Document:

Unassociated Document

     

     

    
      

      

    

     

    ACE
      SECURITIES CORP.

    Depositor

     

    OCWEN
      LOAN SERVICING, LLC

    Servicer

     

    WELLS
      FARGO BANK, NATIONAL ASSOCIATION

    Master
      Servicer and Securities Administrator

     

    HSBC
      BANK
      USA, NATIONAL ASSOCIATION

    Trustee

     

    POOLING
      AND SERVICING AGREEMENT

    Dated
      as
      of March 1, 2006

     

    ACE
      Securities Corp. Home Equity Loan Trust, Series 2006-SL2

     

    Asset
      Backed Pass-Through Certificates

     

    
      

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    TABLE
      OF
      CONTENTS

     

     

    ARTICLE
      I DEFINITIONS

     

    
      	 	
              SECTION
                1.01.

            	
              Defined
                Terms.

            	 

    

    
      	 	
              SECTION
                1.02.

            	
              Allocation
                of Certain Interest Shortfalls.

            	 

    

     

    ARTICLE
      II CONVEYANCE
      OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

     

    
      	 	
              SECTION
                2.01.

            	
              Conveyance
                of the Mortgage Loans.

            	 

    

    
      	 	
              SECTION
                2.02.

            	
              Acceptance
                of REMIC I by Trustee.

            	 

    

    
      	 	
              SECTION
                2.03.

            	
              Repurchase
                or Substitution of Mortgage Loans.

            	 

    

    
      	 	
              SECTION
                2.04.

            	
              Representations
                and Warranties of the Master Servicer.

            	 

    

    
      	 	
              SECTION
                2.05.

            	
              Representations,
                Warranties and Covenants of the Servicer.

            	 

    

    
      	 	
              SECTION
                2.06.

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

            	 

    

    
      	 	
              SECTION
                2.07.

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

            	 

    

    
      	 	
              SECTION
                2.08.

            	
              Issuance
                of the Residual Certificates.

            	 

    

    
      	 	
              SECTION
                2.09.

            	
              Establishment
                of the Trust.

            	 

    

    
      	 	
              SECTION
                2.10.

            	
              Purpose
                and Powers of the Trust.

            	 

    

     

    ARTICLE
      III ADMINISTRATION
      AND SERVICING OF THE MORTGAGE LOANS; ACCOUNTS

     

    
      	 	
              SECTION
                3.01.

            	
              The
                Servicer to Act as Servicer.

            	 

    

    
      	 	
              SECTION
                3.02.

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

            	 

    

    
      	 	
              SECTION
                3.03.

            	
              Successor
                Sub-Servicers.

            	 

    

    
      	 	
              SECTION
                3.04.

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

            	 

    

    
      	 	
              SECTION
                3.05.

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

            	 

    

    
      	 	
              SECTION
                3.06.

            	
              Collection
                of Certain Mortgage Loan Payments.

            	 

    

    
      	 	
              SECTION
                3.07.

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

            	 

    

    
      	 	
              SECTION
                3.08.

            	
              Collection
                Account and Distribution Account.

            	 

    

    
      	 	
              SECTION
                3.09.

            	
              Withdrawals
                from the Collection Account and Distribution Account.

            	 

    

    
      	 	
              SECTION
                3.10.

            	
              Investment
                of Funds in the Investment Accounts.

            	 

    

    
      	 	
              SECTION
                3.11.

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

            	 

    

    
      	 	
              SECTION
                3.12.

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

            	 

    

    
      	 	
              SECTION
                3.13.

            	
              Realization
                Upon Defaulted Mortgage Loans.

            	 

    

    
      	 	
              SECTION
                3.14.

            	
              Trustee
                to Cooperate; Release of Mortgage Files.

            	 

    

    
      	 	
              SECTION
                3.15.

            	
              Servicing
                Compensation.

            	 

    

    
      	 	
              SECTION
                3.16.

            	
              Collection
                Account Statements.

            	 

    

    
      	 	
              SECTION
                3.17.

            	
              Annual
                Statement as to Compliance.

            	 

    

    
      	 	
              SECTION
                3.18.

            	
              Assessments
                of Compliance and Attestation Reports.

            	 

    

    
      	 	
              SECTION
                3.19.

            	
              Annual
                Certification; Additional Information.

            	 

    

    
      	 	
              SECTION
                3.20.

            	
              Access
                to Certain Documentation.

            	 

    

    
      	 	
              SECTION
                3.21.

            	
              Title,
                Management and Disposition of REO Property.

            	 

    

    
      	 	
              SECTION
                3.22.

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

            	 

    

    
      	 	
              SECTION
                3.23.

            	
              Reserved.

            	 

    

    
      	 	
              SECTION
                3.24.

            	
              Reserve
                Fund.

            	 

    

    
      	 	
              SECTION
                3.25.

            	
              Advance
                Facility.

            	 

    

    
      	 	
              SECTION
                3.26.

            	
              Indemnification.

            	 

    

     

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

     

    
      	 	
              SECTION
                4.01.

            	
              Master
                Servicer.

            	 

    

    
      	 	
              SECTION
                4.02.

            	
              REMIC-Related
                Covenants.

            	 

    

    
      	 	
              SECTION
                4.03.

            	
              Monitoring
                of Servicer.

            	 

    

    
      	 	
              SECTION
                4.04.

            	
              Fidelity
                Bond.

            	 

    

    
      	 	
              SECTION
                4.05.

            	
              Power
                to Act; Procedures.

            	 

    

    
      	 	
              SECTION
                4.06.

            	
              Due-on-Sale
                Clauses; Assumption Agreements.

            	 

    

    
      	 	
              SECTION
                4.07.

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

            	 

    

    
      	 	
              SECTION
                4.08.

            	
              Standard
                Hazard Insurance and Flood Insurance Policies.

            	 

    

    
      	 	
              SECTION
                4.09.

            	
              Presentment
                of Claims and Collection of Proceeds.

            	 

    

    
      	 	
              SECTION
                4.10.

            	
              Reserved.

            	 

    

    
      	 	
              SECTION
                4.11.

            	
              Trustee
                to Retain Possession of Certain Insurance Policies and
                Documents.

            	 

    

    
      	 	
              SECTION
                4.12.

            	
              Realization
                Upon Defaulted Mortgage Loans.

            	 

    

    
      	 	
              SECTION
                4.13.

            	
              Compensation
                for the Master Servicer.

            	 

    

    
      	 	
              SECTION
                4.14.

            	
              REO
                Property.

            	 

    

    
      	 	
              SECTION
                4.15.

            	
              Master
                Servicer Annual Statement of Compliance.

            	 

    

    
      	 	
              SECTION
                4.16.

            	
              Master
                Servicer Assessments of Compliance and Attestation
                Reports.

            	 

    

    
      	 	
              SECTION
                4.17.

            	
              Master
                Servicer Attestation Reports.

            	 

    

    
      	 	
              SECTION
                4.18.

            	
              Annual
                Certification.

            	 

    

    
      	 	
              SECTION
                4.19.

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

            	 

    

    
      	 	
              SECTION
                4.20.

            	
              Prepayment
                Penalty Verification.

            	 

    

     

    ARTICLE
      V PAYMENTS
      TO CERTIFICATEHOLDERS

     

    
      	 	
              SECTION
                5.01.

            	
              Distributions.

            	 

    

    
      	 	
              SECTION
                5.02.

            	
              Statements
                to Certificateholders.

            	 

    

    
      	 	
              SECTION
                5.03.

            	
              Servicer
                Reports; P&I Advances.

            	 

    

    
      	 	
              SECTION
                5.04.

            	
              Allocation
                of Realized Losses.

            	 

    

    
      	 	
              SECTION
                5.05.

            	
              Compliance
                with Withholding Requirements.

            	 

    

    
      	 	
              SECTION
                5.06.

            	
              Reports
                Filed with Securities and Exchange Commission.

            	 

    

    
      	 	
              SECTION
                5.07.

            	
              Supplemental
                Interest Trust.

            	 

    

    
      	 	
              SECTION
                5.08.

            	
              Tax
                Treatment of Swap Payments and Swap Termination Payments.

            	 

    

     

    ARTICLE
      VI THE
      CERTIFICATES

     

    
      	 	
              SECTION
                6.01.

            	
              The
                Certificates.

            	 

    

    
      	 	
              SECTION
                6.02.

            	
              Registration
                of Transfer and Exchange of Certificates.

            	 

    

    
      	 	
              SECTION
                6.03.

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            	 

    

    
      	 	
              SECTION
                6.04.

            	
              Persons
                Deemed Owners.

            	 

    

    
      	 	
              SECTION
                6.05.

            	
              Certain
                Available Information.

            	 

    

     

    ARTICLE
      VII THE
      DEPOSITOR, THE SERVICER AND THE MASTER SERVICER

     

    
      	 	
              SECTION
                7.01.

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

            	 

    

    
      	 	
              SECTION
                7.02.

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

            	 

    

    
      	 	
              SECTION
                7.03.

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

            	 

    

    
      	 	
              SECTION
                7.04.

            	
              Limitation
                on Resignation of the Servicer.

            	 

    

    
      	 	
              SECTION
                7.05.

            	
              Limitation
                on Resignation of the Master Servicer.

            	 

    

    
      	 	
              SECTION
                7.06.

            	
              Assignment
                of Master Servicing.

            	 

    

    
      	 	
              SECTION
                7.07.

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

            	 

    

    
      	 	
              SECTION
                7.08.

            	
              Duties
                of the Credit Risk Manager.

            	 

    

    
      	 	
              SECTION
                7.09.

            	
              Limitation
                Upon Liability of the Credit Risk Manager.

            	 

    

    
      	 	
              SECTION
                7.10.

            	
              Removal
                of the Credit Risk Manager.

            	 

    

    
      	 	
              SECTION
                7.11.

            	
              Transfer
                of Servicing by Sponsor.

            	 

    

     

    ARTICLE
      VIII DEFAULT

     

    
      	 	
              SECTION
                8.01.

            	
              Servicer
                Events of Default.

            	 

    

    
      	 	
              SECTION
                8.02.

            	
              Master
                Servicer to Act; Appointment of Successor.

            	 

    

    
      	 	
              SECTION
                8.03.

            	
              Notification
                to Certificateholders.

            	 

    

    
      	 	
              SECTION
                8.04.

            	
              Waiver
                of Servicer Events of Default.

            	 

    

     

    ARTICLE
      IX CONCERNING
      THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

     

    
      	 	
              SECTION
                9.01.

            	
              Duties
                of Trustee and Securities Administrator.

            	 

    

    
      	 	
              SECTION
                9.02.

            	
              Certain
                Matters Affecting Trustee and Securities Administrator.

            	 

    

    
      	 	
              SECTION
                9.03.

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

            	 

    

    
      	 	
              SECTION
                9.04.

            	
              Trustee
                and Securities Administrator May Own Certificates.

            	 

    

    
      	 	
              SECTION
                9.05.

            	
              Fees
                and Expenses of Trustee and Securities Administrator.

            	 

    

    
      	 	
              SECTION
                9.06.

            	
              Eligibility
                Requirements for Trustee and Securities Administrator.

            	 

    

    
      	 	
              SECTION
                9.07.

            	
              Resignation
                and Removal of Trustee and Securities Administrator.

            	 

    

    
      	 	
              SECTION
                9.08.

            	
              Successor
                Trustee or Securities Administrator.

            	 

    

    
      	 	
              SECTION
                9.09.

            	
              Merger
                or Consolidation of Trustee or Securities Administrator.

            	 

    

    
      	 	
              SECTION
                9.10.

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            	 

    

    
      	 	
              SECTION
                9.11.

            	
              Appointment
                of Office or Agency.

            	 

    

    
      	 	
              SECTION
                9.12.

            	
              Representations
                and Warranties.

            	 

    

     

    ARTICLE
      X TERMINATION

     

    
      	 	
              SECTION
                10.01.

            	
              Termination
                Upon Repurchase or Liquidation of All Mortgage Loans.

            	 

    

    
      	 	
              SECTION
                10.02.

            	
              Additional
                Termination Requirements.

            	 

    

     

    ARTICLE
      XI REMIC
      PROVISIONS

     

    
      	 	
              SECTION
                11.01.

            	
              REMIC
                Administration.

            	 

    

    
      	 	
              SECTION
                11.02.

            	
              Prohibited
                Transactions and Activities.

            	 

    

    
      	 	
              SECTION
                11.03.

            	
              Indemnification.

            	 

    

     

    ARTICLE
      XII MISCELLANEOUS
      PROVISIONS

     

    
      	 	
              SECTION
                12.01.

            	
              Amendment.

            	 

    

    
      	 	
              SECTION
                12.02.

            	
              Recordation
                of Agreement; Counterparts.

            	 

    

    
      	 	
              SECTION
                12.03.

            	
              Limitation
                on Rights of Certificateholders.

            	 

    

    
      	 	
              SECTION
                12.04.

            	
              Governing
                Law.

            	 

    

    
      	 	
              SECTION
                12.05.

            	
              Notices.

            	 

    

    
      	 	
              SECTION
                12.06.

            	
              Severability
                of Provisions.

            	 

    

    
      	 	
              SECTION
                12.07.

            	
              Notice
                to Rating Agencies.

            	 

    

    
      	 	
              SECTION
                12.08.

            	
              Article
                and Section References.

            	 

    

    
      	 	
              SECTION
                12.09.

            	
              Grant
                of Security Interest.

            	 

    

    
      	 	
              SECTION
                12.10.

            	
              Survival
                of Indemnification.

            	 

    

    
      	 	
              SECTION
                12.11.

            	
              Intention
                of the Parties and Interpretation

            	 

    

    

    Exhibits

    

      

       

      
        	
                Exhibit
                  A-1

              	
                Form
                  of Class A Certificate

              
	
                Exhibit
                  A-2A

              	
                Form
                  of Class M-[1] [2A] [6A] [9A] Certificate

              
	
                Exhibit
                  A-2B

              	
                Form
                  of Class M-[2B] [4] [5] [6B] [7] [8] [9B]

              
	
                Exhibit
                  A-3

              	
                Form
                  of Class B-1 Certificate

              
	
                Exhibit
                  A-4

              	
                Form
                  of Class CE-1 Certificate and Class CE-2 Certificate

              
	
                Exhibit
                  A-5

              	
                Form
                  of Class P Certificate

              
	
                Exhibit
                  A-6

              	
                Form
                  of Class R Certificate

              
	
                Exhibit
                  B-1

              	
                Form
                  of Transferor Representation Letter and Form of Transferee Representation
                  Letter in Connection with Transfer of the Class B-1 Certificates,
                  Class P
                  Certificates, Class CE-1 Certificates, Class CE-2 Certificates
                  and
                  Residual Certificates Pursuant to Rule 144A Under the Securities
                  Act

              
	
                Exhibit
                  B-2

              	
                Form
                  of Transferor Representation Letter and Form of Transferee Representation
                  Letter in Connection with Transfer of the Class B-1 Certificates,
                  Class P
                  Certificates, Class CE-1 Certificates, Class CE-2 Certificates
                  and
                  Residual Certificates Pursuant to Rule 501(a) Under the Securities
                  Act

              
	
                Exhibit
                  B-3

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

              
	
                Exhibit
                  C

              	
                Form
                  of Servicer Certification

              
	
                Exhibit
                  D

              	
                Form
                  of Power of Attorney

              
	
                Exhibit
                  E

              	
                Servicing
                  Criteria

              
	
                Exhibit
                  F

              	
                Mortgage
                  Loan Purchase Agreement between the Sponsor and the
                  Depositor

              
	
                Exhibit
                  G

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

              
	
                Exhibit
                  H

              	
                Additional
                  Disclosure Notification

              
	
                Exhibit
                  I

              	
                Swap
                  Agreement

              
	
                Schedule
                  1

              	
                Mortgage
                  Loan Schedule

              
	
                Schedule
                  2

              	
                Prepayment
                  Charge Schedule

              
	
                Schedule
                  3

              	
                Reserved.

              
	
                Schedule
                  4

              	
                Standard
                  File Layout - Delinquency Reporting

              
	
                Schedule
                  5

              	
                Standard
                  File Layout - Master Servicing

              
	
                Schedule
                  6

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

              

      

    

    This
      Pooling and Servicing Agreement, is dated and effective as of March 1, 2006,
      among ACE SECURITIES CORP., as Depositor, OCWEN LOAN SERVICING, LLC as Servicer,
      WELLS FARGO BANK, NATIONAL
      ASSOCIATION,
      as
      Master Servicer and Securities Administrator and HSBC BANK USA, NATIONAL
      ASSOCIATION, as Trustee.

     

    PRELIMINARY
      STATEMENT:

     

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

     

    REMIC
      I

     

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

     

    

    
      	
               

              Designation

            	 	
               

              REMIC
                I

               

              Remittance
                Rate

            	 	
               

              Initial

               

              Uncertificated
                Balance

            	 	
               

              Latest
                Possible

               

              Maturity
                Date(1)

            	 
	
              A-I

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              86,602,386.82

            	 	
              January
                2036

            	 
	
              I-1-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              13,685,205.00

            	 	
              January
                2036

            	 
	
              I-1-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              13,685,205.00

            	 	
              January
                2036

            	 
	
              I-2-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              12,856,970.50

            	 	
              January
                2036

            	 
	
              I-2-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              12,856,970.50

            	 	
              January
                2036

            	 
	
              I-3-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              12,078,817.50

            	 	
              January
                2036

            	 
	
              I-3-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              12,078,817.50

            	 	
              January
                2036

            	 
	
              I-4-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              11,347,720.50

            	 	
              January
                2036

            	 
	
              I-4-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              11,347,720.50

            	 	
              January
                2036

            	 
	
              I-5-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              10,660,835.50

            	 	
              January
                2036

            	 
	
              I-5-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              10,660,835.50

            	 	
              January
                2036

            	 
	
              I-6-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              10,015,490.50

            	 	
              January
                2036

            	 
	
              I-6-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              10,015,490.50

            	 	
              January
                2036

            	 
	
              I-7-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              9,409,176.00

            	 	
              January
                2036

            	 
	
              I-7-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              9,409,176.00

            	 	
              January
                2036

            	 
	
              I-8-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              8,839,532.50

            	 	
              January
                2036

            	 
	
              I-8-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              8,839,532.50

            	 	
              January
                2036

            	 
	
              I-9-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              8,304,345.00

            	 	
              January
                2036

            	 
	
              I-9-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              8,304,345.00

            	 	
              January
                2036

            	 
	
              I-10-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              7,801,529.50

            	 	
              January
                2036

            	 
	
              I-10-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              7,801,529.50

            	 	
              January
                2036

            	 
	
              I-11-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              7,329,131.00

            	 	
              January
                2036

            	 
	
              I-11-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              7,329,131.00

            	 	
              January
                2036

            	 
	
              I-12-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              6,885,309.00

            	 	
              January
                2036

            	 
	
              I-12-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              6,885,309.00

            	 	
              January
                2036

            	 
	
              I-13-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              6,468,338.00

            	 	
              January
                2036

            	 
	
              I-13-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              6,468,338.00

            	 	
              January
                2036

            	 
	
              I-14-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              6,076,594.50

            	 	
              January
                2036

            	 
	
              I-14-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              6,076,594.50

            	 	
              January
                2036

            	 
	
              I-15-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              5,708,552.50

            	 	
              January
                2036

            	 
	
              I-15-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              5,708,552.50

            	 	
              January
                2036

            	 
	
              I-16-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              5,362,780.00

            	 	
              January
                2036

            	 
	
              I-16-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              5,362,780.00

            	 	
              January
                2036

            	 
	
              I-17-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              5,037,931.00

            	 	
              January
                2036

            	 
	
              I-17-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              5,037,931.00

            	 	
              January
                2036

            	 
	
              I-18-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              4,732,739.50

            	 	
              January
                2036

            	 
	
              I-18-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              4,732,739.50

            	 	
              January
                2036

            	 
	
              I-19-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              4,446,017.00

            	 	
              January
                2036

            	 
	
              I-19-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              4,446,017.00

            	 	
              January
                2036

            	 
	
              I-20-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              4,176,648.00

            	 	
              January
                2036

            	 
	
              I-20-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              4,176,648.00

            	 	
              January
                2036

            	 
	
              I-21-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              3,923,582.00

            	 	
              January
                2036

            	 
	
              I-21-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              3,923,582.00

            	 	
              January
                2036

            	 
	
              I-22-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              3,685,833.50

            	 	
              January
                2036

            	 
	
              I-22-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              3,685,833.50

            	 	
              January
                2036

            	 
	
              I-23-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              3,462,476.00

            	 	
              January
                2036

            	 
	
              I-23-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              3,462,476.00

            	 	
              January
                2036

            	 
	
              I-24-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              3,252,639.50

            	 	
              January
                2036

            	 
	
              I-24-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              3,252,639.50

            	 	
              January
                2036

            	 
	
              I-25-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              3,055,506.00

            	 	
              January
                2036

            	 
	
              I-25-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              3,055,506.00

            	 	
              January
                2036

            	 
	
              I-26-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              2,870,307.50

            	 	
              January
                2036

            	 
	
              I-26-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              2,870,307.50

            	 	
              January
                2036

            	 
	
              I-27-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              2,696,322.00

            	 	
              January
                2036

            	 
	
              I-27-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              2,696,322.00

            	 	
              January
                2036

            	 
	
              I-28-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              2,532,870.50

            	 	
              January
                2036

            	 
	
              I-28-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              2,532,870.50

            	 	
              January
                2036

            	 
	
              I-29-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              2,379,317.00

            	 	
              January
                2036

            	 
	
              I-29-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              2,379,317.00

            	 	
              January
                2036

            	 
	
              I-30-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              2,235,062.00

            	 	
              January
                2036

            	 
	
              I-30-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              2,235,062.00

            	 	
              January
                2036

            	 
	
              I-31-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              2,099,543.00

            	 	
              January
                2036

            	 
	
              I-31-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              2,099,543.00

            	 	
              January
                2036

            	 
	
              I-32-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              1,972,231.50

            	 	
              January
                2036

            	 
	
              I-32-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              1,972,231.50

            	 	
              January
                2036

            	 
	
              I-33-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              1,852,631.00

            	 	
              January
                2036

            	 
	
              I-33-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              1,852,631.00

            	 	
              January
                2036

            	 
	
              I-34-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              1,740,275.00

            	 	
              January
                2036

            	 
	
              I-34-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              1,740,275.00

            	 	
              January
                2036

            	 
	
              I-35-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              1,634,724.50

            	 	
              January
                2036

            	 
	
              I-35-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              1,634,724.50

            	 	
              January
                2036

            	 
	
              I-36-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              1,535,568.50

            	 	
              January
                2036

            	 
	
              I-36-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              1,535,568.50

            	 	
              January
                2036

            	 
	
              I-37-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              1,442,420.00

            	 	
              January
                2036

            	 
	
              I-37-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              1,442,420.00

            	 	
              January
                2036

            	 
	
              I-38-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              1,354,914.50

            	 	
              January
                2036

            	 
	
              I-38-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              1,354,914.50

            	 	
              January
                2036

            	 
	
              I-39-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              1,272,711.50

            	 	
              January
                2036

            	 
	
              I-39-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              1,272,711.50

            	 	
              January
                2036

            	 
	
              I-40-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              1,195,489.50

            	 	
              January
                2036

            	 
	
              I-40-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              1,195,489.50

            	 	
              January
                2036

            	 
	
              I-41-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              1,122,947.50

            	 	
              January
                2036

            	 
	
              I-41-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              1,122,947.50

            	 	
              January
                2036

            	 
	
              I-42-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              1,054,801.00

            	 	
              January
                2036

            	 
	
              I-42-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              1,054,801.00

            	 	
              January
                2036

            	 
	
              I-43-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              990,785.00

            	 	
              January
                2036

            	 
	
              I-43-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              990,785.00

            	 	
              January
                2036

            	 
	
              I-44-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              930,649.00

            	 	
              January
                2036

            	 
	
              I-44-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              930,649.00

            	 	
              January
                2036

            	 
	
              I-45-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              874,158.50

            	 	
              January
                2036

            	 
	
              I-45-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              874,158.50

            	 	
              January
                2036

            	 
	
              I-46-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              821,093.00

            	 	
              January
                2036

            	 
	
              I-46-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              821,093.00

            	 	
              January
                2036

            	 
	
              I-47-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              771,243.50

            	 	
              January
                2036

            	 
	
              I-47-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              771,243.50

            	 	
              January
                2036

            	 
	
              I-48-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              724,416.50

            	 	
              January
                2036

            	 
	
              I-48-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              724,416.50

            	 	
              January
                2036

            	 
	
              I-49-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              680,430.00

            	 	
              January
                2036

            	 
	
              I-49-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              680,430.00

            	 	
              January
                2036

            	 
	
              I-50-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              639,109.00

            	 	
              January
                2036

            	 
	
              I-50-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              639,109.00

            	 	
              January
                2036

            	 
	
              I-51-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              600,295.50

            	 	
              January
                2036

            	 
	
              I-51-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              600,295.50

            	 	
              January
                2036

            	 
	
              I-52-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              563,834.50

            	 	
              January
                2036

            	 
	
              I-52-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              563,834.50

            	 	
              January
                2036

            	 
	
              I-53-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              529,586.00

            	 	
              January
                2036

            	 
	
              I-53-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              529,586.00

            	 	
              January
                2036

            	 
	
              I-54-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              497,414.50

            	 	
              January
                2036

            	 
	
              I-54-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              497,414.50

            	 	
              January
                2036

            	 
	
              I-55-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              467,194.50

            	 	
              January
                2036

            	 
	
              I-55-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              467,194.50

            	 	
              January
                2036

            	 
	
              I-56-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              438,807.50

            	 	
              January
                2036

            	 
	
              I-56-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              438,807.50

            	 	
              January
                2036

            	 
	
              I-57-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              412,143.50

            	 	
              January
                2036

            	 
	
              I-57-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              412,143.50

            	 	
              January
                2036

            	 
	
              I-58-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              387,097.00

            	 	
              January
                2036

            	 
	
              I-58-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              387,097.00

            	 	
              January
                2036

            	 
	
              I-59-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              363,570.50

            	 	
              January
                2036

            	 
	
              I-59-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              363,570.50

            	 	
              January
                2036

            	 
	
              I-60-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              341,471.00

            	 	
              January
                2036

            	 
	
              I-60-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              341,471.00

            	 	
              January
                2036

            	 
	
              I-61-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              320,714.00

            	 	
              January
                2036

            	 
	
              I-61-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              320,714.00

            	 	
              January
                2036

            	 
	
              I-62-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              301,215.50

            	 	
              January
                2036

            	 
	
              I-62-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              301,215.50

            	 	
              January
                2036

            	 
	
              I-63-A

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              4,643,696.00

            	 	
              January
                2036

            	 
	
              I-63-B

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              4,643,696.00

            	 	
              January
                2036

            	 
	
              I-CE-2

            	 	
               

              Variable(2)

            	 	
               

              $

            	
              N/A(3)

            	 	
              January
                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.

            

    

     

    
      	
              (3)

            	
              REMIC
                I Regular Interest I-CE-2 will not have an Uncertificated Balance,
                but
                will accrue interest on their Notional Amount described in accordance
                with
                the definition of “Notional Amount”
herein.

            

    

     

    

    REMIC
      II

     

    As
      provided herein, the 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. The following table irrevocably
      sets forth the designation, the REMIC II Remittance Rate, the initial aggregate
      Uncertificated Balance and, for purposes of satisfying Treasury regulation
      Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each
      of the REMIC II Regular Interests. None of the REMIC II Regular Interests will
      be certificated.

     

    

     

    
      	
              Designation

               

            	
              REMIC
                II

              Remittance
                Rate

               

            	
              Initial

              Uncertificated
                Balance

               

            	
              Latest
                Possible

              Maturity
                Date (1)

            
	
               

              AA

            	
               

              Variable(2)

            	
              $527,623,972.64

            	
              January
                2036

            
	
               

              A

            	
               

              Variable(2)

            	
              $3,619,690.00

            	
              January
                2036

            
	
               

              M-1

            	
               

              Variable(2)

            	
              $309,260.00

            	
              January
                2036

            
	
               

              M-2A

            	
               

              Variable(2)

            	
              $
                100,000.00

            	
              January
                2036

            
	
               

              M-2B

            	
               

              Variable(2)

            	
              $
                171,610.00

            	
              January
                2036

            
	
               

              M-3

            	
               

              Variable(2)

            	
              $
                131,770.00

            	
              January
                2036

            
	
               

              M-4

            	
               

              Variable(2)

            	
              $
                118,330.00

            	
              January
                2036

            
	
               

              M-5

            	
               

              Variable(2)

            	
              $
                126,390.00

            	
              January
                2036

            
	
               

              M-6A

            	
               

              Variable(2)

            	
              $
                50,000.00

            	
              January
                2036

            
	
               

              M-6B

            	
               

              Variable(2)

            	
              $
                71,020.00

            	
              January
                2036

            
	
               

              M-7

            	
               

              Variable(2)

            	
              $
                118,330.00

            	
              January
                2036

            
	
               

              M-8

            	
               

              Variable(2)

            	
              $
                110,260.00

            	
              January
                2036

            
	
               

              M-9A

            	
               

              Variable(2)

            	
              $
                40,000.00

            	
              January
                2036

            
	
               

              M-9B

            	
               

              Variable(2)

            	
              $
                48,740.00

            	
              January
                2036

            
	
               

              B-1

            	
               

              Variable(2)

            	
              $
                94,120.00

            	
              January
                2036

            
	
               

              ZZ

            	
               

              Variable(2)

            	
              $
                5,658,316.18

            	
              January
                2036

            
	
               

              P

            	
               

              0.00%

            	
               

              $ 100.00

            	
              January
                2036

            
	
               

              IO

            	
               

              Variable(2)

            	
              N/A(3)

            	
              January
                2036

            
	
               

              CE-2

            	
               

              (5)

            	
               

              N/A(4)

            	
              January
                2036

            

    

    ___________________________

     

    
      
        	
                (1)

                 

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

              
	
                (2)

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

              
	
                (3)

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

              
	
                (4)

                 

              	
                For
                  federal income tax purposes, the REMIC II Regular Interest CE-2
                  will not
                  have an Uncertificated Balance, but will have a Notional Amount
                  equal to
                  the aggregate Notional Amount of each of REMIC I Regular Interest
                  I-CE-2.

              
	
                (5)

              	
                REMIC
                  II Regular Interest CE-2 will not have an REMIC II Remittance Rate,
                  but
                  will be entitled to 100% of the amounts distributed on REMIC I
                  Regular
                  Interest I-CE-2.

              

      

    

    
       

    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. The following table irrevocably
      sets forth the designation, the Pass-Through Rate, the initial aggregate
      Certificate Principal Balance and, for purposes of satisfying Treasury
      regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date”
for the indicated Classes of Certificates.

     

    
      	
               

              Designation

            	 	
              Pass-Through
                Rate

            	 	
              Initial
                Aggregate Certificate Principal Balance

            	 	
              Latest
                Possible

              Maturity
                Date (1)

            	 
	
              Class
                A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              361,969,000.00

            	 	 	
              January
                2036

            	 
	
              Class
                M-1

            	 	 	
              Fixed(2

            	
              )

            	
              $

            	
              30,926,000.00

            	 	 	
              January
                2036

            	 
	
              Class
                M-2A

            	 	 	
              Fixed(2

            	
              )

            	
              $

            	
              10,000,000.00

            	 	 	
              January
                2036

            	 
	
              Class
                M-2B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              17,161,000.00

            	 	 	
              January
                2036

            	 
	
              Class
                M-3

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              13,177,000.00

            	 	 	
              January
                2036

            	 
	
              Class
                M-4

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              11,833,000.00

            	 	 	
              January
                2036

            	 
	
              Class
                M-5

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              12,639,000.00

            	 	 	
              January
                2036

            	 
	
              Class
                M-6A

            	 	 	
              Fixed(2

            	
              )

            	
              $

            	
              5,000,000.00

            	 	 	
              January
                2036

            	 
	
              Class
                M-6B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              7,102,000.00

            	 	 	
              January
                2036

            	 
	
              Class
                M-7

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              11,833,000.00

            	 	 	
              January
                2036

            	 
	
              Class
                M-8

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              11,026,000.00

            	 	 	
              January
                2036

            	 
	
              Class
                M-9A

            	 	 	
              Fixed(2

            	
              )

            	
              $

            	
              4,000,000.00

            	 	 	
              January
                2036

            	 
	
              Class
                M-9B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              4,874,000.00

            	 	 	
              January
                2036

            	 
	
              Class
                B-1

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              9,412,000.00

            	 	 	
              January
                2036

            	 
	
              Class
                P

            	 	 	
              N/A(3

            	
              )

            	
              $

            	
              100.00

            	 	 	
              January
                2036

            	 
	
              Class
                CE-1

            	 	 	
              N/A(4

            	
              )

            	
              $

            	
              27,439,808.82

            	 	 	
              January
                2036

            	 
	
              Class
                CE-2

            	 	 	
              N/A(5

            	
              )

            	 	
              N/A(6

            	
              )

            	 	
              January
                2036

            	 
	
              Class
                IO Interest

            	 	 	
              N/A(7

            	
              )

            	 	
              N/A(7

            	
              )

            	 	
              January
                2036

            	 

    

    

    _________________

     

    
      
        	
                (1)

                 

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

                 

              
	
                (2)

                 

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

                 

              
	
                (3)

                 

              	
                The
                  Class P Certificates will not accrue interest.

                 

              
	
                (4)

              	
                The
                  Class CE-1 Certificates will accrue interest at their variable
                  Pass-Through Rate on the Notional Amount of the Class CE-1 Certificates
                  outstanding from time to time which shall equal the Uncertificated
                  Balance
                  of the REMIC II Regular Interests (other than REMIC II Regular
                  Interest
                  P). The Class CE-1 Certificates will not accrue interest on their
                  Certificate Principal Balance.

              
	
                (5)

              	
                The
                  Class CE-2 Certificates are an interest only class and for each
                  Distribution Date the Class CE-2 Certificates will be entitled
                  to receive
                  100% of the amounts distributed on REMIC II Regular Interest
                  CE-2.

              
	
                (6)

                 

              	
                For
                  federal income tax purposes, the Class CE-2 Certificates will not
                  have a
                  Certificate Principal Balance, but will have a Notional Amount
                  equal to
                  the Notional Amount of REMIC II Regular Interest CE-2.

                 

              
	
                (7)

                 

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

                 

              

      

    

     

    The
      Mortgage Loans had an aggregate Scheduled Principal Balance as of the Cut-off
      Date, after deducting all Monthly Payments due on or before the Cut-off Date,
      of
      $538,391,908.82.

     

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

      

    ARTICLE
      I

    DEFINITIONS

     

    SECTION
      1.01.  Defined
      Terms.

     

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

     

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

     

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

     

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

     

    “Accrued
      Certificate Interest”:
      With
      respect to any Class A Certificate, Mezzanine Certificate, Class B-1
      Certificate, Class CE-1 Certificate or Class CE-2 Certificate and each
      Distribution Date, interest accrued during the related Interest Accrual Period
      at the Pass-Through Rate for such Certificate for such Distribution Date on
      the
      Certificate Principal Balance, in the case of the Class A Certificates, the
      Mezzanine Certificates and the Class B-1 Certificates, or on the Notional Amount
      in the case of the Class CE-1 Certificates and Class CE-2 Certificates, of
      such
      Certificate immediately prior to such Distribution Date. The Class P
      Certificates are not entitled to distributions in respect of interest and,
      accordingly, will not accrue interest. All distributions of interest on the
      Floating Rate Certificates will be calculated on the basis of a 360-day year
      and
      the actual number of days in the applicable Interest Accrual Period. All
      distributions of interest on the Fixed Rate Certificates and the Class CE-1
      and
      Class CE-2 Certificates will be based on a 360-day year consisting of twelve
      30-day months. Accrued Certificate Interest with respect to each Distribution
      Date, as to any Class A Certificate, Mezzanine Certificate, Class B-1
      Certificate or Class CE-1 Certificate shall be reduced by an amount equal to
      the
      portion allocable to such Certificate pursuant to Section 1.02 hereof, if
      any, of the sum of (a) the aggregate Prepayment Interest Shortfall, if any,
      for
      such Distribution Date to the extent not covered by payments pursuant to
      Section 3.22 or Section 4.19 of this Agreement and (b) the aggregate
      amount of any Relief Act Interest Shortfall, if any, for such Distribution
      Date.
      In addition, Accrued Certificate Interest with respect to each Distribution
      Date, as to any Class CE-1 Certificate, shall be reduced by an amount equal
      to
      the portion allocable to such Class CE-1 Certificate of Realized Losses, if
      any,
      pursuant to Section 1.02 and Section 5.04 hereof. 

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Allocated
      Realized Loss Amount”:
      With
      respect to any Class of Mezzanine Certificates or Class B-1 Certificates and
      any
      Distribution Date, an amount equal to the sum of any Realized Loss allocated
      to
      that Class of Certificates on the Distribution Date and any Allocated Realized
      Loss Amount for that Class remaining unpaid from the previous Distribution
      Date.

     

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

     

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

     

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

     

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

     

    “Authorized
      Officers”:
      A
      managing director of the whole loan trading desk and a managing director in
      global markets.

     

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

     

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

     

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

     

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

     

    “Book-Entry
      Certificates”:
      The
      Offered Certificates and Class B-1 Certificates for so long as the Certificates
      of such Class shall be registered in the name of the Depository or its
      nominee.

     

    “Book-Entry
      Custodian”:
      The
      custodian appointed pursuant to Section 6.01.

     

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

     

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

     

    “Certificate”:
      Any
      one of ACE Securities Corp., Asset Backed Pass-Through Certificates, Series
      2006-SL2, Class A, Class M-1, Class M-2A, Class M-2B, Class M-3, Class M-4,
      Class M-5, Class M-6A, Class M-6B, Class M-7, Class M-8, Class M-9A, Class
      M-9B,
      Class B-1, Class P, Class CE-1, Class CE-2 and Class R Certificates issued
      under
      this Agreement. 

     

    “Certificate
      Factor”:
      With
      respect to any Class of Certificates (other than the Residual Certificates)
      as
      of any Distribution Date, a fraction, expressed as a decimal carried to six
      places, the numerator of which is the aggregate Certificate Principal Balance
      (or Notional Amount, in the case of the Class CE-1 Certificates and Class CE-2
      Certificates) of such Class of Certificates on such Distribution Date (after
      giving effect to any distributions of principal and allocations of Realized
      Losses resulting in reduction of the Certificate Principal Balance (or Notional
      Amount, in the case of the Class CE-1 Certificates and Class CE-2 Certificates)
      of such Class of Certificates to be made on such Distribution Date), and the
      denominator of which is the initial aggregate Certificate Principal Balance
      (or
      Notional Amount, in the case of the Class CE-1 Certificates and Class CE-2
      Certificates) of such Class of Certificates as of the Closing Date.

     

    “Certificate
      Margin”:
      With
      respect to the Class A Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest A, 0.170% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.340%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-2B Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest M-2B, 0.390% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.585%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-3 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-3, 0.410% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.615%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-4 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-4, 0.530% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.795%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-5 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-5, 0.540% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.810%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-6B Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest M-6B, 0.620% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.930%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-7 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-7, 1.300% in the case of each
      Distribution Date through and including the Optional Termination Date and 1.800%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-8 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-8, 1.500% in the case of each
      Distribution Date through and including the Optional Termination Date and 2.00%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-9B Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest M-9B, 2.550% in the case of each
      Distribution Date through and including the Optional Termination Date and 3.050%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class B-1 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest B-1, 3.000% in the case of each
      Distribution Date through and including the Optional Termination Date and 3.500%
      in the case of each Distribution Date thereafter.

     

    “Certificateholder”
or
      “Holder”:
      The
      Person in whose name a Certificate is registered in the Certificate Register,
      except that a Disqualified Organization or a Non-United States Person shall
      not
      be a Holder of a Residual Certificate for any purposes hereof, and solely for
      the purposes of giving any consent pursuant to this Agreement, any Certificate
      registered in the name of or beneficially owned by the Depositor, the Sponsor,
      the Servicer, the Master Servicer, the Securities Administrator, the Trustee
      or
      any Affiliate thereof shall be deemed not to be outstanding and the Voting
      Rights to which it is entitled shall not be taken into account in determining
      whether the requisite percentage of Voting Rights necessary to effect any such
      consent has been obtained, except as otherwise provided in Section 12.01.
      The Trustee and the Securities Administrator may conclusively rely upon a
      certificate of the Depositor, the Sponsor, the Master Servicer, the Securities
      Administrator or the Servicer in determining whether a Certificate is held
      by an
      Affiliate thereof. All references herein to “Holders” or “Certificateholders”
shall reflect the rights of Certificate Owners as they may indirectly exercise
      such rights through the Depository and participating members thereof, except
      as
      otherwise specified herein; provided, however, that the Trustee and the
      Securities Administrator shall be required to recognize as a “Holder” or
“Certificateholder” only the Person in whose name a Certificate is registered in
      the Certificate Register.

     

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

     

    “Certificate
      Principal Balance”:
      With
      respect to each Class A Certificate, Mezzanine Certificate, Class B-1
      Certificate or Class P Certificate as of any date of determination, the
      Certificate Principal Balance of such Certificate on the Distribution Date
      immediately prior to such date of determination plus any Subsequent Recoveries
      added to the Certificate Principal Balance of such Certificate pursuant to
      Section 5.04 of this Agreement, minus all distributions allocable to
      principal made thereon and Realized Losses allocated thereto, if any, on such
      immediately prior Distribution Date (or, in the case of any date of
      determination up to and including the first Distribution Date, the initial
      Certificate Principal Balance of such Certificate, as stated on the face
      thereof). With respect to each Class CE-1 Certificate as of any date of
      determination, an amount equal to the Percentage Interest evidenced by such
      Certificate times the excess, if any, of (A) the then aggregate Uncertificated
      Balances of the REMIC II Regular Interests over (B) the then aggregate
      Certificate Principal Balances of the Class A Certificates, the Mezzanine
      Certificates, the Class B-1 Certificates and the Class P Certificates then
      outstanding. The aggregate initial Certificate Principal Balance of each Class
      of Regular Certificates is set forth in the Preliminary Statement
      hereto.

     

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

     

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

     

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

     

    “Charged
      Off Loan”:
      With
      respect to any Distribution Date, a defaulted Mortgage Loan that the Servicer
      is
      required to charge off once such Mortgage Loan becomes 180 days delinquent
      pursuant to Section 3.13, provided that such Mortgage Loan is not a Liquidated
      Mortgage Loan and provided further, that the Servicer has determined, based
      on a
      broker’s price opinion and other relevant considerations, that there will be (i)
      no Significant Subsequent Recoveries with respect to such Mortgage Loan or
      (ii)
      the potential Subsequent Recoveries are anticipated to be an amount, determined
      by the Servicer in its good faith judgment and in light of other mitigating
      circumstances, that is insufficient to warrant proceeding through foreclosure
      or
      other liquidation of the related Mortgaged Property.

     

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

     

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

     

    “Class
      A Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the excess of (x) the Certificate Principal
      Balance of the Class A Certificates immediately prior to such Distribution
      Date
      over (y) the lesser of (A) the product of (i) 27.00% and (ii) the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced
      and unscheduled collections of principal received during the related Prepayment
      Period) minus the product of (i) 0.50% and (ii) the aggregate principal balance
      of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      B-1 Certificate”:
      Any
      one of the Class B-1 Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-3 and evidencing (i) a REMIC Regular Interest in REMIC
      III,
      (ii) the right to receive the related Net WAC Rate Carryover Amount and (iii)
      the obligation to pay any Class IO Distribution Amount.

     

    “Class
      B-1 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the excess of (x) the sum of (i) the Certificate
      Principal Balance of the Class A Certificates (after taking into account the
      payment of the Class A Principal Distribution Amount on such Distribution Date),
      (ii) the Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date), (iii) the sum of the Certificate Principal Balances
      of the Class M-2A Certificates and Class M-2B Certificates (after taking into
      account the payment of the Class M-2 Principal Distribution Amount on such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates (after taking into account the payment of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the payment
      of
      the Class M-4 Principal Distribution Amount on such Distribution Date), (vi)
      the
      Certificate Principal Balance of the Class M-5 Certificates (after taking into
      account the payment of the Class M-5 Principal Distribution Amount on such
      Distribution Date), (vii) the sum of the Certificate Principal Balances of
      the
      Class M-6A Certificates and Class M-6B Certificates (after taking into account
      the payment of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the payment of the Class M-7 Principal Distribution
      Amount on such Distribution Date), (ix) the Certificate Principal Balance of
      the
      Class M-8 Certificates (after taking into account the payment of the Class
      M-8
      Principal Distribution Amount on such Distribution Date), (x) the sum of the
      Certificate Principal Balances of the Class M-9A Certificates and Class M-9B
      Certificates (after taking into account the payment of the Class M-9 Principal
      Distribution Amount on such Distribution Date) and (xi) the Certificate
      Principal Balance of the Class B-1 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 82.40% 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 aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced and unscheduled collections of principal received during the related
      Prepayment Period) minus the product of (i) 0.50% and (ii) the aggregate
      principal balance of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      CE-1 Certificate”:
      Any
      one of the Class CE-1 Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-4 and evidencing (i) a REMIC Regular Interest in REMIC
      III,
      (ii) the pay any Net WAC Rate Carryover Amounts and (iii) the obligation to
      pay
      any Class IO Distribution Amount.

     

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

     

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

     

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

    “Class
      M-1 Certificate”:
      Any
      one of the Class M-1 Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-2A and evidencing (i) a REMIC Regular Interest in REMIC
      III,
      (ii) the right to receive the related Net WAC Rate Carryover Amount and (iii)
      the obligation to pay any Class IO Distribution Amount.

     

    “Class
      M-1 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the excess of (x) the sum of (i) the Certificate
      Principal Balance of the Class A Certificates (after taking into account the
      payment of the Class A Principal Distribution Amount on such Distribution Date)
      and (ii) the Certificate Principal Balance of the Class M-1 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 38.50% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the product
      of
      (i) 0.50% and (ii) the aggregate principal balance of the Mortgage Loans as
      of
      the Cut-off Date.

     

    “Class
      M-2 Certificates”:
      Collectively, the Class M-2A Certificates and Class M-2B
      Certificates.

     

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

     

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

     

    “Class
      M-2 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the excess of (x) the sum of (i) the Certificate
      Principal Balance of the Class A Certificates (after taking into account the
      payment of the Class A Principal Distribution Amount on such Distribution Date),
      (ii) the Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date) and (iii) the sum of the Certificate Principal
      Balances of the Class M-2A Certificates and Class M-2B Certificates immediately
      prior to such Distribution Date over (y) the lesser of (A) the product of (i)
      48.60% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced and unscheduled collections of principal received during the related
      Prepayment Period) and (B) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced and unscheduled collections of principal received
      during the related Prepayment Period) minus the product of (i) 0.50% and (ii)
      the aggregate principal balance of the Mortgage Loans as of the Cut-off
      Date.

     

    “Class
      M-3 Certificate”:
      Any
      one of the Class M-3 Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-2A and evidencing (i) a REMIC Regular Interest in REMIC
      III,
      (ii) the right to receive the related Net WAC Rate Carryover Amount and (iii)
      the obligation to pay any Class IO Distribution Amount.

     

    “Class
      M-3 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the excess of (x) the sum of (i) the Certificate
      Principal Balance of the Class A Certificates (after taking into account the
      payment of the Class A Principal Distribution Amount on such Distribution Date),
      (ii) the Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date), (iii) the sum of the Certificate Principal Balances
      of the Class M-2A Certificates and Class M-2B Certificates (after taking into
      account the payment of the Class M-2 Principal Distribution Amount on such
      Distribution Date) and (iv) the Certificate Principal Balance of the Class
      M-3
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) 53.50% and (ii) the aggregate Stated Principal Balance
      of
      the Mortgage Loans as of the last day of the related Due Period (after giving
      effect to scheduled payments of principal due during the related Due Period,
      to
      the extent received or advanced and unscheduled collections of principal
      received during the related Prepayment Period) and (B) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the product of (i) 0.50% and (ii) the aggregate principal balance of the
      Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-4 Certificate”:
      Any
      one of the Class M-4 Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-2A and evidencing (i) a REMIC Regular Interest in REMIC
      III,
      (ii) the right to receive the related Net WAC Rate Carryover Amount and (iii)
      the obligation to pay any Class IO Distribution Amount.

     

    “Class
      M-4 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the excess of (x) the sum of (i) the Certificate
      Principal Balance of the Class A Certificates (after taking into account the
      payment of the Class A Principal Distribution Amount on such Distribution Date),
      (ii) the Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date), (iii) the sum of the Certificate Principal Balances
      of the Class M-2A Certificates and Class M-2B Certificates (after taking into
      account the payment of the Class M-2 Principal Distribution Amount on such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates (after taking into account the payment of the Class M-3 Principal
      Distribution Amount on such Distribution Date) and (v) the Certificate Principal
      Balance of the Class M-4 Certificates immediately prior to such Distribution
      Date over (y) the lesser of (A) the product of (i) 57.90% and (ii) the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced
      and unscheduled collections of principal received during the related Prepayment
      Period) minus the product of (i) 0.50% and (ii) the aggregate principal balance
      of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-5 Certificate”:
      Any
      one of the Class M-5 Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-2B and evidencing (i) a REMIC Regular Interest in REMIC
      III,
      (ii) the right to receive the related Net WAC Rate Carryover Amount and (iii)
      the obligation to pay any Class IO Distribution Amount.

     

    “Class
      M-5 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the excess of (x) the sum of (i) the Certificate
      Principal Balance of the Class A Certificates (after taking into account the
      payment of the Class A Principal Distribution Amount on such Distribution Date),
      (ii) the Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date), (iii) the sum of the Certificate Principal Balances
      of the Class M-2A Certificates and Class M-2B Certificates (after taking into
      account the payment of the Class M-2 Principal Distribution Amount on such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates (after taking into account the payment of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the payment
      of
      the Class M-4 Principal Distribution Amount on such Distribution Date) and
      (vi)
      the Certificate Principal Balance of the Class M-5 Certificates immediately
      prior to such Distribution Date over (y) the lesser of (A) the product of (i)
      62.60% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced and unscheduled collections of principal received during the related
      Prepayment Period) and (B) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced and unscheduled collections of principal received
      during the related Prepayment Period) minus the product of (i) 0.50% and (ii)
      the aggregate principal balance of the Mortgage Loans as of the Cut-off
      Date.

     

    “Class
      M-6 Certificates”:
      Collectively, the Class M-6A Certificates and Class M-6B
      Certificates.

     

    “Class
      M-6A Certificate”:
      Any
      one of the Class M-6A Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-2A and evidencing (i) a REMIC Regular Interest in REMIC
      III,
      (ii) the right to receive the related Net WAC Rate Carryover Amount and (iii)
      the obligation to pay any Class IO Distribution Amount.

     

    “Class
      M-6B Certificate”:
      Any
      one of the Class M-6B Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-2B and evidencing (i) a REMIC Regular Interest in REMIC
      III,
      (ii) the right to receive the related Net WAC Rate Carryover Amount and (iii)
      the obligation to pay any Class IO Distribution Amount.

     

    “Class
      M-6 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the excess of (x) the sum of (i) the Certificate
      Principal Balance of the Class A Certificates (after taking into account the
      payment of the Class A Principal Distribution Amount on such Distribution Date),
      (ii) the Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date), (iii) the sum of the Certificate Principal Balances
      of the Class M-2A Certificates and Class M-2B Certificates (after taking into
      account the payment of the Class M-2 Principal Distribution Amount on such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates (after taking into account the payment of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the payment
      of
      the Class M-4 Principal Distribution Amount on such Distribution Date), (vi)
      the
      Certificate Principal Balance of the Class M-5 Certificates (after taking into
      account the payment of the Class M-5 Principal Distribution Amount on such
      Distribution Date) and (vii) the sum of the Certificate Principal Balances
      of
      the Class M-6A Certificates and Class M-6B Certificates immediately prior to
      such Distribution Date over (y) the lesser of (A) the product of (i) 67.10%
      and
      (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the
      last
      day of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced and unscheduled collections of principal received during the related
      Prepayment Period) minus the product of (i) 0.50% and (ii) the aggregate
      principal balance of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-7 Certificate”:
      Any
      one of the Class M-7 Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-2B and evidencing (i) a REMIC Regular Interest in REMIC
      III,
      (ii) the right to receive the related Net WAC Rate Carryover Amount and (iii)
      the obligation to pay any Class IO Distribution Amount.

     

    “Class
      M-7 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the excess of (x) the sum of (i) the Certificate
      Principal Balance of the Class A Certificates (after taking into account the
      payment of the Class A Principal Distribution Amount on such Distribution Date),
      (ii) the Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date), (iii) the sum of the Certificate Principal Balances
      of the Class M-2A Certificates and Class M-2B Certificates (after taking into
      account the payment of the Class M-2 Principal Distribution Amount on such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates (after taking into account the payment of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the payment
      of
      the Class M-4 Principal Distribution Amount on such Distribution Date), (vi)
      the
      Certificate Principal Balance of the Class M-5 Certificates (after taking into
      account the payment of the Class M-5 Principal Distribution Amount on such
      Distribution Date), (vii) the sum of the Certificate Principal Balances of
      the
      Class M-6A Certificates and Class M-6B Certificates (after taking into account
      the payment of the Class M-6 Principal Distribution Amount on such Distribution
      Date) and (viii) the Certificate Principal Balance of the Class M-7 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 71.50% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the product
      of
      (i) 0.50% and (ii) the aggregate principal balance of the Mortgage Loans as
      of
      the Cut-off Date.

     

    “Class
      M-8 Certificate”:
      Any
      one of the Class M-8 Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-2B and evidencing (i) a REMIC Regular Interest in REMIC
      III,
      (ii) the right to receive the related Net WAC Rate Carryover Amount and (iii)
      the obligation to pay any Class IO Distribution Amount.

     

    “Class
      M-8 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the excess of (x) the sum of (i) the Certificate
      Principal Balance of the Class A Certificates (after taking into account the
      payment of the Class A Principal Distribution Amount on such Distribution Date),
      (ii) the Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date), (iii) the sum of the Certificate Principal Balances
      of the Class M-2A Certificates and Class M-2B Certificates (after taking into
      account the payment of the Class M-2 Principal Distribution Amount on such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates (after taking into account the payment of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the payment
      of
      the Class M-4 Principal Distribution Amount on such Distribution Date), (vi)
      the
      Certificate Principal Balance of the Class M-5 Certificates (after taking into
      account the payment of the Class M-5 Principal Distribution Amount on such
      Distribution Date), (vii) the sum of the Certificate Principal Balances of
      the
      Class M-6A Certificates and Class M-6B Certificates (after taking into account
      the payment of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the payment of the Class M-7 Principal Distribution
      Amount on such Distribution Date) and (ix) the Certificate Principal Balance
      of
      the Class M-8 Certificates immediately prior to such Distribution Date over
      (y)
      the lesser of (A) the product of (i) 75.60% and (ii) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced
      and unscheduled collections of principal received during the related Prepayment
      Period) minus the product of (i) 0.50% and (ii) the aggregate principal balance
      of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-9 Certificates”:
      Collectively, the Class M-9A Certificates and Class M-9B
      Certificates.

     

    “Class
      M-9A Certificate”:
      Any
      one of the Class M-9A Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-2A and evidencing (i) a REMIC Regular Interest in REMIC
      III,
      (ii) the right to receive the related Net WAC Rate Carryover Amount and (iii)
      the obligation to pay any Class IO Distribution Amount.

     

    “Class
      M-9B Certificate”:
      Any
      one of the Class M-9B Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-2B and evidencing (i) a REMIC Regular Interest in REMIC
      III,
      (ii) the right to receive the related Net WAC Rate Carryover Amount and (iii)
      the obligation to pay any Class IO Distribution Amount.

     

    “Class
      M-9 Principal Distribution Amount”:
      With
      respect to any Distribution Date on or after the Stepdown Date and on which
      a
      Trigger Event is not in effect, the excess of (x) the sum of (i) the Certificate
      Principal Balance of the Class A Certificates (after taking into account the
      payment of the Class A Principal Distribution Amount on such Distribution Date),
      (ii) the Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date), (iii) the sum of the Certificate Principal Balances
      of the Class M-2A Certificates and Class M-2B Certificates (after taking into
      account the payment of the Class M-2 Principal Distribution Amount on such
      Distribution Date), (iv) the Certificate Principal Balance of the Class M-3
      Certificates (after taking into account the payment of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the payment
      of
      the Class M-4 Principal Distribution Amount on such Distribution Date), (vi)
      the
      Certificate Principal Balance of the Class M-5 Certificates (after taking into
      account the payment of the Class M-5 Principal Distribution Amount on such
      Distribution Date), (vii) the sum of the Certificate Principal Balances of
      the
      Class M-6A Certificates and Class M-6B Certificates (after taking into account
      the payment of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the payment of the Class M-7 Principal Distribution
      Amount on such Distribution Date), (ix) the Certificate Principal Balance of
      the
      Class M-8 Certificates (after taking into account the payment of the Class
      M-8
      Principal Distribution Amount on such Distribution Date) and (x) the sum of
      the
      Certificate Principal Balances of the Class M-9A Certificates and Class M-9B
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) 78.90% and (ii) the aggregate Stated Principal Balance
      of
      the Mortgage Loans as of the last day of the related Due Period (after giving
      effect to scheduled payments of principal due during the related Due Period,
      to
      the extent received or advanced and unscheduled collections of principal
      received during the related Prepayment Period) and (B) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the product of (i) 0.50% and (ii) the aggregate principal balance of the
      Mortgage Loans as of the Cut-off Date.

     

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

     

    “Class
      R Certificates”:
      Any
      one of the Class R Certificates executed and authenticated by the Securities
      Administrator and delivered by the Trustee, substantially in the form annexed
      hereto as Exhibit A-6, and evidencing the Class R-I Interest, the Class R-II
      Interest and the Class R-III Interest.

     

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

     

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

     

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

     

    “Closing
      Date”:
      March
      28, 2006.

     

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

     

    “Collection
      Account”:
      The
      separate account or accounts created and maintained, or caused to be created
      and
      maintained, by the Servicer pursuant to Section 3.08(a) of this Agreement,
      which shall be entitled “Ocwen Loan Servicing, LLC, as the Servicer for HSBC
      Bank USA, National Association as Trustee, in trust for the registered holders
      of ACE Securities Corp., Home Equity Loan Trust, Series 2006-SL2, Asset Backed
      Pass-Through Certificates”, respectively. The Collection Account must be an
      Eligible Account.

     

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

     

    “Combined
      Loan-to-Value Ratio”:
      With
      respect to any Mortgage Loan and as of any date of determination, the fraction
      (expressed as a percentage) the numerator of which is the sum of (i) original
      principal balance of the related Mortgage Loan at such date of determination
      and
      (ii) the unpaid principal balance of the related First Mortgage Loan as of
      the
      date of origination of that Mortgage Loan and the denominator of which is (a)
      with respect to a Refinanced Mortgage Loan, the Value of the related Mortgaged
      Property at origination and (b) with respect to all other Mortgage Loans, the
      lesser of (i) the Value of the related Mortgage Property at origination and
      (ii)
      the purchase price of the related Mortgaged Property.

     

    “Commission”:
      The
      Securities and Exchange Commission.

     

    “Corporate
      Trust Office”:
      The
      principal corporate trust office of the Trustee or the Securities Administrator,
      as the case may be, at which, at any particular time, its corporate trust
      business in connection with this Agreement shall be administered, which office
      at the date of the execution of this instrument is located at (i) with respect
      to the Trustee, HSBC Bank USA, National Association, 452 Fifth Avenue, New
      York,
      New York 10018, Attention: ACE Securities Corp., 2006-SL2, or at such other
      address as the Trustee may designate from time to time by notice to the
      Certificateholders, the Depositor, the Master Servicer, the Securities
      Administrator and the Servicer and (ii) with respect to the office of the
      Securities Administrator, which for purposes of Certificate transfers and
      surrender is located at Wells Fargo Bank, National Association, Sixth Street
      and
      Marquette Avenue, Minneapolis, Minnesota 55479, Attention: Corporate Trust
      (ACE
      2006-SL2), and (B) for all other purposes is located at Wells Fargo Bank,
      National Association, P.O. Box 98, Columbia, Maryland 21046, Attention:
      Corporate Trust (ACE 2006-SL2) (or for overnight deliveries, at 9062 Old
      Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust (ACE
      2006-SL2)) or at such other address as the Securities Administrator may
      designate from time to time by notice to the Certificateholders, the Depositor,
      the Master Servicer, the Servicer and the Trustee.

     

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

     

    
      	
              REMIC
                II Regular
                Interest

            	 	
              Class

            	 
	
              REMIC
                II Regular Interest A

            	 	 	
              A

            	 
	
              REMIC
                II Regular Interest M-1

            	 	 	
              M-1

            	 
	
              REMIC
                II Regular Interest M-2A

            	 	 	
              M-2A

            	 
	
              REMIC
                II Regular Interest M-2B

            	 	 	
              M-2B

            	 
	
              REMIC
                II Regular Interest M-3

            	 	 	
              M-3

            	 
	
              REMIC
                II Regular Interest M-4

            	 	 	
              M-4

            	 
	
              REMIC
                II Regular Interest M-5

            	 	 	
              M-5

            	 
	
              REMIC
                II Regular Interest M-6A

            	 	 	
              M-6A

            	 
	
              REMIC
                II Regular Interest M-6B

            	 	 	
              M-6B

            	 
	
              REMIC
                II Regular Interest M-7

            	 	 	
              M-7

            	 
	
              REMIC
                II Regular Interest M-8

            	 	 	
              M-8

            	 
	
              REMIC
                II Regular Interest M-9A

            	 	 	
              M-9A

            	 
	
              REMIC
                II Regular Interest M-9B

            	 	 	
              M-9B

            	 
	
              REMIC
                II Regular Interest B-1

            	 	 	
              B-1

            	 
	
              REMIC
                II Regular Interest P

            	 	 	
              P

            	 
	
              REMIC
                II Regular Interest CE-2

            	 	 	
              CE-2

            	 

    

    

    “Credit
      Enhancement Percentage”:
      For
      any Distribution Date, the percentage equivalent of a fraction, the numerator
      of
      which is the sum of the aggregate Certificate Principal Balances of the
      Mezzanine Certificates, the Class B-1 Certificates and the Class CE-1
      Certificates, and the denominator of which is the aggregate Stated Principal
      Balance of the Mortgage Loans, calculated after taking into account
      distributions of principal on the Mortgage Loans and distribution of the
      Principal Distribution Amount to the Certificates then entitled to distributions
      of principal on such Distribution Date.

     

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

     

    “Credit
      Risk Management Fee”:
      The
      amount payable to the Credit Risk Manager on each Distribution Date as
      compensation for all services rendered by it in the exercise and performance
      of
      any and all powers and duties of the Credit Risk Manager under the Credit Risk
      Management Agreements, which amount shall equal one twelfth of the product
      of
      (i) the Credit Risk Management Fee Rate multiplied by (ii) the Stated Principal
      Balance of the Mortgage Loans and any related REO Properties as of the first
      day
      of the related Due Period.

     

    “Credit
      Risk Management Fee Rate”:
      0.015%
      per annum.

     

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

     

    “Custodial
      Agreement”:
      Either
      of the DBNTC Custodial Agreement or the Wells Fargo Custodial Agreement, or
      any
      other custodial agreement entered into after the date hereof with respect to
      any
      Mortgage Loan subject to this Agreement.

     

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

     

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

     

    “DBNTC”:
      Deutsche Bank National Trust Company, a national banking
      association.

     

    “DBNTC
      Custodial Agreement”:
      The
      Custodial Agreement dated as of March 1, 2006, among the Trustee, DBNTC and
      Ocwen, as may be amended or supplemented from time to time.

     

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

     

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

     

    “Definitive
      Certificates”:
      As
      defined in Section 6.01(b) of this Agreement.

