provisions of a Mortgage Loan Purchase Agreement dated as
      of
      __________ __, _____;

     

    
      	 	
              4.

            	
              Such
                Mortgage Note and/or Assignment of Mortgage is not outstanding pursuant
                to
                a request for release of Documents;

            

    

     

    
      	 	
              5.
                

            	
              Aforesaid
                Mortgage Note and/or Assignment of Mortgage (the “Original”) has been
                lost;

            

    

     

    
      	 	
              6.

            	
              Deponent
                has made or caused to be made a diligent search for the Original
                and has
                been unable to find or recover
                same;

            

    

     

    
      	 	
              7.

            	
              The
                Seller was the Seller of the Original at the time of the loss;
                and

            

    

     

    
      	 	
              8.

            	
              Deponent
                agrees that, if said Original should ever come into Seller's possession,
                custody or power, Seller will immediately and without consideration
                surrender the Original to the
                Purchaser.

            

    

     

    
      	 	
              9.

            	
              Attached
                hereto is a true and correct copy of (i) the Note, endorsed in blank
                by
                the Mortgagee and (ii) the Mortgage or Deed of Trust (strike one)
                which
                secures the Note, which Mortgage or Deed of Trust is recorded in
                the
                county where the property is
                located.

            

    

     

    10.         
       Deponent
      hereby agrees that the Seller (a) shall indemnify and hold harmless the
      Purchaser, its successors and assigns, against any loss, liability or damage,
      including reasonable attorney's fees, resulting from the unavailability of
      any
      Notes, including but not limited to any loss, liability or damage arising from
      (i) any false statement contained in this Affidavit, (ii) any claim of any
      party
      that has already purchased a mortgage loan evidenced by the Lost Note or any
      interest in such mortgage loan, (iii) any claim of any borrower with respect
      to
      the existence of terms of a mortgage loan evidenced by the Lost Note on the
      related property to the fact that the mortgage loan is not evidenced by an
      original note and (iv) the issuance of a new instrument in lieu thereof (items
      (i) through (iv) above hereinafter referred to as the “Losses”) and (b) if
      required by any Rating Agency in connection with placing such Lost Note into
      a
      Pass-Through Transfer, shall obtain a surety from an insurer acceptable to
      the
      applicable Rating Agency to cover any Losses with respect to such Lost
      Note.

     

    11.        
       This
      Affidavit is intended to be relied upon by the Purchaser, its successors and
      assigns. _____________________, a ______________ corporation represents and
      warrants that is has the authority to perform its obligations under this
      Affidavit of Lost Note.

     

    Executed
      this ____ day, of ___________ ______.

     

    

     

    
      	
              SELLER

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

     

    

    On
      this
      _____ day of ________, _____, before me appeared _________________ to me
      personally known, who being duly sworn did say that he is the
      _____________________ of ____________________ a ______________ corporation
      and
      that said Affidavit of Lost Note was signed and sealed on behalf of such
      corporation and said acknowledged this instrument to be the free act and deed
      of
      said corporation.

     

    Signature:

     

    [Seal]

    

    EXHIBIT
      J-1

     

    FORM
      CERTIFICATION TO BE PROVIDED BY THE MASTER SERVICER

    WITH
      FORM
      10-K

     

    Certification

     

    I,
      [identify the certifying individual], certify that:

     

    1. I
      have
      reviewed this annual report on Form 10-K, and all reports on Form 10-D required
      to be filed in respect of the period covered by this report on Form 10-K of
      [identify issuing entity] (i.e., the name of the specific deal to which this
      certification relates rather than just the name of the Depositor)] (the
“Exchange Act periodic reports”);

     

    2. Based
      on
      my knowledge, the Exchange Act periodic reports, taken as a whole, do not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in light of the circumstances under
      which
      such statements were made, not misleading with respect to the period covered
      by
      this report;

     

    3. Based
      on
      my knowledge, all of the distribution, servicing and other information required
      to be provided under Form 10-D for the period covered by this report is included
      in the Exchange Act periodic reports;

     

    4.
       I
      am
      responsible for reviewing the activities performed by the servicer and based
      on
      my knowledge and the compliance review conducted in preparing the servicer
      compliance statement required in this report under Item 1123 of Regulation
      AB,
      and except as disclosed in the Exchange Act periodic reports, the servicer
      has
      fulfilled its obligations under the servicing agreement; and

     

    5. All
      of
      the reports on assessment of compliance with servicing criteria for asset-backed
      securities and their related attestation reports on assessment of compliance
      with servicing criteria for asset-backed securities required to be included
      in
      this report in accordance with Item 1122 of Regulation AB and Exchange Act
      Rules
      13a-18 and 15d-18 have been included as an exhibit to this report, except as
      otherwise disclosed in this report. Any material instances of noncompliance
      described in such reports have been disclosed in this report on Form
      10-K.

     

    In
      giving
      the certifications above, I have reasonably relied on information provided
      to me
      by the following unaffiliated parties: [_________________].

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              WELLS
                FARGO BANK, N.A.

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 
	
              Date:

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      J-2

     

    FORM
      OF
      CERTIFICATION TO BE PROVIDED TO MASTER SERVICER BY THE SERVICER 

    

    Wells
      Fargo Bank, N.A.

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

    

    
      	
              Re:

            	
              Pooling
                and Servicing Agreement, dated as of December 1, 2006, among Mortgage
                Asset Securitization Transactions, Inc., Barclays Capital Real Estate
                Inc.
                d/b/a HomEq Servicing, U.S. Bank National Association and Wells Fargo
                Bank, N.A (the “Agreement”) 

            

    

     

    Barclays
      Capital Real Estate Inc. d/b/a HomEq Servicing as servicer (the “Company”)
      hereby certifies to the Master Servicer that:

     

    (A)  I
      have
      reviewed the servicer compliance statement of the Company provided in accordance
      with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
      assessment of the Company’s compliance with the servicing criteria set forth in
      Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
      with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended
      (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
      Assessment”), the registered public accounting firm’s attestation report
      provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
      and
      Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing
      reports, officer’s certificates and other information relating to the servicing
      of the Mortgage Loans by the Company during 200[ ] that were delivered by the
      Company to the Master
      Servicer pursuant
      to the Agreement (collectively, the “Company Servicing
      Information”);

     

    (B)  Based
      on
      my knowledge, the Company Servicing Information, taken as a whole, does not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in the light of the circumstances under
      which such statements were made, not misleading with respect to the period
      of
      time covered by the Company Servicing Information;

     

    (C)  Based
      on
      my knowledge, all of the Company Servicing Information required to be provided
      by the Company under the Agreement has been provided to the Master
      Servicer;

     

    (D)  I
      am
      responsible for reviewing the activities performed by the Company as servicer
      under the Agreement, and based on my knowledge and the compliance review
      conducted in preparing the Compliance Statement and except as disclosed in
      the
      Compliance Statement, the Servicing Assessment or the Attestation Report, the
      Company has fulfilled its obligations under the Agreement in all material
      respects; and

     

    (E)  The
      Compliance Statement required to be delivered by the Company pursuant to this
      Agreement, and the Servicing Assessment and Attestation Report required to
      be
      provided by the Company and by any Subservicer and Subcontractor pursuant to
      the
      Agreement, have been provided to the Master Servicer. Any material instances
      of
      noncompliance described in such reports have been disclosed to the Master
      Servicer. Any material instance of noncompliance with the Servicing Criteria
      has
      been disclosed in such reports.

     

    
      	
              Date:

            	 
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

    

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    EXHIBIT
      K

     

    FORM
      OF
      INTEREST RATE CAP AGREEMENTS

     

     

    

      (Multicurrency-Cross
        Border)

      ISDAâ

      

      International
        Swap Dealers Association, Inc.

      

      MASTER
        AGREEMENT

      

      dated
        as
        of December 28, 2006

      

      
        	
                UBS
                  AG

                (“Party
                  A”)

              	
                and

              	
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION, not individually, but solely
                  as trust
                  administrator with respect to the MASTR Asset Backed Securities
                  Trust
                  2006-NC3, Mortgage Pass Through Certificates, Series
                  2006-NC3

                (“Party
                  B”)

              

      

      

      

      have
        entered and/or anticipate entering into one or more transactions (each a
        “Transaction”) that are or will be governed by this Master Agreement, which
        includes the schedule (the “Schedule”), and the documents and other confirming
        evidence (each a “Confirmation”) exchanged between the parties confirming those
        Transactions.

      

      Accordingly,
        the parties agree as follows:3⁄4

      

      1. Interpretation

      

      (a) Definitions.
        The
        terms defined in Section 14 and in the Schedule will have the meanings therein
        specified for the purpose of this Master Agreement.

      

      (b) Inconsistency. 
        In the
        event of any inconsistency between the provisions of the Schedule and the
        other
        provisions of this Master Agreement, the Schedule will prevail. In the event
        of
        any inconsistency between the provisions of any Confirmation and this Master
        Agreement (including the Schedule), such Confirmation will prevail for the
        purposes of the relevant Transaction.

      

      (c) Single
        Agreement.
        All
        Transactions are entered into in reliance on the fact that this Master Agreement
        and all Confirmations form a single agreement between the parties (collectively
        referred to as this “Agreement”), and the parties would not otherwise enter into
        any Transactions.

      

      2. Obligations

      

      (a) General
        Conditions.

      

      (i)
        Each
        party will make each payment or delivery specified in each Confirmation to
        be
        made by it, subject to the other provisions of this Agreement.

      

      (ii)
        Payments under this Agreement will be made on the due date for value on that
        date in the place of the account specified in the relevant Confirmation or
        otherwise pursuant to this Agreement, in freely transferable funds and
        in
        the manner customary for
        payments in the required currency.
        Where settlement is by delivery (that is, other than by payment), such delivery
        will be made for receipt on the due date in the manner customary for the
        relevant obligation unless otherwise specified in the relevant Confirmation
        or
        elsewhere in this Agreement.

      

      (iii)
        Each obligation of each party under Section 2(a)(i) is subject to (1) the
        condition precedent that no Event of Default or Potential Event of Default
        with
        respect to the other party has occurred and is continuing, (2) the condition
        precedent that no Early Termination Date in respect of the relevant Transaction
        has occurred or been effectively designated and (3) each other applicable
        condition precedent specified in this Agreement.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      value
        of
        that which was (or would have been) required to be delivered as of the
        originally scheduled date for delivery, in each case together with (to the
        extent permitted under applicable law) interest, in the currency of such
        amounts, from (and including) the date
        such
        amounts or obligations were or
        would
        have been
        required to have been paid or performed to (but excluding) such
        Early Termination Date, at the Applicable Rate. Such amounts of interest
        will be
        calculated on the basis of daily compounding and the actual number of days
        elapsed. The fair market value of any obligation referred to in clause (b)
        above
        shall be reasonably determined by the party obliged to make the determination
        under Section 6(e) or, if each party is so obliged, it shall be the average
        of
        the Termination Currency Equivalents of the fair market values reasonably
        determined by both parties.

      

      IN
        WITNESS WHEREOF the parties have executed this document on the respective
        dates
        specified below with effect from the date specified on the first page of
        this
        document.

       

      

      

      

       

      
        	
                UBS
                  AG

                (“Party
                  A”)

              	 	
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION, not individually, but solely
                  as trust
                  administrator with respect to the MASTR Asset Backed Securities
                  Trust
                  2006-NC3, Mortgage Pass Through Certificates, Series
                  2006-NC3

                (“Party
                  B”)

              
	 	 	 
	
                (Name
                  of Party)

              	 	
                (Name
                  of Party)

                 

              
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	
                By:

              	 
	
                Name:

              	 	 	
                Name:

              	 
	
                Title:

              	 	 	
                Title:

              	 
	
                Date:

              	 	 	
                Date:

              	 

      

      

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ASSIGNMENT
        AGREEMENT

      

      UBS
        AG has entered into the transaction listed on Attachment 1 hereto with Reference
        Number 37533977 (the “Old Transaction”) with UBS Real Estate Securities, Inc.
        (“UBS Real Estate”).

      

      For
        valuable consideration, receipt of which is hereby acknowledged, UBS Real
        Estate
        hereby assigns, transfers and sets over effective 28 December 2006 unto Mortgage
        Asset Securitization Transactions Inc. (“MASTR”), without recourse all of its
        rights, title and interest in and to the Old Transaction and UBS Real Estate
        hereby gives MASTR and its assigns full power and authority for its or their
        own
        uses and benefit, but at its or their own cost, to demand, collect, receive
        and
        give acquittance for the same or any part of thereof, and to prosecute or
        withdraw any suits or proceedings therefore. UBS AG hereby consents to the
        assignment of the Old Transaction to MASTR as herein provided.

      

      Upon
        the
        effectiveness of such assignment, for valuable consideration, receipt of
        which
        is hereby acknowledged, MASTR hereby assigns, transfers and sets over effective
        28 December 2006 unto
        Wells Fargo Bank, National Association., not individually, but solely as
        trust
        administrator with respect to the MASTR Asset Backed Securities Trust 2006-NC3,
        Mortgage Pass Through Certificates, Series 2006-NC3
        (the
“Trust”), without recourse, all of its rights, title and interest in and to the
        Old Transaction (as so assigned and transferred, referenced by UBS AG as
        a new
        transaction with Reference Number 37536063 as listed on Attachment 2 hereto
        and
        referred to as the “New Transaction”) and MASTR hereby gives the Trust and its
        assigns full power and authority for its or their own uses and benefit, but
        at
        its or their own cost, to demand, collect, receive and give acquittance for
        the
        same or any part of thereof, and to prosecute or withdraw any suits or
        proceedings therefor. UBS AG hereby consents to the assignment of the New
        Transaction to the Trust as herein provided, with the understanding that
        the
        provisions labeled “Additional Provisions” in the confirmation relating to the
        New Transaction shall become effective upon the assignment to the
        Trust. 

      

      Each
        party hereby represents and warrants to the other that the execution, delivery
        and performance of this Assignment Agreement by it are within its powers,
        and
        have been duly authorized by all necessary corporate or other action and
        that
        this Assignment Agreement constitutes its legal, valid and binding
        obligation.

      

      This
        Assignment Agreement shall be governed by and construed and interpreted in
        accordance with the laws of the State of New York without regard the conflict
        of
        law provisions thereof other than New York General Obligations Law Sections
        5-1401 and 5-1402.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      IN
        WITNESS WHEREOF, the parties have duly executed this Assignment Agreement
        as of
        the date first written above.

      

      

      
        	
                UBS
                  AG

              	 	
                UBS
                  REAL ESTATE SECURITIES, INC.

              
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	
                By:

              	 
	
                Name:

              	
                Christopher
                  Dingle

              	 	
                Name:

              	 
	
                Title:

              	
                Director

              	 	
                Title:

              	 
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	
                By:

              	 
	
                Name:

              	
                Jonathan
                  McTernan

              	 	
                Name:

              	 
	
                Title:

              	
                Associate
                  Director

              	 	
                Title:

              	 

      

      

      

      
        	
                MORTGAGE
                  ASSET SECURITIZATION TRANSACTIONS INC.

              	 	
                Wells
                  Fargo Bank, National Association., not individually, but solely
                  as trust
                  administrator with respect to the MASTR Asset Backed Securities
                  Trust
                  2006-NC3, Mortgage Pass Through Certificates, Series
                  2006-NC3

              
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	
                By:

              	 
	
                Name:

              	 	 	
                Name:

              	 
	
                Title:

              	 	 	
                Title:

              	 
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	 	 
	
                Name:

              	 	 	 	 
	
                Title:

              	 	 	 	 

      

      

      

      

      

      

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Attachment
        1

      

      

      

      

      
        	
                Date:

              	
                28
                  December 2006

              
	 	 
	
                To:

              	
                UBS
                  Real Estate Securities, Inc. (“Counterparty”)

              
	 	 
	
                Attention:

              	
                Swaps
                  Administration

              
	 	 
	
                From:

              	
                UBS
                  AG, London Branch
                  (“UBS AG”)

              
	 	 
	
                Subject:

              	
                Interest
                  Rate Cap Transaction

              
	 	
                UBS
                  AG Ref: 37533977

              

      

      

      

      Dear
        Sirs

      

      The
        purpose of this communication is to confirm the terms and conditions of the
        Transaction entered into between us on the Trade Date specified below. This
        Confirmation constitutes a “Confirmation” as referred to in the Master Agreement
        or Agreement specified below. 

       

      The
        definitions contained in the 2000 ISDA Definitions as published by the
        International Swaps and Derivatives Association, Inc., are incorporated into
        this Confirmation. In the event of any inconsistency between any of the
        definitions listed above and this Confirmation, this Confirmation will
        govern.

      

      If
        you
        and we are parties to a master agreement that governs transactions of this
        type
        (whether in the form of the ISDA Master Agreement (Multicurrency-Cross
        Border)(the "ISDA Form") or any other form (a "Master Agreement"), then this
        Confirmation will supplement, form a part of, and be subject to that Master
        Agreement. If you and we are not parties to such a Master Agreement, then
        you
        and we agree to use all reasonable efforts promptly to negotiate, execute
        and
        deliver an agreement in the form of the ISDA Form, with such modifications
        as
        you and we will in good faith agree. Upon the execution by you and us of
        such an
        agreement, this Confirmation will supplement, form a part of and be subject
        to
        and governed by that agreement, except as expressly modified below. Until
        we
        execute and deliver that agreement, this Confirmation, together with all
        other
        documents referring to the ISDA Form (each a "Confirmation") confirming
        transactions (each a "Transaction") entered into between us (notwithstanding
        anything to the contrary in a confirmation), shall supplement, form a part
        of,
        and be subject to an agreement in the form of the ISDA Form as if we had
        executed an agreement in such form (but without any Schedule except for the
        election of the laws of New York as the Governing Law and U.S. Dollars as
        the
        Termination Currency) on the Trade Date of the first Transaction between
        us
        (hereinafter the "Agreement"). In the event of any inconsistency between
        the
        provisions of any such Agreement and this Confirmation, this Confirmation
        will
        prevail for the purposes of this Transaction.

      

      The
        terms
        of the particular Cap Transaction to which this Confirmation relates are
        as
        follows:

       

      
        	
                General
                  Terms

              	 
	 	 
	
                Trade
                  Date:

              	
                28
                  December 2006

              
	 	 
	
                Effective
                  Date

              	
                25
                  January 2007

              
	 	 
	
                Termination
                  Date:

              	
                25
                  December 2013,
                  subject to adjustment in accordance with the Modified Following
                  Business
                  Day Convention.

              
	 	 
	
                Calculation
                  Amount:

              	
                Initially
                  USD 1,461,000.00, amortizing as per Amortizing Schedule
                  below

              

      

      

      
        	 	 	 
	
                Amortization
                  Schedule:

              	 	 
	 	 	 

      

      

      
        	
                Period
                  From (and including)

              	
                Period
                  To (but excluding)

              	
                Calculation
                  Amount (USD)

              
	
                Effective
                  Date

              	
                25-Feb-07

              	
                1,461,000.00

              
	
                25-Feb-07

              	
                25-Mar-07

              	
                3,282,000.00

              
	
                25-Mar-07

              	
                25-Apr-07

              	
                5,460,000.00

              
	
                25-Apr-07

              	
                25-May-07

              	
                7,987,000.00

              
	
                25-May-07

              	
                25-Jun-07

              	
                10,848,000.00

              
	
                25-Jun-07

              	
                25-Jul-07

              	
                14,022,000.00

              
	
                25-Jul-07

              	
                25-Aug-07

              	
                17,482,000.00

              
	
                25-Aug-07

              	
                25-Sep-07

              	
                21,194,000.00

              
	
                25-Sep-07

              	
                25-Oct-07

              	
                25,055,000.00

              
	
                25-Oct-07

              	
                25-Nov-07

              	
                28,577,000.00

              
	
                25-Nov-07

              	
                25-Dec-07

              	
                31,780,000.00

              
	
                25-Dec-07

              	
                25-Jan-08

              	
                34,684,000.00

              
	
                25-Jan-08

              	
                25-Feb-08

              	
                37,308,000.00

              
	
                25-Feb-08

              	
                25-Mar-08

              	
                39,671,000.00

              
	
                25-Mar-08

              	
                25-Apr-08

              	
                41,789,000.00

              
	
                25-Apr-08

              	
                25-May-08

              	
                43,677,000.00

              
	
                25-May-08

              	
                25-Jun-08

              	
                45,351,000.00

              
	
                25-Jun-08

              	
                25-Jul-08

              	
                46,826,000.00

              
	
                25-Jul-08

              	
                25-Aug-08

              	
                48,202,000.00

              
	
                25-Aug-08

              	
                25-Sep-08

              	
                51,470,000.00

              
	
                25-Sep-08

              	
                25-Oct-08

              	
                53,962,000.00

              
	
                25-Oct-08

              	
                25-Nov-08

              	
                55,790,000.00

              
	
                25-Nov-08

              	
                25-Dec-08

              	
                57,046,000.00

              
	
                25-Dec-08

              	
                25-Jan-09

              	
                57,791,000.00

              
	
                25-Jan-09

              	
                25-Feb-09

              	
                57,645,000.00

              
	
                25-Feb-09

              	
                25-Mar-09

              	
                57,397,000.00

              
	
                25-Mar-09

              	
                25-Apr-09

              	
                57,058,000.00

              
	
                25-Apr-09

              	
                25-May-09

              	
                56,639,000.00

              
	
                25-May-09

              	
                25-Jun-09

              	
                56,145,000.00

              
	
                25-Jun-09

              	
                25-Jul-09

              	
                55,586,000.00

              
	
                25-Jul-09

              	
                25-Aug-09

              	
                55,017,000.00

              
	
                25-Aug-09

              	
                25-Sep-09

              	
                54,495,000.00

              
	
                25-Sep-09

              	
                25-Oct-09

              	
                53,857,000.00

              
	
                25-Oct-09

              	
                25-Nov-09

              	
                53,122,000.00

              
	
                25-Nov-09

              	
                25-Dec-09

              	
                52,304,000.00

              
	
                25-Dec-09

              	
                25-Jan-10

              	
                51,419,000.00

              
	
                25-Jan-10

              	
                25-Feb-10

              	
                50,490,000.00

              
	
                25-Feb-10

              	
                25-Mar-10

              	
                49,543,000.00

              
	
                25-Mar-10

              	
                25-Apr-10

              	
                48,580,000.00

              
	
                25-Apr-10

              	
                25-May-10

              	
                47,607,000.00

              
	
                25-May-10

              	
                25-Jun-10

              	
                46,625,000.00

              
	
                25-Jun-10

              	
                25-Jul-10

              	
                45,638,000.00

              
	
                25-Jul-10

              	
                25-Aug-10

              	
                44,647,000.00

              
	
                25-Aug-10

              	
                25-Sep-10

              	
                43,656,000.00

              
	
                25-Sep-10

              	
                25-Oct-10

              	
                42,667,000.00

              
	
                25-Oct-10

              	
                25-Nov-10

              	
                41,682,000.00

              
	
                25-Nov-10

              	
                25-Dec-10

              	
                40,703,000.00

              
	
                25-Dec-10

              	
                25-Jan-11

              	
                39,730,000.00

              
	
                25-Jan-11

              	
                25-Feb-11

              	
                38,766,000.00

              
	
                25-Feb-11

              	
                25-Mar-11

              	
                37,812,000.00

              
	
                25-Mar-11

              	
                25-Apr-11

              	
                36,869,000.00

              
	
                25-Apr-11

              	
                25-May-11

              	
                35,938,000.00

              
	
                25-May-11

              	
                25-Jun-11

              	
                35,020,000.00

              
	
                25-Jun-11

              	
                25-Jul-11

              	
                34,115,000.00

              
	
                25-Jul-11

              	
                25-Aug-11

              	
                33,225,000.00

              
	
                25-Aug-11

              	
                25-Sep-11

              	
                32,350,000.00

              
	
                25-Sep-11

              	
                25-Oct-11

              	
                31,489,000.00

              
	
                25-Oct-11

              	
                25-Nov-11

              	
                30,643,000.00

              
	
                25-Nov-11

              	
                25-Dec-11

              	
                29,813,000.00

              
	
                25-Dec-11

              	
                25-Jan-12

              	
                28,999,000.00

              
	
                25-Jan-12

              	
                25-Feb-12

              	
                28,202,000.00

              
	
                25-Feb-12

              	
                25-Mar-12

              	
                27,422,000.00

              
	
                25-Mar-12

              	
                25-Apr-12

              	
                26,659,000.00

              
	
                25-Apr-12

              	
                25-May-12

              	
                25,912,000.00

              
	
                25-May-12

              	
                25-Jun-12

              	
                25,182,000.00

              
	
                25-Jun-12

              	
                25-Jul-12

              	
                24,469,000.00

              
	
                25-Jul-12

              	
                25-Aug-12

              	
                23,773,000.00

              
	
                25-Aug-12

              	
                25-Sep-12

              	
                23,094,000.00

              
	
                25-Sep-12

              	
                25-Oct-12

              	
                22,431,000.00

              
	
                25-Oct-12

              	
                25-Nov-12

              	
                21,784,000.00

              
	
                25-Nov-12

              	
                25-Dec-12

              	
                21,154,000.00

              
	
                25-Dec-12

              	
                25-Jan-13

              	
                20,540,000.00

              
	
                25-Jan-13

              	
                25-Feb-13

              	
                19,941,000.00

              
	
                25-Feb-13

              	
                25-Mar-13

              	
                19,358,000.00

              
	
                25-Mar-13

              	
                25-Apr-13

              	
                18,791,000.00

              
	
                25-Apr-13

              	
                25-May-13

              	
                18,238,000.00

              
	
                25-May-13

              	
                25-Jun-13

              	
                17,701,000.00

              
	
                25-Jun-13

              	
                25-Jul-13

              	
                17,177,000.00

              
	
                25-Jul-13

              	
                25-Aug-13

              	
                16,669,000.00

              
	
                25-Aug-13

              	
                25-Sep-13

              	
                16,174,000.00

              
	
                25-Sep-13

              	
                25-Oct-13

              	
                15,693,000.00

              
	
                25-Oct-13

              	
                25-Nov-13

              	
                15,225,000.00

              
	
                25-Nov-13

              	
                Termination
                  Date

              	
                14,771,000.00

              

      

      

      The
        dates
        in the above schedule with the exception of the Effective Date will be subject
        to adjustment in accordance with the Modified Following Business Day
        Convention.

      

      
        	
                Seller
                  of the Cap:

              	
                UBS
                  AG

              
	 	 
	
                Buyer
                  of the Cap:

              	
                Counterparty

              
	 	 
	
                Calculation
                  Agent:

              	
                UBS
                  AG, unless otherwise specified in the schedule to the Master
                  Agreement

              
	 	 
	
                Business
                  Days:

              	
                New
                  York

              
	 	 
	
                Broker:

              	
                None

              

      

      

      
        	
                Fixed
                  Amounts

              	 
	 	 
	
                Fixed
                  Rate Payer:

              	
                Counterparty

              
	 	 
	
                Fixed
                  Amount:

              	
                Not
                  Applicable

              
	 	 
	
                Fixed
                  Rate Payer Payment Date:

              	
                Not
                  Applicable

              
	 	 
	
                Business
                  Day Convention:

              	
                Not
                  Applicable

              

      

      

      Floating
        Amounts

      

      
        	
                Floating
                  Rate Payer:

              	
                UBS
                  AG

              
	 	 
	
                Cap
                  Rate:

              	
                As
                  per the Cap Rate Schedule Below

                 

                 

              

      

      

      Cap
        Rate Schedule:

      

      

      
        	
                Period
                  From (and including)

              	
                Period
                  To (but excluding)

              	
                Cap
                  Rate

              
	
                Effective
                  Date

              	
                25
                  November 2011

              	
                7.00%

              
	
                25
                  November 2011

              	
                Termination
                  Date

              	
                5.55%

              

      

      

      
        	
                Floating
                  Amount:

              	
                To
                  be determined in accordance with the following formula:

                Greater
                  of

                (1)
                  Calculation Amount * Floating Rate Day Count Fraction * (Floating
                  Rate
                  Option - Cap Rate) and

              
	 	
                (2)
                  0

              
	 	 
	
                Floating
                  Rate Option:

              	
                USD-LIBOR-BBA

              

      

      

      
        	 	 
	
                Designated
                  Maturity:

              	
                One
                  Month

              
	 	 
	
                Spread:

              	
                None

              
	 	 
	
                Floating
                  Rate Day Count Fraction:

              	
                Actual/360

              
	 	 
	
                Floating
                  Rate Payer End Dates:

              	
                25
                  January, 25 February, 25 March, 25 April, 25 May, 25 June, 25 July,
                  25
                  August, 25 September, 25 October, 25 November and 25 December,
                  in each
                  year, from and including 25 February 2007, up to and including
                  the
                  Termination Date, subject to adjustment in accordance with the
                  Business
                  Day Convention specified immediately below. 

              
	 	 
	
                Floating
                  Rate Payer Payment Dates:

              	
                Early
                  Payment shall be applicable. The Floating Rate Payer Payment Dates
                  shall
                  be two Business Days prior to each Floating Rate Payer Period End
                  Date.

              
	 	 
	
                Business
                  Day Convention:

              	
                Modified
                  Following

              

      

      

      Relationship
        Between Parties

      Each
        party will be deemed to represent to the other party on the date on which
        it
        enters into this Transaction that (in the absence of a written Agreement
        between
        the parties which expressly imposes affirmative obligations to the contrary
        for
        this Transaction):

       

      (a)
        Non-Reliance. Each party is acting for its own account, and has made its
        own
        independent decisions to enter into this Transaction and this such Transaction
        is appropriate or proper for it based upon its own judgement and upon advice
        from such advisers as it has deemed necessary. Each party is not relying
        on any
        communication (written or oral) of the other party as investment advice or
        as a
        recommendation to enter into this Transaction; it being understood that
        information and explanation relating to the terms and conditions of this
        Transaction shall not be considered investment advice or a recommendation
        to
        enter into this Transaction. No communication (written or oral) received
        from
        the other party shall be deemed to be an assurance or guarantee as to the
        expected results of this Transaction.

       

      (b)
        Assessment and Understanding. Each party is capable of assessing the merits
        of
        and understands (on its own behalf or through independent professional advice),
        and accepts, the terms, conditions and risks of this Transaction. Each party
        is
        also capable of assuming and assumes, the risks of this
        Transaction.

       

      (c)
        Status of the Parties. Neither party is acting as a fiduciary for or as an
        adviser to the other in respect of this Transaction.

      

      References
        in this clause to "a party" shall, in the case of UBS AG and where the context
        so allows, include references to any affiliate of UBS AG.

      

      

      Account
        Details for UBS AG:

      

      
        	
                Currency:

              	
                USD

              
	
                Correspondent
                  Bank:

              	
                UBS
                  AG,
                  STAMFORD
                  BRANCH

              
	
                Swift
                  Address:

              	
                UBSWUS33XXX

              
	
                Favour:
                  

              	
                UBS
                  AG LONDON
                  BRANCH

              
	
                Swift
                  Address: 

              	
                UBSWGB2LXXX

              
	
                Account
                  No: 

              	
                101-wa-140007-000

              
	
                Further
                  Credit To: 

              	
                 

              
	
                Swift
                  Address: 

              	 
	
                Account
                  No: 

              	 

      

      

      Offices

      
        	(a)  	
                The
                  office of UBS AG for the Interest Rate Cap Transaction is London;
                  and

              

      

      
        	(b)  	
                The
                  office of Counterparty for the Interest Rate Cap Transaction is
                  New
                  York.

              

      

      

      

      
        	
                Contact
                  Names at UBS AG:

              	 	 
	
                Payment
                  Inquiries

              	
                Elisa
                  Doctor

              	
                Email:
                  DL-USOTCRATES-SETTS@ubs.com

              
	
                Pre
                  Value Payments:

              	
                Pre
                  Value Payment Investigations:

              	
                203.719-1110

              
	
                Post
                  Value Payments:

              	
                Post
                  Value Payment Investigations:

              	
                203.719.1110

              
	
                Confirmation
                  Queries:

              	
                Confirmation
                  Control:

              	
                203.719.3733

              
	
                ISDA
                  Documentation:

              	
                Legal

              	
                203.719.4747

              

      

      

      
        	
                Swift:

              	
                UBSWGB2L

              
	
                Fax:

              	
                (44)
                  20 7567 2685/2990

              
	
                Address:

              	
                UBS
                  AG

              
	 	
                100
                  Liverpool Street

                London
                  EC2M 2RH

              

      

      

       

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      Please
        confirm that the foregoing correctly sets forth the terms and conditions
        of our
        agreement by executing a copy of this Confirmation and returning it to us
        or by
        sending to us a letter or facsimile substantially similar to this letter,
        which
        letter or facsimile sets forth the material terms of the Transaction to which
        this Confirmation relates and indicates your agreement to those terms or
        by
        sending to us a return letter or facsimile in the form attached.

      

      This
        Agreement may be executed in several counterparts, each of which shall be
        deemed
        an original but all of which together shall constitute one and the same
        instrument.

      

      Yours
        Faithfully

      For
        and
        on Behalf of 

      UBS
        AG,
        London Branch

      

      
        	
                By:

              	
                 

                 

                 

              	 	
                By:

              	
                 

                 

                 

              
	
                Name:

              	
                Christopher
                  Dingle

              	 	
                Name:

              	
                Jonathan
                  McTernan

              
	
                Title:

              	
                Associate
                  Director

              	 	
                Title:

              	
                Associate
                  Director

              

      

      

      

      Acknowledged
        and Agreed by UBS Real Estate Securities, Inc. as of the date first written
        above:

      

      
        	
                By:

              
	 
	
                Name
                  :

              	 
	
                Title
                  :

              	 

      

      

      

      UBS
        AG
        London Branch, 1 Finsbury Avenue, London, EC2M 2PP

      UBS
        AG is
        a member of the London Stock Exchange and is regulated in the UK by the
        Financial Services Authority.

      Representatives
        of UBS Limited introduce trades to UBS AG via UBS Limited.

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Attachment
        2

      

      
        	
                Date:

              	
                28
                  December 2006

              
	 	 
	
                To:

              	
                Wells
                  Fargo Bank, National Association., not individually, but solely
                  as trust
                  administrator with respect to the MASTR Asset Backed Securities
                  Trust
                  2006-NC3, Mortgage Pass Through Certificates, Series 2006-NC3
                  (“Counterparty”)

              
	 	 
	
                Attention:

              	
                Client
                  Manager - MABS 2006-NC3

              
	 	 
	
                From:

              	
                UBS
                  AG, London Branch
                  (“UBS AG”)

              
	 	 
	
                Subject:

              	
                Interest
                  Rate Cap Transaction

              
	 	
                UBS
                  AG Ref: 37536063

              

      

      

      

      Dear
        Sirs

      

      The
        purpose of this communication is to confirm the terms and conditions of the
        Transaction entered into between us on the Trade Date specified below. This
        Confirmation constitutes a “Confirmation” as referred to in the Master Agreement
        or Agreement specified below. 

       

      The
        definitions contained in the 2000 ISDA Definitions as published by the
        International Swaps and Derivatives Association, Inc., are incorporated into
        this Confirmation. In the event of any inconsistency between any of the
        definitions listed above and this Confirmation, this Confirmation will
        govern.

      

      This
        Confirmation supplements, forms part of, and is subject to, the ISDA Master
        Agreement dated as of 28 December 2006 as amended and supplemented from time
        to
        time (the "Agreement"), between Counterparty and UBS AG. All provisions
        contained in the Agreement govern this Confirmation except as expressly modified
        below.

      

      The
        terms
        of the particular Cap Transaction to which this Confirmation relates are
        as
        follows:

       

      
        	
                General
                  Terms

              	 
	 	 
	
                Trade
                  Date:

              	
                28
                  December 2006

              
	 	 
	
                Effective
                  Date

              	
                25
                  January 2007

              
	 	 
	
                Termination
                  Date:

              	
                25
                  December 2013,
                  subject to adjustment in accordance with the Modified Following
                  Business
                  Day Convention.

              
	 	 
	
                Calculation
                  Amount:

              	
                Initially
                  5,844.00 amortizing as per Amortizing Schedule
                  below

              

      

      

      
        	
                Amortization
                  Schedule:

              	 	 

      

       

      
        	
                Period
                  From (and including)

              	
                Period
                  To (but excluding)

              	
                Calculation
                  Amount (USD)

              
	
                Effective
                  Date

              	
                25-Feb-07

              	
                5,844.00

              
	
                25-Feb-07

              	
                25-Mar-07

              	
                13,128.00

              
	
                25-Mar-07

              	
                25-Apr-07

              	
                21,840.00

              
	
                25-Apr-07

              	
                25-May-07

              	
                31,948.00

              
	
                25-May-07

              	
                25-Jun-07

              	
                43,392.00

              
	
                25-Jun-07

              	
                25-Jul-07

              	
                56,088.00

              
	
                25-Jul-07

              	
                25-Aug-07

              	
                69,928.00

              
	
                25-Aug-07

              	
                25-Sep-07

              	
                84,776.00

              
	
                25-Sep-07

              	
                25-Oct-07

              	
                100,220.00

              
	
                25-Oct-07

              	
                25-Nov-07

              	
                114,308.00

              
	
                25-Nov-07

              	
                25-Dec-07

              	
                127,120.00

              
	
                25-Dec-07

              	
                25-Jan-08

              	
                138,736.00

              
	
                25-Jan-08

              	
                25-Feb-08

              	
                149,232.00

              
	
                25-Feb-08

              	
                25-Mar-08

              	
                158,684.00

              
	
                25-Mar-08

              	
                25-Apr-08

              	
                167,156.00

              
	
                25-Apr-08

              	
                25-May-08

              	
                174,708.00

              
	
                25-May-08

              	
                25-Jun-08

              	
                181,404.00

              
	
                25-Jun-08

              	
                25-Jul-08

              	
                187,304.00

              
	
                25-Jul-08

              	
                25-Aug-08

              	
                192,808.00

              
	
                25-Aug-08

              	
                25-Sep-08

              	
                205,880.00

              
	
                25-Sep-08

              	
                25-Oct-08

              	
                215,848.00

              
	
                25-Oct-08

              	
                25-Nov-08

              	
                223,160.00

              
	
                25-Nov-08

              	
                25-Dec-08

              	
                228,184.00

              
	
                25-Dec-08

              	
                25-Jan-09

              	
                231,164.00

              
	
                25-Jan-09

              	
                25-Feb-09

              	
                230,580.00

              
	
                25-Feb-09

              	
                25-Mar-09

              	
                229,588.00

              
	
                25-Mar-09

              	
                25-Apr-09

              	
                228,232.00

              
	
                25-Apr-09

              	
                25-May-09

              	
                226,556.00

              
	
                25-May-09

              	
                25-Jun-09

              	
                224,580.00

              
	
                25-Jun-09

              	
                25-Jul-09

              	
                222,344.00

              
	
                25-Jul-09

              	
                25-Aug-09

              	
                220,068.00

              
	
                25-Aug-09

              	
                25-Sep-09

              	
                217,980.00

              
	
                25-Sep-09

              	
                25-Oct-09

              	
                215,428.00

              
	
                25-Oct-09

              	
                25-Nov-09

              	
                212,488.00

              
	
                25-Nov-09

              	
                25-Dec-09

              	
                209,216.00

              
	
                25-Dec-09

              	
                25-Jan-10

              	
                205,676.00

              
	
                25-Jan-10

              	
                25-Feb-10

              	
                201,960.00

              
	
                25-Feb-10

              	
                25-Mar-10

              	
                198,172.00

              
	
                25-Mar-10

              	
                25-Apr-10

              	
                194,320.00

              
	
                25-Apr-10

              	
                25-May-10

              	
                190,428.00

              
	
                25-May-10

              	
                25-Jun-10

              	
                186,500.00

              
	
                25-Jun-10

              	
                25-Jul-10

              	
                182,552.00

              
	
                25-Jul-10

              	
                25-Aug-10

              	
                178,588.00

              
	
                25-Aug-10

              	
                25-Sep-10

              	
                174,624.00

              
	
                25-Sep-10

              	
                25-Oct-10

              	
                170,668.00

              
	
                25-Oct-10

              	
                25-Nov-10

              	
                166,728.00

              
	
                25-Nov-10

              	
                25-Dec-10

              	
                162,812.00

              
	
                25-Dec-10

              	
                25-Jan-11

              	
                158,920.00

              
	
                25-Jan-11

              	
                25-Feb-11

              	
                155,064.00

              
	
                25-Feb-11

              	
                25-Mar-11

              	
                151,248.00

              
	
                25-Mar-11

              	
                25-Apr-11

              	
                147,476.00

              
	
                25-Apr-11

              	
                25-May-11

              	
                143,752.00

              
	
                25-May-11

              	
                25-Jun-11

              	
                140,080.00

              
	
                25-Jun-11

              	
                25-Jul-11

              	
                136,460.00

              
	
                25-Jul-11

              	
                25-Aug-11

              	
                132,900.00

              
	
                25-Aug-11

              	
                25-Sep-11

              	
                129,400.00

              
	
                25-Sep-11

              	
                25-Oct-11

              	
                125,956.00

              
	
                25-Oct-11

              	
                25-Nov-11

              	
                122,572.00

              
	
                25-Nov-11

              	
                25-Dec-11

              	
                119,252.00

              
	
                25-Dec-11

              	
                25-Jan-12

              	
                115,996.00

              
	
                25-Jan-12

              	
                25-Feb-12

              	
                112,808.00

              
	
                25-Feb-12

              	
                25-Mar-12

              	
                109,688.00

              
	
                25-Mar-12

              	
                25-Apr-12

              	
                106,636.00

              
	
                25-Apr-12

              	
                25-May-12

              	
                103,648.00

              
	
                25-May-12

              	
                25-Jun-12

              	
                100,728.00

              
	
                25-Jun-12

              	
                25-Jul-12

              	
                97,876.00

              
	
                25-Jul-12

              	
                25-Aug-12

              	
                95,092.00

              
	
                25-Aug-12

              	
                25-Sep-12

              	
                92,376.00

              
	
                25-Sep-12

              	
                25-Oct-12

              	
                89,724.00

              
	
                25-Oct-12

              	
                25-Nov-12

              	
                87,136.00

              
	
                25-Nov-12

              	
                25-Dec-12

              	
                84,616.00

              
	
                25-Dec-12

              	
                25-Jan-13

              	
                82,160.00

              
	
                25-Jan-13

              	
                25-Feb-13

              	
                79,764.00

              
	
                25-Feb-13

              	
                25-Mar-13

              	
                77,432.00

              
	
                25-Mar-13

              	
                25-Apr-13

              	
                75,164.00

              
	
                25-Apr-13

              	
                25-May-13

              	
                72,952.00

              
	
                25-May-13

              	
                25-Jun-13

              	
                70,804.00

              
	
                25-Jun-13

              	
                25-Jul-13

              	
                68,708.00

              
	
                25-Jul-13

              	
                25-Aug-13

              	
                66,676.00

              
	
                25-Aug-13

              	
                25-Sep-13

              	
                64,696.00

              
	
                25-Sep-13

              	
                25-Oct-13

              	
                62,772.00

              
	
                25-Oct-13

              	
                25-Nov-13

              	
                60,900.00

              
	
                25-Nov-13

              	
                Termination
                  Date

              	
                59,084.00

              

      

      

      The
        dates
        in the above schedule with the exception of the Effective Date will be subject
        to adjustment in accordance with the Modified Following Business Day
        Convention.

      

      
        	
                Seller
                  of the Cap:

              	
                UBS
                  AG

              
	 	 
	
                Buyer
                  of the Cap:

              	
                Counterparty

              
	 	 
	
                Calculation
                  Agent:

              	
                UBS
                  AG, unless otherwise specified in the schedule to the Master
                  Agreement

              
	 	 
	
                Business
                  Days:

              	
                New
                  York

              
	 	 
	
                Broker:

              	
                None

              

      

      

      
        	
                Fixed
                  Amounts

              	 
	 	 
	
                Fixed
                  Rate Payer:

              	
                Counterparty

              
	 	 
	
                Fixed
                  Amount:

              	
                Not
                  Applicable

              
	 	 
	
                Fixed
                  Rate Payer Payment Date:

              	
                Not
                  Applicable

              
	 	 
	
                Business
                  Day Convention:

              	
                Not
                  Applicable

              

      

      

      Floating
        Amounts

      

      
        	
                Floating
                  Rate Payer:

              	
                UBS
                  AG

              
	 	 
	
                Cap
                  Rate:

              	
                As
                  per the Cap Rate Schedule below

                 

              
	
                Cap
                  Rate Schedule:

              	 	 
	 	 	 

      

      

      
        	
                Period
                  From (and including)

              	
                Period
                  To (but excluding)

              	
                Cap
                  Rate

              
	
                Effective
                  Date

              	
                25
                  November 2011

              	
                7.00%

              
	
                25
                  November 2011

              	
                Termination
                  Date

              	
                5.55%

              

      

      

      
        	
                Floating
                  Amount:

              	
                To
                  be determined in accordance with the following formula:

                Greater
                  of

                (1)
                  250 * Calculation Amount * Floating Rate Day Count Fraction * (Floating
                  Rate Option - Cap Rate) and

              
	 	
                (2)
                  0

              
	 	 
	
                Floating
                  Rate Option:

              	
                USD-LIBOR-BBA

              
	 	 
	
                Designated
                  Maturity:

              	
                One
                  Month

              
	 	 
	
                Spread:

              	
                None

              
	 	 
	
                Floating
                  Rate Day Count Fraction:

              	
                Actual/360

              
	 	 
	
                Floating
                  Rate Payer End Dates:

              	
                25
                  January, 25 February, 25 March, 25 April, 25 May, 25 June, 25 July,
                  25
                  August, 25 September, 25 October, 25 November and 25 December,
                  in each
                  year, from and including 25 February 2007, up to and including
                  the
                  Termination Date, subject to adjustment in accordance with the
                  Business
                  Day Convention specified immediately below. 

              
	 	 
	
                Floating
                  Rate Payer Payment Dates:

              	
                Early
                  Payment shall be applicable. The Floating Rate Payer Payment Dates
                  shall
                  be two Business Days prior to each Floating Rate Payer Period End
                  Date.

              
	 	 
	
                Business
                  Day Convention:

              	
                Modified
                  Following

              

      

      

      Relationship
        Between Parties

      Each
        party will be deemed to represent to the other party on the date on which
        it
        enters into this Transaction that (in the absence of a written Agreement
        between
        the parties which expressly imposes affirmative obligations to the contrary
        for
        this Transaction):

       

      (a)
        Non-Reliance. Each party is acting for its own account, and has made its
        own
        independent decisions to enter into this Transaction and this such Transaction
        is appropriate or proper for it based upon its own judgement and upon advice
        from such advisers as it has deemed necessary. Each party is not relying
        on any
        communication (written or oral) of the other party as investment advice or
        as a
        recommendation to enter into this Transaction; it being understood that
        information and explanation relating to the terms and conditions of this
        Transaction shall not be considered investment advice or a recommendation
        to
        enter into this Transaction. No communication (written or oral) received
        from
        the other party shall be deemed to be an assurance or guarantee as to the
        expected results of this Transaction.

       

      (b)
        Assessment and Understanding. Each party is capable of assessing the merits
        of
        and understands (on its own behalf or through independent professional advice),
        and accepts, the terms, conditions and risks of this Transaction. Each party
        is
        also capable of assuming and assumes, the risks of this
        Transaction.

       

      (c)
        Status of the Parties. Neither party is acting as a fiduciary for or as an
        adviser to the other in respect of this Transaction.

      

      (d)
        Eligible
        Contract Participant.
        Each
        party constitutes an “eligible contract participant” as such term is defined in
        Section 1(a)12 of the Commodity Exchange Act, as amended.

      

      

      

      Fully-Paid
        Transactions
        Notwithstanding the terms of Sections 5 and 6 of the ISDA Master Agreement,
        (a)
        the occurrence of an event described in Section 5(a) of the Form Master
        Agreement with respect to Counterparty shall not constitute an Event of Default
        or Potential Event of Default with respect to Counterparty as the Defaulting
        Party and (b) UBS AG shall be entitled to designate an Early Termination
        Date
        pursuant to Section 6 of the ISDA Master Agreement only as a result of a
        Termination Event set forth in either Section 5(b)(i) or Section 5(b)(ii)
        of the
        ISDA Master Agreement with respect to UBS AG as the Affected Party or Section
        5(b)(iii) of the ISDA Master Agreement with respect to UBS AG as the Burdened
        Party.

      

      References
        in this clause to "a party" shall, in the case of UBS AG and where the context
        so allows, include references to any affiliate of UBS AG.