     

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

     

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

     

    “Depositor”:
      ACE
      Securities Corp., a Delaware corporation, or its successor in
      interest.

     

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

     

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

     

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

     

    “Determination
      Date”:
      With
      respect to each Distribution Date, the 15th day of the calendar month in which
      such Distribution Date occurs, or if such 15th day is not a Business Day, the
      Business Day immediately preceding such 15th day. The Determination Date for
      purposes of Article X hereof shall mean the 15th
      day of
      the month or, if such 15th
      day is
      not a Business Day, the first Business Day following such 15th
      day.

     

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

     

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

     

    “Distribution
      Account”:
      The
      separate trust account or accounts created and maintained by the Securities
      Administrator pursuant to Section 3.08(b) of this Agreement in the name of
      the Securities Administrator for the benefit of the Certificateholders and
      designated “Wells Fargo Bank, National Association, in trust for registered
      holders of ACE Securities Corp. Home Equity Loan Trust, Series 2006-SL2”. Funds
      in the Distribution Account shall be held in trust for the Certificateholders
      for the uses and purposes set forth in this Agreement. The Distribution Account
      must be an Eligible Account.

     

    “Distribution
      Date”:
      The
      25th day of any month, or if such 25th day is not a Business Day, the Business
      Day immediately following such 25th day, commencing in April 2006.

     

    “Due
      Date”:
      With
      respect to each Distribution Date, the day of the month on which the Monthly
      Payment is due on a Mortgage Loan during the related Due Period, exclusive
      of
      any days of grace.

     

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

     

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

     

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

     

    “Escrow
      Mortgage Loan”:
      Any
      Mortgage Loan for which the Servicer has established an Escrow Account for
      items
      constituting Escrow Payments.

     

    “Escrow
      Payments”:
      With
      respect to any Mortgage Loan, the amounts constituting ground rents, taxes,
      mortgage insurance premiums, fire and hazard insurance premiums, and any other
      payments required to be escrowed by the Mortgagor with the mortgagee pursuant
      to
      the Mortgage, applicable law or any other related document.

     

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

     

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

     

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

     

    “Excess
      Servicing Fee”:
      Shall
      have the meaning set forth in Section 5.01(b).

     

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

     

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

     

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

     

    “Final
      Maturity Date”:
      The
      Distribution Date occurring in September 2035.

     

    “Final
      Recovery Determination”:
      With
      respect to any defaulted Mortgage Loan or any REO Property (other than a
      Mortgage Loan or REO Property purchased by an originator, the Sponsor or the
      Terminator pursuant to or as contemplated by Section 2.03, 3.13(c) or
      Section 10.01 of this Agreement), a determination made by the Servicer that
      all Insurance Proceeds, Liquidation Proceeds and other payments or recoveries
      which the Servicer, in its reasonable good faith judgment, expects to be finally
      recoverable in respect thereof have been so recovered, which determination
      shall
      be evidenced by a certificate of a Servicing Officer delivered to the Master
      Servicer and maintained in its records.

     

    “First
      Mortgage Loan”:
      A
      mortgage loan that is secured by a first lien on the related Mortgaged
      Property.

     

    “Fitch”:
      Fitch
      Ratings or any successor thereto.

     

    “Fixed
      Rate Certificates”:
      Any
      one of the Class M-1, Class M-2A, Class M-6A or Class M-9A Certificates.

     

    “Floating
      Rate Certificates”:
      Any
      one of the Class A, Class M-2B, Class M-3, Class M-4, Class M-5, Class M-6B,
      Class M-7, Class M-8, Class M-9B or Class B-1 Certificates. 

     

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

     

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

     

    “Independent”:
      When
      used with respect to any accountants, a Person who is “independent” within the
      meaning of Rule 2-01(B) of the Commission’s Regulation S-X. When used with
      respect to any specified Person, any such Person who (a) is in fact independent
      of the Depositor, the Master Servicer, the Securities Administrator, the
      Servicer, the Sponsor, any originator and their respective Affiliates, (b)
      does
      not have any direct financial interest in or any material indirect financial
      interest in the Depositor, the Master Servicer, the Securities Administrator,
      the Servicer, the Sponsor, any originator or any Affiliate thereof, (c) is
      not
      connected with the Depositor, the Master Servicer, the Securities Administrator,
      the Servicer, the Sponsor, any originator or any Affiliate thereof as an
      officer, employee, promoter, underwriter, trustee, partner, director or Person
      performing similar functions and (d) is not a member of the immediate family
      of
      a Person defined on clause (b) or (c) above. 

     

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

     

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

     

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

     

    “Interest
      Accrual Period”:
      With
      respect to any Distribution Date and the Floating Rate Certificates, the period
      commencing on the Distribution Date of the month immediately preceding the
      month
      in which such Distribution Date occurs (or, in the case of the first
      Distribution Date, commencing on the Closing Date) and ending on the day
      preceding such Distribution Date. With respect to any Distribution Date and
      the
      Fixed Rate Certificates, the Class CE-1 Certificates and Class CE-2 Certificates
      and the REMIC II Regular Interests, the one-month period commencing on the
      first
      day of the month prior to the month in which the Distribution Date occurs and
      ending on the last day of the calendar month immediately preceding the month
      in
      which such Distribution Date occurs.

     

    “Interest
      Carry Forward Amount”:
      With
      respect to any Distribution Date and any Class A Certificate, Mezzanine
      Certificate or Class B-1 Certificate, the sum of (i) the amount, if any, by
      which (a) the Interest Distribution Amount for such Class as of the immediately
      preceding Distribution Date exceeded (b) the actual amount distributed on such
      Class in respect of interest on such immediately preceding Distribution Date
      and
      (ii) the amount of any Interest Carry Forward Amount for such Class remaining
      unpaid from the previous Distribution Date, plus accrued interest on such sum
      calculated at the related Pass-Through Rate for the most recently ended Interest
      Accrual Period.

     

    “Interest
      Determination Date”:
      With
      respect to the Floating Rate Certificates and REMIC II Regular Interest A,
      REMIC
      II Regular Interest M-2B, REMIC II Regular Interest M-3, REMIC II Regular
      Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6B,
      REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular
      Interest M-9B and REMIC II Regular Interest B-1 and any Interest Accrual Period
      therefor, the second London Business Day preceding the commencement of such
      Interest Accrual Period.

     

    “Interest
      Distribution Amount”:
      With
      respect to any Distribution Date and any Class A Certificates, any Mezzanine
      Certificates, any Class B-1 Certificates and any Class CE-1 Certificates, the
      aggregate Accrued Certificate Interest on the Certificates of such Class for
      such Distribution Date.

     

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

     

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

     

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

     

    “Liquidated
      Mortgage Loan”:
      A
      Liquidated Mortgage Loan is a Mortgage Loan that was liquidated and for which
      the Servicer has determined that it has received all amounts it expects to
      receive in connection with such liquidation, including payments under any
      related private mortgage insurance policy, hazard insurance policy or any
      condemnation proceeds and amounts received in connection with the final
      disposition of the related REO Property.

     

    “Liquidation
      Event”:
      With
      respect to any Mortgage Loan, any of the following events: (i) such Mortgage
      Loan is paid in full; (ii) a Final Recovery Determination is made as to such
      Mortgage Loan or (iii) such Mortgage Loan is removed from REMIC I by reason
      of
      its being purchased, sold or replaced pursuant to or as contemplated by
      Section 2.03, Section 3.13(c) or Section 10.01 of this Agreement.
      With respect to any REO Property, either of the following events: (i) a Final
      Recovery Determination is made as to such REO Property or (ii) such REO Property
      is removed from REMIC I by reason of its being purchased pursuant to
      Section 10.01 of this Agreement.

     

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

     

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

     

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

     

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

     

    “Marker
      Rate”:
      With
      respect to the Class CE-1 Certificates and any Distribution Date, a per annum
      rate equal to two (2) times the weighted average of the REMIC II Remittance
      Rate
      for each of REMIC II Regular Interest A, REMIC II Regular Interest M-1, REMIC
      II
      Regular Interest M-2A, REMIC II Regular Interest M-2B, REMIC II Regular Interest
      M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II
      Regular Interest M-6A, REMIC II Regular Interest M-6B, REMIC II Regular Interest
      M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9A, REMIC II
      Regular Interest M-9B, REMIC II Regular Interest B-1 and REMIC II Regular
      Interest ZZ, with the rate on each such REMIC II Regular Interest (other than
      REMIC II Regular Interest ZZ) subject to a cap equal to the related Pass-Through
      Rate for the corresponding Certificate for the purpose of this calculation
      for
      such Distribution Date and with the rate on REMIC II Regular Interest ZZ subject
      to a cap of zero for the purpose of this calculation; provided however, the
      cap
      for each REMIC II Regular Interest (other than REMIC II Regular Interest M-1,
      REMIC II Regular Interest M-2A, REMIC II Regular Interest M-6A, REMIC II Regular
      Interest M-9A and REMIC II Regular Interest ZZ) shall be multiplied by a
      fraction the numerator of which is the actual number of days in the related
      Interest Accrual Period and the denominator of which is thirty
      (30).

     

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

     

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

     

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

     

    “Master
      Servicing Fee Rate”:
      0.0180% per annum.

     

    “Maximum
      II-ZZ Uncertificated Interest Deferral Amount”:
      With
      respect to any Distribution Date, the excess of (i) accrued interest at the
      REMIC II Remittance Rate applicable to REMIC II Regular Interest ZZ for such
      Distribution Date on a balance equal to the Uncertificated Balance of REMIC
      II
      Regular Interest ZZ minus the REMIC II Overcollateralization Amount, in each
      case for such Distribution Date, over (ii) Uncertificated Interest on REMIC
      II
      Remittance Rate for each of REMIC II Regular Interest A, REMIC II Regular
      Interest M-1, REMIC II Regular Interest M-2A, REMIC II Regular Interest M-2B,
      REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular
      Interest M-5, REMIC II Regular Interest M-6A, REMIC II Regular Interest M-6B,
      REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular
      Interest M-9A, REMIC II Regular Interest M-9B and REMIC II Regular Interest
      B-1,
      for such Distribution Date, with the rate on each such REMIC II Regular Interest
      subject to a cap equal to the related Pass-Through Rate for the corresponding
      Certificate for the purpose of this calculation for such Distribution Date;
      provided however, the cap for each such REMIC II Regular Interest (other than
      REMIC II Regular Interest M-1, REMIC II Regular Interest M-2A, REMIC II Regular
      Interest M-6A and REMIC II Regular Interest M-9A) shall be multiplied by a
      fraction the numerator of which is the actual number of days in the related
      Interest Accrual Period and the denominator of which is thirty
      (30).

     

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

     

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

     

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

     

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

     

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

     

    “Monthly
      Payment”:
      With
      respect to any Mortgage Loan, the scheduled monthly payment of principal and
      interest on such Mortgage Loan which is payable by the related Mortgagor from
      time to time under the related Mortgage Note, determined: (a) after giving
      effect to (i) any Deficient Valuation and/or Debt Service Reduction with respect
      to such Mortgage Loan and (ii) any reduction in the amount of interest
      collectible from the related Mortgagor pursuant to the Relief Act or similar
      state or local laws; (b) without giving effect to any extension granted or
      agreed to by the Servicer pursuant to Section 3.01 of this Agreement; and
      (c) on the assumption that all other amounts, if any, due under such Mortgage
      Loan are paid when due.

     

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

     

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

     

    “Mortgage
      File”:
      The
      Mortgage Loan Documents pertaining to a particular Mortgage Loan.

     

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

     

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

     

    “Mortgage
      Loan Purchase Agreement”:
      Shall
      mean the Mortgage Loan Purchase Agreement dated as of March 28, 2006, between
      the Depositor and the Sponsor, a copy of which is attached hereto as
Exhibit
      F.

     

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

     

    (i)  the
      Mortgage Loan identifying number;

     

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

     

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

     

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

     

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

     

    (vi)  the
      original months to maturity;

     

    (vii)  the
      original date of the Mortgage Loan and the remaining months to maturity from
      the
      Cut-off Date, based on the original amortization schedule;

     

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

     

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

     

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

     

    (xi)  the
      stated maturity date;

     

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

     

    (xiii)  the
      amount of the Monthly Payment as of the Cut-off Date;

     

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

     

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

     

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

     

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

     

    (xviii)  the
      Mortgage Rate at origination;

     

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

     

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

     

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

     

    (xxii)  the
      Appraised Value of the Mortgaged Property;

     

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

     

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

     

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

     

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

     

    (xxvii)  the
      FICO
      score at origination; 

     

    (xxviii)  the
      Servicer; and 

     

    (xxix)  the
      applicable Custodian.

     

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

     

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

     

    “Mortgage
      Rate”:
      With
      respect to each Mortgage Loan, the annual rate at which interest accrues on
      such
      Mortgage Loan from time to time in accordance with the provisions of the related
      Mortgage Note. With respect to each Mortgage Loan that becomes an REO Property,
      as of any date of determination, the annual rate determined in accordance with
      the immediately preceding sentence as of the date such Mortgage Loan became
      an
      REO Property.

     

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

     

    “Mortgagor”:
      The
      obligor on a Mortgage Note.

     

    “Net
      Monthly Excess Cashflow”:
      With
      respect to any Distribution Date, the sum of (i) any Overcollateralization
      Reduction Amount for such Distribution Date and (ii) the excess of (x) the
      Available Distribution Amount for such Distribution Date over (y) the sum for
      such Distribution Date of (A) the aggregate Senior Interest Distribution Amounts
      payable to the Holders of the Class A Certificates, (B) the aggregate Interest
      Distribution Amounts payable to the holders of the Mezzanine Certificates and
      the Class B-1 Certificates, (C) the Principal Remittance Amount and (D) any
      Net
      Swap Payment or Swap Termination Payment (not caused by the occurrence of a
      Swap
      Provider Trigger Event) owed to the Swap Provider.

     

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

     

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

     

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

     

    “Net
      WAC Rate Carryover Amount”:
      With
      respect to any Class A Certificate, Mezzanine Certificate or Class B-1
      Certificate and any Distribution Date on which the Pass-Through Rate is limited
      to the applicable Net WAC Pass-Through Rate, an amount equal to the sum of
      (i)
      the excess of (x) the amount of interest such Class would have been entitled
      to
      receive on such Distribution Date if the applicable Net WAC Pass-Through Rate
      would not have been applicable to such Class on such Distribution Date over
      (y)
      the amount of interest paid to such Class on such Distribution Date at the
      applicable Net WAC Pass-Through Rate plus (ii) the related Net WAC Rate
      Carryover Amount for the previous Distribution Date not previously distributed
      to such Class together with interest thereon at a rate equal to the Pass-Through
      Rate for such Class for the most recently ended Interest Accrual Period without
      taking into account the applicable Net WAC Pass-Through Rate.

     

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

     

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

     

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

     

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

     

    “Notional
      Amount”:
      With
      respect to the Class CE-1 Certificates and any Distribution Date, the
      Uncertificated Balance of the REMIC II Regular Interests (other than REMIC
      II
      Regular Interest P) for such Distribution Date. As of the Closing Date, the
      Notional Amount of the Class CE-1 Certificates is equal to
      $538,391,808.82.

     

    With
      respect to the Class CE-2 Certificates and any Distribution Date, the Notional
      Amount of the REMIC II Regular Interest CE-2 for such Distribution Date.

     

    With
      respect to the REMIC II Regular Interest CE-2 and any Distribution Date, the
      Notional Amount of the REMIC I Regular Interest I-CE-2. 

     

    With
      respect to REMIC I Regular Interest I-CE-2 and any Distribution Date, the sum
      of
      the aggregate principal balances of the Mortgage Loans for such Distribution
      Date. With respect to REMIC II Regular Interest IO and each Distribution Date
      listed below, the aggregate Uncertificated Balance of the REMIC I Regular
      Interests ending with the designation “A” listed below:

     

    
      	
              Distribution
                Date

            	
              REMIC
                I Regular Interests

            
	
              1

            	
              I-1-A
                through I-63-A

            
	
              2

            	
              I-2-A
                through I-63-A

            
	
              3

            	
              I-3-A
                through I-63-A

            
	
              4

            	
              I-4-A
                through I-63-A

            
	
              5

            	
              I-5-A
                through I-63-A

            
	
              6

            	
              I-6-A
                through I-63-A

            
	
              7

            	
              I-7-A
                through I-63-A

            
	
              8

            	
              I-8-A
                through I-63-A

            
	
              9

            	
              I-9-A
                through I-63-A

            
	
              10

            	
              I-10-A
                through I-63-A

            
	
              11

            	
              I-11-A
                through I-63-A

            
	
              12

            	
              I-12-A
                through I-63-A

            
	
              13

            	
              I-13-A
                through I-63-A

            
	
              14

            	
              I-14-A
                through I-63-A

            
	
              15

            	
              I-15-A
                through I-63-A

            
	
              16

            	
              I-16-A
                through I-63-A

            
	
              17

            	
              I-17-A
                through I-63-A

            
	
              18

            	
              I-18-A
                through I-63-A

            
	
              19

            	
              I-19-A
                through I-63-A

            
	
              20

            	
              I-20-A
                through I-63-A

            
	
              21

            	
              I-21-A
                through I-63-A

            
	
              22

            	
              I-22-A
                through I-63-A

            
	
              23

            	
              I-23-A
                through I-63-A

            
	
              24

            	
              I-24-A
                through I-63-A

            
	
              25

            	
              I-25-A
                through I-63-A

            
	
              26

            	
              I-26-A
                through I-63-A

            
	
              27

            	
              I-27-A
                through I-63-A

            
	
              28

            	
              I-28-A
                through I-63-A

            
	
              29

            	
              I-29-A
                through I-63-A

            
	
              30

            	
              I-30-A
                through I-63-A

            
	
              31

            	
              I-31-A
                through I-63-A

            
	
              32

            	
              I-32-A
                through I-63-A

            
	
              33

            	
              I-33-A
                through I-63-A

            
	
              34

            	
              I-34-A
                through I-63-A

            
	
              35

            	
              I-35-A
                through I-63-A

            
	
              36

            	
              I-36-A
                through I-63-A

            
	
              37

            	
              I-37-A
                through I-63-A

            
	
              38

            	
              I-38-A
                through I-63-A

            
	
              39

            	
              I-39-A
                through I-63-A

            
	
              40

            	
              I-40-A
                through I-63-A

            
	
              41

            	
              I-41-A
                through I-63-A

            
	
              42

            	
              I-42-A
                through I-63-A

            
	
              43

            	
              I-43-A
                through I-63-A

            
	
              44

            	
              I-44-A
                through I-63-A

            
	
              45

            	
              I-45-A
                through I-63-A

            
	
              46

            	
              I-46-A
                through I-63-A

            
	
              47

            	
              I-47-A
                through I-63-A

            
	
              48

            	
              I-48-A
                through I-63-A

            
	
              49

            	
              I-49-A
                through I-63-A

            
	
              50

            	
              I-50-A
                through I-63-A

            
	
              51

            	
              I-51-A
                through I-63-A

            
	
              52

            	
              I-52-A
                through I-63-A

            
	
              53

            	
              I-53-A
                through I-63-A

            
	
              54

            	
              I-54-A
                through I-63-A

            
	
              55

            	
              I-55-A
                through I-63-A

            
	
              56

            	
              I-56-A
                through I-63-A

            
	
              57

            	
              I-57-A
                through I-63-A

            
	
              58

            	
              I-58-A
                through I-63-A

            
	
              59

            	
              I-59-A
                through I-63-A

            
	
              60

            	
              I-60-A
                through I-63-A

            
	
              61

            	
              I-61-A
                through I-63-A

            
	
              62

            	
              I-62-A
                and I-63-A

            
	
              63

            	
              I-63-A

            
	
              thereafter

            	
              $0.00

            

    

    

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

     

    “Ocwen”:
      Ocwen
      Loan Servicing, LLC or any successor thereto appointed hereunder in connection
      with the servicing and administration of the Mortgage Loans.

     

    “Ocwen
      Servicing Fee Rate”:
      With
      respect to each Mortgage Loan, 0.18% per annum. 

     

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

     

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

     

    “One-Month
      LIBOR”:
      With
      respect to the Floating Rate Certificates and REMIC II Regular Interest A,
      REMIC
      II Regular Interest M-2B, REMIC II Regular Interest M-3, REMIC II Regular
      Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6B,
      REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular
      Interest M-9B and REMIC II Regular Interest B-1 and any Interest Accrual Period
      therefor, the rate determined by the Securities Administrator on the related
      Interest Determination Date on the basis of the offered rate for one-month
      U.S.
      dollar deposits, as such rate appears on Telerate Page 3750 as of 11:00 a.m.
      (London time) on such Interest Determination Date; provided that if such rate
      does not appear on Telerate Page 3750, the rate for such date will be determined
      on the basis of the offered rates of the Reference Banks for one-month U.S.
      dollar deposits, as of 11:00 a.m. (London time) on such Interest Determination
      Date. In such event, the Securities Administrator will request the principal
      London office of each of the Reference Banks to provide a quotation of its
      rate.
      If on such Interest Determination Date, two or more Reference Banks provide
      such
      offered quotations, One-Month LIBOR for the related Interest Accrual Period
      shall be the arithmetic mean of such offered quotations (rounded upwards if
      necessary to the nearest whole multiple of 1/16). If on such Interest
      Determination Date, fewer than two Reference Banks provide such offered
      quotations, One-Month LIBOR for the related Interest Accrual Period shall be
      the
      higher of (i) LIBOR as determined on the previous Interest Determination Date
      and (ii) the Reserve Interest Rate. Notwithstanding the foregoing, if, under
      the
      priorities described above, LIBOR for an Interest Determination Date would
      be
      based on LIBOR for the previous Interest Determination Date for the third
      consecutive Interest Determination Date, the Securities Administrator shall
      select an alternative comparable index (over which the Securities Administrator
      has no control), used for determining one-month Eurodollar lending rates that
      is
      calculated and published (or otherwise made available) by an independent party.
      The establishment of One-Month LIBOR by the Securities Administrator and the
      Securities Administrator’s subsequent calculation of the One-Month LIBOR
      Pass-Through Rates for the relevant Interest Accrual Period, shall, in the
      absence of manifest error, be final and binding.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Overcollateralization
      Amount”:
      With
      respect to any Distribution Date, the excess, if any, of (a) the aggregate
      Stated Principal Balances of the Mortgage Loans and REO Properties immediately
      following such Distribution Date over (b) the sum of the aggregate Certificate
      Principal Balances of the Class A Certificates, the Mezzanine Certificates,
      the
      Class B-1 Certificates and the Class P Certificates as of such Distribution
      Date
      (after taking into account the payment of the Principal Remittance Amount on
      such Distribution Date).

     

    “Overcollateralization
      Increase Amount”:
      With
      respect to any Distribution Date, the amount of Net Monthly Excess Cashflow
      actually applied as an accelerated payment of principal to the Class A
      Certificates, the Mezzanine Certificates and the Class B-1 Certificates then
      entitled to distributions of principal to the extent the Required
      Overcollateralization Amount exceeds the Overcollateralization
      Amount.

     

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

     

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

     

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

     

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

     

    With
      respect to the Class M-1 Certificates and any Distribution Date, a rate per
      annum equal to the lesser of (i) 5.970% in the case of each Distribution Date
      through and including the Optional Termination Date, or 6.470% in the case
      of
      any Distribution Date thereafter and (ii) the Net WAC Pass-Through Rate for
      such
      Distribution Date.

     

    With
      respect to the Class M-2A Certificates and any Distribution Date, a rate per
      annum equal to the lesser of (i) 6.010% in the case of each Distribution Date
      through and including the Optional Termination Date, or 6.510% in the case
      of
      any Distribution Date thereafter and (ii) the Net WAC Pass-Through Rate for
      such
      Distribution Date.

     

    With
      respect to the Class M-2B Certificates and any Distribution Date, a rate per
      annum equal to the lesser of (i) the One-Month LIBOR Pass-Through Rate for
      such
      Distribution Date and (ii) the Net WAC Pass-Through Rate for such Distribution
      Date.

     

    With
      respect to the Class M-3 Certificates and any Distribution Date, a rate per
      annum equal to the lesser of (i) the One-Month LIBOR Pass-Through Rate for
      such
      Distribution Date and (ii) the Net WAC Pass-Through Rate for such Distribution
      Date.

     

    With
      respect to the Class M-4 Certificates and any Distribution Date, a rate per
      annum equal to the lesser of (i) the One-Month LIBOR Pass-Through Rate for
      such
      Distribution Date and (ii) the Net WAC Pass-Through Rate for such Distribution
      Date.

     

    With
      respect to the Class M-5 Certificates and any Distribution Date, a rate per
      annum equal to the lesser of (i) the One-Month LIBOR Pass-Through Rate for
      such
      Distribution Date and (ii) the Net WAC Pass-Through Rate for such Distribution
      Date.

     

    With
      respect to the Class M-6A Certificates and any Distribution Date, a rate per
      annum equal to the lesser of (i) 6.530% in the case of each Distribution Date
      through and including the Optional Termination Date, or 7.030% in the case
      of
      any Distribution Date thereafter and (ii) the Net WAC Pass-Through Rate for
      such
      Distribution Date.

     

    With
      respect to the Class M-6B Certificates and any Distribution Date, a rate per
      annum equal to the lesser of (i) the One-Month LIBOR Pass-Through Rate for
      such
      Distribution Date and (ii) the Net WAC Pass-Through Rate for such Distribution
      Date.

     

    With
      respect to the Class M-7 Certificates and any Distribution Date, a rate per
      annum equal to the lesser of (i) the One-Month LIBOR Pass-Through Rate for
      such
      Distribution Date and (ii) the Net WAC Pass-Through Rate for such Distribution
      Date.

     

    With
      respect to the Class M-8 Certificates and any Distribution Date, a rate per
      annum equal to the lesser of (i) the One-Month LIBOR Pass-Through Rate for
      such
      Distribution Date and (ii) the Net WAC Pass-Through Rate for such Distribution
      Date.

     

    With
      respect to the Class M-9A Certificates and any Distribution Date, a rate per
      annum equal to the lesser of (i) 7.250% in the case of each Distribution Date
      through and including the Optional Termination Date, or 7.750% in the case
      of
      any Distribution Date thereafter and (ii) the Net WAC Pass-Through Rate for
      such
      Distribution Date.

     

    With
      respect to the Class M-9B Certificates and any Distribution Date, a rate per
      annum equal to the lesser of (i) the One-Month LIBOR Pass-Through Rate for
      such
      Distribution Date and (ii) the Net WAC Pass-Through Rate for such Distribution
      Date.

     

    With
      respect to the Class B-1 Certificates and any Distribution Date, a rate per
      annum equal to the lesser of (i) the One-Month LIBOR Pass-Through Rate for
      such
      Distribution Date and (ii) the Net WAC Pass-Through Rate for such Distribution
      Date.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    With
      respect to the Class CE-2 Certificates and any Distribution Date, an amount
      equal to 100% of the amounts distributed on REMIC II Regular Interest
      CE-2.

     

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

     

    “Percentage
      Interest”:
      With
      respect to any Class of Certificates (other than the Residual Certificates),
      the
      undivided percentage ownership in such Class evidenced by such Certificate,
      expressed as a percentage, the numerator of which is the initial Certificate
      Principal Balance represented by such Certificate and the denominator of which
      is the aggregate initial Certificate Principal Balance or Notional Amount of
      all
      of the Certificates of such Class. The Class A Certificates, the Mezzanine
      Certificates and the Class B-1 Certificates are issuable only in minimum
      Percentage Interests corresponding to minimum initial Certificate Principal
      Balances of $25,000 and integral multiples of $1.00 in excess thereof. The
      Class
      P Certificates are issuable only in Percentage Interests corresponding to
      initial Certificate Principal Balances of $20 and integral multiples thereof.
      The Class CE-1 Certificates and Class CE-2 Certificates are issuable only in
      minimum Percentage Interests corresponding to minimum initial Notional Amounts
      of $10,000 and integral multiples of $1.00 in excess thereof; provided, however,
      that a single Certificate of each such Class of Certificates may be issued
      having a Percentage Interest corresponding to the remainder of the aggregate
      initial Notional 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 integral multiples of 5% in excess
      thereof.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Prepayment
      Assumption”:
      A
      prepayment rate of 35% CPR. The Prepayment Assumption is used solely for
      determining the accrual of original issue discount on the Certificates for
      federal income tax purposes. A CPR (or Constant Prepayment Rate) represents
      an
      annualized constant assumed rate of prepayment each month of a pool of mortgage
      loans relative to its outstanding principal balance for the life of such pool.
      

     

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

     

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

     

    (i)  the
      Mortgage Loan identifying number;

     

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

     

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

     

    (iv)  the
      term
      of the related Prepayment Charge;

     

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

     

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

     

    “Prepayment
      Interest Excess”:
      With
      respect to each Mortgage Loan that was the subject of a Principal Prepayment
      in
      full during the portion of the related Prepayment Period occurring between
      the
      first day of the calendar month in which such Distribution Date occurs and
      the
      fifteenth (15th)
      day of
      the calendar month in which such Distribution Date occurs, an amount equal
      to
      interest (to the extent received) at the applicable Net Mortgage Rate on the
      amount of such Principal Prepayment for the number of days commencing on the
      first day of the calendar month in which such Distribution Date occurs and
      ending on the last date through which interest is collected from the related
      Mortgagor. The Servicer may withdraw such Prepayment Interest Excess from the
      Collection Account in accordance with Section 3.09(a)(x).

     

    “Prepayment
      Interest Shortfall”:
      With
      respect to any Distribution Date, for each such Mortgage Loan that was the
      subject of a Principal Prepayment in full or in part during the portion of
      the
      related Prepayment Period occurring between the first day of the related
      Prepayment Period and the last day of the calendar month preceding the month
      in
      which such Distribution Date occurs that was applied by the related Servicer
      to
      reduce the outstanding principal balance of such Mortgage Loan on a date
      preceding the Due Date in the succeeding Prepayment Period, an amount equal
      to
      interest at the applicable Net Mortgage Rate on the amount of such Principal
      Prepayment for the number of days commencing on the date on which the prepayment
      is applied and ending on the last day of the calendar month preceding such
      Distribution Date. The obligations of the related Servicer and the Master
      Servicer in respect of any Prepayment Interest Shortfall are set forth in
      Section 3.22 and Section 4.19, respectively of this Agreement.

     

    “Prepayment
      Period”:
      With
      respect to the first Distribution Date, the period beginning on the Cut-off
      Date
      and ending on the (15th)
      day of
      the month of such Distribution Date, and with respect to any Distribution Date
      thereafter, the period beginning on the sixteenth (16th)
      day of
      the month preceding the related Distribution Date and ending on the fifteenth
      (15th)
      day of
      the month in which such Distribution Date occurs. 

     

    “Principal
      Distribution Amount”:
      With
      respect to any Distribution Date will be the sum of (i) the principal portion
      of
      all Monthly Payments on the Mortgage Loans due during the related Due Period,
      whether or not received on or prior to the related Determination Date; (ii)
      the
      principal portion of all proceeds received in respect of the repurchase of
      a
      Mortgage Loan or, in the case of a substitution, certain amounts representing
      a
      principal adjustment, during the related Prepayment Period pursuant to or as
      contemplated by Section 2.03, Section 3.13(c) and Section 10.01
      of this Agreement; (iii) the principal portion of all other unscheduled
      collections, including Insurance Proceeds, Liquidation Proceeds and all
      Principal Prepayments in full and in part, received during the related
      Prepayment Period, to the extent applied as recoveries of principal on the
      Mortgage Loans, net in each case of payments or reimbursements to the Trustee,
      the Custodians, the Master Servicer, the Securities Administrator and the
      Servicer and (iv) the amount of any Overcollateralization Increase Amount for
      such Distribution Date minus
      (vi) the
      amount of any Overcollateralization Reduction Amount for such Distribution
      Date.

     

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

     

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

     

    “Purchase
      Price”:
      With
      respect to any Mortgage Loan or REO Property to be purchased pursuant to or
      as
      contemplated by Section 2.03, Section 3.13(c) or Section 10.01 of
      this Agreement, and as confirmed by a certification of a Servicing Officer
      of
      the Servicer to the Trustee, an amount equal to the sum of (i) 100% of the
      Stated Principal Balance thereof as of the date of purchase (or such other
      price
      as provided in Section 10.01 of this Agreement), (ii) in the case of (x) a
      Mortgage Loan, accrued interest on such Stated Principal Balance at the
      applicable Net Mortgage Rate in effect from time to time from the Due Date
      as to
      which interest was last covered by a payment by the Mortgagor or a P&I
      Advance by the Servicer, which payment or P&I Advance had as of the date of
      purchase been distributed pursuant to Section 5.01 of this Agreement,
      through the end of the calendar month in which the purchase is to be effected
      and (y) an REO Property, the sum of (1) accrued interest on such Stated
      Principal Balance at the applicable Net Mortgage Rate in effect from time to
      time from the Due Date as to which interest was last covered by a payment by
      the
      Mortgagor or a P&I Advance by the Servicer through the end of the calendar
      month immediately preceding the calendar month in which such REO Property was
      acquired, plus (2) REO Imputed Interest for such REO Property for each calendar
      month commencing with the calendar month in which such REO Property was acquired
      and ending with the calendar month in which such purchase is to be effected,
      net
      of the total of all net rental income, Insurance Proceeds, Liquidation Proceeds
      and P&I Advances that as of the date of purchase had been distributed as or
      to cover REO Imputed Interest pursuant to Section 5.01 of this Agreement,
      (iii) any unreimbursed Servicing Advances and P&I Advances (including
      Nonrecoverable P&I Advances and Nonrecoverable Servicing Advances) and any
      unpaid Servicing Fees allocable to such Mortgage Loan or REO Property, and
      (iv)
      in the case of a Mortgage Loan required to be purchased pursuant to
      Section 2.03 of this Agreement, expenses reasonably incurred or to be
      incurred by the Servicer or the Trustee in respect of the breach or defect
      giving rise to the purchase obligation and any costs and damages incurred by
      the
      Trust Fund and the Trustee in connection with any violation by any such Mortgage
      Loan of any predatory or abusive lending law.

     

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

     

    “Qualified
      Substitute Mortgage Loan”:
      A
      mortgage loan substituted for a Deleted Mortgage Loan pursuant to the terms
      of
      this Agreement which must, on the date of such substitution, (i) have an
      outstanding principal balance, after application of all scheduled payments
      of
      principal and interest due during or prior to the month of substitution, not
      in
      excess of the Scheduled Principal Balance of the Deleted Mortgage Loan as of
      the
      Due Date in the calendar month during which the substitution occurs, (ii) have
      a
      fixed Mortgage Rate which is not less than (and not more than one percentage
      point in excess of) the Mortgage Rate of the Deleted Mortgage Loan, (iii) have
      a
      remaining term to maturity not greater than (and not more than one year less
      than) that of the Deleted Mortgage Loan, (iv) have the same Due Date as the
      Due
      Date on the Deleted Mortgage Loan, (v) have a Combined Loan-to Value Ratio,
      as
      of the date of substitution equal to or lower than the Combined Loan-to-Value
      Ratio of the Deleted Mortgage Loan as of such date, (vi) be secured by the
      same
      lien priority on the related Mortgaged Property as the Deleted Loan, (vii)
      have
      a credit grade at least equal to the credit grading assigned on the Deleted
      Mortgage Loan, (viii) be a “qualified mortgage” as defined in the REMIC
      Provisions and (ix) conform to each representation and warranty set forth in
      Section 6 of the Mortgage Loan Purchase Agreement applicable to the Deleted
      Mortgage Loan. In the event that one or more mortgage loans are substituted
      for
      one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof
      shall be determined on the basis of aggregate principal balances, the Mortgage
      Rates described in clause (ii) hereof shall be determined on the basis of
      weighted average Mortgage Rates, the terms described in clause (iii) hereof
      shall be determined on the basis of weighted average remaining term to maturity,
      the Combined Loan-to-Value Ratios, described in clause (v) hereof shall be
      satisfied as to each such mortgage loan, the credit grades described in clause
      (vi) 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 (viii) hereof must be satisfied as to each Qualified
      Substitute Mortgage Loan or in the aggregate, as the case may be.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Regular
      Certificate”:
      Any
      Class A Certificate, Mezzanine Certificate, Class B-1 Certificate, Class CE-1
      Certificate, Class CE-2 Certificate or Class P Certificate.

     

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

     

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

     

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

     

    “Regulation
      S Temporary Global Certificate”:
      As
      defined in Section 6.01(c).

     

    “Regulation
      S Permanent Global Certificate”:
      As
      defined in Section 6.01(c).

     

    “Release
      Date”:
      The
      fortieth (40th) day after the later of (i) commencement of the offering of
      the
      Class B-1 Certificates and (ii) the Closing Date.

     

    “Released
      Loan”:
      Any
      Charged Off Loan that is released by the Servicer to the Class CE-2
      Certificateholders pursuant to Section 3.13(b)(iv), generally on the date that
      is six months after the date on which the Servicer begins using Special
      Servicing Practices on such Charged Off Loans. Any Released Loan will no longer
      be an asset of any Trust REMIC or the Trust Fund.

     

    “Relief
      Act”:
      The
      Servicemembers Civil Relief Act, as amended.

     

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

     

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

     

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

     

    “REMIC
      I 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 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 A-I, a per annum rate equal to the weighted
      average of the Net Mortgage Rates of the Mortgage Loans. With respect to each
      REMIC I Regular Interest ending with the designation “A”, a per annum rate equal
      to the weighted average of the Net Mortgage Rates of the Mortgage Loans
      multiplied by 2, subject to a maximum rate of 10.16%. With respect to each
      REMIC
      I Regular Interest ending with the designation “B”, the greater of (x) a per
      annum rate equal to the excess, if any, of (i) 2 multiplied by the weighted
      average of the Net Mortgage Rates of the Mortgage Loans over (ii) 10.16% and
      (y)
      0.00%. With respect to REMIC I Regular Interest I-CE-2, a weighted average
      per
      annum rate, determined on a Mortgage Loan by Mortgage Loan basis, equal to
      the
      excess, if any, of (i) the excess of (a) the Mortgage Rate for each such
      Mortgage Loan over (b) the sum of the (x) Ocwen Servicing Fee Rate, (y) Master
      Servicing Fee Rate and (z) Credit Risk Management Fee Rate, over (ii) the Net
      Mortgage Rate of each such Mortgage Loan. 

     

    “REMIC
      II Remittance Rate”:
      With
      respect to REMIC II Regular Interest AA, REMIC II Regular Interest A, REMIC
      II
      Regular Interest M-1, REMIC II Regular Interest M-2A, REMIC II Regular Interest
      M-2B, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II
      Regular Interest M-5, REMIC II Regular Interest M-6A, REMIC II Regular Interest
      M-6B, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II
      Regular Interest M-9A, REMIC II Regular Interest M-9B, REMIC II Regular Interest
      B-1 and REMIC II Regular Interest ZZ, a per annum rate (but not less than zero)
      equal to the weighted average of: (w) with respect to REMIC I Regular Interest
      A-I, the REMIC I Remittance Rate for such REMIC 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-63-A

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

            
	
              2

            	
              I-2-A
                through I-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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-63-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

            
	
              56

            	
              I-56-A
                through I-63-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-63-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-63-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
                through I-63-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
                through I-63-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

            
	
              61

            	
              I-61-A
                through I-63-A

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

            
	 	
              I-1-A
                through I-60-A

            	
              REMIC
                I Remittance Rate

            
	
              62

            	
              I-62-A
                through I-63-A

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

            
	 	
              I-1-A
                through I-61-A

            	
              REMIC
                I Remittance Rate

            
	
              63

            	
              I-63-A
                

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

            
	 	
              I-1-A
                through I-62-A

            	
              REMIC
                I Remittance Rate

            
	
              thereafter

            	
              I-1-A
                through I-63-A

            	
              REMIC
                I Remittance Rate

            

    

    

    With
      respect to REMIC II Regular Interest IO, and (i) the first Distribution Date
      through the 63rd
      Distribution Date, the excess of (x) the weighted average of the REMIC II
      Remittance Rates for REMIC II Regular Interests including the designation “A”,
      over (y) 2 multiplied by Swap LIBOR. and (ii) thereafter, 0.00%. With respect
      to
      REMIC II Regular Interest P, 0.00%. 

     

    “REMIC
      II Interest Loss Allocation Amount”:
      With
      respect to any Distribution Date, an amount equal to (a) the product of (i)
      the
      aggregate Stated Principal Balance of the Mortgage Loans and REO Properties
      then
      outstanding and (ii) the REMIC II Remittance Rate for REMIC II Regular Interest
      AA minus the Marker Rate, divided by (b) 12.

     

    “REMIC
      II Overcollateralization Amount”:
      With
      respect to any date of determination, (i) 1.00% of the aggregate Uncertificated
      Balances of the REMIC II Regular Interests (other than the REMIC II Regular
      Interest P) minus (ii) the aggregate Uncertificated Balances of each of REMIC
      II
      Regular Interest A, REMIC II Regular Interest M-1, REMIC II Regular Interest
      M-2A, REMIC II Regular Interest M-2B, REMIC II Regular Interest M-3, REMIC
      II
      Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest
      M-6A, REMIC II Regular Interest M-6B, REMIC II Regular Interest M-7, REMIC
      II
      Regular Interest M-8, REMIC II Regular Interest M-9A, REMIC II Regular Interest
      M-9B and REMIC II Regular Interest B-1, in each case as of such date of
      determination.

     

    “REMIC
      II Principal Loss Allocation Amount”:
      With
      respect to any Distribution Date, an amount equal to (a) the product of (i)
      1.00% of the aggregate Stated Principal Balance of the Mortgage Loans and REO
      Properties then outstanding and (ii) 1 minus a fraction, the numerator of which
      is two times the aggregate of the Uncertificated Balances of REMIC II Regular
      Interest A, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2A,
      REMIC
      II Regular Interest M-2B, REMIC II Regular Interest M-3, REMIC II Regular
      Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6A,
      REMIC II Regular Interest M-6B, REMIC II Regular Interest M-7, REMIC II Regular
      Interest M-8, REMIC II Regular Interest M-9A, REMIC II Regular Interest M-9B
      and
      REMIC II Regular Interest B-1 and the denominator of which is the aggregate
      of
      the Uncertificated Balances of REMIC II Regular Interest A, REMIC II Regular
      Interest M-1, REMIC II Regular Interest M-2A, REMIC II Regular Interest M-2B,
      REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular
      Interest M-5, REMIC II Regular Interest M-6A, REMIC II Regular Interest M-6B,
      REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular
      Interest M-9A, REMIC II Regular Interest M-9B and REMIC II Regular Interest
      B-1
      and REMIC II Regular Interest ZZ.

     

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

     

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

     

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

     

    “REMIC
      II Regular Interest CE-2”:
      One of
      the separate non-certificated beneficial ownership interests in REMIC II issued
      hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
      Interest CE-2 shall accrue interest as set forth in the Preliminary Statement
      hereto. REMIC II Regular Interest CE-2 shall not be entitled to distributions
      of
      principal.

     

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

     

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

     

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

     

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

     

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

     

    “REMIC
      II Regular Interest M-5”:
      One of
      the separate non-certificated beneficial ownership interests in REMIC II issued
      hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
      Interest M-5 shall accrue interest at the related REMIC II Remittance Rate
      in
      effect from time to time, and shall be entitled to distributions of principal,
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Balance as set forth in the Preliminary Statement
      hereto.

     

    “REMIC
      II Regular Interest M-6A”:
      One of
      the separate non-certificated beneficial ownership interests in REMIC II issued
      hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
      Interest M-6A shall accrue interest at the related REMIC II Remittance Rate
      in
      effect from time to time, and shall be entitled to distributions of principal,
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Balance as set forth in the Preliminary Statement
      hereto.

     

    “REMIC
      II Regular Interest M-6B”:
      One of
      the separate non-certificated beneficial ownership interests in REMIC II issued
      hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
      Interest M-6B shall accrue interest at the related REMIC II Remittance Rate
      in
      effect from time to time, and shall be entitled to distributions of principal,
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Balance as set forth in the Preliminary Statement
      hereto.

     

    “REMIC
      II Regular Interest M-7”:
      One of
      the separate non-certificated beneficial ownership interests in REMIC I issued
      hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
      Interest M-7 shall accrue interest at the related REMIC II Remittance Rate
      in
      effect from time to time, and shall be entitled to distributions of principal,
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Balance as set forth in the Preliminary Statement
      hereto.

     

    “REMIC
      II Regular Interest M-8”:
      One of
      the separate non-certificated beneficial ownership interests in REMIC II issued
      hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
      Interest M-8 shall accrue interest at the related REMIC II Remittance Rate
      in
      effect from time to time, and shall be entitled to distributions of principal,
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Balance as set forth in the Preliminary Statement
      hereto.

     

    “REMIC
      II Regular Interest M-9A”:
      One of
      the separate non-certificated beneficial ownership interests in REMIC II issued
      hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
      Interest M-9 shall accrue interest at the related REMIC II Remittance Rate
      in
      effect from time to time, and shall be entitled to distributions of principal,
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Balance as set forth in the Preliminary Statement
      hereto.

     

    “REMIC
      II Regular Interest M-9B”:
      One of
      the separate non-certificated beneficial ownership interests in REMIC II issued
      hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
      Interest M-9B shall accrue interest at the related REMIC II Remittance Rate
      in
      effect from time to time, and shall be entitled to distributions of principal,
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Balance as set forth in the Preliminary Statement
      hereto.

     

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

     

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

     

    “REMIC
      II Required Overcollateralization Amount”:
      1.00%
      of the Required Overcollateralization Amount.

     

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

     

    “REMIC
      III Certificate”:
      Any
      Regular Certificate or Class R Certificate.

     

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

     

    “REMIC
      Regular Interests”:
      The
      REMIC I Regular Interests and REMIC II Regular Interests.

     

    “REMIC
      Remittance Rates”:
      The
      REMIC I Remittance Rate and the REMIC II Remittance Rate.

     

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

     

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

     

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

     

    “REO
      Account”:
      The
      account or accounts maintained, or caused to be maintained, by the Servicer
      in
      respect of an REO Property pursuant to Section 3.21 of this
      Agreement.

     

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

     

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

     

    “REO
      Principal Amortization”:
      With
      respect to any REO Property, for any calendar month, the excess, if any, of
      (a)
      the aggregate of all amounts received in respect of such REO Property during
      such calendar month, whether in the form of rental income, sale proceeds
      (including, without limitation, that portion of the Termination Price paid
      in
      connection with a purchase of all of the Mortgage Loans and REO Properties
      pursuant to Section 10.01 of this Agreement that is allocable to such REO
      Property) or otherwise, net of any portion of such amounts (i) payable in
      respect of the proper operation, management and maintenance of such REO Property
      or (ii) payable or reimbursable to the Servicer pursuant to Section 3.21(d)
      of this Agreement for unpaid Servicing Fees in respect of the related Mortgage
      Loan and unreimbursed Servicing Advances and P&I Advances in respect of such
      REO Property or the related Mortgage Loan, over (b) the REO Imputed Interest
      in
      respect of such REO Property for such calendar month.

     

    “REO
      Property”:
      A
      Mortgaged Property acquired by the Servicer or its nominee on behalf of REMIC
      I
      through foreclosure or deed-in-lieu of foreclosure, as described in
      Section 3.21 of this Agreement. 

     

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

     

    “Required
      Overcollateralization Amount”:
      With
      respect to any Distribution Date (i) prior to the Stepdown Date, the product
      of
      (A) approximately 8.80% and (B) the aggregate principal balance of the Mortgage
      Loans as of the Cut-off Date, (ii) on or after the Stepdown Date provided a
      Trigger Event is not in effect, the greater of (x) approximately 17.60% of
      the
      aggregate Stated Principal Balance of the Mortgage Loans as of the last day
      of
      the related Due Period and (y) an amount equal to the product of (A) 0.50%
      and
      (B) the aggregate principal balance of the Mortgage Loans as of the Cut-off
      Date, and (iii) on or after the Stepdown Date and a Trigger Event is in effect,
      the Required Overcollateralization Amount for the immediately preceding
      Distribution Date. Notwithstanding the foregoing, on and after any Distribution
      Date following the reduction of the aggregate Certificate Principal Balance
      of
      the Class A Certificates, Mezzanine Certificates and Class B-1 Certificates
      to
      zero, the Required Overcollateralization Amount shall be zero.

     

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

     

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

     

    “Residential
      Dwelling”:
      Any
      one of the following: attached, detached or semi-detached, one to four-family
      dwelling units, townhouses, individual condominium units and individual units
      in
      planned unit developments

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Servicer
      Remittance Date”:
      With
      respect to any Distribution Date, by 12:00 p.m. New York time on the
      22nd
      day of
      the month in which such Distribution Date occurs; provided that if such
      22nd
      day of a
      given month is not a Business Day, the Servicer Remittance Date for such month
      shall be the Business Day immediately preceding such 22nd
      day.

     

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

     

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

     

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

     

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

     

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

     

    “Servicing
      Fee”:
      With
      respect to each Mortgage Loan and for any calendar month, an amount equal to
      one-twelfth of the product of the Servicing Fee Rate multiplied by the Scheduled
      Principal Balance of the Mortgage Loans as of the Due Date in the preceding
      calendar month. The Servicing Fee is payable solely from collections of interest
      on the Mortgage Loans; provided, however, that Ocwen shall only be entitled
      to a
      portion of the Servicing Fee calculated on the Mortgage Loans at the Ocwen
      Servicing Fee Rate.

     

    “Servicing
      Fee Rate”:
      0.50%
      per annum. 

     

    “Servicing
      Function Participant”:
      Means
      any Sub-Servicer, Subcontractor or any other Person, other than each Servicer,
      the Master Servicer, each Custodian, the Trustee and the Securities
      Administrator, that is determined to be “participating in the servicing
      function” within the meaning of Item 1122 of Regulation AB, without regard to
      any threshold referenced therein..

     

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

     

    “Significant
      Subsequent Recoveries”:
      With
      respect to a defaulted Mortgage Loan, a determination by the Servicer that
      either (A) the potential Subsequent Recoveries are anticipated to be greater
      than or equal to the sum of (i) the total indebtedness of the senior lien on
      the
      related Mortgaged Property and (ii) $10,000 (after anticipated expenses and
      attorneys’ fees) or (B) the related Mortgagor has shown a willingness and
      ability to pay over the previous six months.

     

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

     

    “Special
      Servicing Practices”:
      With
      regard to any Charged Off Loans, the servicing of such Charged Off Loans using
      specialized collection procedures (including foreclosure, if appropriate) to
      maximize recoveries.

     

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

     

    “Startup
      Day”:
      With
      respect to each Trust REMIC, the day designated as such pursuant to
      Section 11.01(b) hereof.

     

    “Stated
      Principal Balance”:
      With
      respect to any Mortgage Loan: (a) as of any date of determination up to but
      not
      including the Distribution Date on which the proceeds, if any, of a Liquidation
      Event with respect to such Mortgage Loan would be distributed, the Scheduled
      Principal Balance of such Mortgage Loan as of the Cut-off Date, as shown in
      the
      Mortgage Loan Schedule, minus the sum of (i) the principal portion of each
      Monthly Payment due on a Due Date subsequent to the Cut-off Date, to the extent
      received from the Mortgagor or advanced by the Servicer or a successor to the
      Servicer (including the Master Servicer) and distributed pursuant to
      Section 5.01 of this Agreement on or before such date of determination,
      (ii) all Principal Prepayments received after the Cut-off Date, to the extent
      distributed pursuant to Section 5.01 of this Agreement on or before such
      date of determination, (iii) all Liquidation Proceeds and Insurance Proceeds
      applied by the Servicer as recoveries of principal in accordance with the
      provisions of Section 3.13 of this Agreement, to the extent distributed
      pursuant to Section 5.01 of this Agreement on or before such date of
      determination, and (iv) any Realized Loss incurred with respect thereto as
      a
      result of a Deficient Valuation made during or prior to the Prepayment Period
      for the most recent Distribution Date coinciding with or preceding such date
      of
      determination; and (b) as of any date of determination coinciding with or
      subsequent to the Distribution Date on which the proceeds, if any, of a
      Liquidation Event with respect to such Mortgage Loan would be distributed,
      zero.
      With respect to any REO Property: (a) as of any date of determination up to
      but
      not including the Distribution Date on which the proceeds, if any, of a
      Liquidation Event with respect to such REO Property would be distributed, an
      amount (not less than zero) equal to the Stated Principal Balance of the related
      Mortgage Loan as of the date on which such REO Property was acquired on behalf
      of REMIC I, minus the sum of (i) if such REO Property was acquired before the
      Distribution Date in any calendar month, the principal portion of the Monthly
      Payment due on the Due Date in the calendar month of acquisition, to the extent
      advanced by the Servicer, or a successor to the Servicer (including the Master
      Servicer) and distributed pursuant to Section 5.01 of this Agreement, on or
      before such date of determination and (ii) the aggregate amount of REO Principal
      Amortization in respect of such REO Property for all previously ended calendar
      months, to the extent distributed pursuant to Section 4.01 of this
      Agreement on or before such date of determination; and (b) as of any date of
      determination coinciding with or subsequent to the Distribution Date on which
      the proceeds, if any, of a Liquidation Event with respect to such REO Property
      would be distributed, zero.

     

    “Stepdown
      Date”:
      The
      earlier to occur of (i) the later to occur of (x) the Distribution Date
      occurring in April 2009 and (y) the first Distribution Date on which the Credit
      Enhancement Percentage (calculated for this purpose only after taking into
      account distributions of principal on the Mortgage Loans, but prior to any
      distribution of the Principal Distribution Amount to the Certificates then
      entitled to distributions of principal on such Distribution Date), is greater
      than or equal to approximately 73.00% and (ii) the first Distribution Date
      on
      which the aggregate Certificate Principal Balance of the Class A Certificates
      has been reduced to zero.

     

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

     

    “Subordinate
      Certificates”:
      Collectively, the Mezzanine Certificates, the Class B-1 Certificates and the
      Class CE-1 Certificates.

     

    “Subsequent
      Recoveries”:
      As of
      any Distribution Date, amounts received during the related Prepayment Period
      by
      the Servicer specifically related to a defaulted Mortgage Loan or disposition
      of
      an REO Property prior to the related Prepayment Period that resulted in a
      Realized Loss, (i) with respect to a Charged Off Loan, after such Mortgage
      Loan
      has been charged off by the Servicer or (ii) with respect to a Liquidated
      Mortgage Loan, after the liquidation or disposition of such defaulted Mortgage
      Loan.

     

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

     

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

     

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

     

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

     

    “Swap
      Agreement”:
      The
      Interest Rate Swap Agreement, dated as of March 28, 2006, between HSBC Bank
      USA, National Association, as trustee on behalf of the Supplemental Interest
      Trust, and the Swap Provider, which agreement provides for Net Swap Payments
      and
      Swap Termination Payments to be paid, as provided therein, together with any
      schedules, confirmations or other agreements relating thereto. A copy of the
      Swap Agreement is attached hereto as Exhibit
      I.

     

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

     

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

     

    
      	
              Distribution
                Date

            	
              Swap
                Notional Amount

              ($)

            
	
              April
                2006

            	
              451,789,522.00

            
	
              May
                2006

            	
              424,419,112.00

            
	
              June
                2006

            	
              398,705,171.00

            
	
              July
                2006

            	
              374,547,536.00

            
	
              August
                2006

            	
              351,852,095.00

            
	
              September
                2006

            	
              330,530,424.00

            
	
              October
                2006

            	
              310,499,443.00

            
	
              November
                2006

            	
              291,681,091.00

            
	
              December
                2006

            	
              274,002,026.00

            
	
              January
                2007

            	
              257,393,336.00

            
	
              February
                2007

            	
              241,790,277.00

            
	
              March
                2007

            	
              227,132,015.00

            
	
              April
                2007

            	
              213,361,397.00

            
	
              May
                2007

            	
              200,424,721.00

            
	
              June
                2007

            	
              188,271,532.00

            
	
              July
                2007

            	
              176,854,427.00

            
	
              August
                2007

            	
              166,128,867.00

            
	
              September
                2007

            	
              156,053,005.00

            
	
              October
                2007

            	
              146,587,526.00

            
	
              November
                2007

            	
              137,695,492.00

            
	
              December
                2007

            	
              129,342,196.00

            
	
              January
                2008

            	
              121,495,032.00

            
	
              February
                2008

            	
              114,123,365.00

            
	
              March
                2008

            	
              107,198,413.00

            
	
              April
                2008

            	
              100,693,134.00

            
	
              May
                2008

            	
              94,582,122.00

            
	
              June
                2008

            	
              88,841,507.00

            
	
              July
                2008

            	
              83,448,863.00

            
	
              August
                2008

            	
              78,383,122.00

            
	
              September
                2008

            	
              73,624,488.00

            
	
              October
                2008

            	
              69,154,364.00

            
	
              November
                2008

            	
              64,955,278.00

            
	
              December
                2008

            	
              61,010,815.00

            
	
              January
                2009

            	
              57,305,553.00

            
	
              February
                2009

            	
              53,825,003.00

            
	
              March
                2009

            	
              50,555,554.00

            
	
              April
                2009

            	
              47,484,417.00

            
	
              May
                2009

            	
              44,599,577.00

            
	
              June
                2009

            	
              41,889,748.00

            
	
              July
                2009

            	
              39,344,325.00

            
	
              August
                2009

            	
              36,953,346.00

            
	
              September
                2009

            	
              34,707,451.00

            
	
              October
                2009

            	
              32,597,849.00

            
	
              November
                2009

            	
              30,616,279.00

            
	
              December
                2009

            	
              28,754,981.00

            
	
              January
                2010

            	
              27,006,664.00

            
	
              February
                2010

            	
              25,364,478.00

            
	
              March
                2010

            	
              23,821,991.00

            
	
              April
                2010

            	
              22,373,158.00

            
	
              May
                2010

            	
              21,012,298.00

            
	
              June
                2010

            	
              19,734,080.00

            
	
              July
                2010

            	
              18,533,489.00

            
	
              August
                2010

            	
              17,405,820.00

            
	
              September
                2010

            	
              16,346,648.00

            
	
              October
                2010

            	
              15,351,819.00

            
	
              November
                2010

            	
              14,417,430.00

            
	
              December
                2010

            	
              13,539,815.00

            
	
              January
                2011

            	
              12,715,528.00

            
	
              February
                2011

            	
              11,941,334.00

            
	
              March
                2011

            	
              11,214,193.00

            
	
              April
                2011

            	
              10,531,251.00

            
	
              May
                2011

            	
              9,889,823.00

            
	
              June
                2011

            	
              9,287,392.00

            

    

     

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

     

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

     

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

     

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

     

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

     

    “Termination
      Price”:
      As
      defined in Section 10.01.

     

    “Terminator”:
      As
      defined in Section 10.01.

     

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

     

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

     

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

     

    “Trigger
      Event”:
      A
      Trigger Event has occurred with respect to a Distribution Date if either (x)
      the
      Delinquency Percentage exceeds 9.00% of the Credit Enhancement Percentage of
      the
      Class A Certificates with respect to such Distribution Date or (y) the aggregate
      amount of Realized Losses incurred since the Cut-off Date through the last
      day
      of the related Due Period divided by the aggregate principal balance of the
      Mortgage Loans as of the Cut-off Date exceeds the applicable percentages set
      forth below with respect to such Distribution Date:

     

    
      	
              Distribution
                Date 

            	 	
              Percentage

            
	
              April
                2008 to March 2009

            	 	
              3.05%,
                plus 1/12 of 3.75% for each month thereafter

            
	
              April
                2009 to March 2010

            	 	
              6.80%,
                plus 1/12 of 3.45% for each month thereafter

            
	
              April
                2010 to March 2011

            	 	
              10.25%,
                plus 1/12 of 2.00% for each month thereafter

            
	
              April
                2011 to March 2012

            	 	
              12.25%,
                plus 1/12 of 0.75% for each month thereafter

            
	
              April
                2012 and thereafter

            	 	
              13.00%

            

    

    

    “Trust”:
      ACE
      Securities Corp., Home Equity Loan Trust, Series 2006-SL2, the trust created
      hereunder.

     

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

     

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

     

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

     

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

     

    “Uncertificated
      Interest”:
      With
      respect to any REMIC Regular Interest for any Distribution Date, one month’s
      interest at the REMIC Remittance Rate applicable to such REMIC Regular Interest
      for such Distribution Date, accrued on the Uncertificated Balance thereof
      immediately prior to such Distribution Date. Uncertificated Interest in respect
      of the REMIC Regular Interests shall accrue on the basis of a 360-day year
      consisting of twelve 30-day months. Uncertificated Interest with respect to
      each
      Distribution Date, as to any REMIC Regular Interest, shall be reduced by an
      amount equal to the sum of (a) the aggregate Prepayment Interest Shortfall,
      if
      any, for such Distribution Date to the extent not covered by payments pursuant
      to Section 3.22 or Section 4.19 of this Agreement and (b) the aggregate amount
      of any Relief Act Interest Shortfall, if any allocated, in each case, to such
      REMIC Regular Interest or REMIC Regular Interest pursuant to Section 1.02 of
      this Agreement. In addition, Uncertificated Interest with respect to each
      Distribution Date, as to any REMIC Regular Interest, shall be reduced by
      Realized Losses, if any, allocated to such REMIC Regular Interest pursuant
      to
      Section 1.02 and Section 5.04 of this Agreement.

     

    “Uninsured
      Cause”:
      Any
      cause of damage to a Mortgaged Property such that the complete restoration
      of
      such property is not fully reimbursable by the hazard insurance policies
      required to be maintained pursuant to Section 3.11 of this
      Agreement.

     

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

     

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

     

    “Verification
      Report”:
      As
      defined in Section 4.19. 

     

    “Voting
      Rights”:
      The
      portion of the voting rights of all of the Certificates which is allocated
      to
      any such Certificate. With respect to any date of determination, 98% of all
      Voting Rights will be allocated among the holders of the Class A Certificates,
      the Mezzanine Certificates and the Class CE-1 Certificates in proportion to
      the
      then outstanding Certificate Principal Balances of their respective
      Certificates, 1% of all Voting Rights will be allocated among the holders of
      the
      Class P Certificates and 1% of all Voting Rights will be allocated among the
      holders of the Class R Certificates. The Voting Rights allocated to each Class
      of Certificate shall be allocated among holders of each such Class in accordance
      with their respective Percentage Interests as of the most recent Record
      Date.

     

    “Wells
      Fargo”:
      Wells
      Fargo Bank, National Association or any successor thereto.

     

    “Wells
      Fargo Custodial Agreement”:
      The
      Custodial Agreement dated as of March 1, 2006, among the Trustee, Wells Fargo
      and Ocwen, as may be amended or supplemented from time to time.

     

    SECTION
      1.02.  Allocation
      of Certain Interest Shortfalls.

     

    For
      purposes of calculating the amount of Accrued Certificate Interest and the
      amount of the Interest Distribution Amount for the Class A Certificates, the
      Mezzanine Certificates, the Class B-1 Certificates and the Class CE-1
      Certificates for any Distribution Date, (1) the aggregate amount of any
      Prepayment Interest Shortfalls (to the extent not covered by payments by the
      Servicer pursuant to Section 3.22 of this Agreement or by the Master
      Servicer pursuant to Section 4.19 of this Agreement) and any Relief Act Interest
      Shortfalls incurred in respect of the Mortgage Loans for any Distribution Date
      shall be allocated first,
      to the
      Class CE-1 Certificates, second,
      to the
      Class B-1 Certificates, third,
      to the
      Class M-9A Certificates and Class M-9B Certificates, on a pro rata basis, based
      on their respective Interest Distribution Amounts before such reduction,
fourth,
      to the
      Class M-8 Certificates, fifth,
      to the
      Class M-7 Certificates, sixth,
      to the
      Class M-6A Certificates and Class M-6B Certificates, on a pro rata basis, based
      on their respective Interest Distribution Amounts before such reduction,
seventh,
      to the
      Class M-5 Certificates, eighth,
      to the
      Class M-4 Certificates, ninth,
      to the
      Class M-3 Certificates, tenth,
      to the
      Class M-2A Certificates and Class M-2B Certificates, on a pro rata basis, based
      on their respective Interest Distribution Amounts before such reduction,
eleventh,
      to the
      Class M-1 Certificates and twelfth,
      to the
      Class A Certificates, in each case based on, and to the extent of, one month’s
      interest at the then applicable respective Pass-Through Rate on the respective
      Certificate Principal Balance or Notional Amount, as applicable, of each such
      Certificate and (2) the aggregate amount of any Realized Losses allocated to
      the
      Class B-1 Certificates, the Mezzanine Certificates and Net WAC Rate Carryover
      Amounts paid to the Class A Certificates, the Mezzanine Certificates and the
      Class B-1 Certificates incurred for any Distribution Date shall be allocated
      to
      the Class CE-1 Certificates on a pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      respective Pass-Through Rate on the respective Certificate Principal Balance
      or
      Notional Amount thereof, as applicable.