      

      
        	
                Account
                  Details for UBS AG:

              	 

      

      

      
        	
                Currency:

              	
                USD

              
	
                Correspondent
                  Bank:

              	
                UBS
                  AG,
                  STAMFORD
                  BRANCH

              
	
                Swift
                  Address:

              	
                UBSWUS33XXX

              
	
                Favour:
                  

              	
                UBS
                  AG LONDON
                  BRANCH

              
	
                Swift
                  Address: 

              	
                UBSWGB2LXXX

              
	
                Account
                  No: 

              	
                101-wa-140007-000

              
	
                Further
                  Credit To: 

              	
                 

              
	
                Swift
                  Address: 

              	 
	
                Account
                  No: 

              	 

      

      

      

      Offices

      
        	(a)  	
                The
                  office of UBS AG for the Interest Rate Cap Transaction is London;
                  and

              

      

      
        	(b)  	
                The
                  office of Counterparty for the Interest Rate Cap Transaction
                  is New
                  York

              

      

      

      
        	
                Contact
                  Names at UBS AG:

              	 	 
	
                Payment
                  Inquiries

              	
                Elisa
                  Doctor

              	
                Email:
                  DL-USOTCRATES-SETTS@ubs.com

              
	
                Pre
                  Value Payments:

              	
                Pre
                  Value Payment Investigations:

              	
                203.719-1110

              
	
                Post
                  Value Payments:

              	
                Post
                  Value Payment Investigations:

              	
                203.719.1110

              
	
                Confirmation
                  Queries:

              	
                Confirmation
                  Control:

              	
                203.719.3733

              
	
                ISDA
                  Documentation:

              	
                Legal

              	
                203.719.4747

              

      

      

      
        	
                Swift:

              	
                UBSWGB2L

              
	
                Fax:

              	
                (44)
                  20 7567 2685/2990

              
	
                Address:

              	
                UBS
                  AG

              
	 	
                100
                  Liverpool Street

                London
                  EC2M 2RH

              

      

       

      Contact
        Info:

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        MD 21045-1951

      Attn:
        Client Manager MABS 2006-NC3

      (p)
        410.884.2000

      (f)
        410.715.2380

      

      Wiring
        Instructions:

      WELLS
        FARGO BANK, NA

      ABA#
        121000248

      FOR
        CREDIT TO: CORPORATE TRUST CLEARING

      ACCT:
        3970771416

      FFC
        TO: Cap Account, Account # 50978002

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Please
        confirm that the foregoing correctly sets forth the terms and conditions
        of our
        agreement by executing a copy of this Confirmation and returning it to us
        or by
        sending to us a letter or facsimile substantially similar to this letter,
        which
        letter or facsimile sets forth the material terms of the Transaction to which
        this Confirmation relates and indicates your agreement to those terms or
        by
        sending to us a return letter or facsimile in the form attached.

      

      This
        Agreement may be executed in several counterparts, each of which shall be
        deemed
        an original but all of which together shall constitute one and the same
        instrument.

      

      Yours
        Faithfully

      For
        and
        on Behalf of 

      UBS
        AG,
        London Branch

      

      
        	
                By:

              	
                 

                 

                 

              	 	
                By:

              	 
	
                Name:

              	
                Christopher
                  Dingle

              	 	
                Name:

              	
                Jonathan
                  McTernan

              
	
                Title:

              	
                Associate
                  Director

              	 	
                Title:

              	
                Associate
                  Director

              

      

      

      

      Acknowledged
        and Agreed by Wells Fargo Bank, National Association., not individually,
        but
        solely as trust administrator with respect to the MASTR Asset Backed Securities
        Trust 2006-NC3, Mortgage Pass Through Certificates, Series 2006-NC3 as of
        the
        date first written above:

      

      
        	
                By:

              
	 
	
                Name
                  :

              	 
	
                Title
                  :

              	 

      

      

      

      UBS
        AG
        London Branch, 1 Finsbury Avenue, London, EC2M 2PP

      UBS
        AG is
        a member of the London Stock Exchange and is regulated in the UK by the
        Financial Services Authority.

      Representatives
        of UBS Limited introduce trades to UBS AG via UBS Limited.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT
        AGREEMENT

      

      UBS
        AG has entered into the transaction listed on Attachment 1 hereto with Reference
        Number 37533981 (the “Old Transaction”) with UBS Real Estate Securities, Inc.
        (“UBS Real Estate”).

      

      For
        valuable consideration, receipt of which is hereby acknowledged, UBS Real
        Estate
        hereby assigns, transfers and sets over effective 28 December 2006 unto Mortgage
        Asset Securitization Transactions Inc. (“MASTR”), without recourse all of its
        rights, title and interest in and to the Old Transaction and UBS Real Estate
        hereby gives MASTR and its assigns full power and authority for its or their
        own
        uses and benefit, but at its or their own cost, to demand, collect, receive
        and
        give acquittance for the same or any part of thereof, and to prosecute or
        withdraw any suits or proceedings therefore. UBS AG hereby consents to the
        assignment of the Old Transaction to MASTR as herein provided.

      

      Upon
        the
        effectiveness of such assignment, for valuable consideration, receipt of
        which
        is hereby acknowledged, MASTR hereby assigns, transfers and sets over effective
        28 December 2006 unto Wells Fargo Bank, N.A., not individually, but solely
        as
        trust administrator with respect to the MASTR Asset Backed Securities Trust
        2006-NC3, Mortgage Pass Through Certificates, Series 2006-NC3 (the “Trust”),
        without recourse, all of its rights, title and interest in and to the Old
        Transaction (as so assigned and transferred, referenced by UBS AG as a new
        transaction with Reference Number 37536083 as listed on Attachment 2 hereto
        and
        referred to as the “New Transaction”) and MASTR hereby gives the Trust and its
        assigns full power and authority for its or their own uses and benefit, but
        at
        its or their own cost, to demand, collect, receive and give acquittance for
        the
        same or any part of thereof, and to prosecute or withdraw any suits or
        proceedings therefor. UBS AG hereby consents to the assignment of the New
        Transaction to the Trust as herein provided, with the understanding that
        the
        provisions labeled “Additional Provisions” in the confirmation relating to the
        New Transaction shall become effective upon the assignment to the
        Trust. 

      

      Each
        party hereby represents and warrants to the other that the execution, delivery
        and performance of this Assignment Agreement by it are within its powers,
        and
        have been duly authorized by all necessary corporate or other action and
        that
        this Assignment Agreement constitutes its legal, valid and binding
        obligation.

      

      This
        Assignment Agreement shall be governed by and construed and interpreted in
        accordance with the laws of the State of New York without regard the conflict
        of
        law provisions thereof other than New York General Obligations Law Sections
        5-1401 and 5-1402.

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      IN
        WITNESS WHEREOF, the parties have duly executed this Assignment Agreement
        as of
        the date first written above.

      

      
        	
                UBS
                  AG

              	 	
                UBS
                  REAL ESTATE SECURITIES, INC.

              
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	
                By:

              	 
	
                Name:

              	
                Christopher
                  Dingle

              	 	
                Name:

              	 
	
                Title:

              	
                Director

              	 	
                Title:

              	 
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	
                By:

              	 
	
                Name:

              	
                Jonathan
                  McTernan

              	 	
                Name:

              	 
	
                Title:

              	
                Associate
                  Director

              	 	
                Title:

              	 

      

      

      

      

      
        	
                MORTGAGE
                  ASSET SECURITIZATION TRANSACTIONS INC.

              	 	
                Wells
                  Fargo Bank, National Association., not individually, but solely
                  as trust
                  administrator with respect to the MASTR Asset Backed Securities
                  Trust
                  2006-NC3, Mortgage Pass Through Certificates, Series
                  2006-NC3

              
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	
                By:

              	 
	
                Name:

              	 	 	
                Name:

              	 
	
                Title:

              	 	 	
                Title:

              	 
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	 	 
	
                Name:

              	 	 	 	 
	
                Title:

              	 	 	 	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      Attachment
        1

          

      

      
        	
                Date:

              	
                28
                  December 2006

              
	 	 
	
                To:

              	
                UBS
                  Real Estate Securities, Inc. (“Counterparty”)

              
	 	 
	
                Attention:

              	
                Swaps
                  Administration

              
	 	 
	
                From:

              	
                UBS
                  AG, London Branch
                  (“UBS AG”)

              
	 	 
	
                Subject:

              	
                Interest
                  Rate Cap Transaction

              
	 	
                UBS
                  AG Ref: 37533981

              

      

      

      Dear
        Sirs

      

      The
        purpose of this communication is to confirm the terms and conditions of the
        Transaction entered into between us on the Trade Date specified below. This
        Confirmation constitutes a “Confirmation” as referred to in the Master Agreement
        or Agreement specified below. 

       

      The
        definitions contained in the 2000 ISDA Definitions as published by the
        International Swaps and Derivatives Association, Inc., are incorporated into
        this Confirmation. In the event of any inconsistency between any of the
        definitions listed above and this Confirmation, this Confirmation will
        govern.

      

      If
        you
        and we are parties to a master agreement that governs transactions of this
        type
        (whether in the form of the ISDA Master Agreement (Multicurrency-Cross
        Border)(the "ISDA Form") or any other form (a "Master Agreement"), then this
        Confirmation will supplement, form a part of, and be subject to that Master
        Agreement. If you and we are not parties to such a Master Agreement, then
        you
        and we agree to use all reasonable efforts promptly to negotiate, execute
        and
        deliver an agreement in the form of the ISDA Form, with such modifications
        as
        you and we will in good faith agree. Upon the execution by you and us of
        such an
        agreement, this Confirmation will supplement, form a part of and be subject
        to
        and governed by that agreement, except as expressly modified below. Until
        we
        execute and deliver that agreement, this Confirmation, together with all
        other
        documents referring to the ISDA Form (each a "Confirmation") confirming
        transactions (each a "Transaction") entered into between us (notwithstanding
        anything to the contrary in a confirmation), shall supplement, form a part
        of,
        and be subject to an agreement in the form of the ISDA Form as if we had
        executed an agreement in such form (but without any Schedule except for the
        election of the laws of New York as the Governing Law and U.S. Dollars as
        the
        Termination Currency) on the Trade Date of the first Transaction between
        us
        (hereinafter the "Agreement"). In the event of any inconsistency between
        the
        provisions of any such Agreement and this Confirmation, this Confirmation
        will
        prevail for the purposes of this Transaction.

      

      The
        terms
        of the particular Cap Transaction to which this Confirmation relates are
        as
        follows:

       

      
        	
                General
                  Terms

              	 
	 	 
	
                Trade
                  Date:

              	
                28
                  December 2006

              
	 	 
	
                Effective
                  Date

              	
                25
                  January 2007

              
	 	 
	
                Termination
                  Date:

              	
                25
                  December 2013,
                  subject to adjustment in accordance with the Modified Following
                  Business
                  Day Convention.

              
	 	 
	
                Calculation
                  Amount:

              	
                Initially
                  USD 987,000.00, amortizing as per Amortizing Schedule
                  below

              

      

      

      
        	
                Amortization
                  Schedule:

              	 	 

      

      

      
        	
                Period
                  From (and including)

              	
                Period
                  To (but excluding)

              	
                Calculation
                  Amount (USD)

              
	
                Effective
                  Date

              	
                25-Feb-07

              	
                987,000.00

              
	
                25-Feb-07

              	
                25-Mar-07

              	
                2,219,000.00

              
	
                25-Mar-07

              	
                25-Apr-07

              	
                3,694,000.00

              
	
                25-Apr-07

              	
                25-May-07

              	
                5,406,000.00

              
	
                25-May-07

              	
                25-Jun-07

              	
                7,346,000.00

              
	
                25-Jun-07

              	
                25-Jul-07

              	
                9,497,000.00

              
	
                25-Jul-07

              	
                25-Aug-07

              	
                11,841,000.00

              
	
                25-Aug-07

              	
                25-Sep-07

              	
                14,352,000.00

              
	
                25-Sep-07

              	
                25-Oct-07

              	
                16,957,000.00

              
	
                25-Oct-07

              	
                25-Nov-07

              	
                19,302,000.00

              
	
                25-Nov-07

              	
                25-Dec-07

              	
                21,404,000.00

              
	
                25-Dec-07

              	
                25-Jan-08

              	
                23,282,000.00

              
	
                25-Jan-08

              	
                25-Feb-08

              	
                24,951,000.00

              
	
                25-Feb-08

              	
                25-Mar-08

              	
                26,426,000.00

              
	
                25-Mar-08

              	
                25-Apr-08

              	
                27,722,000.00

              
	
                25-Apr-08

              	
                25-May-08

              	
                28,850,000.00

              
	
                25-May-08

              	
                25-Jun-08

              	
                29,825,000.00

              
	
                25-Jun-08

              	
                25-Jul-08

              	
                30,657,000.00

              
	
                25-Jul-08

              	
                25-Aug-08

              	
                31,427,000.00

              
	
                25-Aug-08

              	
                25-Sep-08

              	
                33,693,000.00

              
	
                25-Sep-08

              	
                25-Oct-08

              	
                35,299,000.00

              
	
                25-Oct-08

              	
                25-Nov-08

              	
                36,356,000.00

              
	
                25-Nov-08

              	
                25-Dec-08

              	
                36,957,000.00

              
	
                25-Dec-08

              	
                25-Jan-09

              	
                37,169,000.00

              
	
                25-Jan-09

              	
                25-Feb-09

              	
                36,801,000.00

              
	
                25-Feb-09

              	
                25-Mar-09

              	
                36,377,000.00

              
	
                25-Mar-09

              	
                25-Apr-09

              	
                35,905,000.00

              
	
                25-Apr-09

              	
                25-May-09

              	
                35,392,000.00

              
	
                25-May-09

              	
                25-Jun-09

              	
                34,843,000.00

              
	
                25-Jun-09

              	
                25-Jul-09

              	
                34,262,000.00

              
	
                25-Jul-09

              	
                25-Aug-09

              	
                33,690,000.00

              
	
                25-Aug-09

              	
                25-Sep-09

              	
                33,164,000.00

              
	
                25-Sep-09

              	
                25-Oct-09

              	
                32,562,000.00

              
	
                25-Oct-09

              	
                25-Nov-09

              	
                31,900,000.00

              
	
                25-Nov-09

              	
                25-Dec-09

              	
                31,191,000.00

              
	
                25-Dec-09

              	
                25-Jan-10

              	
                30,451,000.00

              
	
                25-Jan-10

              	
                25-Feb-10

              	
                29,702,000.00

              
	
                25-Feb-10

              	
                25-Mar-10

              	
                28,952,000.00

              
	
                25-Mar-10

              	
                25-Apr-10

              	
                28,205,000.00

              
	
                25-Apr-10

              	
                25-May-10

              	
                27,462,000.00

              
	
                25-May-10

              	
                25-Jun-10

              	
                26,724,000.00

              
	
                25-Jun-10

              	
                25-Jul-10

              	
                25,993,000.00

              
	
                25-Jul-10

              	
                25-Aug-10

              	
                25,270,000.00

              
	
                25-Aug-10

              	
                25-Sep-10

              	
                24,556,000.00

              
	
                25-Sep-10

              	
                25-Oct-10

              	
                23,853,000.00

              
	
                25-Oct-10

              	
                25-Nov-10

              	
                23,161,000.00

              
	
                25-Nov-10

              	
                25-Dec-10

              	
                22,480,000.00

              
	
                25-Dec-10

              	
                25-Jan-11

              	
                21,813,000.00

              
	
                25-Jan-11

              	
                25-Feb-11

              	
                21,158,000.00

              
	
                25-Feb-11

              	
                25-Mar-11

              	
                20,516,000.00

              
	
                25-Mar-11

              	
                25-Apr-11

              	
                19,889,000.00

              
	
                25-Apr-11

              	
                25-May-11

              	
                19,275,000.00

              
	
                25-May-11

              	
                25-Jun-11

              	
                18,676,000.00

              
	
                25-Jun-11

              	
                25-Jul-11

              	
                18,091,000.00

              
	
                25-Jul-11

              	
                25-Aug-11

              	
                17,521,000.00

              
	
                25-Aug-11

              	
                25-Sep-11

              	
                16,965,000.00

              
	
                25-Sep-11

              	
                25-Oct-11

              	
                16,423,000.00

              
	
                25-Oct-11

              	
                25-Nov-11

              	
                15,895,000.00

              
	
                25-Nov-11

              	
                25-Dec-11

              	
                15,382,000.00

              
	
                25-Dec-11

              	
                25-Jan-12

              	
                67,800,000.00

              
	
                25-Jan-12

              	
                25-Feb-12

              	
                64,880,000.00

              
	
                25-Feb-12

              	
                25-Mar-12

              	
                62,094,000.00

              
	
                25-Mar-12

              	
                25-Apr-12

              	
                59,435,000.00

              
	
                25-Apr-12

              	
                25-May-12

              	
                56,897,000.00

              
	
                25-May-12

              	
                25-Jun-12

              	
                54,474,000.00

              
	
                25-Jun-12

              	
                25-Jul-12

              	
                52,161,000.00

              
	
                25-Jul-12

              	
                25-Aug-12

              	
                49,952,000.00

              
	
                25-Aug-12

              	
                25-Sep-12

              	
                47,843,000.00

              
	
                25-Sep-12

              	
                25-Oct-12

              	
                45,828,000.00

              
	
                25-Oct-12

              	
                25-Nov-12

              	
                43,904,000.00

              
	
                25-Nov-12

              	
                25-Dec-12

              	
                42,065,000.00

              
	
                25-Dec-12

              	
                25-Jan-13

              	
                40,309,000.00

              
	
                25-Jan-13

              	
                25-Feb-13

              	
                38,630,000.00

              
	
                25-Feb-13

              	
                25-Mar-13

              	
                37,026,000.00

              
	
                25-Mar-13

              	
                25-Apr-13

              	
                35,493,000.00

              
	
                25-Apr-13

              	
                25-May-13

              	
                34,027,000.00

              
	
                25-May-13

              	
                25-Jun-13

              	
                32,625,000.00

              
	
                25-Jun-13

              	
                25-Jul-13

              	
                31,285,000.00

              
	
                25-Jul-13

              	
                25-Aug-13

              	
                30,004,000.00

              
	
                25-Aug-13

              	
                25-Sep-13

              	
                28,778,000.00

              
	
                25-Sep-13

              	
                25-Oct-13

              	
                27,605,000.00

              
	
                25-Oct-13

              	
                25-Nov-13

              	
                26,484,000.00

              
	
                25-Nov-13

              	
                Termination
                  Date

              	
                25,410,000.00

              

      

      

      The
        dates
        in the above schedule with the exception of the Effective Date will be subject
        to adjustment in accordance with the Modified Following Business Day
        Convention.

      

      
        	
                Seller
                  of the Cap:

              	
                UBS
                  AG

              
	 	 
	
                Buyer
                  of the Cap:

              	
                Counterparty

              
	 	 
	
                Calculation
                  Agent:

              	
                UBS
                  AG, unless otherwise specified in the schedule to the Master
                  Agreement

              
	 	 
	
                Business
                  Days:

              	
                New
                  York

              
	 	 
	
                Broker:

              	
                None

              

      

      

      
        	
                Fixed
                  Amounts

              	 
	 	 
	
                Fixed
                  Rate Payer:

              	
                Counterparty

              
	 	 
	
                Fixed
                  Amount:

              	
                USD
                  980,000.00

              
	 	 
	
                Fixed
                  Rate Payer Payment Date:

              	
                22
                  December 2006

              
	 	 
	
                Business
                  Day Convention:

              	
                Not
                  Applicable

              

      

      

      Floating
        Amounts

      

      
        	
                Floating
                  Rate Payer:

              	
                UBS
                  AG

              
	 	 
	
                Cap
                  Rate:

              	
                As
                  per the Cap Rate Schedule below

              
	 	 	 
	
                 

                Cap
                  Rate Schedule:

              	 	 
	 	 	 

      

      

      
        	
                Period
                  From (and including)

              	
                Period
                  To (but excluding)

              	
                Cap
                  Rate

              
	
                Effective
                  Date

              	
                25
                  November 2008

              	
                5.35%

              
	
                25
                  November 2008

              	
                Termination
                  Date

              	
                5.55%

              

      

      

      

      
        	
                Floating
                  Amount:

              	
                To
                  be determined in accordance with the following formula:

                Greater
                  of

                (1)
                  Calculation Amount * Floating Rate Day Count Fraction * (Floating
                  Rate
                  Option - Cap Rate) and

              
	 	
                (2)
                  0

              
	 	 
	
                Floating
                  Rate Option:

              	
                USD-LIBOR-BBA

              

      

      

      
        	
                Designated
                  Maturity:

              	
                One
                  Month

              
	 	 
	
                Spread:

              	
                None

              
	 	 
	
                Floating
                  Rate Day Count Fraction:

              	
                Actual/360

              
	 	 
	
                Floating
                  Rate Payer End Dates:

              	
                25
                  January, 25 February, 25 March, 25 April, 25 May, 25 June, 25 July,
                  25
                  August, 25 September, 25 October, 25 November and 25 December,
                  in each
                  year, from and including 25 February 2007, up to and including
                  the
                  Termination Date, subject to adjustment in accordance with the
                  Business
                  Day Convention specified immediately below. 

              
	 	 
	
                Floating
                  Rate Payer Payment Dates:

              	
                Early
                  Payment shall be applicable. The Floating Rate Payer Payment Dates
                  shall
                  be two Business Days prior to each Floating Rate Payer Period End
                  Date.

              
	 	 
	
                Business
                  Day Convention:

              	
                Modified
                  Following

              

      

      

      Relationship
        Between Parties

      Each
        party will be deemed to represent to the other party on the date on which
        it
        enters into this Transaction that (in the absence of a written Agreement
        between
        the parties which expressly imposes affirmative obligations to the contrary
        for
        this Transaction):

       

      (a)
        Non-Reliance. Each party is acting for its own account, and has made its
        own
        independent decisions to enter into this Transaction and this such Transaction
        is appropriate or proper for it based upon its own judgement and upon advice
        from such advisers as it has deemed necessary. Each party is not relying
        on any
        communication (written or oral) of the other party as investment advice or
        as a
        recommendation to enter into this Transaction; it being understood that
        information and explanation relating to the terms and conditions of this
        Transaction shall not be considered investment advice or a recommendation
        to
        enter into this Transaction. No communication (written or oral) received
        from
        the other party shall be deemed to be an assurance or guarantee as to the
        expected results of this Transaction.

       

      (b)
        Assessment and Understanding. Each party is capable of assessing the merits
        of
        and understands (on its own behalf or through independent professional advice),
        and accepts, the terms, conditions and risks of this Transaction. Each party
        is
        also capable of assuming and assumes, the risks of this
        Transaction.

       

      (c)
        Status of the Parties. Neither party is acting as a fiduciary for or as an
        adviser to the other in respect of this Transaction.

      

      References
        in this clause to "a party" shall, in the case of UBS AG and where the context
        so allows, include references to any affiliate of UBS AG.

      

      

      Account
        Details for UBS AG: 

      

      
        	
                Currency:

              	
                USD

              
	
                Correspondent
                  Bank:

              	
                UBS
                  AG,
                  STAMFORD
                  BRANCH

              
	
                Swift
                  Address:

              	
                UBSWUS33XXX

              
	
                Favour:
                  

              	
                UBS
                  AG LONDON
                  BRANCH

              
	
                Swift
                  Address: 

              	
                UBSWGB2LXXX

              
	
                Account
                  No: 

              	
                101-wa-140007-000

              
	
                Further
                  Credit To: 

              	
                 

              
	
                Swift
                  Address: 

              	 
	
                Account
                  No: 

              	 

      

      

      Offices

      
        	(a)  	
                The
                  office of UBS AG for the Interest Rate Cap Transaction is London;
                  and

              

      

      
        	(b)  	
                The
                  office of Counterparty for the Interest Rate Cap Transaction is
                  New
                  York.

              

      

      

      

      
        	
                Contact
                  Names at UBS AG:

              	 	 
	
                Payment
                  Inquiries

              	
                Elisa
                  Doctor

              	
                Email:
                  DL-USOTCRATES-SETTS@ubs.com

              
	
                Pre
                  Value Payments:

              	
                Pre
                  Value Payment Investigations:

              	
                203.719-1110

              
	
                Post
                  Value Payments:

              	
                Post
                  Value Payment Investigations:

              	
                203.719.1110

              
	
                Confirmation
                  Queries:

              	
                Confirmation
                  Control:

              	
                203.719.3733

              
	
                ISDA
                  Documentation:

              	
                Legal

              	
                203.719.4747

              
	
                Swift:

              	
                UBSWGB2L

              
	
                Fax:

              	
                (44)
                  20 7567 2685/2990

              
	
                Address:

              	
                UBS
                  AG

              
	 	
                100
                  Liverpool Street

                London
                  EC2M 2RH

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Please
        confirm that the foregoing correctly sets forth the terms and conditions
        of our
        agreement by executing a copy of this Confirmation and returning it to us
        or by
        sending to us a letter or facsimile substantially similar to this letter,
        which
        letter or facsimile sets forth the material terms of the Transaction to which
        this Confirmation relates and indicates your agreement to those terms or
        by
        sending to us a return letter or facsimile in the form attached.

      

      This
        Agreement may be executed in several counterparts, each of which shall be
        deemed
        an original but all of which together shall constitute one and the same
        instrument.

      

      Yours
        Faithfully

      For
        and
        on Behalf of 

      UBS
        AG,
        London Branch

      

      
        	
                By:

              	
                 

                 

                 

              	 	
                By:

              	 
	
                Name:

              	
                Christopher
                  Dingle

              	 	
                Name:

              	
                Jonathan
                  McTernan

              
	
                Title:

              	
                Associate
                  Director

              	 	
                Title:

              	
                Associate
                  Director

              

      

      

      Acknowledged
        and Agreed by UBS Real Estate Securities, Inc. as of the date first written
        above:

      

      
        	
                By:

              
	 
	
                Name
                  :

              	 
	
                Title
                  :

              	 

      

      

      

      UBS
        AG
        London Branch, 1 Finsbury Avenue, London, EC2M 2PP

      UBS
        AG is
        a member of the London Stock Exchange and is regulated in the UK by the
        Financial Services Authority.

      Representatives
        of UBS Limited introduce trades to UBS AG via UBS Limited.

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Attachment
        2

      

      

      

      
        	
                Date:

              	
                28
                  December 2006

              
	 	 
	
                To:

              	
                Wells
                  Fargo Bank, N.A., not individually, but solely as trust administrator
                  with
                  respect to the MASTR Asset Backed Securities Trust 2006-NC3, Mortgage
                  Pass
                  Through Certificates, Series 2006-NC3 (“Counterparty”)

              
	 	 
	
                Attention:

              	 
	 	 
	
                From:

              	
                UBS
                  AG, London Branch
                  (“UBS AG”)

              
	 	 
	
                Subject:

              	
                Interest
                  Rate Cap Transaction

              
	 	
                UBS
                  AG Ref: 37536083

              

      

      

      Dear
        Sirs

      

      The
        purpose of this communication is to confirm the terms and conditions of the
        Transaction entered into between us on the Trade Date specified below. This
        Confirmation constitutes a “Confirmation” as referred to in the Master Agreement
        or Agreement specified below. 

       

      The
        definitions contained in the 2000 ISDA Definitions as published by the
        International Swaps and Derivatives Association, Inc., are incorporated into
        this Confirmation. In the event of any inconsistency between any of the
        definitions listed above and this Confirmation, this Confirmation will
        govern.

      

      This
        Confirmation supplements, forms part of, and is subject to, the ISDA Master
        Agreement dated as of 28 December 2006 as amended and supplemented from time
        to
        time (the "Agreement"), between Counterparty and UBS AG. All provisions
        contained in the Agreement govern this Confirmation except as expressly modified
        below.

      

      The
        terms
        of the particular Cap Transaction to which this Confirmation relates are
        as
        follows:

       

      
        	
                General
                  Terms

              	 
	 	 
	
                Trade
                  Date:

              	
                28
                  December 2006

              
	 	 
	
                Effective
                  Date

              	
                25
                  January 2007

              
	 	 
	
                Termination
                  Date:

              	
                25
                  December 2013,
                  subject to adjustment in accordance with the Modified Following
                  Business
                  Day Convention.

              
	 	 
	
                Calculation
                  Amount:

              	
                Initially
                  USD 3,948.00 amortizing as per Amortizing Schedule
                  below

              

      

      

      Amortization
        Schedule:  

      

      
        	
                Period
                  From (and including)

              	
                Period
                  To (but excluding)

              	
                Calculation
                  Amount (USD)

              
	
                Effective
                  Date

              	
                25-Feb-07

              	
                3,948.00

              
	
                25-Feb-07

              	
                25-Mar-07

              	
                8,876.00

              
	
                25-Mar-07

              	
                25-Apr-07

              	
                14,776.00

              
	
                25-Apr-07

              	
                25-May-07

              	
                21,624.00

              
	
                25-May-07

              	
                25-Jun-07

              	
                29,384.00

              
	
                25-Jun-07

              	
                25-Jul-07

              	
                37,988.00

              
	
                25-Jul-07

              	
                25-Aug-07

              	
                47,364.00

              
	
                25-Aug-07

              	
                25-Sep-07

              	
                57,408.00

              
	
                25-Sep-07

              	
                25-Oct-07

              	
                67,828.00

              
	
                25-Oct-07

              	
                25-Nov-07

              	
                77,208.00

              
	
                25-Nov-07

              	
                25-Dec-07

              	
                85,616.00

              
	
                25-Dec-07

              	
                25-Jan-08

              	
                93,128.00

              
	
                25-Jan-08

              	
                25-Feb-08

              	
                99,804.00

              
	
                25-Feb-08

              	
                25-Mar-08

              	
                105,704.00

              
	
                25-Mar-08

              	
                25-Apr-08

              	
                110,888.00

              
	
                25-Apr-08

              	
                25-May-08

              	
                115,400.00

              
	
                25-May-08

              	
                25-Jun-08

              	
                119,300.00

              
	
                25-Jun-08

              	
                25-Jul-08

              	
                122,628.00

              
	
                25-Jul-08

              	
                25-Aug-08

              	
                125,708.00

              
	
                25-Aug-08

              	
                25-Sep-08

              	
                134,772.00

              
	
                25-Sep-08

              	
                25-Oct-08

              	
                141,196.00

              
	
                25-Oct-08

              	
                25-Nov-08

              	
                145,424.00

              
	
                25-Nov-08

              	
                25-Dec-08

              	
                147,828.00

              
	
                25-Dec-08

              	
                25-Jan-09

              	
                148,676.00

              
	
                25-Jan-09

              	
                25-Feb-09

              	
                147,204.00

              
	
                25-Feb-09

              	
                25-Mar-09

              	
                145,508.00

              
	
                25-Mar-09

              	
                25-Apr-09

              	
                143,620.00

              
	
                25-Apr-09

              	
                25-May-09

              	
                141,568.00

              
	
                25-May-09

              	
                25-Jun-09

              	
                139,372.00

              
	
                25-Jun-09

              	
                25-Jul-09

              	
                137,048.00

              
	
                25-Jul-09

              	
                25-Aug-09

              	
                134,760.00

              
	
                25-Aug-09

              	
                25-Sep-09

              	
                132,656.00

              
	
                25-Sep-09

              	
                25-Oct-09

              	
                130,248.00

              
	
                25-Oct-09

              	
                25-Nov-09

              	
                127,600.00

              
	
                25-Nov-09

              	
                25-Dec-09

              	
                124,764.00

              
	
                25-Dec-09

              	
                25-Jan-10

              	
                121,804.00

              
	
                25-Jan-10

              	
                25-Feb-10

              	
                118,808.00

              
	
                25-Feb-10

              	
                25-Mar-10

              	
                115,808.00

              
	
                25-Mar-10

              	
                25-Apr-10

              	
                112,820.00

              
	
                25-Apr-10

              	
                25-May-10

              	
                109,848.00

              
	
                25-May-10

              	
                25-Jun-10

              	
                106,896.00

              
	
                25-Jun-10

              	
                25-Jul-10

              	
                103,972.00

              
	
                25-Jul-10

              	
                25-Aug-10

              	
                101,080.00

              
	
                25-Aug-10

              	
                25-Sep-10

              	
                98,224.00

              
	
                25-Sep-10

              	
                25-Oct-10

              	
                95,412.00

              
	
                25-Oct-10

              	
                25-Nov-10

              	
                92,644.00

              
	
                25-Nov-10

              	
                25-Dec-10

              	
                89,920.00

              
	
                25-Dec-10

              	
                25-Jan-11

              	
                87,252.00

              
	
                25-Jan-11

              	
                25-Feb-11

              	
                84,632.00

              
	
                25-Feb-11

              	
                25-Mar-11

              	
                82,064.00

              
	
                25-Mar-11

              	
                25-Apr-11

              	
                79,556.00

              
	
                25-Apr-11

              	
                25-May-11

              	
                77,100.00

              
	
                25-May-11

              	
                25-Jun-11

              	
                74,704.00

              
	
                25-Jun-11

              	
                25-Jul-11

              	
                72,364.00

              
	
                25-Jul-11

              	
                25-Aug-11

              	
                70,084.00

              
	
                25-Aug-11

              	
                25-Sep-11

              	
                67,860.00

              
	
                25-Sep-11

              	
                25-Oct-11

              	
                65,692.00

              
	
                25-Oct-11

              	
                25-Nov-11

              	
                63,580.00

              
	
                25-Nov-11

              	
                25-Dec-11

              	
                61,528.00

              
	
                25-Dec-11

              	
                25-Jan-12

              	
                271,200.00

              
	
                25-Jan-12

              	
                25-Feb-12

              	
                259,520.00

              
	
                25-Feb-12

              	
                25-Mar-12

              	
                248,376.00

              
	
                25-Mar-12

              	
                25-Apr-12

              	
                237,740.00

              
	
                25-Apr-12

              	
                25-May-12

              	
                227,588.00

              
	
                25-May-12

              	
                25-Jun-12

              	
                217,896.00

              
	
                25-Jun-12

              	
                25-Jul-12

              	
                208,644.00

              
	
                25-Jul-12

              	
                25-Aug-12

              	
                199,808.00

              
	
                25-Aug-12

              	
                25-Sep-12

              	
                191,372.00

              
	
                25-Sep-12

              	
                25-Oct-12

              	
                183,312.00

              
	
                25-Oct-12

              	
                25-Nov-12

              	
                175,616.00

              
	
                25-Nov-12

              	
                25-Dec-12

              	
                168,260.00

              
	
                25-Dec-12

              	
                25-Jan-13

              	
                161,236.00

              
	
                25-Jan-13

              	
                25-Feb-13

              	
                154,520.00

              
	
                25-Feb-13

              	
                25-Mar-13

              	
                148,104.00

              
	
                25-Mar-13

              	
                25-Apr-13

              	
                141,972.00

              
	
                25-Apr-13

              	
                25-May-13

              	
                136,108.00

              
	
                25-May-13

              	
                25-Jun-13

              	
                130,500.00

              
	
                25-Jun-13

              	
                25-Jul-13

              	
                125,140.00

              
	
                25-Jul-13

              	
                25-Aug-13

              	
                120,016.00

              
	
                25-Aug-13

              	
                25-Sep-13

              	
                115,112.00

              
	
                25-Sep-13

              	
                25-Oct-13

              	
                110,420.00

              
	
                25-Oct-13

              	
                25-Nov-13

              	
                105,936.00

              
	
                25-Nov-13

              	
                Termination
                  Date

              	
                101,640.00

              

      

      

      The
        dates
        in the above schedule with the exception of the Effective Date will be subject
        to adjustment in accordance with the Modified Following Business Day
        Convention.

      

      
        	
                Seller
                  of the Cap:

              	
                UBS
                  AG

              
	 	 
	
                Buyer
                  of the Cap:

              	
                Counterparty

              
	 	 
	
                Calculation
                  Agent:

              	
                UBS
                  AG, unless otherwise specified in the schedule to the Master
                  Agreement

              
	 	 
	
                Business
                  Days:

              	
                New
                  York

              
	 	 
	
                Broker:

              	
                None

              

      

      

      
        	
                Fixed
                  Amounts

              	 
	 	 
	
                Fixed
                  Rate Payer:

              	
                Counterparty

              
	 	 
	
                Fixed
                  Amount:

              	
                Not
                  Applicable

              
	 	 
	
                Fixed
                  Rate Payer Payment Date:

              	
                Not
                  Applicable

              
	 	 
	
                Business
                  Day Convention:

              	
                Not
                  Applicable

              

      

      

      Floating
        Amounts

      

      
        	
                Floating
                  Rate Payer:

              	
                UBS
                  AG

              
	 	 
	
                Cap
                  Rate:

              	
                As
                  per the Cap Rate Schedule below

              

      

      

      Cap
        Rate Schedule:  

       

      
        	
                Period
                  From (and including)

              	
                Period
                  To (but excluding)

              	
                Cap
                  Rate

              
	
                Effective
                  Date

              	
                25
                  November 2008

              	
                5.35%

              
	
                25
                  November 2008

              	
                Termination
                  Date

              	
                5.55%

              

      

      

      

      

      
        	
                Floating
                  Amount:

              	
                To
                  be determined in accordance with the following formula:

                Greater
                  of

                (1)
                  250 * Calculation Amount * Floating Rate Day Count Fraction * (Floating
                  Rate Option - Cap Rate) and

              
	 	
                (2)
                  0

              
	 	 
	
                Floating
                  Rate Option:

              	
                USD-LIBOR-BBA

              
	 	 	 
	 	 
	
                Designated
                  Maturity:

              	
                One
                  Month

              
	 	 
	
                Spread:

              	
                None

              
	 	 
	
                Floating
                  Rate Day Count Fraction:

              	
                Actual/360

              
	 	 
	
                Floating
                  Rate Payer End Dates:

              	
                25
                  January, 25 February, 25 March, 25 April, 25 May, 25 June, 25 July,
                  25
                  August, 25 September, 25 October, 25 November and 25 December,
                  in each
                  year, from and including 25 February 2007, up to and including
                  the
                  Termination Date, subject to adjustment in accordance with the
                  Business
                  Day Convention specified immediately below. 

              
	 	 
	
                Floating
                  Rate Payer Payment Dates:

              	
                Early
                  Payment shall be applicable. The Floating Rate Payer Payment Dates
                  shall
                  be two Business Days prior to each Floating Rate Payer Period End
                  Date.

              
	 	 
	
                Business
                  Day Convention:

              	
                Modified
                  Following

              

      

      

      Relationship
        Between Parties

      Each
        party will be deemed to represent to the other party on the date on which
        it
        enters into this Transaction that (in the absence of a written Agreement
        between
        the parties which expressly imposes affirmative obligations to the contrary
        for
        this Transaction):

       

      (a)
        Non-Reliance. Each party is acting for its own account, and has made its
        own
        independent decisions to enter into this Transaction and this such Transaction
        is appropriate or proper for it based upon its own judgement and upon advice
        from such advisers as it has deemed necessary. Each party is not relying
        on any
        communication (written or oral) of the other party as investment advice or
        as a
        recommendation to enter into this Transaction; it being understood that
        information and explanation relating to the terms and conditions of this
        Transaction shall not be considered investment advice or a recommendation
        to
        enter into this Transaction. No communication (written or oral) received
        from
        the other party shall be deemed to be an assurance or guarantee as to the
        expected results of this Transaction.

       

      (b)
        Assessment and Understanding. Each party is capable of assessing the merits
        of
        and understands (on its own behalf or through independent professional advice),
        and accepts, the terms, conditions and risks of this Transaction. Each party
        is
        also capable of assuming and assumes, the risks of this
        Transaction.

       

      (c)
        Status of the Parties. Neither party is acting as a fiduciary for or as an
        adviser to the other in respect of this Transaction.

      

      (d)
        Eligible
        Contract Participant.
        Each
        party constitutes an “eligible contract participant” as such term is defined in
        Section 1(a)12 of the Commodity Exchange Act, as amended.

      

      Fully-Paid
        Transactions
        Notwithstanding the terms of Sections 5 and 6 of the ISDA Master Agreement,
        (a)
        the occurrence of an event described in Section 5(a) of the Form Master
        Agreement with respect to Counterparty shall not constitute an Event of Default
        or Potential Event of Default with respect to Counterparty as the Defaulting
        Party and (b) UBS AG shall be entitled to designate an Early Termination
        Date
        pursuant to Section 6 of the ISDA Master Agreement only as a result of a
        Termination Event set forth in either Section 5(b)(i) or Section 5(b)(ii)
        of the
        ISDA Master Agreement with respect to UBS AG as the Affected Party or Section
        5(b)(iii) of the ISDA Master Agreement with respect to UBS AG as the Burdened
        Party.

      

      References
        in this clause to "a party" shall, in the case of UBS AG and where the context
        so allows, include references to any affiliate of UBS AG.

      

      
        	
                Account
                  Details for UBS AG:

              	 
	
                Currency:

              	
                USD

              
	
                Correspondent
                  Bank:

              	
                UBS
                  AG,
                  STAMFORD
                  BRANCH

              
	
                Swift
                  Address:

              	
                UBSWUS33XXX

              
	
                Favour:
                  

              	
                UBS
                  AG LONDON
                  BRANCH

              
	
                Swift
                  Address: 

              	
                UBSWGB2LXXX

              
	
                Account
                  No: 

              	
                101-wa-140007-000

              
	
                Further
                  Credit To: 

              	
                 

              
	
                Swift
                  Address: 

              	 
	
                Account
                  No: 

              	 

      

      

      

      Offices

      
        	(a)  	
                The
                  office of UBS AG for the Interest Rate Cap Transaction is London;
                  and

              

      

      
        	(b)  	
                The
                  office of Counterparty for the Interest Rate Cap Transaction
                  is New
                  York

              

      

      

      
        	
                Contact
                  Names at UBS AG:

              	 	 
	
                Payment
                  Inquiries

              	
                Elisa
                  Doctor

              	
                Email:
                  DL-USOTCRATES-SETTS@ubs.com

              
	
                Pre
                  Value Payments:

              	
                Pre
                  Value Payment Investigations:

              	
                203.719-1110

              
	
                Post
                  Value Payments:

              	
                Post
                  Value Payment Investigations:

              	
                203.719.1110

              
	
                Confirmation
                  Queries:

              	
                Confirmation
                  Control:

              	
                203.719.3733

              
	
                ISDA
                  Documentation:

              	
                Legal

              	
                203.719.4747

              
	
                Swift:

              	
                UBSWGB2L

              
	
                Fax:

              	
                (44)
                  20 7567 2685/2990

              
	
                Address:

              	
                UBS
                  AG

              
	 	
                100
                  Liverpool Street

                London
                  EC2M 2RH

              

      

      

      

      Contact
        Info:

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        MD 21045-1951

      Attn:
        Client Manager MABS 2006-NC3

      (p)
        410.884.2000

      (f)
        410.715.2380

      

      Wiring
        Instructions:

      WELLS
        FARGO BANK, NA

      ABA#
        121000248

      FOR
        CREDIT TO: CORPORATE TRUST CLEARING

      ACCT:
        3970771416

      FFC
        TO: Cap Account, Account # 50978002

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      Please
        confirm that the foregoing correctly sets forth the terms and conditions
        of our
        agreement by executing a copy of this Confirmation and returning it to us
        or by
        sending to us a letter or facsimile substantially similar to this letter,
        which
        letter or facsimile sets forth the material terms of the Transaction to which
        this Confirmation relates and indicates your agreement to those terms or
        by
        sending to us a return letter or facsimile in the form attached.

      

      This
        Agreement may be executed in several counterparts, each of which shall be
        deemed
        an original but all of which together shall constitute one and the same
        instrument.

      

      Yours
        Faithfully

      For
        and
        on Behalf of 

      UBS
        AG,
        London Branch

      

      
        	
                By:

              	
                 

                 

                 

              	 	
                By:

              	 
	
                Name:

              	
                Christopher
                  Dingle

              	 	
                Name:

              	
                Jonathan
                  McTernan

              
	
                Title:

              	
                Associate
                  Director

              	 	
                Title:

              	
                Associate
                  Director

              

      

      

      Acknowledged
        and Agreed by Wells Fargo Bank, N.A., not individually, but solely as trust
        administrator with respect to the MASTR Asset Backed Securities Trust 2006-NC3,
        Mortgage Pass Through Certificates, Series 2006-NC3 as of the date first
        written
        above:

      

      
        	
                By:

              
	 
	
                Name
                  :

              	 
	
                Title
                  :

              	 

      

      

      

      UBS
        AG
        London Branch, 1 Finsbury Avenue, London, EC2M 2PP

      UBS
        AG is
        a member of the London Stock Exchange and is regulated in the UK by the
        Financial Services Authority.

      Representatives
        of UBS Limited introduce trades to UBS AG via UBS Limited.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Execution
        Copy

      (Multicurrency-Cross
        Border) 

      Cap
        Schedule

       

       

      SCHEDULE

      to
        the

      Master
        Agreement

      dated
        as
        of December 28, 2006

       

      between

       

       UBS
        AG (“Party
        A”),

      a
        banking
        corporation organized under the laws of Switzerland

      and

       

      WELLS
        FARGO BANK, NATIONAL ASSOCIATION,
        not
        individually, but solely as trust administrator with respect to the MASTR
        Asset
        Backed Securities Trust 2006-NC3, Mortgage Pass Through Certificates, Series
        2006-NC3 (“Party B”)

       

      Part
        1. 

      Termination
        Provisions

       

      In
        this
        Agreement:

       

      
        	
                (a)

              	
                “Specified
                  Entity” means
                  in relation to Party A for the purpose
                  of:-

              

      

      

      
        	 	
                Section
                  5(a)(v),

              	
                Not
                  applicable.

              
	 	
                Section
                  5(a)(vi),

              	
                Not
                  applicable.

              
	 	
                Section
                  5(a)(vii),

              	
                Not
                  applicable.

              
	 	
                Section
                  5(b)(iv),

              	
                Not
                  applicable.

              

      

      

      and
        in
        relation to Party B for the purpose of:

       

      
        	 	
                Section
                  5(a)(v),

              	
                Not
                  applicable.

              
	 	
                Section
                  5(a)(vi),

              	
                Not
                  applicable.

              
	 	
                Section
                  5(a)(vii),

              	
                Not
                  applicable.

              
	 	
                Section
                  5(b)(iv),

              	
                Not
                  applicable.

              

      

       

      
        	
                (b)

              	
                “Specified
                  Transaction” will
                  have the meaning specified in Section 14 of this Agreement.
                  

              

      

       

      
        	
                (c)

              	
                The
                  “Failure
                  to Pay or Deliver”
                  provisions of Section 5(a)(i) of this Agreement will apply to Party
                  A and
                  will apply to Party B.

              

      

       

      
        	
                (d)

              	
                The
                  “Breach
                  of Agreement”
                  provisions of Section 5(a)(ii) of this Agreement will apply to
                  Party A and
                  will not apply to Party B. 

              

      

       

      
        	
                (e)
                  

              	
                The
                  “Credit
                  Support Default”
                  provisions of Section 5(a)(iii) of this Agreement will apply to
                  Party A
                  and will not apply to Party B except that Section 5(a)(iii)(1)
                  of this
                  Agreement will apply to Party B only with respect to the Transfer
                  of any
                  Return Amount required to be made by Party B pursuant to the Credit
                  Support Annex.

              

      

       

      
        	
                (f)

              	
                The
                  “Misrepresentation”
                  provisions of Section 5(a)(iv) of this Agreement will not apply
                  to either
                  Party A or Party B. 

              

      

       

      
        	
                (g)

              	
                The
                  “Default
                  under Specified Transaction”
                  provisions of Section 5(a)(v) of this Agreement will apply to Party
                  A and
                  will not apply to Party B.

              

      

       

      
        	
                (h)

              	
                The
                  “Cross
                  Default” provisions
                  of Section 5(a)(vi) of this Agreement, as modified below, will
                  apply to
                  Party A and will not apply to Party B. Section 5(a)(vi) of this
                  Agreement
                  is hereby amended by the addition of the following at the end
                  thereof:

              

      

       

      
        	 	
                “provided,
                  however, that notwithstanding the foregoing, an Event of Default
                  shall not
                  occur under either (1) or (2) above if, as demonstrated to the
                  reasonable
                  satisfaction of the other party, (a) the event or condition referred
                  to in
                  (1) or the failure to pay referred to in (2) is a failure to pay
                  caused by
                  an error or omission of an administrative or operational nature;
                  (b) funds
                  were available to such party to enable it to make the relevant
                  payment
                  when due; and (c) such relevant payment is made within three Local
                  Business Days following receipt of written notice from an interested
                  party
                  of such failure to pay.”

              

      

       

      
        	 	
                For
                  purposes of this provision:

              

      

       

      
        	 	
                “Specified
                  Indebtedness”
                  will have the meaning specified in Section 14 of this
                  Agreement.

              

      

       

      
        	 	
                “Threshold
                  Amount”
                  means with respect to Party A, an amount equal to three percent
                  (3%) of
                  the shareholders’ equity (howsoever described) of Party A as shown on the
                  most recent annual audited financial statements of Party
                  A.

              

      

       

      
        	
                (i)

              	
                The
                  “Credit
                  Event Upon Merger”
                  provisions of Section 5(b)(iv) of this Agreement will not apply
                  to either
                  Party A or Party B.

              

      

       

      
        	
                (j)

              	
                The
                  “Automatic
                  Early Termination”
                  provisions of Section 6(a) of this Agreement will not apply to
                  Party A and
                  will not apply to Party B; provided that, if the Event of Default
                  specified in Section 5(a)(vii) (except for Section 5(a)(vii)(2))
                  is
                  governed by a system of law that does not permit termination to
                  take place
                  after the occurrence of the relevant Event of Default with respect
                  to a
                  party, then the Automatic Early Termination provision of Section
                  6(a) will
                  apply to such party.

              

      

       

      
        	
                (k)

              	
                The
                  “Bankruptcy”
                  provisions of Section 5(a)(vii) of this Agreement will apply to
                  both Party
                  A and Party B; provided, however, that with respect to Party B
                  the
                  following modifications shall apply: (i) clause (2) shall not apply;
                  (ii)
                  clause (4) shall exclude proceedings or petitions instituted or
                  presented
                  by Party A or any of Party A’s Affiliates; (iii) the words “seeks or”
                  shall be deleted from clause (6); (iv) clause (6) shall not apply
                  in
                  connection with any appointment that is contemplated by the [Transaction
                  Documents] (as such term is defined in the Indenture); (v) clauses
                  (7) and
                  (9) shall not apply; and (vi) clause (8) shall apply only to the
                  extent
                  that any of the events specified in clauses (1) through (7) are
                  applicable. 

              

      

      

      (l)          
         Payments
        on Early Termination.
        For the
        purpose of Section 6(e) of this Agreement:

      (i) Market
        Quotation will apply.

      (ii) The
        Second Method will apply.

      

      
        	
                (m)

              	
                Calculations.
                  Notwithstanding Section 6 of this Agreement, so long as Party A
                  is (A) the
                  Affected Party in respect of an Additional Termination Event, Illegality,
                  Tax Event or a Tax Event Upon Merger or (B) the Defaulting Party
                  in
                  respect of any Event of Default, paragraphs (i) to (vi) below shall
                  apply:

              

      

      

      (i) The
        definition of “Market Quotation” shall be deleted in its entirety and replaced
        with the following:

      

      “Market
        Quotation”
means,
        with respect to one or more Terminated Transactions, a Firm Offer which is
        (1)
        made by a Reference Market-maker that is an Eligible Replacement, (2) for
        an
        amount that would be paid to Party B (expressed as a negative number) or
        by
        Party B (expressed as a positive number) in consideration of an agreement
        between Party B and such Reference Market-maker to enter into a transaction
        (the
“Replacement
        Transaction”)
        that
        would have the effect of preserving for such party the economic equivalent
        of
        any payment or delivery (whether the underlying obligation was absolute or
        contingent and assuming the satisfaction of each applicable condition precedent)
        by the parties under Section 2(a)(i) in respect of such Terminated Transactions
        or group of Terminated Transactions that would, but for the occurrence of
        the
        relevant Early Termination Date, have been required after that Date, (3)
        made on
        the basis that Unpaid Amounts in respect of the Terminated Transaction or
        group
        of Transactions are to be excluded but, without limitation, any payment or
        delivery that would, but for the relevant Early Termination Date, have been
        required (assuming satisfaction of each applicable condition precedent) after
        that Early Termination Date is to be included and (4) made in respect of
        a
        Replacement Transaction with terms substantially the same as those of this
        Agreement (save for the exclusion of provisions relating to Transactions
        that
        are not Terminated Transactions).” 

      

      (ii) The
        definition of “Settlement Amount” shall be deleted in its entirety and replaced
        with the following:

      

      “Settlement
        Amount”
means,
        with respect to any Early Termination Date, an amount (as determined by Party
        B)
        equal to the Termination Currency Equivalent of the amount (whether positive
        or
        negative) of any Market Quotation for the relevant Terminated Transaction
        or
        group of Terminated Transactions that is accepted by Party B so as to become
        legally binding, Provided that:

      

      (1) If,
        no
        Automatic Early Termination has occurred and, on the Early Termination Date,
        (x)
        no Market Quotation for the relevant Terminated Transaction or group of
        Terminated Transactions has been accepted by Party B so as to become legally
        binding and (y) one or more Market Quotations have been made and remain capable
        of becoming legally binding upon acceptance, the Settlement Amount shall
        equal
        the Termination Currency Equivalent of the amount (whether positive or negative)
        of the lowest of such Market Quotations; and

      

      (2) If
        no
        Automatic Early Termination has occurred and, on the Early Termination Date,
        (x)
        no Market Quotation for the relevant Terminated Transaction or group of
        Terminated Transactions is accepted by Party B so as to become legally binding
        and (y) no Market Quotations have been made and remain capable of becoming
        legally binding upon acceptance, the Settlement Amount shall equal Party
        B’s
        Loss (whether positive or negative and without reference to any Unpaid Amounts)
        for the relevant Terminated Transaction or group of Terminated
        Transactions.

      

      (3)  If
        an
        Automatic Early Termination has occurred and, on the Early Termination Date,
        no
        Market Quotation for the relevant Terminated Transaction or group of Terminated
        Transactions is accepted by Party B so as to become legally binding, the
        Settlement Amount shall equal Party B’s Loss (whether positive or negative and
        without reference to any Unpaid Amounts) for the relevant Terminated Transaction
        or group of Terminated Transactions.

      

      
        	(iii)       
                  	
                For
                  the purpose of paragraph (4) of the definition of Market Quotation,
                  Party
                  B shall determine in its sole discretion, acting in a commercially
                  reasonable manner, whether a Firm Offer is made in respect of a
                  Replacement Transaction with commercial terms substantially the
                  same as
                  those of this Agreement (save for the exclusion of provisions relating
                  to
                  Transactions that are not Terminated
                  Transactions).

              

      

       

      
        	(iv)       
                  	
                At
                  any time on or before the Early Termination Date at which two or
                  more
                  Market Quotations remain capable of becoming legally binding upon
                  acceptance, Party B shall be entitled to accept only the lowest
                  of such
                  Market Quotations.

              

      

       

      
        	 	
                (v)

              	
                If
                  Party B requests Party A in writing to obtain Market Quotations,
                  Party A
                  shall use its reasonable efforts to do so before the Early Termination
                  Date.

              

      

       

      
        	 	
                (vi)

              	
                If
                  the Settlement Amount is a negative number, Section 6(e)(i)(3)
                  of this
                  Agreement shall be deleted in its entirety and replaced with the
                  following:

              

      

       

      “Second
        Method and Market Quotation.
        If
        Second Method and Market Quotation apply, (1) Party B shall pay to Party
        A an
        amount equal to the absolute value of the Settlement Amount in respect of
        the
        Terminated Transactions, (2) Party B shall pay to Party A the Termination
        Currency Equivalent of the Unpaid Amounts owing to Party A and (3) Party
        A shall
        pay to Party B the Termination Currency Equivalent of the Unpaid Amounts
        owing
        to Party B, provided that, (i) the amounts payable under (2) and (3) shall
        be
        subject to netting in accordance with Section 2(c) of this Agreement and
        (ii)
        notwithstanding any other provision of this Agreement, any amount payable
        by
        Party A under (3) shall not be netted-off against any amount payable by Party
        B
        under (1).”

       

      (n)         
         “Termination
        Currency”
        means
        United States Dollars (“USD”).

       

      (o)          
         Additional
        Termination Event
        will
        apply to Party A and Party B as set forth below:

       

       

      
        	(i)          
                 	
                Each
                  of the following events shall be an Additional Termination Event
                  for which
                  Party B shall be the sole Affected Party and all Transactions shall
                  be
                  Affected Transactions: 

              

      

       

      (A)
        The
        trust created pursuant to the Pooling and Servicing Agreement (as defined
        below)
        is unable to pay, or fails or admits in writing its inability, to pay, on
        any
        Distribution Date, any Uncertificated Interest with respect to the Class
        A
        Certificates, to the extent required pursuant to the terms of the Pooling
        and
        Servicing Agreement to be paid to the Class A Certificates on such Distribution
        Date; 

       

      (B)
        The
        Pooling and Servicing Agreement dated as of December 1, 2006 among Mortgage
        Asset Securitization Transactions, Inc. as depositor, Wells Fargo Bank, National
        Association as master servicer and trust administrator, Barclays Capital
        Real
        Estate Inc. d/b/a HomeEq Servicing as servicer and U.S. Bank National
        Association as trustee (the “Pooling and Servicing Agreement”) is amended or
        modified without the prior written consent of Party A where such consent
        is
        required under the Pooling and Servicing Agreement (such consent not to be
        unreasonably withheld, conditioned or delayed), if such amendment or
        modification adversely affects, in any material respect, the interests of
        Party
        A; and

      

      (C)
        Optional
        Termination of Securitization. An
        Additional Termination Event shall occur upon the notice to Certificateholders
        of an Optional Termination becoming unrescindable in accordance with Article
        [IX] of the Pooling and Servicing Agreement. Party B shall be the sole Affected
        Party with respect to this Additional Termination Event and the cap transactions
        with reference numbers 37536063 and 37536083 shall be the sole Affected
        Transactions; provided, however, that notwithstanding anything to the contrary
        in Section 6(b)(iv), only Party B may designate an Early Termination Date
        in
        respect of this Additional Termination Event. 

      

       

      
        	 	
                (ii)

              	
                Each
                  of the following events shall be an Additional Termination Event
                  for which
                  Party A shall be the sole Affected Party and all Transactions shall
                  be
                  Affected Transactions:

              

      

      (A) If
        (x)
        within 30 Local Business Days after the date on which the Moody’s First Trigger
        Event applies or (y) within 30 calendar days after the date on which the
        S&P
        First Trigger Event applies,
        Party A fails to comply with or perform any obligation to be complied with
        or
        performed under the CSA (including any obligation to Transfer Eligible
        Collateral thereunder). 

      

      (B) On
        any
        Local Business Day that is (1) at least 30 Local Business Days after the
        occurrence of (x) a Moody’s Second Trigger Event (which is continuing) or that
        is (2) at least 10 Local Business Days after the occurrence of (y) an S&P
        Second Trigger Event (which is continuing), and in the case of both (x) and
        (y),
        a Firm Offer that remains capable of being accepted is either (i) made by
        an
        Eligible Replacement that satisfies the
        Moody’s Ratings Requirement (Second Trigger)
        and
        S&P Ratings Requirement (First Trigger) to accept transfer of Party A’s
        obligations hereunder or (ii) made by a guarantor that satisfies the Moody’s
        Ratings Requirement (Second Trigger) and S&P Ratings Requirement (First
        Trigger) to provide an Eligible Guarantee in respect of Party A’s present and
        future payment and delivery obligations under this Agreement and the CSA
        and
        such a Firm Offer is not accepted by Party A within one (1) Local Business
        Day
        of being made. During any period prior to the acceptance of such offer, Party
        A
        will continue to comply with its obligations under the CSA.

      (C) If,
        upon
        the occurrence of a Swap Disclosure Event (as defined below in Part 5(aa)
        of
        this Schedule) Party A has not, within the lesser of 15 calendar days and
        10
        Local Business Days (after giving effect to any grace period applicable to
        the
        relevant filing) after such Swap Disclosure Event, complied with any of the
        provisions set forth in Part 5(aa) below. 

      

      For
        the
        purposes hereof:

       

      “Cap
        Rating Agency” means each of S&P and Moody’s, to the extent that each such
        rating agency is then providing a rating for any of the MASTR Asset Backed
        Securities Trust 2006-NC3, Mortgage Pass Through Certificates, Series 2006-NC3
        (the “Certificates”) or any notes backed by the Certificates (the “Notes”).

      

      “Eligible
        Guarantee” means an unconditional and irrevocable guarantee that is provided by
        a guarantor as principal debtor rather than surety and is directly enforceable
        by Party B, where (A) either (x) a law firm has given a legal opinion confirming
        that none of the guarantor’s payments to Party B under such guarantee will be
        subject to withholding for Tax or (y) such guarantee provides that, in the
        event
        that any of such guarantor’s payments to Party B are subject to withholding for
        Tax, such guarantor is required to pay such additional amount as is necessary
        to
        ensure that the net amount actually received by Party B (free and clear of
        any
        withholding tax) will equal the full amount Party B would have received had
        no
        such withholding been required and (B) the Rating Agency Condition with respect
        to S&P is satisfied. 

      

      “Eligible
        Replacement” means an entity satisfying (or whose present and future payment and
        delivery obligations owing to Party B are guaranteed pursuant to an Eligible
        Guarantee provided by a guarantor satisfying) the Moody’s
        Ratings Requirement (Second Trigger) and S&P Ratings Requirement (First
        Trigger).
        Where
        the Eligible Replacement will enter into documentation substantively similar
        to
        this Agreement, Party A must provide written notice to each Cap Rating Agency
        of
        such transfer and such transfer must be in connection with the assignment
        and
        assumption of this Agreement without modification of its terms, other than
        party
        names, dates relevant to the effective date of such transfer, tax
        representations and any other representations regarding the status of the
        substitute counterparty. In all other cases, the Rating Agency Condition
        must be
        satisfied with respect to S&P.

       

      “Firm
        Offer” means an offer which, when made, was capable of becoming legally binding
        upon acceptance by the offeree.

       

      “Long
        Term Rating” means the long-term unsecured and unsubordinated debt or
        counterparty rating assigned to a party by a Cap Rating Agency.

       

      “Moody’s”
        shall mean Moody’s Investors Service, Inc., or any successor
        thereto.

       

      “Moody’s
        First Trigger Event” means no Relevant Entity satisfies the Moody’s Ratings
        Requirement (First Trigger).

       

      “Moody’s
        Ratings Requirement (First Trigger)” means, with respect to a party:
(x)
        such
        party’s Short Term Rating from Moody’s is at least “P-1” and its Long Term
        Rating from Moody’s is at least “A2”; or (y) if such party does
        not have a Short Term Rating from Moody’s,
        its
        Long Term Rating from Moody’s is at least “A1.

       

      “Moody’s
        Ratings Requirement (Second Trigger)” means, (x) with respect to a Relevant
        Entity, its Short
        Term Rating from Moody’s is at least “P-2” and its Long Term Rating from Moody’s
        is at least “A3” or (y) if such Relevant Entity does
        not have a Short Term Rating,
        its
        Long Term Rating from Moody’s is at least “A3”.

       

      “Moody’s
        Second Trigger Event” means no
        Relevant Entity satisfies the Moody’s Ratings
        Requirement (Second Trigger).

       

      “Relevant
        Entity” means Party A and any guarantor under an Eligible Guarantee in respect
        of all of Party A’s present and future obligations hereunder.

       

      “S&P”
        means Standard & Poor’s Rating Services, a division of The McGraw-Hill
        Companies, Inc., or any successor thereto.

       

      “S&P
        First Trigger Event” means no Relevant Entity satisfies the S&P Ratings
        Requirement (First Trigger).

       

      “S&P
        Ratings Requirement (First Trigger)” means: (x) the Relevant Entity’s Short Term
        Rating from S&P is at least “A-1” or (y) if such Relevant Entity does not
        have a Short Term Rating from S&P, its Long Term Rating from S&P is at
        least “A+”.

       

      “S&P
        Ratings Requirement (Second Trigger)” means the Relevant Entity’s Long Term
        Rating is at least “BBB-”.

       

      “S&P
        Second Trigger Event”
        means
        that no Relevant Entity’s Long Term Rating satisfies the S&P Ratings
        Requirement (Second Trigger).

       

      “Second
        Trigger Collateralization Level” applies at any time a Moody’s Second Trigger
        Event has occurred and has been continuing for thirty (30) or more Local
        Business Days. For the avoidance of doubt, the Second Trigger Collateralization
        Level shall cease to apply at any time a Relevant Entity satisfies the Moody’s
        Ratings Requirement (Second Trigger).

       

      “Short
        Term Rating” means the short-term unsecured and unsubordinated debt rating
        assigned to a party by a
        Cap
        Rating Agency.

       

      (p) Second
        Trigger Event Additional Obligations. For
        so long as Party A does not satisfy the Moody’s Ratings Requirement (Second
        Trigger) or the S&P Ratings Requirement (Second Trigger), Party
        A
        shall use commercially reasonable efforts to obtain a Firm
        Offer to, as soon as is reasonably practicable, either (1) transfer
        its obligations under this Agreement to an Eligible Replacement that satisfies
        the
        Moody’s Ratings Requirement (Second Trigger) and the S&P Ratings Requirement
        (First Trigger) or (2), to the extent consistent with its then-current internal
        policies and practices, guaranty its present and future payment and delivery
        obligations under this Agreement and the CSA through an Eligible Guarantee
        from
        a guarantor that satisfies the Moody’s Ratings Requirement (Second Trigger) and
        the S&P Ratings Requirement (First Trigger).

       

      Part
        2. 

      Tax
        Representations

      

       

      
        	
                (a)

              	
                Payer
                  Tax Representations.
                  For the purpose of Section 3(e) of this Agreement, Party A and
                  Party B
                  will each make the following representation:
                  None.

              

      

       

      
        	
                 (b)

              	
                Payee
                  Representations.
                  

              

      

       

      
        	 	
                (i)

              	
                For
                  the purpose of Section 3(f) of this Agreement, Party A makes the
                  following
                  representations to Party B: None.

              

        	 	 	 

      

      
        	 	
                (ii)

              	
                For
                  the purpose of Section 3(f) of this Agreement, Party B makes the
                  following
                  representations to Party A: None

              

      

       

       

      Part
        3.

      Agreement
        to Deliver Documents.

       

      For
        the purpose of Sections 4(a)(i) and (ii) of this Agreement, each party agrees
        to
        deliver the following documents, as applicable:

       

      (a) Tax
        forms, documents or certificates to be delivered are:

       

      
        	
                Party
                  required to

                deliver
                  document

              	 	
                 

                Form/Document/Certificate

              	 	
                Date
                  by which to be delivered

              
	
                Party
                  A

                 

              	 	
                An
                  original properly completed and executed United States Internal
                  Revenue
                  Service Form W-8BEN (or any successor thereto), as appropriate,
                  with
                  respect to any payments received or to be received by Party A that
                  eliminates U.S. federal withholding and backup withholding Tax
                  on payments
                  to Party A under this Agreement.

              	 	
                (i)
                  Upon execution and delivery of this Agreement, with such form to
                  be
                  updated at the beginning of each succeeding three calendar year
                  period
                  beginning after execution of this Agreement, or as otherwise required
                  under then applicable U.S. Treasury Regulations; (ii) promptly
                  upon
                  reasonable demand by Party B; and (iii) promptly upon learning
                  that any
                  information on any previously delivered form (or any successor
                  thereto)
                  has become obsolete or incorrect.

              
	 	 	 	 	 
	
                Party
                  B

              	 	
                (i)
                  Upon execution of this Agreement, an original properly completed
                  and
                  executed United States Internal Revenue Service Form W-9 (or any
                  successor
                  thereto) with respect to any payments received or to be received
                  by the
                  initial beneficial owner of payments to Party B under this Agreement,
                  and
                  (ii) thereafter, the appropriate tax certification from (i.e.,
                  IRS Form
                  W-9 or IRS Form W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable
                  (or any
                  successor thereto) with respect to any payments received or to
                  be received
                  by the beneficial owner of payments to Party B under this Agreement
                  from
                  time to time.

              	 	
                (i)
                  Prior to the First Floating Rate Payer Payment Date, (ii) promptly
                  upon
                  reasonable demand by Party A, (iii) promptly upon learning that
                  any such
                  form previously provided by Party B has become obsolete or incorrect
                  and
                  (iv) in the case of a tax certification form other than a Form
                  W-9, before
                  December 31 of each third succeeding calendar
                  year.

              

      

       

      
        	
                (b)

              	
                Other
                  documents to be delivered are:-

              

      

      
      

       

      
        	
                Party
                  required to deliver document

              	 	
                Form/Document/

                Certificate

              	 	
                Date
                  by which

                to
                  be Delivered

              	 	
                Covered
                  by

                Section
                  3(d)

              
	
                Party
                  A

              	 	
                Evidence
                  of authority of signatories to this Agreement

              	 	
                Upon
                  execution of this Agreement

              	 	
                Yes

              
	 	 	 	 	 	 	 
	
                Party
                  B 

              	 	
                Certified
                  copy of the Board of Directors resolution (or equivalent authorizing
                  documentation) which sets forth the authority of each signatory
                  to the
                  Agreement signing on its behalf and the authority of such party
                  to enter
                  into Transactions contemplated and performance of its obligations
                  hereunder

              	 	
                Upon
                  execution of this Agreement

              	 	
                Yes

              
	 	 	 	 	 	 	 
	
                Party
                  A

              	 	
                Any
                  publicly available annual audited financial statements prepared
                  in
                  accordance with generally accepted accounting principles in the
                  country in
                  which Party A is organized

              	 	
                As
                  such statements are made publicly available on Party A’s website
                  (http://www.ubs.com/1/e/investors/annualreporting.html)
                  or on the U.S. Securities Exchange Commission EDGAR information
                  retrieval
                  system

              	 	
                Yes

              
	 	 	 	 	 	 	 
	
                Party
                  A

              	 	
                Any
                  publicly available interim unaudited financial statements prepared
                  in
                  accordance with generally accepted accounting principles in the
                  country in
                  which Party A is organized

              	 	
                As
                  such statements are made publicly available on Party A’s website
                  (http://www.ubs.com/1/e/investors/quarterly_reporting.html
                  or
                  on the U.S. Securities Exchange Commission EDGAR information retrieval
                  system

              	 	
                Yes

              
	 	 	 	 	 	 	 
	
                Party
                  B

              	 	
                A
                  duly executed copy of the Pooling and Servicing Agreement
                  (“PSA”)

              	 	
                Promptly
                  upon being finalized

              	 	
                No

              
	 	 	 	 	 	 	 
	
                Party
                  B

              	 	
                (1)
                  Monthly statements to certificateholders pursuant to Section 4.02
                  of the
                  PSA and (2) Notice of any amendment to the PSA pursuant to Section
                  11.01
                  that would adversely
                  affect in any material respect the interests of Party A.

              	 	
                (i)
                  Available monthly via Party B’s website at: www.ctslink.com 

                (2)At
                  the time specified for such notice to parties in the applicable
                  Section of
                  the PSA

              	 	
                No

              
	 	 	 	 	 	 	 
	
                Party
                  A and Party B

              	 	
                Legal
                  opinions reasonably satisfactory in form and substance to each
                  party
                  

              	 	
                Promptly
                  following execution of this Agreement

              	 	
                No

              

      

       

       

      Part
        4.

      Miscellaneous.

       

      (a) Addresses
        for Notices.
        For the purpose of Section 12(a):-

       

      Address
        for notices or communications to Party A (for all purposes):-

      

      
        	
                Address:

              	
                UBS
                  AG, Stamford Branch

              	 
	 	
                677
                  Washington Boulevard

              	 
	 	
                Stamford,
                  CT 06901

              	 
	
                Attention:

              	
                Legal
                  Affairs

              	 
	
                Facsimile
                  No.:

              	
                (203)
                  719-0680

              	 

      

       

      Address
        for notices or communications to Party B (for all purposes): 

      

      
        	
                Address:

              	
                9062
                  Old Annapolis Road

              	 
	 	
                Columbia,
                  Maryland 21045-1951

              	 
	
                Attention:
                  

              	
                Client
                  Manager - MABS NC3

              	 
	
                Tel
                  No.: 

              	
                410-884-2000

              	 
	
                Facsimile
                  No.: 

              	
                410-715-2380

              	 

      

      

       

      
        	
                (b)

              	
                Process
                  Agent.
                  For the purpose of Section 13(c):-

              

      

       

      Party
        A appoints as its Process Agent, [Please advise]. 

       

      Party
        B appoints as its Process Agent, Not applicable.

       

      
        	
                (c)

              	
                Offices.
                  The provisions of Section 10(a) will apply to this
                  Agreement.

              

      

       

      
        	
                (d)

              	
                Multibranch
                  Party.
                  For the purpose of Section 10(c) of this
                  Agreement:-

              

      

       

      Party
        A is a Multibranch Party and may act through its branches in any of the
        following territories or countries: Australia, England and Wales, Hong Kong,
        Singapore, Switzerland and United States of America. 

       

      Party
        B is not a Multibranch Party.

       

      
        	
                (e)

              	
                Calculation
                  Agent.
                  The Calculation Agent is Party A, unless otherwise specified in
                  a
                  Confirmation in relation to the relevant Transaction; provided,
                  however,
                  that if Party A is the Defaulting Party, Party B shall select a
                  Reference
                  Market Maker to act as Calculation Agent, the cost of which shall
                  be borne
                  by Party A. All calculations by the Calculation Agent shall be
                  made in
                  good faith and through the exercise of its commercially reasonable
                  judgment.

              

      

       

      
        	
                (f)

              	
                Credit
                  Support Document.
                  Details of any Credit Support
                  Document:-

              

      

       

      (i) The
        ISDA Credit Support Annex entered into between Party A and Party B and dated
        as
        of the date hereof (the “CSA”) shall be a Credit Support Document with respect
        to Party A and Party B.

       

      (ii) Any
        Eligible Guarantee provided by a guarantor in support of Party A’s obligations
        hereunder shall be a Credit Support Document with respect to Party
        A.

       

      
        	
                 (g)

              	
                Credit
                  Support Provider.

              

      

       

      In
        relation to Party A: Any
        guarantor providing an Eligible Guarantee in support of Party A’s obligations
        hereunder.

       

      In
        relation to Party B: Not applicable.

       

      
        	
                (h)

              	
                Governing
                  Law.
                  This Agreement will be governed by and construed in accordance
                  with the
                  laws of the State of New York without reference to choice of law
                  doctrine
                  (other than NY General Obligations law Sections 5-1401 and
                  5-1402).

              

      

       

      
        	
                (i)

              	
                Jurisdiction.
                  Section 13(b) of this Agreement is hereby amended by: (i) deleting
                  in the
                  second line of subparagraph (i) thereof the word “non-” and (ii) deleting
                  the final paragraph thereof. 

              

      

       

      
        	
                (j)

              	
                Netting
                  of Payments.
                  Subparagraph (ii) of Section 2(c) of this Agreement will apply
                  to the
                  Transactions under this Agreement.

              

      

       

      
        	
                (k)

              	
                “Affiliate”
                  will have the meaning specified in Section 14 of this Agreement;
                  provided
                  that with respect to Party B, Party B shall be deemed to not have
                  any
                  Affiliates for purposes of this Agreement, including for purposes
                  of
                  Section 6(b)(ii). 

              

      

       

      Part
        5. 

      Other
        Provisions.

       

      
        	
                (a)

              	
                WAIVER
                  OF TRIAL BY JURY. EACH
                  PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY
                  JURY IN ANY
                  LEGAL PROCEEDING IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION
                  THEREUNDER, AND ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT
                  TO
                  THE OTHER PARTY’S ENTERING INTO THIS AGREEMENT AND EACH TRANSACTION
                  HEREUNDER.

              

      

      

      
        	
                (b)

              	
                Definitions.
                  This Agreement, each Confirmation, and each Transaction are subject
                  to the
                  2000 ISDA Definitions as published by the International Swaps and
                  Derivatives Association, Inc. as amended, supplemented, updated,
                  restated,
                  and superseded from time to time (collectively the “Definitions”), and
                  will be governed in all respects by the Definitions. The Definitions,
                  as
                  so modified are incorporated by reference in, and made part of,
                  this
                  Agreement and each Confirmation as if set forth in full in this
                  Agreement
                  and such Confirmations. Subject to Section 1(b) of this Agreement,
                  in the
                  event of any inconsistency between the provisions of this Agreement
                  and
                  the Definitions, this Agreement will prevail. Also, subject to
                  Section
                  1(b) of this Agreement, in the event of any inconsistency between
                  the
                  provisions of any Confirmation and this Agreement, or the Definitions,
                  such Confirmation will prevail for the purpose of the relevant
                  Transaction. The
                  provisions of the Definitions are hereby incorporated by reference
                  in and
                  shall be deemed a part of this Agreement, except that (i) references
                  in
                  the Definitions to a “Swap Transaction” shall be deemed references to a
                  “Transaction” for purposes of this Agreement, and (ii) references to a
                  “Transaction” in this Agreement shall be deemed references to a “Swap
                  Transaction” for purposes of the Definitions. Each term capitalized but
                  not defined in this Agreement or the Definitions shall have the
                  meaning
                  assigned thereto in the Pooling and Servicing
                  Agreement.

              

      

      

      

      
        	
                (c)

              	
                Notices.
                  For the purposes of subsections (iii) and (v) of Section 12(a),
                  the date
                  of receipt shall be presumed to be the date sent if sent on a Local
                  Business Day or, if not sent on a Local Business Day, the date
                  of receipt
                  shall be presumed to be the first Local Business Day following
                  the date
                  sent.

              

      

       

      (d)   Reserved.
        

       

      
        	
                (e)

              	
                No
                  Setoff. Notwithstanding
                  any provision of this Agreement or any other existing or future
                  agreement,
                  each party irrevocably waives any and all rights it may have to
                  set off,
                  net, recoup or otherwise withhold or suspend or condition payment
                  or
                  performance of any obligation between it and the other party hereunder
                  against any obligation between it and the other party under any
                  other
                  agreements. The provisions for Set-off set forth in Section 6(e)
                  of the
                  Agreement shall not apply; provided, however, that upon the designation
                  of
                  any Early Termination Date, in addition to, and not in limitation
                  of any
                  other right or remedy under applicable law, Party A may, by notice
                  to
                  Party B, require Party B to set off any sum or obligation that
                  Party A
                  owed to Party B against any collateral currently held by Party
                  B that
                  Party A has posted to Party B, and Party B shall effect such set-off
                  promptly, if and to the extent permitted to do so under applicable
                  law.

              

      

       

      
        	
                 (f)

              	
                Non-Petition.
                  Party A hereby irrevocably and unconditionally agrees that it will
                  not
                  institute against, or join any other person in instituting against,
                  Party
                  B or the trust created pursuant to the Pooling and Servicing Agreement,
                  any bankruptcy, reorganization, arrangement, insolvency, or similar
                  proceeding under the laws of the United States, the Cayman Islands
                  or any
                  other jurisdiction for the non-payment of any amount due hereunder
                  or any
                  other reason until the payment in full of the Notes and the expiration
                  of
                  a period of one year plus one day (or, if longer, the applicable
                  preference period) following such payment. Pursuant to Section
                  9(c) of
                  this Agreement, the provisions of this Part 5(f) will survive the
                  termination of this Agreement so long as any amounts due hereunder
                  remain
                  outstanding. 

              

      

       

      
        	
                (g)

              	
                Severability.
                  If any term, provision, covenant, or condition of this Agreement,
                  or the
                  application thereof to any party or circumstance, shall be held
                  to be
                  invalid or unenforceable (in whole or in part) for any reason,
                  the
                  remaining terms, provisions, covenants, and conditions hereof shall
                  continue in full force and effect as if this Agreement had been
                  executed
                  with the invalid or unenforceable portion eliminated, so long as
                  this
                  Agreement as so modified continues to express, without material
                  change,
                  the original intentions of the parties as to the subject matter
                  of this
                  Agreement and the deletion of such portion of this Agreement will
                  not
                  substantially impair the respective benefits or expectations of
                  the
                  parties; provided, however, that this severability provision will
                  not be
                  applicable if any provision of Section 2, 5, 6 or 13 of this Agreement
                  (or
                  any definition or provision in Section 14 of this Agreement to
                  the extent
                  it relates to, or is used in or in connection with, such section)
                  is held
                  to be invalid or unenforceable, provided, further, that the parties
                  agree
                  to first use reasonable efforts to amend the affected provisions
                  of
                  Section 2, 5, 6 or 13 of this Agreement (or any definition or provision
                  in
                  Section 14 of this Agreement to the extent it relates to, or is
                  used in or
                  in connection with, such section) so as to preserve the original
                  intention
                  of the parties. It shall in particular be understood that this
                  severability clause shall not affect the single agreement concept
                  of
                  Section 1(c) of this Agreement.

              

      

      

      
        	 	
                The
                  parties shall endeavor to engage in good faith negotiations to
                  replace any
                  invalid or unenforceable term, provision, covenant or condition
                  with a
                  valid or enforceable term, provision, covenant or condition, the
                  economic
                  effect of which comes as close as possible to that of the invalid
                  or
                  unenforceable term, provision, covenant or condition.
                  

              

      

       

      (h)         
         Recording
        of Conversations.
        Each Party: (i) consents to the recording of all telephone conversations
        between
        trading, operations and marketing personnel of the parties and their Affiliates
        in connection with this Agreement or any potential Transaction; (ii) agrees
        to
        give notice to such personnel that their calls will be recorded; and (iii)
        agrees that in any Proceedings, it will not object to the introduction of
        such
        recordings in evidence on grounds that consent was not properly given.

      

      
        	 	
                (i)

              	
                Amendment;
                  Consent.
                  Section 9(b) of the Agreement is amended by adding the following
                  at the
                  end of such Section:

              

      

      

      “No
        amendment, modification or waiver in respect of this Agreement will be effective
        unless the Rating Agency Condition is satisfied.” 

      For
        the purposes of this Agreement, “Rating Agency Condition” means, with respect to
        any particular proposed act or omission to act hereunder, and each Cap Rating
        Agency specified in connection with such proposed act or omission, that the
        party acting or failing to act must consult with each of the specified Swap
        Rating Agencies and receive from each Cap Rating Agency a prior written
        confirmation that the proposed action or inaction would not cause a downgrade
        or
        withdrawal of the then-current rating of any Certificates or Notes.

      

      
        	
                (j) 

              	
                Third
                  Party Beneficiary.
                  Party B hereby acknowledges and agrees that Party A has been made
                  a
                  third-party beneficiary of the provisions under the Pooling and
                  Servicing
                  Agreement and shall be entitled to rights and benefits (including
                  the
                  priority of payments) according to the terms of the Pooling and
                  Servicing
                  Agreement.

              

      

      

      
        	
                (k)
                  

              	
                Limitation
                  of Liability.
                  It
                  is expressly understood and agreed by the parties hereto that insofar
                  as
                  this Agreement is executed by Wells Fargo Bank, National Association
                  (“Wells Fargo”) not in its individual capacity, but solely as Trust
                  Administrator under the Pooling and Servicing Agreement in the
                  exercise of
                  the powers and authority conferred and invested in it thereunder;
                  (i)
                  Wells Fargo has been directed pursuant to the Pooling and Servicing
                  Agreement to enter into this Agreement and to perform its obligations
                  hereunder; (ii) each of the representations, undertakings and agreements
                  herein made on behalf of Party B is made and intended not as personal
                  representations of Wells Fargo but is made and intended for the
                  purpose of
                  binding only the Trust; and (iii) nothing herein shall be construed
                  as
                  imposing any liability on Wells Fargo, individually or personally,
                  to
                  perform any covenant either express or implied contained herein,
                  all such
                  liability, being expressly waived by the parties hereto and by
                  any person
                  claiming by, through or under the parties hereto and under no
                  circumstances shall Wells
                  Fargo in its individual capacity be personally liable for any payment
                  of
                  any indebtedness or expenses or be personally liable for the breach
                  or
                  failure of any obligation, representation, warranty or covenant
                  made or
                  undertaken under this Agreement. 

              

      

      
        	
                (l)
                  

              	
                Representations.
                  Section 3 of this Agreement is hereby amended by adding at the
                  end thereof
                  the following subsection (g):

              

      

       

      “(g)
        Relationship Between Parties.

      

      (1) Non
        Reliance - Evaluation and Understanding. 

      

      (i)
        It is not relying upon any communications (whether written or oral) from
        the
        other party as investment advice or as a recommendation to enter into this
        Agreement, any Credit Support Document to which it is a party and each
        Transaction hereunder (other than the representations expressly set forth
        in
        this Agreement and in such Credit Support Document), it being understood
        that
        information and explanations related to the terms and conditions of a
        Transaction shall not be considered investment advice or a recommendation
        to
        enter into that Transaction; (ii) it has not received from the other party
        any
        assurance or guarantee as to the expected results of any Transaction; (iii)
        it
        has consulted with its own legal, regulatory, tax, business, investment,
        financial, and accounting advisors to the extent it has deemed necessary,
        and it
        has made its own independent investment, hedging, and trading decisions based
        upon its own judgment and upon any advice from such advisors as it has deemed
        necessary and not upon any view expressed by the other party and (iv) it
        understands and accepts the terms, conditions and risks of that Transaction.
        

      

      (2) Purpose.
        It is entering into this Agreement, any Credit Support Document to which
        it is a
        party and each Transaction hereunder for the purposes of managing its borrowings
        or investments, hedging its underlying assets or liabilities or in connection
        with a line of business.

      

      (3) Status
        of
        Parties. The other party is not acting as agent, fiduciary or advisor for
        it in
        respect of any Transaction entered into hereunder.

       

      
        	 	 	
                (4)
                  Eligible Contract Participant. It is an “eligible contract participant” as
                  that term is defined in Section 1a(12) of the U.S. Commodity Exchange
                  Act
                  (7 U.S.C. 1a) as amended by the Commodities Futures Modernization
                  Act of
                  2000.

              

      

       

      

      
        	
                (m)
                  

              	
                Additional
                  Representations. 

              

      

       

      (1)
        Party A Representation. Party A is entering into this Agreement and each
        Transaction as principal (and not as agent or in any other capacity, fiduciary
        or otherwise).

       

      (2)
        Party B Representation. Party B is entering into this Agreement as Trust
        Administrator pursuant to the Pooling and Servicing Agreement.

      

      
        	
                (n)
                  

              	
                Non-Recourse
                  Obligations of Party B.
                  Party A acknowledges and agrees that, notwithstanding any other
                  provision
                  herein, the obligations of Party B under this Agreement and any
                  confirmations hereto are limited recourse obligations of Party
                  B, payable
                  solely from the Trust Fund and the proceeds thereof in accordance
                  with the
                  priority of payments and other terms of the Pooling and Servicing
                  Agreement and that Party A will not have any recourse to any of
                  the
                  directors, officers, employees, shareholders or affiliates of Party
                  B with
                  respect to any claims, losses, damages, liabilities, indemnities
                  or other
                  obligations in connection with any transactions contemplated hereby.
                  In
                  the event that the Trust Fund and the proceeds thereof should be
                  insufficient to satisfy all claims outstanding, any claims against
                  or
                  obligations of Party B under this Agreement or any confirmation
                  hereunder
                  still outstanding shall be extinguished and thereafter not revive.
                  The
                  provisions of this Part 5(n) shall survive the termination of this
                  Agreement. 

              

      

      

      
        	
                (o)
                  

              	
                Change
                  of Account.
                  Section 2(b) of this Agreement is hereby amended by adding the
                  following
                  after the word “delivery” in the first line of the existing text: “to
                  another account in the same legal and tax jurisdiction as the original
                  account”.

              

      

      
        	
                (p)

              	
                 Right
                  to Terminate Following Termination Event.
                  Section 6(b) of this Agreement is hereby amended by inserting the
                  following before the period at the end of the last sentence of
                  the
                  existing text: “; provided, however, that any election by Party A to
                  designate an Early Termination Date arising in respect of a Change
                  in Tax
                  Law shall not be effective if, within 30 days following Party B’s receipt
                  of notice from Party A of Party A’s designation of an Early Termination
                  Date in respect of any event described in Section 5(b)(ii) of this
                  Agreement, Party B notifies Party A that it waives its right to
                  receive
                  additional amounts from Party A under Section 2(d)(i)(4) of this
                  Agreement
                  that would not otherwise be payable but for such Change in Tax
                  Law”.

              

      

      

      (q)          
         Transfer.
        Section 7 of this Agreement is hereby amended to read in its entirety as
        follows: 

      

      Except
        as stated under Section 6(b)(ii) of this Agreement, in this Section 7 of
        this
        Agreement and Part 5 of the Schedule, neither Party A nor Party B is permitted
        to assign, novate or transfer (whether by way of security or otherwise) as
        a
        whole or in part any of its rights, obligations or interests under this
        Agreement without (1) the prior written consent of the other party and (2)
        satisfaction of the Rating Agency Condition with respect to S&P.
        Notwithstanding the immediately foregoing sentence, Party A may transfer
        this
        Agreement to another of Party A’s offices or branches (“Transferee”) on five
        Local Business Days prior written notice to Party B and the Swap Rating Agencies
        (so long as the Certificates are outstanding); provided that, (i) a Termination
        Event or Event of Default does not occur under this Agreement as a result
        of
        such transfer; (ii) and both Party A and the Transferee are at the time of
        transfer “dealers in notional principal contracts” within the meaning of United
        States Treasury Regulation Section 1.1001-4 and (iii) the Rating Agency
        Condition is satisfied with respect to S&P.

      

      
        	
                (r)

              	
                Confirmations.
                  Each Confirmation supplements, forms part of, and will be read
                  and
                  construed as one with this
                  Agreement.

              

      

      

      
        	
                (s)
                  

              	
                Agent
                  for Party B. Party
                  A acknowledges that Party B has appointed the Trust Administrator
                  as its
                  agent under the Pooling and Servicing Agreement to carry out certain
                  functions on behalf of Party B, and that the Trust Administratorshall
                  be
                  entitled to give notices and to perform and satisfy the obligations
                  of
                  Party B hereunder on behalf of Party
                  B.

              

      

       

      
        	
                (t)
                  

              	
                Interpretation.
                  References in this Agreement to the parties hereto, Party A and
                  Party B,
                  shall (for the avoidance of doubt) include, where appropriate,
                  any
                  permitted successors or assigns
                  thereof.

              

      

      

      
        	
                (u)
                  

              	
                Gross
                  Up.
                  The third line of Section 2(d)(i) of this Agreement is hereby amended
                  by
                  the insertion before the phrase “of any relevant governmental revenue
                  authority” of the words “, application or official interpretation” and the
                  insertion of the words “(either generally or with respect to a party of
                  the Agreement)” after such phrase.

              

      

      

      
        	
                (v)

              	
                Scope
                  of Agreement. Upon
                  the effectiveness of this Agreement, unless otherwise agreed to
                  in writing
                  by the parties to this Agreement with respect to specific Specified
                  Transactions, all Specified Transactions then outstanding or any
                  future
                  Specified Transactions between Offices of the parties listed in
                  Part 4(d)
                  of this Schedule shall be subject to the terms hereof and each
                  such
                  Specified Transaction shall be a “Transaction” for purposes of this
                  Agreement.

              

      

      

      
        	
                (w)

              	
                 Deduction
                  or Withholding for Tax.
                  Notwithstanding the definition of “Indemnifiable Tax” in Section 14 of
                  this Agreement, in relation to payments by Party A, any Tax shall
                  be an
                  Indemnifiable Tax and, in relation to payments by Party B, no Tax
                  shall be
                  an Indemnifiable Tax.

              

      

      

      
        	
                (x)

              	
                Failure
                  to Deliver Collateral. Notwithstanding Sections 5(a)(i) and
                  5(a)(iii) or anything in the CSA to the contrary, any failure by
                  Party A
                  to comply with or perform any obligation to be complied with or
                  performed
                  by Party A under the CSA shall not be an Event of Default unless
                  (A) the
                  Second Trigger Collateralization Level applies, and (B) such failure
                  is
                  not remedied on or before the third (3rd) Local Business Day
                  after notice of such failure is given to Party
                  A.

              

      

      

      (y)         
         Tax Event and Tax Event Upon
        Merger.

      

      Section
        5(b)(ii) will apply, provided that the words “(x) any action taken by a taxing
        authority, or brought in a court of competent jurisdiction, on or after the
        date
        on which a Transaction is entered into (regardless of whether such action
        is
        taken or brought with respect to a party to this Agreement) or (y)” shall be
        deleted.

      

      Section
        5(b)(iii) will apply, provided that Party A shall not be entitled to designate
        an Early Termination Date by reason of a Tax Event Upon Merger in respect
        of
        which it is the Affected Party.

      

      Section
        6(b)(ii) will apply, provided that the words “or if a Tax Event Upon Merger
        occurs and the Burdened Party is the Affected Party” shall be deleted.

      

      
        	
                (z)

              	
                Cap Rating
                  Agency Notifications.

              

      

       

      
        	 	
                Notwithstanding
                  any other provision of this Agreement, this Agreement shall not
                  be
                  amended, no Early Termination Date shall be effectively designated
                  by
                  Party B, and no transfer of any rights or obligations under this
                  Agreement
                  shall be made (other than a transfer of all of Party A’s rights and
                  obligations with respect to this Agreement in accordance with Part
                  5(q)
                  above) unless the Cap Rating Agencies have been given prior written
                  notice
                  of such amendment, designation or transfer.

              

      

      

      (aa)       
          Compliance with Regulation AB 

      

      
        	 	 	 	
                Party
                  A agrees and acknowledges that Mortgage Asset Securitization Transactions,
                  Inc. (“Depositor”) is required under Regulation AB under the Securities
                  Act of 1933, as amended, and the Securities Exchange Act of 1934,
                  as
                  amended (the “Exchange Act”) (“Regulation AB”), to disclose certain
                  financial information regarding Party A, depending on the aggregate
                  “Significance Percentage” of all Transactions under this Agreement,
                  together with any other transactions that fall within the meaning
                  of
                  “derivative contracts” for the purposes of Item 1115 of Regulation AB
                  between Party A and Party B, as calculated from time to time in
                  accordance
                  with the Calculation Methodology (as defined
                  below).

              

      

      

      (ii)
        It
        shall be a swap disclosure event (“Swap Disclosure Event”) if, on any Business
        Day after the date hereof, Depositor notifies Party A that the Significance
        Percentage has reached one of the thresholds for significance of derivative
        contracts set forth in Item 1115 of Regulation AB (based on a reasonable
        determination by Depositor, in good faith and using the Calculation Methodology,
        of such Significance Percentage).

      

      (iii) Upon
        the
        occurrence of a Swap Disclosure Event, Party A, at its own expense, shall
        provide to Depositor the applicable Swap Financial Disclosure (as defined
        below).

      

      (iv) In
        the
        alternative to subparagraph (iii) above, upon the occurrence of a Swap
        Disclosure Event or at any time after complying with subparagraph (iii) above,
        Party A may, at its option and at its own expense, (a) secure another entity
        to
        replace Party A as party to this Agreement on terms substantially similar
        to
        this Agreement and subject to prior notification to the Swap Rating Agencies,
        which entity (or a guarantor therefor) meets or exceeds the S&P Ratings
        Requirement (First Trigger) and Moody’s Ratings Requirement (Second Trigger)
        (and which satisfies the Rating Agency Condition) and which entity is able
        to
        comply with the requirements of Item 1115 of Regulation AB or (b) obtain
        a
        guaranty of the Party A’s obligations under this Agreement from an affiliate of
        the Party A that is able to comply with the financial information disclosure
        requirements of Item 1115 of Regulation AB, such that disclosure provided
        in
        respect of the affiliate will satisfy any disclosure requirements applicable
        to
        the Swap Provider, and cause such affiliate to provide Swap Financial
        Disclosure. If permitted by Regulation AB, any required Swap Financial
        Disclosure may be provided by reference to or incorporation by reference
        from
        reports filed pursuant to the Exchange Act.

      

      (v) Party
        A
        agrees that, in the event that Party A provides Swap Financial Disclosure
        to
        Depositor in accordance with paragraph (iii) above or causes its affiliate
        to
        provide Swap Financial Disclosure to Depositor in accordance with paragraph
        (iv)(b) above, it will indemnify and hold harmless Depositor, its respective
        directors or officers and any person controlling Depositor, from and against
        any
        and all losses, claims, damages and liabilities (any “Damage”) caused by any
        untrue statement or alleged untrue statement of a material fact contained
        in
        such Swap Financial Disclosure or caused by any omission or alleged omission
        to
        state in such Swap Financial Disclosure a material fact required to be stated
        therein or necessary to make the statements therein, in light of the
        circumstances under which they were made, not misleading; provided, however
        that
        the foregoing shall not apply to any Damage caused by the negligence or any
        willful action of Depositor or any other party (other than Party A or any
        of its
        affiliates or any of their respective agents), including without limitation
        any
        failure to calculate the Significance Percentage according to the terms of
        this
        Agreement or to make any filing as and when required under Regulation
        AB.

      

      
        	(vi)  	
                Depositor
                  shall be an express third party beneficiary of this Agreement as
                  if it
                  were a party hereto to the extent of Depositor’s rights explicitly
                  specified herein.