     

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

     

    ARTICLE
      II  

     

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    SECTION
      2.01.  Conveyance
      of the Mortgage Loans.

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, on behalf of
      the
      Trust, without recourse, for the benefit of the Certificateholders, all the
      right, title and interest of the Depositor, including any security interest
      therein for the benefit of the Depositor, in and to the Mortgage Loans
      identified on the Mortgage Loan Schedule, the rights of the Depositor under
      the
      Mortgage Loan Purchase Agreement (including, without limitation the right to
      enforce the obligations of the other parties thereto thereunder), the right
      to
      any Net Swap Payment and any Swap Termination Payment made by the Swap Provider
      and all other assets included or to be included in REMIC I. Such assignment
      includes all interest and principal received by the Depositor and the Servicer
      on or with respect to the Mortgage Loans (other than payments of principal
      and
      interest due on such Mortgage Loans on or before the Cut-off Date). The
      Depositor herewith delivers to the Trustee and the Servicer a copy of the
      Mortgage Loan Purchase Agreement is attached hereto as Exhibit F.

     

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

     

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

     

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

     

    The
      Mortgage Loans permitted by the terms of this Agreement to be included in the
      Trust are limited to (i) Mortgage Loans (which the Depositor acquired pursuant
      to the Mortgage Loan Purchase Agreement, which contains, among other
      representations and warranties, a representation and warranty of the Sponsor
      that no Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey
      Home Ownership Act effective November 27, 2003 or as defined in the New Mexico
      Home Loan Protection Act effective January 1, 2004, as defined in the
      Massachusetts Predatory Home Loan Practices Act, effective November 7, 2004
      (Mass. Ann. Laws Ch. 183C) or as defined in the Indiana Home Loan Practices
      Act,
      effective January 1, 2005 (Ind. Code Ann. Sections 24-9-1 through 24-9-9))
      and
      (ii) Qualified Substitute Mortgage Loans (which, by definition as set forth
      herein and referred to in the Mortgage Loan Purchase Agreement, are required
      to
      conform to, among other representations and warranties, the representation
      and
      warranty of the Sponsor that no Qualified Substitute Mortgage Loan is a
“High-Cost Home Loan” as defined in the New Jersey Home Ownership Act effective
      November 27, 2003 or as defined in the New Mexico Home Loan Protection Act
      effective January 1, 2004, as defined in the Massachusetts Predatory Home Loan
      Practices Act, effective November 7, 2004 (Mass. Ann. Laws Ch. 183C) or as
      defined in the Indiana Home Loan Practices Act, effective January 1, 2005 (Ind.
      Code Ann. Sections 24-9-1 through 24-9-9). The Depositor and the Trustee on
      behalf of the Trust understand and agree that it is not intended that any
      Mortgage Loan be included in the Trust that is a “High-Cost Home Loan” as
      defined in the New Jersey Home Ownership Act effective November 27, 2003, as
      defined in the New Mexico Home Loan Protection Act effective January 1, 2004,
      as
      defined in the Massachusetts Predatory Home Loan Practices Act, effective
      November 7, 2004 (Mass. Ann. Laws Ch. 183C) or as defined in the Indiana Home
      Loan Practices Act, effective January 1, 2005 (Ind. Code Ann. Sections 24-9-1
      through 24-9-9).

     

    SECTION
      2.02.  Acceptance
      of REMIC I by Trustee.

     

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

     

    SECTION
      2.03.  Repurchase
      or Substitution of Mortgage Loans.

     

    (a)  Upon
      discovery or receipt of notice of any materially defective document in, or
      that
      a document is missing from, a Mortgage File or of a breach by the Sponsor of
      any
      representation, warranty or covenant under the Mortgage Loan Purchase Agreement
      in respect of any Mortgage Loan that materially and adversely affects the value
      of such Mortgage Loan or the interest therein of the Certificateholders, the
      Trustee shall promptly notify the Sponsor and the Servicer of such defect,
      missing document or breach and request that the Sponsor deliver such missing
      document, cure such defect or breach within sixty (60) days from the date the
      Sponsor was notified of such missing document, defect or breach, and if the
      Sponsor does not deliver such missing document or cure such defect or breach
      in
      all material respects during such period, the Trustee shall enforce the
      obligations of the Sponsor under the Mortgage Loan Purchase Agreement to
      repurchase such Mortgage Loan from REMIC I at the Purchase Price within ninety
      (90) days after the date on which the Sponsor was notified of such missing
      document, defect or breach, if and to the extent that the Sponsor is obligated
      to do so under the Mortgage Loan Purchase Agreement. The Purchase Price for
      the
      repurchased Mortgage Loan shall be remitted to the Servicer for deposit in
      the
      Collection Account and the Trustee, upon receipt of written certification from
      the Servicer of such deposit, shall release or cause the Custodian (upon receipt
      of a request for release in the form attached to respective the Custodial
      Agreement) to release to the Sponsor the related Mortgage File and the Trustee
      shall execute and deliver such instruments of transfer or assignment, in each
      case without recourse, representation or warranty, as the Sponsor shall furnish
      to it and as shall be necessary to vest in the Sponsor any Mortgage Loan
      released pursuant hereto, and the Trustee shall not have any further
      responsibility with regard to such Mortgage File. In lieu of repurchasing any
      such Mortgage Loan as provided above, if so provided in the Mortgage Loan
      Purchase Agreement, the Sponsor may cause such Mortgage Loan to be removed
      from
      REMIC I (in which case it shall become a Deleted Mortgage Loan) and substitute
      one or more Qualified Substitute Mortgage Loans in the manner and subject to
      the
      limitations set forth in Section 2.03(b). It is understood and agreed that
      the obligation of the Sponsor to cure or to repurchase (or to substitute for)
      any Mortgage Loan as to which a document is missing, a material defect in a
      constituent document exists or as to which such a breach has occurred and is
      continuing shall constitute the sole remedy respecting such omission, defect
      or
      breach available to the Trustee and the Certificateholders. Notwithstanding
      anything to the contrary contained herein, any breach of a representation or
      warranty contained in clauses (xxxiv), (xl), (xli), (xliv), (xlv) and (xlviii)
      through (lvii), (lx) and/or (lxi) of Section 6 of the Mortgage Loan
      Purchase Agreement shall be automatically deemed to affect materially and
      adversely the interests of the Certificateholders.

     

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

     

    (b)  Any
      substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage Loans
      made pursuant to Section 2.03(a) of this Agreement must be effected prior
      to the date which is two years after the Startup Day for REMIC I.

     

    As
      to any
      Deleted Mortgage Loan for which the Sponsor substitutes a Qualified Substitute
      Mortgage Loan or Loans, such substitution shall be effected by the Sponsor
      delivering to the Trustee or the applicable Custodian on behalf of the Trustee,
      for such Qualified Substitute Mortgage Loan or Loans, the Mortgage Note, the
      Mortgage, the Assignment to the Trustee, and such other documents and
      agreements, with all necessary endorsements thereon, as are required by
      Section 2 of the related Custodial Agreement, as applicable, together with
      an Officers’ Certificate providing that each such Qualified Substitute Mortgage
      Loan satisfies the definition thereof and specifying the Substitution Shortfall
      Amount (as described below), if any, in connection with such substitution.
      The
      applicable Custodian on behalf of the Trustee shall acknowledge receipt of
      such
      Qualified Substitute Mortgage Loan or Loans and, within ten (10) Business Days
      thereafter, review such documents and deliver to the Depositor, the Trustee
      and
      the Servicer, with respect to such Qualified Substitute Mortgage Loan or Loans,
      an initial certification pursuant to the related Custodial Agreement, with
      any
      applicable exceptions noted thereon. Within one year of the date of
      substitution, the applicable Custodian on behalf of the Trustee shall deliver
      to
      the Depositor, the Trustee and the Servicer a final certification pursuant
      to
      the related Custodial Agreement with respect to such Qualified Substitute
      Mortgage Loan or Loans, with any applicable exceptions noted thereon. Monthly
      Payments due with respect to Qualified Substitute Mortgage Loans in the month
      of
      substitution are not part of REMIC I and will be retained by the Sponsor. For
      the month of substitution, distributions to Certificateholders will reflect
      the
      Monthly Payment due on such Deleted Mortgage Loan on or before the Due Date
      in
      the month of substitution, and the Sponsor shall thereafter be entitled to
      retain all amounts subsequently received in respect of such Deleted Mortgage
      Loan. The Depositor shall give or cause to be given written notice to the
      Certificateholders that such substitution has taken place, shall amend the
      Mortgage Loan Schedule to reflect the removal of such Deleted Mortgage Loan
      from
      the terms of this Agreement and the substitution of the Qualified Substitute
      Mortgage Loan or Loans and shall deliver a copy of such amended Mortgage Loan
      Schedule to the Trustee and the Servicer. Upon such substitution, such Qualified
      Substitute Mortgage Loan or Loans shall constitute part of the Trust Fund and
      shall be subject in all respects to the terms of this Agreement and the Mortgage
      Loan Purchase Agreement, including all applicable representations and warranties
      thereof included herein or in the Mortgage Loan Purchase Agreement.

     

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

     

    In
      addition, the Sponsor shall obtain at its own expense and deliver to the Trustee
      an Opinion of Counsel to the effect that such substitution will not cause (a)
      any federal tax to be imposed on any Trust REMIC, including without limitation,
      any federal tax imposed on “prohibited transactions” under
      Section 860F(a)(1) of the Code or on “contributions after the startup date”
under Section 860G(d)(1) of the Code, or (b) any Trust REMIC to fail to
      qualify as a REMIC at any time that any Certificate is outstanding.

     

    (c)  Upon
      discovery by the Depositor, the Sponsor, the Servicer or the Trustee that any
      Mortgage Loan does not constitute a “qualified mortgage” within the meaning of
      Section 860G(a)(3) of the Code, the party discovering such fact shall
      within two (2) Business Days give written notice thereof to the other parties.
      In connection therewith, the Sponsor shall repurchase or substitute one or
      more
      Qualified Substitute Mortgage Loans for the affected Mortgage Loan within ninety
      (90) days of the earlier of discovery or receipt of such notice with respect
      to
      such affected Mortgage Loan. Such repurchase or substitution shall be made
      by
      (i) the Sponsor if the affected Mortgage Loan’s status as a non-qualified
      mortgage is or results from a breach of any representation, warranty or covenant
      made by the Sponsor under the Mortgage Loan Purchase Agreement or (ii) the
      Depositor, if the affected Mortgage Loan’s status as a non-qualified mortgage
      does not result from a breach of a representation or warranty. Any such
      repurchase or substitution shall be made in the same manner as set forth in
      Section 2.03(a) of this Agreement. The Trustee shall reconvey to the
      Sponsor the Mortgage Loan to be released pursuant hereto in the same manner,
      and
      on the same terms and conditions, as it would a Mortgage Loan repurchased for
      breach of a representation or warranty.

     

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

     

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

     

    SECTION
      2.04.  Representations
      and Warranties of the Master Servicer.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.04 shall survive the resignation or termination of
      the parties hereto and the termination of this Agreement and shall inure to
      the
      benefit of the Trustee, the Depositor and the Certificateholders.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (viii)  The
      Servicer has fully furnished and will continue to fully furnish, in accordance
      with the Fair Credit Reporting Act and its implementing regulations, accurate
      and complete information (e.g., favorable and unfavorable) on its borrower
      credit files to Equifax, Experian and Trans Union Credit Information Company
      or
      their successors on a monthly basis; 

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    SECTION
      2.08.  Issuance
      of the Residual Certificates.

     

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

     

    SECTION
      2.09.  Establishment
      of the Trust.

     

    The
      Depositor does hereby establish, pursuant to the further provisions of this
      Agreement and the laws of the State of New York, an express trust to be known,
      for convenience, as “ACE Securities Corp., Home Equity Loan Trust, Series
      2006-SL2” and does hereby appoint HSBC Bank USA, National Association as Trustee
      in accordance with the provisions of this Agreement.

     

    SECTION
      2.10.  Purpose
      and Powers of the Trust.

     

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

     

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

     

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

     

    (c)  to
      make
      payments on the Certificates;

     

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

     

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

     

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

     

    ARTICLE
      III  

     

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS; ACCOUNTS

     

    SECTION
      3.01.  The
      Servicer to Act as Servicer.

     

    On
      and
      after the Closing Date, the Servicer shall service and administer the Mortgage
      Loans on behalf of the Trust Fund and in the best interests of and for the
      benefit of the Certificateholders (as determined by the Servicer in its
      reasonable judgment) in accordance with the terms of this Agreement and the
      respective Mortgage Loans and all applicable law and regulations and, to the
      extent consistent with such terms, in the same manner in which it services
      and
      administers similar mortgage loans for its own portfolio, giving due
      consideration to customary and usual standards of practice of prudent mortgage
      lenders and loan servicers administering similar mortgage loans but without
      regard to:

     

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

     

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

     

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

     

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

     

    To
      the
      extent consistent with the foregoing, the Servicer shall also seek to maximize
      the timely and complete recovery of principal and interest on the Mortgage
      Notes
      and shall waive (or permit a Sub-Servicer to waive) a Prepayment Charge only
      under the following circumstances: (i) such waiver is standard and customary
      in
      servicing similar Mortgage Loans and such waiver is related to a default or
      reasonably foreseeable default and would, in the reasonable judgment of the
      Servicer, maximize recovery of total proceeds taking into account the value
      of
      such Prepayment Charge and the related Mortgage Loan and, if such waiver is
      made
      in connection with a refinancing of the related Mortgage Loan, such refinancing
      is related to a default or a reasonably foreseeable default, (ii) such
      Prepayment Charge is unenforceable in accordance with applicable law or the
      collection of such related Prepayment Charge would otherwise violate applicable
      law or (iii) the collection of such Prepayment Charge would be considered
“predatory” pursuant to written guidance published or issued by any applicable
      federal, state or local regulatory authority acting in its official capacity
      and
      having jurisdiction over such matters. Notwithstanding any provision in this
      Agreement to the contrary, in the event the Prepayment Charge payable under
      the
      terms of the Mortgage Note is less than the amount of the Prepayment Charge
      set
      forth in the Prepayment Charge Schedule or other information provided to the
      Servicer, the Servicer shall not have any liability or obligation with respect
      to such difference, and in addition shall not have any liability or obligation
      to pay the amount of any uncollected Prepayment Charge if the failure to collect
      such amount is the direct result of inaccurate or incomplete information on
      the
      Prepayment Charge Schedule.

     

    Subject
      only to the above-described servicing standards (the “Accepted Servicing
      Practices”) and the terms of this Agreement and of the related Mortgage Loans,
      the Servicer shall have full power and authority, to do or cause to be done
      any
      and all things in connection with such servicing and administration which it
      may
      deem necessary or desirable with the goal of maximizing proceeds of the Mortgage
      Loan. Without limiting the generality of the foregoing, the Servicer in its
      own
      name is hereby authorized and empowered by the Trustee when the Servicer
      believes it appropriate in its best judgment, to execute and deliver, on behalf
      of the Trust Fund, the Certificateholders and the Trustee or any of them, and
      upon written notice to the Trustee, any and all instruments of satisfaction
      or
      cancellation, or of partial or full release or discharge or subordination,
      and
      all other comparable instruments, with respect to the related Mortgage Loans
      and
      the related Mortgaged Properties and to institute foreclosure proceedings or
      obtain a deed-in-lieu of foreclosure so as to convert the ownership of such
      properties, and to hold or cause to be held title to such properties, on behalf
      of the Trustee, for the benefit of the Trust Fund and the Certificateholders.
      The Servicer shall service and administer the related Mortgage Loans in
      accordance with applicable state and federal law and shall provide to the
      Mortgagors any reports required to be provided to them thereby. The Servicer
      shall also comply in the performance of this Agreement with all reasonable
      rules
      and requirements of each insurer under any standard hazard insurance policy.
      Subject to Section 3.14, the Trustee shall execute, at the written request
      of
      the Servicer, and furnish to the Servicer a power of attorney in the form of
      Exhibit
      D
      hereto
      and other documents necessary or appropriate to enable the Servicer to carry
      out
      its servicing and administrative duties hereunder and furnished to the Trustee
      by the Servicer, and the Trustee shall not be liable for the actions of the
      Servicer under such powers of attorney and shall be indemnified by the Servicer
      for any cost, liability or expense incurred by the Trustee in connection with
      the Servicer’s use or misuse of any such power of attorney.

     

    The
      Servicer further is hereby authorized and empowered in its own name or in the
      name of the Sub-Servicer, when the Servicer or the Sub-Servicer, as the case
      may
      be, believes it is appropriate in its best judgment to register any Mortgage
      Loan on the MERS® System, or cause the removal from the registration of any
      Mortgage Loan on the MERS® System, to execute and deliver, on behalf of the
      Trustee and the Certificateholders or any of them, any and all instruments
      of
      assignment and other comparable instruments with respect to such assignment
      or
      re-recording of a Mortgage in the name of MERS, solely as nominee for the
      Trustee and its successors and assigns. Any reasonable expenses incurred in
      connection with the actions described in the preceding sentence or as a result
      of MERS discontinuing or becoming unable to continue operations in connection
      with the MERS® System, shall be reimbursable by the Trust Fund to the
      Servicer.

     

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

     

    The
      Servicer, in such capacity, may consent to the refinancing of a First Mortgage
      Loan on a Mortgaged Property, provided that the following requirements are
      met:

     

    (i)  the
      resulting Combined Loan-to-Value Ratio of such Mortgage Loan is no higher than
      the Combined Loan-to-Value Ratio prior to such refinancing; 

     

    (ii)  the
      interest rate for the loan evidencing the refinanced First Mortgage Loan is
      no
      more than 2.0% higher than the interest rate on the loan evidencing the existing
      First Mortgage Loan immediately prior to the date of such refinancing;
      and

     

    (iii)  the
      mortgage loan evidencing the refinanced First Mortgage Loan is not subject
      to
      negative amortization.

     

    The
      Servicer shall inspect the Mortgaged Properties related to Mortgage Loans
      serviced by the Servicer as often as deemed necessary by the Servicer in the
      Servicer’s sole discretion, to assure itself that the value of such Mortgaged
      Property is being preserved. In addition, if any Mortgage Loan is more than
      60
      days delinquent, the Servicer shall conduct subsequent inspections in accordance
      with Accepted Servicing Practices. The Servicer shall keep a written or
      electronic report of each such inspection.

     

    Notwithstanding
      anything in this Agreement to the contrary, no Servicer may make any future
      advances with respect to a Mortgage Loan and no Servicer shall permit any
      modification with respect to any related Mortgage Loan that would change the
      Mortgage Rate, reduce or increase the principal balance (except for reductions
      resulting from actual payments of principal) or change the final maturity date
      on such related Mortgage Loan (unless, as provided in Section 3.06 of this
      Agreement, the related Mortgagor is in default with respect to the related
      Mortgage Loan or such default is, in the judgment of the Servicer, reasonably
      foreseeable) or any modification, waiver or amendment of any term of any related
      Mortgage Loan that would both (A) effect an exchange or reissuance of such
      Mortgage Loan under Section 1001 of the Code (or final, temporary or
      proposed Treasury regulations promulgated thereunder) and (B) cause any Trust
      REMIC created hereunder to fail to qualify as a REMIC under the Code or the
      imposition of any tax on “prohibited transactions” or “contributions after the
      startup date” under the REMIC Provisions.

     

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

     

    The
      Servicer will fully furnish, in accordance with the Fair Credit Reporting Act
      and its implementing regulations, accurate and complete information (e.g.,
      favorable and unfavorable) on its borrower credit files to Equifax, Experian
      and
      Trans Union Credit Information Company or their successors on a monthly
      basis.

     

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

     

    (a)  The
      Servicer may arrange for the subservicing of any Mortgage Loan by a Sub-
      Servicer pursuant to a Sub-Servicing Agreement; provided that such sub-servicing
      arrangement and the terms of the related Sub-Servicing Agreement must provide
      for the servicing of such Mortgage Loans in a manner consistent with the
      servicing arrangements contemplated hereunder and the Servicer shall cause
      any
      Sub-Servicer to comply with the provisions of this Agreement (including, without
      limitation, to provide the information required to be delivered under Sections
      3.17, 3.18 and 3.19 hereof), to the same extent as if such Sub-Servicer were
      the
      Servicer. The Servicer shall be responsible for obtaining from each Sub-Servicer
      and delivering to the Master Servicer any annual statement of compliance,
      assessment of compliance, attestation report and Sarbanes-Oxley related
      certification as and when required to be delivered. Each Sub-Servicer shall
      be
      (i) authorized to transact business in the state or states where the related
      Mortgaged Properties it is to service are situated, if and to the extent
      required by applicable law to enable the Sub-Servicer to perform its obligations
      hereunder and under the Sub-Servicing Agreement and (ii) a Freddie Mac or Fannie
      Mae approved mortgage servicer. Notwithstanding the provisions of any
      Sub-Servicing Agreement, any of the provisions of this Agreement relating to
      agreements or arrangements between the Servicer or a Sub-Servicer or reference
      to actions taken through the Servicer or otherwise, the Servicer shall remain
      obligated and liable to the Depositor, the Trustee and the Certificateholders
      for the servicing and administration of the Mortgage Loans in accordance with
      the provisions of this Agreement without diminution of such obligation or
      liability by virtue of such Sub-Servicing Agreements or arrangements or by
      virtue of indemnification from the Sub-Servicer and to the same extent and
      under
      the same terms and conditions as if the Servicer alone were servicing and
      administering the Mortgage Loans. Every Sub-Servicing Agreement entered into
      by
      the Servicer shall contain a provision giving the successor Servicer the option
      to terminate such agreement in the event a successor Servicer is appointed.
      All
      actions of each Sub-Servicer performed pursuant to the related Sub-Servicing
      Agreement shall be performed as an agent of the Servicer with the same force
      and
      effect as if performed directly by the Servicer.

     

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

     

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

     

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

     

    SECTION
      3.03.  Successor
      Sub-Servicers.

     

    Any
      Sub-Servicing Agreement shall provide that the Servicer shall be entitled to
      terminate any Sub-Servicing Agreement and to either itself directly service
      the
      related Mortgage Loans or enter into a Sub-Servicing Agreement with a successor
      Sub-Servicer which qualifies under Section 3.02. Any Sub-Servicing Agreement
      shall include the provision that such agreement may be terminated as soon as
      is
      reasonably possible by any successor to the Servicer (which may be the Trustee
      or the Master Servicer) without the payment of a fee or, in the event a
      termination fee exists, such fee shall be payable by the Servicer from its
      own
      funds without reimbursement therefor, in accordance with the terms of this
      Agreement, in the event that the Servicer (or any successor to the Servicer)
      shall, for any reason, no longer be the Servicer of the related Mortgage Loans
      (including termination due to the Servicer Event of Default). The Servicer
      shall
      be entitled to enter into an agreement with its Sub-Servicer and Subcontractor
      for indemnification of the Servicer or Subcontractor, as applicable, by such
      Sub-Servicer and nothing contained in this Agreement shall be deemed to limit
      or
      modify such indemnification.

     

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

     

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

     

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

     

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

     

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

     

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

     

    SECTION
      3.06.  Collection
      of Certain Mortgage Loan Payments.

     

    The
      Servicer shall make reasonable efforts to collect all payments called for under
      the terms and provisions of the related Mortgage Loans, and shall, to the extent
      such procedures shall be consistent with this Agreement and Accepted Servicing
      Practices, follow such collection procedures as it would follow with respect
      to
      mortgage loans comparable to the Mortgage Loans and held for its own account.
      Consistent with the foregoing, the Servicer may in its discretion (i) waive
      any
      late payment charge or, if applicable, penalty interest or (ii) extend the
      due
      dates for the Monthly Payments due on a Mortgage Note related to a Mortgage
      Loan
      for a period of not greater than 180 days; provided that any extension pursuant
      to this clause shall not affect the amortization schedule of any Mortgage Loan
      for purposes of any computation hereunder and provided, further, that any such
      waiver, modification, postponement or indulgence granted to a Mortgagor by
      the
      Servicer in connection with its servicing of the related First Mortgage Loan
      shall not be considered relevant to a determination of whether the Servicer
      has
      acted consistently with the terms and standards of this Agreement, so long
      as in
      the Servicer’s determination such action is not materially adverse to the
      interests of the Certificateholders. Notwithstanding the foregoing, in the
      event
      that any Mortgage Loan is in default or, in the judgment of the Servicer, such
      default is reasonably foreseeable, the Servicer, consistent with Accepted
      Servicing Practices may waive, modify or vary any term of such Mortgage Loan
      (including modifications that change the Mortgage Rate, forgive the payment
      of
      principal or interest or extend the final maturity date of such Mortgage Loan),
      accept payment from the related Mortgagor of an amount less than the Stated
      Principal Balance in final satisfaction of such Mortgage Loan, or consent to
      the
      postponement of strict compliance with any such term or otherwise grant
      indulgence to any Mortgagor if in the Servicer’s determination such waiver,
      modification, postponement or indulgence is not materially adverse to the
      interests of the Certificateholders (taking into account any estimated Realized
      Loss that might result absent such action). The Servicer shall not be required
      to institute or join in litigation with respect to collection of any payment
      (whether under a Mortgage, Mortgage Note or otherwise or against any public
      or
      governmental authority with respect to a taking or condemnation) if it
      reasonably believes that enforcing the provision of the Mortgage or other
      instrument pursuant to which such payment is required is prohibited by
      applicable law.

     

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

     

    In
      connection with an Escrow Mortgage Loan or a Mortgage Loan that in accordance
      with Accepted Servicing Practices becomes an Escrow Mortgage Loan, the Servicer
      shall establish and maintain one or more accounts (the “Servicing Accounts”),
      into which all collections from the Mortgagors (or related advances from
      Sub-Servicers) for the payment of taxes, assessments, fire, flood, and hazard
      insurance premiums, and comparable items for the account of the Mortgagors
      (“Escrow Payments”) shall be deposited and retained. Servicing Accounts shall be
      Eligible Accounts. The Servicer shall deposit in the clearing account in which
      it customarily deposits payments and collections on mortgage loans in connection
      with its mortgage loan servicing activities on a daily basis all Escrow Payments
      collected on account of the Mortgage Loans and shall thereafter deposit such
      Escrow Payments in the Servicing Accounts, in no event later than the second
      Business Day after the deposit of good funds into the clearing account, and
      retain therein, all Escrow Payments collected on account of the Mortgage Loans,
      for the purpose of effecting the timely payment of any such items as required
      under the terms of this Agreement. Withdrawals of amounts from a Servicing
      Account may be made by the Servicer only to (i) effect timely payment of taxes,
      assessments, fire, flood, and hazard insurance premiums, and comparable items;
      (ii) reimburse itself out of related collections for any Servicing Advances
      made
      pursuant to Section 3.01 (with respect to taxes and assessments) and Section
      3.11 (with respect to fire, flood and hazard insurance); (iii) refund to
      Mortgagors any sums as may be determined to be overages; (iv) for application
      to
      restore or repair the related Mortgaged Property in accordance with Section
      3.11; (v) pay interest, if required and as described below, to Mortgagors on
      balances in the Servicing Account or, only to the extent not required to be
      paid
      to the related Mortgagors, to pay itself interest on balances in the Servicing
      Account; or (vi) clear and terminate the Servicing Account at the termination
      of
      the Servicer’s obligations and responsibilities in respect of the Mortgage Loans
      under this Agreement in accordance with Article X. As part of its servicing
      duties, the Servicer shall pay to the Mortgagors interest on funds in Servicing
      Accounts, to the extent required by law and, to the extent that interest earned
      on funds in the Servicing Accounts is insufficient, to pay such interest from
      its or their own funds, without any reimbursement therefor. Notwithstanding
      the
      foregoing, no Servicer shall be obligated to collect Escrow Payments if the
      related Mortgage Loan does not require such payments but the Servicer shall
      nevertheless be obligated to make Servicing Advances as provided in Section
      3.01
      and Section 3.11. In the event the Servicer shall deposit in the Servicing
      Accounts any amount not required to be deposited therein, it may at any time
      withdraw such amount from the Servicing Accounts, any provision to the contrary
      notwithstanding.

     

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

     

    SECTION
      3.08.  Collection
      Account and Distribution Account.

     

    (a)  On
      behalf
      of the Trust Fund, the Servicer shall establish and maintain one or more
“Collection Accounts”, held in trust for the benefit of the Trustee and the
      Certificateholders. On behalf of the Trust Fund, the Servicer shall deposit
      or
      cause to be deposited in the clearing account in which it customarily deposits
      payments and collections on mortgage loans in connection with its mortgage
      loan
      servicing activities on a daily basis, and in no event more than one Business
      Day after the Servicer’s receipt thereof, and shall thereafter deposit in the
      Collection Account, in no event later than two Business Days after the deposit
      of good funds into the clearing account, as and when received or as otherwise
      required hereunder, the following payments and collections received or made
      by
      it on or subsequent to the Cut-off Date other than amounts attributable to
      a Due
      Date on or prior to the Cut-off Date:

     

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

     

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

     

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

     

    (iv)  any
      amounts required to be deposited by the Servicer pursuant to Section 3.10
      of this Agreement in connection with any losses realized on Permitted
      Investments with respect to funds held in the Collection Account;

     

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

     

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

     

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

     

    The
      foregoing requirements for deposit in the Collection Account shall be exclusive,
      it being understood and agreed that, without limiting the generality of the
      foregoing, Prepayment Interest Excess and Ancillary Income 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 Securities Administrator shall establish and maintain
      one
      or more accounts (such account or accounts, the “Distribution Account”), held in
      trust for the benefit of the Trustee, the Trust Fund and the Certificateholders.
      On behalf of the Trust Fund, the Servicer shall deliver to the Securities
      Administrator in immediately available funds for deposit in the Distribution
      Account on or before 12:00 noon New York time on the Servicer Remittance Date,
      that portion of the Available Distribution Amount (calculated without regard
      to
      the references in clause (2) of the definition thereof to amounts that may
      be
      withdrawn from the Distribution Account) for the related Distribution Date
      then
      on deposit in the Collection Account and the amount of all Prepayment Charges
      collected by the Servicer in connection with the Principal Prepayment of any
      of
      the Mortgage Loans then on deposit in the Collection Account and the amount
      of
      any funds reimbursable to an Advance Financing Person pursuant to Section 3.25
      of this Agreement. If the balance on deposit in a Collection Account exceeds
      $100,000 as of the commencement of business on any Business Day and the
      Collection Account constitutes an Eligible Account solely pursuant to clause
      (ii) of the definition of “Eligible Account,” the Servicer shall, on or before
      5:00 p.m. New York time on such Business Day, withdraw from the Collection
      Account any and all amounts payable or reimbursable to the Depositor, the
      Servicer, the Trustee, the Master Servicer, the Securities Administrator or
      the
      Sponsor pursuant to Section 3.09 and shall pay such amounts to the Persons
      entitled thereto or shall establish a separate Collection Account (which shall
      also be an Eligible Account) and withdraw from the existing Collection Account
      the amount on deposit therein in excess of $100,000 and deposit such excess
      in
      the newly created Collection Account.

     

    With
      respect to any remittance received by the Securities Administrator on the
      Servicer Remittance Date on which such payment was due, the Securities
      Administrator shall send written notice thereof to the Servicer. The Servicer
      shall pay to the Securities Administrator interest on any such late payment
      by
      the Servicer at an annual rate equal to Prime Rate (as defined in The
      Wall Street Journal)
      plus
      one percentage point, but in no event greater than the maximum amount permitted
      by applicable law. Such interest shall be paid by the Servicer to the Securities
      Administrator on the date such late payment is made and shall cover the period
      commencing with the day following the Servicer Remittance Date and ending with
      the Business Day on which such payment is made, both inclusive. The payment
      by
      the Servicer of any such interest, or the failure of the Securities
      Administrator to notify the Servicer of such interest, shall not be deemed
      an
      extension of time for payment or a waiver of any Event of Default by the
      Servicer.

     

    (c)  Funds
      in
      the Collection Account and funds in the Distribution Account may be invested
      in
      Permitted Investments in accordance with the provisions set forth in Section
      3.10. The Servicer shall give notice to the Trustee, the Securities
      Administrator and the Master Servicer of the location of the Collection Account
      maintained by it when established and prior to any change thereof. The
      Securities Administrator shall give notice to the Servicer and the Depositor
      of
      the location of the Distribution Account when established and prior to any
      change thereof.

     

    (d)  Funds
      held in the Collection Account at any time may be delivered by the Servicer
      in
      immediately available funds to the Securities Administrator for deposit in
      the
      Distribution Account. In the event the Servicer shall deliver to the Securities
      Administrator for deposit in the Distribution Account any amount not required
      to
      be deposited therein, it may at any time request that the Securities
      Administrator withdraw such amount from the Distribution Account and remit
      to it
      any such amount, any provision herein to the contrary notwithstanding. In no
      event shall the Securities Administrator incur liability as a result of
      withdrawals from the Distribution Account at the direction of the Servicer
      in
      accordance with the immediately preceding sentence. In addition, the Servicer
      shall deliver to the Securities Administrator no later than the Servicer
      Remittance Date the amounts set forth in clauses (i) through (iv)
      below:

     

    (i)  any
      P&I Advances, as required pursuant to Section 5.03 of this
      Agreement;

     

    (ii)  any
      amounts required to be deposited pursuant to Section 3.21(d) or 3.21(f) of
      this
      Agreement in connection with any related REO Property;

     

    (iii)  any
      amounts to be paid in connection with a purchase of Mortgage Loans and REO
      Properties pursuant to Section 10.01 of this Agreement; and

     

    (iv)  any
      amounts required to be deposited pursuant to Section 3.22 of this Agreement
      in
      connection with any Prepayment Interest Shortfalls.

     

    SECTION
      3.09.  Withdrawals
      from the Collection Account and Distribution Account.

     

    (a)  The
      Servicer shall, from time to time, make withdrawals from the Collection Account
      for any of the following purposes or as described in Section 5.03 of this
      Agreement:

     

    (i)  to
      remit
      to the Securities Administrator for deposit in the Distribution Account the
      amounts required to be so remitted pursuant to Section 3.08(b) of this
      Agreement or permitted to be so remitted pursuant to the first sentence of
      Section 3.08(d) of this Agreement;

     

    (ii)  subject
      to Section 3.13(d) of this Agreement, to reimburse itself (including any
      successor Servicer) for P&I Advances made by it, but only to the extent of
      amounts received which represent Late Collections (net of the related Servicing
      Fees payable to the Servicer) of Monthly Payments or rental and other income
      from the related REO Property on related Mortgage Loans with respect to which
      such P&I Advances were made in accordance with the provisions of
      Section 5.03;

     

    (iii)  subject
      to Section 3.13(d) of this Agreement, to pay itself any unpaid Servicing
      Fees payable to the Servicer and reimburse itself any unreimbursed Servicing
      Advances with respect to each related Mortgage Loan, but only to the extent
      of
      any Liquidation Proceeds and Insurance Proceeds received with respect to such
      related Mortgage Loan or rental and other income from the related REO
      Property;

     

    (iv)  to
      pay to
      itself as servicing compensation (in addition to the Servicing Fee payable
      to
      the Servicer) on the Servicer Remittance Date any interest or investment income
      earned on funds deposited in the Collection Account;

     

    (v)  to
      pay to
      itself or the Sponsor, as the case may be, with respect to each Mortgage Loan
      that has previously been purchased or replaced pursuant to Section 2.03 or
      Section 3.13(c) of this Agreement all amounts received thereon not included
      in the Purchase Price or the Substitution Shortfall Amount;

     

    (vi)  to
      reimburse itself (including any successor to the Servicer) for

     

    (A) any
      P&I Advance or Servicing Advance previously made by it which the Servicer
      has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable
      Servicing Advance in accordance with the provisions of Section 5.03; provided
      however, that no Servicer shall be entitled to reimbursement for any Servicing
      Advance made prior to the Cut-off Date if the Servicer determines that such
      Servicing Advance constitutes a Nonrecoverable Servicing Advance of this
      Agreement; 

     

    (B) any
      unpaid Servicing Fees payable to the Servicer to the extent not recoverable
      from
      Liquidation Proceeds, Insurance Proceeds or other amounts received with respect
      to the related Mortgage Loan under Section 3.08(a)(iii) of this Agreement;
      or

     

    (C) any
      P&I Advance or Servicing Advance made with respect to a delinquent Mortgage
      Loan which Mortgage Loan has been modified by the Servicer in accordance with
      the terms of this Agreement; provided that the Servicer shall only reimburse
      itself for such P&I Advances and Servicing Advances at the time of such
      modification or as otherwise provided in this Section 3.09;

     

    (vii)  to
      reimburse itself or the Depositor for expenses incurred by or reimbursable
      to
      itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section
      7.03 of this Agreement;

     

    (viii)  to
      reimburse itself or the Trustee, as the case may be, for expenses reasonably
      incurred in respect of the breach or defect giving rise to the purchase
      obligation under Section 2.03 of this Agreement that were included in the
      Purchase Price of the related Mortgage Loan, including any expenses arising
      out
      of the enforcement of the purchase obligation;

     

    (ix)  to
      pay,
      or to reimburse itself for advances in respect of, expenses incurred in
      connection with any related Mortgage Loan pursuant to Section 3.13(b) of this
      Agreement; 

     

    (x)  to
      pay to
      itself any Prepayment Interest Excess on the related Mortgage Loans to the
      extent not retained pursuant to Section 3.08(a)(ii)) of this Agreement;
      and

     

    (xi)  to
      clear
      and terminate the Collection Account pursuant to Section 10.01 of this
      Agreement.

     

    The
      Servicer shall keep and maintain separate accounting, on a Mortgage Loan by
      Mortgage Loan basis, for the purpose of justifying any withdrawal from the
      Collection Account, to the extent held by or on behalf of it, pursuant to
      subclauses (ii), (iii), (v), (vi), (vii), (viii), (ix) and (x)
      above.

     

    (b)  The
      Securities Administrator shall, from time to time, make withdrawals from the
      Distribution Account, for any of the following purposes, without
      priority:

     

    (i)  to
      make
      distributions to Certificateholders in accordance with Section 5.01 of this
      Agreement;

     

    (ii)  to
      pay to
      itself, the Custodians and the Master Servicer amounts to which it is entitled
      pursuant to Section 9.05 of this Agreement or any other provision of this
      Agreement and any Extraordinary Trust Fund Expenses;

     

    (iii)  to
      reimburse itself or the Master Servicer pursuant to Section 8.02 of this
      Agreement;

     

    (iv)  to
      pay
      any Net Swap Payment or Swap Termination Payment payable to the Supplemental
      Interest Trust (unless the Swap Provider is the sole Defaulting Party or the
      sole Affected Party (as defined in the Swap Agreement)) owed to the Swap
      Provider;

     

    (v)  to
      pay
      any amounts in respect of taxes pursuant to Section 11.01(g)(v) of this
      Agreement;

     

    (vi)  to
      pay
      the Master Servicing Fee to the Master Servicer;

     

    (vii)  to
      pay
      the Credit Risk Management Fee to the Credit Risk Manager; 

     

    (viii)  to
      pay
      the Excess Servicing Fee, if any, to the Class CE-2 Certificateholder pursuant
      to Section 5.01(b); and

     

    (ix)  to
      clear
      and terminate the Distribution Account pursuant to Section 10.01 of this
      Agreement.

     

    SECTION
      3.10.  Investment
      of Funds in the Investment Accounts.

     

    (a)  The
      Servicer may direct, by means of written directions (which may be standing
      directions), any depository institution maintaining the Collection Account
      to
      invest the funds in the Collection Account (for purposes of this Section 3.10,
      an “Investment Account”) in one or more Permitted Investments bearing interest
      or sold at a discount, and maturing, unless payable on demand, (i) no later
      than
      the Business Day immediately preceding the date on which such funds are required
      to be withdrawn from such account pursuant to this Agreement, if a Person other
      than the Securities Administrator is the obligor thereon, and (ii) no later
      than
      the date on which such funds are required to be withdrawn from such account
      pursuant to this Agreement, if the Securities Administrator is the obligor
      on
      such Permitted Investment. Amounts in the Distribution Account may be invested
      in Permitted Investments as directed in writing by the Master Servicer and
      maturing, unless payable on demand, (i) no later than the Business Day
      immediately preceding the date on which such funds are required to be withdrawn
      from such account pursuant to this Agreement, if a Person other than the
      Securities Administrator is the obligor thereon, and (ii) no later than the
      date
      on which such funds are required to be withdrawn from such account pursuant
      to
      this Agreement, if the Securities Administrator is the obligor thereon. All
      such
      Permitted Investments shall be held to maturity, unless payable on demand.
      Any
      investment of funds shall be made in the name of the Trustee (in its capacity
      as
      such) or in the name of a nominee of the Trustee. The Securities Administrator
      shall be entitled to sole possession over each such investment in the
      Distribution Account and, subject to subsection (b) below, the income thereon,
      and any certificate or other instrument evidencing any such investment shall
      be
      delivered directly to the Securities Administrator or its agent, together with
      any document of transfer necessary to transfer title to such investment to
      the
      Trustee or its nominee. In the event amounts on deposit in a Collection Account
      are at any time invested in a Permitted Investment payable on demand, the party
      with investment discretion over such Investment Account shall:

     

    (x) consistent
      with any notice required to be given thereunder, demand that payment thereon
      be
      made on the last day such Permitted Investment may otherwise mature hereunder
      in
      an amount equal to the lesser of (1) all amounts then payable thereunder and
      (2)
      the amount required to be withdrawn on such date; and

     

    (y) demand
      payment of all amounts due thereunder promptly upon receipt by such party of
      written notice from the Servicer that such Permitted Investment would not
      constitute a Permitted Investment in respect of funds thereafter on deposit
      in
      the Investment Account.

     

    (b)  All
      income and gain realized from the investment of funds deposited in a Collection
      Account, shall be for the benefit of the Servicer and shall be subject to its
      withdrawal in accordance with Section 3.09. The Servicer shall deposit in the
      Collection Account maintained by it the amount of any loss incurred in respect
      of any such Permitted Investment made with funds in such account immediately
      upon realization of such loss. All earnings and gain realized from the
      investment of funds deposited in the Distribution Account shall be for the
      benefit of the Master Servicer. The Master Servicer shall remit from its own
      funds for deposit into the Distribution Account the amount of any loss incurred
      on Permitted Investments in the Distribution Account.

     

    (c)  Except
      as
      otherwise expressly provided in this Agreement, if any default occurs in the
      making of a payment due under any Permitted Investment, or if a default occurs
      in any other performance required under any Permitted Investment, the Trustee
      may and, subject to Section 9.01 and Section 9.02(a)(v), shall, at the written
      direction of the Servicer, take such action as may be appropriate to enforce
      such payment or performance, including the institution and prosecution of
      appropriate proceedings.

     

    (d)  The
      Trustee, the Master Servicer or their respective Affiliates are permitted to
      receive additional compensation that could be deemed to be in the Trustee’s or
      the Master Servicer’s economic self-interest for (i) serving as investment
      adviser, administrator, shareholder servicing agent, custodian or sub-custodian
      with respect to certain of the Permitted Investments, (ii) using Affiliates
      to
      effect transactions in certain Permitted Investments and (iii) effecting
      transactions in certain Permitted Investments. Such compensation shall not
      be
      considered an amount that is reimbursable or payable to the Trustee or the
      Master Servicer pursuant to Section 3.09 or 3.10 or otherwise payable in respect
      of Extraordinary Trust Fund Expenses. Such additional compensation shall not
      be
      an expense of the Trust Fund.

     

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

     

    (a)  The
      terms
      of each Mortgage Note require the related Mortgagor to maintain fire, flood
      and
      hazard insurance policies. To the extent such policies are not maintained,
      the
      Servicer shall cause to be maintained for each Mortgaged Property fire and
      hazard insurance with extended coverage as is customary in the area where the
      Mortgaged Property is located in an amount which is at least equal to the lesser
      of the current principal balance of the related Mortgage Loan and the amount
      necessary to compensate fully for any damage or loss to the improvements which
      are a part of such property on a replacement cost basis, in each case in an
      amount not less than such amount as is necessary to avoid the application of
      any
      coinsurance clause contained in the related hazard insurance policy. The
      Servicer shall also cause to be maintained fire and hazard insurance on each
      REO
      Property with extended coverage as is customary in the area where the Mortgaged
      Property is located in an amount which is at least equal to the lesser of (i)
      the maximum insurable value of the improvements which are a part of such
      property and (ii) the sum of the outstanding principal balance of the related
      Mortgage Loan and the related First Mortgage Loan at the time it became an
      REO
      Property, in each case in an amount not less than such amount as is necessary
      to
      avoid the application of any coinsurance clause contained in the related hazard
      insurance policy. The Servicer will comply in the performance of this Agreement
      with all reasonable rules and requirements of each insurer under any such hazard
      policies. Any amounts to be collected by the Servicer under any such policies
      remaining after application of any such amounts to any related First Mortgage
      Loan and application of amounts to the restoration or repair of the property
      subject to the related Mortgage or amounts to be released to the Mortgagor
      in
      accordance with Accepted Servicing Practices, subject to the terms and
      conditions of the related Mortgage and Mortgage Note shall be deposited in
      the
      Collection Account, subject to withdrawal pursuant to Section 3.09, if received
      in respect of a Mortgage Loan, or in the REO Account, subject to withdrawal
      pursuant to Section 3.21, if received in respect of an REO Property. Any cost
      incurred by the Servicer in maintaining any such insurance shall not, for the
      purpose of calculating distributions to Certificateholders, be added to the
      unpaid principal balance of the related Mortgage Loan, notwithstanding that
      the
      terms of such Mortgage Loan so permit. It is understood and agreed that no
      earthquake or other additional insurance is to be required of any Mortgagor
      other than pursuant to such applicable laws and regulations as shall at any
      time
      be in force and as shall require such additional insurance. If the Mortgaged
      Property or REO Property is at any time in an area identified in the Federal
      Register by the Federal Emergency Management Agency as having special flood
      hazards, the Servicer will cause to be maintained a flood insurance policy
      in
      respect thereof. Such flood insurance shall be in an amount equal to the lesser
      of (i) the unpaid principal balance of the related Mortgage Loan and (ii) the
      maximum amount of such insurance available for the related Mortgaged Property
      under the national flood insurance program (assuming that the area in which
      such
      Mortgaged Property is located is participating in such program), in each case
      in
      an amount not less than such amount as is necessary to avoid the application
      of
      any coinsurance clause contained in the related hazard insurance
      policy.

     

    In
      the
      event that the Servicer shall obtain and maintain a blanket policy with an
      insurer having a General Policy Rating of B:VI or better in Best’s Key Rating
      Guide or otherwise acceptable to Fannie Mae or Freddie Mac insuring against
      hazard losses on all of the related Mortgage Loans, it shall conclusively be
      deemed to have satisfied its obligations to cause fire and hazard insurance
      to
      be maintained on the Mortgaged Properties, it being understood and agreed that
      such policy may contain a deductible clause, in which case the Servicer shall,
      in the event that there shall not have been maintained on the related Mortgaged
      Property or REO Property a policy complying with this Section 3.11, and there
      shall have been one or more losses which would have been covered by such policy,
      deposit to the Collection Account from its own funds the amount not otherwise
      payable under the blanket policy because of such deductible clause. In
      connection with its activities as administrator and servicer of the related
      Mortgage Loans, the Servicer agrees to prepare and present, on behalf of itself,
      the Trustee, the Trust Fund, the Certificateholders, claims under any such
      blanket policy in a timely fashion in accordance with the terms of such
      policy.

     

    (b)  The
      Servicer shall keep in force during the term of this Agreement a policy or
      policies of insurance covering errors and omissions for failure in the
      performance of its respective obligations under this Agreement, which policy
      or
      policies shall be in such form and amount that would meet the requirements
      of
      Fannie Mae or Freddie Mac if it were the purchaser of the related Mortgage
      Loans. The Servicer shall also maintain a fidelity bond in the form and amount
      that would meet the requirements of Fannie Mae or Freddie Mac. The Servicer
      shall be deemed to have complied with this provision if an Affiliate of the
      Servicer has such errors and omissions and fidelity bond coverage and, by the
      terms of such insurance policy or fidelity bond, the coverage afforded
      thereunder extends to the Servicer. Any such errors and omissions policy and
      fidelity bond shall by its terms not be cancelable without thirty days’ prior
      written notice to the Trustee.

     

    (c)  The
      Servicer need not obtain the approval of the Master Servicer prior to releasing
      any Insurance Proceeds to the Mortgagor to be applied to the restoration or
      repair of the Mortgaged Property if such release is in accordance with Accepted
      Servicing Practices. At a minimum, the Servicer shall comply with the following
      conditions in connection with any such release of Insurance Proceeds in excess
      of $10,000:

     

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

     

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

     

    (iii)  pending
      repairs or restoration, the Servicer shall place the Insurance Proceeds in
      the
      related Escrow Account, if any.

     

    If
      the
      Trustee is named as an additional loss payee, the Servicer is hereby empowered
      to endorse any loss draft issued in respect of such a claim in the name of
      the
      Trustee.

     

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

     

    The
      Servicer shall, to the extent it has knowledge of any conveyance of any related
      Mortgaged Property by any related Mortgagor (whether by absolute conveyance
      or
      by contract of sale, and whether or not the Mortgagor remains or is to remain
      liable under the Mortgage Note and/or the Mortgage), exercise its rights to
      accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause, if
      any, applicable thereto; provided, however, that no Servicer shall exercise
      any
      such rights if prohibited by law from doing so. If the Servicer reasonably
      believes that it is unable under applicable law to enforce such “due-on-sale”
clause, or if any of the other conditions set forth in the proviso to the
      preceding sentence apply, the Servicer shall enter into an assumption and
      modification agreement from or with the person to whom such property has been
      conveyed or is proposed to be conveyed, pursuant to which such person becomes
      liable under the Mortgage Note and, to the extent permitted by applicable state
      law, the Mortgagor remains liable thereon. The Servicer is also authorized
      to
      enter into a substitution of liability agreement with such person, pursuant
      to
      which the original Mortgagor is released from liability and such person is
      substituted as the Mortgagor and becomes liable under the Mortgage Note,
      provided that no such substitution shall be effective unless such person
      satisfies the then current underwriting criteria of the Servicer for mortgage
      loans similar to the related Mortgage Loans. In connection with any assumption
      or substitution, the Servicer shall apply such underwriting standards and follow
      such practices and procedures as shall be normal and usual in its general
      mortgage servicing activities and as it applies to other mortgage loans owned
      solely by it. No Servicer shall take or enter into any assumption and
      modification agreement, however, unless (to the extent practicable in the
      circumstances) it shall have received confirmation, in writing, of the continued
      effectiveness of any applicable hazard insurance policy. Any fee collected
      by
      the Servicer in respect of an assumption or substitution of liability agreement
      will be retained by the Servicer as additional servicing compensation. In
      connection with any such assumption, no material term of the Mortgage Note
      (including but not limited to the related Mortgage Rate and the amount of the
      Monthly Payment) may be amended or modified, except as otherwise required
      pursuant to the terms thereof. The Servicer shall notify the Trustee (or the
      applicable Custodian) that any such substitution or assumption agreement has
      been completed by forwarding to the Trustee (or the applicable Custodian) the
      executed original of such substitution or assumption agreement, which document
      shall be added to the related Mortgage File and shall, for all purposes, be
      considered a part of such Mortgage File to the same extent as all other
      documents and instruments constituting a part thereof.

     

    Notwithstanding
      the foregoing paragraph or any other provision of this Agreement, no Servicer
      shall be deemed to be in default, breach or any other violation of its
      obligations hereunder by reason of any assumption of a Mortgage Loan by
      operation of law or by the terms of the Mortgage Note or any assumption which
      the Servicer may be restricted by law from preventing, for any reason whatever.
      For purposes of this Section 3.12, the term “assumption” is deemed to also
      include a sale (of the Mortgaged Property) subject to the Mortgage that is
      not
      accompanied by an assumption or substitution of liability
      agreement.

     

    SECTION
      3.13.  Realization
      Upon Defaulted Mortgage Loans.

     

    (a)  (i)
      The
      Servicer shall use its commercially reasonable efforts, consistent with Accepted
      Servicing Practices, to foreclose upon or otherwise comparably convert the
      ownership of properties securing such of the Mortgage Loans as come into and
      continue in default and as to which no satisfactory arrangements can be made
      for
      collection of delinquent payments pursuant to Section 3.06. With respect to
      such
      of the Mortgage Loans as come into and continue in default, the Servicer will
      decide whether to (i) foreclose upon the Mortgaged Properties securing such
      Mortgage Loans, (ii) write off the unpaid principal balance of the Mortgage
      Loans as bad debt, (iii) take a deed in lieu of foreclosure, (iv) accept a
      short
      sale (a payoff of the Mortgage Loan for an amount less than the total amount
      contractually owed in order to facilitate a sale of the Mortgaged Property
      by
      the Mortgagor) or permit a short refinancing (a payoff of the Mortgage Loan
      for
      an amount less than the total amount contractually owed in order to facilitate
      refinancing transactions by the Mortgagor not involving a sale of the Mortgaged
      Property), (v) arrange for a repayment plan, or (vi) agree to a modification
      in
      accordance with this Agreement. In connection with such decision, the Servicer
      shall take such action as (i) the Servicer would take under similar
      circumstances with respect to a similar mortgage loan held for its own account
      for investment, (ii) shall be consistent with Accepted Servicing Practices,
      (iii) the Servicer shall determine consistently with Accepted Servicing
      Practices to be in the best interest of the Trustee and Certificateholders,
      provided, that actions taken by the Servicer in connection with its servicing
      of
      the related First Mortgage Loan shall not be considered relevant to a
      determination of whether the Servicer has met the standard set forth in this
      clause (iii) so long as in the Servicer’s determination such action is not
      materially adverse to the interests of the Certificateholders and (iv) is
      consistent with the requirements of the insurer under any insurance policy
      required to be maintained under this Agreement; provided, however, that the
      Servicer shall not be required to expend its own funds in connection with any
      foreclosure or towards the restoration of any property unless it shall determine
      in its sole discretion (i) that such restoration and/or foreclosure will
      increase the proceeds of liquidation of the related Mortgage Loan after
      reimbursement to itself of such expenses and (ii) that such expenses will be
      recoverable to it through Liquidation Proceeds (respecting which it shall have
      priority for purposes of withdrawals from the Collection Account). The Servicer
      shall be responsible for all costs and expenses incurred by it in any such
      proceedings; provided, however, that such costs and expenses will be recoverable
      as Servicing Advances by the Servicer as contemplated in Sections 3.09 and
      3.21.
      The foregoing is subject to the provision that, in any case in which a Mortgaged
      Property shall have suffered damage from an Uninsured Cause, the Servicer shall
      not be required to expend its own funds toward the restoration of such property
      unless it shall determine in its discretion that such restoration will increase
      the proceeds of liquidation of the related Mortgage Loan after reimbursement
      to
      itself for such expenses. 

     

    (ii) Notwithstanding
      anything to the contrary contained in this Agreement, with respect to any
      Mortgage Loan that is one hundred twenty (120) days delinquent, the Servicer
      shall obtain a broker’s price opinion with respect to the related Mortgaged
      Property and shall use all reasonable efforts to obtain a total indebtedness
      balance (including, but not limited to, unpaid principal, interest, escrows,
      taxes and expenses) for any related First Lien. The cost of obtaining any such
      broker’s price opinion shall be reimbursable to the Servicer as a Servicing
      Advance pursuant to Section 3.09. After obtaining the related broker’s price
      opinion, the Servicer will determine whether any Significant Subsequent Recovery
      is possible through foreclosure proceedings or other liquidation of the related
      Mortgaged Property. If the Servicer determines that (x) no Significant
      Subsequent Recovery is possible or (y) the potential Subsequent Recoveries
      are
      anticipated to be an amount, determined by the Servicer in its good faith
      judgment and in light of other mitigating circumstances, that is insufficient
      to
      warrant proceeding through foreclosure or other liquidation of the related
      Mortgaged Property, it may, at its discretion, charge off such delinquent
      Mortgage Loan in accordance with subsections (a)(iii) and (a)(iv) below (any
      such Mortgage Loan, a “Charged Off Loan”).

     

    (iii) With
      respect to any Mortgage Loan, if the Servicer determines based on the broker’s
      price opinion obtained under paragraph (a)(ii) above and other relevant
      considerations that (x) no Significant Subsequent Recovery is possible through
      foreclosure proceedings or other liquidation of the related Mortgaged Property
      or (y) the potential Subsequent Recoveries are anticipated to be an amount,
      determined by the Servicer in its good faith judgment and in light of other
      mitigating circumstances, that is insufficient to warrant proceeding through
      foreclosure or other liquidation of the related Mortgaged Property, it will
      be
      obligated to charge off the related Mortgage Loan at the time such Mortgage
      Loan
      becomes 180 days delinquent. Once a Mortgage Loan has been charged off, the
      Servicer will discontinue making P&I Advances, the Servicer will not be
      entitled to any additional servicing compensation (except as described in
      paragraph (a)(iv) of this Section 3.13), the Charged Off Loan will give rise
      to
      a Realized Loss, and the Servicer will follow the procedures described in
      paragraph (a)(iv) below. If the Servicer determines that (x) a Significant
      Subsequent Recovery is possible through foreclosure proceedings or other
      liquidation of the Mortgaged Property and (y) the potential Subsequent
      Recoveries are anticipated to be an amount, determined by the Servicer in its
      good faith judgment and in light of other mitigating circumstances, that is
      sufficient to warrant proceeding through foreclosure or other liquidation of
      the
      related Mortgaged Property, the Servicer may continue to make P&I Advances
      or Servicing Advances on the related Mortgage Loan that has become 180 days
      delinquent and will notify the Credit Risk Manager of that
      decision.

     

    (iv) Any
      Mortgage Loan that becomes a Charged Off Loan may continue to be serviced by
      the
      Servicer for the Certificateholders using Special Servicing Practices. The
      Servicer will accrue, but not be entitled to, any Servicing Fees and
      reimbursement of expenses in connection with such Charged Off Loans, except
      to
      the extent of funds available from the aggregate amount of recoveries on all
      Charged Off Loans. Such aggregate recovery amounts on Charged Off Loans shall
      be
      paid to the Servicer first, as reimbursement of any outstanding and unpaid
      expenses, and second, as any accrued and unpaid Servicing Fees. The Servicer
      will only be entitled to previously accrued Servicing Fees and expenses on
      any
      such Charged Off Loans. The Servicer will not be entitled to receive any future
      unaccrued Servicing Fees or expenses from collections on such Charged Off Loans.
      Any Charged Off Loan serviced using Special Servicing Practices shall be so
      serviced until the Mortgage Loan Release Date described below. Any amounts
      received on such Charged Off Loans received prior to the Mortgage Loan Release
      Date will be treated as Subsequent Recoveries and included in the Available
      Distribution Amount.

     

    On
      the
      date (the “Mortgage Loan Release Date”) which is no more than six months after
      the date on which the Servicer begins servicing any Charged Off Loans using
      Special Servicing Practices, unless Subsequent Recoveries are anticipated by
      the
      Servicer on a particular Charged Off Loan (in which case the Mortgage Loan
      Release Date will be delayed until all such anticipated Subsequent Recoveries
      are received), such Charged Off Loan will be released from the Trust Fund,
      will
      no longer be an asset of any REMIC, and will be transferred to the Class CE-2
      Certificateholders, without recourse, and thereafter (i) the Class CE-2
      Certificateholders will be entitled to any amounts subsequently received in
      respect of any such Released Loans, (ii) the Holders of a majority in Percentage
      Interest in the Class CE-2 Certificates may designate any servicer to service
      any such Released Loan and (iii) the Holders of a majority in Percentage
      Interest in the Class CE-2 Certificates may sell any such Released Loan to
      a
      third party. Notwithstanding the previous sentence, if at any time after a
      Mortgage Loan has been Charged Off and prior to six months after the date on
      which the Servicer begins servicing such Charged Off Loan using Special
      Servicing Practices, the Servicer determines that there will not be any
      Subsequent Recoveries on such Charged Off Loan under any circumstances, the
      Servicer may release such Charged Off Loan to the Holders of a majority in
      Percentage Interest in the Class CE-2 Certificates in accordance with the
      provisions set forth in the previous sentence.

     

    Notwithstanding
      the foregoing, the procedures described above in this clause (iv) relating
      to
      the treatment of Charged Off Loans may be modified at any time at the discretion
      of the Holders of a majority in Percentage Interest in the Class CE-1
      Certificates, with the consent of the Servicer, which consent shall not be
      unreasonably withheld; provided, however, that in no event shall the Holders
      of
      a majority in Percentage Interest in the Class CE-1 Certificates change the
      fee
      structure relating to Charged Off Loans in a manner that would cause fees to
      be
      paid to the Servicer other than from recoveries on Charged Off
      Loans.

     

    The
      Master Servicer shall track collections received by the Servicer on any Charged
      Off Loans based upon loan level data provided to the Master Servicer by the
      Servicer on the date on which the Servicer provides its Servicer Report pursuant
      to Section 5.03(a), identifying the Charged Off Loans as of the related Due
      Period that the Servicer will continue to service until the related Mortgage
      Loan Release Date using Special Servicing Practices. On each Distribution Date,
      the Master Servicer shall verify, based on the recovery and expense information
      provided by the Servicer (i) the aggregate amount of accrued and unpaid
      Servicing Fees to be paid to the Servicer and expenses to be reimbursed to
      the
      related on such Charged Off Loans as of the related Due Period and (ii) the
      amount of Subsequent Recoveries on such Charged Off Loans for such Distribution
      Date. The Master Servicer shall be entitled to rely, without independent
      verification, on the loan level data provided by the Servicer that identifies
      the recovery amounts and the outstanding and unpaid expenses on any Charged
      Off
      Loan in order to verify the amount in clause (ii) of the previous sentence.
      The
      Master Servicer will be responsible for independently verifying the aggregate
      amount of accrued and unpaid Servicing Fees described in clause (i) of the
      second preceding sentence to be paid to the Servicer. 

     

    (b)  Notwithstanding
      the foregoing provisions of this Section 3.13 or any other provision of this
      Agreement, with respect to any Mortgage Loan as to which the Servicer has
      received actual notice of, or has actual knowledge of, the presence of any
      toxic
      or hazardous substance on the related Mortgaged Property, the Servicer shall
      not, on behalf of the Trust Fund, either (i) obtain title to such Mortgaged
      Property as a result of or in lieu of foreclosure or otherwise, or (ii)
      otherwise acquire possession of, or take any other action with respect to,
      such
      Mortgaged Property, if, as a result of any such action, the Trust Fund, the
      Trustee or the Certificateholders would be considered to hold title to, to
      be a
“mortgagee-in-possession” of, or to be an “owner” or “operator” of such
      Mortgaged Property within the meaning of the Comprehensive Environmental
      Response, Compensation and Liability Act of 1980, as amended from time to time,
      or any comparable law, unless the Servicer has also previously determined,
      based
      on its reasonable judgment and a prudent report prepared by an Independent
      Person who regularly conducts environmental audits using customary industry
      standards, that:

     

    (1) such
      Mortgaged Property is in compliance with applicable environmental laws or,
      if
      not, that it would be in the best economic interest of the Trust Fund to take
      such actions as are necessary to bring the Mortgaged Property into compliance
      therewith; and

     

    (2) there
      are
      no circumstances present at such Mortgaged Property relating to the use,
      management or disposal of any hazardous substances, hazardous materials,
      hazardous wastes or petroleum-based materials for which investigation, testing,
      monitoring, containment, clean-up or remediation could be required under any
      federal, state or local law or regulation, or that if any such materials are
      present for which such action could be required, that it would be in the best
      economic interest of the Trust Fund to take such actions with respect to the
      affected Mortgaged Property.