              

      

      

      (vii) In
        the
        event that Party A provides the information referred to above, such information
        shall be provided on the date that is the later of (i) five (5) Business
        Days
        after the Swap Disclosure Event or (ii) five (5) Business Days after the
        relevant Distribution Date for which the Trust Administrator will be required
        to
        file a Form 10-D.

      

      For
        the
        purposes hereof:

      

      “Calculation
        Methodology”
        means
        such method for determining maximum probable exposure of a derivative contract
        as mutually agreed to by Depositor and Party A.

      

      “Swap
        Financial Disclosure”
        means
        the financial information specified in Item 1115 of Regulation AB relating
        to
        the applicable Significance Percentage. 

      

      
        	
                 (bb)

              	
                Limitation
                  on Events of Default.
                  Notwithstanding the provisions of Sections 5 and 6 of this Agreement,
                  if
                  at any time and so long as Party B has satisfied in full all its
                  payment
                  obligations under Section 2(a)(i) of this Agreement in respect
                  of the
                  transaction with the reference numbers 37536063 and 37536083 (each,
                  a “Cap
                  Transaction”) and has at the time no future payment obligations, whether
                  absolute or contingent, under such Section in respect of such Cap
                  Transaction, then unless Party A is required pursuant to appropriate
                  proceedings to return to Party B or otherwise returns to Party
                  B upon
                  demand of Party B any portion of any such payment in respect of
                  such Cap
                  Transaction, (a) the occurrence of an event described in Section
                  5(a) of
                  this Agreement with respect to Party B shall not constitute an
                  Event of
                  Default or Potential Event of Default with respect to Party B as
                  Defaulting Party in respect of such Cap Transaction and (b) Party
                  A shall
                  be entitled to designate an Early Termination Date pursuant to
                  Section 6
                  in respect of such Cap Transaction only as a result of the occurrence
                  of a
                  Termination Event set forth in either Section 5(b)(i) or 5(b)(ii)
                  of this
                  Agreement with respect to Party A as the Affected Party, or Section
                  5(b)(iii) of this Agreement with respect to Party A as the Burdened
                  Party.
                  For purposes of each Transaction identified by the reference numbers
                  37536063 and 37536083, Party A acknowledges and agrees that Party
                  B’s only
                  obligation under Section 2(a)(i) of this Agreement in respect of
                  each Cap
                  Transaction is to pay the related Fixed Amount on the related Fixed
                  Amount
                  Payer Payment Date.

              

      

      

      [signatures
        follow]

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      The
        parties executing this Schedule have executed the Master Agreement and have
        agreed as to the contents of this Schedule.

      

       

      
        	
                UBS
                  AG

              	 	
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION, 

                not
                  individually, but solely as trust administrator with respect to
                  the MASTR
                  Asset Backed Securities Trust 2006-NC3, Mortgage Pass Through
                  Certificates, Series 2006-NC3

              
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	
                By:

              	 
	
                Name:

              	 	 	
                Name:

              	 
	
                Title:

              	 	 	
                Title:

              	 
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	 	 
	
                Name:

              	 	 	 	 
	
                Title:

              	 	 	 	 

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Execution
        Copy (Cap)

      

      ISDA®

      CREDIT
        SUPPORT ANNEX

      to
        the
        Schedule to the

      ISDA
        Master Agreement

      dated
        as
        of December 28, 2006 between

      UBS
        AG
        (hereinafter referred to as “Party
        A”
        or
“Pledgor”)

      and

      WELLS
        FARGO BANK, NATIONAL ASSOCIATION,
        not
        individually, but solely as trust administrator with respect to the MASTR
        Asset
        Backed Securities Trust 2006-NC3, Mortgage Pass Through Certificates, Series
        2006-NC3 (“Party B”)

      (hereinafter
        referred to as “Party
        B”
        or
“Secured
        Party”).

      

       

      Paragraph
        13. Elections and Variables.

       

      
        	(a)  	
                Security
                  Interest for “Obligations”.
                  The term “Obligations”
                  as
                  used in this Annex includes the following additional
                  obligations:

              

      

       

      With
        respect to Party A: not applicable.

       

      With
        respect to Party B: not applicable.

       

      
        	(b)  	
                Credit
                  Support Obligations.

              

      

       

      
        	(i)  	
                Delivery
                  Amount, Return Amount and Credit Support
                  Amount.

              

      

       

      
        	(A)  	
                “Delivery
                  Amount”
                  has the meaning specified in Paragraph 3(a) as amended (I) by deleting
                  the
                  words “upon a demand made by the Secured Party on or promptly following
                  a
                  Valuation Date” and inserting in lieu thereof the words “not later than
                  the close of business on each Valuation Date” and (II) by deleting in its
                  entirety the sentence beginning “Unless otherwise specified in Paragraph
                  13” and ending “(ii) the Value as of that Valuation Date of all Posted
                  Credit Support held by the Secured Party.” and inserting in lieu thereof
                  the following:

              

      

       

      The
        “Delivery
        Amount”
        applicable to the Pledgor for any Valuation Date will equal the greatest
        of

       

      
        	 	
                (1)
                  

              	
                the
                  amount by which (a) the S&P Credit Support Amount for such Valuation
                  Date exceeds (b) the S&P Value as of such Valuation Date of all Posted
                  Credit Support held by the Secured Party,

              

      

       

      
        	 	
                (2)
                  

              	
                the
                  amount by which (a) the Moody’s First Trigger Credit Support Amount for
                  such Valuation Date exceeds (b) the Moody’s First Trigger Value as of such
                  Valuation Date of all Posted Credit Support held by the Secured
                  Party,
                  and

              

      

       

      
        	 	
                (3)
                  

              	
                the
                  amount by which (a) the Moody’s Second Trigger Credit Support Amount for
                  such Valuation Date exceeds (b) the Moody’s Second Trigger Value as of
                  such Valuation Date of all Posted Credit Support held by the Secured
                  Party.

              

      

       

      
        	(B)  	
                “Return
                  Amount”
                  has the meaning specified in Paragraph 3(b) as amended by deleting
                  in its
                  entirety the sentence beginning “Unless otherwise specified in Paragraph
                  13” and ending “(ii) the Credit Support Amount.” and inserting in lieu
                  thereof the following:

              

      

       

      The
        “Return
        Amount”
        applicable to the Secured Party for any Valuation Date will equal the least
        of

       

      
        	 	
                (1)
                  

              	
                the
                  amount by which (a) the S&P Value as of such Valuation Date of all
                  Posted Credit Support held by the Secured Party exceeds (b) the
                  S&P
                  Credit Support Amount for such Valuation Date,

              

      

       

      
        	 	
                (2)
                  

              	
                the
                  amount by which (a) the Moody’s First Trigger Value as of such Valuation
                  Date of all Posted Credit Support held by the Secured Party exceeds
                  (b)
                  the Moody’s First Trigger Credit Support Amount for such Valuation Date,
                  and

              

      

       

      
        	 	
                (3)
                  

              	
                the
                  amount by which (a) the Moody’s Second Trigger Value as of such Valuation
                  Date of all Posted Credit Support held by the Secured Party exceeds
                  (b)
                  the Moody’s Second Trigger Credit Support Amount for such Valuation
                  Date.

              

      

       

      
        	(C)  	
                “Credit
                  Support Amount”
                  shall not apply. For purposes of calculating any Delivery Amount
                  or Return
                  Amount for any Valuation Date, reference shall be made to the S&P
                  Credit Support Amount, the Moody’s First Trigger Credit Support Amount, or
                  the Moody’s Second Trigger Credit Support Amount, in each case for such
                  Valuation Date, as provided in Paragraphs 13(b)(i)(A) and 13(b)(i)(B),
                  above.

              

      

       

      
        	(ii)  	
                Eligible
                  Collateral.
                  

              

      

       

      On
        any
        date, the following items will qualify as “Eligible
        Collateral”:

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	
                 

                Collateral
                  

              	
                S&P
                  Valuation 

                Percentage

              	
                Moody’s
                  

                First
                  Trigger Valuation
                  Percentage

              	
                Moody’s
                  

                Second
                  Trigger Valuation
                  Percentage

              
	
                (A)  Cash
                  in the form of USD

              	
                100%

              	
                100%

              	
                100%

              
	 	 	 	 
	
                (B)  Fixed-rate
                  negotiable USD denominated debt obligations issued by the U.S.
                  Treasury
                  Department having a remaining maturity on such date of not more
                  than one
                  year

              	
                98.5%

              	
                100%

              	
                100%

              
	 	 	 	 
	
                (C)  Fixed-rate
                  negotiable USD denominated debt obligations issued by the U.S.
                  Treasury
                  Department having a remaining maturity on such date of more than
                  one year
                  but not more than ten years

              	
                89.9%

              	
                100%

              	
                94%

              
	 	 	 	 
	
                (D)  Fixed-rate
                  negotiable USD denominated debt obligations issued by the U.S.
                  Treasury
                  Department having a remaining maturity on such date of more than
                  ten
                  years

              	
                83.9%

              	
                100%

              	
                87%

              

      

      

       

      
        	(iii)  	
                Other
                  Eligible Support. 

              

      

       

      The
        following items will qualify as “Other
        Eligible Support”
        for the
        party specified: 

       

      Not
        applicable.

       

      
        	(iv)  	
                Threshold.

              

      

       

      
        	(A)  	
                “Independent
                  Amount”
                  means zero with respect to Party A and Party
                  B.

              

      

       

      
        	(B)  	
                “Threshold”
                  means, with respect to Party A and any Valuation Date, zero if
                  a
                  Collateral Event has occurred and has been continuing (i) (x)for
                  at least
                  30 daysor (y) since this Annex was executed, or (ii) an S&P Second
                  Trigger Event has occurred and is continuing; otherwise,
                  infinity.

              

      

       

        “Threshold”
        means,
        with respect to Party B and any Valuation Date, infinity.

       

      
        	(C)  	
                “Minimum
                  Transfer Amount” means
                  USD 100,000 with respect to Party A and Party B; provided, however,
                  that
                  if the aggregate Certificate Principal Balance and note principal
                  balance
                  of Certificates and Notes rated by S&P ceases to be more than USD
                  50,000,000, the “Minimum
                  Transfer Amount”
                  shall be USD 50,000.

              

      

       

      
        	(D)  	
                Rounding:
                  The Delivery Amount will be rounded up to the nearest integral
                  multiple of
                  USD 10,000. The Return Amount will be rounded down to the nearest
                  integral
                  multiple of USD 1,000.

              

      

       

      
        	(c)  	
                Valuation
                  and Timing.

              

      

       

      
        	(i)  	
                “Valuation
                  Agent”
                  means Party A; provided, however, that if an Event of Default shall
                  have
                  occurred with respect to which Party A is the Defaulting Party,
                  Party B
                  shall have the right to designate as Valuation Agent an independent
                  party,
                  reasonably acceptable to Party A, the cost for which shall be borne
                  by
                  Party A. All calculations by the Valuation Agent must be made in
                  accordance with standard market practice, including, in the event
                  of a
                  dispute as to the Value of any Eligible Credit Support or Posted
                  Credit
                  Support, by making reference to quotations received by the Valuation
                  Agent
                  from one or more Pricing Sources.

              

      

       

      
        	(ii)  	
                “Valuation
                  Date” means
                  each Local Business Dayon which any of the S&P Credit Support Amount,
                  the Moody’s First Trigger Credit Support Amount or the Moody’s Second
                  Trigger Credit Support Amount is greater than
                  zero.

              

      

       

      
        	(iii)  	
                “Valuation
                  Time” means
                  the close of business in the city of the Valuation Agent on the
                  Local
                  Business Day immediately preceding the Valuation Date or date of
                  calculation, as applicable; provided
                  that the calculations of Value and Exposure will be made as of
                  approximately the same time on the same date.

              

      

       

      
        	(iv)  	
                “Notification
                  Time” means
                  11:00 a.m., New York time, on a Local Business Day.
                  

              

      

       

      
        	(v)  	
                External
                  Verification.
                  Notwithstanding anything to the contrary in the definitions of
                  Valuation
                  Agent or Valuation Date, at any time at which Party A (or, to the
                  extent
                  applicable, its Credit Support Provider) does not have a long-term
                  unsubordinated and unsecured debt rating of at least “BBB+” from S&P,
                  the Valuation Agent shall (A) calculate the Secured Party’s Exposure and
                  the S&P Value of Posted Credit Suppport on each Valuation Date based
                  on internal marks and (B) verify such calculations with external
                  marks
                  monthly by obtaining on the last Local Business Day of each calendar
                  month
                  two external marks for each Transaction to which this Annex relates
                  and
                  for all Posted Credit Suport; such verification of the Secured
                  Party’s
                  Exposure shall be based on the higher of the two external marks.
                  Each
                  external mark in respect of a Transaction shall be obtained from
                  an
                  independent Reference Market-maker that would be eligible and willing
                  to
                  enter into such Transaction in the absence of the current derivative
                  provider, provided that an external mark may not be obtained from
                  the same
                  Reference Market-maker more than four times in any 12-month period.
                  The
                  Valuation Agent shall obtain these external marks directly or through
                  an
                  independent third party, in either case at no cost to Party B.
                  The
                  Valuation Agent shall calculate on each Valuation Date (for purposes
                  of
                  this paragraph, the last Local Business Day in each calendar month
                  referred to above shall be considered a Valuation Date) the Secured
                  Party’s Exposure based on the greater of the Valuation Agent’s internal
                  marks and the external marks received. If the S&P Value on any such
                  Valuation Date of all Posted Credit Support then held by the Secured
                  Party
                  is less than the S&P Credit Support Amount on such Valuation Date (in
                  each case as determined pursuant to this paragraph), Party A shall,
                  within
                  three Local Business Days of such Valuation Date, Transfer to the
                  Secured
                  Party Eligible Credit Support having an S&P Value as of the date of
                  Transfer at least equal to such deficiency.

              

      

       

      
        	(vi)  	
                Notice
                  to S&P.
                  At
                  any time at which Party A (or, to the extent applicable, its Credit
                  Support Provider) does not have a long-term unsubordinated and
                  unsecured
                  debt rating of at least “BBB+” from S&P, the Valuation Agent shall
                  provide to S&P not later than the Notification Time on the Local
                  Business Day following each Valuation Date its calculations of
                  the Secured
                  Party’s Exposure and the S&P Value of any Eligible Credit Support or
                  Posted Credit Support for that Valuation Date. The Valuation Agent
                  shall
                  also provide to S&P any external marks received pursuant to the
                  preceding paragraph.

              

      

       

      
        	(d)  	
                Conditions
                  Precedent and Secured Party’s Rights and
                  Remedies.
                  The following Termination Events will be a “Specified
                  Condition”
                  for the party specified (that party being the Affected Party if
                  the
                  Termination Event occurs with respect to that party): With respect
                  to
                  Party A: any Additional Termination Event with respect to which
                  Party A is
                  the sole Affected Party. With respect to Party B:
                  None.

              

      

       

      
        	(e)  	
                Substitution.

              

      

       

      
        	(i)  	
                “Substitution
                  Date”
                  has the meaning specified in Paragraph
                  4(d)(ii).

              

      

       

      
        	(ii)  	
                Consent.
                  If
                  specified here as applicable, then the Pledgor must obtain the
                  Secured
                  Party’s consent for any substitution pursuant to Paragraph 4(d):
                  Inapplicable.

              

      

       

      
        	(f)  	
                Dispute
                  Resolution.

              

      

       

      
        	(i)  	
                “Resolution
                  Time”
                  means 1:00 p.m. New York time on the Local Business Day following
                  the date
                  on which the notice of the dispute is given under Paragraph
                  5.

              

      

       

      
        	(ii)  	
                Value.
                  Notwithstanding anything to the contrary in Paragraph 12, for the
                  purpose
                  of Paragraphs 5(i)(C) and 5(ii), the S&P Value, Moody’s First Trigger
                  Value, and Moody’s Second Trigger Value, on any date, of Eligible
                  Collateral other than Cash will be calculated as follows:
                  

              

      

       

      For
        Eligible Collateral in the form of securities listed in Paragraph 13(b)(ii):
        the
        sum of (A) the product of (1)(x) the bid price at the Valuation Time for
        such
        securities on the principal national securities exchange on which such
        securities are listed, or (y) if such securities are not listed on a national
        securities exchange, the bid price for such securities quoted at the Valuation
        Time by any principal market maker for such securities selected by the Valuation
        Agent, or (z) if no such bid price is listed or quoted for such date, the
        bid
        price listed or quoted (as the case may be) at the Valuation Time for the
        day
        next preceding such date on which such prices were available and (2) the
        applicable Valuation Percentage for such Eligible Collateral, and (B) the
        accrued interest on such securities (except to the extent Transferred to
        the
        Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price
        referred to in the immediately preceding clause (A)) as of such
        date.

       

      
        	(iii)  	
                Alternative.
                  The provisions of Paragraph 5 will
                  apply.

              

      

       

      
        	(g)  	
                Holding
                  and Using Posted
                  Collateral.

              

      

       

      
        	(i)  	
                Eligibility
                  to Hold Posted Collateral; Custodians.  Party
                  B (or any Custodian) will be entitled to hold Posted Collateral
                  pursuant
                  to Paragraph 6(b). 

              

      

       

      Party
        B
        may appoint as Custodian (A) the entity then serving as Trust Administrator
        or
        (B) any entity other than the entity then serving as Trust Administrator
        if such
        other entity (or, to the extent applicable, its parent company or credit
        support
        provider) shall then have a short-term unsecured and unsubordinated debt
        rating
        from S&P of at least “A-1.”

       

      Initially,
        the Custodian
        for
        Party B is: Wells Fargo Bank, N.A.

       

      
        	(ii)  	
                Use
                  of Posted Collateral. The
                  provisions of Paragraph 6(c)(i) will not apply to Party B, but
                  the
                  provisions of Paragraph 6(c)(ii) will apply to Party B.
                  

              

      

       

      
        	(h)  	
                Distributions
                  and Interest Amount.

              

      

       

      
        	(i)  	
                Interest
                  Rate.
                  The “Interest
                  Rate”
                  will be the interest rate per annum equal to the overnight Federal
                  Funds
                  Rate (as reported in Federal Reserve Publication H.15-519) for
                  each day
                  Posted Collateral in the form of Cash is held by Party B’s Custodian
                  according to Paragraph 13(l) of this Annex.

              

      

       

      
        	(ii)  	
                Transfer
                  of Interest Amount.
                  The Transfer of the Interest Amount will be made on the second
                  Local
                  Business Day following the end of each calendar month and on any
                  other
                  Local Business Day on which Posted Collateral in the form of Cash
                  is
                  Transferred to the Pledgor pursuant to Paragraph 3(b); provided,
                  however,
                  that the obligation of Party B to Transfer any Interest Amount
                  to Party A
                  shall be limited to the extent that Party B has earned and received
                  such
                  funds as interest in respect of Posted Collateral in the form of
                  Cash and
                  such funds are available to Party B.

              

      

       

      
        	(iii)  	
                Alternative
                  to Interest Amount.
                  The provisions of Paragraph 6(d)(ii) will
                  apply.

              

      

       

      
        	(i)  	
                Additional
                  Representation(s).
                  There are no additional representations by either
                  party.

              

      

       

      
        	(j)  	
                Other
                  Eligible Support and Other Posted Support.

              

      

       

      
        	(i)  	
                “Value”
                  with respect to Other Eligible Support and Other Posted Support
                  means: not
                  applicable. 

              

      

       

      
        	(ii)  	
                “Transfer”
                  with respect to Other Eligible Support and Other Posted Support
                  means: not
                  applicable.

              

      

       

      
        	(k)  	
                Demands
                  and Notices.All
                  demands, specifications and notices under this Annex will be made
                  pursuant
                  to the Notices Section of this Agreement, except that any demand,
                  specification or notice shall be given to or made at the following
                  addresses, or at such other address as the relevant party may from
                  time to
                  time designate by giving notice (in accordance with the terms of
                  this
                  paragraph) to the other party:

              

      

       

      If
        to
        Party A: 

       

      UBS
        AG,
        Stamford Branch / Collateral Management/ 677 Washington Boulevard, Stamford,
        CT
        06901 / Attention: Margin Specialist / Telephone 203-719-6116 /
        DL-Coll-STM@otc.ubs.com

       

      If
        to
        Party B, at the address specified pursuant to the Notices Section of this
        Agreement.

       

      If
        to
        Party B’s Custodian: Same address as if to Party B pursuant to the Notices
        Section of this Agreement.

       

      
        	(l)  	
                Address
                  for Transfers.
                  Each Transfer hereunder shall be made to the address [specified
                  below or
                  to an address] specified in writing from time to time by the party
                  to
                  which such Transfer will be made.

              

      

       

      Party
        A:-
        To be provided

       

      Party
        B
        account details:

       

      Wells
        Fargo Bank, N.A./ San Francisco, CA/ ABA# 121-000-248 / Acct # 3970771416
        / For
        Credit to: Corporate Trust Clearing / FFC: Cap Posted Collateral Account,
        Account # 50978003

       

      
        	(m)  	
                Other
                  Provisions.

              

      

       

      
        	(i)  	
                Collateral
                  Account.
                  Party B shall open and maintain a segregated account, which shall
                  be an
                  Eligible Account, and hold, record and identify all Posted Collateral
                  in
                  such segregated account.

              

      

       

      
        	(ii)  	
                Agreement
                  as to Single Secured Party and Single Pledgor.
                  Party A and Party B hereby agree that, notwithstanding anything
                  to the
                  contrary in this Annex, (a) the term “Secured Party” as used in this Annex
                  means only Party B, (b) the term “Pledgor” as used in this Annex means
                  only Party A, (c) only Party A makes the pledge and grant in Paragraph
                  2,
                  the acknowledgement in the final sentence of Paragraph 8(a) and
                  the
                  representations in Paragraph 9.

              

      

       

      
        	(iii)  	
                Calculation
                  of Value.
                  Paragraph 4(c) is hereby amended by deleting the word “Value” and
                  inserting in lieu thereof “S&P Value, Moody’s First Trigger Value,
                  Moody’s Second Trigger Value”. Paragraph 4(d)(ii) is hereby amended by (A)
                  deleting the words “a Value” and inserting in lieu thereof “an S&P
                  Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value” and
                  (B) deleting the words “the Value” and inserting in lieu thereof “S&P
                  Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.
                  Paragraph 5 (flush language) is hereby amended by deleting the
                  word
                  “Value” and inserting in lieu thereof “S&P Value, Moody’s First
                  Trigger Value, or Moody’s Second Trigger Value”. Paragraph 5(i) (flush
                  language) is hereby amended by deleting the word “Value” and inserting in
                  lieu thereof “S&P Value, Moody’s First Trigger Value, and Moody’s
                  Second Trigger Value”. Paragraph 5(i)(C) is hereby amended by deleting the
                  word “the Value, if” and inserting in lieu thereof “any one or more of the
                  S&P Value, Moody’s First Trigger Value, or Moody’s Second Trigger
                  Value, as may be”. Paragraph 5(ii) is hereby amended by (1) deleting the
                  first instance of the words “the Value” and inserting in lieu thereof “any
                  one or more of the S&P Value, Moody’s First Trigger Value, or Moody’s
                  Second Trigger Value” and (2) deleting the second instance of the words
                  “the Value” and inserting in lieu thereof “such disputed S&P Value,
                  Moody’s First Trigger Value, or Moody’s Second Trigger Value”. Each of
                  Paragraph 8(b)(iv)(B) and Paragraph 11(a) is hereby amended by
                  deleting
                  the word “Value” and inserting in lieu thereof “least of the S&P
                  Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.
                  

              

      

       

      
        	(iv)  	
                Form
                  of Annex. Party
                  A and Party B hereby agree that the text of Paragraphs 1 through
                  12,
                  inclusive, of this Annex is intended to be the printed form of
                  ISDA Credit
                  Support Annex (Bilateral Form - ISDA Agreements Subject to New
                  York Law
                  Only version) as published and copyrighted in 1994 by the International
                  Swaps and Derivatives Association,
                  Inc.

              

      

       

      
        	(v)  	
                Events
                  of Default.
                  Paragraph 7 will not apply to cause any Event of Default to exist
                  with
                  respect to Party B except that Paragraph 7(i) will apply to Party
                  B solely
                  in respect of Party B’s obligations under Paragraph 3(b) of the Credit
                  Support Annex. Notwithstanding anything to the contrary in Paragraph
                  7,
                  any failure by Party A to comply with or perform any obligation
                  to be
                  complied with or performed by Party A under the Credit Support
                  Annex shall
                  only be an Event of Default if (A) a Moody’s Second Trigger Event or an
                  S&P Second Trigger Event has occurred and been continuing for 30
                  or
                  more Local Business Days and (B) such failure is not remedied on
                  or before
                  the third Local Business Day after notice of such failure is given
                  to
                  Party A.

              

      

       

      
        	(vi)  	
                Expenses.
                  Notwithstanding anything to the contrary in Paragraph 10, the Pledgor
                  will
                  be responsible for, and will reimburse the Secured Party for, all
                  transfer
                  and other taxes and other costs involved in any Transfer of Eligible
                  Collateral.

              

      

       

      
        	(vii)  	
                Withholding.
                  Paragraph 6(d)(ii) is hereby amended by inserting immediately after
“the
                  Interest Amount” in the fourth line thereof the words “less any applicable
                  withholding taxes.”

              

      

       

      
        	(viii)  	
                Notice
                  of Failure to Post Collateral. Upon
                  any failure by Party A to post collateral as required under this
                  Agreement, Party B shall, no later than the next Business Day after
                  the
                  date such collateral was required to be posted, give a written
                  notice of
                  such failure to Party A and to Depositor. For the avoidance of
                  doubt,
                  notwithstanding anything in this Agreement to the contrary, the
                  failure of
                  Party B to comply with the requirements of this paragraph shall
                  not
                  constitute an Event of Default or Termination Event.
                  

              

      

       

      (ix) Additional
        Definitions.
        As used
        in this Annex:

       

      “Approved
        Ratings Threshold” means
        each of the Moody’s Ratings Requirement (First Trigger) and S&P Ratings
        Requirement (First Trigger).

       

      “Collateral
        Event” means
        that no Relevant Entity has credit ratings at least equal to the Approved
        Ratings Threshold.

       

       “DV01”
        means,
        with respect to a Transaction and any date of determination, the sum of the
        estimated change in the Secured Party’s Transaction Exposure with respect to
        such Transaction that would result from a one basis point change in the relevant
        swap curve on such date, as determined by the Valuation Agent in good faith
        and
        in a commercially reasonable manner. The Valuation Agent shall, upon request
        of
        Party B, provide to Party B a statement showing in reasonable detail such
        calculation.

       

      “Exposure”
        has the
        meaning specified in Paragraph 12, except that after the word “Agreement” the
        words “(assuming, for this purpose only, that Part 1(f) of the Schedule is
        deleted)” shall be inserted. 

       

      “Fitch
        Rating Threshold Event” means,
        on
        any date, no Relevant Entity has credit ratings from Fitch which exceed the
        Fitch Approved Ratings Threshold.

       

      “Local
        Business Day”
means:
        any day on which (A) commercial banks are open for business (including dealings
        in foreign exchange and foreign currency deposits) in New York and the location
        of Party A, Party B and any Custodian, and (B) in relation to a Transfer
        of
        Eligible Collateral, any day on which the clearance system agreed between
        the
        parties for the delivery of Eligible Collateral is open for acceptance and
        execution of settlement instructions (or in the case of a Transfer of Cash
        or
        other Eligible Collateral for which delivery is contemplated by other means
        a
        day on which commercial banks are open for business (including dealings in
        foreign exchange and foreign deposits) in New York and the location of Party
        A,
        Party B and any Custodian. 

       

      “Moody’s
        First Trigger Event” means
        that no Relevant Entity has credit ratings from Moody’s at least equal to the
        Moody’s First Trigger Ratings Threshold.

       

      “Moody’s
        First Trigger Credit Support Amount” means,
        for any Valuation Date, the excess, if any, of

       

      
        	 	
                (I)

              	
                (A)

              	
                for
                  any Valuation Date on which (I) a Moody’s First Trigger Event has occurred
                  and has been continuing (x) for at least 30 Local Business Days
                  or (y)
                  since this Annex was executed and (II) it is not the case that
                  a Moody’s
                  Second Trigger Event has occurred and been continuing for at least
                  30
                  Local Business Days, the sum, for each Transaction to which this
                  Annex
                  relates, of an amount equal to the
                  following:

              

      

       

      the
        greater of (a) zero and (b) the sum of (i) the Secured Party’s Transaction
        Exposure for such Transaction and such Valuation Date and (ii) the lesser
        of (x)
        the product of the Moody’s First Trigger DV01 Multiplier and DV01 for such
        Transaction and such Valuation Date and (y) the product of Moody’s First Trigger
        Notional Amount Multiplier and the Notional Amount for such Transaction for
        the
        Calculation Period which includes such Valuation Date; 

       

      or
        

       

      
        	 	
                (B)

              	
                for
                  any other Valuation Date, zero,
                  over

              

      

       

      (II)         
         the
        Threshold for Party A such Valuation Date.

       

      “Moody’s
        First Trigger DV01 Multiplier”
        means
        15.

       

      “Moody’s
        First Trigger Value”
        means,
        on any date and with respect to (i) any Eligible Collateral in the form of
        Cash,
        the amount thereof and (ii) any Eligible Collateral other than Cash, the
        bid
        price obtained by the Valuation Agent multiplied by the Moody’s First Trigger
        Valuation Percentage for such Eligible Collateral set forth in Paragraph
        13(b)(ii).

       

      “Moody’s
        First Trigger Notional Amount Multiplier”
        means
        2%.

       

      “Moody’s
        Second Trigger Event” means
        that no Relevant Entity has credit ratings from Moody’s at least equal to the
        Moody’s Second Trigger Ratings Threshold.

       

      “Moody’s
        Second Trigger Credit Support Amount”
        means,
        for any Valuation Date, the excess, if any, of

       

      
        	 	
                (I)

              	
                (A)

              	
                for
                  any Valuation Date on which it is the case that a Moody’s Second Trigger
                  Event has occurred and been continuing for at least 30 Local Business
                  Days, the sum, for each Transaction to which this Annex relates,
                  of an
                  amount equal to the following:

              

      

       

      
        	(1)  	
                if
                  such Transaction is not a Transaction-Specific Hedge,
                  

              

      

       

      the
        greatest of (a) zero, (b) the amount of the next payment due to be paid by
        Party
        A under such Transaction, and (c) the sum of (x) the Secured Party’s Transaction
        Exposure for such Transaction and such Valuation Date and (y) the lesser
        of (i)
        the product of the Moody’s Second Trigger DV01 Multiplier and DV01 for such
        Transaction and such Valuation Date and (ii) the product of the Moody’s Second
        Trigger Notional Amount Multiplier and the Notional Amount for such Transaction
        for the Calculation Period which includes such Valuation Date; 

       

      or

       

      
        	(2)  	
                if
                  such Transaction is a Transaction-Specific Hedge,
                  

              

      

       

      the
        greatest of (a) zero, (b) the amount of the next payment due to be paid by
        Party
        A under such Transaction, and (c) the sum of (x) the Secured Party’s Transaction
        Exposure for such Transaction and such Valuation Date and (y) the lesser
        of (i)
        the product of the Moody’s Second Trigger Transaction-Specific Hedge DV01
        Multiplier and DV01 for such Transaction and such Valuation Date and (ii)
        the
        product of the Moody’s Second Trigger Transaction-Specific Hedge Notional Amount
        Multiplier and the Notional Amount for such Transaction for the Calculation
        Period which includes such Valuation Date; or
        

       

      
        	 	
                (B)

              	
                for
                  any other Valuation Date, zero,
                  over

              

      

       

      (II) the
        Threshold for Party A for such Valuation Date.

       

      “Moody’s
        Second Trigger DV01 Multiplier”
        means,
        50

       

      “Moody’s
        Second Trigger Transaction-Specific Hedge DV01
        Multiplier”
        means
        65

       

      “Moody’s
        Second Trigger Transaction-Specific Hedge Notional Amount
        Multiplier”
        means
        10%.

       

      “Moody’s
        Second Trigger Value”
        means,
        on any date and with respect to (i) any Eligible Collateral in the form of
        Cash,
        the amount thereof and (ii) any Eligible Collateral other than Cash, the
        bid
        price obtained by the Valuation Agent multiplied by the Moody’s Second Trigger
        Valuation Percentage for such Eligible Collateral set forth in Paragraph
        13(b)(ii).

       

      “Moody’s
        Second Trigger Notional Amount Multiplier”
        means
        8%.

       

       “Pricing
        Sources”
        means
        the sources of financial information commonly known as Bloomberg, Bridge
        Information Services, Data Resources Inc., Interactive Data Services,
        International Securities Market Association, Merrill Lynch Securities Pricing
        Service, Muller Data Corporation, Reuters, Wood Gundy, Trepp Pricing, JJ
        Kenny,
        S&P and Telerate.

       

      “S&P
        Credit Support Amount”
        means,
        for any Valuation Date, the excess, if any, of

       

      
        	 	
                (I)

              	
                (A)
                  

              	
                (i)
                  for any Valuation Date on which an S&P First Trigger Event has
                  occurred and been continuing for at least 30 days, or (ii) a S&P
                  Second Trigger Event has occurred and is continuing, an amount
                  equal to
                  the sum, for each Transaction to which this Annex relates, of the
                  sum of
                  (1) 100.0% of the Secured Party’s Transaction Exposure for such Valuation
                  Date and (2) the product of the Volatility Buffer for such Transaction
                  and
                  the Notional Amount of such Transaction for the Calculation Period
                  of such
                  Transaction which includes such Valuation Date, or
                  

              

      

       

      
        	 	
                (B)

              	
                for
                  any other Valuation Date, zero,
                  over

              

      

       

      (II) the
        Threshold for Party A for such Valuation Date.

       

       “S&PFirst
        Trigger
        Event”
        means, on any date, no Relevant Entity has credit ratings from S&P which
        exceed the S&P
        Ratings Requirement (First Trigger).

       

      “S&P
        Value”
        means, on any date and with respect to (i) any Eligible Collateral in the
        form
        of Cash, the amount thereof and (ii) any Eligible Collateral other than Cash,
        the product of (A) the bid price obtained by the Valuation Agent for such
        Eligible Collateral and (B) the S&P
        Valuation Percentage for such Eligible Collateral set forth in paragraph
        13(b)(ii).

       

       “Transaction
        Exposure”
        means, for any Transaction, Exposure determined as if such Transaction were
        the
        only Transaction between the Secured Party and the Pledgor.

       

      “Transaction-Specific
        Hedge” means
        any Transaction that is an interest rate cap, interest rate floor or interest
        rate swaption, or an interest rate swap if (x) the notional amount of the
        interest rate swap is “balance guaranteed” or (y) the notional amount of the
        interest rate swap for any Calculation Period otherwise is not a specific
        dollar
        amount that is fixed at the inception of the Transaction.

       

      “Valuation
        Percentage”
        shall mean, for purposes of determining the S&P Value, Moody’s First Trigger
        Value, or Moody’s Second Trigger Value with respect to any Eligible Collateral
        or Posted Collateral, the applicable S&P Valuation Percentage, Moody’s First
        Trigger Valuation Percentage, or Moody’s Second Trigger Valuation Percentage for
        such Eligible Collateral or Posted Collateral, respectively, in each case
        as set
        forth in Paragraph 13(b)(ii).

       

      “Value”
        shall mean, in respect of any date, the related S&P Value, the related
        Moody’s First Trigger Value, and the related Moody’s Second Trigger
        Value.

       

      “Volatility
        Buffer”
        means, for any Transaction, the related percentage set forth in the following
        table. 

       

      
        	
                The
                  higher of the S&P credit rating of (i) Party A and (ii) the Credit
                  Support Provider of Party A, if applicable

              	
                Remaining
                  Weighted Average Maturity 

                up
                  to 3 years

              	
                Remaining
                  Weighted Average Maturity

                up
                  to 5 years

              	
                Remaining
                  Weighted Average Maturity

                up
                  to 10 years

              	
                Remaining
                  Weighted Average Maturity

                up
                  to 30 years

              
	
                At
                  least “A-2”

              	
                2.75%

              	
                3.25%

              	
                4.00%

              	
                4.75%

              
	
                “A-3”

              	
                3.25%

              	
                4.00%

              	
                5.00%

              	
                6.25%

              
	
                “BB+”
                  or lower

              	
                3.50%

              	
                4.50%

              	
                6.75%

              	
                7.50%

              

      

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      

       

      IN
        WITNESS WHEREOF, the parties have executed this Annex by their duly authorized
        representatives as of the date of the Agreement.

       

      

       

      
        	
                UBS
                  AG

              	 	
                Wells
                  Fargo Bank, National Association, 

                not
                  individually, but solely as trust administrator with respect to
                  the MASTR
                  Asset Backed Securities Trust 2006-NC3, Mortgage Pass Through
                  Certificates, Series 2006-NC3

              
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	
                By:

              	 
	
                Name:

              	 	 	
                Name:

              	 
	
                Title:

              	 	 	
                Title:

              	 
	 	 	 	 	 
	
                By:

              	 	 	 	 
	
                Name:

              	 	 	 	 
	
                Title:

              	 	 	 	 

      

      

       

      

    

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      L

     

    ANNUAL
      STATEMENT OF COMPLIANCE PURSUANT TO SECTION 3.20

     

    MASTR
      ASSET BACKED SECURITIES TRUST 2006-NC3, 

     

    MORTGAGE
      PASS-THROUGH CERTIFICATES

     

    I,
      _____________________, hereby certify that I am a duly appointed
      __________________________ of Barclays Capital Real Estate Inc. d/b/a HomEq
      Servicing (the “Servicer”), and further certify as follows:

     

    1. This
      certification is being made pursuant to the terms of the Pooling and Servicing
      Agreement, dated as of December 1, 2006 (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc., as depositor, Barclays Capital Real Estate
      Inc. d/b/a HomEq Servicing as servicer, Wells Fargo Bank, N.A. as the master
      servicer and trust administrator, Deutsche Bank National Trust Company as
      Custodian and U.S. Bank National Association, as trustee.

     

    2. The
      undersigned officer of the Servicer hereby certifies that (i) a review of the
      activities of the Servicer during the preceding calendar year and of performance
      under the Agreement has been made under such officers’ supervision and (ii) to
      the best of such officers’ knowledge, based on such review, the Servicer has
      fulfilled all of its obligations under the Agreement in all material respects
      throughout such year.

     

    Capitalized
      terms not otherwise defined herein have the meanings set forth in the
      Agreements.

     

    Dated:
      _____________, 2006

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Certificate as of
      _____________.

     

    
      	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    I,
      _________________________, a (an) __________________ of the Servicer, hereby
      certify that _________________ is a duly elected, qualified, and acting
      _______________________ of the Servicer and that the signature appearing above
      is his/her genuine signature.

     

    IN
      WITNESS WHEREOF, the undersigned has executed this Certificate as of
      ______________.

     

    
      	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      M

     

    FORM
      OF
      INTEREST RATE SWAP AGREEMENT

     

     

    

      (Multicurrency-Cross
        Border)

      ISDAâ

      

      International
        Swap Dealers Association, Inc.

      

      MASTER
        AGREEMENT

      

      dated
        as
        of December 28, 2006

      

      
        	
                UBS
                  AG

                (“Party
                  A”)

              	
                and

              	
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION, not
                  individually, but solely as trustee on behalf of the Supplemental
                  Interest
                  Trust for the MASTR Asset Backed Securities Trust 2006-NC3, Mortgage
                  Pass
                  Through Certificates, Series 2006-NC3

                (“Party
                  B”)

              

      

      

      

      have
        entered and/or anticipate entering into one or more transactions (each a
        “Transaction”) that are or will be governed by this Master Agreement, which
        includes the schedule (the “Schedule”), and the documents and other confirming
        evidence (each a “Confirmation”) exchanged between the parties confirming those
        Transactions.

      

      Accordingly,
        the parties agree as follows:3⁄4

      

      1. Interpretation

      

      (a) Definitions.
        The
        terms defined in Section 14 and in the Schedule will have the meanings therein
        specified for the purpose of this Master Agreement.

      

      (b) Inconsistency. 
        In the
        event of any inconsistency between the provisions of the Schedule and the
        other
        provisions of this Master Agreement, the Schedule will prevail. In the event
        of
        any inconsistency between the provisions of any Confirmation and this Master
        Agreement (including the Schedule), such Confirmation will prevail for the
        purposes of the relevant Transaction.

      

      (c) Single
        Agreement.
        All
        Transactions are entered into in reliance on the fact that this Master Agreement
        and all Confirmations form a single agreement between the parties (collectively
        referred to as this “Agreement”), and the parties would not otherwise enter into
        any Transactions.

      

      2. Obligations

      

      (a) General
        Conditions.

      

      (i)
        Each
        party will make each payment or delivery specified in each Confirmation to
        be
        made by it, subject to the other provisions of this Agreement.

      

      (ii)
        Payments under this Agreement will be made on the due date for value on that
        date in the place of the account specified in the relevant Confirmation or
        otherwise pursuant to this Agreement, in freely transferable funds and
        in
        the manner customary for
        payments in the required currency.
        Where settlement is by delivery (that is, other than by payment), such delivery
        will be made for receipt on the due date in the manner customary for the
        relevant obligation unless otherwise specified in the relevant Confirmation
        or
        elsewhere in this Agreement.

      

      (iii)
        Each obligation of each party under Section 2(a)(i) is subject to (1) the
        condition precedent that no Event of Default or Potential Event of Default
        with
        respect to the other party has occurred and is continuing, (2) the condition
        precedent that no Early Termination Date in respect of the relevant Transaction
        has occurred or been effectively designated and (3) each other applicable
        condition precedent specified in this Agreement.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      value
        of
        that which was (or would have been) required to be delivered as of the
        originally scheduled date for delivery, in each case together with (to the
        extent permitted under applicable law) interest, in the currency of such
        amounts, from (and including) the date
        such
        amounts or obligations were or
        would
        have been
        required to have been paid or performed to (but excluding) such
        Early Termination Date, at the Applicable Rate. Such amounts of interest
        will be
        calculated on the basis of daily compounding and the actual number of days
        elapsed. The fair market value of any obligation referred to in clause (b)
        above
        shall be reasonably determined by the party obliged to make the determination
        under Section 6(e) or, if each party is so obliged, it shall be the average
        of
        the Termination Currency Equivalents of the fair market values reasonably
        determined by both parties.

      

      IN
        WITNESS WHEREOF the parties have executed this document on the respective
        dates
        specified below with effect from the date specified on the first page of
        this
        document.

       

      

      

      

       

      
        	
                UBS
                  AG

                (“Party
                  A”)

              	 	
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION, not
                  individually, but solely as trustee on behalf of the Supplemental
                  Interest
                  Trust for the MASTR Asset Backed Securities Trust 2006-NC3, Mortgage
                  Pass
                  Through Certificates, Series 2006-NC3

                (“Party
                  B”)

              
	
                (Name
                  of Party)

              	 	
                (Name
                  of Party)

                 

              
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	
                By:

              	 
	
                Name:

              	 	 	
                Name:

              	 
	
                Title:

              	 	 	
                Title:

              	 
	
                Date:

              	 	 	
                Date:

              	 

      

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      ASSIGNMENT
        AGREEMENT

      

      UBS
        AG has entered into the transaction listed on Attachment 1 hereto with Reference
        Number 37533984 (the “Old Transaction”) with UBS Real Estate Securities, Inc.
        (“UBS Real Estate”).

      

      For
        valuable consideration, receipt of which is hereby acknowledged, UBS Real
        Estate
        hereby assigns, transfers and sets over effective 28 December 2006 unto Mortgage
        Asset Securitization Transactions Inc. (“MASTR”), without recourse all of its
        rights, title and interest in and to the Old Transaction and UBS Real Estate
        hereby gives MASTR and its assigns full power and authority for its or their
        own
        uses and benefit, but at its or their own cost, to demand, collect, receive
        and
        give acquittance for the same or any part thereof, and to prosecute or withdraw
        any suits or proceedings therefore. UBS AG hereby consents to the assignment
        of
        the Old Transaction to MASTR as herein provided.

      

      Upon
        the
        effectiveness of such assignment, for valuable consideration, receipt of
        which
        is hereby acknowledged, MASTR hereby assigns, transfers and sets over effective
        28 December 2006 unto Wells Fargo Bank, N.A., not individually, but solely
        as
        trustee on behalf of the Supplemental Interest Trust for the MASTR Asset
        Backed
        Securities Trust 2006-NC3, Mortgage Pass Through Certificates, Series 2006-NC3
        (the “Trust”) without recourse, all of its rights, title and interest in and to
        the Old Transaction (as so assigned and transferred, referenced by UBS AG
        as a
        new transaction with Reference Number 37536220, as listed on Attachment 2
        hereto
        and referred to as the “New Transaction”) and MASTR hereby gives the Trust and
        its assigns full power and authority for its or their own uses and benefit,
        but
        at its or their own cost, to demand, collect, receive and give acquittance
        for
        the same or any part of thereof, and to prosecute or withdraw any suits or
        proceedings therefor. UBS AG hereby consents to the assignment of the New
        Transaction to the Trust as herein provided, with the understanding that
        the
        provisions labeled “Additional Provisions” in the confirmation relating to the
        New Transaction shall become effective upon the assignment to the
        Trust. 

      

      Each
        party hereby represents and warrants to the other that the execution, delivery
        and performance of this Assignment Agreement by it are within its powers,
        and
        have been duly authorized by all necessary corporate or other action and
        that
        this Assignment Agreement constitutes its legal, valid and binding
        obligation.

      

      This
        Assignment Agreement shall be governed by and construed and interpreted in
        accordance with the laws of the State of New York without regards to the
        conflict of law provisions thereof, other than New York General Obligations
        Law
        Section 5-1401 and 5-1402.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the parties have duly executed this Assignment Agreement
        as of
        the date first written above.

      

      

      
        	
                UBS
                  AG

              	 	
                UBS
                  REAL ESTATE SECURITIES, INC.

              
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	
                By:

              	 
	
                Name:

              	
                Christopher
                  Dingle

              	 	
                Name:

              	 
	
                Title:

              	
                Director

              	 	
                Title:

              	 
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	
                By:

              	 
	
                Name:

              	
                Jonathan
                  McTernan

              	 	
                Name:

              	 
	
                Title:

              	
                Associate
                  Director

              	 	
                Title:

              	 

      

      

      

      
        	
                MORTGAGE
                  ASSET SECURITIZATION TRANSACTIONS INC.

              	 	
                Wells
                  Fargo Bank, N.A., not individually, but solely as trustee on behalf
                  of the
                  Supplemental Interest Trust for the MASTR Asset Backed Securities
                  Trust
                  2006-NC3, Mortgage Pass Through Certificates, Series
                  2006-NC3

              
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	
                By:

              	 
	
                Name:

              	 	 	
                Name:

              	 
	
                Title:

              	 	 	
                Title:

              	 
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	 	 
	
                Name:

              	 	 	 	 
	
                Title:

              	 	 	 	 

      

      

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Attachment
        1

      [insert
        ubs logo]    

      

      
        	
                Date:

              	
                28
                  December 2006

              
	 	 
	
                To:

              	
                UBS
                  Real Estate Securities, Inc. (“Counterparty”)

              
	 	 
	
                Attention:

              	
                Swaps
                  Administration

              
	 	 
	
                From:

              	
                UBS
                  AG, London Branch
                  (“UBS AG”)

              
	 	 
	
                Subject:

              	
                Interest
                  Rate Cap Transaction

              
	 	
                UBS
                  AG Ref:     37533984

              

      

      

      Dear
        Sirs,

      

      The
        purpose of this communication is to confirm the terms and conditions of the
        Transaction entered into between us on the Trade Date specified below. This
        Confirmation constitutes a “Confirmation” as referred to in the Master Agreement
        or Agreement specified below.

      

      The
        definitions contained in the 2000
        ISDA
        Definitions as published by the International Swaps and Derivatives Association,
        Inc., are incorporated into this Confirmation. In the event of any inconsistency
        between any of the definitions listed above and this Confirmation, this
        Confirmation will govern.

      

      If
        you
        and we are parties to a master agreement that governs transactions of this
        type
        (whether in the form of the ISDA Master Agreement (Multicurrency-Cross
        Border)(the "ISDA Form") or any other form (a "Master Agreement"), then this
        Confirmation will supplement, form a part of, and be subject to that Master
        Agreement. If you and we are not parties to such a Master Agreement, then
        you
        and we agree to use all reasonable efforts promptly to negotiate, execute
        and
        deliver an agreement in the form of the ISDA Form, with such modifications
        as
        you and we will in good faith agree. Upon the execution by you and us of
        such an
        agreement, this Confirmation will supplement, form a part of and be subject
        to
        and governed by that agreement, except as expressly modified below. Until
        we
        execute and deliver that agreement, this Confirmation, together with all
        other
        documents referring to the ISDA Form (each a "Confirmation") confirming
        transactions (each a "Transaction") entered into between us (notwithstanding
        anything to the contrary in a confirmation), shall supplement, form a part
        of,
        and be subject to an agreement in the form of the ISDA Form as if we had
        executed an agreement in such form (but without any Schedule except for the
        election of the laws of New York as the Governing Law and U.S. Dollars as
        the
        Termination Currency) on the Trade Date of the first Transaction between
        us
        (hereinafter the "Agreement"). In the event of any inconsistency between
        the
        provisions of any such Agreement and this Confirmation, this Confirmation
        will
        prevail for the purposes of this Transaction.

      

      The
        terms
        of the particular Swap Transaction to which this Confirmation relates are
        as
        follows:

      

      
        	
                General
                  Terms

              	 
	 	 
	
                Trade
                  Date:

              	
                28
                  December 2006

              
	 	 
	
                Effective
                  Date:

              	
                28
                  December 2006

              
	 	 
	
                Termination
                  Date:

              	
                25
                  December 2011

              
	 	 
	
                Calculation
                  Agent:

              	
                UBS
                  AG, unless otherwise stated in the Schedule to the Master
                  Agreement.

              
	 	 
	
                Business
                  Days:

              	
                New
                  York 

              
	 	 
	
                Calculation
                  Amount:

              	
                Initially
                  USD 1,031,689,000.00, amortizing as per Amortizing Schedule
                  below

              
	 	 
	
                Broker:

              	
                None

              

      

      

      
        	
                Amortization
                  Schedule

              	 	 

      

      

      
        	
                Period
                  From

              	
                Period
                  To

              	
                Calculation
                  Amount (USD)

              
	
                Effective
                  Date

              	
                25-Jan-07

              	
                1,031,689,000.00

              
	
                25-Jan-07

              	
                25-Feb-07

              	
                1,017,536,000.00

              
	
                25-Feb-07

              	
                25-Mar-07

              	
                1,000,058,000.00

              
	
                25-Mar-07

              	
                25-Apr-07

              	
                979,270,000.00

              
	
                25-Apr-07

              	
                25-May-07

              	
                955,237,000.00

              
	
                25-May-07

              	
                25-Jun-07

              	
                928,035,000.00

              
	
                25-Jun-07

              	
                25-Jul-07

              	
                897,794,000.00

              
	
                25-Jul-07

              	
                25-Aug-07

              	
                864,658,000.00

              
	
                25-Aug-07

              	
                25-Sep-07

              	
                828,828,000.00

              
	
                25-Sep-07

              	
                25-Oct-07

              	
                791,025,000.00

              
	
                25-Oct-07

              	
                25-Nov-07

              	
                754,971,000.00

              
	
                25-Nov-07

              	
                25-Dec-07

              	
                720,586,000.00

              
	
                25-Dec-07

              	
                25-Jan-08

              	
                687,791,000.00

              
	
                25-Jan-08

              	
                25-Feb-08

              	
                656,512,000.00

              
	
                25-Feb-08

              	
                25-Mar-08

              	
                626,677,000.00

              
	
                25-Mar-08

              	
                25-Apr-08

              	
                598,220,000.00

              
	
                25-Apr-08

              	
                25-May-08

              	
                571,075,000.00

              
	
                25-May-08

              	
                25-Jun-08

              	
                545,181,000.00

              
	
                25-Jun-08

              	
                25-Jul-08

              	
                520,481,000.00

              
	
                25-Jul-08

              	
                25-Aug-08

              	
                496,216,000.00

              
	
                25-Aug-08

              	
                25-Sep-08

              	
                456,356,000.00

              
	
                25-Sep-08

              	
                25-Oct-08

              	
                420,285,000.00

              
	
                25-Oct-08

              	
                25-Nov-08

              	
                387,638,000.00

              
	
                25-Nov-08

              	
                25-Dec-08

              	
                358,033,000.00

              
	
                25-Dec-08

              	
                25-Jan-09

              	
                331,479,000.00

              
	
                25-Jan-09

              	
                25-Feb-09

              	
                314,939,000.00

              
	
                25-Feb-09

              	
                25-Mar-09

              	
                299,264,000.00

              
	
                25-Mar-09

              	
                25-Apr-09

              	
                284,409,000.00

              
	
                25-Apr-09

              	
                25-May-09

              	
                270,336,000.00

              
	
                25-May-09

              	
                25-Jun-09

              	
                256,994,000.00

              
	
                25-Jun-09

              	
                25-Jul-09

              	
                244,345,000.00

              
	
                25-Jul-09

              	
                25-Aug-09

              	
                231,634,000.00

              
	
                25-Aug-09

              	
                25-Sep-09

              	
                217,864,000.00

              
	
                25-Sep-09

              	
                25-Oct-09

              	
                205,063,000.00

              
	
                25-Oct-09

              	
                25-Nov-09

              	
                193,159,000.00

              
	
                25-Nov-09

              	
                25-Dec-09

              	
                182,070,000.00

              
	
                25-Dec-09

              	
                25-Jan-10

              	
                172,058,000.00

              
	
                25-Jan-10

              	
                25-Feb-10

              	
                163,495,000.00

              
	
                25-Feb-10

              	
                25-Mar-10

              	
                155,383,000.00

              
	
                25-Mar-10

              	
                25-Apr-10

              	
                147,698,000.00

              
	
                25-Apr-10

              	
                25-May-10

              	
                140,419,000.00

              
	
                25-May-10

              	
                25-Jun-10

              	
                133,522,000.00

              
	
                25-Jun-10

              	
                25-Jul-10

              	
                126,984,000.00

              
	
                25-Jul-10

              	
                25-Aug-10

              	
                120,786,000.00

              
	
                25-Aug-10

              	
                25-Sep-10

              	
                114,910,000.00

              
	
                25-Sep-10

              	
                25-Oct-10

              	
                109,338,000.00

              
	
                25-Oct-10

              	
                25-Nov-10

              	
                104,054,000.00

              
	
                25-Nov-10

              	
                25-Dec-10

              	
                99,042,000.00

              
	
                25-Dec-10

              	
                25-Jan-11

              	
                94,287,000.00

              
	
                25-Jan-11

              	
                25-Feb-11

              	
                89,776,000.00

              
	
                25-Feb-11

              	
                25-Mar-11

              	
                85,494,000.00

              
	
                25-Mar-11

              	
                25-Apr-11

              	
                81,430,000.00

              
	
                25-Apr-11

              	
                25-May-11

              	
                77,572,000.00

              
	
                25-May-11

              	
                25-Jun-11

              	
                73,910,000.00

              
	
                25-Jun-11

              	
                25-Jul-11

              	
                70,431,000.00

              
	
                25-Jul-11

              	
                25-Aug-11

              	
                67,128,000.00

              
	
                25-Aug-11

              	
                25-Sep-11

              	
                63,990,000.00

              
	
                25-Sep-11

              	
                25-Oct-11

              	
                61,008,000.00

              
	
                25-Oct-11

              	
                25-Nov-11

              	
                58,173,000.00

              
	
                25-Nov-11

              	
                Termination
                  Date

              	
                55,478,000.00

              

      

      

      With
        respect to the Floating Rate Payer Calculation Periods, the dates in the
        above
        schedule with the exception of the Effective Date will be subject to adjustment
        in accordance with the Modified Following Business Day Convention. With respect
        to the Fixed Rate Payer Calculation Periods, the dates in the above schedule
        will be subject to No Adjustment.

      

      
        	
                Fixed
                  Amounts

              	 
	 	 
	
                Fixed
                  Rate Payer:

              	
                Counterparty

              
	 	 
	
                Fixed
                  Rate: 

                 

                Fixed
                  Rate Day Count Fraction: 

              	
                5.35
                  percent per annum

                 

                30/360

              
	 	 
	
                Fixed
                  Rate Payer Payment Dates:

              	
                25
                  January, 25 February, 25 March, 25 April, 25 May, 25 June, 25 July,
                  25
                  August, 25 September, 25 October, 25 November and 25 December,
                  in each
                  year, from and including 25 January 2007, up to and including the
                  Termination Date, subject to adjustment in accordance with the
                  Business
                  Day Convention specified immediately below
                  and there shall be No Adjustment to the Calculation
                  Period

              
	 	 
	
                Business
                  Day Convention:

              	
                Modified
                  Following

              

      

      

      
        	
                Floating
                  Amounts

              	 
	 	 
	
                Floating
                  Rate Payer:

              	
                UBS
                  AG

              
	 	 
	
                Floating
                  Rate Option:

              	
                USD-LIBOR-BBA

              
	 	 
	
                Designated
                  Maturity:

              	
                One
                  month

              
	 	 
	
                Floating
                  Rate Day Count Fraction:

              	
                Actual/360

              
	 	 
	
                Spread:

              	
                None

              
	 	 
	
                Floating
                  Rate Payer Period End Dates:

              	
                25
                  January, 25 February, 25 March, 25 April, 25 May, 25 June, 25 July,
                  25
                  August, 25 September, 25 October, 25 November and 25 December,
                  in each
                  year, from and including 25 January 2007, up to and including the
                  Termination Date, subject to adjustment in accordance with the
                  Business
                  Day Convention specified immediately below

              
	 	 
	
                Floating
                  Rate Payer Payment Dates:

              	
                Early
                  Payment shall be applicable. The Floating Rate Payer Payment Dates
                  shall
                  be two Business Days prior to each Floating Rate Payer Period End
                  Date.

              
	 	 
	
                Reset
                  Dates:

              	
                First
                  day of each Calculation Period

              
	 	 
	
                Business
                  Day Convention:

              	
                Modified
                  Following

              
	 	 
	
                Compounding:

              	
                Inapplicable

              

      

      

      Relationship
        Between Parties

      Each
        party will be deemed to represent to the other party on the date on which
        it
        enters into this Transaction that (in the absence of a written Agreement
        between
        the parties which expressly imposes affirmative obligations to the contrary
        for
        this Transaction):

       

      (a)
        Non-Reliance. Each party is acting for its own account, and has made its
        own
        independent decisions to enter into this Transaction and this such Transaction
        is appropriate or proper for it based upon its own judgement and upon advice
        from such advisers as it has deemed necessary. Each party is not relying
        on any
        communication (written or oral) of the other party as investment advice or
        as a
        recommendation to enter into this Transaction; it being understood that
        information and explanation relating to the terms and conditions of this
        Transaction shall not be considered investment advice or a recommendation
        to
        enter into this Transaction. No communication (written or oral) received
        from
        the other party shall be deemed to be an assurance or guarantee as to the
        expected results of this Transaction.

       

      (b)
        Assessment and Understanding. Each party is capable of assessing the merits
        of
        and understands (on its own behalf or through independent professional advice),
        and accepts, the terms, conditions and risks of this Transaction. Each party
        is
        also capable of assuming and assumes, the risks of this
        Transaction.

       

      (c)
        Status of the Parties. Neither party is acting as a fiduciary for or as an
        adviser to the other in respect of this Transaction.

       

      References
        in this clause to "a party" shall, in the case of UBS AG, London Branch and
        where the context so allows, include references to any affiliate of UBS AG,
        London Branch

      Account
        Details

      

      
        	
                Currency:

              	
                USD

              
	
                Correspondent
                  Bank:

              	
                UBS
                  AG,
                  STAMFORD
                  BRANCH

              
	
                Swift
                  Address:

              	
                UBSWUS33XXX

              
	
                Favour:
                  

              	
                UBS
                  AG LONDON
                  BRANCH

              
	
                Swift
                  Address: 

              	
                UBSWGB2LXXX

              
	
                Account
                  No: 

              	
                101-wa-140007-000

              
	
                Further
                  Credit To: 

              	
                 

              
	
                Swift
                  Address: 

              	 
	
                Account
                  No: 

              	 

      

      

      Offices

      
        	(a)  	
                The
                  office of UBS AG for the Swap Transaction is London;
                  and

              

      

      
        	(b)  	
                The
                  office of the Counterparty for the Swap Transaction is New
                  York.

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      

      Contact
        Names at UBS AG

      
        	
                Payment
                  Inquiries

              	
                Elisa
                  Doctor

              	
                Email:
                  DL-USOTCRATES-SETTS@ubs.com

              
	
                Pre
                  Value Payments:

              	
                Pre
                  Value Payment Investigations:

              	
                203.719-1110

              
	
                Post
                  Value Payments:

              	
                Post
                  Value Payment Investigations:

              	
                203.719.1110

              
	
                Confirmation
                  Queries:

              	
                Confirmation
                  Control:

              	
                203.719.3733

              
	
                ISDA
                  Documentation:

              	
                Legal

              	
                203.719.4747

              

      

       

      
        	
                Swift:

              	
                UBSWGB2L

              
	
                Fax:

              	
                (44)
                  20 7567 2685/2990

              
	
                Address:

              	
                UBS
                  AG

              
	 	
                100
                  Liverpool Street

                London
                  EC2M 2RH

              

      

      

      Please
        confirm that the foregoing correctly sets forth the terms and conditions
        of our
        agreement by executing a copy of this Confirmation and returning it to us
        or by
        sending to us a letter or facsimile substantially similar to this letter,
        which
        letter or facsimile sets forth the material terms of the Transaction to which
        this Confirmation relates and indicates your agreement to those terms or
        by
        sending to us a return letter or facsimile in the form attached.

      

      Yours
        Faithfully

      For
        and
        on Behalf of 

      UBS
        AG,
        London Branch

      

      
        	
                By:

              	 	 	
                By:

              	 
	
                Name:

              	
                Christopher
                  Dingle

              	 	
                Name:

              	
                Jonathan
                  McTernan

              
	
                Title:

              	
                Associate
                  Director

              	 	
                Title:

              	
                Associate
                  Director

              

      

      

      Acknowledged
        and agreed by UBS Real Estate Securities, Inc. as of the Trade Date specified
        above:

      

      
        	
                By:

              	
                By:

              
	 	 
	
                Name
                  :

              	 	
                Name
                  :

              	 
	
                Title
                  :

              	 	
                Title:

              	 

      

      

      

      UBS
        AG
        London Branch, 1 Finsbury Avenue, London, EC2M 2PP

      UBS
        AG is
        a member of the London Stock Exchange and is regulated in the UK by the
        Financial Services Authority.

      Representatives
        of UBS Limited introduce trades to UBS AG via UBS Limited

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Attachment
        2

      

      [insert
        ubs logo]    

      

      
        	
                Date:

              	
                28
                  December 2006

              
	 	 
	
                To:

              	
                Wells
                  Fargo Bank, N.A., not individually, but solely as trustee on behalf
                  of the
                  Supplemental Interest Trust for the MASTR Asset Backed Securities
                  Trust
                  2006-NC3, Mortgage Pass Through Certificates, Series 2006-NC3
                  (“Counterparty”)

              
	 	 
	
                Attention:

              	
                Client
                  Manager - MABS 2006-NC3

              
	 	 
	
                From:

              	
                UBS
                  AG, London Branch
                  (“UBS AG”)

              
	 	 
	
                Subject:

              	
                Interest
                  Rate Cap Transaction

              
	 	
                UBS
                  AG Ref:     37536220

              

      

      

      Dear
        Sirs,

      

      The
        purpose of this communication is to confirm the terms and conditions of the
        Transaction entered into between us on the Trade Date specified below. This
        Confirmation constitutes a “Confirmation” as referred to in the Master Agreement
        or Agreement specified below.

      

      The
        definitions contained in the 2000
        ISDA
        Definitions as published by the International Swaps and Derivatives Association,
        Inc., are incorporated into this Confirmation. In the event of any inconsistency
        between any of the definitions listed above and this Confirmation, this
        Confirmation will govern.

      

      This
        Confirmation supplements, forms part of, and is subject to, the ISDA Master
        Agreement dated as of 28 December 2006 as amended and supplemented from time
        to
        time (the "Agreement"), between Counterparty and UBS AG. All provisions
        contained in the Agreement govern this Confirmation except as expressly modified
        below.

      

      The
        terms
        of the particular Swap Transaction to which this Confirmation relates are
        as
        follows:

      

      
        	
                General
                  Terms

              	 
	 	 
	
                Trade
                  Date:

              	
                28
                  December 2006

              
	 	 
	
                Effective
                  Date:

              	
                28
                  December 2006

              
	 	 
	
                Termination
                  Date:

              	
                25
                  December 2011

              
	 	 
	
                Calculation
                  Agent:

              	
                UBS
                  AG, unless otherwise stated in the Schedule to the Master
                  Agreement.

              
	 	 
	
                Business
                  Days:

              	
                New
                  York

              
	 	 
	
                Calculation
                  Amount:

              	
                Initially
                  USD 4,126,756.00, amortizing as per Amortizing Schedule
                  below

              
	 	 
	
                Broker:

              	
                None

              

      

      

      

        
          	
                  Amortizing
                    Schedule:

                	 	 

        

      

      

      
        
          	
                  Period
                    From

                	
                  Period
                    To

                	
                  Calculation
                    Amount (USD)

                
	
                  Effective
                    Date

                	
                  25-Jan-07

                	
                  4,126,756.00

                
	
                  25-Jan-07

                	
                  25-Feb-07

                	
                  4,070,144.00

                
	
                  25-Feb-07

                	
                  25-Mar-07

                	
                  4,000,232.00

                
	
                  25-Mar-07

                	
                  25-Apr-07

                	
                  3,917,080.00

                
	
                  25-Apr-07

                	
                  25-May-07

                	
                  3,820,948.00

                
	
                  25-May-07

                	
                  25-Jun-07

                	
                  3,712,140.00

                
	
                  25-Jun-07

                	
                  25-Jul-07

                	
                  3,591,176.00

                
	
                  25-Jul-07

                	
                  25-Aug-07

                	
                  3,458,632.00

                
	
                  25-Aug-07

                	
                  25-Sep-07

                	
                  3,315,312.00

                
	
                  25-Sep-07

                	
                  25-Oct-07

                	
                  3,164,100.00

                
	
                  25-Oct-07

                	
                  25-Nov-07

                	
                  3,019,884.00

                
	
                  25-Nov-07

                	
                  25-Dec-07

                	
                  2,882,344.00

                
	
                  25-Dec-07

                	
                  25-Jan-08

                	
                  2,751,164.00

                
	
                  25-Jan-08

                	
                  25-Feb-08

                	
                  2,626,048.00

                
	
                  25-Feb-08

                	
                  25-Mar-08

                	
                  2,506,708.00

                
	
                  25-Mar-08

                	
                  25-Apr-08

                	
                  2,392,880.00

                
	
                  25-Apr-08

                	
                  25-May-08

                	
                  2,284,300.00

                
	
                  25-May-08

                	
                  25-Jun-08

                	
                  2,180,724.00

                
	
                  25-Jun-08

                	
                  25-Jul-08

                	
                  2,081,924.00

                
	
                  25-Jul-08

                	
                  25-Aug-08

                	
                  1,984,864.00

                
	
                  25-Aug-08

                	
                  25-Sep-08

                	
                  1,825,424.00

                
	
                  25-Sep-08

                	
                  25-Oct-08

                	
                  1,681,140.00

                
	
                  25-Oct-08

                	
                  25-Nov-08

                	
                  1,550,552.00

                
	
                  25-Nov-08

                	
                  25-Dec-08

                	
                  1,432,132.00

                
	
                  25-Dec-08

                	
                  25-Jan-09

                	
                  1,325,916.00

                
	
                  25-Jan-09

                	
                  25-Feb-09

                	
                  1,259,756.00

                
	
                  25-Feb-09

                	
                  25-Mar-09

                	
                  1,197,056.00

                
	
                  25-Mar-09

                	
                  25-Apr-09

                	
                  1,137,636.00

                
	
                  25-Apr-09

                	
                  25-May-09

                	
                  1,081,344.00

                
	
                  25-May-09

                	
                  25-Jun-09

                	
                  1,027,976.00

                
	
                  25-Jun-09

                	
                  25-Jul-09

                	
                  977,380.00

                
	
                  25-Jul-09

                	
                  25-Aug-09

                	
                  926,536.00

                
	
                  25-Aug-09

                	
                  25-Sep-09

                	
                  871,456.00

                
	
                  25-Sep-09

                	
                  25-Oct-09

                	
                  820,252.00

                
	
                  25-Oct-09

                	
                  25-Nov-09

                	
                  772,636.00

                
	
                  25-Nov-09

                	
                  25-Dec-09

                	
                  728,280.00

                
	
                  25-Dec-09

                	
                  25-Jan-10

                	
                  688,232.00

                
	
                  25-Jan-10

                	
                  25-Feb-10

                	
                  653,980.00

                
	
                  25-Feb-10

                	
                  25-Mar-10

                	
                  621,532.00

                
	
                  25-Mar-10

                	
                  25-Apr-10

                	
                  590,792.00

                
	
                  25-Apr-10

                	
                  25-May-10

                	
                  561,676.00

                
	
                  25-May-10

                	
                  25-Jun-10

                	
                  534,088.00

                
	
                  25-Jun-10

                	
                  25-Jul-10

                	
                  507,936.00

                
	
                  25-Jul-10

                	
                  25-Aug-10

                	
                  483,144.00

                
	
                  25-Aug-10

                	
                  25-Sep-10

                	
                  459,640.00

                
	
                  25-Sep-10

                	
                  25-Oct-10

                	
                  437,352.00

                
	
                  25-Oct-10

                	
                  25-Nov-10

                	
                  416,216.00

                
	
                  25-Nov-10

                	
                  25-Dec-10

                	
                  396,168.00

                
	
                  25-Dec-10

                	
                  25-Jan-11

                	
                  377,148.00

                
	
                  25-Jan-11

                	
                  25-Feb-11

                	
                  359,104.00

                
	
                  25-Feb-11

                	
                  25-Mar-11

                	
                  341,976.00

                
	
                  25-Mar-11

                	
                  25-Apr-11

                	
                  325,720.00

                
	
                  25-Apr-11

                	
                  25-May-11

                	
                  310,288.00

                
	
                  25-May-11

                	
                  25-Jun-11

                	
                  295,640.00

                
	
                  25-Jun-11

                	
                  25-Jul-11

                	
                  281,724.00

                
	
                  25-Jul-11

                	
                  25-Aug-11

                	
                  268,512.00

                
	
                  25-Aug-11

                	
                  25-Sep-11

                	
                  255,960.00

                
	
                  25-Sep-11

                	
                  25-Oct-11

                	
                  244,032.00

                
	
                  25-Oct-11

                	
                  25-Nov-11

                	
                  232,692.00

                
	
                  25-Nov-11

                	
                  Termination
                    Date

                	
                  221,912.00

                

        

      

      

      With
        respect to the Floating Rate Payer Calculation Periods, the dates in the
        above
        schedule with the exception of the Effective Date will be subject to adjustment
        in accordance with the Modified Following Business Day Convention. With respect
        to the Fixed Rate Payer Calculation Periods, the dates in the above schedule
        will be subject to No Adjustment. 

      

      
        	
                Fixed
                  Amounts

              	 
	 	 
	
                Fixed
                  Rate Payer:

              	
                Counterparty

              
	 	 
	
                Fixed
                  Amount:

              	
                To
                  be determined in accordance with the following formula: 250 * Fixed
                  Rate *
                  Calculation Amount * Fixed Rate Day Count Fraction

              
	 	 
	
                Fixed
                  Rate: 

                 

                Fixed
                  Rate Day Count Fraction: 

              	
                5.35
                  percent per annum

                 

                30/360

              
	 	 
	
                Fixed
                  Rate Payer Payment Dates:

              	
                25
                  January, 25 February, 25 March, 25 April, 25 May, 25 June, 25 July,
                  25
                  August, 25 September, 25 October, 25 November and 25 December,
                  in each
                  year, from and including 25 January 2007, up to and including the
                  Termination Date, subject to adjustment in accordance with the
                  Business
                  Day Convention specified immediately below
                  and there shall be No Adjustment to the Calculation
                  Period

              
	 	 
	
                Business
                  Day Convention:

              	
                Modified
                  Following

              

      

      

      
        	
                Floating
                  Amounts

              	 
	 	 
	
                Floating
                  Rate Payer:

              	
                UBS
                  AG

              
	 	 
	
                Floating
                  Amount:

              	
                To
                  be determined in accordance with the following formula: 250 * Floating
                  Rate Option * Calculation Amount * Floating Rate Day Count
                  Fraction

              
	 	 
	
                Floating
                  Rate Option:

              	
                USD-LIBOR-BBA

              
	 	 
	
                Designated
                  Maturity:

              	
                1
                  month

              
	 	 
	
                Floating
                  Rate Day Count Fraction:

              	
                Actual/360

              
	 	 
	
                Spread:

              	
                None

              
	 	 
	
                Floating
                  Rate Payer Period End Dates:

              	
                25
                  January, 25 February, 25 March, 25 April, 25 May, 25 June, 25 July,
                  25
                  August, 25 September, 25 October, 25 November and 25 December,
                  in each
                  year, from and including 25 January 2007, up to and including the
                  Termination Date, subject to adjustment in accordance with the
                  Business
                  Day Convention specified immediately below

              
	
                Floating
                  Rate Payer Payment Dates:

              	
                Early
                  Payment shall be applicable. The Floating Rate Payer Payment Dates
                  shall
                  be two Business Days prior to each Floating Rate Payer Period End
                  Date.

              
	 	 
	
                Reset
                  Dates:

              	
                First
                  day of each Calculation Period

              
	 	 
	
                Business
                  Day Convention:

              	
                Modified
                  Following

              
	 	 
	
                Compounding:

              	
                Inapplicable

              

      

      

      Relationship
        Between Parties

      Each
        party will be deemed to represent to the other party on the date on which
        it
        enters into this Transaction that (in the absence of a written Agreement
        between
        the parties which expressly imposes affirmative obligations to the contrary
        for
        this Transaction):

       

      (a)
        Non-Reliance. Each party is acting for its own account, and has made its
        own
        independent decisions to enter into this Transaction and this such Transaction
        is appropriate or proper for it based upon its own judgement and upon advice
        from such advisers as it has deemed necessary. Each party is not relying
        on any
        communication (written or oral) of the other party as investment advice or
        as a
        recommendation to enter into this Transaction; it being understood that
        information and explanation relating to the terms and conditions of this
        Transaction shall not be considered investment advice or a recommendation
        to
        enter into this Transaction. No communication (written or oral) received
        from
        the other party shall be deemed to be an assurance or guarantee as to the
        expected results of this Transaction.

       

      (b)
        Assessment and Understanding. Each party is capable of assessing the merits
        of
        and understands (on its own behalf or through independent professional advice),
        and accepts, the terms, conditions and risks of this Transaction. Each party
        is
        also capable of assuming and assumes, the risks of this
        Transaction.

       

      (c)
        Status of the Parties. Neither party is acting as a fiduciary for or as an
        adviser to the other in respect of this Transaction.

       

      (d)
        Purpose. It is an "eligible swap participant" as such term is defined in
        Section
        35.1(b)(2) of the regulations (17 C.F.R. 35) promulgated under, and an "eligible
        contract participant" as defined in Section 1(a)(12) of the Commodity Exchange
        Act, as amended, and it is entering into the Transaction for the purposes
        of
        managing its borrowing or investments, hedging its underlying assets or
        liabilities or in connection with a line of business.

      

      References
        in this clause to "a party" shall, in the case of UBS AG, London Branch and
        where the context so allows, include references to any affiliate of UBS AG,
        London Branch

      

      Account
        Details

      

      
        	
                Currency:

              	
                USD

              
	
                Correspondent
                  Bank:

              	
                UBS
                  AG,
                  STAMFORD
                  BRANCH

              
	
                Swift
                  Address:

              	
                UBSWUS33XXX

              
	
                Favour:
                  

              	
                UBS
                  AG LONDON
                  BRANCH

              
	
                Swift
                  Address: 

              	
                UBSWGB2LXXX

              
	
                Account
                  No: 

              	
                101-wa-140007-000

              
	
                Further
                  Credit To: 

              	
                 

              
	
                Swift
                  Address: 

              	 
	
                Account
                  No: 

              	 

      

      

       

      

      Offices

      (a)The
        office of UBS AG for the Swap Transaction is London;
        and

      (b)The
        office of the Counterparty for the Swap Transaction is New York

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Contact
        Names at UBS AG

      
        	
                Payment
                  Inquiries

              	
                Elisa
                  Doctor

              	
                Email:
                  DL-USOTCRATES-SETTS@ubs.com

              
	
                Pre
                  Value Payments:

              	
                Pre
                  Value Payment Investigations:

              	
                203.719-1110

              
	
                Post
                  Value Payments:

              	
                Post
                  Value Payment Investigations:

              	
                203.719.1110

              
	
                Confirmation
                  Queries:

              	
                Confirmation
                  Control:

              	
                203.719.3733

              
	
                ISDA
                  Documentation:

              	
                Legal

              	
                203.719.4747

              
	
                Swift:

              	
                UBSWGB2L

              
	
                Fax:

              	
                (44)
                  20 7567 2685/2990

              
	
                Address:

              	
                UBS
                  AG

              
	 	
                100
                  Liverpool Street

                London
                  EC2M 2RH

              

      

      

      Contact
        Info:

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        MD 21045-1951

      Attn:
        Client Manager MABS 2006-NC3

      (p)
        410.884.2000

      (f)
        410.715.2380

      

      Wiring
        Instructions:

      WELLS
        FARGO BANK, NA

      ABA#
        121000248

      FOR
        CREDIT TO: CORPORATE TRUST CLEARING

      ACCT:
        3970771416

      FFC
        TO: Swap Account, Account # 50978001

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      Please
        confirm that the foregoing correctly sets forth the terms and conditions
        of our
        agreement by executing a copy of this Confirmation and returning it to us
        or by
        sending to us a letter or facsimile substantially similar to this letter,
        which
        letter or facsimile sets forth the material terms of the Transaction to which
        this Confirmation relates and indicates your agreement to those terms or
        by
        sending to us a return letter or facsimile in the form attached.

      

      Yours
        Faithfully

      For
        and
        on Behalf of 

      UBS
        AG,
        London Branch

       

      
        	
                By:

              	 	 	
                By:

                 

                 

              	 
	
                Name:

              	
                Christopher
                  Dingle

              	 	
                Name:

              	
                Jonathan
                  McTernan

              
	
                Title:

              	
                Associate
                  Director

              	 	
                Title:

              	
                Associate
                  Director

              

      

      

      Acknowledged
        and agreed by Wells
        Fargo Bank, N.A., not individually, but solely as trustee on behalf of the
        Supplemental Interest Trust for the MASTR Asset Backed Securities Trust
        2006-NC3, Mortgage Pass Through Certificates, Series 2006-NC3 as of the Trade
        Date specified above:

      

      
        	
                By:

              
	 
	
                Name
                  :

              	 
	
                Title
                  :

              	 

      

      

      UBS
        AG
        London Branch, 1 Finsbury Avenue, London, EC2M 2PP

      UBS
        AG is
        a member of the London Stock Exchange and is regulated in the UK by the
        Financial Services Authority.

      Representatives
        of UBS Limited introduce trades to UBS AG via UBS Limited

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Execution
        Copy

      (Multicurrency-Cross
        Border) 

      Cap
        Schedule

       

       

      SCHEDULE

      to
        the

      Master
        Agreement

      dated
        as
        of December 28, 2006

       

      between

       

       UBS
        AG (“Party
        A”),

      a
        banking
        corporation organized under the laws of Switzerland

      and

       

      WELLS
        FARGO BANK, NATIONAL ASSOCIATION,
        not
        individually, but solely as trust administrator with respect to the MASTR
        Asset
        Backed Securities Trust 2006-NC3, Mortgage Pass Through Certificates, Series
        2006-NC3 (“Party B”)

       

      Part
        1. 

      Termination
        Provisions

       

      In
        this
        Agreement:

       

      
        	
                (a)

              	
                “Specified
                  Entity” means
                  in relation to Party A for the purpose
                  of:-

              

      

      

      
        	 	
                Section
                  5(a)(v),

              	
                Not
                  applicable.

              
	 	
                Section
                  5(a)(vi),

              	
                Not
                  applicable.

              
	 	
                Section
                  5(a)(vii),

              	
                Not
                  applicable.

              
	 	
                Section
                  5(b)(iv),

              	
                Not
                  applicable.

              

      

      

      and
        in
        relation to Party B for the purpose of:

       

      
        	 	
                Section
                  5(a)(v),

              	
                Not
                  applicable.

              
	 	
                Section
                  5(a)(vi),

              	
                Not
                  applicable.

              
	 	
                Section
                  5(a)(vii),

              	
                Not
                  applicable.

              
	 	
                Section
                  5(b)(iv),

              	
                Not
                  applicable.

              

      

       

      
        	
                (b)

              	
                “Specified
                  Transaction” will
                  have the meaning specified in Section 14 of this Agreement.
                  

              

      

       

      
        	
                (c)

              	
                The
                  “Failure
                  to Pay or Deliver”
                  provisions of Section 5(a)(i) of this Agreement will apply to Party
                  A and
                  will apply to Party B.

              

      

       

      
        	
                (d)

              	
                The
                  “Breach
                  of Agreement”
                  provisions of Section 5(a)(ii) of this Agreement will apply to
                  Party A and
                  will not apply to Party B. 

              

      

       

      
        	
                (e)
                  

              	
                The
                  “Credit
                  Support Default”
                  provisions of Section 5(a)(iii) of this Agreement will apply to
                  Party A
                  and will not apply to Party B except that Section 5(a)(iii)(1)
                  of this
                  Agreement will apply to Party B only with respect to the Transfer
                  of any
                  Return Amount required to be made by Party B pursuant to the Credit
                  Support Annex.

              

      

       

      
        	
                (f)

              	
                The
                  “Misrepresentation”
                  provisions of Section 5(a)(iv) of this Agreement will not apply
                  to either
                  Party A or Party B. 

              

      

       

      
        	
                (g)

              	
                The
                  “Default
                  under Specified Transaction”
                  provisions of Section 5(a)(v) of this Agreement will apply to Party
                  A and
                  will not apply to Party B.

              

      

       

      
        	
                (h)

              	
                The
                  “Cross
                  Default” provisions
                  of Section 5(a)(vi) of this Agreement, as modified below, will
                  apply to
                  Party A and will not apply to Party B. Section 5(a)(vi) of this
                  Agreement
                  is hereby amended by the addition of the following at the end
                  thereof:

              

      

       

      
        	 	
                “provided,
                  however, that notwithstanding the foregoing, an Event of Default
                  shall not
                  occur under either (1) or (2) above if, as demonstrated to the
                  reasonable
                  satisfaction of the other party, (a) the event or condition referred
                  to in
                  (1) or the failure to pay referred to in (2) is a failure to pay
                  caused by
                  an error or omission of an administrative or operational nature;
                  (b) funds
                  were available to such party to enable it to make the relevant
                  payment
                  when due; and (c) such relevant payment is made within three Local
                  Business Days following receipt of written notice from an interested
                  party
                  of such failure to pay.”

              

      

       

      
        	 	
                For
                  purposes of this provision:

              

      

       

      
        	 	
                “Specified
                  Indebtedness”
                  will have the meaning specified in Section 14 of this
                  Agreement.

              

      

       

      
        	 	
                “Threshold
                  Amount”
                  means with respect to Party A, an amount equal to three percent
                  (3%) of
                  the shareholders’ equity (howsoever described) of Party A as shown on the
                  most recent annual audited financial statements of Party
                  A.

              

      

       

      
        	
                (i)

              	
                The
                  “Credit
                  Event Upon Merger”
                  provisions of Section 5(b)(iv) of this Agreement will not apply
                  to either
                  Party A or Party B.

              

      

       

      
        	
                (j)

              	
                The
                  “Automatic
                  Early Termination”
                  provisions of Section 6(a) of this Agreement will not apply to
                  Party A and
                  will not apply to Party B; provided that, if the Event of Default
                  specified in Section 5(a)(vii) (except for Section 5(a)(vii)(2))
                  is
                  governed by a system of law that does not permit termination to
                  take place
                  after the occurrence of the relevant Event of Default with respect
                  to a
                  party, then the Automatic Early Termination provision of Section
                  6(a) will
                  apply to such party.

              

      

       

      
        	
                (k)

              	
                The
                  “Bankruptcy”
                  provisions of Section 5(a)(vii) of this Agreement will apply to
                  both Party
                  A and Party B; provided, however, that with respect to Party B
                  the
                  following modifications shall apply: (i) clause (2) shall not apply;
                  (ii)
                  clause (4) shall exclude proceedings or petitions instituted or
                  presented
                  by Party A or any of Party A’s Affiliates; (iii) the words “seeks or”
                  shall be deleted from clause (6); (iv) clause (6) shall not apply
                  in
                  connection with any appointment that is contemplated by the [Transaction
                  Documents] (as such term is defined in the Indenture); (v) clauses
                  (7) and
                  (9) shall not apply; and (vi) clause (8) shall apply only to the
                  extent
                  that any of the events specified in clauses (1) through (7) are
                  applicable. 

              

      

      

      (l)          
         Payments
        on Early Termination.
        For the
        purpose of Section 6(e) of this Agreement:

      (i) Market
        Quotation will apply.

      (ii) The
        Second Method will apply.

      

      
        	
                (m)

              	
                Calculations.
                  Notwithstanding Section 6 of this Agreement, so long as Party A
                  is (A) the
                  Affected Party in respect of an Additional Termination Event, Illegality,
                  Tax Event or a Tax Event Upon Merger or (B) the Defaulting Party
                  in
                  respect of any Event of Default, paragraphs (i) to (vi) below shall
                  apply:

              

      

      

      (i) The
        definition of “Market Quotation” shall be deleted in its entirety and replaced
        with the following:

      

      “Market
        Quotation”
means,
        with respect to one or more Terminated Transactions, a Firm Offer which is
        (1)
        made by a Reference Market-maker that is an Eligible Replacement, (2) for
        an
        amount that would be paid to Party B (expressed as a negative number) or
        by
        Party B (expressed as a positive number) in consideration of an agreement
        between Party B and such Reference Market-maker to enter into a transaction
        (the
“Replacement
        Transaction”)
        that
        would have the effect of preserving for such party the economic equivalent
        of
        any payment or delivery (whether the underlying obligation was absolute or
        contingent and assuming the satisfaction of each applicable condition precedent)
        by the parties under Section 2(a)(i) in respect of such Terminated Transactions
        or group of Terminated Transactions that would, but for the occurrence of
        the
        relevant Early Termination Date, have been required after that Date, (3)
        made on
        the basis that Unpaid Amounts in respect of the Terminated Transaction or
        group
        of Transactions are to be excluded but, without limitation, any payment or
        delivery that would, but for the relevant Early Termination Date, have been
        required (assuming satisfaction of each applicable condition precedent) after
        that Early Termination Date is to be included and (4) made in respect of
        a
        Replacement Transaction with terms substantially the same as those of this
        Agreement (save for the exclusion of provisions relating to Transactions
        that
        are not Terminated Transactions).” 

      

      (ii) The
        definition of “Settlement Amount” shall be deleted in its entirety and replaced
        with the following:

      

      “Settlement
        Amount”
means,
        with respect to any Early Termination Date, an amount (as determined by Party
        B)
        equal to the Termination Currency Equivalent of the amount (whether positive
        or
        negative) of any Market Quotation for the relevant Terminated Transaction
        or
        group of Terminated Transactions that is accepted by Party B so as to become
        legally binding, Provided that:

      

      (1) If,
        no
        Automatic Early Termination has occurred and, on the Early Termination Date,
        (x)
        no Market Quotation for the relevant Terminated Transaction or group of
        Terminated Transactions has been accepted by Party B so as to become legally
        binding and (y) one or more Market Quotations have been made and remain capable
        of becoming legally binding upon acceptance, the Settlement Amount shall
        equal
        the Termination Currency Equivalent of the amount (whether positive or negative)
        of the lowest of such Market Quotations; and

      

      (2) If
        no
        Automatic Early Termination has occurred and, on the Early Termination Date,
        (x)
        no Market Quotation for the relevant Terminated Transaction or group of
        Terminated Transactions is accepted by Party B so as to become legally binding
        and (y) no Market Quotations have been made and remain capable of becoming
        legally binding upon acceptance, the Settlement Amount shall equal Party
        B’s
        Loss (whether positive or negative and without reference to any Unpaid Amounts)
        for the relevant Terminated Transaction or group of Terminated
        Transactions.

      

      (3)  If
        an
        Automatic Early Termination has occurred and, on the Early Termination Date,
        no
        Market Quotation for the relevant Terminated Transaction or group of Terminated
        Transactions is accepted by Party B so as to become legally binding, the
        Settlement Amount shall equal Party B’s Loss (whether positive or negative and
        without reference to any Unpaid Amounts) for the relevant Terminated Transaction
        or group of Terminated Transactions.

      

      
        	(iii)       
                  	
                For
                  the purpose of paragraph (4) of the definition of Market Quotation,
                  Party
                  B shall determine in its sole discretion, acting in a commercially
                  reasonable manner, whether a Firm Offer is made in respect of a
                  Replacement Transaction with commercial terms substantially the
                  same as
                  those of this Agreement (save for the exclusion of provisions relating
                  to
                  Transactions that are not Terminated
                  Transactions).

              

      

       

      
        	(iv)       
                  	
                At
                  any time on or before the Early Termination Date at which two or
                  more
                  Market Quotations remain capable of becoming legally binding upon
                  acceptance, Party B shall be entitled to accept only the lowest
                  of such
                  Market Quotations.

              

      

       

      
        	 	
                (v)

              	
                If
                  Party B requests Party A in writing to obtain Market Quotations,
                  Party A
                  shall use its reasonable efforts to do so before the Early Termination
                  Date.

              

      

       

      
        	 	
                (vi)

              	
                If
                  the Settlement Amount is a negative number, Section 6(e)(i)(3)
                  of this
                  Agreement shall be deleted in its entirety and replaced with the
                  following:

              

      

       

      “Second
        Method and Market Quotation.
        If
        Second Method and Market Quotation apply, (1) Party B shall pay to Party
        A an
        amount equal to the absolute value of the Settlement Amount in respect of
        the
        Terminated Transactions, (2) Party B shall pay to Party A the Termination
        Currency Equivalent of the Unpaid Amounts owing to Party A and (3) Party
        A shall
        pay to Party B the Termination Currency Equivalent of the Unpaid Amounts
        owing
        to Party B, provided that, (i) the amounts payable under (2) and (3) shall
        be
        subject to netting in accordance with Section 2(c) of this Agreement and
        (ii)
        notwithstanding any other provision of this Agreement, any amount payable
        by
        Party A under (3) shall not be netted-off against any amount payable by Party
        B
        under (1).”

       

      (n)         
         “Termination
        Currency”
        means
        United States Dollars (“USD”).

       

      (o)          
         Additional
        Termination Event
        will
        apply to Party A and Party B as set forth below:

       

       

      
        	(i)          
                 	
                Each
                  of the following events shall be an Additional Termination Event
                  for which
                  Party B shall be the sole Affected Party and all Transactions shall
                  be
                  Affected Transactions: 

              

      

       

      (A)
        The
        trust created pursuant to the Pooling and Servicing Agreement (as defined
        below)
        is unable to pay, or fails or admits in writing its inability, to pay, on
        any
        Distribution Date, any Uncertificated Interest with respect to the Class
        A
        Certificates, to the extent required pursuant to the terms of the Pooling
        and
        Servicing Agreement to be paid to the Class A Certificates on such Distribution
        Date; 

       

      (B)
        The
        Pooling and Servicing Agreement dated as of December 1, 2006 among Mortgage
        Asset Securitization Transactions, Inc. as depositor, Wells Fargo Bank, National
        Association as master servicer and trust administrator, Barclays Capital
        Real
        Estate Inc. d/b/a HomeEq Servicing as servicer and U.S. Bank National
        Association as trustee (the “Pooling and Servicing Agreement”) is amended or
        modified without the prior written consent of Party A where such consent
        is
        required under the Pooling and Servicing Agreement (such consent not to be
        unreasonably withheld, conditioned or delayed), if such amendment or
        modification adversely affects, in any material respect, the interests of
        Party
        A; and

      

      (C)
        Optional
        Termination of Securitization. An
        Additional Termination Event shall occur upon the notice to Certificateholders
        of an Optional Termination becoming unrescindable in accordance with Article
        [IX] of the Pooling and Servicing Agreement. Party B shall be the sole Affected
        Party with respect to this Additional Termination Event and the cap transactions
        with reference numbers 37536063 and 37536083 shall be the sole Affected
        Transactions; provided, however, that notwithstanding anything to the contrary
        in Section 6(b)(iv), only Party B may designate an Early Termination Date
        in
        respect of this Additional Termination Event. 

      

       

      
        	 	
                (ii)

              	
                Each
                  of the following events shall be an Additional Termination Event
                  for which
                  Party A shall be the sole Affected Party and all Transactions shall
                  be
                  Affected Transactions:

              

      

      (A) If
        (x)
        within 30 Local Business Days after the date on which the Moody’s First Trigger
        Event applies or (y) within 30 calendar days after the date on which the
        S&P
        First Trigger Event applies,
        Party A fails to comply with or perform any obligation to be complied with
        or
        performed under the CSA (including any obligation to Transfer Eligible
        Collateral thereunder). 

      

      (B) On
        any
        Local Business Day that is (1) at least 30 Local Business Days after the
        occurrence of (x) a Moody’s Second Trigger Event (which is continuing) or that
        is (2) at least 10 Local Business Days after the occurrence of (y) an S&P
        Second Trigger Event (which is continuing), and in the case of both (x) and
        (y),
        a Firm Offer that remains capable of being accepted is either (i) made by
        an
        Eligible Replacement that satisfies the
        Moody’s Ratings Requirement (Second Trigger)
        and
        S&P Ratings Requirement (First Trigger) to accept transfer of Party A’s
        obligations hereunder or (ii) made by a guarantor that satisfies the Moody’s
        Ratings Requirement (Second Trigger) and S&P Ratings Requirement (First
        Trigger) to provide an Eligible Guarantee in respect of Party A’s present and
        future payment and delivery obligations under this Agreement and the CSA
        and
        such a Firm Offer is not accepted by Party A within one (1) Local Business
        Day
        of being made. During any period prior to the acceptance of such offer, Party
        A
        will continue to comply with its obligations under the CSA.

      (C) If,
        upon
        the occurrence of a Swap Disclosure Event (as defined below in Part 5(aa)
        of
        this Schedule) Party A has not, within the lesser of 15 calendar days and
        10
        Local Business Days (after giving effect to any grace period applicable to
        the
        relevant filing) after such Swap Disclosure Event, complied with any of the
        provisions set forth in Part 5(aa) below. 

      

      For
        the
        purposes hereof:

       

      “Cap
        Rating Agency” means each of S&P and Moody’s, to the extent that each such
        rating agency is then providing a rating for any of the MASTR Asset Backed
        Securities Trust 2006-NC3, Mortgage Pass Through Certificates, Series 2006-NC3
        (the “Certificates”) or any notes backed by the Certificates (the “Notes”).

      

      “Eligible
        Guarantee” means an unconditional and irrevocable guarantee that is provided by
        a guarantor as principal debtor rather than surety and is directly enforceable
        by Party B, where (A) either (x) a law firm has given a legal opinion confirming
        that none of the guarantor’s payments to Party B under such guarantee will be
        subject to withholding for Tax or (y) such guarantee provides that, in the
        event
        that any of such guarantor’s payments to Party B are subject to withholding for
        Tax, such guarantor is required to pay such additional amount as is necessary
        to
        ensure that the net amount actually received by Party B (free and clear of
        any
        withholding tax) will equal the full amount Party B would have received had
        no
        such withholding been required and (B) the Rating Agency Condition with respect
        to S&P is satisfied. 

      

      “Eligible
        Replacement” means an entity satisfying (or whose present and future payment and
        delivery obligations owing to Party B are guaranteed pursuant to an Eligible
        Guarantee provided by a guarantor satisfying) the Moody’s
        Ratings Requirement (Second Trigger) and S&P Ratings Requirement (First
        Trigger).
        Where
        the Eligible Replacement will enter into documentation substantively similar
        to
        this Agreement, Party A must provide written notice to each Cap Rating Agency
        of
        such transfer and such transfer must be in connection with the assignment
        and
        assumption of this Agreement without modification of its terms, other than
        party
        names, dates relevant to the effective date of such transfer, tax
        representations and any other representations regarding the status of the
        substitute counterparty. In all other cases, the Rating Agency Condition
        must be
        satisfied with respect to S&P.

       

      “Firm
        Offer” means an offer which, when made, was capable of becoming legally binding
        upon acceptance by the offeree.

       

      “Long
        Term Rating” means the long-term unsecured and unsubordinated debt or
        counterparty rating assigned to a party by a Cap Rating Agency.