     

    The
      cost
      of the environmental audit report contemplated by this Section 3.13 shall be
      advanced by the Servicer, subject to the Servicer’s right to be reimbursed
      therefor from the Collection Account as provided in Section 3.09(a)(ix), such
      right of reimbursement being prior to the rights of Certificateholders to
      receive any amount in the Collection Account received in respect of the affected
      Mortgage Loan or other Mortgage Loans.

     

    If
      the
      Servicer determines, as described above, that it is in the best economic
      interest of the Trust Fund to take such actions as are necessary to bring any
      such Mortgaged Property into compliance with applicable environmental laws,
      or
      to take such action with respect to the containment, clean-up or remediation
      of
      hazardous substances, hazardous materials, hazardous wastes, or petroleum-based
      materials affecting any such Mortgaged Property, then the Servicer shall take
      such action as it deems to be in the best economic interest of the Trust Fund.
      The cost of any such compliance, containment, cleanup or remediation shall
      be
      advanced by the Servicer, subject to the Servicer’s right to be reimbursed
      therefor from the Collection Account as provided in Sections 3.09(a)(iii) or
      3.09(a)(ix), such right of reimbursement being prior to the rights of
      Certificateholders to receive any amount in the Collection Account received
      in
      respect of the affected Mortgage Loan or other Mortgage Loans.

     

    (c)  Proceeds
      received in connection with any Final Recovery Determination, as well as any
      recovery resulting from a partial collection of Insurance Proceeds or
      Liquidation Proceeds, in respect of any Mortgage Loan, will be applied in the
      following order of priority: first, to reimburse the Servicer for any related
      unreimbursed P&I Advances and Servicing Advances, pursuant to Section
      3.09(a)(ii) or (a)(iii); second, to accrued and unpaid interest on the Mortgage
      Loan, to the date of the Final Recovery Determination, or to the Due Date prior
      to the Distribution Date on which such amounts are to be distributed if not
      in
      connection with a Final Recovery Determination; and third, as a recovery of
      principal of the Mortgage Loan. If the amount of the recovery so allocated
      to
      interest is less than the full amount of accrued and unpaid interest due on
      such
      Mortgage Loan, the amount of such recovery will be allocated by the Servicer
      as
      follows: first, to unpaid Servicing Fees; and second, to the balance of the
      interest then due and owing. The portion of the recovery so allocated to unpaid
      Servicing Fees shall be reimbursed to the Servicer pursuant to Section
      3.09(a)(iii). The portion of the recovery allocated to interest (net of unpaid
      Servicing Fees) and the portion of the recovery allocated to principal of the
      Mortgage Loan shall be applied as follows: first, to reimburse the Servicer
      for
      any related unreimbursed Servicing Advances or P&I Advances in accordance
      with Section 3.09(a)(ii) and any other amounts reimbursable to the Servicer
      pursuant to Section 3.09, and second, as part of the amounts to be transferred
      to the Distribution Account in accordance with Section 3.08(b). Excess proceeds,
      if any, from the liquidation of a Liquidated Mortgage Loan will be retained
      by
      the Servicer as additional servicing compensation pursuant to Section
      3.15.

     

    SECTION
      3.14.  Trustee
      to Cooperate; Release of Mortgage Files.

     

    (a)  Upon
      becoming aware of the payment in full of any Mortgage Loan, or the receipt
      by
      the Servicer of a notification that payment in full has been escrowed in a
      manner customary for such purposes for payment to Certificateholders on the
      next
      Distribution Date, the Servicer will promptly furnish to the applicable
      Custodian, on behalf of the Trustee, two copies of a request for release
      substantially in the form attached to the respective Custodial Agreement signed
      by a Servicing Officer or in a mutually agreeable electronic format which will,
      in lieu of a signature on its face, originate from a Servicing Officer (which
      certification shall include a statement to the effect that all amounts received
      in connection with such payment that are required to be deposited in the
      Collection Account have been or will be so deposited) and shall request that
      the
      applicable Custodian, on behalf of the Trustee, deliver to the Servicer the
      related Mortgage File. Upon receipt of such certification and request, the
      applicable Custodian, on behalf of the Trustee, shall within five (5) Business
      Days release the related Mortgage File to the Servicer and the applicable
      Custodian shall have no further responsibility with regard to such Mortgage
      File. Upon any such payment in full, the Servicer is authorized to give, as
      agent for the Trustee, as the mortgagee under the Mortgage that secured the
      Mortgage Loan, an instrument of satisfaction (or assignment of mortgage without
      recourse) regarding the Mortgaged Property subject to the Mortgage, which
      instrument of satisfaction or assignment, as the case may be, shall be delivered
      to the Person or Persons entitled thereto against receipt therefor of such
      payment, it being understood and agreed that no expenses incurred in connection
      with such instrument of satisfaction or assignment, as the case may be, shall
      be
      chargeable to the Collection Account, unless it shall represent a Servicing
      Advance.

     

    (b)  From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan, the Trustee shall execute such documents as shall be prepared and
      furnished to the Trustee by the Servicer (in form reasonably acceptable to
      the
      Trustee) and as are necessary to the prosecution of any such proceedings. The
      applicable Custodian, on behalf of the Trustee, shall, upon the request of
      the
      Servicer, and delivery to the applicable Custodian, on behalf of the Trustee,
      of
      two copies of a request for release signed by a Servicing Officer substantially
      in the form attached to the respective Custodial Agreement (or in a mutually
      agreeable electronic format which will, in lieu of a signature on its face,
      originate from a Servicing Officer), release within five (5) Business Days
      the
      related Mortgage File held in its possession or control to the Servicer. Such
      trust receipt shall obligate the Servicer to return the Mortgage File to the
      applicable Custodian on behalf of the Trustee, when the need therefor by the
      Servicer no longer exists unless the Mortgage Loan shall be liquidated, in
      which
      case, upon receipt of a certificate of a Servicing Officer similar to that
      hereinabove specified, the Mortgage File shall be released by the applicable
      Custodian, on behalf of the Trustee, to the Servicer.

     

    Notwithstanding
      the foregoing, in connection with a Principal Prepayment in full of any Mortgage
      Loan, the Master Servicer may request release of the related Mortgage File
      from
      the applicable Custodian, in accordance with the provisions of the respective
      Custodial Agreement, in the event the Servicer fails to do so.

     

    Upon
      written certification of a Servicing Officer, the Trustee shall execute and
      deliver to the Servicer, any court pleadings, requests for trustee’s sale or
      other documents prepared and delivered to the Trustee and reasonably acceptable
      to it and necessary to the foreclosure or trustee’s sale in respect of a
      Mortgaged Property or to any legal action brought to obtain judgment against
      any
      Mortgagor on the Mortgage Note or Mortgage or to obtain a deficiency judgment,
      or to enforce any other remedies or rights provided by the Mortgage Note or
      Mortgage or otherwise available at law or in equity. Each such certification
      shall include a request that such pleadings or documents be executed by the
      Trustee and a statement as to the reason such documents or pleadings are
      required and that the execution and delivery thereof by the Trustee will not
      invalidate or otherwise affect the lien of the Mortgage, except for the
      termination of such a lien upon completion of the foreclosure or trustee’s sale.
      So long as no Servicer Event of Default shall have occurred and be continuing,
      the Servicer shall have the right to execute any and all such court pleadings,
      requests and other documents as attorney-in-fact for, and on behalf of the
      Trustee.

     

    SECTION
      3.15.  Servicing
      Compensation.

     

    As
      compensation for its activities hereunder, the Servicer shall be entitled to
      the
      Servicing Fee (or, for as long as Ocwen is the Servicer, the Servicing Fee
      calculated using the Ocwen Servicing Fee Rate) payable solely from payments
      of
      interest in respect of the Mortgage Loans, subject to Section 3.22. In
      addition, the Servicer shall be entitled to recover unpaid Servicing Fees out
      of
      Insurance Proceeds or Liquidation Proceeds to the extent permitted by
      Section 3.09(a)(iii), Section 3.09(a)(vi) and out of amounts derived from
      the operation and sale of an REO Property to the extent permitted by
      Section 3.21. The right to receive the Servicing Fee (or, with respect to
      Ocwen, the Servicing Fee calculated using the Ocwen Servicing Fee Rate) may
      not
      be transferred in whole or in part except in connection with the transfer of
      all
      of the Servicer’s responsibilities and obligations under this Agreement to the
      extent permitted herein.

     

    Additional
      servicing compensation in the form of Ancillary Income (other than Prepayment
      Charges) shall be retained by the Servicer only to the extent such fees or
      charges are received by the Servicer. The Servicer shall also be entitled
      pursuant to Section 3.09(a)(iv) to withdraw from the Collection Account and
      pursuant to Section 3.21(b) to withdraw from any REO Account, as additional
      servicing compensation, interest or other income earned on deposits therein,
      subject to Section 3.10. In addition, the Servicer shall be entitled to
      retain or withdraw from the Collection Account, pursuant to
      Section 3.09(a)(x), any Prepayment Interest Excess with respect to the
      Mortgage Loans serviced by it as additional servicing compensation. The Servicer
      shall be required to pay all expenses incurred by it in connection with its
      servicing activities hereunder and shall not be entitled to reimbursement
      therefor except as specifically provided herein.

     

    SECTION
      3.16.  Collection
      Account Statements.

     

    Upon
      request, not later than fifteen (15) days after each Distribution Date, the
      Servicer shall forward to the Master Servicer, the Securities Administrator,
      the
      Trustee and the Depositor a statement prepared by the institution at which
      the
      Collection Account is maintained setting forth the status of the Collection
      Account as of the close of business on such Distribution Date and showing,
      for
      the period covered by such statement, the aggregate amount of deposits into
      and
      withdrawals from the Collection Account. Copies of such statement and any
      similar statements provided by the Servicer shall be provided by the Securities
      Administrator to any Certificateholder and to any Person identified to the
      Securities Administrator as a prospective transferee of a Certificate, upon
      request at the expense of the requesting party, provided such statement is
      delivered by the Servicer to the Securities Administrator.

     

    SECTION
      3.17.  Annual
      Statement as to Compliance.

     

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

     

    (b)  Failure
      of the Servicer to comply timely with this Section 3.17 shall be deemed the
      Servicer Event of Default as to the Servicer, automatically, without notice
      and
      without any cure period, and the Master Servicer may, in addition to whatever
      rights the Master Servicer may have under this Agreement and at law or in equity
      or to damages, including injunctive relief and specific performance, terminate
      all the rights and obligations of the Servicer under this Agreement and in
      and
      to the Mortgage Loans and the proceeds thereof without compensating the Servicer
      for the same (other than the Servicer’s right to reimbursement of unreimbursed
      P&I Advances and Servicing Advances and accrued and unpaid Servicing Fees in
      the manner provided in this Agreement). This paragraph shall supersede any
      other
      provision in this Agreement or any other agreement to the contrary.

     

    SECTION
      3.18.  Assessments
      of Compliance and Attestation Reports.

     

    (a)  By
      March
      15 of each year, commencing in March 2007, the Servicer, at its own expense,
      shall furnish, and shall cause any Servicing Function Participant engaged by
      it
      to furnish, each at its own expense, to the Master Servicer, a report on an
      assessment of compliance with the Relevant Servicing Criteria that contains
      (A)
      a statement by such party of its responsibility for assessing compliance with
      the Relevant Servicing Criteria, (B) a statement that such party used the
      Relevant Servicing Criteria to assess compliance with the Relevant Servicing
      Criteria, (C) such party’s assessment of compliance with the Relevant Servicing
      Criteria as of and for the fiscal year covered by the Form 10-K required to
      be
      filed pursuant to Section 5.06(d), including, if there has been any material
      instance of noncompliance with the Relevant Servicing Criteria, a discussion
      of
      each such failure and the nature and status thereof, and (D) a statement that
      a
      registered public accounting firm has issued an attestation report on such
      party’s assessment of compliance with the Relevant Servicing Criteria as of and
      for such period. Notwithstanding the foregoing, neither the Servicer nor any
      Servicing Function Participant engaged by the Servicer shall be required to
      deliver any assessments until March 31st in any given year so long as it has
      not
      received written confirmation from the Depositor that a Form 10-K is required
      to
      be filed in respect of the Trust for the preceding calendar year, however,
      notwithstanding anything herein to the contrary, no Subcontractor will be
      required to deliver any assessments in any such given year in which the Form
      10-K is not required to be filed. 

     

    (b)  By
      March
      15 of each year, commencing in March 2007, the Servicer, at its own expense,
      shall cause, and the Servicer shall cause any Servicing Function Participant
      engaged by it to cause, each at its own expense, a registered public accounting
      firm (which may also render other services to the Servicer or such other
      Servicing Function Participants, as the case may be) and that is a member of
      the
      American Institute of Certified Public Accountants to furnish a report to the
      Master Servicer, to the effect that (i) it has obtained a representation
      regarding certain matters from the management of such party, which includes
      an
      assertion that such party has complied with the Relevant Servicing Criteria,
      and
      (ii) on the basis of an examination conducted by such firm in accordance with
      standards for attestation engagements issued or adopted by the PCAOB, it is
      expressing an opinion as to whether such party’s compliance with the Relevant
      Servicing Criteria was fairly stated in all material respects, or it cannot
      express an overall opinion regarding such party’s assessment of compliance with
      the Relevant Servicing Criteria. In the event that an overall opinion cannot
      be
      expressed, such registered public accounting firm shall state in such report
      why
      it was unable to express such an opinion. Such report must be available for
      general use and not contain restricted use language. Notwithstanding
      the foregoing, neither the Servicer nor any Servicing Function Participant
      engaged by the Servicer shall be required to deliver or cause the delivery
      of
      such reports until March 31st in any given year so long as the Servicer has
      not
      received written confirmation from the Depositor that a Form 10-K is required
      to
      be filed in respect of the Trust for the preceding fiscal year, however,
      notwithstanding anything herein to the contrary, no Subcontractor will be
      required to deliver any report in any such given year in which the Form 10-K
      is
      not required to be filed.

     

    (c)  Failure
      of the Servicer to comply timely with this Section 3.18 shall be deemed the
      Servicer Event of Default as to the Servicer, automatically, without notice
      and
      without any cure period, and the Master Servicer may, in addition to whatever
      rights the Master Servicer may have under this Agreement and at law or in equity
      or to damages, including injunctive relief and specific performance, terminate
      all the rights and obligations of the Servicer under this Agreement and in
      and
      to the Mortgage Loans and the proceeds thereof without compensating the Servicer
      for the same (other than the Servicer’s right to reimbursement of unreimbursed
      P&I Advances and Servicing Advances and accrued and unpaid Servicing Fees in
      the manner provided for in this Agreement). This paragraph shall supersede
      any
      other provision in this Agreement or any other agreement to the
      contrary.

     

    SECTION
      3.19.  Annual
      Certification; Additional Information.

     

    (a)  The
      Servicer shall and shall cause any Servicing Function Participant engaged by
      it
      to, provide to the Person who signs the Sarbanes-Oxley Certification (the
“Certifying
      Person”),
      by
      March 15 of each year in which the Trust is subject to the reporting
      requirements of the Exchange Act a certification (each, a “Back-Up
      Certification”),
      in
      the form attached hereto as Exhibit
      C,
      upon
      which the Certifying Person, the entity for which the Certifying Person acts
      as
      an officer, and such entity’s officers, directors and Affiliates (collectively
      with the Certifying Person, “Certification
      Parties”)
      can
      reasonably rely. The officer of the Master Servicer in charge of the master
      servicing function shall serve as the Certifying Person on behalf of the Trust.
      In the event the Servicer or any Servicing Function Participant engaged by
      it is
      terminated or resigns pursuant to the terms of this Agreement, or any applicable
      Sub-Servicing agreement, as the case may be, such party shall provide a Back-Up
      Certification to the Certifying Person pursuant to this Section 3.19 with
      respect to the period of time it was subject to this Agreement or any applicable
      Sub-Servicing Agreement, as the case may be.

     

    (b)  The
      Servicer shall indemnify and hold harmless the Master Servicer, the Securities
      Administrator, the Trustee, the Depositor and their respective officers,
      directors, agents and affiliates from and against any losses, damages,
      penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments and other costs and expenses arising out of or based upon a breach
      by
      the Servicer or any of its officers, directors, agents or affiliates of its
      obligations under this Section 3.19 or the Servicer’s negligence, bad faith or
      willful misconduct in connection therewith. Such indemnity shall survive the
      termination or resignation of the parties hereto or the termination of this
      Agreement. If the indemnification provided for herein is unavailable or
      insufficient to hold harmless the Master Servicer, the Securities Administrator,
      the Trustee and the Depositor, then the Servicer agrees that it shall contribute
      to the amount paid or payable by the Master Servicer, the Securities
      Administrator, the Trustee and the Depositor as a result of the losses, claims,
      damages or liabilities of the Master Servicer, the Securities Administrator,
      the
      Trustee and the Depositor in such proportion as is appropriate to reflect the
      relative fault of the Master Servicer, the Securities Administrator, the Trustee
      and the Depositor on the one hand and the Servicer on the other in connection
      with a breach of the Servicer’s obligations under this Section
      3.19.

     

    (c)  The
      Servicer shall provide to the Master Servicer prompt notice of the occurrence
      of
      any of the following: 

     

    (i)  any
      Servicer Event of Default under the terms of this Agreement, any merger,
      consolidation or sale of substantially all of the assets of the Servicer, the
      Servicer’s engagement of any Sub-Servicer to perform or assist in the
      performance of any of the Servicer’s obligations under this Agreement, any
      material litigation involving the Servicer that is material to the
      Certificateholders, and to the extent disclosure is required under Regulation
      AB, any affiliation or other significant relationship between the Servicer
      and
      the Sponsor, the Depositor, the Master Servicer, the Securities Administrator,
      the Issuer, the Trustee, the Custodians, the Swap Provider, Long Beach Mortgage
      Company, Fremont Investment & Loan, First Financial Equities, Inc., Alterna
      Mortgage Co., Ameriquest Mortgage Company, NC Capital Corporation, New Century
      Mortgage Corporation, Allstate Home Loans, Inc. d/b/a Allstate Funding,
      MortgageIT, Inc., Lime Financial Services, Ltd., American Mortgage Express
      Financial d/b/a Millennium Funding Group, Silver State Financial Services Inc.,
      Steward Financial, Inc. and The New York Mortgage Company, LLC.

     

    (ii)  If
      the
      Servicer has knowledge of the occurrence of any of the events described in
      this
      clause (ii), then no later than ten days prior to the deadline for the filing
      of
      any Distribution Report on Form 10-D in respect of the Trust, the Servicer
      shall
      provide to the Master Servicer notice of the occurrence of any of the following
      events along with all information, data, and materials related thereto as may
      be
      required to be included in the related Distribution Report on Form 10-D (as
      specified in the provisions of Regulation AB referenced below): 

     

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

     

    (B) material
      breaches of pool asset representations or warranties or servicer transaction
      covenants relating to the Mortgage Loans serviced by the Servicer (Item
      1121(a)(12) of Regulation AB); and

     

    (C) any
      material pool asset changes (such as, additions, substitutions or repurchases)
      relating to the Mortgage Loans serviced by the Servicer (Item 1121(a)(14) of
      Regulation AB).

     

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

     

    SECTION
      3.20.  Access
      to Certain Documentation.

     

    The
      Servicer shall provide to the Office of Thrift Supervision, the FDIC, and any
      other federal or state banking or insurance regulatory authority that may
      exercise authority over any Certificate Owner, access to the documentation
      regarding the related Mortgage Loans required by applicable laws and
      regulations. Such access shall be afforded without charge, but only upon
      reasonable and prior written request and during normal business hours at the
      offices of the Servicer designated by it. Nothing in this Section 3.20 shall
      limit the obligation of the Servicer to comply with any applicable law
      prohibiting disclosure of information regarding the Mortgagors and the failure
      of the Servicer to provide access as provided in this Section as a result of
      such obligation shall not constitute a breach of this Section. Nothing in this
      Section 3.20 shall require the Servicer to collect, create, collate or otherwise
      generate any information that it does not generate in its usual course of
      business. The Servicer shall not be required to make copies of or ship documents
      to any Person unless provisions have been made for the reimbursement of the
      costs thereof. 

     

    SECTION
      3.21.  Title,
      Management and Disposition of REO Property.

     

    (a)  The
      deed
      or certificate of sale of any REO Property related to a Mortgage Loan shall
      be
      taken in the name of the Trustee, or its nominee, on behalf of the Trust Fund
      and for the benefit of the Certificateholders. The Servicer, on behalf of REMIC
      I, shall either sell any REO Property by the close of the third calendar year
      following the calendar year in which REMIC I acquires ownership of such REO
      Property for purposes of Section 860(a)(8) of the Code or request from the
      Internal Revenue Service, no later than sixty (60) days before the day on which
      the three-year grace period would otherwise expire an extension of the
      three-year grace period, unless the Servicer had delivered to the Trustee an
      Opinion of Counsel, addressed to the Trustee and the Depositor, to the effect
      that the holding by REMIC I of such REO Property subsequent to three (3) years
      after its acquisition will not result in the imposition on any Trust REMIC
      created hereunder of taxes on “prohibited transactions” thereof, as defined in
      Section 860F of the Code, or cause any Trust REMIC hereunder to fail to qualify
      as a REMIC under Federal law at any time that any Certificates are outstanding.
      The Servicer shall manage, conserve, protect and operate each REO Property
      for
      the Certificateholders solely for the purpose of its prompt disposition and
      sale
      in a manner which does not cause such REO Property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) of the Code or
      result in the receipt by any Trust REMIC created hereunder of any “income from
      non-permitted assets” within the meaning of Section 860F(a)(2)(B) of the Code,
      or any “net income from foreclosure property” which is subject to taxation under
      the REMIC Provisions.

     

    (b)  The
      Servicer shall segregate and hold all funds collected and received in connection
      with the operation of any REO Property separate and apart from its own funds
      and
      general assets and shall establish and maintain with respect to REO Properties
      an account held in trust for the Trustee, on behalf of the Trust Fund and for
      the benefit of the Certificateholders (the “REO Account”), which shall be an
      Eligible Account. The Servicer shall be permitted to allow the Collection
      Account to serve as the REO Account, subject to the maintenance of separate
      ledgers for each REO Property. The Servicer shall be entitled to retain or
      withdraw any interest income paid on funds deposited in the related REO
      Account.

     

    (c)  The
      Servicer shall have full power and authority, subject only to the specific
      requirements and prohibitions of this Agreement, to do any and all things in
      connection with any REO Property related to a Mortgage Loan serviced by it
      as
      are consistent with the manner in which the Servicer manages and operates
      similar property owned by it or any of its Affiliates, all on such terms and
      for
      such period as the Servicer deems to be in the best interests of
      Certificateholders. In connection therewith, the Servicer shall deposit, or
      cause to be deposited in the clearing account in which it customarily deposits
      payments and collections on mortgage loans in connection with its mortgage
      loan
      servicing activities on a daily basis, and in no event more than one (1)
      Business Day after the Servicer’s receipt thereof, and shall thereafter deposit
      in the REO Account, in no event more than two (2) Business Days after the
      deposit of good funds into the clearing account, all revenues received by it
      with respect to an REO Property related to a Mortgage Loan serviced by it and
      shall withdraw therefrom funds necessary for the proper operation, management
      and maintenance of such REO Property including, without limitation:

     

    (i)  all
      insurance premiums due and payable in respect of such REO Property;

     

    (ii)  all
      real
      estate taxes and assessments in respect of such REO Property that may result
      in
      the imposition of a lien thereon; and

     

    (iii)  all
      costs
      and expenses necessary to maintain such REO Property.

     

    To
      the
      extent that amounts on deposit in the REO Account with respect to an REO
      Property are insufficient for the purposes set forth in clauses (i) through
      (iii) above with respect to such REO Property, the Servicer shall advance from
      its own funds such amount as is necessary for such purposes if, but only if,
      the
      Servicer would make such advances if the Servicer owned the REO Property and
      if
      in the Servicer’s judgment, the payment of such amounts will be recoverable from
      the rental or sale of the REO Property.

     

    Subject
      to compliance with applicable laws and regulations as shall at any time be
      in
      force, and notwithstanding the foregoing, the Servicer, on behalf of the Trust
      Fund, shall not:

     

    (i)  enter
      into, renew or extend any New Lease with respect to any REO Property, if the
      New
      Lease by its terms will give rise to any income that does not constitute Rents
      from Real Property;

     

    (ii)  permit
      any amount to be received or accrued under any New Lease other than amounts
      that
      will constitute Rents from Real Property;

     

    (iii)  authorize
      or permit any construction on any REO Property, other than the completion of
      a
      building or other improvement thereon, and then only if more than ten percent
      of
      the construction of such building or other improvement was completed before
      default on the related Mortgage Loan became imminent, all within the meaning
      of
      Section 856(e)(4)(B) of the Code; or

     

    (iv)  allow
      any
      Person to Directly Operate any REO Property on any date more than ninety (90)
      days after its date of acquisition by the Trust Fund;

     

    unless,
      in any such case, the Servicer has obtained an Opinion of Counsel, provided
      to
      the Servicer and the Trustee, to the effect that such action will not cause
      such
      REO Property to fail to qualify as “foreclosure property” within the meaning of
      Section 860G(a)(8) of the Code at any time that it is held by REMIC I, in which
      case the Servicer may take such actions as are specified in such Opinion of
      Counsel.

     

    The
      Servicer may contract with any Independent Contractor for the operation and
      management of any REO Property, provided that:

     

    (i)  the
      terms
      and conditions of any such contract shall not be inconsistent
      herewith;

     

    (ii)  any
      such
      contract shall require, or shall be administered to require, that the
      Independent Contractor pay all costs and expenses incurred in connection with
      the operation and management of such REO Property, including those listed above
      and remit all related revenues (net of such costs and expenses) to the Servicer
      as soon as practicable, but in no event later than thirty (30) days following
      the receipt thereof by such Independent Contractor;

     

    (iii)  none
      of
      the provisions of this Section 3.21(c) relating to any such contract or to
      actions taken through any such Independent Contractor shall be deemed to relieve
      the Servicer of any of its duties and obligations to the Trustee on behalf
      of
      the Trust Fund and for the benefit of the Certificateholders with respect to
      the
      operation and management of any such REO Property; and

     

    (iv)  the
      Servicer shall be obligated with respect thereto to the same extent as if it
      alone were performing all duties and obligations in connection with the
      operation and management of such REO Property.

     

    The
      Servicer shall be entitled to enter into any agreement with any Independent
      Contractor performing services for it related to its duties and obligations
      hereunder for indemnification of the Servicer by such Independent Contractor,
      and nothing in this Agreement shall be deemed to limit or modify such
      indemnification. The Servicer shall be solely liable for all fees owed by it
      to
      any such Independent Contractor, irrespective of whether the Servicer’s
      compensation pursuant to Section 3.15 is sufficient to pay such fees. Any such
      agreement shall include a provision that such agreement may be immediately
      terminated by any successor servicer (including the Master Servicer) without
      fee, in the event the related shall for any reason, no longer be the Servicer
      of
      the related Mortgage Loans (including termination due to the Servicer Event
      of
      Default).

     

    (d)  In
      addition to the withdrawals permitted under Section 3.21(c), the Servicer may
      from time to time make withdrawals from the REO Account for any REO Property:
      (i) to pay itself unpaid Servicing Fees in respect of the related Mortgage
      Loan;
      and (ii) to reimburse itself or any Sub-Servicer for unreimbursed Servicing
      Advances and Advances made in respect of such REO Property or the related
      Mortgage Loan. On the Servicer Remittance Date, the Servicer shall withdraw
      from
      each REO Account maintained by it and deposit into the Distribution Account
      in
      accordance with Section 3.08(d)(ii), for distribution on the related
      Distribution Date in accordance with Section 5.01, the income from the related
      REO Property received during the prior calendar month, net of any withdrawals
      made pursuant to Section 3.21(c) or this Section 3.21(d).

     

    (e)  Subject
      to the time constraints set forth in Section 3.21(a), each REO Disposition
      shall
      be carried out by the Servicer at such price and upon such terms and conditions
      as the Servicer shall deem necessary or advisable, as shall be normal and usual
      in accordance with Accepted Servicing Practices.

     

    (f)  The
      proceeds from the REO Disposition, net of any amount required by law to be
      remitted to the Mortgagor under the related Mortgage Loan and net of any payment
      or reimbursement to the Servicer as provided above, shall be deposited in the
      Distribution Account in accordance with Section 3.08(d)(ii) on the Servicer
      Remittance Date in the month following the receipt thereof for distribution
      on
      the related Distribution Date in accordance with Section 5.01. Any REO
      Disposition shall be for cash only (unless changes in the REMIC Provisions
      made
      subsequent to the Startup Day allow a sale for other
      consideration).

     

    (g)  The
      Servicer shall file information returns (and shall provide a certification
      of a
      Servicing Officer to the Master Servicer that such filings have been made)
      with
      respect to the receipt of mortgage interest received in a trade or business,
      reports of foreclosures and abandonments of any Mortgaged Property and
      cancellation of indebtedness income with respect to any Mortgaged Property
      as
      required by Sections 6050H, 6050J and 6050P of the Code, respectively. Such
      reports shall be in form and substance sufficient to meet the reporting
      requirements imposed by such Sections 6050H, 6050J and 6050P of the
      Code.

     

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

     

    The
      Servicer shall deliver to the Securities Administrator for deposit into the
      Distribution Account on or before 12:00 noon New York time on the Servicer
      Remittance Date from its own funds an amount equal to the lesser of (i) the
      aggregate amount of the Prepayment Interest Shortfalls attributable to
      prepayments in full on the related Mortgage Loans for the related Distribution
      Date resulting solely from voluntary Principal Prepayments received by the
      Servicer during the portion of the Prepayment Period occurring between the
      sixteenth day of the month preceding the month in which the related Distribution
      Date occurs and ending on the last day of such month and (ii) the aggregate
      amount of the related Servicing Fees payable to the Servicer on such
      Distribution Date with respect to the related Mortgage Loans. No Servicer shall
      have the right to reimbursement for any amounts remitted to the Securities
      Administrator in respect of this Section 3.22. No Servicer shall be
      obligated to pay the amounts set forth in this Section 3.22 with respect to
      shortfalls resulting from the application of the Relief Act.

     

    SECTION
      3.23.  Reserved.

     

    SECTION
      3.24.  Reserve
      Fund.

     

    (a)  No
      later
      than the Closing Date, the Securities Administrator shall establish and maintain
      a separate, segregated trust account entitled, “Reserve Fund, Wells Fargo Bank,
      National Association, in trust for the registered holders of ACE Securities
      Corp. Home Equity Loan Trust, Series 2006-SL2, Asset Backed Pass-Through
      Certificates.” On the Closing Date, the Depositor will deposit, or cause to be
      deposited, into the Reserve Fund $1,000. 

     

    (b)  On
      each
      Distribution Date, the Securities Administrator shall deposit into the Reserve
      Fund the amounts described in clause sixth
      of
      Section 5.01(a)(6), rather than distributing such amounts to the Class CE-1
      Certificateholders. On each such Distribution Date, the Securities Administrator
      shall hold all such amounts for the benefit of the Holders of the Class A
      Certificates, the Mezzanine Certificates and the Class B-1 Certificates and
      will
      distribute such amounts to the Holders of the Class A Certificates, the
      Mezzanine Certificates and the Class B-1 Certificates, in the amounts and
      priorities set forth in Section 5.01(a). If no Net WAC Rate Carryover
      Amounts are payable on a Distribution Date, the Securities Administrator shall
      deposit, into the Reserve Fund on behalf of the Class CE-1 Certificateholders,
      from amounts otherwise distributable to the Class CE-1 Certificateholders,
      an
      amount such that when added to other amounts already on deposit in the Reserve
      Fund, the aggregate amount on deposit therein is equal to $1,000.

     

    (c)  For
      federal and state income tax purposes, the Class CE-1 Certificateholders will
      be
      deemed to be the owners of the Reserve Fund and all amounts deposited into
      the
      Reserve Fund (other than the initial deposit therein of $1,000) shall be treated
      as amounts distributed by REMIC III to the Holders of the Class CE-1
      Certificates. Upon the termination of the Trust Fund, or the payment in full
      of
      the Class A Certificates, the Mezzanine Certificates and the Class B-1
      Certificates, all amounts remaining on deposit in the Reserve Fund will be
      released by the Trust Fund and distributed to the Class CE-1 Certificateholders
      or their designees. The Reserve Fund will be part of the Trust Fund but not
      part
      of any REMIC and any payments to the Holders of the Class A Certificates, the
      Mezzanine Certificates or the Class B-1 Certificates of Net WAC Rate Carryover
      Amounts will not be payments with respect to a “regular interest” in a REMIC
      within the meaning of Code Section 860(G)(a)(1).

     

    (d)  By
      accepting a Class CE-1 Certificate, each Class CE-1 Certificateholder hereby
      agrees that the Securities Administrator will deposit into the Reserve Fund
      the
      amounts described above on each Distribution Date rather than distributing
      such
      amounts to the Class CE-1 Certificateholders. By accepting a Class CE-1
      Certificate, each Class CE-1 Certificateholder further agrees that its agreement
      to such action by the Securities Administrator is given for good and valuable
      consideration, the receipt and sufficiency of which is acknowledged by such
      acceptance.

     

    (e)  At
      the
      direction of the Holders of a majority in Percentage Interest in the Class
      CE-1
      Certificates, the Securities Administrator shall direct any Depository
      Institution maintaining the Reserve Fund to invest the funds in such account
      in
      one or more Permitted Investments bearing interest or sold at a discount, and
      maturing, unless payable on demand, (i) no later than the Business Day
      immediately preceding the date on which such funds are required to be withdrawn
      from such account pursuant to this Agreement, if a Person other than the
      Securities Administrator or an Affiliate manages or advises such investment,
      and
      (ii) no later than the date on which such funds are required to be withdrawn
      from such account pursuant to this Agreement, if the Securities Administrator
      or
      an Affiliate manages or advises such investment. All income and gain earned
      upon
      such investment shall be deposited into the Reserve Fund. In no event shall
      the
      Securities Administrator be liable for any investments made pursuant to this
      clause (e). If the Holders of a majority in Percentage Interest in the Class
      CE-1 Certificates fail to provide investment instructions, funds on deposit
      in
      the Reserve Fund shall be held uninvested by the Securities Administrator
      without liability for interest or compensation.

     

    (f)  For
      federal tax return and information reporting, the right of the Class A
      Certificateholders, the Mezzanine Certificateholders and Class B-1
      Certificateholders to receive payments from the Reserve Fund in respect of
      any
      Net WAC Rate Carryover Amount shall be assigned a value of $5,700 with respect
      to the Certificates covered by the Swap Agreement.

     

    SECTION
      3.25.  Advance
      Facility.

     

    (a)  Notwithstanding
      anything to the contrary contained herein, (i) the Servicer is hereby authorized
      to enter into an advance facility (“Advance Facility”) but no more than two
      Advance Facilities without the prior written consent of the Trustee, which
      consent shall not be unreasonably withheld, under which (A) the Servicer sells,
      assigns or pledges to an advancing person (an “Advance Financing Person”) its
      rights under this Agreement to be reimbursed for any P&I Advances or
      Servicing Advances and/or (B) an Advance Financing Person agrees to finance
      some
      or all P&I Advances or Servicing Advances required to be made by the
      Servicer pursuant to this Agreement and (ii) Ocwen is hereby authorized to
      assign its rights to the Servicing Fee (which rights shall terminate upon the
      resignation, termination or removal of Ocwen pursuant to the terms of this
      Agreement); it being understood that neither the Trust Fund nor any party hereto
      shall have a right or claim (including without limitation any right of offset)
      to any amounts for reimbursement of P&I Advances or Servicing Advances so
      assigned or to the portion of the Servicing Fee so assigned. Subject to the
      provisions of the first sentence of this Section 3.25(a), no consent of the
      Depositor, Trustee, Master Servicer, Certificateholders or any other party
      is
      required before the Servicer may enter into an Advance Facility, but the
      Servicer shall provide notice to the Depositor, Master Servicer and the Trustee
      of the existence of any such Advance Facility promptly upon the consummation
      thereof stating (a) the identity of the Advance Financing Person and (b) the
      identity of any Person (“Servicer’s Assignee”) who has the right to receive
      amounts in reimbursement of previously unreimbursed P&I Advances or
      Servicing Advances. Notwithstanding the existence of any Advance Facility under
      which an advancing person agrees to finance P&I Advances and/or Servicing
      Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant
      to this Agreement to make P&I Advances and Servicing Advances pursuant to
      and as required by this Agreement, and shall not be relieved of such obligations
      by virtue of such Advance Facility.

     

    (b)  Reimbursement
      amounts (“Advance Reimbursement Amounts”) shall consist solely of amounts in
      respect of P&I Advances and/or Servicing Advances made with respect to the
      related Mortgage Loans for which the Servicer would be permitted to reimburse
      itself in accordance with this Agreement, assuming the Servicer had made the
      related P&I Advance(s) and/or Servicing Advance(s).

     

    (c)  The
      Servicer shall maintain and provide to any successor Servicer (with, upon
      request, a copy to the Trustee) a detailed accounting on a loan-by-loan basis
      as
      to amounts advanced by, pledged or assigned to, and reimbursed to any Advance
      Financing Person. The successor Servicer shall be entitled to rely on any such
      information provided by the predecessor Servicer, and the successor Servicer
      shall not be liable for any errors in such information.

     

    (d)  Reimbursement
      amounts distributed with respect to each Mortgage Loan shall be allocated to
      outstanding unreimbursed P&I Advances or Servicing Advances (as the case may
      be) made with respect to that Mortgage Loan on a “first-in, first out” (FIFO)
      basis. The documentation establishing any Advance Facility shall require the
      Servicer to provide to the related Advance Financing Person or its designee
      loan-by-loan information with respect to each such reimbursement amount
      distributed to such Advance Financing Person or Advance Facility trustee on
      each
      Distribution Date, to enable the Advance Financing Person or Advance Facility
      trustee to make the FIFO allocation of each such reimbursement amount with
      respect to each Mortgage Loan. The Servicer shall remain entitled to be
      reimbursed by the Advance Financing Person or Advance Facility trustee for
      all
      P&I Advances and Servicing Advances funded by the Servicer to the extent the
      related rights to be reimbursed therefor have not been sold, assigned or pledged
      to an Advance Financing Person.

     

    (e)  Any
      amendment to this Section 3.25 or to any other provision of this Agreement
      that
      may be necessary or appropriate to effect the terms of an Advance Facility
      as
      described generally in this Section 3.25, including amendments to add provisions
      relating to a successor Servicer, may be entered into by the Trustee, the
      Depositor, and the Servicer without the consent of any Certificateholder,
      notwithstanding anything to the contrary in this Agreement, provided, that
      the
      Trustee has been provided an Opinion of Counsel that such amendment is
      authorized hereunder and has no material adverse effect on the
      Certificateholders, which opinion shall be an expense of the party requesting
      such opinion but in any case shall not be an expense of the Trustee or the
      Trust
      Fund; provided, further, that the amendment shall not be deemed to adversely
      affect in any material respect the interests of the Certificateholders if the
      Person requesting the amendment obtains a letter from each Rating Agency
      (instead of obtaining an Opinion of Counsel to such effect) stating that the
      amendment would not result in the downgrading or withdrawal of the respective
      ratings then assigned to the Certificates; it being understood and agreed that
      any such rating letter in and of itself will not represent a determination
      as to
      the materiality of any such amendment and will represent a determination only
      as
      to the credit issues affecting any such rating. Prior to entering into an
      Advance Facility, the Servicer shall notify the lender under such facility
      in
      writing that: (a) the P&I Advances and/or Servicing Advances financed by
      and/or pledged to the lender are obligations owed to the Servicer on a
      non-recourse basis payable only from the cash flows and proceeds received under
      this Agreement for reimbursement of P&I Advances and/or Servicing Advances
      only to the extent provided herein, and neither the Master Servicer, the
      Securities Administrator, the Trustee nor the Trust are otherwise obligated
      or
      liable to repay any P&I Advances and/or Servicing Advances financed by the
      lender; (b) the Servicer will be responsible for remitting to the lender the
      applicable amounts collected by it as Servicing Fees and as reimbursement for
      P&I Advances and/or Servicing Advances funded by the lender, as applicable,
      subject to the restrictions and priorities created in this Agreement; and (c)
      neither the Master Servicer, the Securities Administrator nor the Trustee shall
      have any responsibility to calculate any amount payable under an Advance
      Facility or to track or monitor the administration of the financing arrangement
      between the Servicer and the lender or the payment of any amount under an
      Advance Facility.

     

    (f)  The
      Servicer shall indemnify the Master Servicer, the Securities Administrator,
      the
      Trustee and the Trust Fund for any cost, liability or expense relating to the
      Advance Facility including, without limitation, a claim, pending or threatened,
      by an Advance Financing Person.

     

    SECTION
      3.26.  Indemnification.

     

    The
      Servicer agrees to indemnify the Trustee, Master Servicer and the Securities
      Administrator, from, and hold the Trustee, Master Servicer and the Securities
      Administrator harmless against, any loss, liability or expense (including
      reasonable attorney’s fees and expenses) incurred by any such Person by reason
      of the Servicer’s willful misfeasance, bad faith or gross negligence in the
      performance of its duties under this Agreement or by reason of the Servicer’s
      reckless disregard of its obligations and duties under this Agreement. Such
      indemnity shall survive the termination or discharge of this Agreement and
      the
      resignation or removal of Servicer, the Trustee, the Master Servicer and the
      Securities Administrator. Any payment hereunder made by the Servicer to any
      such
      Person shall be from the Servicer’s own funds, without reimbursement from REMIC
      I therefor.

     

    ARTICLE
      IV  

     

    ADMINISTRATION
      AND MASTER SERVICING

    OF
      THE
      MORTGAGE LOANS BY THE MASTER SERVICER

     

    SECTION
      4.01.  Master
      Servicer.

     

    The
      Master Servicer shall, from and after the Closing Date supervise, monitor and
      oversee the obligations of the Servicer under this Agreement to service and
      administer the related Mortgage Loans in accordance with the terms of this
      Agreement and shall have full power and authority to do any and all things
      which
      it may deem necessary or desirable in connection with such master servicing
      and
      administration. In performing its obligations hereunder, the Master Servicer
      shall act in a manner consistent with Accepted Master Servicing Practices.
      Furthermore, the Master Servicer shall oversee and consult with the Servicer
      as
      necessary from time-to-time to carry out the Master Servicer’s obligations
      hereunder, shall receive, review and evaluate all reports, information and
      other
      data provided to the Master Servicer by the Servicer and shall cause the
      Servicer to perform and observe the covenants, obligations and conditions to
      be
      performed or observed by the Servicer under this Agreement. The Master Servicer
      shall independently and separately monitor the Servicer’s servicing activities
      with respect to each related Mortgage Loan, reconcile the results of such
      monitoring with such information provided in the previous sentence on a monthly
      basis and coordinate corrective adjustments to the Servicer’s and Master
      Servicer’s records, and based on such reconciled and corrected information,
      prepare the statements specified in Section 5.03 and any other information
      and
      statements required to be provided by the Master Servicer hereunder. The Master
      Servicer shall reconcile the results of its Mortgage Loan monitoring with the
      actual remittances of the Servicer to the Distribution Account pursuant to
      the
      terms hereof based on information provided to the Master Servicer by the
      Servicer.

     

    The
      Trustee shall furnish the Servicer and the Master Servicer with any limited
      powers of attorney and other documents in form acceptable to it necessary or
      appropriate to enable the Servicer and the Master Servicer to service and
      administer the related Mortgage Loans and REO Property. The Trustee shall have
      no responsibility for any action of the Master Servicer, the Servicer pursuant
      to any such limited power of attorney and shall be indemnified by the Master
      Servicer or the Servicer, as applicable, for any cost, liability or expense
      incurred by the Trustee in connection with such Person’s misuse of any such
      power of attorney.

     

    The
      Trustee, the Custodians and the Securities Administrator shall provide access
      to
      the records and documentation in possession of the Trustee, the Custodians
      or
      the Securities Administrator regarding the related Mortgage Loans and REO
      Property and the servicing thereof to the Certificateholders, the FDIC, and
      the
      supervisory agents and examiners of the FDIC, such access being afforded only
      upon reasonable prior written request and during normal business hours at the
      office of the Trustee, the Custodians or the Securities Administrator; provided,
      however, that, unless otherwise required by law, none of the Trustee, the
      Custodians or the Securities Administrator shall be required to provide access
      to such records and documentation if the provision thereof would violate the
      legal right to privacy of any Mortgagor. The Trustee, the Custodians and the
      Securities Administrator shall allow representatives of the above entities
      to
      photocopy any of the records and documentation and shall provide equipment
      for
      that purpose at a charge that covers the Trustee’s, the applicable Custodian’s
      or the Securities Administrator’s actual costs.

     

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

     

    SECTION
      4.02.  REMIC-Related
      Covenants.

     

    For
      as
      long as each REMIC shall exist, the Trustee and the Securities Administrator
      shall act in accordance herewith to treat such REMIC as a REMIC, and the Trustee
      and the Securities Administrator shall comply with any directions of the
      Sponsor, the Servicer or the Master Servicer to assure such continuing
      treatment. In particular, the Trustee shall not (a) sell or permit the sale
      of
      all or any portion of the Mortgage Loans or of any investment of deposits in
      an
      Account unless such sale is as a result of a repurchase of the Mortgage Loans
      pursuant to this Agreement or the Trustee has received a REMIC Opinion prepared
      at the expense of the Trust Fund; and (b) other than with respect to a
      substitution pursuant to the Mortgage Loan Purchase Agreement or
      Section 2.03 of this Agreement, as applicable, accept any contribution to
      any REMIC after the Startup Day without receipt of an Opinion of Counsel stating
      that such contribution will not result in an Adverse REMIC Event as defined
      in
      Section 11.01(f).

     

    SECTION
      4.03.  Monitoring
      of Servicer.

     

    (a)  The
      Master Servicer shall be responsible for monitoring the compliance by the
      Servicer with its duties under this Agreement. In the review of the Servicer’s
      activities, the Master Servicer may rely upon an officer’s certificate of the
      Servicer with regard to the Servicer’s compliance with the terms of this
      Agreement. In the event that the Master Servicer, in its judgment, determines
      that the Servicer should be terminated in accordance with the terms hereof
      or
      that a notice should be sent pursuant to the terms hereof with respect to the
      occurrence of an event that, unless cured, would constitute the Servicer Event
      of Default, or an event of default, the Master Servicer shall notify the
      Servicer, the Sponsor and the Trustee thereof and the Master Servicer shall
      issue such notice or take such other action as it deems
      appropriate.

     

    (b)  The
      Master Servicer, for the benefit of the Trustee and the Certificateholders,
      shall enforce the obligations of the Servicer under this Agreement and shall,
      in
      the event that the Servicer fails to perform its obligations in accordance
      with
      this Agreement, subject to this Section and Article VIII, the Trustee shall
      terminate the rights and obligations of the Servicer hereunder in accordance
      with the provisions of Article VIII. Such enforcement, including, without
      limitation, the legal prosecution of claims and the pursuit of other appropriate
      remedies, shall be in such form and carried out to such an extent and at such
      time as the Master Servicer, in its good faith business judgment, would require
      were it the owner of the related Mortgage Loans. The Master Servicer shall
      pay
      the costs of such enforcement at its own expense, provided that the Master
      Servicer shall not be required to prosecute or defend any legal action except
      to
      the extent that the Master Servicer shall have received reasonable indemnity
      for
      its costs and expenses in pursuing such action.

     

    (c)  The
      Master Servicer shall be entitled to be reimbursed by the Servicer (or from
      amounts on deposit in the Distribution Account if the Servicer is unable to
      fulfill its obligations hereunder) for all reasonable out-of-pocket or third
      party costs associated with the transfer of servicing from the predecessor
      Servicer (or if the predecessor Servicer is the Master Servicer, from the
      Servicer immediately preceding the Master Servicer), including without
      limitation, any reasonable out-of-pocket or third party costs or expenses
      associated with the complete transfer of all servicing data and the completion,
      correction or manipulation of such servicing data as may be required by the
      Master Servicer to correct any errors or insufficiencies in the servicing data
      or otherwise to enable the Master Servicer to service the related Mortgage
      Loans
      properly and effectively, upon presentation of reasonable documentation of
      such
      costs and expenses.

     

    (d)  The
      Master Servicer shall require the Servicer to comply with the remittance
      requirements and other obligations set forth in this Agreement.

     

    (e)  If
      the
      Master Servicer acts as successor to the Servicer, it will not assume liability
      for the representations and warranties of the terminated Servicer.

     

    SECTION
      4.04.  Fidelity
      Bond.

     

    The
      Master Servicer, at its expense, shall maintain in effect a blanket fidelity
      bond and an errors and omissions insurance policy, affording coverage with
      respect to all directors, officers, employees and other Persons acting on such
      Master Servicer’s behalf, and covering errors and omissions in the performance
      of the Master Servicer’s obligations hereunder. The errors and omissions
      insurance policy and the fidelity bond shall be in such form and amount
      generally acceptable for entities serving as master servicers or
      trustees.

     

    SECTION
      4.05.  Power
      to Act; Procedures.

     

    The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article XI, to do any and all things that it may deem necessary or desirable
      in
      connection with the master servicing and administration of the Mortgage Loans,
      including but not limited to the power and authority (i) to execute and deliver,
      on behalf of the Certificateholders and the Trustee, customary consents or
      waivers and other instruments and documents, (ii) to consent to transfers of
      any
      Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages,
      (iii) to collect any Insurance Proceeds and Liquidation Proceeds, and (iv)
      to
      effectuate foreclosure or other conversion of the ownership of the Mortgaged
      Property securing any Mortgage Loan, in each case, in accordance with the
      provisions of this Agreement; provided, however, that the Master Servicer shall
      not (and, consistent with its responsibilities under Section 4.03, shall not
      permit the Servicer to) knowingly or intentionally take any action, or fail
      to
      take (or fail to cause to be taken) any action reasonably within its control
      and
      the scope of duties more specifically set forth herein, that, under the REMIC
      Provisions, if taken or not taken, as the case may be, would cause REMIC I,
      REMIC II or REMIC III to fail to qualify as a REMIC or result in the imposition
      of a tax upon the Trust Fund (including but not limited to the tax on prohibited
      transactions as defined in Section 860F(a)(2) of the Code and the tax on
      contributions to a REMIC set forth in Section 860G(d) of the Code) unless the
      Master Servicer has received an Opinion of Counsel (but not at the expense
      of
      the Master Servicer) to the effect that the contemplated action will not cause
      REMIC I, REMIC II or REMIC III to fail to qualify as a REMIC or result in the
      imposition of a tax upon REMIC I, REMIC II or REMIC III, as the case may be.
      The
      Trustee shall furnish the Master Servicer, upon written request from a Servicing
      Officer, with any powers of attorney prepared and delivered to it and reasonably
      acceptable to it by empowering the Master Servicer or the Servicer to execute
      and deliver instruments of satisfaction or cancellation, or of partial or full
      release or discharge, and to foreclose upon or otherwise liquidate Mortgaged
      Property, and to appeal, prosecute or defend in any court action relating to
      the
      Mortgage Loans or the Mortgaged Property, in accordance with this Agreement,
      and
      the Trustee shall execute and deliver such other documents prepared and
      delivered to it and reasonably acceptable to it, as the Master Servicer or
      the
      Servicer may request, to enable the Master Servicer to master service and
      administer the related Mortgage Loans and carry out its duties hereunder, in
      each case in accordance with Accepted Master Servicing Practices (and the
      Trustee shall have no liability for misuse of any such powers of attorney by
      the
      Master Servicer or the Servicer and shall be indemnified by the Master Servicer
      or the Servicer, as applicable, for any cost, liability or expense incurred
      by
      the Trustee in connection with such Person’s use or misuse of any such power of
      attorney). If the Master Servicer or the Trustee has been advised that it is
      likely that the laws of the state in which action is to be taken prohibit such
      action if taken in the name of the Trustee or that the Trustee would be
      adversely affected under the “doing business” or tax laws of such state if such
      action is taken in its name, the Master Servicer shall join with the Trustee
      in
      the appointment of a co-trustee pursuant to Section 9.10. In the performance
      of
      its duties hereunder, the Master Servicer shall be an independent contractor
      and
      shall not, except in those instances where it is taking action in the name
      of
      the Trustee, be deemed to be the agent of the Trustee.

     

    SECTION
      4.06.  Due-on-Sale
      Clauses; Assumption Agreements.

     

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

     

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

     

    (a)  The
      Master Servicer shall transmit to the Trustee or the Custodians such documents
      and instruments coming into the possession of the Master Servicer from time
      to
      time as are required by the terms hereof to be delivered to the Trustee or
      the
      Custodians. Any funds received by the Master Servicer in respect of any Mortgage
      Loan or which otherwise are collected by the Master Servicer as Liquidation
      Proceeds or Insurance Proceeds in respect of any Mortgage Loan shall be remitted
      to the Securities Administrator for deposit in the Distribution Account. The
      Master Servicer shall, and, subject to Section 3.20 of this Agreement shall
      cause the Servicer to provide access to information and documentation regarding
      the Mortgage Loans to the Trustee, its agents and accountants at any time upon
      reasonable request and during normal business hours, and to Certificateholders
      that are savings and loan associations, banks or insurance companies, the Office
      of Thrift Supervision, the FDIC and the supervisory agents and examiners of
      such
      Office and Corporation or examiners of any other federal or state banking or
      insurance regulatory authority if so required by applicable regulations of
      the
      Office of Thrift Supervision or other regulatory authority, such access to
      be
      afforded without charge but only upon reasonable request in writing and during
      normal business hours at the offices of the Master Servicer designated by it.
      In
      fulfilling such a request the Master Servicer shall not be responsible for
      determining the sufficiency of such information.

     

    (b)  All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer, in respect of any Mortgage Loans, whether from the collection
      of principal and interest payments or from Liquidation Proceeds or Insurance
      Proceeds, shall be remitted to the Securities Administrator for deposit in
      the
      Distribution Account.

     

    SECTION
      4.08.  Standard
      Hazard Insurance and Flood Insurance Policies.

     

    For
      each
      Mortgage Loan, the Master Servicer shall enforce the obligation of the Servicer
      under this Agreement to maintain or cause to be maintained standard fire and
      casualty insurance and, where applicable, flood insurance, all in accordance
      with the provisions of this Agreement. It is understood and agreed that such
      insurance shall be with insurers meeting the eligibility requirements set forth
      in Section 3.11 of the Agreement and that no earthquake or other additional
      insurance is to be required of any Mortgagor or to be maintained on property
      acquired in respect of a defaulted loan, other than pursuant to such applicable
      laws and regulations as shall at any time be in force and as shall require
      such
      additional insurance.

     

    SECTION
      4.09.  Presentment
      of Claims and Collection of Proceeds.

     

    The
      Master Servicer shall enforce the Servicer’s obligations under this Agreement to
      prepare and present on behalf of the Trustee and the Certificateholders all
      claims under any insurance policies and take such actions (including the
      negotiation, settlement, compromise or enforcement of the insured’s claim) as
      shall be necessary to realize recovery under such policies. Any proceeds
      disbursed to the Master Servicer in respect of such policies, bonds or contracts
      shall be promptly remitted to the Trustee for deposit in the Distribution
      Account upon receipt, except that any amounts realized that are to be applied
      to
      the repair or restoration of the Mortgaged Property as a condition precedent
      to
      the presentation of claims on the related Mortgage Loan to the insurer under
      any
      applicable insurance policy need not be so or remitted.

     

    SECTION
      4.10.  Reserved.

     

    SECTION
      4.11.  Trustee
      to Retain Possession of Certain Insurance Policies and
      Documents.

     

    The
      Trustee or the Custodians, shall retain possession and custody of the originals
      (to the extent available) of any primary mortgage insurance policies, or
      certificate of insurance if applicable, and any certificates of renewal as
      to
      the foregoing as may be issued from time to time as contemplated by this
      Agreement. Until all amounts distributable in respect of the Certificates have
      been distributed in full and the Master Servicer and the Servicer have otherwise
      fulfilled their respective obligations under this Agreement, the Trustee or
      the
      Custodians shall also retain possession and custody of each Mortgage File in
      accordance with and subject to the terms and conditions of this Agreement and
      the related Custodial Agreement. The Master Servicer shall promptly deliver
      or
      cause to be delivered to the Trustee or the applicable Custodian, upon the
      execution or receipt thereof the originals of any primary mortgage insurance
      policies, any certificates of renewal, and such other documents or instruments
      that constitute Mortgage Loan Documents that come into the possession of the
      Master Servicer from time to time.

     

    SECTION
      4.12.  Realization
      Upon Defaulted Mortgage Loans.

     

    The
      Master Servicer shall cause the Servicer to foreclose upon, repossess or
      otherwise comparably convert the ownership of Mortgaged Properties securing
      such
      of the Mortgage Loans as come into and continue in default and as to which
      no
      satisfactory arrangements can be made for collection of delinquent payments,
      all
      in accordance with this Agreement.

     

    SECTION
      4.13.  Compensation
      for the Master Servicer.

     

    As
      compensation for the activities of the Master Servicer hereunder, the Master
      Servicer shall be entitled to the Master Servicing Fee and the income from
      investment of or earnings on the funds from time to time in the Distribution
      Account, as provided in Section 3.10. The compensation payable to the
      Master Servicer in respect of any Distribution Date shall be reduced in
      accordance with Section 4.19. The Master Servicer shall be required to pay
      all
      expenses incurred by it in connection with its activities hereunder and shall
      not be entitled to reimbursement therefor except as provided in this
      Agreement.

     

    SECTION
      4.14.  REO
      Property.

     

    (a)  In
      the
      event the Trust Fund acquires ownership of any REO Property in respect of any
      related Mortgage Loan, the deed or certificate of sale shall be issued to the
      Trustee, or to its nominee, on behalf of the related Certificateholders. The
      Master Servicer shall cause the Servicer to sell, any REO Property as
      expeditiously as possible and in accordance with the provisions of this
      Agreement. Further, the Master Servicer shall cause the Servicer to sell any
      REO
      Property prior to three years after the end of the calendar year of its
      acquisition by REMIC I unless (i) the Trustee shall have been supplied by the
      Servicer with an Opinion of Counsel to the effect that the holding by the Trust
      Fund of such REO Property subsequent to such three-year period will not result
      in the imposition of taxes on “prohibited transactions” of any REMIC hereunder
      as defined in section 860F of the Code or cause any REMIC hereunder to fail
      to
      qualify as a REMIC at any time that any Certificates are outstanding, in which
      case the Trust Fund may continue to hold such Mortgaged Property (subject to
      any
      conditions contained in such Opinion of Counsel) or (ii) the Servicer shall
      have
      applied for, prior to the expiration of such three-year period, an extension
      of
      such three-year period in the manner contemplated by Section 856(e)(3) of the
      Code, in which case the three-year period shall be extended by the applicable
      extension period. The Master Servicer shall cause the Servicer to protect and
      conserve, such REO Property in the manner and to the extent required by this
      Agreement in accordance with the REMIC Provisions and in a manner that does
      not
      result in a tax on “net income from foreclosure property” or cause such REO
      Property to fail to qualify as “foreclosure property” within the meaning of
      Section 860G(a)(8) of the Code.

     

    (b)  The
      Master Servicer shall cause the Servicer to deposit all funds collected and
      received in connection with the operation of any REO Property in the REO
      Account.

     

    SECTION
      4.15.  Master
      Servicer Annual Statement of Compliance.

     

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

     

    (b)  The
      Master Servicer shall include all annual statements of compliance received
      by it
      with its own annual statement of compliance to be submitted to the Securities
      Administrator pursuant to this Section 4.15. In the event the Master Servicer,
      the Securities Administrator or any Servicing Function Participant engaged
      by
      the parties is terminated, assigns its rights and obligations under, or resigns
      pursuant to the terms of this Agreement, or any applicable agreement in the
      case
      of a Servicing Function Participant, as the case may be, such party shall
      provide an Officer’s Certificate pursuant to this Section 4.15 or to such
      applicable agreement, as the case may be, notwithstanding any such termination,
      assignment or resignation.

     

    (c)  Failure
      of the Master Servicer to comply timely with this Section 4.15 shall be deemed
      a
      Master Servicer Event of Default, automatically, without notice and without
      any
      cure period, and the Trustee may, in addition to whatever rights the Trustee
      may
      have under this Agreement and at law or in equity or to damages, including
      injunctive relief and specific performance, terminate all the rights and
      obligations of the Master Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Master Servicer
      for the same. This paragraph shall supersede any other provision in this
      Agreement or any other agreement to the contrary.

     

    (d)  Copies
      of
      such Master Servicer annual statements of compliance shall be provided to any
      Certificateholder upon request, by the Master Servicer or by the Trustee at
      the
      Master Servicer’s expense if the Master Servicer failed to provide such copies
      (unless (i) the Master Servicer shall have failed to provide the Trustee with
      such statement or (ii) the Trustee shall be unaware of the Master Servicer’s
      failure to provide such statement).

     

    SECTION
      4.16.  Master
      Servicer Assessments of Compliance. 

     

    (a)  By
      March
      15 of each year, commencing in March 2007, the Master Servicer and the
      Securities Administrator, each at its own expense, shall furnish, or otherwise
      make available, and each such party shall cause any Servicing Function
      Participant engaged by it to furnish, each at its own expense, to the Securities
      Administrator and the Depositor, a report on an assessment of compliance with
      the Relevant Servicing Criteria that contains (A) a statement by such party
      of
      its responsibility for assessing compliance with the Relevant Servicing
      Criteria, (B) a statement that such party used the Relevant Servicing Criteria
      to assess compliance with the Relevant Servicing Criteria, (C) such party’s
      assessment of compliance with the Relevant Servicing Criteria as of and for
      the
      fiscal year covered by the Form 10-K required to be filed pursuant to Section
      5.06(d), including, if there has been any material instance of noncompliance
      with the Relevant Servicing Criteria, a discussion of each such failure and
      the
      nature and status thereof, and (D) a statement that a registered public
      accounting firm has issued an attestation report on such party’s assessment of
      compliance with the Relevant Servicing Criteria as of and for such period.
      

     

    (b)  No
      later
      than the end of each fiscal year for the Trust for which a 10-K is required
      to
      be filed, the Master Servicer shall forward to the Securities Administrator
      and
      the Depositor the name of each Servicing Function Participant engaged by it
      and
      what Relevant Servicing Criteria will be addressed in the report on assessment
      of compliance prepared by such Servicing Function Participant. When the Master
      Servicer and the Securities Administrator (or any Servicing Function Participant
      engaged by them) submit their assessments to the Securities Administrator,
      such
      parties will also at such time include the assessment (and attestation pursuant
      to Section 4.17) of each Servicing Function Participant engaged by it.

     

    (c)  Promptly
      after receipt of each such report on assessment of compliance, (i) the Depositor
      shall review each such report and, if applicable, consult with the Master
      Servicer, the Securities Administrator and any Servicing Function Participant
      engaged by such parties as to the nature of any material instance of
      noncompliance with the Relevant Servicing Criteria by each such party, and
      (ii)
      the Securities Administrator shall confirm that the assessments, taken as a
      whole, address all of the Servicing Criteria and taken individually address
      the
      Relevant Servicing Criteria for each party as set forth on Exhibit
      E
      and
      notify the Depositor of any exceptions. None of such parties shall be required
      to deliver any such assessments until March 30th in any given year so long
      as it
      has received written confirmation from the Depositor that a Form 10-K is not
      required to be filed in respect of the Trust for the preceding calendar
      year.

     

    (d)  The
      Master Servicer shall include all annual reports on assessment of compliance
      received by it from the Servicer with its own assessment of compliance to be
      submitted to the Securities Administrator pursuant to this Section
      4.16.

     

    (e)  In
      the
      event the Master Servicer, the Securities Administrator or any Servicing
      Function Participant engaged by the parties is terminated, assigns its rights
      and obligations under, or resigns pursuant to the terms of this Agreement,
      or
      any other applicable agreement, as the case may be, such party shall provide
      a
      report on assessment of compliance pursuant to this Section 4.16 or to such
      other applicable agreement, notwithstanding any such termination, assignment
      or
      resignation.

     

    (f)  Failure
      of the Master Servicer to comply timely with this Section 4.16 shall be deemed
      a
      Master Servicer Event of Default, automatically, without notice and without
      any
      cure period, and the Trustee may, in addition to whatever rights the Trustee
      may
      have under this Agreement and at law or in equity or to damages, including
      injunctive relief and specific performance, terminate all the rights and
      obligations of the Master Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Master Servicer
      for the same. This paragraph shall supersede any other provision in this
      Agreement or any other agreement to the contrary.

     

    (g)  Delivery
      under this Section 4.16 of such reports, information and documents to the
      Trustee is for informational purposes only, and the Trustee’s receipt of such
      shall not constitute constructive notice of any information contained therein
      or
      determinable from information contained therein, including the Master Servicer’s
      compliance with any of its covenants hereunder (as to which the Trustee is
      entitled to conclusively rely exclusively on an Officer’s
      Certificate).

     

    SECTION
      4.17.  Master
      Servicer Attestation Reports.

     

    (a)  By
      March
      15 of each year, commencing in March 2007, the Master Servicer and the
      Securities Administrator, each at its own expense, shall cause, and each such
      party shall cause any Servicing Function Participant engaged by it to cause,
      each at its own expense, a registered public accounting firm (which may also
      render other services to the Master Servicer, the Securities Administrator,
      or
      such other Servicing Function Participants, as the case may be) and that is
      a
      member of the American Institute of Certified Public Accountants to furnish
      an
      attestation report to the Securities Administrator and the Depositor, to the
      effect that (i) it has obtained a representation regarding certain matters
      from
      the management of such party, which includes an assertion that such party has
      complied with the Relevant Servicing Criteria, and (ii) on the basis of an
      examination conducted by such firm in accordance with standards for attestation
      engagements issued or adopted by the PCAOB, it is expressing an opinion as
      to
      whether such party’s compliance with the Relevant Servicing Criteria was fairly
      stated in all material respects, or it cannot express an overall opinion
      regarding such party’s assessment of compliance with the Relevant Servicing
      Criteria. In the event that an overall opinion cannot be expressed, such
      registered public accounting firm shall state in such report why it was unable
      to express such an opinion. Such report must be available for general use and
      not contain restricted use language. 

     

    (b)  Promptly
      after receipt of each such assessment of compliance and attestation report
      from
      the Master Servicer, the Securities Administrator or any Servicing Function
      Participant engaged by such parties, the Securities Administrator shall confirm
      that each assessment submitted pursuant to Section 4.16 is coupled with an
      attestation meeting the requirements of this Section and notify the Depositor
      of
      any exceptions.

     

    (c)  The
      Master Servicer shall include each attestation furnished to it with its own
      attestation report to be submitted to the Securities Administrator pursuant
      to
      this Section 4.17.

     

    (d)  In
      the
      event the Master Servicer, the Securities Administrator or any Servicing
      Function Participant engaged by the parties is terminated assigns its rights
      and
      under, or resigns pursuant to the terms of this Agreement, or any applicable
      agreement in the case of a Servicing Function Participant, as the case may
      be,
      such party shall cause a registered public accounting firm to provide an
      attestation pursuant to this Section 4.17 or such other applicable agreement,
      notwithstanding any such termination, assignment or resignation.

     

    (e)  Failure
      of the Master Servicer to comply timely with this Section 4.17 shall be deemed
      a
      Master Servicer Event of Default, automatically, without notice and without
      any
      cure period, and the Trustee may, in addition to whatever rights the Trustee
      may
      have under this Agreement and at law or in equity or to damages, including
      injunctive relief and specific performance, terminate all the rights and
      obligations of the Master Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Master Servicer
      for the same. This paragraph shall supersede any other provision in this
      Agreement or any other agreement to the contrary.

     

    SECTION
      4.18.  Annual
      Certification.

     

    Each
      Form
      10-K required to be filed for the Trust pursuant to Section 5.06 shall include
      a
      certification (the “Sarbanes-Oxley
      Certification”)
      required to be included therewith pursuant to the Sarbanes-Oxley Act. Each
      of
      the Master Servicer and the Securities Administrator shall provide, and shall
      cause any Servicing Function Participant engaged by it to, provide to the Person
      who signs the Sarbanes-Oxley Certification (the “Certifying
      Person”),
      by
      March 15 of each year in which the Trust is subject to the reporting
      requirements of the Exchange Act and otherwise within a reasonable period of
      time upon request, a certification (each, a “Back-Up
      Certification”),
      in
      the form attached hereto as Exhibit
      C,
      upon
      which the Certifying Person, the entity for which the Certifying Person acts
      as
      an officer, and such entity’s officers, directors and Affiliates (collectively
      with the Certifying Person, “Certification
      Parties”)
      can
      reasonably rely. The 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 the Master Servicer, the Securities Administrator or any Servicing
      Function Participant engaged by parties 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 4.18 with respect to the period of time it
      was
      subject to this Agreement or any applicable Sub-Servicing Agreement, as the
      case
      may be. Notwithstanding the foregoing, (i) the Master Servicer and the
      Securities Administrator shall not be required to deliver a Back-Up
      Certification to each other if both are the same Person and the Master Servicer
      is the Certifying Person and (ii) the Master Servicer shall not be obligated
      to
      sign the Sarbanes-Oxley Certification in the event that it does not receive
      any
      Back-Up Certification required to be furnished to it pursuant to this section
      or
      any servicing agreement.

     

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

     

    In
      the
      event of any Prepayment Interest Shortfalls, the Master Servicer shall deposit
      into the Distribution Account not later than the related Distribution Date
      an
      amount equal to the lesser of (i) the aggregate amounts required to be paid
      by
      the Servicer with respect to Prepayment Interest Shortfalls attributable to
      Principal Prepayments in full on the Mortgage Loans for the related Distribution
      Date, and not so paid by the Servicer and (ii) the aggregate amount of the
      compensation payable to the Master Servicer for such Distribution Date in
      accordance with Section 4.13, without reimbursement therefor.

     

    SECTION
      4.20.  Prepayment
      Penalty Verification.

     

    On
      or
      prior to the Servicer Remittance Date, the Servicer shall provide in an
      electronic format acceptable to the Master Servicer the data necessary for
      the
      Master Servicer to perform its verification duties set forth in this Section
      4.19. The Master Servicer or a third party reasonably acceptable to the Master
      Servicer and the Depositor (the “Verification Agent”) will perform such
      verification duties and will use its best efforts to issue its findings in
      a
      report (the “Verification Report”) delivered to the Master Servicer and the
      Depositor within ten (10) Business Days following the related Distribution
      Date;
      provided, however, that if the Verification Agent is unable to issue the
      Verification Report within ten (10) Business Days following the Distribution
      Date, the Verification Agent may issue and deliver to the Master Servicer and
      the Depositor the Verification Report upon the completion of its verification
      duties. The Master Servicer shall forward the Verification Report to the
      Servicer and shall notify the Servicer if the Master Servicer has determined
      that the Servicer did not deliver the appropriate Prepayment Charge to the
      Securities Administrator in accordance with this Agreement. Such written
      notification from the Master Servicer shall include the loan number, prepayment
      penalty code and prepayment penalty amount as calculated by the Master Servicer
      or the Verification Agent, as applicable, of each Mortgage Loan for which there
      is a discrepancy. If the Servicer agrees with the verified amounts, the Servicer
      shall adjust the immediately succeeding Servicer Report and the amount remitted
      to the Securities Administrator with respect to prepayments accordingly. If
      the
      Servicer disagrees with the determination of the Master Servicer, the Servicer
      shall, within five (5) Business Days of its receipt of the Verification Report,
      notify the Master Servicer of such disagreement and provide the Master Servicer
      with detailed information to support its position. The Servicer and the Master
      Servicer shall cooperate to resolve any discrepancy on or prior to the
      immediately succeeding Servicer Remittance Date, and the Servicer will indicate
      the effect of such resolution on the Servicer Report and shall adjust the amount
      remitted with respect to prepayments on the Servicer Remittance Date
      accordingly.

     

    During
      such time as the Servicer and the Master Servicer are resolving discrepancies
      with respect to the Prepayment Charges, no payments in respect of any disputed
      Prepayment Charges will be remitted to the Securities Administrator for deposit
      in the Distribution Account and the Master Servicer shall not be obligated
      to
      deposit such payments, unless otherwise required pursuant to Section 8.01
      hereof. In connection with such duties, the Master Servicer shall be able to
      rely solely on the information provided to it by the Servicer in accordance
      with
      this Section. The Master Servicer shall not be responsible for verifying the
      accuracy of any of the information provided to it by the Servicer.

     

    ARTICLE
      V  

     

    PAYMENTS
      TO CERTIFICATEHOLDERS

     

    SECTION
      5.01.  Distributions.

     

    (a)  (1)
      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: 

     

    (i)  to
      Holders of REMIC I Regular Interest A-I, REMIC I Regular Interest I-CE-2 and
      REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-63-B,
pro
      rata,
      in an
      amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests
      for such Distribution Date, plus (B) any amounts payable in respect thereof
      remaining unpaid from previous Distribution Dates; and

     

    (ii)  to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (i)
      above, payments of principal shall be allocated, first, to REMIC I Regular
      Interest A-I and, second, to REMIC I Regular Interest I-1-A through REMIC I
      Regular Interest I-63-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.

     

    (iii)  to
      the
      holders of REMIC I Regular Interest P, all Prepayment Charges and 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;

     

    (2)
      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)  to
      Holders of REMIC II Regular Interest AA, REMIC II Regular Interest A, REMIC
      II
      Regular Interest M-1, REMIC II Regular Interest M-2A, REMIC II Regular Interest
      M-2B, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II
      Regular Interest M-5, REMIC II Regular Interest M-6A, REMIC II Regular Interest
      M-6B, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II
      Regular Interest M-9A, REMIC II Regular Interest M-9B, REMIC II Regular Interest
      B-1, REMIC II Regular Interest ZZ and REMIC II Regular Interest CE-2, pro rata,
      in an amount equal to (A) the Uncertificated Interest for such Distribution
      Date, plus (B) any amounts in respect thereof remaining unpaid from previous
      Distribution Dates. Amounts payable as Uncertificated Interest in respect of
      REMIC II Regular Interest ZZ shall be reduced when the REMIC II
      Overcollateralization Amount is less than the REMIC II Required
      Overcollateralization Amount, by the lesser of (x) the amount of such difference
      and (y) the Maximum II-ZZ Uncertificated Interest Deferral Amount and such
      amount will be payable to the Holders of Regular II Regular Interest A, REMIC
      II
      Regular Interest M-1, REMIC II Regular Interest M-2A, REMIC II Regular Interest
      M-2B, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II
      Regular Interest M-5, REMIC II Regular Interest M-6A, REMIC II Regular Interest
      M-6B, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II
      Regular Interest M-9A, REMIC II Regular Interest M-9B and REMIC II Regular
      Interest B-1 in the same proportion as the Overcollateralization Increase Amount
      is allocated to the Corresponding Certificates and the Uncertificated Balance
      of
      REMIC II Regular Interest ZZ shall be increased by such amount;

     

    (ii)  to
      the
      Holders of REMIC II Regular Interests, in an amount equal to the remainder
      of
      the available funds for such Distribution Date after the distributions made
      pursuant to clause (i) above, allocated as follows:

     

    (A) 98.00%
      of
      such remainder to the Holders of REMIC II Regular Interest AA, until the
      Uncertificated Balance of such REMIC II Regular Interest is reduced to
      zero;

     

    (B) 2.00%
      of
      such remainder, first, to the Holders of REMIC II Regular Interest A, REMIC
      II
      Regular Interest M-1, REMIC II Regular Interest M-2A, REMIC II Regular Interest
      M-2B, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II
      Regular Interest M-5, REMIC II Regular Interest M-6A, REMIC II Regular Interest
      M-6B, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II
      Regular Interest M-9A, REMIC II Regular Interest M-9B and REMIC II Regular
      Interest B-1, 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 ZZ until the Uncertificated Balance of such REMIC
      II Regular Interest is reduced to zero;

     

    (C) to
      the
      Holders of REMIC II Regular Interest P, 100% of all Prepayment Charges
      distributed to REMIC I Regular Interest P on each Distribution Date;
      then

     

    (D) any
      remaining amount to the Holders of the Class R Certificates (in respect of
      the
      Class R-II Interest);

     

    provided,
      however, that 98.00% and 2.00% of any principal payments that are attributable
      to an Overcollateralization Reduction Amount shall be allocated to Holders
      of
      REMIC II Regular Interest AA and REMIC II Regular Interest ZZ,
      respectively.

     

    (iii)  Notwithstanding
      the distributions described in Section 5.01(a)(1) and (2), distributions of
      funds shall be made to Certificateholders only in accordance with Section
      5.01(a)(3) through (6) Section 5.01(b) and (c).

     

    (3) On
      each
      Distribution Date, the Securities Administrator shall withdraw from the
      Distribution Account to the extent on deposit therein an amount equal to the
      Interest Remittance Amount and make the following disbursements and transfers
      in
      the order of priority described below, in each case to the extent of the
      Interest Remittance Amount remaining for such Distribution Date:

     

    first,
      to the
      Supplemental Interest Trust, an amount equal to the sum of any Net Swap Payment
      owed to the Swap Provider and any Swap Termination Payment owed to the Swap
      Provider not due to a Swap Provider Trigger Event; 

     

    second,
      to the
      Holders of the Class A Certificates, the Senior Interest Distribution Amount
      allocable to the Class A Certificates; 

     

    third,
      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 and Class B-1
      Certificates, in that order, the Interest Distribution Amount distributable
      to
      each such Class; provided that distributions to the Class M-2 Certificates
      under
      this clause third
      will
      made concurrently to the Class M-2A Certificates and Class M-2B Certificates
      on
      a pro rata basis based on the entitlement of each such Class, distributions
      to
      the Class M-6 Certificates under this clause
      third will
      be
      made concurrently to the Class M-6A Certificates and Class M-6B Certificates
      on
      a pro rata basis based on the entitlement of each such Class and distributions
      to the Class M-9 Certificates under this clause third
      will be
      made concurrently to the Class M-9A Certificates and Class M-9B Certificates
      on
      a pro rata basis based on the entitlement of each such Class; and

     

    fourth,
      any
      such Interest Remittance Amount remaining after application pursuant to clauses
      first,
      second
      and
third
      above
      will be applied as part of Net Monthly Excess Cashflow for such Distribution
      Date pursuant to Section 5.01(a)(6).

     

    (4) On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event
      is in effect, the Securities Administrator shall withdraw from the Distribution
      Account to the extent on deposit therein an amount equal to the Principal
      Distribution Amount and distribute to the Certificateholders the following
      amounts, in the following order of priority:

     

    first,
      to the
      Supplemental Interest Trust, an amount equal to the sum of any Net Swap Payment
      owed to the Swap Provider and any Swap Termination Payment owed to the Swap
      Provider not due to a Swap Provider Trigger Event to the extent not paid from
      the Interest Remittance Amount on such Distribution Date;

     

    second,
      to the
      Holders of the Class A Certificates, until the Certificate Principal Balance
      of
      the Class A Certificates has been reduced to zero; and

     

    third,
      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 and Class B-1
      Certificates, until the Certificate Principal Balance of each such Class has
      been reduced to zero; provided that distributions to the Class M-2 Certificates
      under this clause third
      will be
      made concurrently to the Class M-2A Certificates and Class M-2B Certificates
      on
      a pro rata basis based on the Certificate Principal Balance of each such Class,
      until the Certificate Principal Balance of each such Class has been reduced
      to
      zero, distributions to the Class M-6 Certificates under
      this clause third
      will be
      made concurrently to the Class M-6A Certificates and Class M-6B Certificates
      on
      a pro rata basis based on the Certificate Principal Balance of each such Class,
      until the Certificate Principal Balance of each such Class has been reduced
      to
      zero and distributions to the Class M-9 Certificates under this clause
third
      will be
      made concurrently to the Class M-9A Certificates and Class M-9B Certificates
      on
      a pro rata basis based on the Certificate Principal Balance of each such Class,
      until the Certificate Principal Balance of each such Class has been reduced
      to
      zero.

     

    (5) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, the Securities Administrator shall withdraw from the
      Distribution Account to the extent on deposit therein an amount equal to the
      Principal Distribution Amount and distribute to the Certificateholders the
      following amounts, in the following order of priority:

     

    first,
      to the
      Supplemental Interest Trust, an amount equal to the sum of any Net Swap Payment
      owed to the Swap Provider and any Swap Termination Payment owed to the Swap
      Provider not due to a Swap Provider Trigger Event to the extent not paid from
      the Interest Remittance Amount on such Distribution Date;

     

    second,
      to the
      Holders of the Class A Certificates, the lesser of (x) the excess of (i) the
      Principal Distribution Amount over (ii) the amount distributed to the
      Supplemental Interest Trust under clause first
      above,
      and (y) the Class A Principal Distribution Amount, until the Certificate
      Principal Balance of the Class A Certificates has been reduced to
      zero;

     

    third,
      concurrently, to the Holders of the Class M-1 Certificates, the lesser of (x)
      the excess of (i) the Principal Distribution Amount over (ii) the amount
      distributed to the Supplemental Interest Trust under clause first
      above
      and to the Holders of the Class A Certificates under clause second
      above,
      and (y) the Class M-1 Principal Distribution Amount until the Certificate
      Principal Balance of the Class M-1 Certificates has been reduced to
      zero;

     

    fourth,
      concurrently, to the Holders of the Class M-2A Certificates and Class M-2B
      Certificates, the lesser of (x) the excess of (i) the Principal Distribution
      Amount over (ii) the sum of the amounts distributed to the Supplemental Interest
      Trust under clause first
      above,
      to the Holders of the Class A Certificates under clause second
      above
      and to the Holders of the Class M-1 Certificates under clause third
      above,
      and (y) the Class M-2 Principal Distribution Amount, on a pro rata basis, based
      on the Certificate Principal Balance of each such Class, until the Certificate
      Principal Balance of each such Class has been reduced to zero;

     

    fifth,
      to the
      Holders of the Class M-3 Certificates, the lesser of (x) the excess of (i)
      the
      Principal Distribution Amount over (ii) the sum of the amounts distributed
      to
      the Supplemental Interest Trust under clause first
      above,
      to the Holders of the Class A Certificates under clause second
      above,
      to the Holders of the Class M-1 Certificates under clause third
      above
      and to the Holders of the Class M-2 Certificates under clause fourth
      above,
      and (y) the Class M-3 Principal Distribution Amount, until the Certificate
      Principal Balance of the Class M-3 Certificates has been reduced to
      zero;

     

    sixth,
      to the
      Holders of the Class M-4 Certificates, the lesser of (x) the excess of (i)
      the
      Principal Distribution Amount over (ii) the sum of the amounts distributed
      to
      the Supplemental Interest Trust under clause first
      above,
      to the Holders of the Class A Certificates under clause second
      above,
      to the Holders of the Class M-1 Certificates under clause third
      above,
      to the Holders of the Class M-2 Certificates under clause fourth
      above
      and to the Holders of the Class M-3 Certificates under clause fifth
      above,
      and (y) the Class M-4 Principal Distribution Amount, until the Certificate
      Principal Balance of the Class M-4 Certificates has been reduced to
      zero;

     

    seventh,
      to the
      Holders of the Class M-5 Certificates, the lesser of (x) the excess of (i)
      the
      Principal Distribution Amount over (ii) the sum of the amounts distributed
      to
      the Supplemental Interest Trust under clause first
      above,
      to the Holders of the Class A Certificates under clause second
      above,
      to the Holders of the Class M-1 Certificates under clause third
      above,
      to the Holders of the Class M-2 Certificates under clause fourth
      above,
      to the Holders of the Class M-3 Certificates under clause fifth
      above
      and to the Holders of the Class M-4 Certificates under clause sixth
      above,
      and (y) the Class M-5 Principal Distribution Amount, until the Certificate
      Principal Balance of the Class M-5 Certificates has been reduced to
      zero;

     

    eighth,
      concurrently to the Holders of the Class M-6A Certificates and Class M-6B
      Certificates, the lesser of (x) the excess of (i) the Principal Distribution
      Amount over (ii) the sum of the amounts distributed to the Supplemental Interest
      Trust under clause first
      above,
      to the Holders of the Class A Certificates under clause second
      above,
      to the Holders of the Class M-1 Certificates under clause third
      above,
      to the Holders of the Class M-2 Certificates under clause fourth
      above,
      to the Holders of the Class M-3 Certificates under clause fifth
      above,
      to the Holders of the Class M-4 Certificates under clause sixth
      above
      and to the Holders of the Class M-5 Certificates under clause seventh
      above,
      and (y) the Class M-6 Principal Distribution Amount, on a pro rata basis, based
      on the Certificate Principal Balance of each such Class, until the Certificate
      Principal Balance of each such Class has been reduced to zero; 

     

    ninth,
      the
      Holders of the Class M-7 Certificates, the lesser of (x) the excess of (i)
      the
      Principal Distribution Amount over (ii) the sum of the amounts distributed
      to
      the Supplemental Interest Trust under clause first
      above,
      to the Holders of the Class A Certificates under clause second
      above,
      to the Holders of the Class M-1 Certificates under clause third
      above,
      to the Holders of the Class M-2 Certificates under clause fourth
      above,
      to the Holders of the Class M-3 Certificates under clause fifth
      above,
      to the Holders of the Class M-4 Certificates under clause sixth
      above,
      to the Holders of the Class M-5 Certificates under clause seventh
      above
      and to the Holders of the Class M-6 Certificates under clause eighth
      above,
      and (y) the Class M-7 Principal Distribution Amount, until the Certificate
      Principal Balance of the Class M-7 Certificates has been reduced to
      zero;

     

    tenth,
      to the
      Holders of the Class M-8 Certificates, the lesser of (x) the excess of (i)
      the
      Principal Distribution Amount over (ii) the sum of the amounts distributed
      to
      the Supplemental Interest Trust under clause first
      above,
      to the Holders of the Class A Certificates under clause second
      above,
      to the Holders of the Class M-1 Certificates under clause third
      above,
      to the Holders of the Class M-2 Certificates under clause fourth
      above,
      to the Holders of the Class M-3 Certificates under clause fifth
      above,
      to the Holders of the Class M-4 Certificates under clause sixth
      above,
      to the Holders of the Class M-5 Certificates under clause seventh
      above,
      to the Holders of the Class M-6 Certificates under clause eighth
      above
      and to the Holders of the Class M-7 Certificates under clause ninth
      above,
      and (y) the Class M-8 Principal Distribution Amount, until the Certificate
      Principal Balance of the Class M-8 Certificates has been reduced to zero;

     

    eleventh,
      concurrently to the Holders of the Class M-9A Certificates and Class M-9B
      Certificates, the lesser of (x) the excess of (i) the Principal Distribution
      Amount over (ii) the sum of the amounts distributed to the Supplemental Interest
      Trust under clause first
      above,
      to the Holders of the Class A Certificates under clause second
      above,
      to the Holders of the Class M-1 Certificates under clause third
      above,
      to the Holders of the Class M-2 Certificates under clause fourth
      above,
      to the Holders of the Class M-3 Certificates under clause fifth
      above,
      to the Holders of the Class M-4 Certificates under clause sixth
      above,
      to the Holders of the Class M-5 Certificates under clause seventh
      above,
      to the Holders of the Class M-6 Certificates under clause eighth
      above,
      to the Holders of the Class M-7 Certificates under clause ninth
      above
      and to the Holders of the Class M-8 Certificates under clause tenth
      above,
      and (y) the Class M-9 Principal Distribution Amount, on a pro rata basis, based
      on the Certificate Principal Balance of each such Class, until the Certificate
      Principal Balance of each such Class has been reduced to zero; and

     

    twelfth,
      to the
      Holders of the Class B-1 Certificates, the lesser of (x) the excess of (i)
      the
      Principal Distribution Amount over (ii) the sum of the amounts distributed
      to
      the Supplemental Interest Trust under clause first
      above,
      to the Holders of the Class A Certificates under clause second
      above,
      to the Holders of the Class M-1 Certificates under clause third
      above,
      to the Holders of the Class M-2 Certificates under clause fourth
      above,
      to the Holders of the Class M-3 Certificates under clause fifth
      above,
      to the Holders of the Class M-4 Certificates under clause sixth
      above,
      to the Holders of the Class M-5 Certificates under clause seventh
      above,
      to the Holders of the Class M-6 Certificates under clause eighth
      above,
      to the Holders of the Class M-7 Certificates under clause ninth
      above,
      to the Holders of the Class M-8 Certificates under clause tenth
      above
      and to the Holders of the Class M-9 Certificates under clause eleventh
      above,
      and (y) the Class B-1 Principal Distribution Amount, until the Certificate
      Principal Balance of the Class B-1 Certificates has been reduced to zero;
      and

     

    thirteenth,
      any
      such Principal Distribution Amount remaining after application pursuant to
      clauses first
      through
twelfth
      above,
      will be applied as part of Net Monthly Excess Cashflow for such Distribution
      Date pursuant to Section 5.01(a)(6).

     

    (6) On
      each
      Distribution Date, the Net Monthly Excess Cashflow (or, in the case of clause
      first
      below,
      the Net Monthly Excess Cashflow exclusive of any Overcollateralization Reduction
      Amount) shall be distributed as follows:

     

    first,
      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
      Overcollateralization Increase Amount, payable to such Holders in accordance
      with the priorities set forth under Section 5.01(a)(4) above;

     

    second,
      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 and Class B-1
      Certificates, in that order, in an amount equal to the Interest Carry Forward
      Amount allocable to each such Class; provided that distributions to the Class
      M-2 Certificates under this clause second
      will be
      made concurrently to the Class M-2A Certificates and Class M-2B Certificates
      on
      a pro rata basis based on the entitlement of each such Class, distributions
      to
      the Class M-6 Certificates under this clause second
      will be
      made concurrently to the Class M-6A Certificates and Class M-6B Certificates
      on
      a pro rata basis based on the entitlement of each such Class, and distributions
      to the Class M-9 Certificates under this clause second
      will be
      made concurrently to the Class M-9A Certificates and Class M-9B Certificates
      on
      a pro rata basis based on the entitlement of each such Class;

     

    third,
      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 and Class B-1
      Certificates, in that order, in an amount equal to the Allocated Realized Loss
      Amount allocable to each such Class; provided that distributions to the Class
      M-2 Certificates under this clause third
      will be
      made concurrently to the Class M-2A Certificates and Class M-2B Certificates
      on
      a pro rata basis based on the entitlement of each such Class, distributions
      to
      the Class M-6 Certificates under this clause third
      will be
      made concurrently to the Class M-6A Certificates and Class M-6B Certificates
      on
      a pro rata basis based on the entitlement of each such Class, and distributions
      to the Class M-9 Certificates under this clause third
      will be
      made concurrently to the Class M-9A Certificates and Class M-9B Certificates
      on
      a pro rata basis based on the entitlement of each such Class;

     

    fourth,
      to the
      Holders of the Class A Certificates, in an amount equal to such Certificates’
allocated share of any Prepayment Interest Shortfalls on the Mortgage Loans
      to
      the extent not covered by Compensating Interest paid by the Master Servicer
      or
      the Servicer and any shortfalls resulting from the application of the Relief
      Act
      or similar state or local law or the bankruptcy code with respect to the
      Mortgage Loans;

     

    fifth,
      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 and Class B-1
      Certificates, in that order, in an amount equal to each such Certificates’
allocated share of any Prepayment Interest Shortfalls on the Mortgage Loans
      to
      the extent not covered by Compensating Interest paid by the Master Servicer
      or
      the Servicer and any shortfalls resulting from the application of the Relief
      Act
      or similar state or local law or the bankruptcy code with respect to the
      Mortgage Loans; provided that distributions to the Class M-2 Certificates under
      this clause fifth
      will be
      made concurrently to the Class M-2A Certificates and Class M-2B Certificates
      on
      a pro rata basis based on the entitlement of each such Class, distributions
      to
      the Class M-6 Certificates under this clause fifth
      will be
      made concurrently to the Class M-6A Certificates and Class M-6B Certificates
      on
      a pro rata basis based on the entitlement of each such Class, and distributions
      to the Class M-9 Certificates under this clause fifth
      will be
      made concurrently to the Class M-9A Certificates and Class M-9B Certificates
      on
      a pro rata basis based on the entitlement of each such Class;

     

    sixth,
      to the
      Reserve Fund, the amount by which the sum of the Net WAC Rate Carryover Amounts,
      if any, with respect to the Offered Certificates and the Class B-1 Certificates
      exceeds any amounts in the Reserve Fund that were not distributed on prior
      Distribution Dates;

     

    seventh,
      to the
      Supplemental Interest Trust, an amount equal to any Swap Termination Payment
      owed to the Swap Provider, due to a Swap Provider Trigger Event pursuant to
      the
      Interest Rate Swap Agreement; 

     

    eighth,
      to the
      Holders of the Class CE-1 Certificates, the Interest Distribution Amount and
      any
      Overcollateralization Reduction Amount for such Distribution Date;
      and

     

    ninth,
      to the
      Holders of the Class R Certificates, in respect of the Class R-III Interest,
      any
      remaining amounts; provided that if such Distribution Date is the Distribution
      Date immediately following the expiration of the latest Prepayment Charge term
      as identified on the Mortgage Loan Schedule or any Distribution Date thereafter,
      then any such remaining amounts will be distributed first, to the Holders of
      the
      Class P Certificates, until the Certificate Principal Balance thereof has been
      reduced to zero; and second, to the Holders of the Class R
      Certificates.

     

    The
      Class
      CE-1 Certificates are intended to receive all principal and interest received
      by
      the Trust on the Mortgage Loans that is not otherwise distributable to any
      other
      Class of Regular Certificates or REMIC Regular Interests. If the Securities
      Administrator determines that the Residual Certificates are entitled to any
      distributions on any Distribution Date other than the final Distribution Date,
      the Securities Administrator, prior to any such distribution to any Residual
      Certificate, shall notify the Depositor of such impending distribution. Upon
      such notification, the Depositor will prepare and request that the other parties
      hereto enter into an amendment to the Pooling and Servicing Agreement pursuant
      to Section 12.01, to revise such mistake in the distribution
      provisions.

     

    On
      each
      Distribution Date, after making the distributions of the Available Distribution
      Amount as set forth above, the Securities Administrator will first, withdraw
      from the Reserve Fund all income from the investment of funds in the Reserve
      Fund and distribute such amount to the Holders of the Class CE-1 Certificates,
      and second, withdraw from the Reserve Fund, to the extent of amounts remaining
      on deposit therein, the amount of any Net WAC Rate Carryover Amount for such
      Distribution Date and distribute such amount first,
      to the
      Class A Certificates; second,
      to the
      Class M-1 Certificates, third,
      concurrently, to the Class M-2A Certificates and Class M-2B Certificates, on
      a
      pro rata basis based on the entitlement of each such Class, fourth,
      to the
      Class M-3 Certificates, fifth,
      to the
      Class M-4 Certificates, sixth,
      to the
      Class M-5 Certificates, seventh,
      concurrently, to the Class M-6A Certificates and Class M-6B Certificates, on
      a
      pro rata basis based on the entitlement of each such Class, eighth,
      to the
      Class M-7 Certificates, ninth,
      to the
      Class M-8 Certificates, tenth,
      concurrently, to the Class M-9A Certificates and Class M-9B Certificates, on
      a
      pro rata basis based on the entitlement of each such Class, and eleventh,
      to the
      Class B-1 Certificates, in each case to the extent to the extent any Net WAC
      Rate Carryover Amount is allocable to each such Class.

     

    (b)  On
      each
      Distribution Date, for so long as Ocwen is the Servicer of the Mortgage Loans,
      the Securities Administrator shall distribute to the Holders of the Class CE-2
      Certificates, with respect to each such Mortgage Loan, one-twelfth of the
      product of (i) the excess of the Servicing Fee Rate over the Ocwen Servicing
      Fee
      Rate, if any, multiplied by (ii) the Scheduled Principal Balance of the related
      Mortgage Loan as of the Due Date in the preceding calendar month (the “Excess
      Servicing Fee”).

     

    (c)  On
      each
      Distribution Date, the Securities Administrator shall withdraw any amounts
      then
      on deposit in the Distribution Account that represent Prepayment Charges and
      shall distribute such amounts to the Class P Certificateholders as described
      above.

     

    (d)  All
      distributions made with respect to each Class of Certificates on each
      Distribution Date shall be allocated pro
      rata
      among
      the outstanding Certificates in such Class based on their respective Percentage
      Interests. Payments in respect of each Class of Certificates on each
      Distribution Date will be made to the Holders of the respective Class of record
      on the related Record Date (except as otherwise provided in Section 5.01(f)
      or Section 10.01 respecting the final distribution on such Class), based on
      the aggregate Percentage Interest represented by their respective Certificates,
      and shall be made by wire transfer of immediately available funds to the account
      of any such Holder at a bank or other entity having appropriate facilities
      therefor, if such Holder shall have so notified the Securities Administrator
      in
      writing at least five (5) Business Days prior to the Record Date immediately
      prior to such Distribution Date and is the registered owner of Certificates
      having an initial aggregate Certificate Principal Balance that is in excess
      of
      the lesser of (i) $5,000,000 or (ii) two-thirds of the initial Certificate
      Principal Balance of such Class of Certificates, or otherwise by check mailed
      by
      first class mail to the address of such Holder appearing in the Certificate
      Register. The final distribution on each Certificate will be made in like
      manner, but only upon presentment and surrender of such Certificate at the
      Corporate Trust Office of the Securities Administrator or such other location
      specified in the notice to Certificateholders of such final
      distribution.

     

    Each
      distribution with respect to a Book-Entry Certificate shall be paid to the
      Depository, as Holder thereof, and the Depository shall be responsible for
      crediting the amount of such distribution to the accounts of its Depository
      Participants in accordance with its normal procedures. Each Depository
      Participant shall be responsible for disbursing such distribution to the
      Certificate Owners that it represents and to each indirect participating
      brokerage firm (a “brokerage firm” or “indirect participating firm”) for which
      it acts as agent. Each brokerage firm shall be responsible for disbursing funds
      to the Certificate Owners that it represents. None of the Trustee, the
      Depositor, the Servicer, the Securities Administrator or the Master Servicer
      shall have any responsibility therefor except as otherwise provided by this
      Agreement or applicable law.

     

    (e)  The
      rights of the Certificateholders to receive distributions in respect of the
      Certificates, and all interests of the Certificateholders in such distributions,
      shall be as set forth in this Agreement. None of the Holders of any Class of
      Certificates, the Trustee, the Servicer, the Securities Administrator or the
      Master Servicer shall in any way be responsible or liable to the Holders of
      any
      other Class of Certificates in respect of amounts properly previously
      distributed on the Certificates.

     

    (f)  Except
      as
      otherwise provided in Section 10.01, whenever the Securities Administrator
      expects that the final distribution with respect to any Class of Certificates
      will be made on the next Distribution Date, the Securities Administrator shall,
      no later than three (3) days before the related Distribution Date, mail to
      each
      Holder on such date of such Class of Certificates a notice to the effect
      that:

     

    (i)  the
      Securities Administrator expects that the final distribution with respect to
      such Class of Certificates will be made on such Distribution Date but only
      upon
      presentation and surrender of such Certificates at the office of the Securities
      Administrator therein specified, and

     

    (ii)  no
      interest shall accrue on such Certificates from and after the end of the related
      Interest Accrual Period.

     

    Any
      funds
      not distributed to any Holder or Holders of Certificates of such Class on such
      Distribution Date because of the failure of such Holder or Holders to tender
      their Certificates shall, on such date, be set aside and held in trust by the
      Securities Administrator and credited to the account of the appropriate
      non-tendering Holder or Holders. If any Certificates as to which notice has
      been
      given pursuant to this Section 5.01(f) shall not have been surrendered for
      cancellation within six (6) months after the time specified in such notice,
      the
      Securities Administrator shall mail a second notice to the remaining
      non-tendering Certificateholders to surrender their Certificates for
      cancellation in order to receive the final distribution with respect thereto.
      If
      within one year after the second notice all such Certificates shall not have
      been surrendered for cancellation, the Securities Administrator shall, directly
      or through an agent, mail a final notice to the remaining non-tendering
      Certificateholders concerning surrender of their Certificates but shall continue
      to hold any remaining funds for the benefit of non-tendering Certificateholders.
      The costs and expenses of maintaining the funds in trust and of contacting
      such
      Certificateholders shall be paid out of the assets remaining in such trust
      fund.
      If within one year after the final notice any such Certificates shall not have
      been surrendered for cancellation, the Securities Administrator shall pay to
      the
      Depositor all such amounts, and all rights of non-tendering Certificateholders
      in or to such amounts shall thereupon cease. No interest shall accrue or be
      payable to any Certificateholder on any amount held in trust by the Securities
      Administrator as a result of such Certificateholder’s failure to surrender its
      Certificate(s) on the final Distribution Date for final payment thereof in
      accordance with this Section 5.01(f). Any such amounts held in trust by the
      Securities Administrator shall be held uninvested in an Eligible
      Account.

     

    (g)  Notwithstanding
      anything to the contrary herein, (i) in no event shall the Certificate Principal
      Balance of a Class A Certificate, a Mezzanine Certificate or a Class B-1
      Certificate be reduced more than once in respect of any particular amount both
      (a) allocated to such Certificate in respect of Realized Losses pursuant to
      Section 5.04 and (b) distributed to the Holder of such Certificate in
      reduction of the Certificate Principal Balance thereof pursuant to this
      Section 5.01 from Net Monthly Excess Cashflow and (ii) in no event shall
      the Uncertificated Balance of a REMIC Regular Interest be reduced more than
      once
      in respect of any particular amount both (a) allocated to such REMIC Regular
      Interest in respect of Realized Losses pursuant to Section 5.04 and (b)
      distributed on such REMIC Regular Interest in reduction of the Uncertificated
      Balance thereof pursuant to this Section 5.01.

     

    SECTION
      5.02.  Statements
      to Certificateholders.

     

    On
      each
      Distribution Date, the Securities Administrator (based in part on the
      information set forth in the Servicer Reports for such Distribution Date and
      information provided by the Swap Provider under the Swap Agreement with respect
      to payments made pursuant to the Swap Agreement) shall make available to each
      Holder of the Certificates, a statement as to the distributions made on such
      Distribution Date setting forth:

     

    (i)  the
      applicable Interest Accrual Periods and general Distribution Dates;

     

    (ii)  the
      total
      cash flows received and the general sources thereof; 

     

    (iii)  the
      aggregate applicable Servicing Fee received by the Servicer, the Master
      Servicing Fee received by the Master Servicer and the Credit Risk Management
      Fee
      received by the Credit Risk Manager during the related Due Period;

     

    (iv)  the
      aggregate amount, if any, of fees or expenses accrued and paid, with an
      identification of the payee and the general purpose of such fees; 

     

    (v)  the
      amount of the distribution made on such Distribution Date to the Holders of
      the
      Certificates of each Class allocable to principal, the amount of the
      distribution made on such Distribution Date to the Holders of the Class P
      Certificates allocable to Prepayment Charges and the amount of the distribution
      to the Class CE-1 Certificates and Class CE-2 Certificates;

     

    (vi)  the
      amount of the distribution made on such Distribution Date to the Holders of
      the
      Certificates of each Class allocable to interest, and the portion thereof,
      if
      any, provided by the Interest Rate Swap Agreement;

     

    (vii)  the
      aggregate amount of P&I Advances and Servicing Advances for such
      Distribution Date (including the general purpose of such P&I
      Advances);

     

    (viii)  the
      number and aggregate principal balance of the Mortgage Loans that were
      delinquent (exclusive of Mortgage Loans in foreclosure) using the “OTS” method
      in respect of which (A) one scheduled payment is delinquent, (B) two scheduled
      payments are delinquent, (C) three or more scheduled payments are delinquent
      and
      (D) (1) foreclosure proceedings have been initiated, and (2) the number and
      aggregate principal balance of Mortgaged Properties acquired through
      foreclosure, deed in lieu of foreclosure or other exercise of rights respecting
      the Trustee’s security interest in the Mortgage Loans, in each case as of the
      close of business on the last day of the calendar month preceding such
      Distribution Date;

     

    (ix)  the
      number, aggregate principal balance, weighted average remaining term to maturity
      and weighted average Mortgage Rate of the Mortgage Loans as of the related
      Due
      Date;

     

    (x)  with
      respect to any Mortgage Loan that was liquidated during the preceding calendar
      month, the loan number of such Mortgage Loan, the unpaid principal balance
      and
      the Scheduled Principal Balance of and Realized Loss on, such Mortgage Loan
      as
      of the end of the related Prepayment Period;

     

    (xi)  the
      total
      number and principal balance of any real estate owned, or REO, properties as
      of
      the end of the related Prepayment Period and, if available, the book value
      of
      any REO Property as of the close of business on the last Business Day of the
      calendar month preceding the Distribution Date;

     

    (xii)  whether
      the Stepdown Date or a Trigger Event is in effect;

     

    (xiii)  the
      aggregate amount of Realized Losses incurred during the related Prepayment
      Period and the aggregate amount of Realized Losses incurred since the Closing
      Date;

     

    (xiv)  the
      aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the
      Distribution Account for such Distribution Date;

     

    (xv)  the
      aggregate Certificate Principal Balance 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;

     

    (xvi)  the
      number and Scheduled Principal Balance of all the Mortgage Loans for the
      following Distribution Date, together with updated pool composition
      information;

     

    (xvii)  the
      three-month rolling average of the percent equivalent of a fraction, the
      numerator of which is the aggregate Scheduled Principal Balance of the Mortgage
      Loans that are 60 days or more delinquent or are in bankruptcy or foreclosure
      or
      are REO properties, and the denominator of which is the Scheduled Principal
      Balances of all of the Mortgage Loans;

     

    (xviii)  the
      Certificate Factor for each such Class of Certificates applicable to such
      Distribution Date;

     

    (xix)  the
      Interest Distribution Amount in respect of the Class A Certificates, the
      Mezzanine Certificates, the Class B-1 Certificates and the Class CE-1
      Certificates for such Distribution Date and the Interest Carry Forward Amount,
      if any, with respect to the Class A Certificates, the Mezzanine Certificates
      and
      the Class B-1 Certificates on such Distribution Date, and in the case of the
      Class A Certificates, the Mezzanine Certificates and the Class B-1 Certificates,
      separately identifying any reduction thereof due to allocations of Prepayment
      Interest Shortfalls and interest shortfalls including the following: Realized
      Losses, Relief Act Interest Shortfalls and Net WAC Rate Carryover
      Amounts;

     

    (xx)  the
      aggregate amount of any Prepayment Interest Shortfall for such Distribution
      Date, to the extent not covered by payments by the Servicer pursuant to
      Section 3.22 of this Agreement or the Master Servicer pursuant to Section
      4.19 of this Agreement; 

     

    (xxi)  the
      aggregate amount of Relief Act Interest Shortfalls for such Distribution
      Date;

     

    (xxii)  the
      Net
      Monthly Excess Cashflow, if any, for such Distribution Date and the application
      of such Net Monthly Excess Cashflow;

     

    (xxiii)  the
      Required Overcollateralization Amount and the Credit Enhancement Percentage
      for
      such Distribution Date;

     

    (xxiv)  the
      Overcollateralization Increase Amount, if any, for such Distribution
      Date;

     

    (xxv)  the
      Overcollateralization Reduction Amount, if any, for such Distribution
      Date;

     

    (xxvi)  the
      Net
      WAC Rate Carryover Amount, if any, for such Distribution Date;

     

    (xxvii)  the
      Net
      WAC Rate Carryover Amount, if any, outstanding after reimbursements therefor
      on
      such Distribution Date;

     

    (xxviii)  
      the
      respective Pass-Through Rates applicable to the Class A Certificates, the
      Mezzanine Certificates, the Class B-1 Certificates and the Class CE-1
      Certificates for such Distribution Date (and whether such Pass-Through Rate
      was
      limited by the Net WAC Pass-Through Rate);

     

    (xxix)  the
      amount of any deposit to the Reserve Fund contemplated by
      Section 3.24(b);

     

    (xxx)  the
      balance of the Reserve Fund prior to the deposit or withdrawal of any amounts
      on
      such Distribution Date;

     

    (xxxi)  the
      amount of any deposit to the Reserve Fund pursuant to
      Section 5.01(a)(6);

     

    (xxxii)  the
      balance of the Reserve Fund after all deposits and withdrawals on such
      Distribution Date;

     

    (xxxiii)  the
      Loss
      Severity Percentage with respect to each Mortgage Loan; and

     

    (xxxiv)  the
      Aggregate Loss Severity Percentage; 

     

    (xxxv)  the
      aggregate amount of Principal Prepayments made during the related Prepayment
      Period and the aggregate amount of any Prepayment Charges remitted by the
      Servicer in respect thereof; and

     

    (xxxvi)  the
      amount of any Net Swap Payment payable by the Swap Provider to the Supplemental
      Interest Trust, any Net Swap Payment payable to the Swap Provider, any Swap
      Termination Payment payable by the Swap Provider to the Supplemental Interest
      Trust and any Swap Termination Payment payable to the Swap Provider.

     

    The
      Securities Administrator will make such statement (and, at its option, any
      additional files containing the same information in an alternative format)
      available each month to the Certificateholders and the Rating Agencies via
      the
      Securities Administrator’s internet website. The Securities Administrator’s
      internet website shall initially be located at http:\\www.ctslink.com and
      assistance in using the website can be obtained by calling the Securities
      Administrator’s customer service desk at 1-301-815-6600. Parties that are unable
      to use the above distribution options are entitled to have a paper copy mailed
      to them via first class mail by calling the customer service desk and indicating
      such. The Securities Administrator shall have the right to change the way such
      statements are distributed in order to make such distribution more convenient
      and/or more accessible to the above parties and the Securities Administrator
      shall provide timely and adequate notification to all above parties regarding
      any such changes.

     

    In
      the
      case of information furnished pursuant to subclauses (i) and (ii) above, the
      amounts shall be expressed as a dollar amount per Single Certificate of the
      relevant Class.

     

    Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator shall furnish upon request to each Person who at any time during
      the calendar year was a Holder of a Regular Certificate a statement containing
      the information set forth in subclauses (i) through (iii) above, aggregated
      for
      such calendar year or applicable portion thereof during which such person was
      a
      Certificateholder. Such obligation of the Securities Administrator shall be
      deemed to have been satisfied to the extent that substantially comparable
      information shall be provided by the Securities Administrator pursuant to any
      requirements of the Code as from time to time are in force.

     

    Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator shall furnish upon request to each Person who at any time during
      the calendar year was a Holder of a Residual Certificate a statement setting
      forth the amount, if any, actually distributed with respect to the Residual
      Certificates, as appropriate, aggregated for such calendar year or applicable
      portion thereof during which such Person was a Certificateholder.

     

    The
      Securities Administrator shall, upon request, furnish to each Certificateholder
      during the term of this Agreement, such periodic, special, or other reports
      or
      information, whether or not provided for herein, as shall be reasonable with
      respect to the Certificateholder, as applicable, or otherwise with respect
      to
      the purposes of this Agreement, all such reports or information to be provided
      at the expense of the Certificateholder, in accordance with such reasonable
      and
      explicit instructions and directions as the Certificateholder may
      provide.

     

    On
      each
      Distribution Date the Securities Administrator shall provide Bloomberg Financial
      Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates
      as of such Distribution Date, using a format and media mutually acceptable
      to
      the Securities Administrator and Bloomberg.

     

    SECTION
      5.03.  Servicer
      Reports; P&I Advances.

     

    (a)  On
      or
      before 12:00 noon New York time on the 18th
      calendar
      day of each month, and if the calendar day is not a Business Day, the
      immediately following Business Day, the Servicer shall, deliver to the Master
      Servicer and the Securities Administrator by telecopy or electronic mail (or
      by
      such other means as the Servicer, the Master Servicer and the Securities
      Administrator may agree from time to time) a remittance report containing such
      information with respect to the related Mortgage Loans and the related
      Distribution Date as is reasonably available to the Servicer as the Master
      Servicer or the Securities Administrator may reasonably require so as to enable
      the Master Servicer to master service the related Mortgage Loans and oversee
      the
      servicing by the Servicer and the Securities Administrator to fulfill its
      obligations hereunder with respect to securities and tax reporting.

     

    (b)  The
      amount of P&I Advances to be made by the Servicer on any Distribution Date
      shall equal, subject to Section 5.03(d), (i) the aggregate amount of Monthly
      Payments (net of the related Servicing Fees), due during the related Due Period
      in respect of the Mortgage Loans serviced by the Servicer, which Monthly
      Payments were delinquent as of the close of business on the related
      Determination Date and (ii) with respect to each REO Property, which was
      acquired during or prior to the related Prepayment Period and as to which an
      REO
      Disposition did not occur during the related Prepayment Period, an amount equal
      to the excess, if any, of the REO Imputed Interest on such REO Property for
      the
      most recently ended calendar month, over the net income from such REO Property
      deposited in the Collection Account pursuant to Section 3.21 of this Agreement
      for distribution on such Distribution Date; provided, however, the Servicer
      shall not be required to make P&I Advances with respect to Relief Act
      Interest Shortfalls, shortfalls due to bankruptcy proceedings or with respect
      to
      Prepayment Interest Shortfalls in excess of its obligations under Section 3.22.
      For purposes of the preceding sentence, the Monthly Payment on each Balloon
      Mortgage Loan with a delinquent Balloon Payment is equal to the assumed monthly
      payment that would have been due on the related Due Date based on the original
      principal amortization schedule for such Balloon Mortgage Loan.

     

    By
      12:00
      noon New York time, on the Servicer Remittance Date, the Servicer shall remit
      in
      immediately available funds to the Securities Administrator for deposit in
      the
      Distribution Account an amount equal to the aggregate amount of P&I
      Advances, if any, to be made in respect of the related Mortgage Loans for the
      related Distribution Date either (i) from its own funds or (ii) from the
      Collection Account, to the extent of any Amounts Held For Future Distribution
      on
      deposit therein (in which case it will cause to be made an appropriate entry
      in
      the records of the Collection Account that Amounts Held For Future Distribution
      have been, as permitted by this Section 5.03, used by the Servicer in discharge
      of any such P&I Advance) or (iii) in the form of any combination of (i) and
      (ii) aggregating the total amount of P&I Advances to be made by the Servicer
      with respect to the related Mortgage Loans. In addition, the Servicer shall
      have
      the right to reimburse itself for any outstanding P&I Advance made from its
      own funds from Amounts Held for Future Distribution. Any Amounts Held For Future
      Distribution used by the Servicer to make P&I Advances or to reimburse
      itself for outstanding P&I Advances shall be appropriately reflected in the
      Servicer’s records and replaced by the Servicer by deposit in the Collection
      Account no later than the close of business on the Servicer Remittance Date
      immediately following the Due Period or Prepayment Period for which such amounts
      relate. The Securities Administrator will notify the Servicer and the Master
      Servicer by the close of business on the Business Day prior to the Distribution
      Date in the event that the amount remitted by the Servicer to the Securities
      Administrator on such date is less than the P&I Advances required to be made
      by the Servicer for the related Distribution Date.

     

    (c)  The
      obligation of the Servicer to make such P&I Advances is mandatory,
      notwithstanding any other provision of this Agreement but subject to (d) below,
      and, with respect to any related Mortgage Loan or REO Property, shall continue
      until a Final Recovery Determination in connection therewith or the removal
      thereof from the Trust Fund pursuant to any applicable provision of this
      Agreement, except as otherwise provided in this Section. 

     

    (d)  Notwithstanding
      anything herein to the contrary, no P&I Advance or Servicing Advance shall
      be required to be made hereunder by the Servicer if such P&I Advance or
      Servicing Advance would, if made, constitute a Nonrecoverable P&I Advance or
      Nonrecoverable Servicing Advance, respectively. In addition, the Servicer shall
      not be required to make a P&I Advance with respect to any Mortgage Loan that
      is 120 days delinquent. The determination by the Servicer that it has made
      a
      Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance or that any
      proposed P&I Advance or Servicing Advance, if made, would constitute a
      Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance,
      respectively, shall be evidenced by a certification of a Servicing Officer
      delivered to the Master Servicer.

     

    (e)  Subject
      to and in accordance with the provisions of Article VIII, in the event the
      Servicer fails to make any required P&I Advance, then the Master Servicer
      (in its capacity as successor servicer) or any other successor Servicer shall
      be
      required to make such P&I Advance on the Distribution Date on which the
      Servicer was required to make such Advance, subject to its determination of
      recoverability. 

     

    SECTION
      5.04.  Allocation
      of Realized Losses.

     

    (a)  Prior
      to
      the Determination Date, the Servicer shall determine as to each Mortgage Loan
      serviced by the Servicer and any related REO Property and include in the monthly
      remittance report provided to the Master Servicer and the Securities
      Administrator (substantially in the form of Schedule 4 hereto) such information
      as is reasonably available to the Servicer as the Master Servicer or the
      Securities Administrator may reasonably require so as to enable the Master
      Servicer to master service the Mortgage Loans and oversee the servicing by
      the
      Servicer and the Securities Administrator to fulfill its obligations hereunder
      with respect to securities and tax reporting, which shall include, but not
      be
      limited to: (i) the total amount of Realized Losses, if any, incurred in
      connection with any Final Recovery Determinations made during the related
      Prepayment Period; and (ii) the respective portions of such Realized Losses
      allocable to interest and allocable to principal. Prior to each Determination
      Date, the Servicer shall also determine as to each Mortgage Loan: (i) the total
      amount of Realized Losses, if any, incurred in connection with any Deficient
      Valuations made during the related Prepayment Period; and (ii) the total amount
      of Realized Losses, if any, incurred in connection with Debt Service Reductions
      in respect of Monthly Payments due during the related Due Period.

     

    (b)  All
      Realized Losses on the Mortgage Loans allocated to any REMIC I Regular Interest
      pursuant to Section 5.04(c) on the Mortgage Loans shall be allocated by the
      Securities Administrator on each Distribution Date as follows: first,
      to Net
      Monthly Excess Cashflow, second,
      to the
      Class CE-1 Certificates, third,
      to the
      Class B-1 Certificates until the Certificate Principal Balance of the Class
      B-1
      Certificates has been reduced to zero, fourth,
      to the
      Class M-9A Certificates and Class M-9B Certificates, on a pro rata basis based
      on the Certificate Principal Balance of each such Class, until the Certificate
      Principal Balance of each such Class has been reduced to zero, fifth,
      to the
      Class M-8 Certificates until the Certificate Principal Balance of the Class
      M-8
      Certificates has been reduced to zero; sixth,
      to the
      Class M-7 Certificates until the Certificate Principal Balance of the Class
      M-7
      Certificates has been reduced to zero, seventh,
      to the
      Class M-6A Certificates and Class M-6B Certificates, on a pro rata basis based
      on the Certificate Principal Balance of each such Class, until the Certificate
      Principal Balance of each such Class has been reduced to zero, eighth,
      to the
      Class M-5 Certificates until the Certificate Principal Balance of the Class
      M-5
      Certificates has been reduced to zero, ninth,
      to the
      Class M-4 Certificates until the Certificate Principal Balance of the Class
      M-4
      Certificates has been reduced to zero, tenth,
      to the
      Class M-3 Certificates until the Certificate Principal Balance of the Class
      M-3
      Certificates has been reduced to zero, eleventh,
      to the
      Class M-2A Certificates and Class M-2B Certificates, on a pro rata basis based
      on the Certificate Principal Balance of each such Class until the Certificate
      Principal Balance of each such Class has been reduced to zero and twelfth,
      to the
      Class M-1 Certificates until the Certificate Principal Balance of the Class
      M-1
      Certificates has been reduced to zero. All Realized Losses to be allocated
      to
      the Certificate Principal Balances of all Classes on any Distribution Date
      shall
      be so allocated after the actual distributions to be made on such date as
      provided above. All references above to the Certificate Principal Balance of
      any
      Class of Certificates shall be to the Certificate Principal Balance of such
      Class immediately prior to the relevant Distribution Date, before reduction
      thereof by any Realized Losses, in each case to be allocated to such Class
      of
      Certificates, on such Distribution Date. 

     

    Any
      allocation of Realized Losses to a Mezzanine Certificate or Class B-1
      Certificate on any Distribution Date shall be made by reducing the Certificate
      Principal Balance thereof by the amount so allocated; any allocation of Realized
      Losses to a Class CE-1 Certificates shall be made by reducing the amount
      otherwise payable in respect thereof pursuant to Section 5.01(a)(6). No
      allocations of any Realized Losses shall be made to the Certificate Principal
      Balances of the Class A Certificates or Class P Certificates.

     

    As
      used
      herein, an allocation of a Realized Loss on a “pro
      rata
      basis”
among two or more specified Classes of Certificates means an allocation on
      a
pro
      rata
      basis,
      among the various Classes so specified, to each such Class of Certificates
      on
      the basis of their then outstanding Certificate Principal Balances prior to
      giving effect to distributions to be made on such Distribution Date. All
      Realized Losses and all other losses allocated to a Class of Certificates
      hereunder will be allocated among the, Certificates of such Class in proportion
      to the Percentage Interests evidenced thereby.

     

    In
      addition, in the event that the Servicer receives any Subsequent Recoveries
      with
      respect to a Mortgage Loan serviced by it, the Servicer shall deposit such
      funds
      into the Collection Account pursuant to Section 3.08. If, after taking into
      account such Subsequent Recoveries, the amount of a Realized Loss is reduced,
      the amount of such Subsequent Recoveries will be applied to increase the
      Certificate Principal Balance of the Class of Subordinate Certificates with
      the
      highest payment priority to which Realized Losses have been allocated, but
      not
      by more than the amount of Realized Losses previously allocated to that Class
      of
      Subordinate Certificates pursuant to this Section 5.04 and not previously
      reimbursed to such Class of Subordinate Certificates with Net Monthly Excess
      Cashflow pursuant to Section 5.01(a)(6). The amount of any remaining
      Subsequent Recoveries will be applied to sequentially increase the Certificate
      Principal Balance of the Subordinate Certificates, beginning with the Class
      of
      Subordinate Certificates with the next highest payment priority, up to the
      amount of such Realized Losses previously allocated to such Class of Subordinate
      Certificates pursuant to this Section 5.04 and not previously reimbursed to
      such Class of Subordinate Certificates with Net Monthly Excess Cashflow pursuant
      to Section 5.01(a)(6). Holders of such Certificates will not be entitled to
      any payment in respect of current interest on the amount of such increases
      for
      any Interest Accrual Period preceding the Distribution Date on which such
      increase occurs. Any such increases shall be applied to the Certificate
      Principal Balance of each Subordinate Certificate of such Class in accordance
      with its respective Percentage Interest.

     

    (c)  (i)
      All
      Realized Losses on the Mortgage Loans shall be allocated on each Distribution
      Date, first to REMIC I Regular Interest A-I and, second, to REMIC I Regular
      Interest I-1-A through REMIC I Regular Interest I-63-B, starting with the lowest
      numerical denomination until such REMIC I Regular Interest has been reduced
      to
      zero, provided that, for REMIC I Regular Interests with the same numerical
      denomination, such Realized Losses shall be allocated pro
      rata
      between
      such REMIC I Regular Interests. 

     

    (ii) All
      Realized Losses on the Mortgage Loans shall be allocated by the Trustee, based
      solely on the instructions of the Securities Administrator, on each Distribution
      Date to the following REMIC II Regular Interests in the specified percentages,
      as follows: first, to Uncertificated Interest payable to the REMIC II Regular
      Interest AA and REMIC II Regular Interest ZZ up to an aggregate amount equal
      to
      the REMIC II Interest Loss Allocation Amount, 98.00% and 2.00%, respectively;
      second, to the Uncertificated Balances of the REMIC II Regular Interest AA
      and
      REMIC II Regular Interest ZZ up to an aggregate amount equal to the REMIC II
      Principal Loss Allocation Amount, 98.00% and 2.00%, respectively; third, to
      the
      Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
      Interest B-1 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      B-1
      has been reduced to zero; fourth, to the Uncertificated Balances of REMIC II
      Regular Interest AA, 98.00% REMIC II Regular Interest M-9A and REMIC II Regular
      Interest M-9B, 1.00% pro rata and REMIC II Regular Interest ZZ 1.00%, until
      the
      Uncertificated Balances of REMIC II Regular Interest M-9A and REMIC II Regular
      Interest M-9B have been reduced to zero; fifth, to the Uncertificated Balances
      of REMIC II Regular Interest AA, REMIC II Regular Interest M-8 and REMIC II
      Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the
      Uncertificated Balance of REMIC II Regular Interest M-8 has been reduced to
      zero; sixth, to the Uncertificated Balances of REMIC II Regular Interest AA,
      REMIC II Regular Interest M-7 and REMIC II Regular Interest ZZ, 98.00%, 1.00%
      and 1.00%, respectively, until the Uncertificated Balance of REMIC II Regular
      Interest M-7 has been reduced to zero; seventh, to the Uncertificated Balances
      of REMIC II Regular Interest AA, 98.00% REMIC II Regular Interest M-6A and
      REMIC
      II Regular Interest M-6B, 1.00% pro rata and REMIC II Regular Interest ZZ 1.00%,
      until the Uncertificated Balances of REMIC II Regular Interest M-6A and REMIC
      II
      Regular Interest M-6B have been reduced to zero; eighth, to the Uncertificated
      Balances of REMIC II Regular Interest AA, REMIC II Regular Interest M-5 and
      REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until
      the
      Uncertificated Balance of REMIC II Regular Interest M-5 has been reduced to
      zero; ninth, to the Uncertificated Balances of REMIC II Regular Interest AA,
      REMIC II Regular Interest M-4 and REMIC II Regular Interest ZZ, 98.00%, 1.00%
      and 1.00%, respectively, until the Uncertificated Balance of REMIC II Regular
      Interest M-4 has been reduced to zero; tenth, to the Uncertificated Balances
      of
      REMIC II Regular Interest AA, REMIC II Regular Interest M-3 and REMIC II Regular
      Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated
      Balance of REMIC II Regular Interest M-3 has been reduced to zero; eleventh,
      to
      the Uncertificated Balances of REMIC II Regular Interest AA, 98.00% REMIC II
      Regular Interest M-2A and REMIC II Regular Interest M-2B, 1.00% pro rata and
      REMIC II Regular Interest ZZ 1.00%, until the Uncertificated Balances of REMIC
      II Regular Interest M-2A and REMIC II Regular Interest M-2B have been reduced
      to
      zero; and twelfth, to the Uncertificated Balances of REMIC II Regular Interest
      AA, REMIC II Regular Interest M-1 and REMIC II Regular Interest ZZ, 98.00%,
      1.00% and 1.00%, respectively, until the Uncertificated Balance of REMIC II
      Regular Interest M-1 has been reduced to zero.

     

    SECTION
      5.05.  Compliance
      with Withholding Requirements.