       

      “Moody’s”
        shall mean Moody’s Investors Service, Inc., or any successor
        thereto.

       

      “Moody’s
        First Trigger Event” means no Relevant Entity satisfies the Moody’s Ratings
        Requirement (First Trigger).

       

      “Moody’s
        Ratings Requirement (First Trigger)” means, with respect to a party:
(x)
        such
        party’s Short Term Rating from Moody’s is at least “P-1” and its Long Term
        Rating from Moody’s is at least “A2”; or (y) if such party does
        not have a Short Term Rating from Moody’s,
        its
        Long Term Rating from Moody’s is at least “A1.

       

      “Moody’s
        Ratings Requirement (Second Trigger)” means, (x) with respect to a Relevant
        Entity, its Short
        Term Rating from Moody’s is at least “P-2” and its Long Term Rating from Moody’s
        is at least “A3” or (y) if such Relevant Entity does
        not have a Short Term Rating,
        its
        Long Term Rating from Moody’s is at least “A3”.

       

      “Moody’s
        Second Trigger Event” means no
        Relevant Entity satisfies the Moody’s Ratings
        Requirement (Second Trigger).

       

      “Relevant
        Entity” means Party A and any guarantor under an Eligible Guarantee in respect
        of all of Party A’s present and future obligations hereunder.

       

      “S&P”
        means Standard & Poor’s Rating Services, a division of The McGraw-Hill
        Companies, Inc., or any successor thereto.

       

      “S&P
        First Trigger Event” means no Relevant Entity satisfies the S&P Ratings
        Requirement (First Trigger).

       

      “S&P
        Ratings Requirement (First Trigger)” means: (x) the Relevant Entity’s Short Term
        Rating from S&P is at least “A-1” or (y) if such Relevant Entity does not
        have a Short Term Rating from S&P, its Long Term Rating from S&P is at
        least “A+”.

       

      “S&P
        Ratings Requirement (Second Trigger)” means the Relevant Entity’s Long Term
        Rating is at least “BBB-”.

       

      “S&P
        Second Trigger Event”
        means
        that no Relevant Entity’s Long Term Rating satisfies the S&P Ratings
        Requirement (Second Trigger).

       

      “Second
        Trigger Collateralization Level” applies at any time a Moody’s Second Trigger
        Event has occurred and has been continuing for thirty (30) or more Local
        Business Days. For the avoidance of doubt, the Second Trigger Collateralization
        Level shall cease to apply at any time a Relevant Entity satisfies the Moody’s
        Ratings Requirement (Second Trigger).

       

      “Short
        Term Rating” means the short-term unsecured and unsubordinated debt rating
        assigned to a party by a
        Cap
        Rating Agency.

       

      (p) Second
        Trigger Event Additional Obligations. For
        so long as Party A does not satisfy the Moody’s Ratings Requirement (Second
        Trigger) or the S&P Ratings Requirement (Second Trigger), Party
        A
        shall use commercially reasonable efforts to obtain a Firm
        Offer to, as soon as is reasonably practicable, either (1) transfer
        its obligations under this Agreement to an Eligible Replacement that satisfies
        the
        Moody’s Ratings Requirement (Second Trigger) and the S&P Ratings Requirement
        (First Trigger) or (2), to the extent consistent with its then-current internal
        policies and practices, guaranty its present and future payment and delivery
        obligations under this Agreement and the CSA through an Eligible Guarantee
        from
        a guarantor that satisfies the Moody’s Ratings Requirement (Second Trigger) and
        the S&P Ratings Requirement (First Trigger).

       

      Part
        2. 

      Tax
        Representations

      

       

      
        	
                (a)

              	
                Payer
                  Tax Representations.
                  For the purpose of Section 3(e) of this Agreement, Party A and
                  Party B
                  will each make the following representation:
                  None.

              

      

       

      
        	
                 (b)

              	
                Payee
                  Representations.
                  

              

      

       

      
        	 	
                (i)

              	
                For
                  the purpose of Section 3(f) of this Agreement, Party A makes the
                  following
                  representations to Party B: None.

              

        	 	 	 

      

      
        	 	
                (ii)

              	
                For
                  the purpose of Section 3(f) of this Agreement, Party B makes the
                  following
                  representations to Party A: None

              

      

       

       

      Part
        3.

      Agreement
        to Deliver Documents.

       

      For
        the purpose of Sections 4(a)(i) and (ii) of this Agreement, each party agrees
        to
        deliver the following documents, as applicable:

       

      (a) Tax
        forms, documents or certificates to be delivered are:

       

      
        	
                Party
                  required to

                deliver
                  document

              	 	
                 

                Form/Document/Certificate

              	 	
                Date
                  by which to be delivered

              
	
                Party
                  A

                 

              	 	
                An
                  original properly completed and executed United States Internal
                  Revenue
                  Service Form W-8BEN (or any successor thereto), as appropriate,
                  with
                  respect to any payments received or to be received by Party A that
                  eliminates U.S. federal withholding and backup withholding Tax
                  on payments
                  to Party A under this Agreement.

              	 	
                (i)
                  Upon execution and delivery of this Agreement, with such form to
                  be
                  updated at the beginning of each succeeding three calendar year
                  period
                  beginning after execution of this Agreement, or as otherwise required
                  under then applicable U.S. Treasury Regulations; (ii) promptly
                  upon
                  reasonable demand by Party B; and (iii) promptly upon learning
                  that any
                  information on any previously delivered form (or any successor
                  thereto)
                  has become obsolete or incorrect.

              
	 	 	 	 	 
	
                Party
                  B

              	 	
                (i)
                  Upon execution of this Agreement, an original properly completed
                  and
                  executed United States Internal Revenue Service Form W-9 (or any
                  successor
                  thereto) with respect to any payments received or to be received
                  by the
                  initial beneficial owner of payments to Party B under this Agreement,
                  and
                  (ii) thereafter, the appropriate tax certification from (i.e.,
                  IRS Form
                  W-9 or IRS Form W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable
                  (or any
                  successor thereto) with respect to any payments received or to
                  be received
                  by the beneficial owner of payments to Party B under this Agreement
                  from
                  time to time.

              	 	
                (i)
                  Prior to the First Floating Rate Payer Payment Date, (ii) promptly
                  upon
                  reasonable demand by Party A, (iii) promptly upon learning that
                  any such
                  form previously provided by Party B has become obsolete or incorrect
                  and
                  (iv) in the case of a tax certification form other than a Form
                  W-9, before
                  December 31 of each third succeeding calendar
                  year.

              

      

       

      
        	
                (b)

              	
                Other
                  documents to be delivered are:-

              

      

      
      

       

      
        	
                Party
                  required to deliver document

              	 	
                Form/Document/

                Certificate

              	 	
                Date
                  by which

                to
                  be Delivered

              	 	
                Covered
                  by

                Section
                  3(d)

              
	
                Party
                  A

              	 	
                Evidence
                  of authority of signatories to this Agreement

              	 	
                Upon
                  execution of this Agreement

              	 	
                Yes

              
	 	 	 	 	 	 	 
	
                Party
                  B 

              	 	
                Certified
                  copy of the Board of Directors resolution (or equivalent authorizing
                  documentation) which sets forth the authority of each signatory
                  to the
                  Agreement signing on its behalf and the authority of such party
                  to enter
                  into Transactions contemplated and performance of its obligations
                  hereunder

              	 	
                Upon
                  execution of this Agreement

              	 	
                Yes

              
	 	 	 	 	 	 	 
	
                Party
                  A

              	 	
                Any
                  publicly available annual audited financial statements prepared
                  in
                  accordance with generally accepted accounting principles in the
                  country in
                  which Party A is organized

              	 	
                As
                  such statements are made publicly available on Party A’s website
                  (http://www.ubs.com/1/e/investors/annualreporting.html)
                  or on the U.S. Securities Exchange Commission EDGAR information
                  retrieval
                  system

              	 	
                Yes

              
	 	 	 	 	 	 	 
	
                Party
                  A

              	 	
                Any
                  publicly available interim unaudited financial statements prepared
                  in
                  accordance with generally accepted accounting principles in the
                  country in
                  which Party A is organized

              	 	
                As
                  such statements are made publicly available on Party A’s website
                  (http://www.ubs.com/1/e/investors/quarterly_reporting.html
                  or
                  on the U.S. Securities Exchange Commission EDGAR information retrieval
                  system

              	 	
                Yes

              
	 	 	 	 	 	 	 
	
                Party
                  B

              	 	
                A
                  duly executed copy of the Pooling and Servicing Agreement
                  (“PSA”)

              	 	
                Promptly
                  upon being finalized

              	 	
                No

              
	 	 	 	 	 	 	 
	
                Party
                  B

              	 	
                (1)
                  Monthly statements to certificateholders pursuant to Section 4.02
                  of the
                  PSA and (2) Notice of any amendment to the PSA pursuant to Section
                  11.01
                  that would adversely
                  affect in any material respect the interests of Party A.

              	 	
                (i)
                  Available monthly via Party B’s website at: www.ctslink.com 

                (2)At
                  the time specified for such notice to parties in the applicable
                  Section of
                  the PSA

              	 	
                No

              
	 	 	 	 	 	 	 
	
                Party
                  A and Party B

              	 	
                Legal
                  opinions reasonably satisfactory in form and substance to each
                  party
                  

              	 	
                Promptly
                  following execution of this Agreement

              	 	
                No

              

      

       

       

      Part
        4.

      Miscellaneous.

       

      (a) Addresses
        for Notices.
        For the purpose of Section 12(a):-

       

      Address
        for notices or communications to Party A (for all purposes):-

      

      
        	
                Address:

              	
                UBS
                  AG, Stamford Branch

              	 
	 	
                677
                  Washington Boulevard

              	 
	 	
                Stamford,
                  CT 06901

              	 
	
                Attention:

              	
                Legal
                  Affairs

              	 
	
                Facsimile
                  No.:

              	
                (203)
                  719-0680

              	 

      

       

      Address
        for notices or communications to Party B (for all purposes): 

      

      
        	
                Address:

              	
                9062
                  Old Annapolis Road

              	 
	 	
                Columbia,
                  Maryland 21045-1951

              	 
	
                Attention:
                  

              	
                Client
                  Manager - MABS NC3

              	 
	
                Tel
                  No.: 

              	
                410-884-2000

              	 
	
                Facsimile
                  No.: 

              	
                410-715-2380

              	 

      

      

       

      
        	
                (b)

              	
                Process
                  Agent.
                  For the purpose of Section 13(c):-

              

      

       

      Party
        A appoints as its Process Agent, [Please advise]. 

       

      Party
        B appoints as its Process Agent, Not applicable.

       

      
        	
                (c)

              	
                Offices.
                  The provisions of Section 10(a) will apply to this
                  Agreement.

              

      

       

      
        	
                (d)

              	
                Multibranch
                  Party.
                  For the purpose of Section 10(c) of this
                  Agreement:-

              

      

       

      Party
        A is a Multibranch Party and may act through its branches in any of the
        following territories or countries: Australia, England and Wales, Hong Kong,
        Singapore, Switzerland and United States of America. 

       

      Party
        B is not a Multibranch Party.

       

      
        	
                (e)

              	
                Calculation
                  Agent.
                  The Calculation Agent is Party A, unless otherwise specified in
                  a
                  Confirmation in relation to the relevant Transaction; provided,
                  however,
                  that if Party A is the Defaulting Party, Party B shall select a
                  Reference
                  Market Maker to act as Calculation Agent, the cost of which shall
                  be borne
                  by Party A. All calculations by the Calculation Agent shall be
                  made in
                  good faith and through the exercise of its commercially reasonable
                  judgment.

              

      

       

      
        	
                (f)

              	
                Credit
                  Support Document.
                  Details of any Credit Support
                  Document:-

              

      

       

      (i) The
        ISDA Credit Support Annex entered into between Party A and Party B and dated
        as
        of the date hereof (the “CSA”) shall be a Credit Support Document with respect
        to Party A and Party B.

       

      (ii) Any
        Eligible Guarantee provided by a guarantor in support of Party A’s obligations
        hereunder shall be a Credit Support Document with respect to Party
        A.

       

      
        	
                 (g)

              	
                Credit
                  Support Provider.

              

      

       

      In
        relation to Party A: Any
        guarantor providing an Eligible Guarantee in support of Party A’s obligations
        hereunder.

       

      In
        relation to Party B: Not applicable.

       

      
        	
                (h)

              	
                Governing
                  Law.
                  This Agreement will be governed by and construed in accordance
                  with the
                  laws of the State of New York without reference to choice of law
                  doctrine
                  (other than NY General Obligations law Sections 5-1401 and
                  5-1402).

              

      

       

      
        	
                (i)

              	
                Jurisdiction.
                  Section 13(b) of this Agreement is hereby amended by: (i) deleting
                  in the
                  second line of subparagraph (i) thereof the word “non-” and (ii) deleting
                  the final paragraph thereof. 

              

      

       

      
        	
                (j)

              	
                Netting
                  of Payments.
                  Subparagraph (ii) of Section 2(c) of this Agreement will apply
                  to the
                  Transactions under this Agreement.

              

      

       

      
        	
                (k)

              	
                “Affiliate”
                  will have the meaning specified in Section 14 of this Agreement;
                  provided
                  that with respect to Party B, Party B shall be deemed to not have
                  any
                  Affiliates for purposes of this Agreement, including for purposes
                  of
                  Section 6(b)(ii). 

              

      

       

      Part
        5. 

      Other
        Provisions.

       

      
        	
                (a)

              	
                WAIVER
                  OF TRIAL BY JURY. EACH
                  PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY
                  JURY IN ANY
                  LEGAL PROCEEDING IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION
                  THEREUNDER, AND ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT
                  TO
                  THE OTHER PARTY’S ENTERING INTO THIS AGREEMENT AND EACH TRANSACTION
                  HEREUNDER.

              

      

      

      
        	
                (b)

              	
                Definitions.
                  This Agreement, each Confirmation, and each Transaction are subject
                  to the
                  2000 ISDA Definitions as published by the International Swaps and
                  Derivatives Association, Inc. as amended, supplemented, updated,
                  restated,
                  and superseded from time to time (collectively the “Definitions”), and
                  will be governed in all respects by the Definitions. The Definitions,
                  as
                  so modified are incorporated by reference in, and made part of,
                  this
                  Agreement and each Confirmation as if set forth in full in this
                  Agreement
                  and such Confirmations. Subject to Section 1(b) of this Agreement,
                  in the
                  event of any inconsistency between the provisions of this Agreement
                  and
                  the Definitions, this Agreement will prevail. Also, subject to
                  Section
                  1(b) of this Agreement, in the event of any inconsistency between
                  the
                  provisions of any Confirmation and this Agreement, or the Definitions,
                  such Confirmation will prevail for the purpose of the relevant
                  Transaction. The
                  provisions of the Definitions are hereby incorporated by reference
                  in and
                  shall be deemed a part of this Agreement, except that (i) references
                  in
                  the Definitions to a “Swap Transaction” shall be deemed references to a
                  “Transaction” for purposes of this Agreement, and (ii) references to a
                  “Transaction” in this Agreement shall be deemed references to a “Swap
                  Transaction” for purposes of the Definitions. Each term capitalized but
                  not defined in this Agreement or the Definitions shall have the
                  meaning
                  assigned thereto in the Pooling and Servicing
                  Agreement.

              

      

      

      

      
        	
                (c)

              	
                Notices.
                  For the purposes of subsections (iii) and (v) of Section 12(a),
                  the date
                  of receipt shall be presumed to be the date sent if sent on a Local
                  Business Day or, if not sent on a Local Business Day, the date
                  of receipt
                  shall be presumed to be the first Local Business Day following
                  the date
                  sent.

              

      

       

      (d)   Reserved.
        

       

      
        	
                (e)

              	
                No
                  Setoff. Notwithstanding
                  any provision of this Agreement or any other existing or future
                  agreement,
                  each party irrevocably waives any and all rights it may have to
                  set off,
                  net, recoup or otherwise withhold or suspend or condition payment
                  or
                  performance of any obligation between it and the other party hereunder
                  against any obligation between it and the other party under any
                  other
                  agreements. The provisions for Set-off set forth in Section 6(e)
                  of the
                  Agreement shall not apply; provided, however, that upon the designation
                  of
                  any Early Termination Date, in addition to, and not in limitation
                  of any
                  other right or remedy under applicable law, Party A may, by notice
                  to
                  Party B, require Party B to set off any sum or obligation that
                  Party A
                  owed to Party B against any collateral currently held by Party
                  B that
                  Party A has posted to Party B, and Party B shall effect such set-off
                  promptly, if and to the extent permitted to do so under applicable
                  law.

              

      

       

      
        	
                 (f)

              	
                Non-Petition.
                  Party A hereby irrevocably and unconditionally agrees that it will
                  not
                  institute against, or join any other person in instituting against,
                  Party
                  B or the trust created pursuant to the Pooling and Servicing Agreement,
                  any bankruptcy, reorganization, arrangement, insolvency, or similar
                  proceeding under the laws of the United States, the Cayman Islands
                  or any
                  other jurisdiction for the non-payment of any amount due hereunder
                  or any
                  other reason until the payment in full of the Notes and the expiration
                  of
                  a period of one year plus one day (or, if longer, the applicable
                  preference period) following such payment. Pursuant to Section
                  9(c) of
                  this Agreement, the provisions of this Part 5(f) will survive the
                  termination of this Agreement so long as any amounts due hereunder
                  remain
                  outstanding. 

              

      

       

      
        	
                (g)

              	
                Severability.
                  If any term, provision, covenant, or condition of this Agreement,
                  or the
                  application thereof to any party or circumstance, shall be held
                  to be
                  invalid or unenforceable (in whole or in part) for any reason,
                  the
                  remaining terms, provisions, covenants, and conditions hereof shall
                  continue in full force and effect as if this Agreement had been
                  executed
                  with the invalid or unenforceable portion eliminated, so long as
                  this
                  Agreement as so modified continues to express, without material
                  change,
                  the original intentions of the parties as to the subject matter
                  of this
                  Agreement and the deletion of such portion of this Agreement will
                  not
                  substantially impair the respective benefits or expectations of
                  the
                  parties; provided, however, that this severability provision will
                  not be
                  applicable if any provision of Section 2, 5, 6 or 13 of this Agreement
                  (or
                  any definition or provision in Section 14 of this Agreement to
                  the extent
                  it relates to, or is used in or in connection with, such section)
                  is held
                  to be invalid or unenforceable, provided, further, that the parties
                  agree
                  to first use reasonable efforts to amend the affected provisions
                  of
                  Section 2, 5, 6 or 13 of this Agreement (or any definition or provision
                  in
                  Section 14 of this Agreement to the extent it relates to, or is
                  used in or
                  in connection with, such section) so as to preserve the original
                  intention
                  of the parties. It shall in particular be understood that this
                  severability clause shall not affect the single agreement concept
                  of
                  Section 1(c) of this Agreement.

              

      

      

      
        	 	
                The
                  parties shall endeavor to engage in good faith negotiations to
                  replace any
                  invalid or unenforceable term, provision, covenant or condition
                  with a
                  valid or enforceable term, provision, covenant or condition, the
                  economic
                  effect of which comes as close as possible to that of the invalid
                  or
                  unenforceable term, provision, covenant or condition.
                  

              

      

       

      (h)         
         Recording
        of Conversations.
        Each Party: (i) consents to the recording of all telephone conversations
        between
        trading, operations and marketing personnel of the parties and their Affiliates
        in connection with this Agreement or any potential Transaction; (ii) agrees
        to
        give notice to such personnel that their calls will be recorded; and (iii)
        agrees that in any Proceedings, it will not object to the introduction of
        such
        recordings in evidence on grounds that consent was not properly given.

      

      
        	 	
                (i)

              	
                Amendment;
                  Consent.
                  Section 9(b) of the Agreement is amended by adding the following
                  at the
                  end of such Section:

              

      

      

      “No
        amendment, modification or waiver in respect of this Agreement will be effective
        unless the Rating Agency Condition is satisfied.” 

      For
        the purposes of this Agreement, “Rating Agency Condition” means, with respect to
        any particular proposed act or omission to act hereunder, and each Cap Rating
        Agency specified in connection with such proposed act or omission, that the
        party acting or failing to act must consult with each of the specified Swap
        Rating Agencies and receive from each Cap Rating Agency a prior written
        confirmation that the proposed action or inaction would not cause a downgrade
        or
        withdrawal of the then-current rating of any Certificates or Notes.

      

      
        	
                (j) 

              	
                Third
                  Party Beneficiary.
                  Party B hereby acknowledges and agrees that Party A has been made
                  a
                  third-party beneficiary of the provisions under the Pooling and
                  Servicing
                  Agreement and shall be entitled to rights and benefits (including
                  the
                  priority of payments) according to the terms of the Pooling and
                  Servicing
                  Agreement.

              

      

      

      
        	
                (k)
                  

              	
                Limitation
                  of Liability.
                  It
                  is expressly understood and agreed by the parties hereto that insofar
                  as
                  this Agreement is executed by Wells Fargo Bank, National Association
                  (“Wells Fargo”) not in its individual capacity, but solely as Trust
                  Administrator under the Pooling and Servicing Agreement in the
                  exercise of
                  the powers and authority conferred and invested in it thereunder;
                  (i)
                  Wells Fargo has been directed pursuant to the Pooling and Servicing
                  Agreement to enter into this Agreement and to perform its obligations
                  hereunder; (ii) each of the representations, undertakings and agreements
                  herein made on behalf of Party B is made and intended not as personal
                  representations of Wells Fargo but is made and intended for the
                  purpose of
                  binding only the Trust; and (iii) nothing herein shall be construed
                  as
                  imposing any liability on Wells Fargo, individually or personally,
                  to
                  perform any covenant either express or implied contained herein,
                  all such
                  liability, being expressly waived by the parties hereto and by
                  any person
                  claiming by, through or under the parties hereto and under no
                  circumstances shall Wells
                  Fargo in its individual capacity be personally liable for any payment
                  of
                  any indebtedness or expenses or be personally liable for the breach
                  or
                  failure of any obligation, representation, warranty or covenant
                  made or
                  undertaken under this Agreement. 

              

      

      
        	
                (l)
                  

              	
                Representations.
                  Section 3 of this Agreement is hereby amended by adding at the
                  end thereof
                  the following subsection (g):

              

      

       

      “(g)
        Relationship Between Parties.

      

      (1) Non
        Reliance - Evaluation and Understanding. 

      

      (i)
        It is not relying upon any communications (whether written or oral) from
        the
        other party as investment advice or as a recommendation to enter into this
        Agreement, any Credit Support Document to which it is a party and each
        Transaction hereunder (other than the representations expressly set forth
        in
        this Agreement and in such Credit Support Document), it being understood
        that
        information and explanations related to the terms and conditions of a
        Transaction shall not be considered investment advice or a recommendation
        to
        enter into that Transaction; (ii) it has not received from the other party
        any
        assurance or guarantee as to the expected results of any Transaction; (iii)
        it
        has consulted with its own legal, regulatory, tax, business, investment,
        financial, and accounting advisors to the extent it has deemed necessary,
        and it
        has made its own independent investment, hedging, and trading decisions based
        upon its own judgment and upon any advice from such advisors as it has deemed
        necessary and not upon any view expressed by the other party and (iv) it
        understands and accepts the terms, conditions and risks of that Transaction.
        

      

      (2) Purpose.
        It is entering into this Agreement, any Credit Support Document to which
        it is a
        party and each Transaction hereunder for the purposes of managing its borrowings
        or investments, hedging its underlying assets or liabilities or in connection
        with a line of business.

      

      (3) Status
        of
        Parties. The other party is not acting as agent, fiduciary or advisor for
        it in
        respect of any Transaction entered into hereunder.

       

      
        	 	 	
                (4)
                  Eligible Contract Participant. It is an “eligible contract participant” as
                  that term is defined in Section 1a(12) of the U.S. Commodity Exchange
                  Act
                  (7 U.S.C. 1a) as amended by the Commodities Futures Modernization
                  Act of
                  2000.

              

      

       

      

      
        	
                (m)
                  

              	
                Additional
                  Representations. 

              

      

       

      (1)
        Party A Representation. Party A is entering into this Agreement and each
        Transaction as principal (and not as agent or in any other capacity, fiduciary
        or otherwise).

       

      (2)
        Party B Representation. Party B is entering into this Agreement as Trust
        Administrator pursuant to the Pooling and Servicing Agreement.

      

      
        	
                (n)
                  

              	
                Non-Recourse
                  Obligations of Party B.
                  Party A acknowledges and agrees that, notwithstanding any other
                  provision
                  herein, the obligations of Party B under this Agreement and any
                  confirmations hereto are limited recourse obligations of Party
                  B, payable
                  solely from the Trust Fund and the proceeds thereof in accordance
                  with the
                  priority of payments and other terms of the Pooling and Servicing
                  Agreement and that Party A will not have any recourse to any of
                  the
                  directors, officers, employees, shareholders or affiliates of Party
                  B with
                  respect to any claims, losses, damages, liabilities, indemnities
                  or other
                  obligations in connection with any transactions contemplated hereby.
                  In
                  the event that the Trust Fund and the proceeds thereof should be
                  insufficient to satisfy all claims outstanding, any claims against
                  or
                  obligations of Party B under this Agreement or any confirmation
                  hereunder
                  still outstanding shall be extinguished and thereafter not revive.
                  The
                  provisions of this Part 5(n) shall survive the termination of this
                  Agreement. 

              

      

      

      
        	
                (o)
                  

              	
                Change
                  of Account.
                  Section 2(b) of this Agreement is hereby amended by adding the
                  following
                  after the word “delivery” in the first line of the existing text: “to
                  another account in the same legal and tax jurisdiction as the original
                  account”.

              

      

      
        	
                (p)

              	
                 Right
                  to Terminate Following Termination Event.
                  Section 6(b) of this Agreement is hereby amended by inserting the
                  following before the period at the end of the last sentence of
                  the
                  existing text: “; provided, however, that any election by Party A to
                  designate an Early Termination Date arising in respect of a Change
                  in Tax
                  Law shall not be effective if, within 30 days following Party B’s receipt
                  of notice from Party A of Party A’s designation of an Early Termination
                  Date in respect of any event described in Section 5(b)(ii) of this
                  Agreement, Party B notifies Party A that it waives its right to
                  receive
                  additional amounts from Party A under Section 2(d)(i)(4) of this
                  Agreement
                  that would not otherwise be payable but for such Change in Tax
                  Law”.

              

      

      

      (q)          
         Transfer.
        Section 7 of this Agreement is hereby amended to read in its entirety as
        follows: 

      

      Except
        as stated under Section 6(b)(ii) of this Agreement, in this Section 7 of
        this
        Agreement and Part 5 of the Schedule, neither Party A nor Party B is permitted
        to assign, novate or transfer (whether by way of security or otherwise) as
        a
        whole or in part any of its rights, obligations or interests under this
        Agreement without (1) the prior written consent of the other party and (2)
        satisfaction of the Rating Agency Condition with respect to S&P.
        Notwithstanding the immediately foregoing sentence, Party A may transfer
        this
        Agreement to another of Party A’s offices or branches (“Transferee”) on five
        Local Business Days prior written notice to Party B and the Swap Rating Agencies
        (so long as the Certificates are outstanding); provided that, (i) a Termination
        Event or Event of Default does not occur under this Agreement as a result
        of
        such transfer; (ii) and both Party A and the Transferee are at the time of
        transfer “dealers in notional principal contracts” within the meaning of United
        States Treasury Regulation Section 1.1001-4 and (iii) the Rating Agency
        Condition is satisfied with respect to S&P.

      

      
        	
                (r)

              	
                Confirmations.
                  Each Confirmation supplements, forms part of, and will be read
                  and
                  construed as one with this
                  Agreement.

              

      

      

      
        	
                (s)
                  

              	
                Agent
                  for Party B. Party
                  A acknowledges that Party B has appointed the Trust Administrator
                  as its
                  agent under the Pooling and Servicing Agreement to carry out certain
                  functions on behalf of Party B, and that the Trust Administratorshall
                  be
                  entitled to give notices and to perform and satisfy the obligations
                  of
                  Party B hereunder on behalf of Party
                  B.

              

      

       

      
        	
                (t)
                  

              	
                Interpretation.
                  References in this Agreement to the parties hereto, Party A and
                  Party B,
                  shall (for the avoidance of doubt) include, where appropriate,
                  any
                  permitted successors or assigns
                  thereof.

              

      

      

      
        	
                (u)
                  

              	
                Gross
                  Up.
                  The third line of Section 2(d)(i) of this Agreement is hereby amended
                  by
                  the insertion before the phrase “of any relevant governmental revenue
                  authority” of the words “, application or official interpretation” and the
                  insertion of the words “(either generally or with respect to a party of
                  the Agreement)” after such phrase.

              

      

      

      
        	
                (v)

              	
                Scope
                  of Agreement. Upon
                  the effectiveness of this Agreement, unless otherwise agreed to
                  in writing
                  by the parties to this Agreement with respect to specific Specified
                  Transactions, all Specified Transactions then outstanding or any
                  future
                  Specified Transactions between Offices of the parties listed in
                  Part 4(d)
                  of this Schedule shall be subject to the terms hereof and each
                  such
                  Specified Transaction shall be a “Transaction” for purposes of this
                  Agreement.

              

      

      

      
        	
                (w)

              	
                 Deduction
                  or Withholding for Tax.
                  Notwithstanding the definition of “Indemnifiable Tax” in Section 14 of
                  this Agreement, in relation to payments by Party A, any Tax shall
                  be an
                  Indemnifiable Tax and, in relation to payments by Party B, no Tax
                  shall be
                  an Indemnifiable Tax.

              

      

      

      
        	
                (x)

              	
                Failure
                  to Deliver Collateral. Notwithstanding Sections 5(a)(i) and
                  5(a)(iii) or anything in the CSA to the contrary, any failure by
                  Party A
                  to comply with or perform any obligation to be complied with or
                  performed
                  by Party A under the CSA shall not be an Event of Default unless
                  (A) the
                  Second Trigger Collateralization Level applies, and (B) such failure
                  is
                  not remedied on or before the third (3rd) Local Business Day
                  after notice of such failure is given to Party
                  A.

              

      

      

      (y)         
         Tax Event and Tax Event Upon
        Merger.

      

      Section
        5(b)(ii) will apply, provided that the words “(x) any action taken by a taxing
        authority, or brought in a court of competent jurisdiction, on or after the
        date
        on which a Transaction is entered into (regardless of whether such action
        is
        taken or brought with respect to a party to this Agreement) or (y)” shall be
        deleted.

      

      Section
        5(b)(iii) will apply, provided that Party A shall not be entitled to designate
        an Early Termination Date by reason of a Tax Event Upon Merger in respect
        of
        which it is the Affected Party.

      

      Section
        6(b)(ii) will apply, provided that the words “or if a Tax Event Upon Merger
        occurs and the Burdened Party is the Affected Party” shall be deleted.

      

      
        	
                (z)

              	
                Cap Rating
                  Agency Notifications.

              

      

       

      
        	 	
                Notwithstanding
                  any other provision of this Agreement, this Agreement shall not
                  be
                  amended, no Early Termination Date shall be effectively designated
                  by
                  Party B, and no transfer of any rights or obligations under this
                  Agreement
                  shall be made (other than a transfer of all of Party A’s rights and
                  obligations with respect to this Agreement in accordance with Part
                  5(q)
                  above) unless the Cap Rating Agencies have been given prior written
                  notice
                  of such amendment, designation or transfer.

              

      

      

      (aa)       
          Compliance with Regulation AB 

      

      
        	 	 	 	
                Party
                  A agrees and acknowledges that Mortgage Asset Securitization Transactions,
                  Inc. (“Depositor”) is required under Regulation AB under the Securities
                  Act of 1933, as amended, and the Securities Exchange Act of 1934,
                  as
                  amended (the “Exchange Act”) (“Regulation AB”), to disclose certain
                  financial information regarding Party A, depending on the aggregate
                  “Significance Percentage” of all Transactions under this Agreement,
                  together with any other transactions that fall within the meaning
                  of
                  “derivative contracts” for the purposes of Item 1115 of Regulation AB
                  between Party A and Party B, as calculated from time to time in
                  accordance
                  with the Calculation Methodology (as defined
                  below).

              

      

      

      (ii)
        It
        shall be a swap disclosure event (“Swap Disclosure Event”) if, on any Business
        Day after the date hereof, Depositor notifies Party A that the Significance
        Percentage has reached one of the thresholds for significance of derivative
        contracts set forth in Item 1115 of Regulation AB (based on a reasonable
        determination by Depositor, in good faith and using the Calculation Methodology,
        of such Significance Percentage).

      

      (iii) Upon
        the
        occurrence of a Swap Disclosure Event, Party A, at its own expense, shall
        provide to Depositor the applicable Swap Financial Disclosure (as defined
        below).

      

      (iv) In
        the
        alternative to subparagraph (iii) above, upon the occurrence of a Swap
        Disclosure Event or at any time after complying with subparagraph (iii) above,
        Party A may, at its option and at its own expense, (a) secure another entity
        to
        replace Party A as party to this Agreement on terms substantially similar
        to
        this Agreement and subject to prior notification to the Swap Rating Agencies,
        which entity (or a guarantor therefor) meets or exceeds the S&P Ratings
        Requirement (First Trigger) and Moody’s Ratings Requirement (Second Trigger)
        (and which satisfies the Rating Agency Condition) and which entity is able
        to
        comply with the requirements of Item 1115 of Regulation AB or (b) obtain
        a
        guaranty of the Party A’s obligations under this Agreement from an affiliate of
        the Party A that is able to comply with the financial information disclosure
        requirements of Item 1115 of Regulation AB, such that disclosure provided
        in
        respect of the affiliate will satisfy any disclosure requirements applicable
        to
        the Swap Provider, and cause such affiliate to provide Swap Financial
        Disclosure. If permitted by Regulation AB, any required Swap Financial
        Disclosure may be provided by reference to or incorporation by reference
        from
        reports filed pursuant to the Exchange Act.

      

      (v) Party
        A
        agrees that, in the event that Party A provides Swap Financial Disclosure
        to
        Depositor in accordance with paragraph (iii) above or causes its affiliate
        to
        provide Swap Financial Disclosure to Depositor in accordance with paragraph
        (iv)(b) above, it will indemnify and hold harmless Depositor, its respective
        directors or officers and any person controlling Depositor, from and against
        any
        and all losses, claims, damages and liabilities (any “Damage”) caused by any
        untrue statement or alleged untrue statement of a material fact contained
        in
        such Swap Financial Disclosure or caused by any omission or alleged omission
        to
        state in such Swap Financial Disclosure a material fact required to be stated
        therein or necessary to make the statements therein, in light of the
        circumstances under which they were made, not misleading; provided, however
        that
        the foregoing shall not apply to any Damage caused by the negligence or any
        willful action of Depositor or any other party (other than Party A or any
        of its
        affiliates or any of their respective agents), including without limitation
        any
        failure to calculate the Significance Percentage according to the terms of
        this
        Agreement or to make any filing as and when required under Regulation
        AB.

      

      
        	(vi)  	
                Depositor
                  shall be an express third party beneficiary of this Agreement as
                  if it
                  were a party hereto to the extent of Depositor’s rights explicitly
                  specified herein.

              

      

      

      (vii) In
        the
        event that Party A provides the information referred to above, such information
        shall be provided on the date that is the later of (i) five (5) Business
        Days
        after the Swap Disclosure Event or (ii) five (5) Business Days after the
        relevant Distribution Date for which the Trust Administrator will be required
        to
        file a Form 10-D.

      

      For
        the
        purposes hereof:

      

      “Calculation
        Methodology”
        means
        such method for determining maximum probable exposure of a derivative contract
        as mutually agreed to by Depositor and Party A.

      

      “Swap
        Financial Disclosure”
        means
        the financial information specified in Item 1115 of Regulation AB relating
        to
        the applicable Significance Percentage. 

      

      
        	
                 (bb)

              	
                Limitation
                  on Events of Default.
                  Notwithstanding the provisions of Sections 5 and 6 of this Agreement,
                  if
                  at any time and so long as Party B has satisfied in full all its
                  payment
                  obligations under Section 2(a)(i) of this Agreement in respect
                  of the
                  transaction with the reference numbers 37536063 and 37536083 (each,
                  a “Cap
                  Transaction”) and has at the time no future payment obligations, whether
                  absolute or contingent, under such Section in respect of such Cap
                  Transaction, then unless Party A is required pursuant to appropriate
                  proceedings to return to Party B or otherwise returns to Party
                  B upon
                  demand of Party B any portion of any such payment in respect of
                  such Cap
                  Transaction, (a) the occurrence of an event described in Section
                  5(a) of
                  this Agreement with respect to Party B shall not constitute an
                  Event of
                  Default or Potential Event of Default with respect to Party B as
                  Defaulting Party in respect of such Cap Transaction and (b) Party
                  A shall
                  be entitled to designate an Early Termination Date pursuant to
                  Section 6
                  in respect of such Cap Transaction only as a result of the occurrence
                  of a
                  Termination Event set forth in either Section 5(b)(i) or 5(b)(ii)
                  of this
                  Agreement with respect to Party A as the Affected Party, or Section
                  5(b)(iii) of this Agreement with respect to Party A as the Burdened
                  Party.
                  For purposes of each Transaction identified by the reference numbers
                  37536063 and 37536083, Party A acknowledges and agrees that Party
                  B’s only
                  obligation under Section 2(a)(i) of this Agreement in respect of
                  each Cap
                  Transaction is to pay the related Fixed Amount on the related Fixed
                  Amount
                  Payer Payment Date.

              

      

      

      [signatures
        follow]

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      The
        parties executing this Schedule have executed the Master Agreement and have
        agreed as to the contents of this Schedule.

      

       

      
        	
                UBS
                  AG

              	 	
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION, 

                not
                  individually, but solely as trust administrator with respect to
                  the MASTR
                  Asset Backed Securities Trust 2006-NC3, Mortgage Pass Through
                  Certificates, Series 2006-NC3

              
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	
                By:

              	 
	
                Name:

              	 	 	
                Name:

              	 
	
                Title:

              	 	 	
                Title:

              	 
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	 	 
	
                Name:

              	 	 	 	 
	
                Title:

              	 	 	 	 

      

       

      

       

      

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Execution
        Copy (Swap)

      ISDA®

      CREDIT
        SUPPORT ANNEX

      to
        the
        Schedule to the

      ISDA
        Master Agreement

      dated
        as
        of December 28, 2006 between

      UBS
        AG
        (hereinafter referred to as “Party
        A”
        or
“Pledgor”)

      and

      WELLS
        FARGO BANK, NATIONAL ASSOCIATION,
        not
        individually, but solely as trustee on behalf of the Supplemental Interest
        Trust
        for the MASTR Asset Backed Securities Trust 2006-NC3, Mortgage Pass Through
        Certificates, Series 2006-NC3 (“Party B”)

      (hereinafter
        referred to as “Party
        B”
        or
“Secured
        Party”).

      

      For
        the
        avoidance of doubt, and notwithstanding anything to the contrary that may
        be
        contained in the Agreement, this Credit Support Annex shall relate solely
        to the
        Transaction documented in the Confirmation dated as of December 28, 2006
        between
        Party A and Party B, Reference Number 37536220

      

       

      Paragraph
        13. Elections and Variables.

       

      
        	(a)  	
                Security
                  Interest for “Obligations”.
                  The term “Obligations”
                  as
                  used in this Annex includes the following additional
                  obligations:

              

      

       

      With
        respect to Party A: not applicable.

       

      With
        respect to Party B: not applicable.

       

      
        	(b)  	
                Credit
                  Support Obligations.

              

      

       

      
        	(i)  	
                Delivery
                  Amount, Return Amount and Credit Support
                  Amount.

              

      

       

      
        	(A)  	
                “Delivery
                  Amount”
                  has the meaning specified in Paragraph 3(a) as amended (I) by deleting
                  the
                  words “upon a demand made by the Secured Party on or promptly following
                  a
                  Valuation Date” and inserting in lieu thereof the words “not later than
                  the close of business on each Valuation Date” and (II) by deleting in its
                  entirety the sentence beginning “Unless otherwise specified in Paragraph
                  13” and ending “(ii) the Value as of that Valuation Date of all Posted
                  Credit Support held by the Secured Party.” and inserting in lieu thereof
                  the following:

              

      

       

      The
        “Delivery
        Amount”
        applicable to the Pledgor for any Valuation Date will equal the greatest
        of

       

      
        	 	
                (1)
                  

              	
                the
                  amount by which (a) the S&P Credit Support Amount for such Valuation
                  Date exceeds (b) the S&P Value as of such Valuation Date of all Posted
                  Credit Support held by the Secured Party,

              

      

       

      
        	 	
                (2)
                  

              	
                the
                  amount by which (a) the Moody’s First Trigger Credit Support Amount for
                  such Valuation Date exceeds (b) the Moody’s First Trigger Value as of such
                  Valuation Date of all Posted Credit Support held by the Secured
                  Party,
                  and

              

      

       

      
        	 	
                (3)
                  

              	
                the
                  amount by which (a) the Moody’s Second Trigger Credit Support Amount for
                  such Valuation Date exceeds (b) the Moody’s Second Trigger Value as of
                  such Valuation Date of all Posted Credit Support held by the Secured
                  Party.

              

      

       

      
        	(B)  	
                “Return
                  Amount”
                  has the meaning specified in Paragraph 3(b) as amended by deleting
                  in its
                  entirety the sentence beginning “Unless otherwise specified in Paragraph
                  13” and ending “(ii) the Credit Support Amount.” and inserting in lieu
                  thereof the following:

              

      

       

      The
        “Return
        Amount”
        applicable to the Secured Party for any Valuation Date will equal the least
        of

       

      
        	 	
                (1)
                  

              	
                the
                  amount by which (a) the S&P Value as of such Valuation Date of all
                  Posted Credit Support held by the Secured Party exceeds (b) the
                  S&P
                  Credit Support Amount for such Valuation Date,

              

      

       

      
        	 	
                (2)
                  

              	
                the
                  amount by which (a) the Moody’s First Trigger Value as of such Valuation
                  Date of all Posted Credit Support held by the Secured Party exceeds
                  (b)
                  the Moody’s First Trigger Credit Support Amount for such Valuation Date,
                  and

              

      

       

      
        	 	
                (3)
                  

              	
                the
                  amount by which (a) the Moody’s Second Trigger Value as of such Valuation
                  Date of all Posted Credit Support held by the Secured Party exceeds
                  (b)
                  the Moody’s Second Trigger Credit Support Amount for such Valuation
                  Date.

              

      

       

      
        	(C)  	
                “Credit
                  Support Amount”
                  shall not apply. For purposes of calculating any Delivery Amount
                  or Return
                  Amount for any Valuation Date, reference shall be made to the S&P
                  Credit Support Amount, the Moody’s First Trigger Credit Support Amount, or
                  the Moody’s Second Trigger Credit Support Amount, in each case for such
                  Valuation Date, as provided in Paragraphs 13(b)(i)(A) and 13(b)(i)(B),
                  above.

              

      

       

      
        	(ii)  	
                Eligible
                  Collateral.
                  

              

      

       

      On
        any
        date, the following items will qualify as “Eligible
        Collateral”:

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	
                 

                Collateral
                  

              	
                S&P
                  Valuation 

                Percentage

              	
                Moody’s
                  

                First
                  Trigger Valuation
                  Percentage

              	
                Moody’s
                  

                Second
                  Trigger Valuation
                  Percentage

              
	
                (A)  Cash
                  in the form of USD

              	
                100%

              	
                100%

              	
                100%

              
	 	 	 	 
	
                (B)  Fixed-rate
                  negotiable USD denominated debt obligations issued by the U.S.
                  Treasury
                  Department having a remaining maturity on such date of not more
                  than one
                  year

              	
                98.5%

              	
                100%

              	
                100%

              
	 	 	 	 
	
                (C)  Fixed-rate
                  negotiable USD denominated debt obligations issued by the U.S.
                  Treasury
                  Department having a remaining maturity on such date of more than
                  one year
                  but not more than ten years

              	
                89.9%

              	
                100%

              	
                94%

              
	 	 	 	 
	
                (D)  Fixed-rate
                  negotiable USD denominated debt obligations issued by the U.S.
                  Treasury
                  Department having a remaining maturity on such date of more than
                  ten
                  years

              	
                83.9%

              	
                100%

              	
                87%

              

      

      

       

      
        	(iii)  	
                Other
                  Eligible Support. 

              

      

       

      The
        following items will qualify as “Other
        Eligible Support”
        for the
        party specified: 

       

      Not
        applicable.

       

      
        	(iv)  	
                Threshold.

              

      

       

      
        	(A)  	
                “Independent
                  Amount”
                  means zero with respect to Party A and Party
                  B.

              

      

       

      
        	(B)  	
                “Threshold”
                  means, with respect to Party A and any Valuation Date, zero if
                  a
                  Collateral Event has occurred and has been continuing (i) (x)for
                  at least
                  30 daysor (y) since this Annex was executed, or (ii) an S&P Second
                  Trigger Event has occurred and is continuing; otherwise,
                  infinity.

              

      

       

        “Threshold”
        means,
        with respect to Party B and any Valuation Date, infinity.

       

      
        	(C)  	
                “Minimum
                  Transfer Amount” means
                  USD 100,000 with respect to Party A and Party B; provided, however,
                  that
                  if the aggregate Certificate Principal Balance and note principal
                  balance
                  of Certificates and Notes rated by S&P ceases to be more than USD
                  50,000,000, the “Minimum
                  Transfer Amount”
                  shall be USD 50,000.

              

      

       

      
        	(D)  	
                Rounding:
                  The Delivery Amount will be rounded up to the nearest integral
                  multiple of
                  USD 10,000. The Return Amount will be rounded down to the nearest
                  integral
                  multiple of USD 1,000.

              

      

       

      
        	(c)  	
                Valuation
                  and Timing.

              

      

       

      
        	(i)  	
                “Valuation
                  Agent”
                  means Party A; provided, however, that if an Event of Default shall
                  have
                  occurred with respect to which Party A is the Defaulting Party,
                  Party B
                  shall have the right to designate as Valuation Agent an independent
                  party,
                  reasonably acceptable to Party A, the cost for which shall be borne
                  by
                  Party A. All calculations by the Valuation Agent must be made in
                  accordance with standard market practice, including, in the event
                  of a
                  dispute as to the Value of any Eligible Credit Support or Posted
                  Credit
                  Support, by making reference to quotations received by the Valuation
                  Agent
                  from one or more Pricing Sources.

              

      

       

      
        	(ii)  	
                “Valuation
                  Date” means
                  each Local Business Dayon which any of the S&P Credit Support Amount,
                  the Moody’s First Trigger Credit Support Amount or the Moody’s Second
                  Trigger Credit Support Amount is greater than
                  zero.

              

      

       

      
        	(iii)  	
                “Valuation
                  Time” means
                  the close of business in the city of the Valuation Agent on the
                  Local
                  Business Day immediately preceding the Valuation Date or date of
                  calculation, as applicable; provided
                  that the calculations of Value and Exposure will be made as of
                  approximately the same time on the same date.

              

      

       

      
        	(iv)  	
                “Notification
                  Time” means
                  11:00 a.m., New York time, on a Local Business Day.
                  

              

      

       

      
        	(v)  	
                External
                  Verification.
                  Notwithstanding anything to the contrary in the definitions of
                  Valuation
                  Agent or Valuation Date, at any time at which Party A (or, to the
                  extent
                  applicable, its Credit Support Provider) does not have a long-term
                  unsubordinated and unsecured debt rating of at least “BBB+” from S&P,
                  the Valuation Agent shall (A) calculate the Secured Party’s Exposure and
                  the S&P Value of Posted Credit Suppport on each Valuation Date based
                  on internal marks and (B) verify such calculations with external
                  marks
                  monthly by obtaining on the last Local Business Day of each calendar
                  month
                  two external marks for each Transaction to which this Annex relates
                  and
                  for all Posted Credit Suport; such verification of the Secured
                  Party’s
                  Exposure shall be based on the higher of the two external marks.
                  Each
                  external mark in respect of a Transaction shall be obtained from
                  an
                  independent Reference Market-maker that would be eligible and willing
                  to
                  enter into such Transaction in the absence of the current derivative
                  provider, provided that an external mark may not be obtained from
                  the same
                  Reference Market-maker more than four times in any 12-month period.
                  The
                  Valuation Agent shall obtain these external marks directly or through
                  an
                  independent third party, in either case at no cost to Party B.
                  The
                  Valuation Agent shall calculate on each Valuation Date (for purposes
                  of
                  this paragraph, the last Local Business Day in each calendar month
                  referred to above shall be considered a Valuation Date) the Secured
                  Party’s Exposure based on the greater of the Valuation Agent’s internal
                  marks and the external marks received. If the S&P Value on any such
                  Valuation Date of all Posted Credit Support then held by the Secured
                  Party
                  is less than the S&P Credit Support Amount on such Valuation Date (in
                  each case as determined pursuant to this paragraph), Party A shall,
                  within
                  three Local Business Days of such Valuation Date, Transfer to the
                  Secured
                  Party Eligible Credit Support having an S&P Value as of the date of
                  Transfer at least equal to such deficiency.