     

    Notwithstanding
      any other provision of this Agreement, the Trustee and the Securities
      Administrator shall comply with all federal withholding requirements respecting
      payments to Certificateholders of interest or original issue discount that
      the
      Trustee reasonably believes are applicable under the Code. The consent of
      Certificateholders shall not be required for such withholding. In the event
      the
      Securities Administrator does withhold any amount from interest or original
      issue discount payments or advances thereof to any Certificateholder pursuant
      to
      federal withholding requirements, the Securities Administrator shall indicate
      the amount withheld to such Certificateholders.

     

    SECTION
      5.06.  Reports
      Filed with Securities and Exchange Commission.

     

    (a)  (i)Within
      15
      days after each Distribution Date (subject to permitted extensions under the
      Exchange Act), the Securities Administrator shall prepare and file on behalf
      of
      the Trust any Form 10-D required by the Exchange Act, in form and substance
      as
      required by the Exchange Act. The Securities Administrator shall file each
      Form
      10-D with a copy of the related Monthly Statement attached thereto. Any
      disclosure in addition to the Monthly Statement that is required to be included
      on Form 10-D (“Additional Form 10-D Disclosure”) shall be reported by the
      parties on Exhibit G to the Depositor and the Securities Administrator and
      directed and approved by the Depositor pursuant to the following paragraph,
      and
      the Securities Administrator will have no duty or liability for any failure
      hereunder to determine or prepare any Additional Form 10-D Disclosure, except
      as
      set forth in the next paragraph. 

     

    (ii) As
      set
      forth on Exhibit G hereto, within 5 calendar days after the related Distribution
      Date, (A) the parties to the ACE Securities Corp., Home Equity Loan Trust,
      Series 2006-SL2 transaction shall be required to provide to the Securities
      Administrator and Depositor, to the extent known by a responsible officer
      thereof, in EDGAR-compatible form, or in such other form as otherwise agreed
      upon by the Securities Administrator and such party, the form and substance
      of
      any Additional Form 10-D Disclosure, if applicable, together with an Additional
      Disclosure Notification in the form of Exhibit  H hereto (an “Additional
      Disclosure Notification”) and (B) the Depositor will approve, as to form and
      substance, or disapprove, as the case may be, the inclusion of the Additional
      Form 10-D Disclosure on Form 10-D. The Depositor will be responsible for any
      reasonable fees and expenses assessed or incurred by the Securities
      Administrator in connection with including any Additional Form 10-D Disclosure
      on Form 10-D pursuant to this paragraph. 

     

    (iii) After
      preparing the Form 10-D, the Securities Administrator shall upon request,
      forward electronically a copy of the Form 10-D to the Depositor (provided that
      such Form 10-D includes any Additional Form 10-D Disclosure). Within two (2)
      Business Days after receipt of such copy but no later than the 12th
      calendar
      day after the Distribution Date, the Depositor shall notify the Securities
      Administrator in writing (which may be furnished electronically) of any changes
      to or approval of such Form 10-D. In the absence of receipt of any written
      changes or approval by the due date specified herein, or if the Depositor does
      not request a copy of a Form 10-D, the Securities Administrator shall be
      entitled to assume that such Form 10-D is in final form and the Securities
      Administrator may proceed with the execution and filing of the Form 10-D. A
      duly
      authorized representative of the Master Servicer shall sign the Form 10-D.
      If a
      Form 10-D cannot be filed on time or if a previously filed Form 10-D needs
      to be
      amended, the Securities Administrator will follow the procedures set forth
      in
      Section 5.06(c)(ii). Promptly (but no later than 1 Business Day) after filing
      with the Commission, the Securities Administrator will make available on its
      internet website a final executed copy of each Form 10-D filed by the Securities
      Administrator. Each party to this Agreement acknowledges that the performance
      by
      the Securities Administrator and the Master Servicer of their duties under
      this
      Section 5.06(a) related to the timely preparation, execution and filing of
      Form
      10-D is contingent upon such parties strictly observing all applicable deadlines
      in the performance of their duties as set forth in this Agreement. Neither
      the
      Master Servicer nor the Securities Administrator shall have any liability for
      any loss, expense, damage, claim arising out of or with respect to any failure
      to properly prepare, execute and/or timely file such Form 10-D, where such
      failure results from the Securities Administrator’s inability or failure to
      receive, on a timely basis, any information from any other party hereto needed
      to prepare, arrange for execution or file such Form 10-D, not resulting from
      its
      own negligence, bad faith or willful misconduct.

     

    (b)  (i)Within
      four (4) Business Days after the occurrence of an event requiring disclosure
      on
      Form 8-K (each such event, a “Reportable Event”), and if requested by the
      Depositor, the Securities Administrator shall prepare and file on behalf of
      the
      Trust a Form 8-K, as required by the Exchange Act, provided that the Depositor
      shall file the initial Form 8-K in connection with the issuance of the
      Certificates. Any disclosure or information related to a Reportable Event or
      that is otherwise required to be included on Form 8-K (“Form 8-K Disclosure
      Information”) shall be reported by the parties set forth on Exhibit G to the
      Depositor and the Securities Administrator and directed and approved by the
      Depositor pursuant to the following paragraph, and the Securities Administrator
      will have no duty or liability for any failure hereunder to determine or prepare
      any Form 8-K Disclosure Information or any Form 8-K, except as set forth in
      the
      next paragraph. 

     

    (ii) As
      set
      forth on Exhibit G hereto, for so long as the Trust is subject to the Exchange
      Act reporting requirements, no later than the close of business New York City
      time on the 2nd Business Day after the occurrence of a Reportable Event (i)
      the
      parties to the ACE Securities Corp., Home Equity Loan Trust, Series 2006-SL2
      transaction shall be required to provide to the Securities Administrator and
      Depositor, to the extent known by a responsible officer thereof, in
      EDGAR-compatible form, or in such other form as otherwise agreed upon by the
      Securities Administrator and such party, the form and substance of any Form
      8-K
      Disclosure Information, if applicable, together with an Additional Disclosure
      Notification and (ii) the Depositor will approve, as to form and substance,
      or
      disapprove, as the case may be, the inclusion of the Form 8-K Disclosure
      Information. The Depositor will be responsible for any reasonable fees and
      expenses assessed or incurred by the Securities Administrator in connection
      with
      including any Form 8-K Disclosure Information on Form 8-K pursuant to this
      paragraph. 

     

    (iii) After
      preparing the Form 8-K, the Securities Administrator shall upon request, forward
      electronically a copy of the Form 8-K to the Depositor. Promptly, but no later
      than the close of business on the third Business Day after the Reportable Event,
      the Depositor shall notify the Securities Administrator in writing (which may
      be
      furnished electronically) of any changes to or approval of such Form 8-K. In
      the
      absence of receipt of any written changes or approval by the third Business
      Day,
      or if the Depositor does not request a copy of a Form 8-K, the Securities
      Administrator shall be entitled to assume that such Form 8-K is in final form
      and the Securities Administrator may proceed with the execution and filing
      of
      the Form 8-K. A duly authorized representative of the Master Servicer shall
      sign
      each Form 8-K. If a Form 8-K cannot be filed on time or if a previously filed
      Form 8-K needs to be amended, the Securities Administrator will follow the
      procedures set forth in Section 5.06(c)(ii). Promptly (but no later than 1
      Business Day) after filing with the Commission, the Securities Administrator
      will, make available on its internet website a final executed copy of each
      Form
      8-K that has been prepared and filed by the Securities Administrator. The
      parties to this Agreement acknowledge that the performance by the Master
      Servicer and the Securities Administrator of their duties under this Section
      5.06(b) related to the timely preparation, execution and filing of Form 8-K
      is
      contingent upon such parties strictly observing all applicable deadlines in
      the
      performance of their duties under this Agreement. Neither the Master Servicer
      nor the Securities Administrator shall have any liability for any loss, expense,
      damage, claim arising out of or with respect to any failure to properly prepare,
      execute and/or timely file such Form 8-K, where such failure results from the
      Securities Administrator’s inability or failure to receive, on a timely basis,
      any information from any other party hereto needed to prepare, execute or
      arrange for execution or file such Form 8-K, not resulting from its own
      negligence, bad faith or willful misconduct.

     

    (c)  (i)On
      or
      prior to January 30th of the first year in which the Securities Administrator
      is
      able to do so under applicable law, the Securities Administrator shall prepare
      and file a Form 15 suspension notification relating to the automatic suspension
      of reporting in respect of the Trust under the Exchange Act. 

     

    (ii) In
      the
      event that the Securities Administrator is unable to timely file with the
      Commission all or any required portion of any Form 8-K, 10-D or 10-K required
      to
      be filed by this Agreement because required disclosure information was either
      not delivered to it or delivered to it after the delivery deadlines set forth
      in
      this Agreement or for any other reason, the Securities Administrator will
      promptly notify electronically the Depositor. In the case of Form 10-D and
      10-K,
      the parties to this Agreement will cooperate to prepare and file a Form 12b-25
      and a 10-DA and 10-KA as applicable, pursuant to Rule 12b-25 of the Exchange
      Act. In the case of Form 8-K, the Securities Administrator will, upon receipt
      of
      all required Form 8-K Disclosure Information and upon the approval and direction
      of the Depositor, include such disclosure information on the next Form 10-D.
      In
      the event that any previously filed Form 8-K, 10-D or 10-K needs to be amended
      in connection with any Additional Form 10-D Disclosure (other than for the
      purpose of restating any Monthly Report), any Additional Form 10-K Disclosure
      or
      any Form 8-K Disclosure Information or any amendment to such disclosure, the
      Securities Administrator will notify electronically the Depositor only if the
      amendment pertains to an additional reporting item being revised and/or amended
      on such form, but not if an amendment is being filed as a result of a Monthly
      Statement revision, and the Depositor will cooperate with the Securities
      Administrator in preparing any necessary 8-KA, 10-DA or 10-KA. Any Form 15,
      Form
      12b-25 or any amendment to Form 8-K, 10-D or 10-K shall be signed by a duly
      authorized representative, or senior officer in charge of master servicing,
      as
      applicable, of the Master Servicer. The parties to this Agreement acknowledge
      that the performance by the Securities Administrator and the Master Servicer
      of
      their duties under this Section 5.06(c) related to the timely preparation,
      execution and filing of Form 15, a Form 12b-25 or any amendment to Form 8-K,
      10-D or 10-K is contingent upon each such party performing its duties under
      this
      Agreement. Neither the Master Servicer nor the Securities Administrator shall
      have any liability for any loss, expense, damage, claim arising out of or with
      respect to any failure to properly prepare, execute and/or timely file any
      such
      Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K, where such
      failure results from the Securities Administrator’s inability or failure to
      receive, on a timely basis, any information from any other party hereto needed
      to prepare, execute or arrange for execution or file such Form 15, Form 12b-25
      or any amendments to Forms 8-K, 10-D or 10-K, not resulting from its own
      negligence, bad faith or willful misconduct.

     

    (d)  (i)On
      or
      prior to the 90th
      day
      after the end of each fiscal year of the Trust or such earlier date as may
      be
      required by the Exchange Act (the “10-K Filing Deadline”) (it being understood
      that the fiscal year for the Trust ends on December 31st of each year),
      commencing in March 2007, the Securities Administrator shall prepare and file
      on
      behalf of the Trust a Form 10-K, in form and substance as required by the
      Exchange Act. Each such Form 10-K shall include the following items, in each
      case to the extent they have been delivered to the Securities Administrator
      within the applicable time frames set forth in this Agreement, (i) an annual
      compliance statement for the Servicer, each Additional Servicer, the Master
      Servicer and the Securities Administrator and any Servicing Function Participant
      (other than any Subcontractors) engaged by such parties (each, a “Reporting
      Servicer”) as described under Section 3.17 and Section 4.15, (ii)(A) the annual
      reports on assessment of compliance with servicing criteria for each Reporting
      Servicer, as described under Section 3.18 and Section 4.16 and in such other
      agreements, and (B) if each Reporting Servicer’s report on assessment of
      compliance with servicing criteria described under Section 3.18 and Section
      4.16
      identifies any material instance of noncompliance, disclosure identifying such
      instance of noncompliance, or if each Reporting Servicer’s report on assessment
      of compliance with servicing criteria described under Section 3.18 and Section
      4.16 is not included as an exhibit to such Form 10-K, disclosure that such
      report is not included and an explanation why such report is not included,
      (iii)(A) the registered public accounting firm attestation report for each
      Reporting Servicer, as described under Section 3.18 and Section 4.17, or in
      such
      other agreement and (B) if any registered public accounting firm attestation
      report described under Section 3.18 and Section 4.17 identifies any material
      instance of noncompliance, disclosure identifying such instance of
      noncompliance, or if any such registered public accounting firm attestation
      report is not included as an exhibit to such Form 10-K, disclosure that such
      report is not included and an explanation why such report is not included,
      and
      (iv) a Sarbanes-Oxley Certification as described in Section 3.20 and Section
      4.18 (provided, however, that the Securities Administrator, at its discretion,
      may omit from the Form 10-K any annual compliance statement, assessment of
      compliance or attestation report that is not required to be filed with such
      Form
      10-K pursuant to Regulation AB). Any disclosure or information in addition
      to
      (i) through (iv) above that is required to be included on Form 10-K (“Additional
      Form 10-K Disclosure”) shall be reported by the parties set forth on Exhibit G
      to the Depositor and the Securities Administrator and directed and approved
      by
      the Depositor pursuant to the following paragraph, and the Securities
      Administrator will have no duty or liability for any failure hereunder to
      determine or prepare any Additional Form 10-K Disclosure, except as set forth
      in
      the next paragraph.

     

    (ii) As
      set
      forth on Exhibit G hereto, no later than March 15 of each year that the Trust
      is
      subject to the Exchange Act reporting requirements, commencing in 2007, (i)
      parties to the ACE Securities Corp., Home Equity Loan Trust, Series 2006-SL2
      transaction shall be required to provide to the Securities Administrator and
      Depositor, to the extent known, by a responsible officer thereof, in
      EDGAR-compatible form, or in such other form as otherwise agreed upon by the
      Securities Administrator and such party, the form and substance of any
      Additional Form 10-K Disclosure, if applicable, together with an Additional
      Disclosure Notification and (ii) the Depositor will approve, as to form and
      substance, or disapprove, as the case may be, the inclusion of the Additional
      Form 10-K Disclosure on Form 10-K. The Depositor will be responsible for any
      reasonable fees and expenses assessed or incurred by the Securities
      Administrator in connection with including any Additional Form 10-K Disclosure
      on Form 10-K pursuant to this paragraph.

     

    (iii) After
      preparing the Form 10-K, the Securities Administrator shall upon request,
      forward electronically a copy of the Form 10-K to the Depositor. Within three
      (3) Business Days after receipt of such copy, but in no event later than March
      25th
      of each
      year that the Trust is subject to the Exchange Act reporting requirements,
      the
      Depositor shall notify the Securities Administrator in writing (which may be
      furnished electronically) of any changes to or approval of such Form 10-K.
      In
      the absence of receipt of any written changes or approval by March 25th, or
      if
      the Depositor does not request a copy of a Form 10-K, the Securities
      Administrator shall be entitled to assume that such Form 10-K is in final form
      and the Securities Administrator may proceed with the execution and filing
      of
      the Form 10-K. A senior officer of the Master Servicer in charge of the master
      servicing function shall sign the Form 10-K. If a Form 10-K cannot be filed
      on
      time or if a previously filed Form 10-K needs to be amended, the Securities
      Administrator will follow the procedures set forth in Section 5.06(c)(ii).
      Promptly (but no later than 1 Business Day) after filing with the Commission,
      the Securities Administrator will make available on its internet website a
      final
      executed copy of each Form 10-K filed by the Securities Administrator. The
      parties to this Agreement acknowledge that the performance by the Master
      Servicer and the Securities Administrator of their respective duties under
      this
      Section 5.06(d) related to the timely preparation, execution and filing of
      Form
      10-K is contingent upon such parties (and any Additional Servicer or Servicing
      Function Participant) strictly observing all applicable deadlines in the
      performance of their duties under this Section 5.06(d), Section 3.17, Section
      3.18, Section 3.19, Section 4.16, Section 4.17 and Section 4.18. Neither the
      Master Servicer nor the Securities Administrator shall have any liability for
      any loss, expense, damage or claim arising out of or with respect to any failure
      to properly prepare, execute and/or timely file such Form 10-K, where such
      failure results from the Securities Administrator’s inability or failure to
      receive, on a timely basis, any information from any other party hereto needed
      to prepare, arrange for execution or file such Form 10-K, not resulting from
      its
      own negligence, bad faith or willful misconduct.

     

    (e)  The
      Securities Administrator shall indemnify and hold harmless the Depositor, the
      Trustee and their respective officers, directors and Affiliates from and against
      any losses, damages, penalties, fines, forfeitures, reasonable and necessary
      legal fees and related costs, judgments and other costs and expenses arising
      out
      of or based upon a breach of the Master Servicer’s obligations under this
      Section 5.06 or the Master Servicer’s negligence, bad faith or willful
      misconduct in connection therewith. 

     

    Notwithstanding
      the provisions of Section 12.01, this Section 5.06 may be amended without the
      consent of the Certificateholders.

     

    SECTION
      5.07.  Supplemental
      Interest Trust.

     

    (a)  On
      the
      Closing Date, the Securities Administrator shall establish and maintain in
      the
      name of the Trustee a separate account for the benefit of the holders of the
      Offered Certificates (the “Supplemental Interest Trust”). The Supplemental
      Interest Trust shall be an Eligible Account, and funds on deposit therein shall
      be held separate and apart from, and shall not be commingled with, any other
      monies, including, without limitation, other monies of the Trustee or of the
      Securities Administrator held pursuant to this Agreement. 

     

    (b)  On
      each
      Distribution Date, the Securities Administrator shall withdraw all amounts
      which
      were deposited in the Supplemental Interest Trust as specifically described
      in
      this Agreement and the Swap Agreement and distribute such amounts in accordance
      with the provisions of Section 5.01 of this Agreement.

     

    (c)  The
      Supplemental Interest Trust constitutes an “outside reserve fund” within the
      meaning of Treasury Regulation § 1.860G-2(h) and is not an asset of any REMIC.
      The Holders of the Class CE-1 Certificates shall be the beneficial owner of
      the
      Supplemental Interest Trust, subject to the power of the Securities
      Administrator to transfer amounts under this Agreement. The Securities
      Administrator shall keep records that accurately reflect the funds on deposit
      in
      the Supplemental Interest Trust. The Securities Administrator shall, at the
      written direction of the majority of the Class CE-1 Certificateholders, invest
      amounts on deposit in the Supplemental Interest Trust in Permitted Investments.
      In the absence of written direction to the Securities Administrator from the
      majority of the Class CE-1 Certificateholders, all funds in the Supplemental
      Interest Trust shall remain uninvested. On each Distribution Date, the
      Securities Administrator shall distribute, not in respect of any REMIC, any
      interest earned on the Supplemental Interest Trust to the Holders of the Class
      CE-1 Certificates.

     

    (d)  For
      federal income tax purposes, amounts paid to the Supplemental Interest Trust
      on
      each Distribution Date pursuant to Section 5.01(a)(3), (4), (5) and (6)
      shall first be deemed paid to the Supplemental Interest Trust in respect of
      the
      Class IO Interest to the extent of the amount distributable on such Class IO
      Interest on such Distribution Date, and any remaining amount shall be deemed
      paid to the Supplemental Interest Trust in respect of a Class IO Distribution
      Amount. For federal income tax purposes, the Supplemental Interest Trust will
      be
      a disregarded entity.

     

    (e)  The
      Securities Administrator shall treat the Holders of Certificates (other than
      the
      Class P, Class CE-1, Class CE-2 and Residual Certificates) as having entered
      into a notional principal contract with respect to the Holders of the Class
      CE-1
      Certificates. Pursuant to each such notional principal contract, all Holders
      of
      Certificates (other than the Class P, Class CE-1, Class CE-2 and Residual
      Certificates) shall be treated as having agreed to pay, on each Distribution
      Date, to the Holder of the Class CE-1 Certificates an aggregate amount equal
      to
      the excess, if any, of (i) the amount payable on such Distribution Date on
      the
      Regular Interest ownership of which is represented by such Class of Certificates
      over (ii) the amount payable on such Class of Certificates on such Distribution
      Date (such excess, a “Class IO Distribution Amount”). A Class IO Distribution
      Amount payable from interest collections shall be allocated pro rata among
      such
      Certificates based on the amount of interest otherwise payable to such
      Certificates, and a Class IO Distribution Amount payable from principal
      collections shall be allocated to the most subordinate Class of such
      Certificates with an outstanding principal balance to the extent of such
      balance. In addition, pursuant to such notional principal contract, the Holder
      of the Class CE-1 Certificates shall be treated as having agreed to pay Net
      WAC
      Rate Carryover Amounts to the Holders of the Certificates (other than the Class
      CE-1, Class CE-2, Class P and Residual Certificates) in accordance with the
      terms of this Agreement. Any payments to such Certificates from amounts deemed
      received in respect of this notional principal contract shall not be payments
      with respect to a Regular Interest in a REMIC within the meaning of Code Section
      860G(a)(1). However, any payment from the Certificates (other than the Class
      CE-1, Class CE-2, Class P and Residual Certificates) of a Class IO Distribution
      Amount shall be treated for tax purposes as having been received by the Holders
      of such Certificates in respect of the Regular Interest ownership of which
      is
      represented by such Certificates, and as having been paid by such Holders to
      the
      Supplemental Interest Trust pursuant to the notional principal contract. Thus,
      each Certificate (other than the Class P Certificates and Residual Certificates)
      shall be treated as representing not only ownership of a Regular Interest in
      REMIC III, but also ownership of an interest in, and obligations with respect
      to, a notional principal contract.

     

    (f)  For
      federal tax return and information reporting, the right of the holders of the
      Offered Certificates to receive payments from the Supplemental Interest Trust
      shall be assigned a value of $5,700.

     

    (g)  In
      the
      event that the Swap Agreement is terminated prior to the Distribution Date
      in
      June 2011, the Trustee on behalf of the Supplemental Interest Trust, at the
      direction of the Depositor, shall use reasonable efforts to appoint a successor
      swap provider using any Swap Termination Payments paid by the Swap Provider.
      To
      the extent the Supplemental Interest Trust is required to pay a Swap Termination
      Payment to the Swap Provider, all or a portion of such amount received from
      a
      replacement swap provider upon entering into a replacement interest rate swap
      agreement or similar agreement will be applied to the Swap Termination Payment
      owing to the Swap Provider. If the Trustee on behalf of the Supplemental
      Interest Trust is unable to locate a qualified successor swap provider, any
      such
      Swap Termination Payments will be deposited in the Supplemental Interest Trust
      and the Securities Administrator, on each subsequent Distribution Date (until
      the termination date of the Swap Agreement or the appointment of a successor
      swap provider), will withdraw the amount of any Net Swap Payment due to the
      Supplemental Interest Trust (calculated in accordance with the terms of the
      Swap
      Agreement) and distribute such Net Swap Payment to the holders of the
      Certificates in accordance with Section 5.01.

     

    SECTION
      5.08.  Tax
      Treatment of Swap Payments and Swap Termination Payments.

     

    For
      federal income tax purposes, each holder of an Offered Certificate is deemed
      to
      own an undivided beneficial ownership interest in a REMIC regular interest
      and
      the right to receive payments from either the Reserve Fund or the Supplemental
      Interest Trust in respect of any Net WAC Rate Carryover Amounts or the
      obligation to make payments to the Supplemental Interest Trust. For federal
      income tax purposes, the Securities Administrator will account for payments
      to
      each Offered Certificate and Class B-1 Certificate as follows: each Offered
      Certificate and Class B-1 Certificate will be treated as receiving their entire
      payment from REMIC III (regardless of any Swap Termination Payment or obligation
      under the Swap Agreement) and subsequently paying their portion of any Swap
      Termination Payment in respect of each such Class’s obligation under the Swap
      Agreement. In the event that any such Class is resecuritized in a REMIC, the
      obligation under the Swap Agreement to pay any such Swap Termination Payment
      (or
      any shortfall in Net Swap Payment), will be made by one or more of the REMIC
      Regular Interests issued by the resecuritization REMIC subsequent to such REMIC
      Regular Interest receiving its full payment from any such Offered Certificate
      or
      Class B-1 Certificate.

     

    The
      REMIC
      Regular Interest corresponding to an Offered Certificate or Class B-1
      Certificate will be entitled to receive interest and principal payments at
      the
      times and in the amounts equal to those made on the certificate to which it
      corresponds, except that (i) the maximum interest rate of that REMIC regular
      interest will equal the Net WAC Pass-Through Rate computed for this purpose
      by
      limiting the Swap Notional Amount of the Swap Agreement to the aggregate Stated
      Principal Balance of the Mortgage Loans and (ii) any Swap Termination Payment
      will be treated as being payable solely from amounts otherwise payable to the
      Class CE-1 Certificates. As a result of the foregoing, the amount of
      distributions and taxable income on the REMIC Regular Interest corresponding
      to
      an Offered Certificate may exceed the actual amount of distributions on the
      Offered Certificate.

     

    ARTICLE
      VI  

     

    THE
      CERTIFICATES

     

    SECTION
      6.01.  The
      Certificates.

     

    (a)  The
      Certificates in the aggregate will represent the entire beneficial ownership
      interest in the Mortgage Loans and all other assets included in REMIC I, REMIC
      II and REMIC III.

     

    The
      Certificates will be substantially in the forms annexed hereto as Exhibits
      A-1
      through A-6. The Certificates of each Class will be issuable in registered
      form
      only, in denominations of authorized Percentage Interests as described in the
      definition thereof. Each Certificate will share ratably in all rights of the
      related Class.

     

    Upon
      original issue, the Certificates shall be executed and authenticated by the
      Securities Administrator and delivered by the Trustee to and upon the written
      order of the Depositor. The Certificates shall be executed by manual or
      facsimile signature on behalf of the Trust by the Securities Administrator
      by an
      authorized signatory. Certificates bearing the manual or facsimile signatures
      of
      individuals who were at any time the proper officers of the Securities
      Administrator shall bind the Trust, notwithstanding that such individuals or
      any
      of them have ceased to hold such offices prior to the authentication and
      delivery of such Certificates or did not hold such offices at the date of such
      Certificates. No Certificate shall be entitled to any benefit under this
      Agreement or be valid for any purpose, unless there appears on such Certificate
      a certificate of authentication substantially in the form provided herein
      executed by the Securities Administrator by manual signature, and such
      certificate of authentication shall be conclusive evidence, and the only
      evidence, that such Certificate has been duly authenticated and delivered
      hereunder. All Certificates shall be dated the date of their
      authentication.

     

    (b)  The
      Class
      A Certificates and the Mezzanine Certificates shall initially be issued as
      one
      or more Certificates held by the Book-Entry Custodian or, if appointed to hold
      such Certificates as provided below, the Depository and registered in the name
      of the Depository or its nominee and, except as provided below, registration
      of
      such Certificates may not be transferred by the Securities Administrator except
      to another Depository that agrees to hold such Certificates for the respective
      Certificate Owners with Ownership Interests therein. The Certificate Owners
      shall hold their respective Ownership Interests in and to such Certificates
      through the book-entry facilities of the Depository and, except as provided
      below, shall not be entitled to definitive, fully registered Certificates
      (“Definitive Certificates”) in respect of such Ownership Interests. All
      transfers by Certificate Owners of their respective Ownership Interests in
      the
      Book-Entry Certificates shall be made in accordance with the procedures
      established by the Depository Participant or brokerage firm representing such
      Certificate Owner. Each Depository Participant shall only transfer the Ownership
      Interests in the Book-Entry Certificates of Certificate Owners it represents
      or
      of brokerage firms for which it acts as agent in accordance with the
      Depository’s normal procedures. The Securities Administrator is hereby initially
      appointed as the Book-Entry Custodian and hereby agrees to act as such in
      accordance herewith and in accordance with the agreement that it has with the
      Depository authorizing it to act as such. The Book-Entry Custodian may, and,
      if
      it is no longer qualified to act as such, the Book-Entry Custodian shall,
      appoint, by a written instrument delivered to the Depositor, the Servicer and,
      if the Trustee is not the Book-Entry Custodian, the Trustee, any other transfer
      agent (including the Depository or any successor Depository) to act as
      Book-Entry Custodian under such conditions as the predecessor Book-Entry
      Custodian and the Depository or any successor Depository may prescribe, provided
      that the predecessor Book-Entry Custodian shall not be relieved of any of its
      duties or responsibilities by reason of any such appointment of other than
      the
      Depository. If the Securities Administrator resigns or is removed in accordance
      with the terms hereof, the successor Securities Administrator or, if it so
      elects, the Depository shall immediately succeed to its predecessor’s duties as
      Book-Entry Custodian. The Depositor shall have the right to inspect, and to
      obtain copies of, any Certificates held as Book-Entry Certificates by the
      Book-Entry Custodian.

     

    (c)  The
      Class
      B-1, Class CE-1 and Class CE-2 Certificates initially offered and sold in
      offshore transactions in reliance on Regulation S shall be issued in the form
      of
      a temporary global certificate in definitive, fully registered form (each,
      a
“Regulation S Temporary Global Certificate”), which shall be deposited with the
      Securities Administrator or an agent of the Securities Administrator as
      custodian for the Depository and registered in the name of Cede & Co. as
      nominee of the Depository for the account of designated agents holding on behalf
      of Euroclear or Clearstream. Beneficial interests in each Regulation S Temporary
      Global Certificate may be held only through Euroclear or Clearstream; provided,
      however, that such interests may be exchanged for interests in a Definitive
      Certificate in accordance with the requirements described in Section 6.02.
      After the expiration of the Release Date, a beneficial interest in a Regulation
      S Temporary Global Certificate may be exchanged for a beneficial interest in
      the
      related permanent global certificate of the same Class (each, a “Regulation S
      Permanent Global Certificate”), in accordance with the procedures set forth in
      Section 6.02. Each Regulation S Permanent Global Certificate shall be
      deposited with the Securities Administrator or an agent of the Securities
      Administrator as custodian for the Depository and registered in the name of
      Cede
& Co. as nominee of the Depository.

     

    The
      Class
      B-1 Certificates offered and sold to Qualified Institutional Buyers (“QIBs”) in
      reliance on Rule 144A under the Securities Act (“Rule 144A”) or institutional
      investors that are accredited investors within the meaning of Rule 501(a)(1),
      (2), (3) or (7) of Regulation D under the Securities Act (“Institutional
      Accredited Investors”) will be issued in the form of Book-Entry
      Certificates.

     

    (d)  The
      Class
      CE-1 Certificates, Class CE-2 Certificates and Class P Certificates offered
      and
      sold to QIBs in reliance on Rule 144A will be issued in the form of Definitive
      Certificates.

     

    (e)  The
      Trustee, the Servicer, the Securities Administrator, the Master Servicer and
      the
      Depositor may for all purposes (including the making of payments due on the
      Book-Entry Certificates and Global Certificates) deal with the Depository as
      the
      authorized representative of the Certificate Owners with respect to the
      Book-Entry Certificates and Global Certificates for the purposes of exercising
      the rights of Certificateholders hereunder. The rights of Certificate Owners
      with respect to the Book-Entry Certificates and Global 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 and Global Certificates
      with
      respect to any particular matter shall not be deemed inconsistent if they are
      made with respect to different Certificate Owners. The Securities Administrator
      may establish a reasonable record date in connection with solicitations of
      consents from or voting by Certificateholders and shall give notice to the
      Depository of such record date.

     

    If
      (i)(A)
      the Depositor advises the Securities Administrator in writing that the
      Depository is no longer willing or able to properly discharge its
      responsibilities as Depository, and (B) the Depositor is unable to locate a
      qualified successor, (ii) the Depositor at its option advises the Securities
      Administrator in writing that it elects to terminate the book-entry system
      through the Depository or (iii) after the occurrence of the Servicer Event
      of
      Default, Certificate Owners representing in the aggregate not less than 51%
      of
      the Ownership Interests of the Book-Entry Certificates advise the Securities
      Administrator through the Depository, in writing, that the continuation of
      a
      book-entry system through the Depository is no longer in the best interests
      of
      the Certificate Owners, the Securities Administrator shall notify all
      Certificate Owners, through the Depository, of the occurrence of any such event
      and of the availability of Definitive Certificates to Certificate Owners
      requesting the same. With respect to a Global Certificate, the related
      Certificate Owner (other than a Holder of a Regulation S Temporary Global
      Certificate) may request that its interest in a Global Certificate be exchanged
      for a Definitive Certificate. Upon surrender to the Securities Administrator
      of
      the Book-Entry Certificates by the Book-Entry Custodian or the Depository,
      as
      applicable, or the Global Certificates by the Depository accompanied by
      registration instructions from the Depository for registration of transfer,
      the
      Securities Administrator shall cause the Definitive Certificates to be issued.
      Such Definitive Certificates will be issued in minimum denominations of $10,000
      except that any beneficial ownership that was represented by a Book-Entry
      Certificate, or a Global Certificate, as applicable in an amount less than
      $10,000 immediately prior to the issuance of a Definitive Certificate shall
      be
      issued in a minimum denomination equal to the amount represented by such
      Book-Entry Certificate or a Global Certificate, as applicable. None of the
      Depositor, the Servicer, the Master Servicer, the Securities Administrator
      or
      the Trustee shall be liable for any delay in the delivery of such instructions
      and may conclusively rely on, and shall be protected in relying on, such
      instructions. Upon the issuance of Definitive Certificates all references herein
      to obligations imposed upon or to be performed by the Depository shall be deemed
      to be imposed upon and performed by the Securities Administrator, to the extent
      applicable with respect to such Definitive Certificates, and the Securities
      Administrator shall recognize the Holders of the Definitive Certificates as
      Certificateholders hereunder.

     

    SECTION
      6.02.  Registration
      of Transfer and Exchange of Certificates.

     

    (a)  The
      Securities Administrator shall cause to be kept at one of the offices or
      agencies to be appointed by the Securities Administrator in accordance with
      the
      provisions of Section 9.11, a Certificate Register for the Certificates in
      which, subject to such reasonable regulations as it may prescribe, the
      Securities Administrator shall provide for the registration of Certificates
      and
      of transfers and exchanges of Certificates as herein provided.

     

    (b)  No
      transfer of any Class B-1 Certificate, Class CE-1 Certificate, Class CE-2
      Certificate, Class P Certificate or Residual Certificate shall be made unless
      that transfer is made pursuant to an effective registration statement under
      the
      Securities Act, and effective registration or qualification under applicable
      state securities laws, or is made in a transaction that does not require such
      registration or qualification. In the event that such a transfer of a Class
      B-1
      Certificate, Class CE-1 Certificate, Class CE-2 Certificate, Class P Certificate
      or Residual Certificate is to be made without registration or qualification
      (other than in connection with the initial transfer of any such Certificate
      by
      the Depositor), the Securities Administrator shall require receipt of: (i)
      if
      such transfer is purportedly being made in reliance upon Rule 144A under the
      Securities Act, written certifications from the Certificateholder desiring
      to
      effect the transfer and from such Certificateholder’s prospective transferee,
      substantially in the form attached hereto as Exhibit B-1; (ii) if such transfer
      is purportedly being made in reliance upon Rule 501(a) under the Securities
      Act,
      written certifications from the Certificateholder desiring to effect the
      transfer and from such Certificateholder’s prospective transferee, substantially
      in the form attached hereto as Exhibit B-2; (iii) if such transfer is
      purportedly being made in reliance on Regulation S, a written certification
      from
      the prospective transferee, substantially in the form attached hereto as Exhibit
      B-1 and (iv) in all other cases, an Opinion of Counsel satisfactory to the
      Securities Administrator that such transfer may be made without such
      registration or qualification (which Opinion of Counsel shall not be an expense
      of the Trust Fund or of the Depositor, the Trustee, the Master Servicer, the
      Securities Administrator or the Servicer), together with copies of the written
      certification(s) of the Certificateholder desiring to effect the transfer and/or
      such Certificateholder’s prospective transferee upon which such Opinion of
      Counsel is based, if any. Neither of the Depositor nor the Securities
      Administrator is obligated to register or qualify any such Certificates under
      the Securities Act or any other securities laws or to take any action not
      otherwise required under this Agreement to permit the transfer of such
      Certificates without registration or qualification. Any Certificateholder
      desiring to effect the transfer of any such Certificate shall, and does hereby
      agree to, indemnify the Trustee, the Depositor, the Master Servicer, the
      Securities Administrator and the Servicer against any liability that may result
      if the transfer is not so exempt or is not made in accordance with such federal
      and state laws.

     

    A
      holder
      of a beneficial interest in a Regulation S Temporary Global Certificate must
      provide Euroclear or Clearstream, as the case may be, with a certificate in
      the
      form of Annex A to Exhibit B-1 hereto certifying that the beneficial owner
      of
      the interest in such Global Certificate is not a U.S. Person (as defined in
      Regulation S), and Euroclear or Clearstream, as the case may be, must provide
      to
      the Trustee and Securities Administrator a certificate in the form of Exhibit
      B-1 hereto prior to (i) the payment of interest or principal with respect to
      such holder’s beneficial interest in the Regulation S Temporary Global
      Certificate and (ii) any exchange of such beneficial interest for a beneficial
      interest in a Regulation S Permanent Global Certificate.

     

    (c)  No
      transfer of a Class CE-1 Certificate, Class CE-2 Certificate, Class P
      Certificate or a Residual Certificate or any interest therein shall be made
      to
      any Plan subject to ERISA or Section 4975 of the Code, any Person acting,
      directly or indirectly, on behalf of any such Plan or any Person acquiring
      such
      Certificates with “Plan Assets” of a Plan within the meaning of the Department
      of Labor regulation promulgated at 29 C.F.R. § 2510.3-101 (“Plan Assets”) unless
      the Securities Administrator is provided with an Opinion of Counsel on which
      the
      Depositor, the Master Servicer, the Securities Administrator, the Trustee and
      the Servicer may rely, which establishes to the satisfaction of the Securities
      Administrator that the purchase of such Certificates is permissible under
      applicable law, will not constitute or result in any prohibited transaction
      under ERISA or Section 4975 of the Code and will not subject the Depositor,
      the Servicer, the Trustee, the Master Servicer, the Securities Administrator
      or
      the Trust Fund to any obligation or liability (including obligations or
      liabilities under ERISA or Section 4975 of the Code) in addition to those
      undertaken in this Agreement, which Opinion of Counsel shall not be an expense
      of the Depositor, the Servicer, the Trustee, the Master Servicer, the Securities
      Administrator or the Trust Fund. An Opinion of Counsel will not be required
      in
      connection with the initial transfer of any such Certificate by the Depositor
      to
      an affiliate of the Depositor (in which case, the Depositor or any affiliate
      thereof shall have deemed to have represented that such affiliate is not a
      Plan
      or a Person investing Plan Assets) and the Securities Administrator shall be
      entitled to conclusively rely upon a representation (which, upon the request
      of
      the Securities Administrator, shall be a written representation) from the
      Depositor of the status of such transferee as an affiliate of the
      Depositor.

     

    For
      so
      long as the Supplemental Interest Trust is in existence, each beneficial owner
      of a Offered Certificate, Class B-1 Certificate or any interest therein, shall
      be deemed to have represented, by virtue of its acquisition or holding of the
      Offered Certificate, Class B-1 Certificate, or interest therein, that either
      (i)
      it is not a Plan or (ii)(A) it is an accredited investor within the meaning
      of
      Prohibited Transaction Exemption 2002-41, as amended from time to time (the
      “Exemption”) and (B) the acquisition and holding of such Certificate and the
      separate right to receive payments from the Supplemental Interest Trust are
      eligible for the exemptive relief available under Prohibited Transaction Class
      Exemption (“PTCE”) 84-14 (for transactions by independent “qualified
      professional asset managers”), 91-38 (for transactions by bank collective
      investment funds), 90-1 (for transactions by insurance company pooled separate
      accounts), 95-60 (for transactions by insurance company general accounts) or
      96-23 (for transactions effected by “in-house asset managers”) in the case of an
      Offered Certificate or PTCE 95-60 in the case of a Class B-1 Certificate.

     

    Each
      Transferee of a Mezzanine Certificate, a Class B-1 Certificate or any interest
      therein that is acquired after the termination of the Supplemental Interest
      Trust will be deemed to have represented by virtue of its purchase or holding
      of
      such Certificate (or interest therein) that either (a) such Transferee is not
      a
      Plan or purchasing such Certificate with Plan Assets, (b) in the case of a
      Mezzanine Certificate, it has acquired and is holding such Certificate in
      reliance on Prohibited Transaction Exemption (“PTE”) 94-84 or FAN 97-03E, as
      amended by PTE 97-34, 62 Fed. Reg. 39021 (July 21, 1997), PTE 2000-58, 65 Fed.
      Reg. 67765 (November 13, 2000) and PTE 2002-41, 67 Fed. Reg. 54487 (August
      22,
      2002) (the “Exemption”), and that it understands that there are certain
      conditions to the availability of the Exemption including that such Certificate
      must be rated, at the time of purchase, not lower than “BBB-” (or its
      equivalent) by a Rating Agency or (c) the following conditions are satisfied:
      (i) such Transferee is an insurance company, (ii) the source of funds used
      to
      purchase or hold such Certificate (or interest therein) is an “insurance company
      general account” (as defined in PTCE 95-60), and (iii) the conditions set forth
      in Sections I and III of PTCE 95-60 have been satisfied.

     

    If
      any
      Certificate or any interest therein is acquired or held in violation of the
      conditions described in this Section 6.02(c), the next preceding permitted
      beneficial owner will be treated as the beneficial owner of that Certificate,
      retroactive to the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any certificate
      or
      interest therein was effected in violation of the conditions described in this
      Section 6.02(c) shall indemnify and hold harmless the Depositor, the
      Trustee, the Servicer, the Master Servicer, the Securities Administrator and
      the
      Trust Fund from and against any and all liabilities, claims, costs or expenses
      incurred by those parties as a result of that acquisition or
      holding.

     

    (d)  (i)
      Each
      Person who has or who acquires any Ownership Interest in a Residual Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions and to have irrevocably
      authorized the Securities Administrator or its designee under clause (iii)(A)
      below to deliver payments to a Person other than such Person and to negotiate
      the terms of any mandatory sale under clause (iii)(B) below and to execute
      all
      instruments of Transfer and to do all other things necessary in connection
      with
      any such sale. The rights of each Person acquiring any Ownership Interest in
      a
      Residual Certificate are expressly subject to the following
      provisions:

     

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

     

    (B)  In
      connection with any proposed Transfer of any Ownership Interest in a Residual
      Certificate, the Securities Administrator shall require delivery to it, and
      shall not register the Transfer of any Residual Certificate until its receipt
      of, an affidavit and agreement (a “Transfer Affidavit and Agreement,” in the
      form attached hereto as Exhibit B-3) from the proposed Transferee, in form
      and
      substance satisfactory to the Securities Administrator, representing and
      warranting, among other things, that such Transferee is a Permitted Transferee,
      that it is not acquiring its Ownership Interest in the Residual Certificate
      that
      is the subject of the proposed Transfer as a nominee, trustee or agent for
      any
      Person that is not a Permitted Transferee, that for so long as it retains its
      Ownership Interest in a Residual Certificate, it will endeavor to remain a
      Permitted Transferee, and that it has reviewed the provisions of this
      Section 6.02(d) and agrees to be bound by them.

     

    (C)  Notwithstanding
      the delivery of a Transfer Affidavit and Agreement by a proposed Transferee
      under clause (B) above, if an authorized officer of the Securities Administrator
      who is assigned to this transaction has actual knowledge that the proposed
      Transferee is not a Permitted Transferee, no Transfer of an Ownership Interest
      in a Residual Certificate to such proposed Transferee shall be
      effected.

     

    (D)  Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall agree (x) to require a Transfer Affidavit and Agreement from any other
      Person to whom such Person attempts to transfer its Ownership Interest in a
      Residual Certificate and (y) not to transfer its Ownership Interest unless
      it
      provides a Transferor Affidavit (in the form attached hereto as Exhibit B-2)
      to
      the Securities Administrator stating that, among other things, it has no actual
      knowledge that such other Person is not a Permitted Transferee.

     

    (E)  Each
      Person holding or acquiring an Ownership Interest in a Residual Certificate,
      by
      purchasing an Ownership Interest in such Certificate, agrees to give the
      Securities Administrator written notice that it is a “pass-through interest
      holder” within the meaning of temporary Treasury regulation
      Section 1.67-3T(a)(2)(i)(A) immediately upon acquiring an Ownership
      Interest in a Residual Certificate, if it is, or is holding an Ownership
      Interest in a Residual Certificate on behalf of, a “pass-through interest
      holder.”

     

    (ii)  The
      Securities Administrator will register the Transfer of any Residual Certificate
      only if it shall have received the Transfer Affidavit and Agreement and all
      of
      such other documents as shall have been reasonably required by the Securities
      Administrator as a condition to such registration. In addition, no Transfer
      of a
      Residual Certificate shall be made unless the Securities Administrator shall
      have received a representation letter from the Transferee of such Certificate
      to
      the effect that such Transferee is a Permitted Transferee.

     

    (iii)  (A)If
      any
      purported Transferee shall become a Holder of a Residual Certificate in
      violation of the provisions of this Section 6.02(d), then the last
      preceding Permitted Transferee shall be restored, to the extent permitted by
      law, to all rights as holder thereof retroactive to the date of registration
      of
      such Transfer of such Residual Certificate. The Securities Administrator shall
      be under no liability to any Person for any registration of Transfer of a
      Residual Certificate that is in fact not permitted by this Section 6.02(d)
      or for making any payments due on such Certificate to the holder thereof or
      for
      taking any other action with respect to such holder under the provisions of
      this
      Agreement.

     

    (B)  If
      any
      purported Transferee shall become a holder of a Residual Certificate in
      violation of the restrictions in this Section 6.02(d) and to the extent
      that the retroactive restoration of the rights of the holder of such Residual
      Certificate as described in clause (iii)(A) above shall be invalid, illegal
      or
      unenforceable, then the Securities Administrator shall have the right, without
      notice to the holder or any prior holder of such Residual Certificate, to sell
      such Residual Certificate to a purchaser selected by the Securities
      Administrator on such terms as the Securities Administrator may choose. Such
      purported Transferee shall promptly endorse and deliver each Residual
      Certificate in accordance with the instructions of the Securities Administrator.
      Such purchaser may be the Securities Administrator itself or any Affiliate
      of
      the Securities Administrator. The proceeds of such sale, net of the commissions
      (which may include commissions payable to the Securities Administrator or its
      Affiliates), expenses and taxes due, if any, will be remitted by the Securities
      Administrator to such purported Transferee. The terms and conditions of any
      sale
      under this clause (iii)(B) shall be determined in the sole discretion of the
      Securities Administrator, and the Securities Administrator shall not be liable
      to any Person having an Ownership Interest in a Residual Certificate as a result
      of its exercise of such discretion.

     

    (iv)  The
      Securities Administrator shall make available to the Internal Revenue Service
      and those Persons specified by the REMIC Provisions all information necessary
      to
      compute any tax imposed (A) as a result of the Transfer of an Ownership Interest
      in a Residual Certificate to any Person who is a Disqualified Organization,
      including the information described in Treasury regulations sections
      1.860D-1(b)(5) and 1.860E-2(a)(5) with respect to the “excess inclusions” of
      such Residual Certificate and (B) as a result of any regulated investment
      company, real estate investment trust, common trust fund, partnership, trust,
      estate or organization described in Section 1381 of the Code that holds an
      Ownership Interest in a Residual Certificate having as among its record holders
      at any time any Person which is a Disqualified Organization. Reasonable
      compensation for providing such information may be charged or collected by
      the
      Securities Administrator.

     

    (v)  The
      provisions of this Section 6.02(d) set forth prior to this subsection (v)
      may be modified, added to or eliminated, provided that there shall have been
      delivered to the Securities Administrator at the expense of the party seeking
      to
      modify, add to or eliminate any such provision the following:

     

    (A)  written
      notification from each Rating Agency to the effect that the modification,
      addition to or elimination of such provisions will not cause such Rating Agency
      to downgrade its then-current ratings of any Class of Certificates;
      and

     

    (B)  an
      Opinion of Counsel, in form and substance satisfactory to the Securities
      Administrator, to the effect that such modification of, addition to or
      elimination of such provisions will not cause any Trust REMIC to cease to
      qualify as a REMIC and will not cause any Trust REMIC, as the case may be,
      to be
      subject to an entity-level tax caused by the Transfer of any Residual
      Certificate to a Person that is not a Permitted Transferee or a Person other
      than the prospective transferee to be subject to a REMIC-tax caused by the
      Transfer of a Residual Certificate to a Person that is not a Permitted
      Transferee.

     

    (e)  Subject
      to the preceding subsections, upon surrender for registration of transfer of
      any
      Certificate at any office or agency of the Securities Administrator maintained
      for such purpose pursuant to Section 9.11, the Securities Administrator
      shall execute, authenticate and deliver, in the name of the designated
      Transferee or Transferees, one or more new Certificates of the same Class of
      a
      like aggregate Percentage Interest.

     

    (f)  At
      the
      option of the Holder thereof, any Certificate may be exchanged for other
      Certificates of the same Class with authorized denominations and a like
      aggregate Percentage Interest, upon surrender of such Certificate to be
      exchanged at any office or agency of the Securities Administrator maintained
      for
      such purpose pursuant to Section 9.11. Whenever any Certificates are so
      surrendered for exchange, the Securities Administrator shall execute,
      authenticate and deliver, the Certificates which the Certificateholder making
      the exchange is entitled to receive. Every Certificate presented or surrendered
      for transfer or exchange shall (if so required by the Securities Administrator)
      be duly endorsed by, or be accompanied by a written instrument of transfer
      in
      the form satisfactory to the Securities Administrator duly executed by, the
      Holder thereof or his attorney duly authorized in writing. In addition, with
      respect to each Class R Certificate, the holder thereof may exchange, in the
      manner described above, such Class R Certificate for two separate certificates,
      each representing such holder's respective Percentage Interest in the Class
      R-I
      Interest and the Class R-II Interest, respectively, in each case that was
      evidenced by the Class R Certificate being exchanged.

     

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

     

    (h)  All
      Certificates surrendered for transfer and exchange shall be canceled and
      destroyed by the Securities Administrator in accordance with its customary
      procedures.

     

    SECTION
      6.03.  Mutilated,
      Destroyed, Lost or Stolen Certificates.

     

    If
      (i)
      any mutilated Certificate is surrendered to the Securities Administrator, or
      the
      Securities Administrator receives evidence to its satisfaction of the
      destruction, loss or theft of any Certificate and of the ownership thereof,
      and
      (ii) there is delivered to Securities Administrator such security or indemnity
      as may be required by it to save it harmless, then, in the absence of actual
      knowledge by the Securities Administrator that such Certificate has been
      acquired by a protected purchaser, the Securities Administrator, shall execute,
      authenticate and deliver, in exchange for or in lieu of any such mutilated,
      destroyed, lost or stolen Certificate, a new Certificate of the same Class
      and
      of like denomination and Percentage Interest. Upon the issuance of any new
      Certificate under this Section, the Securities Administrator may require the
      payment of a sum sufficient to cover any tax or other governmental charge that
      may be imposed in relation thereto and any other expenses (including the fees
      and expenses of the Securities Administrator) connected therewith. Any
      replacement Certificate issued pursuant to this Section shall constitute
      complete and indefeasible evidence of ownership in the applicable REMIC created
      hereunder, as if originally issued, whether or not the lost, stolen or destroyed
      Certificate shall be found at any time.

     

    SECTION
      6.04.  Persons
      Deemed Owners.

     

    The
      Depositor, the Servicer, the Trustee, the Master Servicer, the Securities
      Administrator and any agent of any of them may treat the Person in whose name
      any Certificate is registered as the owner of such Certificate for the purpose
      of receiving distributions pursuant to Section 4.01 and for all other
      purposes whatsoever, and none of the Depositor, the Servicer, the Trustee,
      the
      Master Servicer, the Securities Administrator or any agent of any of them shall
      be affected by notice to the contrary.

     

    SECTION
      6.05.  Certain
      Available Information.

     

    On
      or
      prior to the date of the first sale of any Class B-1 Certificate, Class CE-1
      Certificate, Class CE-2 Certificate, Class P Certificate or Residual Certificate
      to an Independent third party, the Depositor shall provide to the Securities
      Administrator ten copies of any private placement memorandum or other disclosure
      document used by the Depositor in connection with the offer and sale of such
      Certificate. In addition, if any such private placement memorandum or disclosure
      document is revised, amended or supplemented at any time following the delivery
      thereof to the Securities Administrator, the Depositor promptly shall inform
      the
      Securities Administrator of such event and shall deliver to the Securities
      Administrator ten copies of the private placement memorandum or disclosure
      document, as revised, amended or supplemented. The Securities Administrator
      shall maintain at its office as set forth in Section 12.05 hereof and shall
      make available free of charge during normal business hours for review by any
      Holder of a Certificate or any Person identified to the Securities Administrator
      as a prospective transferee of a Certificate, originals or copies of the
      following items: (i) in the case of a Holder or prospective transferee of a
      Class B-1 Certificate, Class CE-1 Certificate, Class CE-2 Certificate, Class
      P
      Certificate or Residual Certificate, the related private placement memorandum
      or
      other disclosure document relating to such Class of Certificates, in the form
      most recently provided to the Securities Administrator; and (ii) in all cases,
      (A) this Agreement and any amendments hereof entered into pursuant to
      Section 11.01, (B) all monthly statements required to be delivered to
      Certificateholders of the relevant Class pursuant to Section 5.02 since the
      Closing Date, and all other notices, reports, statements and written
      communications delivered to the Certificateholders of the relevant Class
      pursuant to this Agreement since the Closing Date and (C) any copies of all
      Officers’ Certificates of the Servicer since the Closing Date delivered to the
      Master Servicer to evidence such Person’s determination that any P&I Advance
      or Servicing Advance was, or if made, would be a Nonrecoverable P&I Advance
      or Nonrecoverable Servicing Advance. Copies and mailing of any and all of the
      foregoing items will be available from the Securities Administrator upon request
      at the expense of the Person requesting the same.

     

    ARTICLE
      VII  

     

    THE
      DEPOSITOR, THE SERVICER AND THE MASTER SERVICER

     

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

     

    The
      Depositor, the Servicer and the Master Servicer each shall be liable in
      accordance herewith only to the extent of the obligations specifically imposed
      by this Agreement upon them in their respective capacities as Depositor, the
      Servicer and Master Servicer and undertaken hereunder by the Depositor, the
      Servicer and the Master Servicer herein.

     

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

     

    Subject
      to the following paragraph, the Depositor will keep in full effect its
      existence, rights and franchises as a corporation under the laws of the
      jurisdiction of its incorporation. The Servicer will keep in full effect its
      existence, rights and franchises as a limited liability company. Subject to
      the
      following paragraph, the Master Servicer will keep in full effect its existence,
      rights and franchises as a national banking association. The Depositor, the
      Servicer and the Master Servicer each will obtain and preserve its qualification
      to do business as a foreign entity in each jurisdiction in which such
      qualification is or shall be necessary to protect the validity and
      enforceability of this Agreement, the Certificates or any of the Mortgage Loans
      and to perform its respective duties under this Agreement.

     

    The
      Depositor, any Servicer or the Master Servicer may be merged or consolidated
      with or into any Person, or transfer all or substantially all of its assets
      to
      any Person, in which case any Person resulting from any merger or consolidation
      to which the Depositor, the Servicer or the Master Servicer shall be a party,
      or
      any Person succeeding to the business of the Depositor, the Servicer or the
      Master Servicer, shall be the successor of the Depositor, the Servicer or the
      Master Servicer, as the case may be, hereunder, without the execution or filing
      of any paper or any further act on the part of any of the parties hereto,
      anything herein to the contrary notwithstanding; provided, however, that any
      successor to the Servicer or the Master Servicer shall meet the eligibility
      requirements set forth in clauses (i) and (iii) of the last paragraph of
      Section 8.02(a) or Section 7.06, as applicable. 

     

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

     

    None
      of
      the Depositor, the Servicer, the Securities Administrator, the Master Servicer
      or any of the directors, officers, employees or agents of the Depositor, the
      Servicer or the Master Servicer shall be under any liability to the Trust Fund
      or the Certificateholders for any action taken or for refraining from the taking
      of any action in good faith pursuant to this Agreement, or for errors in
      judgment; provided, however, that this provision shall not protect the
      Depositor, the Servicer, the Securities Administrator, the Master Servicer
      or
      any such person against any breach of warranties, representations or covenants
      made herein or against any specific liability imposed on any such Person
      pursuant hereto or against any liability which would otherwise be imposed by
      reason of gross negligence or by reason of reckless disregard of obligations
      and
      duties hereunder. The Depositor, the Servicer, the Securities Administrator,
      the
      Master Servicer and any director, officer, employee or agent of the Depositor,
      the Servicer, the Securities Administrator and the Master Servicer may rely
      in
      good faith on any document of any kind which, prima facie, is properly executed
      and submitted by any Person respecting any matters arising hereunder. The
      Depositor, the Servicer, the Securities Administrator, the Master Servicer
      and
      any director, officer, employee or agent of the Depositor, the Servicer, the
      Securities Administrator or the Master Servicer shall be indemnified and held
      harmless by the Trust Fund against any loss, liability or expense incurred
      in
      connection with any legal action relating to this Agreement, the Certificates
      or
      any Credit Risk Management Agreement or any loss, liability or expense incurred
      other than by reason of willful misfeasance, bad faith or gross negligence
      in
      the performance of duties hereunder or by reason of reckless disregard of
      obligations and duties hereunder. None of the Depositor, any Servicer, the
      Securities Administrator or the Master Servicer shall be under any obligation
      to
      appear in, prosecute or defend any legal action unless such action is related
      to
      its respective duties under this Agreement and, in its opinion, does not involve
      it in any expense or liability; provided, however, that each of the Depositor,
      the Servicer, the Securities Administrator and the Master Servicer may in its
      discretion undertake any such action which it may deem necessary or desirable
      with respect to this Agreement and the rights and duties of the parties hereto
      and the interests of the Certificateholders hereunder. In such event, the legal
      expenses and costs of such action and any liability resulting therefrom (except
      any loss, liability or expense incurred by reason of willful misfeasance, bad
      faith or gross negligence in the performance of duties hereunder or by reason
      of
      reckless disregard of obligations and duties hereunder) shall be expenses,
      costs
      and liabilities of the Trust Fund, and the Depositor, the Servicer, the
      Securities Administrator and the Master Servicer shall be entitled to be
      reimbursed therefor from the Collection Account or the Distribution Account
      as
      and to the extent provided in Article III and Article IV, any such right of
      reimbursement being prior to the rights of the Certificateholders to receive
      any
      amount in the Collection Account and the Distribution Account.

     

    Notwithstanding
      anything to the contrary contained herein, no Servicer shall be liable for
      any
      actions or inactions prior to the Cut-off Date of any prior servicer of the
      related Mortgage Loans and the Master Servicer shall not be liable for any
      action or inaction of any Servicer, except to the extent expressly provided
      herein, or the Credit Risk Management Agreement.

     

    SECTION
      7.04.  Limitation
      on Resignation of the Servicer.

     

    (a)  Except
      as
      expressly provided herein, no Servicer shall neither assign all or substantially
      all of its rights under this Agreement or the servicing hereunder nor delegate
      all or substantially all of its duties hereunder nor sell or otherwise dispose
      of all or substantially all of its property or assets without, in each case,
      the
      prior written consent of the Master Servicer, which consent shall not be
      unreasonably withheld; provided, that in each case, there must be delivered
      to
      the Trustee and the Master Servicer a letter from each Rating Agency to the
      effect that such transfer of servicing or sale or disposition of assets will
      not
      result in a qualification, withdrawal or downgrade of the then-current rating
      of
      any of the Certificates. Notwithstanding the foregoing, the Servicer, without
      the consent of the Trustee or the Master Servicer, may retain third-party
      contractors to perform certain servicing and loan administration functions,
      including without limitation hazard insurance administration, tax payment and
      administration, flood certification and administration, collection services
      and
      similar functions, provided, however, that the retention of such contractors
      by
      the Servicer shall not limit the obligation of the Servicer to service the
      related Mortgage Loans pursuant to the terms and conditions of this Agreement.
      No Servicer shall resign from the obligations and duties hereby imposed on
      it
      except (i) upon determination that its duties hereunder are no longer
      permissible under applicable law, or (ii) upon the Servicer’s written proposal
      of a successor servicer reasonably acceptable to each of the Sponsor, the
      Depositor and the Master Servicer. No such resignation under clause (i) above
      shall become effective unless evidenced by an Opinion of Counsel to such effect
      obtained at the expense of the Servicer and delivered to the Trustee and the
      Rating Agencies. No such resignation of the Servicer under clause (ii) shall
      be
      effective unless:

     

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

     

    (ii)  the
      Rating Agencies have confirmed to the Trustee that the appointment of the
      proposed successor servicer as the servicer under this Agreement will not result
      in the reduction or withdrawal of the then current ratings of any of the
      Certificates; and

     

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

     

    Notwithstanding
      anything to the contrary, no resignation of the Servicer shall become effective
      until the Master Servicer or a successor Servicer shall have assumed the
      Servicer’s responsibilities, duties, liabilities (other than those liabilities
      arising prior to the appointment of such successor) and obligations under this
      Agreement.

     

    (b)  Except
      as
      expressly provided herein, no Servicer shall assign or transfer any of its
      rights, benefits or privileges hereunder to any other Person, or delegate to
      or
      subcontract with, or authorize or appoint any other Person to perform any of
      the
      duties, covenants or obligations to be performed by the Servicer hereunder.
      The
      foregoing prohibition on assignment shall not prohibit the Servicer from
      designating a Sub-Servicer as payee of any indemnification amount payable to
      the
      Servicer hereunder; provided, however, that as provided in Section 3.02, no
      Sub-Servicer shall be a third-party beneficiary hereunder and the parties hereto
      shall not be required to recognize any Sub-Servicer as an indemnitee under
      this
      Agreement.

     

    SECTION
      7.05.  Limitation
      on Resignation of the Master Servicer.

     

    The
      Master Servicer shall not resign from the obligations and duties hereby imposed
      on it except upon determination that its duties hereunder are no longer
      permissible under applicable law. Any such determination pursuant to the
      preceding sentence permitting the resignation of the Master Servicer shall
      be
      evidenced by an Opinion of Counsel to such effect obtained at the expense of
      the
      Master Servicer and delivered to the Trustee and the Rating Agencies. No
      resignation of the Master Servicer shall become effective until the Trustee
      or a
      successor Master Servicer meeting the criteria specified in Section 7.06
      shall have assumed the Master Servicer’s responsibilities, duties, liabilities
      (other than those liabilities arising prior to the appointment of such
      successor) and obligations under this Agreement.

     

    SECTION
      7.06.  Assignment
      of Master Servicing.

     

    The
      Master Servicer may sell and assign its rights and delegate its duties and
      obligations in its entirety as Master Servicer under this Agreement; provided,
      however, that: (i) the purchaser or transferee accept in writing such assignment
      and delegation and assume the obligations of the Master Servicer hereunder
      (a)
      shall have a net worth of not less than $25,000,000 (unless otherwise approved
      by each Rating Agency pursuant to clause (ii) below); (b) shall be reasonably
      satisfactory to the Trustee (as evidenced in a writing signed by the Trustee);
      and (c) shall execute and deliver to the Trustee an agreement, in form and
      substance reasonably satisfactory to the Trustee, which contains an assumption
      by such Person of the due and punctual performance and observance of each
      covenant and condition to be performed or observed by it as master servicer
      under this Agreement, any custodial agreement from and after the effective
      date
      of such agreement; (ii) each Rating Agency shall be given prior written notice
      of the identity of the proposed successor to the Master Servicer and each Rating
      Agency’s rating of the Certificates in effect immediately prior to such
      assignment, sale and delegation will not be downgraded, qualified or withdrawn
      as a result of such assignment, sale and delegation, as evidenced by a letter
      to
      such effect delivered to the Master Servicer and the Trustee; and (iii) the
      Master Servicer assigning and selling the master servicing shall deliver to
      the
      Trustee an Officer’s Certificate and an Opinion of Independent counsel, each
      stating that all conditions precedent to such action under this Agreement have
      been completed and such action is permitted by and complies with the terms
      of
      this Agreement. No such assignment or delegation shall affect any liability
      of
      the Master Servicer arising out of acts or omissions prior to the effective
      date
      thereof.