              

      

       

      
        	(vi)  	
                Notice
                  to S&P.
                  At
                  any time at which Party A (or, to the extent applicable, its Credit
                  Support Provider) does not have a long-term unsubordinated and
                  unsecured
                  debt rating of at least “BBB+” from S&P, the Valuation Agent shall
                  provide to S&P not later than the Notification Time on the Local
                  Business Day following each Valuation Date its calculations of
                  the Secured
                  Party’s Exposure and the S&P Value of any Eligible Credit Support or
                  Posted Credit Support for that Valuation Date. The Valuation Agent
                  shall
                  also provide to S&P any external marks received pursuant to the
                  preceding paragraph.

              

      

       

      
        	(d)  	
                Conditions
                  Precedent and Secured Party’s Rights and
                  Remedies.
                  The following Termination Events will be a “Specified
                  Condition”
                  for the party specified (that party being the Affected Party if
                  the
                  Termination Event occurs with respect to that party): With respect
                  to
                  Party A: any Additional Termination Event with respect to which
                  Party A is
                  the sole Affected Party. With respect to Party B:
                  None.

              

      

       

      
        	(e)  	
                Substitution.

              

      

       

      
        	(i)  	
                “Substitution
                  Date”
                  has the meaning specified in Paragraph
                  4(d)(ii).

              

      

       

      
        	(ii)  	
                Consent.
                  If
                  specified here as applicable, then the Pledgor must obtain the
                  Secured
                  Party’s consent for any substitution pursuant to Paragraph 4(d):
                  Inapplicable.

              

      

       

      
        	(f)  	
                Dispute
                  Resolution.

              

      

       

      
        	(i)  	
                “Resolution
                  Time”
                  means 1:00 p.m. New York time on the Local Business Day following
                  the date
                  on which the notice of the dispute is given under Paragraph
                  5.

              

      

       

      
        	(ii)  	
                Value.
                  Notwithstanding anything to the contrary in Paragraph 12, for the
                  purpose
                  of Paragraphs 5(i)(C) and 5(ii), the S&P Value, Moody’s First Trigger
                  Value, and Moody’s Second Trigger Value, on any date, of Eligible
                  Collateral other than Cash will be calculated as follows:
                  

              

      

       

      For
        Eligible Collateral in the form of securities listed in Paragraph 13(b)(ii):
        the
        sum of (A) the product of (1)(x) the bid price at the Valuation Time for
        such
        securities on the principal national securities exchange on which such
        securities are listed, or (y) if such securities are not listed on a national
        securities exchange, the bid price for such securities quoted at the Valuation
        Time by any principal market maker for such securities selected by the Valuation
        Agent, or (z) if no such bid price is listed or quoted for such date, the
        bid
        price listed or quoted (as the case may be) at the Valuation Time for the
        day
        next preceding such date on which such prices were available and (2) the
        applicable Valuation Percentage for such Eligible Collateral, and (B) the
        accrued interest on such securities (except to the extent Transferred to
        the
        Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price
        referred to in the immediately preceding clause (A)) as of such
        date.

       

      
        	(iii)  	
                Alternative.
                  The provisions of Paragraph 5 will
                  apply.

              

      

       

      
        	(g)  	
                Holding
                  and Using Posted
                  Collateral.

              

      

       

      
        	(i)  	
                Eligibility
                  to Hold Posted Collateral; Custodians.  Party
                  B (or any Custodian) will be entitled to hold Posted Collateral
                  pursuant
                  to Paragraph 6(b). 

              

      

       

      Party
        B
        may appoint as Custodian (A) the entity then serving as Supplemental Interest
        Trust Trustee or (B) any entity other than the entity then serving as
        Supplemental Interest Trust Trustee if such other entity (or, to the extent
        applicable, its parent company or credit support provider) shall then have
        a
        short-term unsecured and unsubordinated debt rating from S&P of at least
“A-1.”

       

      Initially,
        the Custodian
        for
        Party B is: Wells Fargo Bank, N.A.

       

      
        	(ii)  	
                Use
                  of Posted Collateral. The
                  provisions of Paragraph 6(c)(i) will not apply to Party B, but
                  the
                  provisions of Paragraph 6(c)(ii) will apply to Party B.
                  

              

      

       

      
        	(h)  	
                Distributions
                  and Interest Amount.

              

      

       

      
        	(i)  	
                Interest
                  Rate.
                  The “Interest
                  Rate”
                  will be the interest rate per annum equal to the overnight Federal
                  Funds
                  Rate (as reported in Federal Reserve Publication H.15-519) for
                  each day
                  Posted Collateral in the form of Cash is held by Party B’s Custodian
                  according to Paragraph 13(l) of this Annex. 

              

      

       

      
        	(ii)  	
                Transfer
                  of Interest Amount.
                  The Transfer of the Interest Amount will be made on the second
                  Local
                  Business Day following the end of each calendar month and on any
                  other
                  Local Business Day on which Posted Collateral in the form of Cash
                  is
                  Transferred to the Pledgor pursuant to Paragraph 3(b); provided,
                  however,
                  that the obligation of Party B to Transfer any Interest Amount
                  to Party A
                  shall be limited to the extent that Party B has earned and received
                  such
                  funds as interest in respect of Posted Collateral in the form of
                  Cash and
                  such funds are available to Party B.

              

      

       

      
        	(iii)  	
                Alternative
                  to Interest Amount.
                  The provisions of Paragraph 6(d)(ii) will
                  apply.

              

      

       

      
        	(i)  	
                Additional
                  Representation(s).
                  There are no additional representations by either
                  party.

              

      

       

      
        	(j)  	
                Other
                  Eligible Support and Other Posted Support.

              

      

       

      
        	(i)  	
                “Value”
                  with respect to Other Eligible Support and Other Posted Support
                  means: not
                  applicable. 

              

      

       

      
        	(ii)  	
                “Transfer”
                  with respect to Other Eligible Support and Other Posted Support
                  means: not
                  applicable.

              

      

       

      
        	(k)  	
                Demands
                  and Notices.All
                  demands, specifications and notices under this Annex will be made
                  pursuant
                  to the Notices Section of this Agreement, except that any demand,
                  specification or notice shall be given to or made at the following
                  addresses, or at such other address as the relevant party may from
                  time to
                  time designate by giving notice (in accordance with the terms of
                  this
                  paragraph) to the other party:

              

      

       

      If
        to
        Party A:

       

      UBS
        AG,
        Stamford Branch / Collateral Management/ 677 Washington Boulevard, Stamford,
        CT
        06901 / Attention: Margin Specialist / Telephone 203-719-6116 /
        DL-Coll-STM@otc.ubs.com

       

      If
        to
        Party B, at the address specified pursuant to the Notices Section of this
        Agreement.

       

      If
        to
        Party B’s Custodian: Same address as if to Party B pursuant to the Notices
        Section of this Agreement.

       

      
        	(l)  	
                Address
                  for Transfers.
                  Each Transfer hereunder shall be made to the address [specified
                  below or
                  to an address] specified in writing from time to time by the party
                  to
                  which such Transfer will be made.

              

      

       

      Party
        A
        account details - To be provided.

       

      Party
        B
        account details:

       

      Wells
        Fargo Bank, N.A. / San Francisco, CA / ABA# 121-000-248 / Acct # 3970771416
        /
        For Credit to: Corporate Trust Clearing / FFC: Swap Posted Collateral Account,
        Account # 50978004

       

      
        	(m)  	
                Other
                  Provisions.

              

      

       

      
        	(i)  	
                Collateral
                  Account.
                  Party B shall open and maintain a segregated account, which shall
                  be an
                  Eligible Account, and hold, record and identify all Posted Collateral
                  in
                  such segregated account.

              

      

       

      
        	(ii)  	
                Agreement
                  as to Single Secured Party and Single Pledgor.
                  Party A and Party B hereby agree that, notwithstanding anything
                  to the
                  contrary in this Annex, (a) the term “Secured Party” as used in this Annex
                  means only Party B, (b) the term “Pledgor” as used in this Annex means
                  only Party A, (c) only Party A makes the pledge and grant in Paragraph
                  2,
                  the acknowledgement in the final sentence of Paragraph 8(a) and
                  the
                  representations in Paragraph 9.

              

      

       

      
        	(iii)  	
                Calculation
                  of Value.
                  Paragraph 4(c) is hereby amended by deleting the word “Value” and
                  inserting in lieu thereof “S&P Value, Moody’s First Trigger Value,
                  Moody’s Second Trigger Value”. Paragraph 4(d)(ii) is hereby amended by (A)
                  deleting the words “a Value” and inserting in lieu thereof “an S&P
                  Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value” and
                  (B) deleting the words “the Value” and inserting in lieu thereof “S&P
                  Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.
                  Paragraph 5 (flush language) is hereby amended by deleting the
                  word
                  “Value” and inserting in lieu thereof “S&P Value, Moody’s First
                  Trigger Value, or Moody’s Second Trigger Value”. Paragraph 5(i) (flush
                  language) is hereby amended by deleting the word “Value” and inserting in
                  lieu thereof “S&P Value, Moody’s First Trigger Value, and Moody’s
                  Second Trigger Value”. Paragraph 5(i)(C) is hereby amended by deleting the
                  word “the Value, if” and inserting in lieu thereof “any one or more of the
                  S&P Value, Moody’s First Trigger Value, or Moody’s Second Trigger
                  Value, as may be”. Paragraph 5(ii) is hereby amended by (1) deleting the
                  first instance of the words “the Value” and inserting in lieu thereof “any
                  one or more of the S&P Value, Moody’s First Trigger Value, or Moody’s
                  Second Trigger Value” and (2) deleting the second instance of the words
                  “the Value” and inserting in lieu thereof “such disputed S&P Value,
                  Moody’s First Trigger Value, or Moody’s Second Trigger Value”. Each of
                  Paragraph 8(b)(iv)(B) and Paragraph 11(a) is hereby amended by
                  deleting
                  the word “Value” and inserting in lieu thereof “least of the S&P
                  Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.
                  

              

      

       

      
        	(iv)  	
                Form
                  of Annex. Party
                  A and Party B hereby agree that the text of Paragraphs 1 through
                  12,
                  inclusive, of this Annex is intended to be the printed form of
                  ISDA Credit
                  Support Annex (Bilateral Form - ISDA Agreements Subject to New
                  York Law
                  Only version) as published and copyrighted in 1994 by the International
                  Swaps and Derivatives Association,
                  Inc.

              

      

       

      
        	(v)  	
                Events
                  of Default.
                  Paragraph 7 will not apply to cause any Event of Default to exist
                  with
                  respect to Party B except that Paragraph 7(i) will apply to Party
                  B solely
                  in respect of Party B’s obligations under Paragraph 3(b) of the Credit
                  Support Annex. Notwithstanding anything to the contrary in Paragraph
                  7,
                  any failure by Party A to comply with or perform any obligation
                  to be
                  complied with or performed by Party A under the Credit Support
                  Annex shall
                  only be an Event of Default if (A) a Moody’s Second Trigger Event or an
                  S&P Second Trigger Event has occurred and been continuing for 30
                  or
                  more Local Business Days and (B) such failure is not remedied on
                  or before
                  the third Local Business Day after notice of such failure is given
                  to
                  Party A.

              

      

       

      
        	(vi)  	
                Expenses.
                  Notwithstanding anything to the contrary in Paragraph 10, the Pledgor
                  will
                  be responsible for, and will reimburse the Secured Party for, all
                  transfer
                  and other taxes and other costs involved in any Transfer of Eligible
                  Collateral.

              

      

       

      
        	(vii)  	
                Withholding.
                  Paragraph 6(d)(ii) is hereby amended by inserting immediately after
“the
                  Interest Amount” in the fourth line thereof the words “less any applicable
                  withholding taxes.”

              

      

       

      
        	(viii)  	
                Notice
                  of Failure to Post Collateral. Upon
                  any failure by Party A to post collateral as required under this
                  Agreement, Party B shall, no later than the next Business Day after
                  the
                  date such collateral was required to be posted, give a written
                  notice of
                  such failure to Party A and to Depositor. For the avoidance of
                  doubt,
                  notwithstanding anything in this Agreement to the contrary, the
                  failure of
                  Party B to comply with the requirements of this paragraph shall
                  not
                  constitute an Event of Default or Termination Event.
                  

              

      

       

      (ix) Additional
        Definitions.
        As used
        in this Annex:

       

      “Approved
        Ratings Threshold” means
        each of the Moody’s Ratings Requirement (First Trigger) and S&P Ratings
        Requirement (First Trigger).

       

      “Collateral
        Event” means
        that no Relevant Entity has credit ratings at least equal to the Approved
        Ratings Threshold.

       

       “DV01”
        means,
        with respect to a Transaction and any date of determination, the sum of the
        estimated change in the Secured Party’s Transaction Exposure with respect to
        such Transaction that would result from a one basis point change in the relevant
        swap curve on such date, as determined by the Valuation Agent in good faith
        and
        in a commercially reasonable manner. The Valuation Agent shall, upon request
        of
        Party B, provide to Party B a statement showing in reasonable detail such
        calculation.

       

      “Exposure”
        has the
        meaning specified in Paragraph 12, except that after the word “Agreement” the
        words “(assuming, for this purpose only, that Part 1(f) of the Schedule is
        deleted)” shall be inserted. 

       

      “Fitch
        Rating Threshold Event” means,
        on
        any date, no Relevant Entity has credit ratings from Fitch which exceed the
        Fitch Approved Ratings Threshold.

       

      “Local
        Business Day”
means:
        any day on which (A) commercial banks are open for business (including dealings
        in foreign exchange and foreign currency deposits) in New York and the location
        of Party A, Party B and any Custodian, and (B) in relation to a Transfer
        of
        Eligible Collateral, any day on which the clearance system agreed between
        the
        parties for the delivery of Eligible Collateral is open for acceptance and
        execution of settlement instructions (or in the case of a Transfer of Cash
        or
        other Eligible Collateral for which delivery is contemplated by other means
        a
        day on which commercial banks are open for business (including dealings in
        foreign exchange and foreign deposits) in New York and the location of Party
        A,
        Party B and any Custodian. 

       

      “Moody’s
        First Trigger Event” means
        that no Relevant Entity has credit ratings from Moody’s at least equal to the
        Moody’s First Trigger Ratings Threshold.

       

      “Moody’s
        First Trigger Credit Support Amount” means,
        for any Valuation Date, the excess, if any, of

       

      
        	 	
                (I)

              	
                (A)

              	
                for
                  any Valuation Date on which (I) a Moody’s First Trigger Event has occurred
                  and has been continuing (x) for at least 30 Local Business Days
                  or (y)
                  since this Annex was executed and (II) it is not the case that
                  a Moody’s
                  Second Trigger Event has occurred and been continuing for at least
                  30
                  Local Business Days, the sum, for each Transaction to which this
                  Annex
                  relates, of an amount equal to the
                  following:

              

      

       

      the
        greater of (a) zero and (b) the sum of (i) the Secured Party’s Transaction
        Exposure for such Transaction and such Valuation Date and (ii) the lesser
        of (x)
        the product of the Moody’s First Trigger DV01 Multiplier and DV01 for such
        Transaction and such Valuation Date and (y) the product of Moody’s First Trigger
        Notional Amount Multiplier and the Notional Amount for such Transaction for
        the
        Calculation Period which includes such Valuation Date; 

       

      or
        

       

      
        	 	
                (B)

              	
                for
                  any other Valuation Date, zero,
                  over

              

      

       

      (II) the
        Threshold for Party A such Valuation Date.

       

      “Moody’s
        First Trigger DV01 Multiplier”
        means
        15.

       

      “Moody’s
        First Trigger Value”
        means,
        on any date and with respect to (i) any Eligible Collateral in the form of
        Cash,
        the amount thereof and (ii) any Eligible Collateral other than Cash, the
        bid
        price obtained by the Valuation Agent multiplied by the Moody’s First Trigger
        Valuation Percentage for such Eligible Collateral set forth in Paragraph
        13(b)(ii).

       

      “Moody’s
        First Trigger Notional Amount Multiplier”
        means
        2%.

       

      “Moody’s
        Second Trigger Event” means
        that no Relevant Entity has credit ratings from Moody’s at least equal to the
        Moody’s Second Trigger Ratings Threshold.

       

      “Moody’s
        Second Trigger Credit Support Amount”
        means,
        for any Valuation Date, the excess, if any, of

       

      
        	 	
                (I)

              	
                (A)

              	
                for
                  any Valuation Date on which it is the case that a Moody’s Second Trigger
                  Event has occurred and been continuing for at least 30 Local Business
                  Days, the sum, for each Transaction to which this Annex relates,
                  of an
                  amount equal to the following:

              

      

       

      
        	(1)  	
                if
                  such Transaction is not a Transaction-Specific Hedge,
                  

              

      

       

      the
        greatest of (a) zero, (b) the amount of the next payment due to be paid by
        Party
        A under such Transaction, and (c) the sum of (x) the Secured Party’s Transaction
        Exposure for such Transaction and such Valuation Date and (y) the lesser
        of (i)
        the product of the Moody’s Second Trigger DV01 Multiplier and DV01 for such
        Transaction and such Valuation Date and (ii) the product of the Moody’s Second
        Trigger Notional Amount Multiplier and the Notional Amount for such Transaction
        for the Calculation Period which includes such Valuation Date; 

       

      or

       

      
        	(2)  	
                if
                  such Transaction is a Transaction-Specific Hedge,
                  

              

      

       

      the
        greatest of (a) zero, (b) the amount of the next payment due to be paid by
        Party
        A under such Transaction, and (c) the sum of (x) the Secured Party’s Transaction
        Exposure for such Transaction and such Valuation Date and (y) the lesser
        of (i)
        the product of the Moody’s Second Trigger Transaction-Specific Hedge DV01
        Multiplier and DV01 for such Transaction and such Valuation Date and (ii)
        the
        product of the Moody’s Second Trigger Transaction-Specific Hedge Notional Amount
        Multiplier and the Notional Amount for such Transaction for the Calculation
        Period which includes such Valuation Date;

       

      or
        

       

      
        	 	
                (B)

              	
                for
                  any other Valuation Date, zero,
                  over

              

      

       

      (II) the
        Threshold for Party A for such Valuation Date.

       

      “Moody’s
        Second Trigger DV01 Multiplier”
        means,
        50

       

      “Moody’s
        Second Trigger Transaction-Specific Hedge DV01
        Multiplier”
        means
        65.

       

      “Moody’s
        Second Trigger Transaction-Specific Hedge Notional Amount
        Multiplier”
        means
        10%.

       

      “Moody’s
        Second Trigger Value”
        means,
        on any date and with respect to (i) any Eligible Collateral in the form of
        Cash,
        the amount thereof and (ii) any Eligible Collateral other than Cash, the
        bid
        price obtained by the Valuation Agent multiplied by the Moody’s Second Trigger
        Valuation Percentage for such Eligible Collateral set forth in Paragraph
        13(b)(ii).

       

      “Moody’s
        Second Trigger Notional Amount Multiplier”
        means
        8%.

       

       “Pricing
        Sources”
        means
        the sources of financial information commonly known as Bloomberg, Bridge
        Information Services, Data Resources Inc., Interactive Data Services,
        International Securities Market Association, Merrill Lynch Securities Pricing
        Service, Muller Data Corporation, Reuters, Wood Gundy, Trepp Pricing, JJ
        Kenny,
        S&P and Telerate.

       

      “S&P
        Credit Support Amount”
        means,
        for any Valuation Date, the excess, if any, of

       

      
        	 	
                (I)

              	
                (A)
                  

              	
                (i)
                  for any Valuation Date on which an S&P First Trigger Event has
                  occurred and been continuing for at least 30 days, or (ii) a S&P
                  Second Trigger Event has occurred and is continuing, an amount
                  equal to
                  the sum, for each Transaction to which this Annex relates, of the
                  sum of
                  (1) 100.0% of the Secured Party’s Transaction Exposure for such Valuation
                  Date and (2) the product of the Volatility Buffer for such Transaction
                  and
                  the Notional Amount of such Transaction for the Calculation Period
                  of such
                  Transaction which includes such Valuation Date, or
                  

              

      

       

      
        	 	
                (B)

              	
                for
                  any other Valuation Date, zero,
                  over

              

      

       

      (II)        
         the
        Threshold for Party A for such Valuation Date.

       

       “S&PFirst
        Trigger
        Event”
        means, on any date, no Relevant Entity has credit ratings from S&P which
        exceed the S&P
        Ratings Requirement (First Trigger).

       

      “S&P
        Value”
        means, on any date and with respect to (i) any Eligible Collateral in the
        form
        of Cash, the amount thereof and (ii) any Eligible Collateral other than Cash,
        the product of (A) the bid price obtained by the Valuation Agent for such
        Eligible Collateral and (B) the S&P
        Valuation Percentage for such Eligible Collateral set forth in paragraph
        13(b)(ii).

       

      “Swap
        Provider Trigger Event”
        means: (A) an Event of Default with respect to which Party A is a Defaulting
        Party, (B) a Termination Event with respect to which Party A is the sole
        Affected Party or (C) an Additional Termination Event with respect to which
        Party A is the sole Affected Party.

       

      “Transaction
        Exposure”
        means, for any Transaction, Exposure determined as if such Transaction were
        the
        only Transaction between the Secured Party and the Pledgor.

       

      “Transaction-Specific
        Hedge” means
        any Transaction that is an interest rate cap, interest rate floor or interest
        rate swaption, or an interest rate swap if (x) the notional amount of the
        interest rate swap is “balance guaranteed” or (y) the notional amount of the
        interest rate swap for any Calculation Period otherwise is not a specific
        dollar
        amount that is fixed at the inception of the Transaction.

       

      “Valuation
        Percentage”
        shall mean, for purposes of determining the S&P Value, Moody’s First Trigger
        Value, or Moody’s Second Trigger Value with respect to any Eligible Collateral
        or Posted Collateral, the applicable S&P Valuation Percentage, Moody’s First
        Trigger Valuation Percentage, or Moody’s Second Trigger Valuation Percentage for
        such Eligible Collateral or Posted Collateral, respectively, in each case
        as set
        forth in Paragraph 13(b)(ii).

       

      “Value”
        shall mean, in respect of any date, the related S&P Value, the related
        Moody’s First Trigger Value, and the related Moody’s Second Trigger
        Value.

       

      “Volatility
        Buffer”
        means, for any Transaction, the related percentage set forth in the following
        table. 

       

      
        	
                The
                  higher of the S&P credit rating of (i) Party A and (ii) the Credit
                  Support Provider of Party A, if applicable

              	
                Remaining
                  Weighted Average Maturity 

                up
                  to 3 years

              	
                Remaining
                  Weighted Average Maturity

                up
                  to 5 years

              	
                Remaining
                  Weighted Average Maturity

                up
                  to 10 years

              	
                Remaining
                  Weighted Average Maturity

                up
                  to 30 years

              
	
                At
                  least “A-2”

              	
                2.75%

              	
                3.25%

              	
                4.00%

              	
                4.75%

              
	
                “A-3”

              	
                3.25%

              	
                4.00%

              	
                5.00%

              	
                6.25%

              
	
                “BB+”
                  or lower

              	
                3.50%

              	
                4.50%

              	
                6.75%

              	
                7.50%

              

      

      

       

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

       

      IN
        WITNESS WHEREOF, the parties have executed this Annex by their duly authorized
        representatives as of the date of the Agreement.

       

      

       

      
        	
                UBS
                  AG

              	 	
                Wells
                  Fargo Bank, National Association, 

                not
                  individually, but solely as trustee on behalf of the Supplemental
                  Interest
                  Trust for the MASTR Asset Backed Securities Trust 2006-NC3, Mortgage
                  Pass
                  Through Certificates, Series 2006-NC3

              
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	
                By:

              	 
	
                Name:

              	 	 	
                Name:

              	 
	
                Title:

              	 	 	
                Title:

              	 
	 	 	 	 	 
	
                By:

              	 	 	 	 
	
                Name:

              	 	 	 	 
	
                Title:

              	 	 	 	 

      

      

       

      

      

    

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    EXHIBIT
      N

     

    FORM
      OF
      SWAP ADMINISTRATION AGREEMENT

     

     

    

      SWAP
        ADMINISTRATION AGREEMENT

       

      This
        Swap
        Administration Agreement, dated as of December 28, 2006 (this “Agreement”),
        among Wells Fargo Bank, N.A., a national banking association (“Wells Fargo”), as
        swap administrator (in such capacity, the “Swap Administrator”) and as trust
        administrator and supplemental interest trust trustee under the Pooling and
        Servicing Agreement, as hereinafter defined (in such capacity, the “Trust
        Administrator” and “Supplemental Interest Trust Trustee”), and UBS Real Estate
        Securities Inc. (“UBSRES”).

       

      WHEREAS,
        the Trust Administrator, on behalf of the holders of the MASTR Asset-Backed
        Securities Trust 2006-NC3, Mortgage Pass Through Certificates, Series 2006-NC3,
        is counterparty to an Interest Rate Swap Agreement (the “Swap Agreement”), a
        copy of which is attached hereto as Exhibit A, between the Supplemental Interest
        Trust Trustee and UBS AG (“UBS AG”);
        and

       

      WHEREAS,
        it is desirable to irrevocably appoint the Swap Administrator, and the Swap
        Administrator desires to accept such appointment, to receive and distribute
        funds payable by UBS AG under the Swap Agreement as provided herein;

       

      NOW,
        THEREFORE, in consideration of the mutual covenants contained herein, and
        for
        other good and valuable consideration, the receipt and adequacy of which
        are
        hereby acknowledged, the parties agree as follows: 

       

      1.  Definitions.
        Capitalized terms used but not otherwise defined herein shall have the
        respective meanings assigned thereto in the Pooling and Servicing Agreement,
        dated as of December 1, 2006 (the “Pooling and Servicing Agreement”), among
        Mortgage Asset Securitization Transactions, Inc. as depositor, Wells Fargo
        as
        master servicer and trust administrator, Barclays Capital Real Estate Inc.
        d/b/a
        HomEq Servicing as servicer and U.S. Bank National Association as trustee,
        relating to the MASTR Asset-Backed Securities Trust 2006-NC3, Mortgage
        Pass-Through Certificates, Series 2006-NC3 (the “Certificates”), or in the
        related Indenture, as the case may be, as in effect on the date hereof.

       

      2.  
          Swap
        Administrator.
        

       

      (a)  The
        Swap
        Administrator is hereby irrevocably appointed to receive all funds paid to
        the
        Supplemental Interest Trust Trustee by UBS AG, or its successors in interest
        (the “Swap Provider”) under the Swap Agreement (including any Swap Termination
        Payment) and the Swap Administrator hereby accepts such appointment and hereby
        agrees to receive such amounts from the Supplemental Interest Trust Trustee
        and
        to distribute on each Distribution Date such amounts in the following order
        of
        priority:

       

      (i)  first,
        to
        the Trust Administrator for deposit into the Swap Account, an amount equal
        to
        the sum of the following amounts remaining outstanding after distribution
        of the
        Net Monthly Excess Cashflow: (A) Unpaid Interest Shortfall Amounts; (B) Net
        WAC
        Rate Carryover Amounts; (C) an amount
        necessary to maintain or restore the Overcollateralization Target Amount;
        and
        (D) any
        Allocated Realized Loss Amounts;

       

      (ii)  second,
        to UBSRES, any amounts remaining after payment of (i) above, provided,
        however,
        upon the
        issuance of notes by an issuer (the “Trust”), secured by all or a portion of the
        Class CE Certificates and the Class P Certificates (the “NIM Notes”), UBSRES
        hereby instructs the Swap Administrator to make any payments under this clause
        2(a)(ii) in the following order of priority:

       

      (A)  to
        the
        Indenture Trustee for the Trust, for deposit into the Note Account (each
        as to
        defined in the related Indenture), and until satisfaction and discharge of
        the
        Indenture, the Floating Amount (as defined in Annex I); and

       

      (B)  concurrently,
        to the Holders of the Class CE Certificates, pro
        rata
        based on
        the outstanding Notional Amount of each such Certificate; provided,
        however,
        that
        any Swap Termination Payment received by the Swap Administrator shall not
        be
        payable to the Holders of the Class CE Certificates pursuant to this clause
        (ii)(B) without the prior written consent of the NIMS Insurer, if any and
        the
        Rating Agencies.

       

      (b)  The
        Swap
        Administrator agrees to hold any amounts received from the Supplemental Interest
        Trust Trustee in trust upon the terms and conditions and for the exclusive
        use
        and benefit of the Trustee, the Trust Administrator and the Indenture Trustee,
        as applicable (in turn for the benefit of the Certificateholders, the
        Noteholders and the NIMS Insurer, if any) as set forth herein. The rights,
        duties and liabilities of the Swap Administrator in respect of this Agreement
        shall be as follows:

       

      (i) The
        Swap
        Administrator shall have the full power and authority to do all things not
        inconsistent with the provisions of this Agreement that it may deem advisable
        in
        order to enforce the provisions hereof. The Swap Administrator shall not
        be
        answerable or accountable except for its own bad faith, willful misconduct
        or
        negligence. The Swap Administrator shall not be required to take any action
        to
        exercise or enforce any of its rights or powers hereunder which, in the opinion
        of the Swap Administrator, shall be likely to involve expense or liability
        to
        the Swap Administrator, unless the Swap Administrator shall have received
        an
        agreement satisfactory to it in its sole discretion to indemnify it against
        such
        liability and expense.

       

      (ii) The
        Swap
        Administrator shall not be liable with respect to any action taken or omitted
        to
        be taken by it in good faith in accordance with the direction of any party
        hereto or the NIMS Insurer, if any, or otherwise as provided herein, relating
        to
        the time, method and place of conducting any proceeding for any remedy available
        to the Swap Administrator or exercising any right or power conferred upon
        the
        Swap Administrator under this Agreement.

       

      (iii) The
        Swap
        Administrator may perform any duties hereunder either directly or by or through
        agents or attorneys of the Swap Administrator. The Swap Administrator shall
        not
        be liable for the acts or omissions of its agents or attorneys so long as
        the
        Swap Administrator chose such Persons with due care.

       

      3.  Swap
        Account.
        The
        Swap Administrator shall segregate and hold all funds received from the
        Supplemental Interest Trust Trustee (including any Swap Termination Payment)
        separate and apart from any of its own funds and general assets and shall
        establish and maintain in the name of the Swap Administrator one or more
        segregated accounts (such account or accounts, the “Swap Account”), held in
        trust for the benefit of the Trustee, the Trust Administrator, the Indenture
        Trustee and the parties to this Agreement. All amounts on deposit in the
        Swap
        Account shall remain uninvested unless the Swap Administrator receives
        instructions to the contrary from any party hereto, with the consent of the
        NIMS
        Insurer, if any. The Swap Administrator hereby agrees that it holds and shall
        hold the Swap Account and all amounts deposited therein in trust for the
        exclusive use and benefit of the Trustee, the Trust Administrator and the
        Indenture Trustee as their interests may appear.

       

      4.     
        Replacement
        Swap Agreements.
        

       

      The
        Supplemental Interest Trust Trustee shall, at the direction of the NIMS Insurer,
        if any, or, with the consent of the NIMS Insurer, if any, at the direction
        of
        UBSRES, enforce all of its rights and exercise any remedies under the Swap
        Agreement. In the event the Swap Agreement is terminated as a result of the
        designation by either party thereto of an Early Termination Date (as defined
        therein), the Trust Administrator shall, at the direction of UBSRES, find
        a
        replacement counterparty to enter into a replacement swap
        agreement.

       

      Any
        Swap
        Termination Payment received by the Swap Administrator from the Supplemental
        Interest Trust Trustee shall be deposited in the Swap Account and shall be
        used
        to make any upfront payment required under a replacement swap agreement and
        any
        upfront payment received from the counterparty to a replacement swap agreement
        shall be used to pay any Swap Termination Payment owed to the Swap
        Provider.

       

      5.  Representations
        and Warranties of Wells Fargo.
        Wells
        Fargo represents and warrants as follows:

       

      (a)  Wells
        Fargo is duly organized and validly existing as a national banking association
        under the laws of the United States and has all requisite power and authority
        to
        execute and deliver this Agreement, to perform its obligations as Swap
        Administrator hereunder.

       

      (b)  The
        execution, delivery and performance of this Agreement by Wells Fargo as Trust
        Administrator have been duly authorized in the Pooling and Servicing
        Agreement.

       

      (c)  This
        Agreement has been duly executed and delivered by Wells Fargo as Swap
        Administrator, Trust Administrator and Supplemental Interest Trust Trustee
        and
        is enforceable against Wells Fargo in such capacities in accordance with
        its
        terms, except as enforceability may be affected by bankruptcy, insolvency,
        fraudulent conveyance, reorganization, moratorium and other similar laws
        relating to or affecting creditors’ rights generally, general equitable
        principles (whether considered in a proceeding in equity or at
        law).

       

      6.     
        Replacement
        of Swap Administrator.

       

      Any
        corporation, bank, trust company or association into which the Swap
        Administrator may be merged or converted or with which it may be consolidated,
        or any corporation, bank, trust company or association resulting from any
        merger, conversion or consolidation to which the Swap Administrator shall
        be a
        party, or any corporation, bank, trust company or association succeeding
        to all
        or substantially all the corporate trust business of the Swap Administrator,
        shall be the successor of the Swap Administrator hereunder, without the
        execution or filing of any paper or any further act on the part of any of
        the
        parties hereto, except to the extent that assumption of its duties and
        obligations, as such, is not effected by operation of law.

       

      No
        resignation or removal of the Swap Administrator and no appointment of a
        successor Swap Administrator shall become effective until the appointment
        by
        UBSRES of a successor swap administrator acceptable to the NIMS Insurer,
        if any.
        Any successor swap administrator shall execute such documents or instruments
        necessary or appropriate to vest in and confirm to such successor swap
        administrator all such rights and powers conferred by this
        Agreement.

       

      The
        Swap
        Administrator may resign at any time by giving written notice thereof to
        the
        other parties hereto with a copy to the NIMS Insurer, if any. If a successor
        swap administrator shall not have accepted the appointment hereunder within
        30
        days after the giving by the resigning Swap Administrator of such notice
        of
        resignation, the resigning Swap Administrator may petition any court of
        competent jurisdiction for the appointment of a successor swap administrator
        acceptable to the NIMS Insurer, if any.

       

      In
        the
        event of a resignation or removal of the Swap Administrator, UBSRES shall
        promptly appoint a successor Swap Administrator acceptable to the NIMS Insurer,
        if any. If no such appointment has been made within 10 days of the resignation
        or removal, the NIMS Insurer, if any, may appoint a successor Swap
        Administrator.

       

      7.     
        Trust
        Administrator Obligations.

       

      Whenever
        the Supplemental Interest Trust Trustee, as a party to the Swap Agreement,
        has
        the option or is requested in such capacity, whether such request is by the
        counterparty to such agreement, to take any action or to give any consent,
        approval or waiver that it is entitled to take or give in such capacity,
        including, without limitation, in connection with an amendment of such agreement
        or the occurrence of a default or termination event thereunder, the Supplemental
        Interest Trust Trustee shall promptly notify the parties hereto and the NIMS
        Insurer, if any, of such request in such detail as is available to it and,
        shall, on behalf of the parties hereto and the NIMS Insurer, if any, take
        such
        action in connection with the exercise and/or enforcement of any rights and/or
        remedies available to it in such capacity with respect to such request as
        the
        NIMS Insurer, if any, shall direct in writing; provided that if no such
        direction is received prior to the date that is established for taking such
        action or giving such consent, approval or waiver (notice of which date shall
        be
        given by the Supplemental Interest Trust Trustee to the parties hereto and
        the
        NIMS Insurer, if any), the Supplemental Interest Trust Trustee may abstain
        from
        taking such action or giving such consent, approval or waiver.

       

      The
        Supplemental Interest Trust Trustee shall forward to the parties hereto and
        the
        NIMS Insurer, if any, on the Payment Date following its receipt thereof copies
        of any and all notices, statements, reports and/or other material communications
        and information (collectively, the “Swap Reports”) that it receives in
        connection with the Swap Agreement or from the counterparty
        thereto.

       

      8.     
        Miscellaneous.
        

       

      (a)  This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of New York.

       

      (b)  Any
        action or proceeding against any of the parties hereto relating in any way
        to
        this Agreement may be brought and enforced in the courts of the State of
        New
        York sitting in the borough of Manhattan or of the United States District
        Court
        for the Southern District of New York and the Swap Administrator irrevocably
        submits to the jurisdiction of each such court in respect of any such action
        or
        proceeding. The Swap Administrator waives, to the fullest extent permitted
        by
        law, any right to remove any such action or proceeding by reason of improper
        venue or inconvenient forum.

       

      (c)  This
        Agreement may be amended, supplemented or modified in writing by the parties
        hereto, but only with the consent of the NIMS Insurer, if any.

       

      (d)  This
        Agreement may not be assigned or transferred without the prior written consent
        of the NIMS Insurer, if any; provided,
        however,
        the
        parties hereto acknowledge and agree to the assignment of the rights of UBSRES
        as provided under this Agreement pursuant to the Sale Agreement, the Trust
        Agreement and the Indenture.

       

      (e)  This
        Agreement may be executed by one or more of the parties to this Agreement
        on any
        number of separate counterparts (including by facsimile transmission), and
        all
        such counterparts taken together shall be deemed to constitute one and the
        same
        instrument.

       

      (f)  Any
        provision of this Agreement which is prohibited or unenforceable in any
        jurisdiction shall, as to such jurisdiction, be ineffective to the extent
        of
        such prohibition or unenforceability without invalidating the remaining
        provisions hereof, and any such prohibition or unenforceability in any
        jurisdiction shall not invalidate or render unenforceable such provision
        in any
        other jurisdiction.

       

      (g)  The
        representations and warranties made by the parties to this Agreement shall
        survive the execution and delivery of this Agreement. No act or omission
        on the
        part of any party hereto shall constitute a waiver of any such representation
        or
        warranty.

       

      (h)  The
        article and section headings herein are for convenience of reference only,
        and
        shall not limit or otherwise affect the meaning hereof.

       

      (i)  The
        representations and warranties made by the parties to this Agreement shall
        survive the execution and delivery of this Agreement. No act or omission
        on the
        part of any party hereto shall constitute a waiver of any such representation
        or
        warranty.

       

      9.  Third-Party
        Beneficiary.
        Each of
        the Note Insurer, the Backup Note Insurer and the Indenture Trustee, if any,
        shall be deemed a third-party beneficiary of this Agreement to the same extent
        as if it were a party hereto, and shall have the right to enforce the provisions
        of this Agreement.

       

      10.  Swap
        Administrator and Trust Administrator Rights.
        The
        Swap Administrator shall be entitled to the same rights, protections and
        indemnities afforded to the Trust Administrator under the Pooling and Servicing
        Agreement and the Indenture Trustee under the Indenture, in each case, as
        if
        specifically set forth herein with respect to the Swap
        Administrator.

       

      The
        Trust
        Administrator and the Supplemental Interest Trust Trustee shall be entitled
        to
        the same rights, protections and indemnities afforded to the Trust Administrator
        under the Pooling and Servicing Agreement as if specifically set forth herein
        with respect to the Trust Administrator.

       

      11.  Limited
        Recourse.
        It is
        expressly understood and agreed by the parties hereto that this Agreement
        is
        executed and delivered by the Trust Administrator, not in its individual
        capacity but solely as trust administrator under the Pooling and Servicing
        Agreement. Notwithstanding any other provisions of this Agreement, the
        obligations of the Trust Administrator under this Agreement are non-recourse
        to
        the Trust Administrator, its assets and its property, and shall be payable
        solely from the assets of the Trust Fund, and following realization of such
        assets, any claims of any party hereto shall be extinguished and shall not
        thereafter be reinstated. No recourse shall be had against any principal,
        director, officer, employee, beneficiary, shareholder, partner, member, trustee,
        agent or affiliate of the Trust Administrator or any person owning, directly
        or
        indirectly, any legal or beneficial interest in the Trust Administrator,
        or any
        successors or assigns of any of the foregoing (the “Exculpated Parties”) for the
        payment of any amount payable under this Agreement. The parties hereto shall
        not
        enforce the liability and obligations of the Trust Administrator to perform
        and
        observe the obligations contained in this Agreement by any action or proceeding
        wherein a money judgment establishing any personal liability shall be sought
        against the Trust Administrator, subject to the following sentence, or the
        Exculpated Parties. The agreements in this paragraph shall survive termination
        of this Agreement and the performance of all obligations hereunder.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties have caused this Agreement to be duly executed
        and
        delivered as of the day and year first above written. 

       

      
        	 	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Swap Administrator

              
	 
	 

      

       

      
        	
                By:

              	 
	 	
                Name: 

              
	 	
                Title: 

              

      

       

       

      
        	 	
                WELLS
                  FARGO BANK, N.A.,

                not
                  in its individual capacity but solely as Trust Administrator and
                  Supplemental Interest Trust Trustee under the Pooling and Servicing
                  Agreement

              
	 
	 

      

       

      
        	
                By:

              	 
	 	
                Name: 

              
	 	
                Title: 

              

      

       

       

      
        	 	
                UBS
                  REAL ESTATE SECURITIES INC.

              
	 
	 

      

       

      
        	
                By:

              	 
	 	
                Name: 

              
	 	
                Title: 

              

      

       

      
         

        
          	
                  By:

                	 
	 	
                  Name: 

                
	 	
                  Title: 

                

        

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

       

      INTEREST
        RATE SWAP AGREEMENT

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      ANNEX
        I

      

      The
        amounts paid under clause 2(a)(ii) of the Swap Administration Agreement shall
        be
        calculated as follows:

      

      
        	
                Floating
                  Amount:

              	 
	 	 
	
                Floating
                  Rate Payer:

              	
                Wells
                  Fargo Bank, N.A.

              
	 	 
	
                Cap
                  Rate:

              	
                15.00%

              
	 	 
	
                Floating
                  Amount

              	
                To
                  be determined in accordance with the following formula:

                 

                The
                  product of: (i) 250; (ii) the Cap Rate, (iii) the Notional Amount;
                  and
                  (iv) the Floating Rate Day Count Fraction;

                 

                provided,
                  however,
                  the Swap Administrator will only be obligated to pay the Floating
                  Amount
                  up to the amount remaining after payments are made under clause
                  2(a)(i) of
                  the Swap Administration Agreement.

                 

                The
                  Floating Amount shall be paid to the Indenture Trustee for payment
                  in
                  accordance with Section 2.09(e) of the Indenture.

              
	 	 
	
                Floating
                  Rate Day Count Fraction:

              	
                Actual/360.

              
	 	 
	
                Notional
                  Amount:

              	
                The
                  amount set forth for such period in the Amortization Schedule
                  A.

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        A TO ANNEX I 

       

      
        	
                 

                Distribution
                  Date

              	
                Swap
                  Agreement 

                Calculation
                  Amount ($)

              
	
                January
                  25, 2007

              	
                4,126,756.00

              
	
                February
                  25, 2007

              	
                4,070,144.00

              
	
                March
                  25, 2007

              	
                4,000,232.00

              
	
                April
                  25, 2007

              	
                3,917,080.00

              
	
                May
                  25, 2007

              	
                3,820,948.00

              
	
                June
                  25, 2007

              	
                3,712,140.00

              
	
                July
                  25, 2007

              	
                3,591,176.00

              
	
                August
                  25, 2007

              	
                3,458,632.00

              
	
                September
                  25, 2007

              	
                3,315,312.00

              
	
                October
                  25, 2007

              	
                3,164,100.00

              
	
                November
                  25, 2007

              	
                3,019,884.00

              
	
                December
                  25, 2007

              	
                2,882,344.00

              
	
                January
                  25, 2008

              	
                2,751,164.00

              
	
                February
                  25, 2008

              	
                2,626,048.00

              
	
                March
                  25, 2008

              	
                2,506,708.00

              
	
                April
                  25, 2008

              	
                2,392,880.00

              
	
                May
                  25, 2008

              	
                2,284,300.00

              
	
                June
                  25, 2008

              	
                2,180,724.00

              
	
                July
                  25, 2008

              	
                2,081,924.00

              
	
                August
                  25, 2008

              	
                1,984,864.00

              
	
                September
                  25, 2008

              	
                1,825,424.00

              
	
                October
                  25, 2008

              	
                1,681,140.00

              
	
                November
                  25, 2008

              	
                1,550,552.00

              
	
                December
                  25, 2008

              	
                1,432,132.00

              
	
                January
                  25, 2009

              	
                1,325,916.00

              
	
                February
                  25, 2009

              	
                1,259,756.00

              
	
                March
                  25, 2009

              	
                1,197,056.00

              
	
                April
                  25, 2009

              	
                1,137,636.00

              
	
                May
                  25, 2009

              	
                1,081,344.00

              
	
                June
                  25, 2009

              	
                1,027,976.00

              
	
                July
                  25, 2009

              	
                  
                  977,380.00

              
	
                August
                  25, 2009

              	
                  
                  926,536.00

              
	
                September
                  25, 2009

              	
                  
                  871,456.00

              
	
                October
                  25, 2009

              	
                  
                  820,252.00

              
	
                November
                  25, 2009

              	
                  
                  772,636.00

              
	
                December
                  25, 2009

              	
                  
                  728,280.00

              
	
                January
                  25, 2010

              	
                  
                  688,232.00

              
	
                February
                  25, 2010

              	
                  
                  653,980.00

              
	
                March
                  25, 2010

              	
                  
                  621,532.00

              
	
                April
                  25, 2010

              	
                  
                  590,792.00

              
	
                May
                  25, 2010

              	
                  
                  561,676.00

              
	
                June
                  25, 2010

              	
                  
                  534,088.00

              
	
                July
                  25, 2010

              	
                  
                  507,936.00

              
	
                August
                  25, 2010

              	
                  
                  483,144.00

              
	
                September
                  25, 2010

              	
                  
                  459,640.00

              
	
                October
                  25, 2010

              	
                  
                  437,352.00

              
	
                November
                  25, 2010

              	
                  
                  416,216.00

              
	
                December
                  25, 2010

              	
                  
                  396,168.00

              
	
                January
                  25, 2011

              	
                  
                  377,148.00

              
	
                February
                  25, 2011

              	
                  
                  359,104.00

              
	
                March
                  25, 2011

              	
                  
                  341,976.00

              
	
                April
                  25, 2011

              	
                  
                  325,720.00

              
	
                May
                  25, 2011

              	
                  
                  310,288.00

              
	
                June
                  25, 2011

              	
                  
                  295,640.00

              
	
                July
                  25, 2011

              	
                  
                  281,724.00

              
	
                August
                  25, 2011

              	
                  
                  268,512.00

              
	
                September
                  25, 2011

              	
                  
                  255,960.00

              
	
                October
                  25, 2011

              	
                  
                  244,032.00

              
	
                November
                  25, 2011

              	
                  
                  232,692.00

              
	
                December
                  25, 2011

              	
                  
                  221,912.00

              

      

       

      

    

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      O

     

    SERVICING
      CRITERIA TO BE ADDRESSED

    IN
      ASSESSMENT OF COMPLIANCE

    Definitions

    Primary
      Servicer - transaction party having borrower contact

    Master
      Servicer - aggregator of pool assets

    Trust
      Administrator - waterfall calculator (may be the Trustee, or may be the Master
      Servicer)

    Back-up
      Servicer - named in the transaction (in the event a Back up Servicer becomes
      the
      Primary Servicer, follow Primary Servicer obligations)

    Custodian
      - safe keeper of pool assets

    Paying
      Agent - distributor of funds to ultimate investor 

    Trustee
      -
      fiduciary of the transaction

    

    Note:
      The
      definitions above describe the essential function that the party performs,
      rather than the party’s title. So, for example, in a particular transaction, the
      trustee may perform the “paying agent” and “securities administrator” functions,
      while in another transaction, the securities administrator may perform these
      functions.

    

    Where
      there are multiple checks for criteria the attesting party will identify in
      their management assertion that they are attesting only to the portion of the
      distribution chain they are responsible for in the related transaction
      agreements.

    

    Key:      
       X
      - obligation

    [X]
      - under consideration for obligation

    

    

    
      	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Servicer

            	
              Wells
                Fargo

            	
              Custodian

            
	 	
              General
                Servicing Considerations

            	 	 	 
	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	
              X

            	
              X

            	 
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	
              X

            	
              X

            	 
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the Pool Assets are maintained. 