     

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

     

    Each
      of
      the Master Servicer and the Servicer shall afford (and any Sub-Servicing or
      Subcontracting Agreement shall provide that each Sub-Servicer or Subcontractor,
      as applicable shall afford) the Depositor and the Trustee, upon reasonable
      notice, during normal business hours, access to all records maintained by the
      Master Servicer or the Servicer (and any such Sub-Servicer or Subcontractor,
      as
      applicable) in respect of the Servicer’s rights and obligations hereunder and
      access to officers of the Master Servicer or the Servicer (and those of any
      such
      Sub-Servicer or Subcontractor, as applicable) responsible for such obligations,
      and the Master Servicer shall have access to all such records maintained by
      the
      Servicer and any Sub-Servicers or Subcontractors. Upon request, each of the
      Master Servicer and the Servicer shall furnish to the Depositor and the Trustee
      its (and any such Sub-Servicer’s or Subcontractor’s) most recent financial
      statements and such other information relating to the Master Servicer’s or the
      Servicer’s capacity to perform its obligations under this Agreement as it
      possesses (and that any such Sub-Servicer or Subcontractor possesses). To the
      extent the Depositor and the Trustee are made aware by the Master Servicer
      or
      the Servicer that such information is not otherwise available to the public,
      the
      Depositor and the Trustee shall not disseminate any information obtained
      pursuant to the preceding two sentences without the Master Servicer’s or the
      Servicer’s written consent, except as required pursuant to this Agreement or to
      the extent that it is appropriate to do so (i) to its legal counsel, auditors,
      taxing authorities or other governmental agencies and the Certificateholders,
      (ii) pursuant to any law, rule, regulation, order, judgment, writ, injunction
      or
      decree of any court or governmental authority having jurisdiction over the
      Depositor and the Trustee or the Trust Fund, and in any case, the Depositor
      or
      the Trustee, (iii) disclosure of any and all information that is or becomes
      publicly known, or information obtained by the Trustee from sources other than
      the Depositor, the Servicer or the Master Servicer, (iv) disclosure as required
      pursuant to this Agreement or (v) disclosure of any and all information (A)
      in
      any preliminary or final offering circular, registration statement or contract
      or other document pertaining to the transactions contemplated by the Agreement
      approved in advance by the Depositor, the Servicer or the Master Servicer or
      (B)
      to any affiliate, independent or internal auditor, agent, employee or attorney
      of the Trustee having a need to know the same, provided that the Trustee advises
      such recipient of the confidential nature of the information being disclosed,
      shall use its best efforts to assure the confidentiality of any such
      disseminated non-public information. Nothing in this Section 7.07 shall
      limit the obligation of the Servicer to comply with any applicable law
      prohibiting disclosure of information regarding the Mortgagors and the failure
      of the Servicer to provide access as provided in this Section 7.07 as a
      result of such obligation shall not constitute a breach of this Section. Nothing
      in this Section 7.07 shall require the Servicer to collect, create, collate
      or otherwise generate any information that it does not generate in its usual
      course of business. No Servicer shall be required to make copies of or ship
      documents to any party unless provisions have been made for the reimbursement
      of
      the costs thereof. The Depositor may, but is not obligated to, enforce the
      obligations of the Master Servicer and the Servicer under this Agreement and
      may, but is not obligated to, perform, or cause a designee to perform, any
      defaulted obligation of the Master Servicer or any Servicer under this Agreement
      or exercise the rights of the Master Servicer or any Servicer under this
      Agreement; provided that neither the Master Servicer nor the Servicer shall
      be
      relieved of any of its obligations under this Agreement by virtue of such
      performance by the Depositor or its designee. The Depositor shall not have
      any
      responsibility or liability for any action or failure to act by the Master
      Servicer or the Servicer and is not obligated to supervise the performance
      of
      the Master Servicer or any Servicer under this Agreement or
      otherwise.

     

    SECTION
      7.08.  Duties
      of the Credit Risk Manager. 

     

    For
      and
      on behalf of the Depositor, the Credit Risk Manager will provide reports and
      recommendations concerning certain delinquent and defaulted Mortgage Loans,
      and
      as to the collection of any Prepayment Charges with respect to the Mortgage
      Loans. Such reports and recommendations will be based upon information provided
      to the Credit Risk Manager pursuant to the Credit Risk Management Agreements,
      and the Credit Risk Manager shall look solely to the Servicer and/or Master
      Servicer for all information and data (including loss and delinquency
      information and data) relating to the servicing of the related Mortgage Loans.
      Upon any termination of the Credit Risk Manager or the appointment of a
      successor Credit Risk Manager, the Depositor shall give written notice thereof
      to the Servicer, the Master Servicer, the Securities Administrator, the Trustee,
      and each Rating Agency. Notwithstanding the foregoing, the termination of the
      Credit Risk Manager pursuant to this Section shall not become effective
      until the appointment of a successor Credit Risk Manager. The Trustee is hereby
      authorized to enter into any Credit Risk Management Agreement necessary to
      effect the foregoing.

     

    SECTION
      7.09.  Limitation
      Upon Liability of the Credit Risk Manager. 

     

    Neither
      the Credit Risk Manager, nor any of its directors, officers, employees, or
      agents shall be under any liability to the Trustee, the Certificateholders,
      or
      the Depositor for any action taken or for refraining from the taking of any
      action made in good faith pursuant to this Agreement, in reliance upon
      information provided by the Servicer under the related Credit Risk Management
      Agreement, or for errors in judgment; provided, however, that this provision
      shall not protect the Credit Risk Manager or any such person against liability
      that would otherwise be imposed by reason of willful malfeasance or bad faith
      in
      its performance of its duties. The Credit Risk Manager and any director,
      officer, employee, or agent of the Credit Risk Manager may rely in good faith
      on
      any document of any kind prima facie properly executed and submitted by any
      Person respecting any matters arising hereunder, and may rely in good faith
      upon
      the accuracy of information furnished by the Servicer pursuant to the related
      Credit Risk Management Agreement in the performance of its duties thereunder
      and
      hereunder.

     

    SECTION
      7.10.  Removal
      of the Credit Risk Manager. 

     

    The
      Credit Risk Manager may be removed as Credit Risk Manager by Certificateholders
      holding not less than 66 2/3% of the Voting Rights in the Trust Fund, in the
      exercise of its or their sole discretion. The Certificateholders shall provide
      written notice of the Credit Risk Manager’s removal to the Trustee. Upon receipt
      of such notice, the Trustee shall provide written notice to the Credit Risk
      Manager of its removal, which shall be effective upon receipt of such notice
      by
      the Credit Risk Manager, with a copy to the Securities Administrator and the
      Master Servicer.

     

    SECTION
      7.11.  Transfer
      of Servicing by Sponsor.

     

    The
      Sponsor may, at its option, transfer the servicing responsibilities of Ocwen
      as
      the Servicer with respect to the Mortgage Loans at any time without cause.
      No
      such transfer shall become effective unless and until a successor to Ocwen
      shall
      have been appointed to service and administer the related Mortgage Loans
      pursuant to the terms and conditions of this Agreement. No appointment shall
      be
      effective unless (i) such successor meets the eligibility criteria set forth
      in
      Section 7.04 and (ii) all amounts reimbursable to Ocwen under this Agreement
      shall have been paid by the successor appointed pursuant to the terms of this
      Section 7.11 or by the Sponsor including without limitation, all unreimbursed
      P&I Advances and Servicing Advances made by Ocwen, accrued and unpaid
      Servicing Fees and all out-of-pocket expenses of Ocwen incurred in connection
      with the transfer of servicing to such successor. The Sponsor shall provide
      a
      copy of the written confirmation of the Rating Agencies to the Trustee, the
      Securities Administrator and the Master Servicer. In connection with such
      appointment and assumption described herein, the Sponsor may make such
      arrangements for the compensation of such successor out of payments on Mortgage
      Loans as it and such successor shall agree; provided, however, that no such
      compensation shall be in excess of that permitted by Ocwen hereunder. The
      Sponsor shall take such action, consistent with this Agreement, as shall be
      necessary to effectuate any such succession.

     

    ARTICLE
      VIII

    DEFAULT

     

     

    SECTION
      8.01.  Servicer
      Events of Default.

     

    (a)  “Servicer
      Event of Default,” wherever used herein, means any one of the following
      events:

     

    (i)  any
      failure by the Servicer to remit to the Securities Administrator for
      distribution to the Certificateholders any payment (other than a P&I Advance
      required to be made from its own funds on any Servicer Remittance Date pursuant
      to Section 5.03 of the Agreement) required to be made by the Servicer under
      the
      terms of the Certificates and this Agreement which continues unremedied for
      a
      period of one Business Day after the date upon which written notice of such
      failure, requiring the same to be remedied, shall have been given to the
      Servicer by the Depositor or the Trustee (in which case notice shall be provided
      by telecopy), or to the Servicer, the Depositor, the Trustee and by the Holders
      of Certificates entitled to at least 25% of the Voting Rights; or

     

    (ii)  any
      failure on the part of the Servicer duly to observe or perform in any material
      respect any other of the covenants or agreements on the part of the Servicer
      contained in this Agreement, or the material breach by the Servicer of any
      representation and warranty contained in Section 2.05 of the Agreement, which
      continues unremedied for a period of thirty (30) days after the date on which
      written notice of such failure, or as otherwise set forth in this Agreement,
      requiring the same to be remedied, shall have been given to the Servicer by
      the
      Depositor or the Trustee or to the Servicer, the Depositor and the Trustee
      by
      the Holders of Certificates entitled to at least 25% of the Voting Rights;
      provided, however, that in the case of a failure that cannot be cured within
      thirty (30) days, the cure period may be extended for an additional thirty
      (30)
      days if the Servicer can demonstrate to the reasonable satisfaction of the
      Trustee that the Servicer is diligently pursuing remedial action;
      or

     

    (iii)  a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      in
      the premises in an involuntary case under any present or future federal or
      state
      bankruptcy, insolvency or similar law or the appointment of a conservator or
      receiver or liquidator in any insolvency, readjustment of debt, marshalling
      of
      assets and liabilities or similar proceeding, or for the winding-up or
      liquidation of its affairs, shall have been entered against the Servicer and
      such decree or order shall have remained in force undischarged or unstayed
      for a
      period of ninety (90) days; or

     

    (iv)  the
      Servicer shall consent to the appointment of a conservator or receiver or
      liquidator in any insolvency, readjustment of debt, marshalling of assets and
      liabilities or similar proceedings of or relating to it or of or relating to
      all
      or substantially all of its property; or

     

    (v)  the
      Servicer shall admit in writing its inability to pay its debts generally as
      they
      become due, file a petition to take advantage of any applicable insolvency
      or
      reorganization statute, make an assignment for the benefit of its creditors,
      or
      voluntarily suspend payment of its obligations;

     

    (vi)  failure
      by the Servicer to duly perform, within the required time period, its
      obligations under Sections 3.17, 3.18 or 3.19; or

     

    (vii)  any
      failure of the Servicer to make any P&I Advance on any Servicer Remittance
      Date required to be made from its own funds pursuant to Section 5.03 which
      continues unremedied until 3:00 p.m. New York time on the Business Day
      immediately following the Servicer Remittance Date; or

     

    (viii)  failure
      of the Servicer to maintain at least an “average” rating from the Rating
      Agencies.

     

    If
      the
      Servicer Event of Default described in clauses (i) through (vi) or (viii) of
      this Section shall occur, then, and in each and every such case, so long as
      the Servicer Event of Default shall not have been remedied, the Depositor or
      the
      Trustee may, and at the written direction of the Holders of Certificates
      entitled to at least 51% of Voting Rights, the Trustee shall, by notice in
      writing to the defaulting Servicer (and to the Depositor if given by the Trustee
      or to the Trustee if given by the Depositor) with a copy to the Master Servicer
      and each Rating Agency, terminate all of the rights and obligations of the
      defaulting Servicer in its capacity as the Servicer under this Agreement, to
      the
      extent permitted by law, and in and to the related Mortgage Loans and the
      proceeds thereof. If the Servicer Event of Default described in clause (vii)
      hereof shall occur, the Trustee shall, by notice in writing to the defaulting
      Servicer, the Depositor and the Master Servicer, terminate all of the rights
      and
      obligations of the defaulting Servicer in its capacity as the Servicer under
      this Agreement and in and to the related Mortgage Loans and the proceeds
      thereof. Subject to Section 8.02 of this Agreement, on or after the receipt
      by the defaulting Servicer of such written notice, all authority and power
      of
      the defaulting Servicer under this Agreement, whether with respect to the
      Certificates (other than as a Holder of any Certificate) or the related Mortgage
      Loans or otherwise, shall pass to and be vested in the Master Servicer pursuant
      to and under this Section, and, without limitation, the Master Servicer is
      hereby authorized and empowered, as attorney-in-fact or otherwise, to execute
      and deliver, on behalf of and at the expense of the defaulting Servicer, any
      and
      all documents and other instruments and to do or accomplish all other acts
      or
      things necessary or appropriate to effect the purposes of such notice of
      termination, whether to complete the transfer and endorsement or assignment
      of
      the related Mortgage Loans and related documents, or otherwise. The defaulting
      Servicer agrees promptly (and in any event no later than ten (10) Business
      Days
      subsequent to such notice) to provide the Master Servicer with all documents
      and
      records requested by it to enable it to assume the defaulting Servicer’s
      functions under this Agreement, and to cooperate with the Master Servicer in
      effecting the termination of the defaulting Servicer’s responsibilities and
      rights under this Agreement, including, without limitation, the transfer within
      one (1) Business Day to the Master Servicer for administration by it of all
      cash
      amounts which at the time shall be or should have been credited by the
      defaulting Servicer to the Collection Account held by or on behalf of the
      defaulting Servicer or thereafter be received with respect to the related
      Mortgage Loans or any related REO Property (provided, however, that the
      defaulting Servicer shall continue to be entitled to receive all amounts accrued
      or owing to it under this Agreement on or prior to the date of such termination,
      whether in respect of P&I Advances, Servicing Advances, accrued and unpaid
      Servicing Fees or otherwise, and shall continue to be entitled to the benefits
      of Section 7.03 of this Agreement, notwithstanding any such termination,
      with respect to events occurring prior to such termination). Reimbursement
      of
      unreimbursed P&I Advances, Servicing Advances and accrued and unpaid
      Servicing Fees shall be made on a first in, first out (“FIFO”) basis no later
      than the Servicer Remittance Date. For purposes of this Section 8.01(a),
      the Trustee shall not be deemed to have knowledge of the Servicer Event of
      Default unless a Responsible Officer of the Trustee assigned to and working
      in
      the Trustee’s Corporate Trust Office has actual knowledge thereof or unless
      written notice of any event which is in fact such the Servicer Event of Default
      is received by the Trustee at its Corporate Trust Office and such notice
      references the Certificates, the Trust or this Agreement. The Trustee shall
      promptly notify the Master Servicer and the Rating Agencies of the occurrence
      of
      the Servicer Event of Default of which it has knowledge as provided
      above.

     

    The
      Master Servicer shall be entitled to be reimbursed by the defaulting Servicer
      (or from amounts on deposit in the Distribution Account if the defaulting
      Servicer is unable to fulfill its obligations hereunder) for all reasonable
      out-of-pocket or third party costs associated with the transfer of servicing
      from the defaulting Servicer, including without limitation, any reasonable
      out-of-pocket or third party costs or expenses associated with the complete
      transfer of all servicing data and the completion, correction or manipulation
      of
      such servicing data as may be required by the Master Servicer to correct any
      errors or insufficiencies in the servicing data or otherwise to enable the
      Master Servicer to service the related Mortgage Loans properly and effectively,
      upon presentation of reasonable documentation of such costs and
      expenses.

     

    (b)  “Master
      Servicer Event of Default,” wherever used herein, means any one of the following
      events:

     

    (i)  any
      failure on the part of the Master Servicer duly to observe or perform in any
      material respect any other of the covenants or agreements on the part of the
      Master Servicer contained in this Agreement, or the breach by the Master
      Servicer of any representation and warranty contained in Section 2.04,
      which continues unremedied for a period of 30 days after the date on which
      written notice of such failure, or as otherwise set forth in this Agreement,
      requiring the same to be remedied, shall have been given to the Master Servicer
      by the Depositor or the Trustee or to the Master Servicer, the Depositor and
      the
      Trustee by the Holders of Certificates entitled to at least 25% of the Voting
      Rights; or

     

    (ii)  a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      in
      the premises in an involuntary case under any present or future federal or
      state
      bankruptcy, insolvency or similar law or the appointment of a conservator or
      receiver or liquidator in any insolvency, readjustment of debt, marshalling
      of
      assets and liabilities or similar proceeding, or for the winding-up or
      liquidation of its affairs, shall have been entered against the Master Servicer
      and such decree or order shall have remained in force undischarged or unstayed
      for a period of 90 days; or

     

    (iii)  the
      Master Servicer shall consent to the appointment of a conservator or receiver
      or
      liquidator in any insolvency, readjustment of debt, marshalling of assets and
      liabilities or similar proceedings of or relating to it or of or relating to
      all
      or substantially all of its property; or

     

    (iv)  the
      Master Servicer shall admit in writing its inability to pay its debts generally
      as they become due, file a petition to take advantage of any applicable
      insolvency or reorganization statute, make an assignment for the benefit of
      its
      creditors, or voluntarily suspend payment of its obligations; or

     

    (v)  failure
      by the Master Servicer to duly perform, within the required time period, its
      obligations under Sections 4.15, 4.16, 4.17 and 4.18.

     

    If
      a
      Master Servicer Event of Default shall occur, then, and in each and every such
      case, so long as such Master Servicer Event of Default shall not have been
      remedied, the Depositor or the Trustee may, and at the written direction of
      the
      Holders of Certificates entitled to at least 51% of Voting Rights, the Trustee
      shall, by notice in writing to the Master Servicer (and to the Depositor if
      given by the Trustee or to the Trustee if given by the Depositor) with a copy
      to
      each Rating Agency, terminate all of the rights and obligations of the Master
      Servicer in its capacity as Master Servicer under this Agreement, to the extent
      permitted by law, and in and to the Mortgage Loans and the proceeds thereof.
      On
      or after the receipt by the Master Servicer of such written notice, all
      authority and power of the Master Servicer under this Agreement, whether with
      respect to the Certificates (other than as a Holder of any Certificate) or
      the
      Mortgage Loans or otherwise including, without limitation, the compensation
      payable to the Master Servicer under this Agreement, shall pass to and be vested
      in the Trustee pursuant to and under this Section, and, without limitation,
      the
      Trustee is hereby authorized and empowered, as attorney-in-fact or otherwise,
      to
      execute and deliver, on behalf of and at the expense of the Master Servicer,
      any
      and all documents and other instruments and to do or accomplish all other acts
      or things necessary or appropriate to effect the purposes of such notice of
      termination, whether to complete the transfer and endorsement or assignment
      of
      the Mortgage Loans and related documents, or otherwise. The Master Servicer
      agrees promptly (and in any event no later than ten Business Days subsequent
      to
      such notice) to provide the Trustee with all documents and records requested
      by
      it to enable it to assume the Master Servicer’s functions under this Agreement,
      and to cooperate with the Trustee in effecting the termination of the Master
      Servicer’s responsibilities and rights under this Agreement (provided, however,
      that the Master Servicer shall continue to be entitled to receive all amounts
      accrued or owing to it under this Agreement on or prior to the date of such
      termination and shall continue to be entitled to the benefits of
      Section 7.03, notwithstanding any such termination, with respect to events
      occurring prior to such termination). For purposes of this Section 8.01(b),
      the Trustee shall not be deemed to have knowledge of a Master Servicer Event
      of
      Default unless a Responsible Officer of the Trustee assigned to and working
      in
      the Trustee’s Corporate Trust Office has actual knowledge thereof or unless
      written notice of any event which is in fact such a Master Servicer Event of
      Default is received by the Trustee and such notice references the Certificates,
      the Trust or this Agreement. The Trustee shall promptly notify the Rating
      Agencies of the occurrence of a Master Servicer Event of Default of which it
      has
      knowledge as provided above.

     

    On
      and
      after the time the Master Servicer receives a notice of termination, the Trustee
      shall be the successor in all respects to the Master Servicer (and, if
      applicable, the Securities Administrator) in its capacity as Master Servicer
      (and, if applicable, the Securities Administrator) under this Agreement and
      the
      transactions set forth or provided for herein, and all the responsibilities,
      duties and liabilities relating thereto and arising thereafter shall be assumed
      by the Trustee (except for any representations or warranties of the Master
      Servicer under this Agreement, the responsibilities, duties and liabilities
      contained in Section 2.03 and the obligation to deposit amounts in respect
      of
      losses pursuant to Section 3.10) by the terms and provisions hereof including,
      without limitation, the Master Servicer’s obligations to make P&I Advances
      no later than each Distribution Date pursuant to Section 5.03; provided,
      however, that if the Trustee is prohibited by law or regulation from obligating
      itself to make advances regarding delinquent mortgage loans, then the Trustee
      shall not be obligated to make P&I Advances pursuant to Section 5.03; and
      provided further, that any failure to perform such duties or responsibilities
      caused by the Master Servicer’s failure to provide information required by
      Section 8.01 shall not be considered a default by the Trustee as successor
      to
      the Master Servicer hereunder and neither the Trustee nor any other successor
      master servicer shall be liable for any acts or omissions of the terminated
      servicer. As compensation therefor, the Trustee shall be entitled to the Master
      Servicing Fee and all funds relating to the Loans, investment earnings on the
      Distribution Account and all other remuneration to which the Master Servicer
      would have been entitled if it had continued to act hereunder.

     

    Notwithstanding
      the foregoing, the Trustee may, if it shall be unwilling to continue to act,
      or
      shall, if it is unable to so act, petition a court of competent jurisdiction
      to
      appoint, or appoint on its own behalf, any established housing and home finance
      institution servicer, master servicer, servicing or mortgage servicing
      institution having a net worth of not less than $25,000,000 and meeting such
      other standards for a successor master servicer as are set forth in this
      Agreement, as the successor to such Master Servicer in the assumption of all
      of
      the responsibilities, duties or liabilities of a master servicer.

     

    To
      the
      extent that the costs and expenses of the Trustee related to the termination
      of
      the Master Servicer, appointment of a successor Master Servicer or the transfer
      and assumption of the master servicing by the Trustee (including, without
      limitation, (i) all legal costs and expenses and all due diligence costs and
      expenses associated with an evaluation of the potential termination of the
      Master Servicer as a result of a Master Servicer Event of Default and (ii)
      all
      costs and expenses associated with the complete transfer of the master
      servicing, including all servicing files and all servicing data and the
      completion, correction or manipulation of such servicing data as may be required
      by the successor Master Servicer to correct any errors or insufficiencies in
      the
      servicing data or otherwise to enable the successor Master Servicer to master
      service the Mortgage Loans in accordance with this Agreement) are not fully
      and
      timely reimbursed by the terminated Master Servicer, the Trustee shall be
      entitled to reimbursement of such costs and expenses from the Distribution
      Account.

     

    Neither
      the Trustee nor any other successor master servicer shall be deemed to be in
      default hereunder by reason of any failure to make, or any delay in making,
      any
      distribution hereunder or any portion thereof or any failure to perform, or
      any
      delay in performing, any duties or responsibilities hereunder, in either case
      caused by the failure of the Master Servicer to deliver or provide, or any
      delay
      in delivering or providing, any cash, information, documents or records to
      it.

     

    SECTION
      8.02.  Master
      Servicer to Act; Appointment of Successor.

     

    (a)  On
      and
      after the time the Servicer receives a notice of termination, the Master
      Servicer shall be the successor in all respects to the Servicer in its capacity
      as the Servicer under this Agreement and the transactions set forth or provided
      for herein, and all the responsibilities, duties and liabilities relating
      thereto and arising thereafter shall be assumed by the Master Servicer (except
      for any representations or warranties of the Servicer under this Agreement,
      the
      responsibilities, duties and liabilities contained in Section 2.03 of this
      Agreement and the obligation to deposit amounts in respect of losses pursuant
      to
      Section 3.10(b) of this Agreement) by the terms and provisions hereof including,
      without limitation, the Servicer’s obligations to make P&I Advances pursuant
      to Section 5.03 of this Agreement; provided, however, that if the Master
      Servicer is prohibited by law or regulation from obligating itself to make
      advances regarding delinquent mortgage loans, then the Master Servicer shall
      not
      be obligated to make P&I Advances pursuant to Section 5.03 of this
      Agreement; and provided further, that any failure to perform such duties or
      responsibilities caused by the Servicer’s failure to provide information
      required by Section 8.01 shall not be considered a default by the Master
      Servicer as successor to the Servicer hereunder; provided, however, that (1)
      it
      is understood and acknowledged by the parties hereto that there will be a period
      of transition (not to exceed 120 days) before the actual servicing functions
      can
      be fully transferred to the Master Servicer or any successor Servicer appointed
      in accordance with the following provisions and (2) any failure to perform
      such
      duties or responsibilities caused by the Servicer’s failure to provide
      information required by Section 8.01 of this Agreement shall not be considered
      a
      default by the Master Servicer as successor to the Servicer. As compensation
      therefor, the Master Servicer shall be entitled to the Servicing Fee and all
      funds relating to the related Mortgage Loans to which the terminated Servicer
      would have been entitled if it had continued to act hereunder. Notwithstanding
      the above, the Master Servicer may, if it shall be unwilling to so act, or
      shall, if it is unable to so act promptly appoint or petition a court of
      competent jurisdiction to appoint, a Person that satisfies the eligibility
      criteria set forth below as the successor to the terminated Servicer under
      this
      Agreement in the assumption of all or any part of the responsibilities, duties
      or liabilities of the terminated Servicer under this Agreement.

     

    Notwithstanding
      anything herein to the contrary, in no event shall the Trustee or the Master
      Servicer be liable for any Servicing Fee or for any differential in the amount
      of the Servicing Fee paid hereunder and the amount necessary to induce any
      successor Servicer to act as successor Servicer under this Agreement and the
      transactions set forth or provided for herein.

     

    Any
      successor Servicer appointed under this Agreement must (i) be an established
      mortgage loan servicing institution that is a Fannie Mae and Freddie Mac
      approved seller/servicer, (ii) be approved by each Rating Agency by a written
      confirmation from each Rating Agency that the appointment of such successor
      Servicer would not result in the reduction or withdrawal of the then current
      ratings of any outstanding Class of Certificates, (iii) have a net worth of
      not
      less than $25,000,000 and (iv) assume all the responsibilities, duties or
      liabilities of the Servicer (other than liabilities of the Servicer hereunder
      incurred prior to termination of the Servicer under Section 8.01 herein)
      under this Agreement as if originally named as a party to this
      Agreement.

     

    (b)  (1)
      All
      servicing transfer costs (including, without limitation, servicing transfer
      costs of the type described in Section 8.02(a) of this Agreement and
      incurred by the Trustee, the Master Servicer and any successor Servicer under
      paragraph (b)(2) below) in connection with the termination of the Servicer
      shall
      be paid by the terminated Servicer upon presentation of reasonable documentation
      of such costs, and if such predecessor or initial Servicer, as applicable,
      defaults in its obligation to pay such costs, the successor Servicer, the Master
      Servicer and the Trustee shall be entitled to reimbursement therefor from the
      assets of the Trust Fund.

     

    (2) No
      appointment of a successor to the Servicer under this Agreement shall be
      effective until the assumption by the successor of all of the Servicer’s
      responsibilities, duties and liabilities hereunder. In connection with such
      appointment and assumption described herein, the Trustee may make such
      arrangements for the compensation of such successor out of payments on the
      related Mortgage Loans as it and such successor shall agree; provided, however,
      that no such compensation shall be in excess of that permitted the Servicer
      as
      such hereunder. The Depositor, the Trustee and such successor shall take such
      action, consistent with this Agreement, as shall be necessary to effectuate
      any
      such succession. Pending appointment of a successor to the Servicer under this
      Agreement, the Master Servicer shall act in such capacity as hereinabove
      provided.

     

    SECTION
      8.03.  Notification
      to Certificateholders.

     

    (a)  Upon
      any
      termination of the Servicer or the Master Servicer pursuant to
      Section 8.01(a) or (b) or any appointment of a successor to the Servicer or
      the Master Servicer pursuant to Section 8.02 of this Agreement, the Trustee
      shall give prompt written notice thereof to the Certificateholders at their
      respective addresses appearing in the Certificate Register.

     

    (b)  Not
      later
      than the later of sixty (60) days after the occurrence of any event, which
      constitutes or which, with notice or lapse of time or both, would constitute
      the
      Servicer Event of Default or a Master Servicer Event of Default or five (5)
      days
      after a Responsible Officer of the Trustee becomes aware of the occurrence
      of
      such an event, the Trustee shall transmit by mail to all Holders of Certificates
      notice of each such occurrence, unless such default or Servicer Event of Default
      or Master Servicer Event of Default shall have been cured or
      waived.

     

    SECTION
      8.04.  Waiver
      of Servicer Events of Default.

     

    The
      Holders representing at least 66% of the Voting Rights evidenced by all Classes
      of Certificates affected by any default, Servicer Event of Default or Master
      Servicer Event of Default hereunder may waive such default, Servicer Event
      of
      Default or Master Servicer Event of Default; provided, however, that the
      Servicer Event of Default under clause (i) or (vii) of Section 8.01(a) of
      this Agreement may be waived only by all of the Holders of the Regular
      Certificates. Upon any such waiver of a default, Servicer Event of Default
      or
      Master Servicer Event of Default, such default, Servicer Event of Default or
      Master Servicer Event of Default shall cease to exist and shall be deemed to
      have been remedied for every purpose hereunder. No such waiver shall extend
      to
      any subsequent or other default, Servicer Event of Default or Master Servicer
      Event of Default or impair any right consequent thereon except to the extent
      expressly so waived.

     

    ARTICLE
      IX  

     

    CONCERNING
      THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

     

    SECTION
      9.01.  Duties
      of Trustee and Securities Administrator.

     

    The
      Trustee, prior to the occurrence of a Master Servicer Event of Default and
      after
      the curing or waiver of all Master Servicer Events of Default which may have
      occurred, and the Securities Administrator each undertake to perform such duties
      and only such duties as are specifically set forth in this Agreement as duties
      of the Trustee and the Securities Administrator, respectively. During the
      continuance of a Master Servicer Event of Default, the Trustee shall exercise
      such of the rights and powers vested in it by this Agreement, and use the same
      degree of care and skill in its exercise as a prudent person would exercise
      or
      use under the circumstances in the conduct of such person’s own affairs. Any
      permissive right of the Trustee enumerated in this Agreement shall not be
      construed as a duty.

     

    Each
      of
      the Trustee and the Securities Administrator, upon receipt of all resolutions,
      certificates, statements, opinions, reports, documents, orders or other
      instruments furnished to it, which are specifically required to be furnished
      pursuant to any provision of this Agreement, shall examine them to determine
      whether they conform to the requirements of this Agreement. If any such
      instrument is found not to conform to the requirements of this Agreement in
      a
      material manner, the Trustee or the Securities Administrator, as the case may
      be, shall take such action as it deems appropriate to have the instrument
      corrected, and if the instrument is not corrected to its satisfaction, the
      Securities Administrator will provide notice to the Trustee thereof and the
      Trustee will provide notice to the Certificateholders.

     

    The
      Trustee shall promptly remit to the Servicer any complaint, claim, demand,
      notice or other document (collectively, the “Notices”) delivered to the Trustee
      as a consequence of the assignment of any Mortgage Loan hereunder and relating
      to the servicing of the Mortgage Loans; provided than any such notice (i) is
      delivered to the Trustee at its Corporate Trust Office, (ii) contains
      information sufficient to permit the Trustee to make a determination that the
      real property to which such document relates is a Mortgaged Property. The
      Trustee shall have no duty hereunder with respect to any Notice it may receive
      or which may be alleged to have been delivered to or served upon it unless
      such
      Notice is delivered to it or served upon it at its Corporate Trust Office and
      such Notice contains the information required pursuant to clause (ii) of the
      preceding sentence.

     

    No
      provision of this Agreement shall be construed to relieve the Trustee or the
      Securities Administrator from liability for its own negligent action, its own
      negligent failure to act or its own misconduct; provided, however,
      that:

     

    (i)  Prior
      to
      the occurrence of a Master Servicer Event of Default, and after the curing
      or
      waiver of all such Master Servicer Events of Default which may have occurred
      with respect to the Trustee and at all times with respect to the Securities
      Administrator, the duties and obligations of the Trustee shall be determined
      solely by the express provisions of this Agreement, neither the Trustee nor
      the
      Securities Administrator shall be liable except for the performance of such
      duties and obligations as are specifically set forth in this Agreement, no
      implied covenants or obligations shall be read into this Agreement against
      the
      Trustee or the Securities Administrator and, in the absence of bad faith on
      the
      part of the Trustee or the Securities Administrator, respectively, the Trustee
      or the Securities Administrator, respectively, may conclusively rely, as to
      the
      truth of the statements and the correctness of the opinions expressed therein,
      upon any certificates or opinions furnished to the Trustee or the Securities
      Administrator, respectively, that conform to the requirements of this
      Agreement;

     

    (ii)  Neither
      the Trustee nor the Securities Administrator shall be liable for an error of
      judgment made in good faith by a Responsible Officer or Responsible Officers
      of
      the Trustee or an officer or officers of the Securities Administrator,
      respectively, unless it shall be proved that the Trustee or the Securities
      Administrator, respectively, was negligent in ascertaining the pertinent facts;
      and

     

    (iii)  Neither
      the Trustee nor the Securities Administrator shall be liable with respect to
      any
      action taken, suffered or omitted to be taken by it in good faith in accordance
      with the direction of the Holders of Certificates entitled to at least 25%
      of
      the Voting Rights relating to the time, method and place of conducting any
      proceeding for any remedy available to the Trustee or the Securities
      Administrator or exercising any trust or power conferred upon the Trustee or
      the
      Securities Administrator under this Agreement.

     

    SECTION
      9.02.  Certain
      Matters Affecting Trustee and Securities Administrator.

     

    (a)  Except
      as
      otherwise provided in Section 9.01 of this Agreement:

     

    (i)  The
      Trustee and the Securities Administrator may request and rely upon and shall
      be
      protected in acting or refraining from acting upon any resolution, Officers’
Certificate, certificate of auditors or any other certificate, statement,
      instrument, opinion, report, notice, request, consent, order, appraisal, bond
      or
      other paper or document reasonably believed by it to be genuine and to have
      been
      signed or presented by the proper party or parties;

     

    (ii)  The
      Trustee and the Securities Administrator may consult with counsel of its
      selection and any advice of such counsel or any Opinion of Counsel shall be
      full
      and complete authorization and protection in respect of any action taken or
      suffered or omitted by it hereunder in good faith and in accordance with such
      advice or Opinion of Counsel;

     

    (iii)  Neither
      the Trustee nor the Securities Administrator shall be under any obligation
      to
      exercise any of the trusts or powers vested in it by this Agreement or to
      institute, conduct or defend any litigation hereunder or in relation hereto
      at
      the request, order or direction of any of the Certificateholders, pursuant
      to
      the provisions of this Agreement, unless such Certificateholders shall have
      offered to the Trustee or the Securities Administrator, as the case may be,
      reasonable security or indemnity satisfactory to it against the costs, expenses
      and liabilities which may be incurred therein or thereby; nothing contained
      herein shall, however, relieve the Trustee of the obligation, upon the
      occurrence of a Master Servicer Event of Default (which has not been cured
      or
      waived), to exercise such of the rights and powers vested in it by this
      Agreement, and to use the same degree of care and skill in their exercise as
      a
      prudent person would exercise or use under the circumstances in the conduct
      of
      such person’s own affairs;

     

    (iv)  Neither
      the Trustee nor the Securities Administrator shall be liable for any action
      taken, suffered or omitted by it in good faith and believed by it to be
      authorized or within the discretion or rights or powers conferred upon it by
      this Agreement;

     

    (v)  Prior
      to
      the occurrence of a Master Servicer Event of Default hereunder and after the
      curing or waiver of all Master Servicer Events of Default which may have
      occurred with respect to the Trustee and at all times with respect to the
      Securities Administrator, neither the Trustee nor the Securities Administrator
      shall be bound to make any investigation into the facts or matters stated in
      any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or document, unless
      requested in writing to do so by the Holders of Certificates entitled to at
      least 25% of the Voting Rights; provided, however, that if the payment within
      a
      reasonable time to the Trustee or the Securities Administrator of the costs,
      expenses or liabilities likely to be incurred by it in the making of such
      investigation is, in the opinion of the Trustee or the Securities Administrator,
      as applicable, not reasonably assured to the Trustee or the Securities
      Administrator by such Certificateholders, the Trustee or the Securities
      Administrator, as applicable, may require reasonable indemnity satisfactory
      to
      it against such expense, or liability from such Certificateholders as a
      condition to taking any such action;

     

    (vi)  The
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents or attorneys and the Trustee
      shall not be responsible for any misconduct or negligence on the part of any
      agent or attorney appointed with due care by it hereunder;

     

    (vii)  The
      Trustee shall not be liable for any loss resulting from the investment of funds
      held in the Collection Account, for any loss resulting from the investment
      of
      funds held in the Reserve Fund or for any loss resulting from the redemption
      or
      sale of any such investment as therein authorized;

     

    (viii)  The
      Trustee shall not be deemed to have notice of any default, Master Servicer
      Event
      of Default or Servicer Event of Default unless a Responsible Officer of the
      Trustee has actual knowledge thereof or unless written notice of any event
      which
      is in fact such a default is received by a Responsible Officer of the Trustee
      at
      the Corporate Trust Office of the Trustee, and such notice references the
      Certificates and this Agreement; and

     

    (ix)  The
      rights, privileges, protections, immunities and benefits given to the Trustee,
      including, without limitation, its right to be indemnified, are extended to,
      and
      shall be enforceable by, each agent, custodian and other Person employed to
      act
      hereunder.

     

    (b)  All
      rights of action under this Agreement or under any of the Certificates,
      enforceable by the Trustee, may be enforced by it without the possession of
      any
      of the Certificates, or the production thereof at the trial or other proceeding
      relating thereto, and any such suit, action or proceeding instituted by the
      Trustee shall be brought in its name for the benefit of all the Holders of
      such
      Certificates, subject to the provisions of this Agreement.

     

    (c)  The
      Trustee is hereby directed by the Depositor to execute the Swap Agreement on
      behalf of the Supplemental Interest Trust in the form presented to it by the
      Depositor and shall have no responsibility for the contents of the Swap
      Agreement, including, without limitation, the representations and warranties
      contained therein. Any funds payable by the Trustee on behalf of the
      Supplemental Interest Trust under the Swap Agreement shall be paid from funds
      of
      the Supplemental Interest Trust in accordance with the terms and provisions
      of
      the Swap Agreement. Notwithstanding anything to the contrary contained herein
      or
      in the Swap Agreement, the Trustee shall not be required to make any payments
      to
      the counterparty under the Swap Agreement.

     

    (d)  None
      of
      the Securities Administrator, the Master Servicer, the Servicer, the Sponsor,
      the Depositor, the Custodians or the Trustee shall be responsible for the acts
      or omissions of the others or the Swap Provider, it being understood that this
      Agreement shall not be construed to render those partners joint venturers or
      agents of one another.

     

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

     

    The
      recitals contained herein and in the Certificates (other than the signature
      of
      the Securities Administrator, the authentication of the Securities Administrator
      on the Certificates, the acknowledgments of the Trustee contained in Article
      II
      and the representations and warranties of the Trustee in Section 9.12 of
      this Agreement) shall be taken as the statements of the Depositor and neither
      the Trustee nor the Securities Administrator assumes any responsibility for
      their correctness. Neither the Trustee nor the Securities Administrator makes
      any representations or warranties as to the validity or sufficiency of this
      Agreement (other than as specifically set forth in Section 9.12) of this
      Agreement, the Swap Agreement or of the Certificates (other than the signature
      of the Securities Administrator and authentication of the Securities
      Administrator on the Certificates) or of any Mortgage Loan or related document.
      The Trustee and the Securities Administrator shall not be accountable for the
      use or application by the Depositor of any of the Certificates or of the
      proceeds of such Certificates, or for the use or application of any funds paid
      to the Depositor or the Master Servicer in respect of the Mortgage Loans or
      deposited in or withdrawn from any Collection Account by the Servicer, other
      than with respect to the Securities Administrator any funds held by it or on
      behalf of the Trustee in accordance with Section 3.24 of this
      Agreement.

     

    SECTION
      9.04.  Trustee
      and Securities Administrator May Own Certificates.

     

    Each
      of
      the Trustee and the Securities Administrator in its individual capacity or
      any
      other capacity may become the owner or pledgee of Certificates and may transact
      business with other interested parties and their Affiliates with the same rights
      it would have if it were not Trustee or the Securities
      Administrator.

     

    SECTION
      9.05.  Fees
      and Expenses of Trustee, Custodians and Securities Administrator.

     

    The
      fees
      of the Trustee and the Securities Administrator hereunder, of Wells Fargo as
      the
      Custodian under the Wells Fargo Custodial Agreement and of DBNTC as the
      Custodian under the DBNTC Custodial Agreement shall be paid in accordance with
      a
      side letter agreement with the Master Servicer and at the sole expense of the
      Master Servicer. In addition, the Trustee, the Securities Administrator, the
      Custodians and any director, officer, employee or agent of the Trustee, the
      Securities Administrator and the Custodians shall be indemnified by the Trust
      and held harmless against any loss, liability or expense (including reasonable
      attorney’s fees and expenses) incurred by the Trustee, the Custodians or the
      Securities Administrator in connection with any claim or legal action or any
      pending or threatened claim or legal action arising out of or in connection
      with
      the acceptance or administration of its respective obligations and duties under
      this Agreement, including the Swap Agreement and any and all other agreements
      related hereto, other than any loss, liability or expense (i) for which the
      Trustee is indemnified by the Master Servicer or any Servicer, (ii) that
      constitutes a specific liability of the Trustee or the Securities Administrator
      pursuant to Section 11.01(g) or (iii) any loss, liability or expense incurred
      by
      reason of willful misfeasance, bad faith or negligence in the performance of
      duties hereunder by the Trustee or the Securities Administrator or by reason
      of
      reckless disregard of obligations and duties hereunder. In no event shall the
      Trustee, the Servicer, the Custodians, the Master Servicer or the Securities
      Administrator be liable for special, indirect or consequential loss or damage
      of
      any kind whatsoever (including but not limited to lost profits), even if it
      has
      been advised of the likelihood of such loss or damage and regardless of the
      form
      of action. The Master Servicer agrees to indemnify the Trustee, from, and hold
      the Trustee harmless against, any loss, liability or expense (including
      reasonable attorney’s fees and expenses) incurred by the Trustee by reason of
      the Master Servicer’s willful misfeasance, bad faith or gross negligence in the
      performance of its duties under this Agreement or by reason of the Master
      Servicer’s reckless disregard of its obligations and duties under this
      Agreement. In addition, the Sponsor agrees to indemnify the Trustee for, and
      to
      hold the Trustee harmless against, any loss, liability or expense arising out
      of, or in connection with, the provisions set forth in the last paragraph of
      Section 2.01, including, without limitation, all costs, liabilities and expenses
      (including reasonable legal fees and expenses) of investigating and defending
      itself against any claim, action or proceeding, pending or threatened, relating
      to the provisions of such paragraph. The indemnities in this Section 9.05 shall
      survive the termination or discharge of this Agreement and the resignation
      or
      removal of the Master Servicer, the Trustee, the Securities Administrator or
      the
      Custodians. Any payment under this Section 9.05 made by the Master Servicer
      to
      the Trustee in respect of the Trustee’s fees or the Master Servicer’s
      indemnification obligation to the Trustee shall be from the Master Servicer’s
      own funds, without reimbursement from REMIC I therefor.

     

    SECTION
      9.06.  Eligibility
      Requirements for Trustee and Securities Administrator.

     

    The
      Trustee and the Securities Administrator shall at all times be a corporation
      or
      an association (other than the Depositor, the Sponsor, the Master Servicer
      or
      any Affiliate of the foregoing) organized and doing business under the laws
      of
      any state or the United States of America, authorized under such laws to
      exercise corporate trust powers, having a combined capital and surplus of at
      least $50,000,000 (or a member of a bank holding company whose capital and
      surplus is at least $50,000,000) and subject to supervision or examination
      by
      federal or state authority. If such corporation or association publishes reports
      of conditions at least annually, pursuant to law or to the requirements of
      the
      aforesaid supervising or examining authority, then for the purposes of this
      Section the combined capital and surplus of such corporation or association
      shall be deemed to be its combined capital and surplus as set forth in its
      most
      recent report of conditions so published. In case at any time the Trustee or
      the
      Securities Administrator, as applicable, shall cease to be eligible in
      accordance with the provisions of this Section, the Trustee or the Securities
      Administrator, as applicable, shall resign immediately in the manner and with
      the effect specified in Section 9.07 of this Agreement.

     

    SECTION
      9.07.  Resignation
      and Removal of Trustee and Securities Administrator.

     

    The
      Trustee and the Securities Administrator may at any time resign and be
      discharged from the trust hereby created by giving written notice thereof to
      the
      Depositor, to the Master Servicer, to the Securities Administrator (or the
      Trustee, if the Securities Administrator resigns) and to the Certificateholders.
      Upon receiving such notice of resignation, the Depositor shall promptly appoint
      a successor trustee or successor securities administrator by written instrument,
      in duplicate, which instrument shall be delivered to the resigning Trustee
      or
      Securities Administrator, as applicable, and to the successor trustee or
      successor securities administrator, as applicable. A copy of such instrument
      shall be delivered to the Certificateholders, the Trustee, the Securities
      Administrator and the Master Servicer by the Depositor. If no successor trustee
      or successor securities administrator shall have been so appointed and have
      accepted appointment within thirty (30) days after the giving of such notice
      of
      resignation, the resigning Trustee or Securities Administrator, as the case
      may
      be, may, at the expense of the Trust Fund, petition any court of competent
      jurisdiction for the appointment of a successor trustee, successor securities
      administrator, Trustee or Securities Administrator, as applicable.

     

    If
      at any
      time the Trustee or the Securities Administrator shall cease to be eligible
      in
      accordance with the provisions of Section 9.06 of this Agreement and shall
      fail to resign after written request therefor by the Depositor, or if at any
      time the Trustee or the Securities Administrator shall become incapable of
      acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee
      or the Securities Administrator or of its property shall be appointed, or any
      public officer shall take charge or control of the Trustee or the Securities
      Administrator or of its property or affairs for the purpose of rehabilitation,
      conservation or liquidation, then the Depositor may remove the Trustee or the
      Securities Administrator, as applicable and appoint a successor trustee or
      successor securities administrator, as applicable, by written instrument, in
      duplicate, which instrument shall be delivered to the Trustee or the Securities
      Administrator so removed and to the successor trustee or successor securities
      administrator. A copy of such instrument shall be delivered to the
      Certificateholders, the Trustee, the Securities Administrator and the Master
      Servicer by the Depositor.

     

    The
      Holders of Certificates entitled to at least 51% of the Voting Rights may at
      any
      time remove the Trustee or the Securities Administrator and appoint a successor
      trustee or successor securities administrator by written instrument or
      instruments, in triplicate, signed by such Holders or their attorneys-in-fact
      duly authorized, one complete set of which instruments shall be delivered to
      the
      Depositor, one complete set to the Trustee or the Securities Administrator
      so
      removed and one complete set to the successor so appointed. A copy of such
      instrument shall be delivered to the Certificateholders, the Trustee (in the
      case of the removal of the Securities Administrator), the Securities
      Administrator (in the case of the removal of the Trustee) and the Master
      Servicer by the Depositor.

     

    Any
      resignation or removal of the Trustee or the Securities Administrator and
      appointment of a successor trustee or successor securities administrator
      pursuant to any of the provisions of this Section shall not become
      effective until acceptance of appointment by the successor trustee or successor
      securities administrator, as applicable, as provided in
      Section 9.08.

     

    Notwithstanding
      anything to the contrary contained herein, the Master Servicer and the
      Securities Administrator shall at all times be the same Person.

     

    SECTION
      9.08.  Successor
      Trustee or Securities Administrator.

     

    Any
      successor trustee or successor securities administrator appointed as provided
      in
      Section 9.07 of this Agreement shall execute, acknowledge and deliver to
      the Depositor and its predecessor trustee or predecessor securities
      administrator an instrument accepting such appointment hereunder, and thereupon
      the resignation or removal of the predecessor trustee or predecessor securities
      administrator shall become effective and such successor trustee or successor
      securities administrator without any further act, deed or conveyance, shall
      become fully vested with all the rights, powers, duties and obligations of
      its
      predecessor hereunder, with the like effect as if originally named as trustee
      or
      securities administrator herein. The predecessor trustee or predecessor
      securities administrator shall deliver to the successor trustee or successor
      securities administrator all Mortgage Loan Documents and related documents
      and
      statements to the extent held by it hereunder, as well as all monies, held
      by it
      hereunder, and the Depositor and the predecessor trustee or predecessor
      securities administrator shall execute and deliver such instruments and do
      such
      other things as may reasonably be required for more fully and certainly vesting
      and confirming in the successor trustee or successor securities administrator
      all such rights, powers, duties and obligations.

     

    No
      successor trustee or successor securities administrator shall accept appointment
      as provided in this Section unless at the time of such acceptance such
      successor trustee or successor securities administrator shall be eligible under
      the provisions of Section 9.06 and the appointment of such successor
      trustee or successor securities administrator shall not result in a downgrading
      of any Class of Certificates by any Rating Agency, as evidenced by a letter
      from
      each Rating Agency.

     

    Upon
      acceptance of appointment by a successor trustee or successor securities
      administrator as provided in this Section, the Depositor shall mail notice
      of
      the succession of such trustee hereunder to all Holders of Certificates at
      their
      addresses as shown in the Certificate Register. If the Depositor fails to mail
      such notice within ten (10) days after acceptance of appointment by the
      successor trustee or successor securities administrator, the successor trustee
      or successor securities administrator shall cause such notice to be mailed
      at
      the expense of the Depositor.

     

    SECTION
      9.09.  Merger
      or Consolidation of Trustee or Securities Administrator.

     

    Any
      corporation or association into which the Trustee or the Securities
      Administrator may be merged or converted or with which it may be consolidated
      or
      any corporation or association resulting from any merger, conversion or
      consolidation to which the Trustee or the Securities Administrator shall be
      a
      party, or any corporation or association succeeding to the business of the
      Trustee or the Securities Administrator shall be the successor of the Trustee
      or
      the Securities Administrator hereunder, provided such corporation or association
      shall be eligible under the provisions of Section 9.06 of this Agreement,
      without the execution or filing of any paper or any further act on the part
      of
      any of the parties hereto, anything herein to the contrary
      notwithstanding.

     

    SECTION
      9.10.  Appointment
      of Co-Trustee or Separate Trustee.

     

    Notwithstanding
      any other provisions hereof, at any time, for the purpose of meeting any legal
      requirements of any jurisdiction in which any part of the REMIC I or property
      securing the same may at the time be located, the Trustee shall have the power
      and shall execute and deliver all instruments to appoint one or more Persons
      approved by the Trustee to act as co-trustee or co-trustees, jointly with the
      Trustee, or separate trustee or separate trustees, of all or any part of REMIC
      I, and to vest in such Person or Persons, in such capacity, and for the benefit
      of the Holders of the Certificates, such title to REMIC I, or any part thereof,
      and, subject to the other provisions of this Section 9.10, such powers,
      duties, obligations, rights and trusts as the Trustee may consider necessary
      or
      desirable. No co-trustee or separate trustee hereunder shall be required to
      meet
      the terms of eligibility as a successor trustee under Section 9.06
      hereunder and no notice to Holders of Certificates of the appointment of
      co-trustee(s) or separate trustee(s) shall be required under Section 9.08
      hereof.

     

    In
      the
      case of any appointment of a co-trustee or separate trustee pursuant to this
      Section 9.10 all rights, powers, duties and obligations conferred or
      imposed upon the Trustee shall be conferred or imposed upon and exercised or
      performed by the Trustee and such separate trustee or co-trustee jointly, except
      to the extent that under any law of any jurisdiction in which any particular
      act
      or acts are to be performed by the Trustee (whether as Trustee hereunder or
      as
      successor to a defaulting Master Servicer hereunder), the Trustee shall be
      incompetent or unqualified to perform such act or acts, in which event such
      rights, powers, duties and obligations (including the holding of title to REMIC
      I or any portion thereof in any such jurisdiction) shall be exercised and
      performed by such separate trustee or co-trustee at the direction of the
      Trustee.

     

    Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them. Every instrument appointing any separate trustee
      or
      co-trustee shall refer to this Agreement and the conditions of this Article
      IX.
      Each separate trustee and co-trustee, upon its acceptance of the trust
      conferred, shall be vested with the estates or property specified in its
      instrument of appointment, either jointly with the Trustee, or separately,
      as
      may be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee.

     

    Any
      separate trustee or co-trustee may, at any time, constitute the Trustee, its
      agent or attorney-in-fact, with full power and authority, to the extent not
      prohibited by law, to do any lawful act under or in respect of this Agreement
      on
      its behalf and in its name. If any separate trustee or co-trustee shall die,
      become incapable of acting, resign or be removed, all of its estates,
      properties, rights, remedies and trusts shall vest in and be exercised by the
      Trustee, to the extent permitted by law, without the appointment of a new or
      successor trustee or co-trustee.

     

    SECTION
      9.11.  Appointment
      of Office or Agency.

     

    The
      Certificates may be surrendered for registration of transfer or exchange at
      the
      Securities Administrator’s office located at Sixth Street and Marquette Avenue,
      Minneapolis, Minnesota 55479, and presented for final distribution at the
      Corporate Trust Office of the Securities Administrator where notices and demands
      to or upon the Securities Administrator in respect of the Certificates and
      this
      Agreement may be served.

     

    SECTION
      9.12.  Representations
      and Warranties.

     

    The
      Trustee hereby represents and warrants to the Master Servicer, the Securities
      Administrator, the Servicer and the Depositor as applicable, as of the Closing
      Date, that:

     

    (i)  It
      is a
      national banking association duly organized, validly existing and in good
      standing under the laws of the United States of America.

     

    (ii)  The
      execution and delivery of this Agreement by it, and the performance and
      compliance with the terms of this Agreement by it, will not violate its articles
      of association or bylaws or constitute a default (or an event which, with notice
      or lapse of time, or both, would constitute a default) under, or result in
      the
      breach of, any material agreement or other instrument to which it is a party
      or
      which is applicable to it or any of its assets.

     

    (iii)  It
      has
      the full power and authority to enter into and consummate all transactions
      contemplated by this Agreement, has duly authorized the execution, delivery
      and
      performance of this Agreement, and has duly executed and delivered this
      Agreement.

     

    (iv)  This
      Agreement, assuming due authorization, execution and delivery by the other
      parties hereto, constitutes a valid, legal and binding obligation of it,
      enforceable against it in accordance with the terms hereof, subject to (A)
      applicable bankruptcy, insolvency, receivership, reorganization, moratorium
      and
      other laws affecting the enforcement of creditors’ rights generally, and (B)
      general principles of equity, regardless of whether such enforcement is
      considered in a proceeding in equity or at law.

     

    (v)  It
      is not
      in violation of, and its execution and delivery of this Agreement and its
      performance and compliance with the terms of this Agreement will not constitute
      a violation of, any law, any order or decree of any court or arbiter, or any
      order, regulation or demand of any federal, state or local governmental or
      regulatory authority, which violation, in its good faith and reasonable
      judgment, is likely to affect materially and adversely either the ability of
      it
      to perform its obligations under this Agreement or its financial
      condition.

     

    (vi)  No
      litigation is pending or, to the best of its knowledge, threatened against
      it,
      which would prohibit it from entering into this Agreement or, in its good faith
      reasonable judgment, is likely to materially and adversely affect either the
      ability of it to perform its obligations under this Agreement or its financial
      condition.

     

      

    ARTICLE
      X

    TERMINATION

     

    SECTION
      10.01.  Termination
      Upon Repurchase or Liquidation of All Mortgage Loans.

     

    (a)  Subject
      to Section 10.02 of this Agreement, the respective obligations and
      responsibilities under this Agreement of the Depositor, the Master Servicer,
      the
      Securities Administrator, the Servicer and the Trustee (other than the
      obligations of the Master Servicer to the Trustee pursuant to Section 9.05
      of this Agreement and of the Servicer to make remittances to the Securities
      Administrator and the Securities Administrator to make payments in respect
      of
      the REMIC I Regular Interests, or the Classes of Certificates as hereinafter
      set
      forth) shall terminate upon payment to the Certificateholders and the deposit
      of
      all amounts held by or on behalf of the Trustee and required hereunder to be
      so
      paid or deposited on the Distribution Date coinciding with or following the
      earlier to occur of (i) the purchase by the Terminator (as defined below) of
      all
      Mortgage Loans and each REO Property remaining in REMIC I and (ii) the final
      payment or other liquidation (or any advance with respect thereto) of the last
      Mortgage Loan or REO Property remaining in REMIC I; provided, however, that
      in
      no event shall the trust created hereby continue beyond the earlier of (i)
      the
      expiration of 21 years from the death of the last survivor of the descendants
      of
      Joseph P. Kennedy, the late ambassador of the United States to the Court of
      St.
      James, living on the date hereof and (ii) the Last Scheduled Distribution Date.
      The purchase by the Terminator of all Mortgage Loans and each REO Property
      remaining in REMIC I shall be at a price (the “Termination Price”) equal to the
      sum of (i) the greater of (A) the aggregate Purchase Price of all the Mortgage
      Loans included in REMIC I, plus the appraised value of each REO Property, if
      any, included in REMIC I, such appraisal to be conducted by an appraiser
      mutually agreed upon by the Terminator and the Trustee in their reasonable
      discretion and (B) the aggregate fair market value of all of the assets of
      REMIC
      I (as determined by the Terminator (defined below) and the Trustee, as of the
      close of business on the third Business Day next preceding the date upon which
      notice of any such termination is furnished to Certificateholders pursuant
      to
      the third paragraph of this Section 10.01), (ii) any amounts due and owing
      to the Swap Provider under the Swap Agreement as of the termination date plus
      (iii) any amounts due the Servicer and the Master Servicer in respect of unpaid
      Servicing Fees, Master Servicing Fees and outstanding P&I Advances and
      Servicing Advances. 

     

    (b)  The
      Master Servicer or, if the Master Servicer fails to exercise such optional
      termination right, the Servicer, if the Servicer fulfills the requirements
      set
      forth in this paragraph (either the Master Servicer or the Servicer, the
“Terminator”) shall have the right to purchase all of the Mortgage Loans and
      each REO Property remaining in REMIC I pursuant to clause (i) of the preceding
      paragraph no later than the Determination Date in the month immediately
      preceding the Distribution Date on which the Certificates will be retired;
      provided, however, that the Terminator may elect to purchase all of the Mortgage
      Loans and each REO Property remaining in REMIC I pursuant to clause (i) above
      only if the aggregate Scheduled Principal Balance of the Mortgage Loans and
      each
      REO Property remaining in the Trust Fund at the time of such election is reduced
      to less than or equal to 10% of the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans as of the Cut-off Date. By acceptance of the Residual
      Certificates, the Holder of the Residual Certificates agrees, in connection
      with
      any termination hereunder, to assign and transfer any portion of the Termination
      Price in excess of par, and to the extent received in respect of such
      termination, to pay any such amounts to the Holders of the Class CE-1
      Certificates. Notwithstanding the foregoing, the optional termination right
      may
      only be exercised by the Servicer if (1) the Servicer receives written
      notification from the Master Servicer that the Master Servicer will not exercise
      such optional termination right or (2) the Servicer does not receive such
      written notification from the Master Servicer, and the Master Servicer fails
      to
      exercise its optional termination right by the third Distribution Date following
      the date such right became exercisable; provided, however, in no event shall
      the
      Servicer exercise its optional termination right under (1) or (2) above unless
      it first provides written notice to the Authorized Officers of the Sponsor
      that
      it intends to exercise such optional termination right and such notice is
      received by the Sponsor prior to the Sponsor’s receipt of such notice from the
      other Servicer.

     

    (c)  Notice
      of
      the liquidation of the Certificates shall be given promptly by the Securities
      Administrator by letter to the Certificateholders mailed (a) in the event such
      notice is given in connection with the purchase of the Mortgage Loans and each
      REO Property by the Master Servicer, not earlier than the 15th day and not
      later
      than the 25th day of the month next preceding the month of the final
      distribution on the Certificates or (b) otherwise during the month of such
      final
      distribution on or before the Determination Date in such month, in each case
      specifying (i) the Distribution Date upon which the Trust Fund will terminate
      and the final payment in respect of the REMIC I Regular Interests or the
      Certificates will be made upon presentation and surrender of the related
      Certificates at the office of the Securities Administrator therein designated,
      (ii) the amount of any such final payment, (iii) that no interest shall accrue
      in respect of the REMIC I Regular Interests or Certificates from and after
      the
      Interest Accrual Period relating to the final Distribution Date therefor and
      (iv) that the Record Date otherwise applicable to such Distribution Date is
      not
      applicable, payments being made only upon presentation and surrender of the
      Certificates at the office of the Securities Administrator. In the event such
      notice is given in connection with the purchase of all of the Mortgage Loans
      and
      each REO Property remaining in REMIC I by the Terminator, the Terminator shall
      deliver to the Securities Administrator for deposit in the Distribution Account
      not later than the Business Day prior to the Distribution Date on which the
      final distribution on the Certificates an amount in immediately available funds
      equal to the above-described Termination Price. The Securities Administrator
      shall remit to the Servicer, the Master Servicer, the Trustee and the Custodians
      from such funds deposited in the Distribution Account (i) any amounts which
      the
      Servicer would be permitted to withdraw and retain from the Collection Account
      pursuant to Section 3.09 of this Agreement as if such funds had been
      deposited therein (including all unpaid Servicing Fees, Master Servicing Fees
      and all outstanding P&I Advances and Servicing Advances) and (ii) any other
      amounts otherwise payable by the Securities Administrator to the Master
      Servicer, the Trustee, the Custodians, the Swap Provider, the Servicer and
      the
      Swap Provider from amounts on deposit in the Distribution Account pursuant
      to
      the terms of this Agreement prior to making any final distributions pursuant
      to
      Section 10.01(d) below. Upon certification to the Trustee by the Securities
      Administrator of the making of such final deposit, the Trustee shall promptly
      release or cause to be released to the Terminator the Mortgage Files for the
      remaining Mortgage Loans, and Trustee shall execute all assignments,
      endorsements and other instruments delivered to it and necessary to effectuate
      such transfer.

     

    (d)  Upon
      presentation of the Certificates by the Certificateholders on the final
      Distribution Date, the Securities Administrator shall distribute to each
      Certificateholder so presenting and surrendering its Certificates the amount
      otherwise distributable on such Distribution Date in accordance with
      Section 5.01 in respect of the Certificates so presented and surrendered.
      Any funds not distributed to any Holder or Holders of Certificates being retired
      on such Distribution Date because of the failure of such Holder or Holders
      to
      tender their Certificates shall, on such date, be set aside and held in trust
      and credited to the account of the appropriate non-tendering Holder or Holders.
      If any Certificates as to which notice has been given pursuant to this
      Section 10.01 shall not have been surrendered for cancellation within six
      months after the time specified in such notice, the Securities Administrator
      shall mail a second notice to the remaining non-tendering Certificateholders
      to
      surrender their Certificates for cancellation in order to receive the final
      distribution with respect thereto. If within one year after the second notice
      all such Certificates shall not have been surrendered for cancellation, the
      Securities Administrator shall, directly or through an agent, mail a final
      notice to the remaining non-tendering Certificateholders concerning surrender
      of
      their Certificates. The costs and expenses of maintaining the funds in trust
      and
      of contacting such Certificateholders shall be paid out of the assets remaining
      in the trust funds. If within one (1) year after the final notice any such
      Certificates shall not have been surrendered for cancellation, the Securities
      Administrator shall pay to the Depositor all such amounts, and all rights of
      non-tendering Certificateholders in or to such amounts shall thereupon cease.
      No
      interest shall accrue or be payable to any Certificateholder on any amount
      held
      in trust by the Securities Administrator as a result of such Certificateholder’s
      failure to surrender its Certificate(s) on the final Distribution Date for
      final
      payment thereof in accordance with this Section 10.01. Any such amounts
      held in trust by the Securities Administrator shall be held uninvested in an
      Eligible Account.