            	 	 	 
	
              1122(d)(1)(iv)

            	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements. 

            	
              X

            	
              X

            	 
	 	
              Cash
                Collection and Administration

            	 	 	 
	
              1122(d)(2)(i)

            	
              Payments
                on pool assets are deposited into the appropriate custodial bank
                accounts
                and related bank clearing accounts no more than two business days
                following receipt, or such other number of days specified in the
                transaction agreements. 

            	
              X

            	
              X

            	 
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel. 

            	
              X

            	
              X

            	 
	
              1122(d)(2)(iii)

            	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction agreements.
                

            	
              X

            	
              X

            	 
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of over collateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements. 

            	
              X

            	
              X

            	 
	
              1122(d)(2)(v)

            	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.
                

            	
              X

            	
              X

            	 
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized access.
                

            	
              X

            	
              X

            	 
	
              1122(d)(2)(vii)
                

            	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements. 

            	
              X

            	
              X

            	 
	 	
              Investor
                Remittances and Reporting

            	 	 	 
	
              1122(d)(3)(i)

            	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of Pool Assets serviced by the Servicer.
                

            	
              X

            	
              X

            	 
	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements. 

            	
              X

            	
              X

            	 
	
              1122(d)(3)(iii)

            	
              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements. 

            	
              X

            	
              X

            	 
	
              1122(d)(3)(iv)

            	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank statements.
                

            	
              X

            	
              X

            	 
	 	
              Pool
                Asset Administration

            	 	 	 
	
              1122(d)(4)(i)
                

            	
              Collateral
                or security on pool assets is maintained as required by the transaction
                agreements or related pool asset documents. 

            	
              X

            	 	
              X

            
	
              1122(d)(4)(ii)

            	
              Pool
                assets and related documents are safeguarded as required by the
                transaction agreements 

            	
              X

            	 	
              X

            
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements. 

            	
              X

            	 	 
	
              1122(d)(4)(iv)

            	
              Payments
                on pool assets, including any payoffs, made in accordance with the
                related
                pool asset documents are posted to the Servicer’s obligor records
                maintained no more than two business days after receipt, or such
                other
                number of days specified in the transaction agreements, and allocated
                to
                principal, interest or other items (e.g., escrow) in accordance with
                the
                related pool asset documents. 

            	
              X

            	 	 
	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the pool assets agree with the Servicer’s
                records with respect to an obligor’s unpaid principal balance.
                

            	
              X

            	 	 
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor's pool assets (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents. 

            	
              X

            	 	 
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements. 

            	
              X

            	 	 
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                pool
                asset is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent pool assets including, for example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or unemployment).
                

            	
              X

            	 	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for pool assets with variable
                rates
                are computed based on the related pool asset documents. 

            	
              X

            	 	 
	
              1122(d)(4)(x)

            	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s pool asset documents,
                on at least an annual basis, or such other period specified in the
                transaction agreements; (B) interest on such funds is paid, or credited,
                to obligors in accordance with applicable pool asset documents and
                state
                laws; and (C) such funds are returned to the obligor within 30 calendar
                days of full repayment of the related pool assets, or such other
                number of
                days specified in the transaction agreements. 

            	
              X

            	 	 
	
              1122(d)(4)(xi)

            	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements. 

            	
              X

            	 	 
	
              1122(d)(4)(xii)

            	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the Servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission. 

            	
              X

            	 	 
	
              1122(d)(4)(xiii)

            	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements. 

            	
              X

            	 	 
	
              1122(d)(4)(xiv)
                

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements. 

            	
              X

            	
              X

            	 
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements. 

            	 	
              X

            	 

    

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      P

    FORM
      10-D, FORM 8-K AND FORM 10-K

    REPORTING
      RESPONSIBILITY

    

    As
      to
      each item described below, the entity or entities indicated as the Responsible
      Party shall be primarily responsible for reporting the information to the Trust
      Administrator and the Depositor pursuant to Section 4.06(a)(iv). 

    

    Under
      Item 1 of Form 10-D: a) items marked “4.02 statement” are required to be
      included in the periodic Distribution Date statement under Section 4.02,
      provided by the Trust Administrator based on information received from the
      Master Servicer; and b) items marked “Form 10-D report” are required to be in
      the Form 10-D report but not the 4.02 statement, provided by the party
      indicated. Information under all other Items of Form 10-D is to be included
      in
      the Form 10-D report.

    
      	
              Form

            	
              Item

            	
              Description

            	
              Responsible
                Party

            
	
              10-D

            	
              Must
                be filed within 15 days of the Distribution Date.

            
	
              1

            	
              Distribution
                and Pool Performance Information

            	 
	
              Item
                1121(a) - Distribution and Pool Performance
                Information

            	 
	
              (1)
                Any applicable record dates, accrual dates, determination dates for
                calculating distributions and actual distribution dates for the
                distribution period.

            	
              4.02
                statement

            
	
              (2)
                Cash flows received and the sources thereof for distributions, fees
                and
                expenses.

            	
              4.02
                statement

            
	
              (3)
                Calculated amounts and distribution of the flow of funds for the
                period
                itemized by type and priority of payment, including:

            	
              4.02
                statement

            
	
              (i)
                Fees or expenses accrued and paid, with an identification of the
                general
                purpose of such fees and the party receiving such fees or
                expenses.

            	
              4.02
                statement

            
	
              (ii)
                Payments accrued or paid with respect to enhancement or other support
                identified in Item 1114 of Regulation AB (such as insurance premiums
                or
                other enhancement maintenance fees), with an identification of the
                general
                purpose of such payments and the party receiving such
                payments.

            	
              4.02
                statement

            
	
              (iii)
                Principal, interest and other distributions accrued and paid on the
                asset-backed securities by type and by class or series and any principal
                or interest shortfalls or carryovers.

            	
              4.02
                statement

            
	
              (iv)
                The amount of excess cash flow or excess spread and the disposition
                of
                excess cash flow.

            	
              4.02
                statement

            
	
              (4)
                Beginning and ending principal balances of the asset-backed
                securities.

            	
              4.02
                statement

            
	
              (5)
                Interest rates applicable to the pool assets and the asset-backed
                securities, as applicable. Consider providing interest rate information
                for pool assets in appropriate distributional groups or incremental
                ranges.

            	
              4.02
                statement

            
	
              (6)
                Beginning and ending balances of transaction accounts, such as reserve
                accounts, and material account activity during the period.

            	
              4.02
                statement

            
	
              (7)
                Any amounts drawn on any credit enhancement or other support identified
                in
                Item 1114 of Regulation AB, as applicable, and the amount of coverage
                remaining under any such enhancement, if known and
                applicable.

            	
              4.02
                statement

            
	
              (8)
                Number and amount of pool assets at the beginning and ending of each
                period, and updated pool composition information, such as weighted
                average
                coupon, weighted average remaining term, pool factors and prepayment
                amounts.

            	
              4.02
                statement

               

              Updated
                pool composition information fields to be as specified by Depositor
                from
                time to time

            
	
              (9)
                Delinquency and loss information for the period. 

               

              In
                addition, describe any material changes to the information specified
                in
                Item 1100(b)(5) of Regulation AB regarding the pool
                assets.

            	
              4.02
                statement.

               

               

              Form
                10-D report: Depositor

            
	
              (10)
                Information on the amount, terms and general purpose of any advances
                made
                or reimbursed during the period, including the general use of funds
                advanced and the general source of funds for
                reimbursements.

            	
              4.02
                statement

            
	
              (11)
                Any material modifications, extensions or waivers to pool asset terms,
                fees, penalties or payments during the distribution period or that
                have
                cumulatively become material over time.

            	
              4.02
                statement

            
	
              (12)
                Material breaches of pool asset representations or warranties or
                transaction covenants.

            	
              Form
                10-D report: 

              Trust
                Administrator, Servicer, Depositor

            
	
              (13)
                Information on ratio, coverage or other tests used for determining
                any
                early amortization, liquidation or other performance trigger and
                whether
                the trigger was met.

            	
              4.02
                statement

            
	
              (14)
                Information regarding any new issuance of asset-backed securities
                backed
                by the same asset pool, 

              [information
                regarding] any pool asset changes (other than in connection with
                a pool
                asset converting into cash in accordance with its terms), such as
                additions or removals in connection with a prefunding or revolving
                period
                and pool asset substitutions and repurchases (and purchase rates,
                if
                applicable), and cash flows available for future purchases, such
                as the
                balances of any prefunding or revolving accounts, if
                applicable.

              Disclose
                any material changes in the solicitation, credit-granting, underwriting,
                origination, acquisition or pool selection criteria or procedures,
                as
                applicable, used to originate, acquire or select the new pool
                assets.

            	
              Form
                10-D report: Depositor

               

              Form
                10-D report: Depositor or Servicer

               

               

               

               

              Form
                10-D report: Depositor

            
	
              Item
                1121(b) - Pre-Funding or Revolving Period Information

              Updated
                pool information as required under Item 1121(b).

            	
              Depositor

            
	
              2

            	
              Legal
                Proceedings

            	 
	
              Item
                1117 - Legal proceedings pending against the following entities,
                or their
                respective property, that is material to Certificateholders, including
                proceedings known to be contemplated by governmental
                authorities:

              Seller

              Depositor

              Trustee

              Issuing
                entity

              Master
                Servicer

              Originator
                

              Custodian

              Servicer

            	
              (i)
                All parties to the Pooling and Servicing Agreement (as to themselves),
                (ii) the Trustee, Master Servicer and Depositor as to the Issuing
                entity
                and (iii) the Depositor as to the Sponsor, any 1110(b) originator
                and any
                1100(d)(i) party

            
	
              3

            	
              Sales
                of Securities and Use of Proceeds

            	 
	
              Information
                from Item 2(a) of Part II of Form 10-Q:

               

              With
                respect to any sale of securities by the sponsor, depositor or issuing
                entity, that are backed by the same asset pool or are otherwise issued
                by
                the issuing entity, whether or not registered, provide the sales
                and use
                of proceeds information in Item 701 of Regulation S-K. Pricing information
                can be omitted if securities were not registered.

            	
               

               

               

              Depositor

            
	
              4

            	
              Defaults
                Upon Senior Securities

            	 
	
              Information
                from Item 3 of Part II of Form 10-Q:

               

              Report
                the occurrence of any Event of Default (after expiration of any grace
                period and provision of any required notice)

            	
               

               

               

              Trust
                Administrator

            
	
              5

            	
              Submission
                of Matters to a Vote of Security Holders

            	 
	
              Information
                from Item 4 of Part II of Form 10-Q

            	
              Trustee,
                Trust Administrator

            
	
              6

            	
              Significant
                Obligors of Pool Assets

            	 
	
              Item
                1112(b) - Significant
                Obligor Financial Information*

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Item.

            	 
	
              7

            	
              Significant
                Enhancement Provider Information

            	 
	
              Item
                1114(b)(2) - Credit Enhancement Provider Financial
                Information*

              Determining
                applicable disclosure threshold

              Requesting
                required financial information or effecting incorporation by
                reference

            	
               

              Trust
                Administrator Depositor

            
	
              Item
                1115(b) - Derivative Counterparty Financial Information*

              Determining
                current maximum probable exposure

              Determining
                current significance percentage

              Requesting
                required financial information or effecting incorporation by
                reference

            	
               

              Depositor

              Trust
                Administrator 

              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 
	
              8

            	
              Other
                Information

            	 
	
              Disclose
                any information required to be reported on Form 8-K during the period
                covered by the Form 10-D but not reported

            	
              The
                Responsible Party for the applicable Form 8-K item as indicated
                below

            
	
              9

            	
              Exhibits

            	 
	
              Distribution
                report

            	
              Trust
                Administrator

            
	
              Exhibits
                required by Item 601 of Regulation S-K, such as material
                agreements

            	
              Depositor

            
	
              8-K

            	
              Must
                be filed within four business days of an event reportable on Form
                8-K.

            
	
              1.01

            	
              Entry
                into a Material Definitive Agreement

            	 
	
              Disclosure
                is required regarding entry into or amendment of any definitive agreement
                that is material to the securitization, even if depositor is not
                a party.
                

              Examples:
                servicing agreement, custodial agreement.

              Note:
                disclosure not required as to definitive agreements that are fully
                disclosed in the prospectus

            	
              Depositor,
                Servicer, Master Servicer, Custodian, Trust
                Administrator

            
	
              1.02

            	
              Termination
                of a Material Definitive Agreement

            	 
	
              Disclosure
                is required regarding termination of any definitive agreement that
                is
                material to the securitization (other than expiration in accordance
                with
                its terms), even if depositor is not a party. 

              Examples:
                servicing agreement, custodial agreement.

            	
              Depositor,
                Servicer, Master Servicer, Custodian, Trust
                Administrator

            
	
              1.03

            	
              Bankruptcy
                or Receivership

            	 
	
              Disclosure
                is required regarding the bankruptcy or receivership, if known to
                the
                Master Servicer, with respect to any of the following: 

              Sponsor
                (Seller), Depositor, Master Servicer, Trustee, Cap Provicer,
                Custodian

            	
              Depositor,
                Servicer, Master Servicer, Custodian, Trust Administrator, Trustee
                (as to
                itself)

            
	
              2.04

            	
              Triggering
                Events that Accelerate or Increase a Direct Financial Obligation
                or an
                Obligation under an Off-Balance Sheet Arrangement

            	 
	
              Includes
                an early amortization, performance trigger or other event, including
                event
                of default, that would materially alter the payment priority/distribution
                of cash flows/amortization schedule.

              Disclosure
                will be made of events other than waterfall triggers which are disclosed
                in the 4.02 statement

            	
              Depositor/
                Trust Administrator

            
	
              3.03

            	
              Material
                Modification to Rights of Security Holders

            	 
	
              Disclosure
                is required of any material modification to documents defining the
                rights
                of Certificateholders, including the Pooling and Servicing
                Agreement

            	
              Trust
                Administrator

            
	
              5.03

            	
              Amendments
                to Articles of Incorporation or Bylaws; Change in Fiscal
                Year

            	 
	
              Disclosure
                is required of any amendment “to the governing documents of the issuing
                entity”

            	
              Depositor

            
	
              5.06

            	
              Change
                in Shell Company Status

            	 
	
              [Not
                applicable to ABS issuers]

            	
              Depositor

            
	
              6.01

            	
              ABS
                Informational and Computational Material

            	 
	
              [Not
                included in reports to be filed under Section 4.07]

            	
              Depositor

            
	
              6.02

            	
              Change
                of Master Servicer or Trustee

            	 
	
              Requires
                disclosure of any removal, replacement, substitution or addition
                of any
                master servicer, affiliated servicer, other servicer servicing 10%
                or more
                of pool assets at time of report, other material servicers, certificate
                administrator or trustee. Reg AB disclosure about any new servicer
                or
                trustee is also required.

            	
              Depositor

            
	
              6.03

            	
              Change
                in Credit Enhancement or Other External Support

            	 
	
              Covers
                termination of any enhancement in manner other than by its terms,
                the
                addition of an enhancement, or a material change in the enhancement
                provided. Applies to external credit enhancements as well as derivatives.
                

              Requesting
                Regulation AB disclosure about any new enhancement or effecting
                incorporation by reference

            	
              Trust
                Administrator

               

               

               

              Depositor

            
	
              6.04

            	
              Failure
                to Make a Required Distribution

            	
              Trust
                Administrator

            
	
              6.05

            	
              Securities
                Act Updating Disclosure

            	 
	
              If
                any material pool characteristic differs by 5% or more at the time
                of
                issuance of the securities from the description in the final prospectus,
                provide updated Regulation AB disclosure about the actual asset
                pool.

            	
              Depositor

            
	
              If
                there are any new servicers or originators required to be disclosed
                under
                Regulation AB as a result of the foregoing, provide the information
                called
                for in Items 1108 and 1110 respectively.

            	
              Depositor

            
	
              7.01

            	
              Regulation
                FD Disclosure

            	
              Depositor

            
	
              8.01

            	
              Other
                Events

            	 
	
              Any
                event, with respect to which information is not otherwise called
                for in
                Form 8-K, that the registrant deems of importance to security
                holders.

            	
              Depositor

            
	
              9.01

            	
              Financial
                Statements and Exhibits

            	
              The
                Responsible Party applicable to reportable event, other than the
                Trustee

            
	
              10-K

            	
              Must
                be filed within 90 days of the fiscal year end for the
                registrant.

            
	
              9B

            	
              Other
                Information

            	 
	
              Disclose
                any information required to be reported on Form 8-K during the fourth
                quarter covered by the Form 10-K but not reported

            	
              The
                Responsible Party for the applicable Form 8-K item as indicated
                above

            
	
              15

            	
              Exhibits
                and Financial Statement Schedules

            	 
	
              Item
                1112(b) - Significant
                Obligor Financial Information

            	
              N/A

            
	
              Item
                1114(b)(2) - Credit Enhancement Provider Financial
                Information

              Determining
                applicable disclosure threshold

              Requesting
                required financial information or effecting incorporation by
                reference

            	
               

               

              Trust
                Administrator Depositor

            
	
              Item
                1115(b) - Derivative Counterparty Financial Information

              Determining
                current maximum probable exposure

              Determining
                current significance percentage

              Requesting
                required financial information or effecting incorporation by
                reference

            	
              Depositor

              Trust
                Administrator 

               

            
	
              Item
                1117 - Legal proceedings pending against the following entities,
                or their
                respective property, that is material to Certificateholders, including
                proceedings known to be contemplated by governmental
                authorities:

              Seller

              Depositor

              Trustee

              Issuing
                entity

              Master
                Servicer

              Originator
                

              Custodian

              Servicer

            	
              Seller

              Depositor

              Trustee

              Master
                Servicer

              Custodian

              Servicer

            
	
              Item
                1119 - Affiliations and relationships between the following entities,
                or
                their respective affiliates, that are material to
                Certificateholders:

              Seller

              Depositor

              Trustee

              Issuing
                entity

              Master
                Servicer

              Originator
                

              Custodian
                

              Servicer

              Credit
                Enhancer/Support Provider, if any

              Significant
                Obligor, if any

            	
              (i)
                All parties to the Pooling and Servicing Agreement (as to themselves),
                (ii) the Depositor as to the Sponsor, Originator, Significant Obligor,
                Credit Enhancer/Support Provider and (iii) the Depositor as to the
                Issuing
                entity 

               

            
	
              Item
                1122 - Assessment of Compliance with Servicing
                Criteria

            	
              Master
                Servicer

              Trust
                Administrator

              Custodian

              Servicer

            
	
              Item
                1123 -Servicer Compliance Statement

            	
              Master
                Servicer

              Servicer

            

    

    

    

     

    EXHIBIT
      Q

    

    ADDITIONAL
      DISCLOSURE NOTIFICATION

    

    **SEND
      VIA FAX TO [XXX-XXX-XXXX] AND VIA EMAIL TO [ ] AND VIA OVERNIGHT MAIL TO THE
      ADDRESS IMMEDIATELY BELOW**

    

    Wells
      Fargo Bank, N.A., as Trust Administrator

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

    Attn:
      Corporate Trust Services- [DEAL NAME]—SEC REPORT PROCESSING

    

    Mortgage
      Asset Securitization Transactions, Inc. 

    1285
      Avenue of the Americas

    New
      York,
      New York 10019

    

    RE:
      **Additional Form [10-D][10-K][8-K] Disclosure** Required

    

    

    Ladies
      and Gentlemen:

     

    In
      accordance with Section [ ] of the Pooling and Servicing Agreement, dated as
      of
      December 1, 2006, among Mortgage Asset Securitization Transactions, Inc. as
      Depositor, Barclays Capital Real Estate Inc. d/b/a HomEq Servicing as Servicer,
      Wells Fargo Bank, N.A. as Master Servicer and Trust Administrator and U.S.
      Bank
      National Association as Trustee, the undersigned, as [ ], hereby notifies you
      that certain events have come to our attention that [will] [may] need to be
      disclosed on Form [10-D][10-K][8-K].

     

    Description
      of Additional Form [10-D][10-K][8-K] Disclosure:

     

    

     

    List
      of any Attachments hereto to be included in the Additional Form
      [10-D][10-K][8-K] Disclosure:

     

    

     

    

     

    

     

    Any
      inquiries related to this notification should be directed to [     ], phone
      number: [     ]; email address:
      [     ]. 

     

    
      	
              [NAME
                OF PARTY],

              as
                [role]

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      R-1

     

    FORM
      OF DELINQUENCY REPORT 

    
      	
              Column/Header
                Name

            	
              Description

            	
              Decimal

            	
              Format
                Comment

            
	
              SERVICER_LOAN_NBR

            	
              A
                unique number assigned to a loan by the Servicer. This may be different
                than the LOAN_NBR

            	 	
               

            
	
              LOAN_NBR

            	
              A
                unique identifier assigned to each loan by the originator.

            	 	
               

            
	
              CLIENT_NBR

            	
              Servicer
                Client Number

            	 	 
	
              SERV_INVESTOR_NBR

            	
              Contains
                a unique number as assigned by an external servicer to identify a
                group of
                loans in their system.

            	 	
               

            
	
              BORROWER_FIRST_NAME

            	
              First
                Name of the Borrower.

            	 	 
	
              BORROWER_LAST_NAME

            	
              Last
                name of the borrower.

            	 	 
	
              PROP_ADDRESS

            	
              Street
                Name and Number of Property

            	 	
               

            
	
              PROP_STATE

            	
              The
                state where the property located.

            	 	
               

            
	
              PROP_ZIP

            	
              Zip
                code where the property is located.

            	 	
               

            
	
              BORR_NEXT_PAY_DUE_DATE

            	
              The
                date that the borrower's next payment is due to the servicer at the
                end of
                processing cycle, as reported by Servicer.

            	 	
              MM/DD/YYYY

            
	
              LOAN_TYPE

            	
              Loan
                Type (i.e. FHA, VA, Conv)

            	 	
               

            
	
              BANKRUPTCY_FILED_DATE

            	
              The
                date a particular bankruptcy claim was filed.

            	 	
              MM/DD/YYYY

            
	
              BANKRUPTCY_CHAPTER_CODE

            	
              The
                chapter under which the bankruptcy was filed.

            	 	
               

            
	
              BANKRUPTCY_CASE_NBR

            	
              The
                case number assigned by the court to the bankruptcy
                filing.

            	 	
               

            
	
              POST_PETITION_DUE_DATE

            	
              The
                payment due date once the bankruptcy has been approved by the
                courts

            	 	
              MM/DD/YYYY

            
	
              BANKRUPTCY_DCHRG_DISM_DATE

            	
              The
                Date The Loan Is Removed From Bankruptcy. Either by Dismissal, Discharged
                and/or a Motion For Relief Was Granted. 

            	 	
              MM/DD/YYYY

            
	
              LOSS_MIT_APPR_DATE

            	
              The
                Date The Loss Mitigation Was Approved By The Servicer

            	 	
              MM/DD/YYYY

            
	
              LOSS_MIT_TYPE

            	
              The
                Type Of Loss Mitigation Approved For A Loan Such As;

            	 	 
	
              LOSS_MIT_EST_COMP_DATE

            	
              The
                Date The Loss Mitigation /Plan Is Scheduled To End/Close

            	 	
              MM/DD/YYYY

            
	
              LOSS_MIT_ACT_COMP_DATE

            	
              The
                Date The Loss Mitigation Is Actually Completed

            	 	
              MM/DD/YYYY

            
	
              FRCLSR_APPROVED_DATE

            	
              The
                date DA Admin sends a letter to the servicer with instructions to
                begin
                foreclosure proceedings.

            	 	
              MM/DD/YYYY

            
	
              ATTORNEY_REFERRAL_DATE

            	
              Date
                File Was Referred To Attorney to Pursue Foreclosure

            	 	
              MM/DD/YYYY

            
	
              FIRST_LEGAL_DATE

            	
              Notice
                of 1st legal filed by an Attorney in a Foreclosure Action

            	 	
              MM/DD/YYYY

            
	
              FRCLSR_SALE_EXPECTED_DATE

            	
              The
                date by which a foreclosure sale is expected to occur.

            	 	
              MM/DD/YYYY

            
	
              FRCLSR_SALE_DATE

            	
              The
                actual date of the foreclosure sale.

            	 	
              MM/DD/YYYY

            
	
              FRCLSR_SALE_AMT

            	
              The
                amount a property sold for at the foreclosure sale.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              EVICTION_START_DATE

            	
              The
                date the servicer initiates eviction of the borrower.

            	 	
              MM/DD/YYYY

            
	
              EVICTION_COMPLETED_DATE

            	
              The
                date the court revokes legal possession of the property from the
                borrower.

            	 	
              MM/DD/YYYY

            
	
              LIST_PRICE

            	
              The
                price at which an REO property is marketed.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              LIST_DATE

            	
              The
                date an REO property is listed at a particular price.

            	 	
              MM/DD/YYYY

            
	
              OFFER_AMT

            	
              The
                dollar value of an offer for an REO property.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              OFFER_DATE_TIME

            	
              The
                date an offer is received by DA Admin or by the Servicer.

            	 	
              MM/DD/YYYY

            
	
              REO_CLOSING_DATE

            	
              The
                date the REO sale of the property is scheduled to close.

            	 	
              MM/DD/YYYY

            
	
              REO_ACTUAL_CLOSING_DATE

            	
              Actual
                Date Of REO Sale

            	 	
              MM/DD/YYYY

            
	
              OCCUPANT_CODE

            	
              Classification
                of how the property is occupied.

            	 	
               

            
	
              PROP_CONDITION_CODE

            	
              A
                code that indicates the condition of the property.

            	 	
               

            
	
              PROP_INSPECTION_DATE

            	
              The
                date a property inspection is performed.

            	 	
              MM/DD/YYYY

            
	
              APPRAISAL_DATE

            	
              The
                date the appraisal was done.

            	 	
              MM/DD/YYYY

            
	
              CURR_PROP_VAL

            	
               The
                current "as is" value of the property based on brokers price opinion
                or
                appraisal.

            	
              2

            	
               

            
	
              REPAIRED_PROP_VAL

            	
              The
                amount the property would be worth if repairs are completed pursuant
                to a
                broker's price opinion or appraisal.

            	
              2

            	
               

            
	
              If
                applicable:

            	
               

            	 	
               

            
	
              DELINQ_STATUS_CODE

            	
              FNMA
                Code Describing Status of Loan

            	 	 
	
              DELINQ_REASON_CODE

            	
              The
                circumstances which caused a borrower to stop paying on a loan. Code
                indicates the reason why the loan is in default for this
                cycle.

            	 	 
	
              MI_CLAIM_FILED_DATE

            	
              Date
                Mortgage Insurance Claim Was Filed With Mortgage Insurance
                Company.

            	 	
              MM/DD/YYYY

            
	
              MI_CLAIM_AMT

            	
              Amount
                of Mortgage Insurance Claim Filed

            	 	
              No
                commas(,) or dollar signs ($)

            
	
              MI_CLAIM_PAID_DATE

            	
              Date
                Mortgage Insurance Company Disbursed Claim Payment

            	 	
              MM/DD/YYYY

            
	
              MI_CLAIM_AMT_PAID

            	
              Amount
                Mortgage Insurance Company Paid On Claim

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              POOL_CLAIM_FILED_DATE

            	
              Date
                Claim Was Filed With Pool Insurance Company

            	 	
              MM/DD/YYYY

            
	
              POOL_CLAIM_AMT

            	
              Amount
                of Claim Filed With Pool Insurance Company

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              POOL_CLAIM_PAID_DATE

            	
              Date
                Claim Was Settled and The Check Was Issued By The Pool
                Insurer

            	 	
              MM/DD/YYYY

            
	
              POOL_CLAIM_AMT_PAID

            	
              Amount
                Paid On Claim By Pool Insurance Company

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              FHA_PART_A_CLAIM_FILED_DATE

            	
               Date
                FHA Part A Claim Was Filed With HUD

            	 	
              MM/DD/YYYY

            
	
              FHA_PART_A_CLAIM_AMT

            	
               Amount
                of FHA Part A Claim Filed

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              FHA_PART_A_CLAIM_PAID_DATE

            	
               Date
                HUD Disbursed Part A Claim Payment

            	 	
              MM/DD/YYYY

            
	
              FHA_PART_A_CLAIM_PAID_AMT

            	
               Amount
                HUD Paid on Part A Claim

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              FHA_PART_B_CLAIM_FILED_DATE

            	
                Date
                FHA Part B Claim Was Filed With HUD

            	 	
              MM/DD/YYYY

            
	
              FHA_PART_B_CLAIM_AMT

            	
                Amount
                of FHA Part B Claim Filed

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              FHA_PART_B_CLAIM_PAID_DATE

            	
                 Date
                HUD Disbursed Part B Claim Payment

            	 	
              MM/DD/YYYY

            
	
              FHA_PART_B_CLAIM_PAID_AMT

            	
               Amount
                HUD Paid on Part B Claim

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              VA_CLAIM_FILED_DATE

            	
               Date
                VA Claim Was Filed With the Veterans Admin

            	 	
              MM/DD/YYYY

            
	
              VA_CLAIM_PAID_DATE

            	
               Date
                Veterans Admin. Disbursed VA Claim Payment

            	 	
              MM/DD/YYYY

            
	
              VA_CLAIM_PAID_AMT

            	
               Amount
                Veterans Admin. Paid on VA Claim

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            

    

     

     

     

    

    Standard
      File Codes - Delinquency Reporting

     

    

     

    The
      Loss
      Mit Type
      field
      should show the approved Loss Mitigation Code as follows: 

    
      	
              ·  ASUM-

            	
              Approved
                Assumption

            
	
              ·  BAP-

            	
              Borrower
                Assistance Program

            
	
              ·  CO-

            	
              Charge
                Off

            
	
              ·  DIL-

            	
              Deed-in-Lieu

            
	
              ·  FFA-

            	
              Formal
                Forbearance Agreement

            
	
              ·  MOD-

            	
              Loan
                Modification

            
	
              ·  PRE-

            	
              Pre-Sale

            
	
              ·  SS-

            	
              Short
                Sale

            
	
              ·  MISC-

            	
              Anything
                else approved by the PMI or Pool
                Insurer

            

    

     

    

     

    NOTE:
      Wells Fargo Bank will accept alternative Loss Mitigation Types to those above,
      provided that they are consistent with industry standards. If Loss Mitigation
      Types other than those above are used, the Servicer must supply Wells Fargo
      Bank
      with a description of each of the Loss Mitigation Types prior to sending the
      file.

     

    

     

    The
      Occupant
      Code
      field should show the current status of the property code as
      follows:

    
      	
              ·  Mortgagor

            
	
              ·  Tenant

            
	
              ·  Unknown
                

            
	
              ·  Vacant

            

    

     

    

     

    The
      Property
      Condition
      field should show the last reported condition of the property as follows:

    
      	
              ·  Damaged

            
	
              ·  Excellent

            
	
              ·  Fair

            
	
              ·  Gone

            
	
              ·  Good

            
	
              ·  Poor

            
	
              ·  Special
                Hazard

            
	
              ·  Unknown

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    Standard
      File Codes - Delinquency Reporting, Continued

     

    

     

    The
      FNMA
      Delinquent Reason Code
      field should show the Reason for Delinquency as follows: 

     

    

    
      	
              Delinquency
                Code

            	
              Delinquency
                Description

            
	
              001

            	
              FNMA-Death
                of principal mortgagor

            
	
              002

            	
              FNMA-Illness
                of principal mortgagor

            
	
              003

            	
              FNMA-Illness
                of mortgagor’s family member

            
	
              004

            	
              FNMA-Death
                of mortgagor’s family member

            
	
              005

            	
              FNMA-Marital
                difficulties

            
	
              006

            	
              FNMA-Curtailment
                of income

            
	
              007

            	
              FNMA-Excessive
                Obligation

            
	
              008

            	
              FNMA-Abandonment
                of property

            
	
              009

            	
              FNMA-Distant
                employee transfer

            
	
              011

            	
              FNMA-Property
                problem

            
	
              012

            	
              FNMA-Inability
                to sell property

            
	
              013

            	
              FNMA-Inability
                to rent property

            
	
              014

            	
              FNMA-Military
                Service

            
	
              015

            	
              FNMA-Other

            
	
              016

            	
              FNMA-Unemployment

            
	
              017

            	
              FNMA-Business
                failure

            
	
              019

            	
              FNMA-Casualty
                loss

            
	
              022

            	
              FNMA-Energy
                environment costs

            
	
              023

            	
              FNMA-Servicing
                problems

            
	
              026

            	
              FNMA-Payment
                adjustment

            
	
              027

            	
              FNMA-Payment
                dispute

            
	
              029

            	
              FNMA-Transfer
                of ownership pending

            
	
              030

            	
              FNMA-Fraud

            
	
              031

            	
              FNMA-Unable
                to contact borrower

            
	
              INC

            	
              FNMA-Incarceration

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Standard
      File Codes - Delinquency Reporting, Continued

    

     

    The
      FNMA
      Delinquent Status Code
      field should show the Status of Default as follows: 

     

    

    
      	
              Status
                Code

            	
              Status
                Description

            
	
              09

            	
              Forbearance

            
	
              17

            	
              Pre-foreclosure
                Sale Closing Plan Accepted

            
	
              24

            	
              Government
                Seizure

            
	
              26

            	
              Refinance

            
	
              27

            	
              Assumption

            
	
              28

            	
              Modification

            
	
              29

            	
              Charge-Off

            
	
              30

            	
              Third
                Party Sale

            
	
              31

            	
              Probate

            
	
              32

            	
              Military
                Indulgence

            
	
              43

            	
              Foreclosure
                Started

            
	
              44

            	
              Deed-in-Lieu
                Started

            
	
              49

            	
              Assignment
                Completed

            
	
              61

            	
              Second
                Lien Considerations

            
	
              62

            	
              Veteran’s
                Affairs-No Bid

            
	
              63

            	
              Veteran’s
                Affairs-Refund

            
	
              64

            	
              Veteran’s
                Affairs-Buydown

            
	
              65

            	
              Chapter
                7 Bankruptcy

            
	
              66

            	
              Chapter
                11 Bankruptcy

            
	
              67

            	
              Chapter
                13 Bankruptcy

            

    

     

    

    

     

    

     

    EXHIBIT
      R-2

    MONTHLY
      REMITTANCE ADVICE

    
      	
              Column
                Name

            	
              Description

            	
              Decimal

            	
              Format
                Comment

            	
              Max
                Size

            
	
              SER_INVESTOR_NBR

            	
              A
                value assigned by the Servicer to define a group of loans.

            	
               

            	
              Text
                up to 10 digits

            	
              20

            
	
              LOAN_NBR

            	
              A
                unique identifier assigned to each loan by the investor.

            	
               

            	
              Text
                up to 10 digits

            	
              10

            
	
              SERVICER_LOAN_NBR

            	
              A
                unique number assigned to a loan by the Servicer. This may be different
                than the LOAN_NBR.

            	
               

            	
              Text
                up to 10 digits

            	
              10

            
	
              BORROWER_NAME

            	
              The
                borrower name as received in the file. It is not separated by first
                and
                last name.

            	
               

            	
              Maximum
                length of 30 (Last, First)

            	
              30

            
	
              SCHED_PAY_AMT

            	
              Scheduled
                monthly principal and scheduled interest payment that a borrower
                is
                expected to pay, P&I constant.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NOTE_INT_RATE

            	
              The
                loan interest rate as reported by the Servicer.

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              NET_INT_RATE

            	
              The
                loan gross interest rate less the service fee rate as reported by
                the
                Servicer.

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              SERV_FEE_RATE

            	
              The
                servicer's fee rate for a loan as reported by the Servicer.
                

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              SERV_FEE_AMT

            	
              The
                servicer's fee amount for a loan as reported by the Servicer.
                

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NEW_PAY_AMT

            	
              The
                new loan payment amount as reported by the Servicer. 

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NEW_LOAN_RATE

            	
              The
                new loan rate as reported by the Servicer. 

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              ARM_INDEX_RATE

            	
              The
                index the Servicer is using to calculate a forecasted
                rate.

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              ACTL_BEG_PRIN_BAL

            	
              The
                borrower's actual principal balance at the beginning of the processing
                cycle.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              ACTL_END_PRIN_BAL

            	
              The
                borrower's actual principal balance at the end of the processing
                cycle.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              BORR_NEXT_PAY_DUE_DATE

            	
              The
                date at the end of processing cycle that the borrower's next payment
                is
                due to the Servicer, as reported by Servicer.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              SERV_CURT_AMT_1

            	
              The
                first curtailment amount to be applied.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_DATE_1

            	
              The
                curtailment date associated with the first curtailment amount.
                

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              CURT_ADJ_
                AMT_1

            	
              The
                curtailment interest on the first curtailment amount, if
                applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_AMT_2

            	
              The
                second curtailment amount to be applied.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_DATE_2

            	
              The
                curtailment date associated with the second curtailment
                amount.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              CURT_ADJ_
                AMT_2

            	
              The
                curtailment interest on the second curtailment amount, if
                applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_AMT_3

            	
              The
                third curtailment amount to be applied.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_DATE_3

            	
              The
                curtailment date associated with the third curtailment
                amount.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              CURT_ADJ_AMT_3

            	
              The
                curtailment interest on the third curtailment amount, if
                applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              PIF_AMT

            	
              The
                loan "paid in full" amount as reported by the Servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              PIF_DATE

            	
              The
                paid in full date as reported by the Servicer.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
               

            	
               

            	
               

            	
              Action
                Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                65=Repurchase,70=REO 

            	
              2

            
	
              ACTION_CODE

            	
              The
                standard FNMA numeric code used to indicate the default/delinquent
                status
                of a particular loan.

            
	
              INT_ADJ_AMT

            	
              The
                amount of the interest adjustment as reported by the
                Servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SOLDIER_SAILOR_ADJ_AMT

            	
              The
                Soldier and Sailor Adjustment amount, if applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NON_ADV_LOAN_AMT

            	
              The
                Non Recoverable Loan Amount, if applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              LOAN_LOSS_AMT

            	
              The
                amount the Servicer is passing as a loss, if applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_BEG_PRIN_BAL

            	
              The
                scheduled outstanding principal amount due at the beginning of the
                cycle
                date to be passed through to investors.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_END_PRIN_BAL

            	
              The
                scheduled principal balance due to investors at the end of a processing
                cycle.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_PRIN_AMT

            	
              The
                scheduled principal amount as reported by the Servicer for the current
                cycle -- only applicable for Scheduled/Scheduled Loans.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_NET_INT

            	
              The
                scheduled gross interest amount less the service fee amount for the
                current cycle as reported by the Servicer -- only applicable for
                Scheduled/Scheduled Loans.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              ACTL_PRIN_AMT

            	
              The
                actual principal amount collected by the Servicer for the current
                reporting cycle -- only applicable for Actual/Actual
                Loans.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              ACTL_NET_INT

            	
              The
                actual gross interest amount less the service fee amount for the
                current
                reporting cycle as reported by the Servicer -- only applicable for
                Actual/Actual Loans.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              PREPAY_PENALTY_
                AMT

            	
              The
                penalty amount received when a borrower prepays on his loan as reported
                by
                the Servicer. 

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              PREPAY_PENALTY_
                WAIVED

            	
              The
                prepayment penalty amount for the loan waived by the
                servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
               

            	
               

            	
               

            	
               

            	
               

            
	
              MOD_DATE

            	
              The
                Effective Payment Date of the Modification for the loan.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              MOD_TYPE

            	
              The
                Modification Type.

            	
               

            	
              Varchar
                - value can be alpha or numeric

            	
              30

            
	
              DELINQ_P&I_ADVANCE_AMT

            	
              The
                current outstanding principal and interest advances made by
                Servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            

    

    

    

     

    

     

    EXHIBIT
      R-3

    FORM
      OF REALIZED LOSS REPORT

    

    Exhibit
      : Calculation
      of Realized Loss/Gain Form 332- Instruction Sheet

    NOTE:
      Do not net or combine items. Show all expenses individually and all credits
      as
      separate line items. Claim packages are due on the remittance report date.
      Late
      submissions may result in claims not being passed until the following month.
      The
      Servicer is responsible to remit all funds pending loss approval and /or
      resolution of any disputed items. 

    2.  

     

    3.     
        The
      numbers on the 332 form correspond with the numbers listed below.

     

    Liquidation
      and Acquisition Expenses:

     

    1.         
       The
      Actual Unpaid Principal Balance of the Mortgage Loan. For documentation, an
      Amortization Schedule from date of default through liquidation breaking out
      the
      net interest and servicing fees advanced is required.

     

    2.          
       The
      Total
      Interest Due less the aggregate amount of servicing fee that would have been
      earned if all delinquent payments had been made as agreed. For documentation,
      an
      Amortization Schedule from date of default through liquidation breaking out
      the
      net interest and servicing fees advanced is required.

     

    3.         
        Accrued
      Servicing Fees based upon the Scheduled Principal Balance of the Mortgage Loan
      as calculated on a monthly basis. For documentation, an Amortization Schedule
      from date of default through liquidation breaking out the net interest and
      servicing fees advanced is required.

     

    4-12.     
       Complete
      as applicable. Required documentation:

     

    *
      For
      taxes and insurance advances - see page 2 of 332 form - breakdown required
      showing period

     

    of
      coverage, base tax, interest, penalty. Advances prior to default require
      evidence of servicer efforts to recover advances.

     

    *
      For
      escrow advances - complete payment history 

     

    (to
      calculate advances from last positive escrow balance forward)

     

    *
      Other
      expenses -  copies of corporate advance history showing all payments

     

    *
      REO
      repairs > $1500 require explanation

     

    *
      REO
      repairs >$3000 require evidence of at least 2 bids.

     

    *
      Short
      Sale or Charge Off require P&L supporting the decision and WFB’s approved
      Officer Certificate 

     

    *
      Unusual
      or extraordinary items may require further documentation. 

     

    13.        
       The
      total
      of lines 1 through 12.

     

    4.     
        Credits:
      

     

    14-21.      Complete
      as applicable. Required documentation:

     

    *
      Copy of
      the HUD 1 from the REO sale. If a 3rd
      Party
      Sale, bid instructions and Escrow Agent / Attorney

     

    Letter
      of
      Proceeds Breakdown.

     

    *
      Copy of
      EOB for any MI or gov't guarantee 

     

    *
      All
      other credits need to be clearly defined on the 332
      form      
     

     

     

    
      	 	
              22.

            	
              The
                total of lines 14 through 21.

            

    

     

    Please
      Note: For
      HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b) for
      Part
      B/Supplemental proceeds.

     

    Total
      Realized Loss (or Amount of Any Gain)

     

    23.         
       The
      total
      derived from subtracting line 22 from 13. If the amount represents a realized
      gain, show
      the
      amount in parenthesis ( ). 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

       

      
        
          	
                   

                  Calculation
                    of Realized Loss/Gain Form
                    332

                

        

         

        Prepared
          by: __________________   Date:
          _______________

        Phone:
          ______________________    Email
          Address:_____________________

        
          	 	 	 	 	 
	
                  Servicer
                    Loan No.

                   

                	 	
                  Servicer
                    Name

                   

                	 	
                  Servicer
                    Address 

                   

                   

                

        

         

        WELLS
          FARGO BANK, N.A. Loan No._____________________________

         

        Borrower's
          Name: _________________________________________________________

        Property
          Address: _________________________________________________________

         

        Liquidation
          Type:     REO
          Sale  
          3rd
          Party Sale  Short
          Sale     Charge
          Off 

         

        Was
          this loan granted a Bankruptcy deficiency or cramdown  Yes      No

        If
“Yes”,
          provide deficiency or cramdown amount
          _______________________________

         

        
          Liquidation
            and Acquisition Expenses:

          
            
              

                
                  	
                          (1)

                        	
                          Actual
                            Unpaid Principal Balance of Mortgage Loan

                        	
                           

                        	$	 	
                          (1)

                        
	
                          (2)

                        	
                          Interest
                            accrued at Net Rate

                        	 	
                           

                        	 	
                          (2)

                        
	
                          (3)

                        	
                          Accrued
                            Servicing Fees

                        	 	
                           

                        	 	
                          (3)

                        
	
                          (4)

                        	
                          Attorney's
                            Fees

                        	 	
                           

                        	 	
                          (4)

                        
	
                          (5)

                        	
                          Taxes
                            (see page 2)

                        	 	
                           

                        	 	
                          (5)

                        
	
                          (6)

                        	
                          Property
                            Maintenance

                        	 	 	 	
                           

                        	 	
                          (6)

                        
	
                          (7)

                        	
                          MI/Hazard
                            Insurance Premiums (see page 2)

                        	
                           

                        	 	 	
                          (7)

                        
	
                          (8)

                        	
                          Utility
                            Expenses

                        	 	 	 	
                           

                        	 	
                          (8)

                        
	
                          (9)

                        	
                          Appraisal/BPO

                        	 	 	 	
                           

                        	 	
                          (9)

                        
	
                          (10)

                        	
                          Property
                            Inspections

                        	 	 	 	
                           

                        	 	
                          (10)

                        
	
                          (11)

                        	
                          FC
                            Costs/Other Legal Expenses

                        	 	 	 	
                          (11)

                        
	
                          (12)

                        	
                          Other
                            (itemize)

                        	 	 	 	
                           

                        	 	
                          (12)

                        
	 	 	
                          Cash
                            for Keys

                        	 	
                           

                        	 	 	
                          (12)

                        
	 	 	
                          HOA/Condo
                            Fees

                        	 	
                           

                        	 	 	
                          (12)

                        
	 	 	
                           

                        	 	
                           

                        	 	 	
                          (12)

                        
	 	 	 	 	 	 	 	 
	 	 	
                          Total
                            Expenses

                        	 	 	$	 	
                          
                            (13)

                          

                        
	
                          Credits:

                        	 	 	 	 	 	 	 
	
                          (14)

                        	
                          Escrow
                            Balance

                        	 	 	 	
                          $
                            

                        	 	
                          (14)

                        
	
                          (15)

                        	
                          HIP
                            Refund

                        	 	 	 	 	 	
                          
                            (15)

                          

                        
	
                          (16)

                        	
                          Rental
                            Receipts

                        	 	 	 	
                           

                        	 	
                          (16)

                        
	
                          (17)

                        	
                          Hazard
                            Loss Proceeds

                        	 	 	 	
                           

                        	 	
                          (17)

                        
	
                          (18)

                        	
                          Primary
                            Mortgage Insurance / Gov’t Insurance

                        	
                           

                        	 	 	(18a)

	
                          HUD
                            Part A

                        	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                          HUD
                            Part B

                        	 	 	 	 	 	(18b)
	
                          (19)

                        	
                          Pool
                            Insurance Proceeds

                        	 	 	 	
                           

                        	 	
                          (19)

                        
	
                          (20)

                        	
                          Proceeds
                            from Sale of Acquired Property

                        	
                           

                        	 	 	
                          (20)

                        
	
                          (21)

                        	
                          Other
                            (itemize)

                        	 	 	 	
                           

                        	 	
                          (21)

                        
	 	
                           

                        	 	
                           

                        	
                           

                        	 	 	
                          (21)

                        
	 	 	 	 	 	 	 	 
	 	
                          Total
                            Credits

                        	 	 	 	
                          $

                        	 	
                          (22)

                        
	
                          Total
                            Realized Loss (or Amount of Gain)

                        	
                           

                        	
                           

                        	
                          $

                        	 	
                          (23)

                        

                

              

            

             

          

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Escrow
      Disbursement Detail

    

    

    
      	
              Type

              (Tax
                /Ins.)

            	
              Date
                Paid

            	
              Period
                of Coverage

            	
              Total
                Paid

            	
              Base
                Amount

            	
              Penalties

            	
              Interest

            
	
               

               

            	 	 	 	 	 	 
	
               

               

            	 	 	 	 	 	 
	
               

               

            	 	 	 	 	 	 
	
               

               

            	 	 	 	 	 	 
	
               

               

            	 	 	 	 	 	 
	
               

               

            	 	 	 	 	 	 
	
               

               

            	 	 	 	 	 	 
	
               

               

            	 	 	 	 	 	 

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S-1

     

    

     

    FORM
      OF
      WATCHLIST REPORT

     

    Available
      Upon Request

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S-2 

     

    

    FORM
      OF
      LOSS SEVERITY REPORT

     

    Available
      Upon Request

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      S-3 

     

    FORM
      OF
      PREPAYMENT PREMIUMS REPORT

     

    Available
      Upon Request

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      S-4

     

    FORM
      OF
      ANALYTICS REPORT 

     

    Available
      Upon Request

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      1

     

    MORTGAGE
      LOAN SCHEDULE

     

    As
      filed
      on December 29, 2006

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      2

     

    PREPAYMENT
      CHARGE SCHEDULE

     

    Available
      Upon Request

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]