     

    SECTION
      10.02.  Additional
      Termination Requirements.

     

    (a)  In
      the
      event that the Terminator purchases all the Mortgage Loans and each REO Property
      or the final payment on or other liquidation of the last Mortgage Loan or REO
      Property remaining in REMIC I pursuant to Section 10.01, the Trust Fund
      shall be terminated in accordance with the following additional
      requirements:

     

    (i)  The
      Trustee shall specify the first day in the 90-day liquidation period in a
      statement attached to each Trust REMIC’s final Tax Return pursuant to Treasury
      regulation Section 1.860F-1 and shall satisfy all requirements of a
      qualified liquidation under Section 860F of the Code and any regulations
      thereunder, as evidenced by an Opinion of Counsel obtained by and at the expense
      of the Terminator;

     

    (ii)  During
      such 90-day liquidation period and, at or prior to the time of making of the
      final payment on the Certificates, the Trustee shall sell all of the assets
      of
      REMIC I to the Terminator for cash; and

     

    (iii)  At
      the
      time of the making of the final payment on the Certificates, the Securities
      Administrator shall distribute or credit, or cause to be distributed or
      credited, to the Holders of the Residual Certificates all cash on hand in the
      Trust Fund (other than cash retained to meet claims), and the Trust Fund shall
      terminate at that time.

     

    (b)  At
      the
      expense of the Terminator (or, if the Trust Fund is being terminated as a result
      of the occurrence of the event described in clause (ii) of the first paragraph
      of Section 10.01, at the expense of the Trust Fund), the Terminator shall
      prepare or cause to be prepared the documentation required in connection with
      the adoption of a plan of liquidation of each Trust REMIC pursuant to this
      Section 10.02.

     

    (c)  By
      their
      acceptance of Certificates, the Holders thereof hereby agree to authorize the
      Trustee to specify the 90-day liquidation period for each Trust REMIC, which
      authorization shall be binding upon all successor
      Certificateholders.

     

    ARTICLE
      XI

    REMIC
      PROVISIONS

     

    SECTION
      11.01.  REMIC
      Administration.

     

    (a)  The
      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
      Securities Administrator on Form 1066 or other appropriate federal tax or
      information return or any appropriate state return for the taxable year ending
      on the last day of the calendar year in which the Certificates are issued.
      For
      the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular
      Interests shall be designated as the Regular Interests in REMIC I and the Class
      R-I Interest shall be designated as the Residual Interests in REMIC I. For
      the
      purposes of the REMIC election in respect of REMIC II, the Class R-II Interest
      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 B-1 Certificates, the Class
      P Certificates, the Class CE-1 Certificates and the Class CE-2 Certificates
      (exclusive of any right to receive payments from the Reserve Fund) shall be
      designated as the Regular Interests in REMIC III and the Class R-III Interest
      shall be designated as the Residual Interests in REMIC III. The Trustee shall
      not permit the creation of any “interests” in each Trust REMIC (within the
      meaning of Section 860G of the Code) other than the REMIC I Regular
      Interests, REMIC II Regular Interests and the interests represented by the
      Certificates.

     

    (b)  The
      Closing Date is hereby designated as the “Startup Day” of each Trust REMIC
      within the meaning of Section 860G(a)(9) of the Code.

     

    (c)  The
      Securities Administrator shall be reimbursed for any and all expenses relating
      to any tax audit of the Trust Fund (including, but not limited to, any
      professional fees or any administrative or judicial proceedings with respect
      to
      each Trust REMIC that involve the Internal Revenue Service or state tax
      authorities), including the expense of obtaining any tax related Opinion of
      Counsel except as specified herein. The Securities Administrator, as agent
      for
      each Trust REMIC’s tax matters person shall (i) act on behalf of the Trust Fund
      in relation to any tax matter or controversy involving any Trust REMIC and
      (ii)
      represent the Trust Fund in any administrative or judicial proceeding relating
      to an examination or audit by any governmental taxing authority with respect
      thereto. The holder of the largest Percentage Interest of each Class of Residual
      Certificates shall be designated, in the manner provided under Treasury
      regulations section 1.860F-4(d) and Treasury regulations section
      301.6231(a)(7)-1, as the tax matters person of the related REMIC created
      hereunder. By their acceptance thereof, the holder of the largest Percentage
      Interest of the Residual Certificates hereby agrees to irrevocably appoint
      the
      Securities Administrator or an Affiliate as its agent to perform all of the
      duties of the tax matters person for the Trust Fund.

     

    (d)  The
      Securities Administrator shall prepare and file and the Trustee shall sign
      all
      of the Tax Returns in respect of each REMIC created hereunder. The expenses
      of
      preparing and filing such returns shall be borne by the Securities Administrator
      without any right of reimbursement therefor.

     

    (e)  The
      Securities Administrator shall perform on behalf of each Trust REMIC all
      reporting and other tax compliance duties that are the responsibility of such
      REMIC under the Code, the REMIC Provisions or other compliance guidance issued
      by the Internal Revenue Service or any state or local taxing authority. Among
      its other duties, as required by the Code, the REMIC Provisions or other such
      compliance guidance, the Securities Administrator shall provide (i) to any
      Transferor of a Residual Certificate such information as is necessary for the
      application of any tax relating to the transfer of a Residual Certificate to
      any
      Person who is not a Permitted Transferee upon receipt of additional reasonable
      compensation, (ii) to the Certificateholders such information or reports as
      are
      required by the Code or the REMIC Provisions including reports relating to
      interest, original issue discount and market discount or premium (using the
      Prepayment Assumption as required) and (iii) to the Internal Revenue Service
      the
      name, title, address and telephone number of the person who will serve as the
      representative of each Trust REMIC. The Depositor shall provide or cause to
      be
      provided to the Securities Administrator, within ten (10) days after the Closing
      Date, all information or data that the Securities Administrator reasonably
      determines to be relevant for tax purposes as to the valuations and issue prices
      of the Certificates, including, without limitation, the price, yield, prepayment
      assumption and projected cash flow of the Certificates.

     

    (f)  To
      the
      extent in the control of the Trustee or the Securities Administrator, each
      such
      Person (i) shall take such action and shall cause each REMIC created hereunder
      to take such action as shall be necessary to create or maintain the status
      thereof as a REMIC under the REMIC Provisions, (ii) shall not take any action,
      cause the Trust Fund to take any action or fail to take (or fail to cause to
      be
      taken) any action that, under the REMIC Provisions, if taken or not taken,
      as
      the case may be, could (A) endanger the status of each Trust REMIC as a REMIC
      or
      (B) result in the imposition of a tax upon the Trust Fund (including but not
      limited to the tax on prohibited transactions as defined in
      Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set
      forth in Section 860G(d) of the Code) (either such event, an “Adverse REMIC
      Event”) unless such action or inaction is permitted under this Agreement or the
      Trustee and the Securities Administrator have received an Opinion of Counsel,
      addressed to the them (at the expense of the party seeking to take such action
      but in no event at the expense of the Trustee or the Securities Administrator)
      to the effect that the contemplated action will not, with respect to any Trust
      REMIC, endanger such status or result in the imposition of such a tax, nor
      (iii)
      shall the Securities Administrator take or fail to take any action (whether
      or
      not authorized hereunder) as to which the Trustee has advised it in writing
      that
      it has received an Opinion of Counsel to the effect that an Adverse REMIC Event
      could occur with respect to such action; provided that the Securities
      Administrator may conclusively rely on such Opinion of Counsel and shall incur
      no liability for its action or failure to act in accordance with such Opinion
      of
      Counsel. In addition, prior to taking any action with respect to any Trust
      REMIC
      or the respective assets of each, or causing any Trust REMIC to take any action,
      which is not contemplated under the terms of this Agreement, the Securities
      Administrator will consult with the Trustee or its designee, in writing, with
      respect to whether such action could cause an Adverse REMIC Event to occur
      with
      respect to any Trust REMIC, and the Securities Administrator shall not take
      any
      such action or cause any Trust REMIC to take any such action as to which the
      Trustee has advised it in writing that an Adverse REMIC Event could occur.
      The
      Trustee may consult with counsel to make such written advice, and the cost
      of
      same shall be home by the party seeking to take the action not permitted by
      this
      Agreement, but in no event shall such cost be an expense of the
      Trustee.

     

    (g)  In
      the
      event that any tax is imposed on “prohibited transactions” of any REMIC created
      hereunder as defined in Section 860F(a)(2) of the Code, on the “net income
      from foreclosure property” of such REMIC as defined in Section 860G(c) of
      the Code, on any contributions to any such REMIC after the Startup Day therefor
      pursuant to Section 860G(d) of the Code, or any other tax is imposed by the
      Code or any applicable provisions of state or local tax laws, such tax shall
      be
      charged (i) to the Trustee pursuant to Section 11.03 of this Agreement, if
      such tax arises out of or results from a breach by the Trustee of any of its
      obligations under this Article XI, (ii) to the Securities Administrator pursuant
      to Section 11.03 of this Agreement, if such tax arises out of or results
      from a breach by the Securities Administrator of any of its obligations under
      this Article XI, (iii) to the Master Servicer pursuant to Section 11.03 of
      this Agreement, if such tax arises out of or results from a breach by the Master
      Servicer of any of its obligations under Article IV or under this Article XI,
      (iv) to the Servicer pursuant to Section 11.03 of this Agreement, if such
      tax arises out of or results from a breach by the Servicer of any of its
      obligations under Article III or under this Article XI, or (v) in all other
      cases, against amounts on deposit in the Distribution Account and shall be
      paid
      by withdrawal therefrom.

     

    (h)  The
      Securities Administrator shall, for federal income tax purposes, maintain books
      and records with respect to each Trust REMIC on a calendar year and on an
      accrual basis.

     

    (i)  Following
      the Startup Day, neither the Securities Administrator nor the Trustee shall
      accept any contributions of assets to any Trust REMIC other than in connection
      with any Qualified Substitute Mortgage Loan delivered in accordance with
      Section 2.03 unless it shall have received an Opinion of Counsel to the
      effect that the inclusion of such assets in the Trust Fund will not cause the
      related REMIC to fail to qualify as a REMIC at any time that any Certificates
      are outstanding or subject such REMIC to any tax under the REMIC Provisions
      or
      other applicable provisions of federal, state and local law or
      ordinances.

     

    (j)  Neither
      the Trustee nor the Securities Administrator shall knowingly enter into any
      arrangement by which any Trust REMIC will receive a fee or other compensation
      for services nor permit either REMIC to receive any income from assets other
      than “qualified mortgages” as defined in Section 860G(a)(3) of the Code or
“permitted investments” as defined in Section 860G(a)(5) of the
      Code.

     

    (k)  The
      Securities Administrator shall apply for an employer identification number
      with
      the Internal Revenue Service via a Form SS-4 or other comparable method for
      each
      REMIC. In connection with the foregoing, the Securities Administrator shall
      provide the name and address of the person who can be contacted to obtain
      information required to be reported to the holders of Regular Interests in
      each
      REMIC as required by IRS Form 8811.

     

    SECTION
      11.02.  Prohibited
      Transactions and Activities.

     

    None
      of
      the Depositor, the Servicer, the Securities Administrator, the Master Servicer
      or the Trustee shall sell, dispose of or substitute for any of the Mortgage
      Loans (except in connection with (i) the foreclosure of a Mortgage Loan,
      including but not limited to, the acquisition or sale of a Mortgaged Property
      acquired by deed in lieu of foreclosure, (ii) the bankruptcy of REMIC I, (iii)
      the termination of REMIC I pursuant to Article X of this Agreement, (iv) a
      substitution pursuant to Article II of this Agreement or (v) a purchase of
      Mortgage Loans pursuant to Article II of this Agreement), nor acquire any assets
      for any Trust REMIC (other than REO Property acquired in respect of a defaulted
      Mortgage Loan), nor sell or dispose of any investments in the Collection Account
      or the Distribution Account for gain, nor accept any contributions to any Trust
      REMIC after the Closing Date (other than a Qualified Substitute Mortgage Loan
      delivered in accordance with Section 2.03), unless it has received an
      Opinion of Counsel, addressed to the Trustee and the Securities Administrator
      (at the expense of the party seeking to cause such sale, disposition,
      substitution, acquisition or contribution but in no event at the expense of
      the
      Trustee) that such sale, disposition, substitution, acquisition or contribution
      will not (a) affect adversely the status of any Trust REMIC as a REMIC or (b)
      cause any Trust REMIC to be subject to a tax on “prohibited transactions” or
“contributions” pursuant to the REMIC Provisions.

     

    SECTION
      11.03.  Indemnification.

     

    (a)  The
      Trustee agrees to be liable for any taxes and costs incurred by the Trust Fund,
      the Depositor, the Master Servicer, the Securities Administrator or the Servicer
      including, without limitation, any reasonable attorneys fees imposed on or
      incurred by the Trust Fund, the Depositor, the Master Servicer, the Securities
      Administrator or the Servicer as a result of the Trustee’s failure to perform
      its covenants set forth in this Article XI in accordance with the standard
      of
      care of the Trustee set forth in this Agreement.

     

    (b)  The
      Servicer agrees to indemnify the Trust Fund, the Depositor, the Master Servicer,
      the Securities Administrator and the Trustee for any taxes and costs including
      any reasonable attorneys’ fees imposed on or incurred by the Trust Fund, the
      Depositor, the Master Servicer, the Securities Administrator or the Trustee,
      as
      a result of a the Servicer’s failure to perform its covenants set forth in
      Article III in accordance with the standard of care of the Servicer set forth
      in
      this Agreement.

     

    (c)  The
      Master Servicer agrees to indemnify the Trust Fund, the Depositor, the Servicer
      and the Trustee for any taxes and costs including any reasonable attorneys’ fees
      imposed on or incurred by the Trust Fund, the Depositor, the Servicer or the
      Trustee, as a result of the Master Servicer’s failure to perform its covenants
      set forth in Article IV in accordance with the standard of care of the Master
      Servicer set forth in this Agreement.

     

    (d)  The
      Securities Administrator agrees to be liable for any taxes and costs incurred
      by
      the Trust Fund, the Depositor, the Servicer or the Trustee including any
      reasonable attorneys’ fees imposed on or incurred by the Trust Fund, the
      Depositor, the Servicer or the Trustee as a result of the Securities
      Administrator’s failure to perform its covenants set forth in this Article XI in
      accordance with the standard of care of the Securities Administrator set forth
      in this Agreement.

     

    (e)  Each
      of
      the Depositor, Master Servicer, Securities Administrator and any Servicing
      Function Participant engaged by such party, respectively, shall indemnify and
      hold harmless the Master Servicer, the Securities Administrator and the
      Depositor, respectively, and each of its directors, officers, employees, agents,
      and affiliates from and against any and all claims, losses, damages, penalties,
      fines, forfeitures, reasonable legal fees and related costs, judgments and
      other
      costs and expenses arising out of or based upon (a) any breach by such party
      of
      any if its obligations under hereunder, including particularly its obligations
      to provide any Assessment of Compliance, Attestation Report, Compliance
      Statement or any information, data or materials required to be included in
      any
      1934 Act report, (b) any material misstatement or omission in any information,
      data or materials provided by such party (or, in the case of the Securities
      Administrator or Master Servicer, any material misstatement or material omission
      in (i) any Compliance Statement, Assessment of Compliance or Attestation Report
      delivered by it, or by any Servicing Function Participant engaged by it,
      pursuant to this Agreement, or (ii) any Additional Form 10-D Disclosure,
      Additional Form 10-K Disclosure or Form 8-K Disclosure concerning the Master
      Servicer or the Securities Administrator), or (c) the negligence, bad faith
      or
      willful misconduct of such indemnifying party in connection with its performance
      hereunder. If the indemnification provided for in this Section 11.03(e) is
      unavailable or insufficient to hold harmless the Master Servicer, the Securities
      Administrator or the Depositor, as the case may be, then each such party agrees
      that it shall contribute to the amount paid or payable by the Master Servicer,
      the Securities Administrator or the Depositor, as applicable, as a result of
      any
      claims, losses, damages or liabilities incurred by such party in such proportion
      as is appropriate to reflect the relative fault of the indemnified party on
      the
      one hand and the indemnifying party on the other. This indemnification shall
      survive the termination of this Agreement or the termination of any party to
      this Agreement.

     

    

     

    ARTICLE
      XII  

    MISCELLANEOUS
      PROVISIONS

     

    SECTION
      12.01.  Amendment.

     

    This
      Agreement may be amended from time to time by the Depositor, the Servicer,
      the
      Master Servicer, the Securities Administrator and the Trustee, but without
      the
      consent of any of the Certificateholders, (i) to cure any ambiguity or defect,
      (ii) to correct, modify or supplement any provisions herein (including to give
      effect to the expectations of Certificateholders), (iii) to ensure compliance
      with Regulation AB or (iv) to make any other provisions with respect to matters
      or questions arising under this Agreement which shall not be inconsistent with
      the provisions of this Agreement and that such action shall not, as evidenced
      by
      an Opinion of Counsel delivered to the Trustee, adversely affect in any material
      respect the interests of any Certificateholder; provided that any such amendment
      shall be deemed not to adversely affect in any material respect the interests
      of
      the Certificateholders and no such Opinion of Counsel shall be required if
      the
      Person requesting such amendment obtains a letter from each Rating Agency
      stating that such amendment would not result in the downgrading or withdrawal
      of
      the respective ratings then assigned to the Certificates. No amendment shall
      be
      deemed to adversely affect in any material respect the interests of any
      Certificateholder who shall have consented thereto, and no Opinion of Counsel
      shall be required to address the effect of any such amendment on any such
      consenting Certificateholder.

     

    This
      Agreement may also be amended from time to time by the Depositor, the Servicer,
      the Master Servicer, the Securities Administrator and the Trustee with the
      consent of the Swap Provider and the Holders of Certificates entitled to at
      least 66% of the Voting Rights for the purpose of adding any provisions to
      or
      changing in any manner or eliminating any of the provisions of this Agreement
      or
      of modifying in any manner the rights of the Holders of Certificates; provided,
      however, that no such amendment shall (i) reduce in any manner the amount of,
      or
      delay the timing of, payments received on Mortgage Loans which are required
      to
      be distributed on any Certificate without the consent of the Holder of such
      Certificate, (ii) adversely affect in any material respect the interests of
      the
      Holders of any Class of Certificates in a manner, other than as described in
      (i), without the consent of the Holders of Certificates of such Class evidencing
      at least 66% of the Voting Rights allocated to such Class, or (iii) modify
      the
      consents required by the immediately preceding clauses (i) and (ii) without
      the
      consent of the Holders of all Certificates then outstanding. Notwithstanding
      any
      other provision of this Agreement, for purposes of the giving or withholding
      of
      consents pursuant to this Section 12.01, Certificates registered in the
      name of the Depositor or the Servicer or any Affiliate thereof shall be entitled
      to Voting Rights with respect to matters affecting such Certificates. Without
      limiting the generality of the foregoing, any amendment to this Agreement
      required in connection with the compliance with or the clarification of any
      reporting obligations described in Section 5.06 hereof shall not require
      the consent of any Certificateholder and without the need for any Opinion of
      Counsel or Rating Agency confirmation.

     

    Notwithstanding
      any contrary provision of this Agreement, the Trustee shall not consent to
      any
      amendment to this Agreement unless it shall have first received an Opinion
      of
      Counsel to the effect that such amendment is permitted hereunder and will not
      result in the imposition of any tax on any Trust REMIC pursuant to the REMIC
      Provisions or cause any Trust REMIC to fail to qualify as a REMIC at any time
      that any Certificates are outstanding and that such amendment is authorized
      or
      permitted by this Agreement.

     

    Promptly
      after the execution of any such amendment the Trustee shall furnish a copy
      of
      such amendment to each Certificateholder.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this
      Section 12.01 to approve the particular form of any proposed amendment, but
      it shall be sufficient if such consent shall approve the substance thereof.
      The
      manner of obtaining such consents and of evidencing the authorization of the
      execution thereof by Certificateholders shall be subject to such reasonable
      regulations as the Trustee may prescribe.

     

    The
      cost
      of any Opinion of Counsel to be delivered pursuant to this Section 12.01
      shall be borne by the Person seeking the related amendment, but in no event
      shall such Opinion of Counsel be an expense of the Trustee.

     

    The
      Trustee may, but shall not be obligated to enter into any amendment pursuant
      to
      this Section that affects its rights, duties and immunities under this
      Agreement or otherwise.

     

    SECTION
      12.02.  Recordation
      of Agreement; Counterparts.

     

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all the counties
      or
      other comparable jurisdictions in which any or all of the properties subject
      to
      the Mortgages are situated, and in any other appropriate public recording office
      or elsewhere, such recordation to be effected by the Depositor at the expense
      of
      the Certificateholders, but only upon direction of the Trustee accompanied
      by an
      Opinion of Counsel to the effect that such recordation materially and
      beneficially affects the interests of the Certificateholders.

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall constitute but one and the same
      instrument.

     

    SECTION
      12.03.  Limitation
      on Rights of Certificateholders.

     

    The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or the Trust Fund, nor entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or to take any action or
      proceeding in any court for a partition or winding up of the Trust Fund, nor
      otherwise affect the rights, obligations and liabilities of the parties hereto
      or any of them.

     

    No
      Certificateholder shall have any right to vote (except as expressly provided
      for
      herein) or in any manner otherwise control the operation and management of
      the
      Trust Fund, or the obligations of the parties hereto, nor shall anything herein
      set forth, or contained in the terms of any of the Certificates, be construed
      so
      as to constitute the Certificateholders from time to time as partners or members
      of an association; nor shall any Certificateholder be under any liability to
      any
      third person by reason of any action taken by the parties to this Agreement
      pursuant to any provision hereof.

     

    No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to this Agreement, unless such Holder previously shall
      have given to the Trustee a written notice of default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      entitled to at least 25% of the Voting Rights shall have made written request
      upon the Trustee to institute such action, suit or proceeding in its own name
      as
      Trustee hereunder and shall have offered to the Trustee such reasonable
      indemnity as it may require against the costs, expenses and liabilities to
      be
      incurred therein or thereby, and the Trustee, for 15 days after its receipt
      of
      such notice, request and offer of indemnity, shall have neglected or refused
      to
      institute any such action, suit or proceeding. It is understood and intended,
      and expressly covenanted by each Certificateholder with every other
      Certificateholder. and the Trustee, that no one or more Holders of Certificates
      shall have any right in any manner whatsoever by virtue of any provision of
      this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of such Certificates, or to obtain or seek to obtain priority over or preference
      to any other such Holder, or to enforce any right under this Agreement, except
      in the manner herein provided and for the equal, ratable and common benefit
      of
      all Certificateholders. For the protection and enforcement of the provisions
      of
      this Section, each and every Certificateholder and the Trustee shall be entitled
      to such relief as can be given either at law or in equity.

     

    SECTION
      12.04.  Governing
      Law.

     

    This
      Agreement shall be construed in accordance with the laws of the State of New
      York and the obligations, rights and remedies of the parties hereunder shall
      be
      determined in accordance with such laws without regard to conflicts of laws
      principles thereof other than Section 5-1401 of the New York General Obligations
      Law which shall govern.

     

    SECTION
      12.05.  Notices.

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given when received if sent by facsimile, receipt
      confirmed, if personally delivered at or mailed by first class mail, postage
      prepaid, or by express delivery service or delivered in any other manner
      specified herein, to (a) in the case of the Depositor, ACE Securities Corp.,
      AMACAR GROUP, 6525 Morrison Boulevard, Suite 318, Charlotte, North Carolina
      28211, Attention: Juliana Johnson (telecopy number: (704) 365-1362), with a
      copy
      to Deutsche Bank Securities, Inc. Attention: Legal Department (telecopy number:
      (212) 797-4561),or such other address or telecopy number as may hereafter be
      furnished to the Servicer, the Master Servicer, the Securities Administrator
      and
      the Trustee in writing by the Depositor, (b) in the case of the Servicer, Ocwen
      Loan Servicing, LLC, 1661 Worthington Road, Centrepark West, Suite 100, West
      Palm Beach, Florida 33409, Attention: Secretary (telecopy number: (561)
      682-8177), or such other address or telecopy number as may hereafter be
      furnished to the Trustee, the Master Servicer, the Securities Administrator
      and
      the Depositor in writing by the Servicer, (c) in the case of the Master Servicer
      and the Securities Administrator, P.O. Box 98, Columbia, Maryland 21046 and
      for
      overnight delivery to 9062 Old Annapolis Road, Columbia, Maryland 21045,
      Attention: Ace Securities Corp., 2006-SL2 (telecopy number: (410) 715-2380),
      or
      such other address or telecopy number as may hereafter be furnished to the
      Trustee, the Depositor and the Servicer in writing by the Master Servicer or
      the
      Securities Administrator and (d) in the case of the Trustee, at the Corporate
      Trust Office or such other address or telecopy number as the Trustee may
      hereafter be furnish to the Servicer, the Master Servicer, the Securities
      Administrator and the Depositor in writing by the Trustee. Any notice required
      or permitted to be given to a Certificateholder shall be given by first class
      mail, postage prepaid, at the address of such Holder as shown in the Certificate
      Register. Any notice so mailed within the time prescribed in this Agreement
      shall be conclusively presumed to have been duly given when mailed, whether
      or
      not the Certificateholder receives such notice. A copy of any notice required
      to
      be telecopied hereunder also shall be mailed to the appropriate party in the
      manner set forth above.

     

    SECTION
      12.06.  Severability
      of Provisions.

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the Holders thereof.

     

    SECTION
      12.07.  Notice
      to Rating Agencies.

     

    The
      Trustee shall use its best efforts promptly to provide notice to the Rating
      Agencies with respect to each of the following of which a Responsible Officer
      has actual knowledge:

     

    1.  Any
      material change or amendment to this Agreement;

     

    2.  The
      occurrence of any Servicer Event of Default or Master Servicer Event of Default
      that has not been cured or waived;

     

    3.  The
      resignation or termination of the Servicer, the Master Servicer or the
      Trustee;

     

    4.  The
      repurchase or substitution of Mortgage Loans pursuant to or as contemplated
      by
      Section 2.03 of this Agreement;

     

    5.  The
      final
      payment to the Holders of any Class of Certificates;

     

    6.  Any
      change in the location of the Distribution Account; and

     

    7.  Any
      event
      that would result in the inability of the Trustee as successor Servicer to
      make
      advances regarding delinquent Mortgage Loans.

     

    In
      addition, the Securities Administrator shall promptly make available to each
      Rating Agency copies of each report to Certificateholders described in
      Section 5.02 of this Agreement.

     

    The
      Servicer shall make available to each Rating Agency copies of the
      following:

     

    1.  Each
      Annual Statement of Compliance described in Section 3.17 of this Agreement;
      and

     

    2.  Each
      Assessment of Compliance and Attestation Report described in
      Section 3.18.

     

    Any
      such
      notice pursuant to this Section 12.07 shall be in writing and shall be
      deemed to have been duly given if personally delivered at or mailed by first
      class mail, postage prepaid, or by express delivery service to Standard &
Poor’s, a division of the McGraw-Hill Companies, Inc., 55 Water Street, New
      York, New York 10041; and to Moody’s Investors Service, Inc., 99 Church Street,
      New York, New York 10007 or such other addresses as the Rating Agencies may
      designate in writing to the parties hereto.

     

    SECTION
      12.08.  Article
      and Section References.

     

    All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

     

    SECTION
      12.09.  Grant
      of Security Interest.

     

    It
      is the
      express intent of the parties hereto that the conveyance of the Mortgage Loans
      by the Depositor to the Trustee, on behalf of the Trust and for the benefit
      of
      the Certificateholders, be, and be construed as, a sale of the Mortgage Loans
      by
      the Depositor and not a pledge of the Mortgage Loans to secure a debt or other
      obligation of the Depositor. However, in the event that, notwithstanding the
      aforementioned intent of the parties, the Mortgage Loans are held to be property
      of the Depositor, then, (a) it is the express intent of the parties that such
      conveyance be deemed a pledge of the Mortgage Loans by the Depositor to the
      Trustee, on behalf of the Trust and for the benefit of the Certificateholders,
      to secure a debt or other obligation of the Depositor and (b)(1) this Agreement
      shall also be deemed to be a security agreement within the meaning of Articles
      8
      and 9 of the Uniform Commercial Code as in effect from time to time in the
      State
      of New York; (2) the conveyance provided for in Section 2.01 shall be
      deemed to be a grant by the Depositor to the Trustee, on behalf of the Trust
      and
      for the benefit of the Certificateholders, of a security interest in all of
      the
      Depositor’s right, title and interest in and to the Mortgage Loans and all
      amounts payable to the holders of the Mortgage Loans in accordance with the
      terms thereof and all proceeds of the conversion, voluntary or involuntary,
      of
      the foregoing into cash, instruments, securities or other property, including
      without limitation all amounts, other than investment earnings, from time to
      time held or invested in the Collection Account and the Distribution Account,
      whether in the form of cash, instruments, securities or other property; (3)
      the
      obligations secured by such security agreement shall be deemed to be all of
      the
      Depositor’s obligations under this Agreement, including the obligation to
      provide to the Certificateholders the benefits of this Agreement relating to
      the
      Mortgage Loans and the Trust Fund; and (4) notifications to persons holding
      such
      property, and acknowledgments, receipts or confirmations from persons holding
      such property, shall be deemed notifications to, or acknowledgments, receipts
      or
      confirmations from, financial intermediaries, bailees or agents (as applicable)
      of the Trustee for the purpose of perfecting such security interest under
      applicable law. Accordingly, the Depositor hereby grants to the Trustee, on
      behalf of the Trust and for the benefit of the Certificateholders, a security
      interest in the Mortgage Loans and all other property described in clause (2)
      of
      the preceding sentence, for the purpose of securing to the Trustee the
      performance by the Depositor of the obligations described in clause (3) of
      the
      preceding sentence. Notwithstanding the foregoing, the parties hereto intend
      the
      conveyance pursuant to Section 2.01 to be a true, absolute and
      unconditional sale of the Mortgage Loans and assets constituting the Trust
      Fund
      by the Depositor to the Trustee, on behalf of the Trust and for the benefit
      of
      the Certificateholders.

     

    SECTION
      12.10.  Survival
      of Indemnification.

     

    Any
      and
      all indemnities to be provided by any party to this Agreement shall survive
      the
      termination and resignation of any party hereto and the termination of this
      Agreement.

     

    SECTION
      12.11.  Intention
      of the Parties and Interpretation.
      Each of
      the parties acknowledges and agrees that the purpose of Sections 3.17, 3.18,
      3.19, 4.15, 4.16, 4.17, 4.18 and 5.06 of this Agreement is to facilitate
      compliance by the Sponsor, the Master Servicer, the Securities Administrator
      and
      the Depositor with the provisions of Regulation AB promulgated by the SEC under
      the Exchange Act (17 C.F.R. §§ 229.1100 - 229.1123), as such may be amended from
      time to time and subject to clarification and interpretive advice as may be
      issued by the staff of the SEC from time to time. Therefore, each of the parties
      agrees that (a) the obligations of the parties hereunder shall be interpreted
      in
      such a manner as to accomplish that purpose, (b) the parties’ obligations
      hereunder will be supplemented and modified as necessary to be consistent with
      any such amendments, interpretive advice or guidance, convention or consensus
      among active participants in the asset-backed securities markets, advice of
      counsel, or otherwise in respect of the requirements of Regulation AB; and
      (c)
      the parties shall comply with reasonable requests made by the Sponsor, the
      Master Servicer, the Securities Administrator or the Depositor for delivery
      of
      additional or different information as the Sponsor, the Master Servicer, the
      Securities Administrator or the Depositor may determine in good faith is
      necessary to comply with the provisions of Regulation AB. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the Depositor, the Servicer, the Master Servicer, the
      Securities Administrator and the Trustee have caused their names to be signed
      hereto by their respective officers thereunto duly authorized, in each case
      as
      of the day and year first above written.

     

    ACE
      SECURITIES CORP.,

     

    as
      Depositor

     

    By:
      ___________________________

    Name:
      

    Title:
      

     

    By:
      ___________________________

    Name:
      

    Title:
      

     

    OCWEN
      LOAN SERVICING, LLC

    as
      Servicer

     

    By:
      ___________________________

    Name:
      

    Title:
      

     

    HSBC
      BANK
      USA, NATIONAL ASSOCIATION

    not
      in
      its individual capacity but solely as Trustee

     

    By:
      ___________________________

    Name:
      

    Title:
      

     

    WELLS
      FARGO BANK, NATIONAL ASSOCIATION

    as
      Master
      Servicer and Securities Administrator

     

    By:
      ___________________________ 

    Name:
      

    Title:
      

     

    Acknowledged
      and Agreed for purposes of Section 7.11 and Section
      9.05:

     

    DB
      STRUCTURED PRODUCTS, INC.

     

    By:
      ___________________________

    Name:
      

    Title:
      

     

    By:
      ___________________________ 

    Name:
      

    Title:
      

     

    Acknowledged
      and Agreed for purposes of Section 7.08, 7.09 and
      7.10:

     

    CLAYTON
      FIXED INCOME SERVICES INC. 

     

     

    By:
      ___________________________

    Name:
      

    Title:
      

    
 

    Acknowledged
      and Agreed for purposes of Section 5.01(b):

     

    DEUTSCHE
      BANK SECURITIES INC. as Class CE-2 Certificateholder

     

    By:
      ___________________________

    Name:
      

    Title:

     

    By:
      ___________________________

    Name:
      

    Title:
      

     

     

    
      	
              STATE
                OF

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF

            	
              )

            
	 	 

    

     

    On
      the
      ___ day of March 2006, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of ACE Securities Corp., one of the corporations that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said corporation, and acknowledged to me that such
      corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    Notary
      Public

     

    [Notarial
      Seal]     My
      commission expires

     

     

    
      	
              STATE
                OF

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF

            	
              )

            
	 	 

    

    On
      the
      ___ day of March 2006, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of ACE Securities Corp., one of the corporations that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said corporation, and acknowledged to me that such
      corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    Notary
      Public

     

    [Notarial
      Seal]     My
      commission expires

     

     

    
      	
              STATE
                OF

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF

            	
              )

            
	 	 

    

    On
      the
      ___ day of March 2006, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of Ocwen Loan Servicing, LLC, one of the limited liability
      companies that executed the within instrument, and also known to me to be the
      person who executed it on behalf of said limited liability company, and
      acknowledged to me that such federally chartered savings bank executed the
      within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    Notary
      Public

     

    [Notarial
      Seal]     My
      commission expires

     

     

    
      	
              STATE
                OF

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF

            	
              )

            
	 	 
	 	 

    

    On
      the
      ___ day of March 2006, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of Wells Fargo Bank, National Association, one of the
      national banking associations that executed the within instrument, and also
      known to me to be the person who executed it on behalf of said national banking
      association, and acknowledged to me that such national banking association
      executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

     

    Notary
      Public

     

    [Notarial
      Seal]     My
      commission expires

     

     

    
      	
              STATE
                OF

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF

            	
              )

            
	 	 

    

    On
      the
      ___ day of March 2006, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of HSBC Bank USA, National Association, one of the
      national banking associations that executed the within instrument, and also
      known to me to be the person who executed it on behalf of said national banking
      association, and acknowledged to me that such national banking association
      executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

     

    Notary
      Public

     

    [Notarial
      Seal]     My
      commission expires

     

    

Unassociated
    Document 

    EXHIBIT
      A-1

     

    FORM
      OF
      CLASS A CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
      EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
      CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.

     

    PRIOR
      TO THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY PERSON ACQUIRING
      A
      CERTIFICATE DIRECTLY OR INDIRECTLY BY, ON BEHALF OF, OR WITH PLAN ASSETS OF
      AN
      EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT THAT IS SUBJECT TO TITLE
      I
      OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION
      4975 OF THE CODE, SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS IN SECTION
      6.02(c) OF THE AGREEMENT REFERRED TO HEREIN.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Series
                2006-SL2, Class A

            	 	
              Aggregate
                Certificate Principal Balance of the Class A Certificates as of the
                Issue
                Date: $_____________

            
	
              Pass-Through
                Rate: Variable

            	 	
              Denomination:
                $____________

            
	
              Date
                of Pooling and Servicing Agreement and Cut-off Date: March 1,
                2006

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	
              First
                Distribution Date: April 25, 2006

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	
              No.__

            	 	
              Issue
                Date: March 28, 2006

            
	 	 	
              CUSIP:________________

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-SL2

     

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed-rate second
      lien
      mortgage loans (the “Mortgage Loans”) formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER, THE
      TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
      THE
      UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF
      THE
      UNITED STATES.

     

    This
      certifies that ________________ is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class A Certificates as of the Issue Date)
      in that certain beneficial ownership interest evidenced by all of the Class
      A
      Certificates in REMIC III created pursuant to a Pooling and Servicing Agreement,
      dated as specified above (the “Agreement”), among ACE Securities Corp., as
      depositor (hereinafter called the “Depositor”, which term includes any successor
      entity under the Agreement), Wells Fargo Bank, N.A. as master servicer (the
      “Master Servicer”) and securities administrator (the “Securities
      Administrator”), Ocwen Loan Servicing, LLC as servicer ( the “Servicer”) and
      HSBC Bank USA, National Association as trustee (the “Trustee”), a summary of
      certain of the pertinent provisions of which is set forth hereafter. To the
      extent not defined herein, the capitalized terms used herein have the meanings
      assigned in the Agreement. This Certificate is issued under and is subject
      to
      the terms, provisions and conditions of the Agreement, to which Agreement the
      Holder of this Certificate by virtue of the acceptance hereof assents and by
      which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the Business
      Day
      immediately preceding such Distribution Date (the “Record Date”), in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class A Certificates
      on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five (5) Business Days prior to the Record Date immediately prior to
      such
      Distribution Date and is the registered owner of Class A 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 Certificates, or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Securities Administrator of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency appointed
      by the Securities Administrator for that purpose as provided in the
      Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall be a rate per annum equal
      to
      the lesser of (i) One-Month LIBOR plus [_____]%, in the case of each
      Distribution Date through and including the Distribution Date on which the
      aggregate principal balance of the Mortgage Loans (and properties acquired
      in
      respect thereof) remaining in the Trust Fund is reduced to less than or equal
      to
      10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off
      Date, or One-Month LIBOR plus [_____]%, in the case of any Distribution Date
      thereafter and (ii) the applicable Net WAC Pass-Through Rate for such
      Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificate of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans and payments received pursuant to
      the
      Swap Agreement, all as more specifically set forth herein and in the Agreement.
      As provided in the Agreement, withdrawals from the Collection Account and the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage Loans.
      

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicer and
      the
      rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicer with the consent of the Swap Provider and the Holders of
      Certificates entitled to at least 66% of the Voting Rights. Any such consent
      by
      the Holder of this Certificate shall be conclusive and binding on such Holder
      and upon all future Holders of this Certificate and of any Certificate issued
      upon the transfer hereof or in exchange herefor or in lieu hereof whether or
      not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Securities
      Administrator duly executed by, the Holder hereof or such Holder’s attorney duly
      authorized in writing, and thereupon one or more new Certificates of the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any 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 by its acceptance thereof shall be
      deemed to make the representations in Section 6.02(c) of the
      Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange
      of
      Certificates, but the Securities Administrator may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or the Servicer may treat the Person in whose name
      this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) at the time of
      purchase being less than or equal to 10% of the Scheduled Principal Balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assumes any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    Dated:

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    

    

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class A Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            
	 	 	 	 	 	 	 	 	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)
                (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 
	 	 	 	 
	
              Additional
                abbreviations may also be used though not in the above
                list.

            

    

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                

            
	
              unto

            	 
	 	 
	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee)

     

    a
      Percentage Interest equal to ____%
      evidenced by the within Asset Backed Pass-Through Certificate and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      _______________________________________________________________________________________________________________

    
      	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-2A

     

    FORM
      OF
      CLASS M-[1][2A][6A][9A] CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
      EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
      CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES [[,/AND] CLASS M-1
      CERTIFICATES] [, CLASS M-2A CERTIFICATES] [, CLASS M-2B CERTIFICATES] [, CLASS
      M-3 CERTIFICATES] [, CLASS M-4 CERTIFICATES] [[,/AND] CLASS M-5 CERTIFICATES]
      [,
      CLASS M-6A CERTIFICATES] [, CLASS M-6B CERTIFICATES] [, CLASS M-7 CERTIFICATES]
      [[AND] CLASS M-8 CERTIFICATES] TO THE EXTENT DESCRIBED IN THE AGREEMENT REFERRED
      TO HEREIN.

     

    ANY
      TRANSFEREE OF THIS CERTIFICATE SHALL BE DEEMED TO MAKE THE REPRESENTATIONS
      SET
      FORTH IN SECTION 6.02(c) OF THE AGREEMENT REFERRED TO
      HEREIN.

     

    THE
      CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
      PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO AS DESCRIBED
      IN
      THE AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE
      OF
      THE CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL
      BE
      DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE
      MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE SECURITIES
      ADMINISTRATOR NAMED HEREIN.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Series
                2006-SL2, Class M-[1][2A][6A][9A]

            	 	
              Aggregate
                Certificate Principal Balance of the Class M-[1][2A][6A][9A] Certificates
                as of the Issue Date: $______________

            
	
              Pass-Through
                Rate: Fixed

            	 	
              Denomination:
                $______________

            
	
              Date
                of Pooling and Servicing Agreement 

              and
                Cut-off Date: March 1, 2006

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	
              First
                Distribution Date: April 25, 2006

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	
              No.___

            	 	
              Issue
                Date: March 28, 2006

            
	 	 	
              CUSIP:_________________

            

    

    

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-SL2

     

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed -rate second
      lien
      mortgage loans (the “Mortgage Loans”) formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER, THE
      TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
      THE
      UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF
      THE
      UNITED STATES.

     

    This
      certifies that _____________________ is the registered owner of a Percentage
      Interest (obtained by dividing the denomination of this Certificate by the
      aggregate Certificate Principal Balance of the Class M-[1][2A][6A][9A]
      Certificates as of the Issue Date) in that certain beneficial ownership interest
      evidenced by all the Class M-[1][2A][6A][9A] Certificates in REMIC III created
      pursuant to a Pooling and Servicing Agreement, dated as specified above (the
      “Agreement”), among ACE Securities Corp., as depositor (hereinafter called the
“Depositor”, which term includes any successor entity under the Agreement),
      Wells Fargo Bank, N.A. as master servicer (the “Master Servicer”) and securities
      administrator (the “Securities Administrator”), Ocwen Loan Servicing, LLC as
      servicer (the “Servicer”) and HSBC Bank USA, National Association, as trustee
      (the “Trustee”), a summary of certain of the pertinent provisions of which is
      set forth hereafter. To the extent not defined herein, the capitalized terms
      used herein have the meanings assigned in the Agreement. This Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Certificate by virtue of the
      acceptance hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the last Business
      Day of the month immediately preceding the month in which such Distribution
      Date
      occurs (the “Record Date”), in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to the Holders of Class M-[1][2A][6A][9A] Certificates on such Distribution
      Date
      pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five (5) Business Days prior to the Record Date immediately prior to
      such
      Distribution Date and is the registered owner of Class M-[1][2A][6A][9A]
      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][2A][6A][9A]
      Certificates, or otherwise by check mailed by first class mail to the address
      of
      the Person entitled thereto, as such name and address shall appear on the
      Certificate Register. Notwithstanding the above, the final distribution on
      this
      Certificate will be made after due notice by the Securities Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Securities Administrator
      for that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) [____]% in the case of each Distribution Date through
      and including the Distribution Date on which the aggregate principal balance
      of
      the Mortgage Loans (and properties acquired in respect thereof) remaining in
      the
      Trust Fund is reduced to less than or equal to 10% of the aggregate principal
      balance of the Mortgage Loans as of the Cut-off Date, or [_____]%, in the case
      of any Distribution Date thereafter and (ii) the applicable Net WAC Pass-Through
      Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificate of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans and payments received pursuant to
      the
      Swap Agreement, all as more specifically set forth herein and in the Agreement.
      As provided in the Agreement, withdrawals from the Collection Account and the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage Loans.
      

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicer and
      the
      rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicer with the consent of the Swap Provider and the Holders of
      Certificates entitled to at least 66% of the Voting Rights. Any such consent
      by
      the Holder of this Certificate shall be conclusive and binding on such Holder
      and upon all future Holders of this Certificate and of any Certificate issued
      upon the transfer hereof or in exchange herefor or in lieu hereof whether or
      not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Securities
      Administrator duly executed by, the Holder hereof or such Holder’s attorney duly
      authorized in writing, and thereupon one or more new Certificates of the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    Any
      transferee of this Certificate shall be deemed to make the representations
      set
      forth in Section 6.02(c) of the Agreement.

     

    No
      service charge will be made for any such registration of transfer or exchange
      of
      Certificates, but the Securities Administrator may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or the Servicer may treat the Person in whose name
      this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) at the time of
      purchase being less than or equal to 10% of the Scheduled Principal Balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator by manual signature, this Certificate shall not be entitled to
      any
      benefit under the Agreement or be valid for any purpose. 

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    Dated:

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class M-[1][2A][6A][9A] Certificates referred to in the
      within-mentioned Agreement.

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            
	 	 	 	 	 	 	 	 	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)
                (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 
	 	 	 	 
	
              Additional
                abbreviations may also be used though not in the above
                list.

            

    

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                

            
	
              unto

            	 
	 	 
	 	 

    

     (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee)

     

    a
      Percentage Interest equal to _____% evidenced by the within Asset Backed
      Pass-Through Certificate and hereby authorize(s) the registration of transfer
      of
      such interest to assignee on the Certificate Register of the Trust
      Fund.

     

    I
      (we)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      ________________________________________________________________________________________________________________

    
      	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      A-2B

     

    FORM
      OF
      CLASS M-[2B][3][4][5][6B][7][8][9B] CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
      EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
      CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES [[,/AND] CLASS M-1
      CERTIFICATES] [, CLASS M-2A CERTIFICATES] [[,/AND] CLASS M-2B CERTIFICATES]
      [[,/AND] CLASS M-3 CERTIFICATES] [[,/AND] CLASS M-4 CERTIFICATES] [[,/AND]
      CLASS
      M-5 CERTIFICATES]] [, CLASS M-6A CERTIFICATES] [[,/AND] CLASS M-6B CERTIFICATES]
      [[,/AND] CLASS M-7 CERTIFICATES] [AND CLASS M-8 CERTIFICATES] TO THE EXTENT
      DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN. 

     

    ANY
      TRANSFEREE OF THIS CERTIFICATE SHALL BE DEEMED TO MAKE THE REPRESENTATIONS
      SET
      FORTH IN SECTION 6.02(c) OF THE AGREEMENT REFERRED TO
      HEREIN.

     

    THE
      CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
      PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO AS DESCRIBED
      IN
      THE AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE
      OF
      THE CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL
      BE
      DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE
      MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE SECURITIES
      ADMINISTRATOR NAMED HEREIN.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Series
                2006-SL2, Class M-[2B][3][4][5][6B][7][8][9B]

            	 	
              Aggregate
                Certificate Principal Balance of the Class M-[2B][3][4][5][6B][7][8][9B]
                Certificates as of the Issue Date: $______________

            
	
              Pass-Through
                Rate: Variable

            	 	
              Denomination:
                $______________

            
	
              Date
                of Pooling and Servicing Agreement 

              and
                Cut-off Date: March 1, 2006

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	
              First
                Distribution Date: April 25, 2006

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	
              No.___

            	 	
              Issue
                Date: March 28, 2006

            
	 	 	
              CUSIP:_________________

            

    

    

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-SL2

     

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed -rate second
      lien
      mortgage loans (the “Mortgage Loans”) formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER, THE
      TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
      THE
      UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF
      THE
      UNITED STATES.

     

    This
      certifies that _____________________ is the registered owner of a Percentage
      Interest (obtained by dividing the denomination of this Certificate by the
      aggregate Certificate Principal Balance of the Class
      M-[2B][3][4][5][6B][7][8][9B] Certificates as of the Issue Date) in that certain
      beneficial ownership interest evidenced by all the Class
      M-[2B][3][4][5][6B][7][8][9B] Certificates in REMIC III created pursuant to
      a
      Pooling and Servicing Agreement, dated as specified above (the “Agreement”),
      among ACE Securities Corp., as depositor (hereinafter called the “Depositor”,
      which term includes any successor entity under the Agreement), Wells Fargo
      Bank,
      N.A. as master servicer (the “Master Servicer”) and securities administrator
      (the “Securities Administrator”), Ocwen Loan Servicing, LLC as servicer (the
“Servicer”) and HSBC Bank USA, National Association, as trustee (the “Trustee”),
      a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the Business
      Day
      immediately preceding such Distribution Date (the “Record Date”), in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class
      M-[2B][3][4][5][6B][7][8][9B] Certificates on such Distribution Date pursuant
      to
      the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five (5) Business Days prior to the Record Date immediately prior to
      such
      Distribution Date and is the registered owner of Class
      M-[2B][3][4][5][6B][7][8][9B] 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-[2B][3][4][5][6B][7][8][9B] Certificates, or otherwise by check mailed by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Securities Administrator of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency appointed
      by the Securities Administrator for that purpose as provided in the
      Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) One-Month LIBOR plus [____]%, in the case of each
      Distribution Date through and including the Distribution Date on which the
      aggregate principal balance of the Mortgage Loans (and properties acquired
      in
      respect thereof) remaining in the Trust Fund is reduced to less than or equal
      to
      10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off
      Date, or One-Month LIBOR plus [____]%, in the case of any Distribution Date
      thereafter and (ii) the applicable Net WAC Pass-Through Rate for such
      Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificate of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans and payments received pursuant to
      the
      Swap Agreement, all as more specifically set forth herein and in the Agreement.
      As provided in the Agreement, withdrawals from the Collection Account and the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage Loans.
      

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicer and
      the
      rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicer with the consent of the Swap Provider and the Holders of
      Certificates entitled to at least 66% of the Voting Rights. Any such consent
      by
      the Holder of this Certificate shall be conclusive and binding on such Holder
      and upon all future Holders of this Certificate and of any Certificate issued
      upon the transfer hereof or in exchange herefor or in lieu hereof whether or
      not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Securities
      Administrator duly executed by, the Holder hereof or such Holder’s attorney duly
      authorized in writing, and thereupon one or more new Certificates of the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    Any
      transferee of this Certificate shall be deemed to make the representations
      set
      forth in Section 6.02(c) of the Agreement.

     

    No
      service charge will be made for any such registration of transfer or exchange
      of
      Certificates, but the Securities Administrator may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or the Servicer may treat the Person in whose name
      this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) at the time of
      purchase being less than or equal to 10% of the Scheduled Principal Balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator by manual signature, this Certificate shall not be entitled to
      any
      benefit under the Agreement or be valid for any purpose.

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    Dated:

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class M-[2B][3][4][5][6B][7][8][9B] Certificates referred to in
      the
      within-mentioned Agreement.

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            
	 	 	 	 	 	 	 	 	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)
                (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 
	 	 	 	 
	
              Additional
                abbreviations may also be used though not in the above
                list.

            

    

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                

            
	
              unto

            	 
	 	 
	 	 

    

     (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee)

     

    a
      Percentage Interest equal to _____% evidenced by the within Asset Backed
      Pass-Through Certificate and hereby authorize(s) the registration of transfer
      of
      such interest to assignee on the Certificate Register of the Trust
      Fund.

     

    I
      (we)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      _______________________________________________________________________________________________________________

    
      	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      A-3

     

    FORM
      OF
      CLASS B-1 CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
      EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
      CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES
      AND
      THE MEZZANINE CERTIFICATES, AS DESCRIBED IN THE AGREEMENT REFERRED
      TO HEREIN.

     

    THE
      CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
      PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO AS DESCRIBED
      IN
      THE AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE
      OF
      THE CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL
      BE
      DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE
      MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE SECURITIES
      ADMINISTRATOR NAMED HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
      SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES
      LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS
      CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY
      IN
      COMPLIANCE WITH THE ACT AND OTHER APPLICABLE LAWS AND (1) OUTSIDE OF THE UNITED
      STATES WITHIN THE MEANING OF AND IN COMPLIANCE WITH REGULATION S UNDER THE
      ACT
      (“REGULATION S”), OR (2) WITHIN THE UNITED STATES TO (A) “QUALIFIED
      INSTITUTIONAL BUYERS” WITHIN THE MEANING OF AND IN COMPLIANCE WITH RULE 144A
      UNDER THE ACT (“RULE 144A”) OR (B) TO INSTITUTIONAL INVESTORS THAT ARE
“ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF
“REGULATION D” UNDER THE ACT.

     

    [THIS
      CERTIFICATE IS A REGULATION S TEMPORARY GLOBAL CERTIFICATE FOR PURPOSES OF
      REGULATION S UNDER THE ACT. PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER
      OF
      (I) THE COMMENCEMENT OF THE OFFERING OF THE OFFERED CERTIFICATES AND (II) THE
      CLOSING DATE, THIS CERTIFICATE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
      TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN
      EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT.]

     

    [NO
      BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL CERTIFICATE SHALL BE
      ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREIN UNLESS THE REQUIRED
      CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE AGREEMENT (AS
      DEFINED HEREIN).]

     

    [THE
      HOLDER OF THIS REGULATION S PERMANENT GLOBAL CERTIFICATE BY ITS ACCEPTANCE
      HEREOF AGREES NOT TO OFFER, SELL OR OTHERWISE TRANSFER SUCH CERTIFICATE WITHIN
      THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE
      ACT)
      PRIOR TO THE DATE WHICH IS THE LATER OF (I) 40 DAYS AFTER THE LATER OF THE
      CLOSING DATE AND (II) THE DATE ON WHICH THE REQUISITE CERTIFICATIONS ARE DUE
      TO
      AND PROVIDED TO THE TRUSTEE AND SECURITIES ADMINISTRATOR PURSUANT TO THE
      AGREEMENT (AS DEFINED BELOW), EXCEPT PURSUANT TO AN EXEMPTION FROM THE
      REGISTRATION REQUIREMENTS OF THE ACT.]

     

    NO
      TRANSFER OF THIS CERTIFICATE TO A PLAN SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
      SECURITY ACT OF 1974, AS AMENDED (“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 6.02(c) OF THE AGREEMENT REFERRED TO
      HEREIN.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Series
                ACE 2006-SL2, Class B-1

            	 	
              Aggregate
                Certificate Principal Balance of the Class B-1 Certificates as of
                the
                Issue Date: $_____________

            
	
              Pass-Through
                Rate: Variable

            	 	
              Denomination:
                $______________

            
	
              Date
                of Pooling and Servicing Agreement

              and
                Cut-off Date: March 1, 2006

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	
              First
                Distribution Date: April 25, 2006

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	
              No.
                ______

            	 	
              Issue
                Date: March 28, 2006

            
	 	 	
              CUSIP:
                ______________

            

    

    

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-SL2

     

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed -rate second
      lien
      mortgage loans (the “Mortgage Loans”) formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER, THE
      TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
      THE
      UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF
      THE
      UNITED STATES.

     

    This
      certifies that _______________ is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class B-1 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      B-1 Certificates in REMIC III created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among ACE Securities
      Corp., as depositor (hereinafter called the “Depositor”, which term includes any
      successor entity under the Agreement), Wells Fargo Bank, N.A. as master servicer
      (the “Master Servicer”) and securities administrator (the “Securities
      Administrator”), Ocwen Loan Servicing, LLC as servicer (the “Servicer”) and HSBC
      Bank USA, National Association, as trustee (the “Trustee”), a summary of certain
      of the pertinent provisions of which is set forth hereafter. To the extent
      not
      defined herein, the capitalized terms used herein have the meanings assigned
      in
      the Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the Business
      Day
      immediately preceding such Distribution Date (the “Record Date”), in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class B-1
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five (5) Business Days prior to the Record Date immediately prior to
      such
      Distribution Date and is the registered owner of Class B-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 B-1 Certificates, or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Securities Administrator of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency appointed
      by the Securities Administrator for that purpose as provided in the
      Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) One-Month LIBOR plus [____]%, in the case of each
      Distribution Date through and including the Distribution Date on which the
      aggregate principal balance of the Mortgage Loans (and properties acquired
      in
      respect thereof) remaining in the Trust Fund is reduced to less than or equal
      to
      10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off
      Date, or One-Month LIBOR plus [____]%, in the case of any Distribution Date
      thereafter and (ii) the applicable Net WAC Pass-Through Rate for such
      Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through 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 and payments received pursuant to
      the
      Swap Agreement, all as more specifically set forth herein and in the Agreement.
      As provided in the Agreement, withdrawals from the Collection Account and the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage Loans.
      

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicer and
      the
      rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicer with the consent of the Swap Provider and the Holders of
      Certificates entitled to at least 66% of the Voting Rights. Any such consent
      by
      the Holder of this Certificate shall be conclusive and binding on such Holder
      and upon all future Holders of this Certificate and of any Certificate issued
      upon the transfer hereof or in exchange herefor or in lieu hereof whether or
      not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Securities
      Administrator duly executed by, the Holder hereof or such Holder’s attorney duly
      authorized in writing, and thereupon one or more new Certificates of the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange
      of
      Certificates, but the Securities Administrator may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Act, and an effective
      registration or qualification under applicable state securities laws, or is
      made
      in a transaction that does not require such registration or qualification.
      In
      the event that such a transfer of this Certificate is to be made without
      registration or qualification, the Securities Administrator shall require
      receipt of (i) if such transfer is purportedly being made in reliance upon
      Rule
      144A or Regulation S under the Act, written certifications from the Holder
      of
      the Certificate desiring to effect the transfer, and from such Holder’s
      prospective transferee, substantially in the forms attached to the Agreement
      as
      Exhibit B-1, (ii) if such transfer is purportedly being made in reliance upon
      Rule 501(a) under the Act, written certifications from the Holder of the
      Certificate desiring to effect the transfer and from such Holder’s prospective
      transferee, substantially in the form attached to the Agreement as Exhibit
      B-2
      and (iii) in all other cases, an Opinion of Counsel satisfactory to it that
      such
      transfer may be made without such registration or qualification (which Opinion
      of Counsel shall not be an expense of the Trust Fund or of the Depositor, the
      Trustee, the Master Servicer or the Securities Administrator in their respective
      capacities as such), together with copies of the written certification(s) of
      the
      Holder of the Certificate desiring to effect the transfer and/or such Holder’s
      prospective transferee upon which such Opinion of Counsel is based. None of
      the
      Depositor, the Trustee or the Securities Administrator is obligated to register
      or qualify the Class of Certificates specified on the face hereof under the
      Act
      or any other securities law or to take any action not otherwise required under
      the Agreement to permit the transfer of such Certificates without registration
      or qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Master Servicer
      and the Securities Administrator against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of this Certificate 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 6.02(c) of the Agreement.

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or the Servicer may treat the Person in whose name
      this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) at the time of
      purchase being less than or equal to 10% of the Scheduled Principal Balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    Dated:

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    

     

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class B-1 Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            
	 	 	 	 	 	 	 	 	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                unto

            
	 	 
	 	 

    

     (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee)

     

    a
      Percentage Interest evidenced by the within Mortgage Pass-Through Certificate
      and hereby authorizes the transfer of registration of such interest to assignee
      on the Certificate Register of the Trust Fund.

     

    I
      (We)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      denomination and Class, to the above named assignee and deliver such Certificate
      to the following address:
      _______________________________________________________________________________________________________________________

    
      	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

     

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      A-4A

     

    FORM
      OF
      CLASS CE-1 CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE MEZZANINE
      CERTIFICATES AND THE CLASS B-1 CERTIFICATES TO THE EXTENT DESCRIBED IN THE
      AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
      HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
      REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
      THE
      ACT AND OTHER APPLICABLE LAWS AND (1) OUTSIDE OF THE UNITED STATES WITHIN THE
      MEANING OF AND IN COMPLIANCE WITH REGULATION S UNDER THE ACT (“REGULATION S”),
      OR (2) WITHIN THE UNITED STATES TO (A) “QUALIFIED INSTITUTIONAL BUYERS” WITHIN
      THE MEANING OF AND IN COMPLIANCE WITH RULE 144A UNDER THE ACT (“RULE 144A”) OR
      (B) TO INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” WITHIN THE
      MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF “REGULATION D” UNDER THE
      ACT.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED (“ERISA”), OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE
      PROCEDURES DESCRIBED HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
      PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(c) OF THE AGREEMENT REFERRED
      TO HEREIN.

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Series
                2006-SL2, Class CE-1

            	 	
              Aggregate
                Certificate Principal Balance of the Class CE-1 Certificates as of
                the
                Issue Date: $_____________

            
	
              Pass-Through
                Rate: Variable

            	 	
              Denomination:
                $_________________

            
	
              Cut-off
                Date and date of Pooling and Servicing Agreement: March 1,
                2006

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	
              First
                Distribution Date: April 25, 2006

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	
              No.
                __

            	 	
              Issue
                Date: March 28, 2006

            

    

    

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-SL2

     

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed-rate, second
      lien
      mortgage loans (the “Mortgage Loans”) formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER, THE
      TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
      THE
      UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF
      THE
      UNITED STATES.

     

    This
      certifies that ________________ is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class CE-1 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      CE-1 Certificates in REMIC III created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among ACE Securities
      Corp., as depositor (hereinafter called the “Depositor,” which term includes any
      successor entity under the Agreement), Wells
      Fargo Bank, N.A. as master servicer (the “Master Servicer”) and securities
      administrator (the “Securities Administrator”), Ocwen Loan Servicing, LLC as
      servicer (the “Servicer”) and HSBC Bank USA, National Association, as trustee
      (the “Trustee”),
      a
      summary of certain of the pertinent provisions of which is set forth hereafter.
      To the extent not defined herein, the capitalized terms used herein have the
      meanings assigned in the Agreement. This Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Certificate by virtue of the acceptance hereof
      assents and by which such Holder is bound.

     

    Interest
      on this Certificate will accrue during the month prior to the month in which
      a
      Distribution Date (as hereinafter defined) occurs on the related Notional Amount
      at a per annum rate equal to the applicable Pass-Through Rate as set forth
      in
      the Agreement. Pursuant to the terms of the Agreement, distributions will be
      made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the last Business
      Day of the calendar month immediately preceding the month in which the related
      Distribution Date occurs (the “Record Date”), in an amount equal to the product
      of the Percentage Interest evidenced by this Certificate and the amount required
      to be distributed to the Holders of Class CE-1Certificates on such Distribution
      Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five (5) Business Days prior to the Record Date immediately prior to
      such
      Distribution Date and is the registered owner of Class CE-1 Certificates the
      aggregate initial Certificate Principal Balance of which is in excess of the
      lesser of (i) $5,000,000 or (ii) two-thirds of the aggregate initial Certificate
      Principal Balance of the Class CE-1 Certificates, or otherwise by check mailed
      by first class mail to the address of the Person entitled thereto, as such
      name
      and address shall appear on the Certificate Register. Notwithstanding the above,
      the final distribution on this Certificate will be made after due notice by
      the
      Securities Administrator of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency appointed
      by the Securities Administrator for that purpose as provided in the
      Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificate of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicer and
      the
      rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicer with the consent of the Swap Provider and the Holders of
      Certificates entitled to at least 66% of the Voting Rights. Any such consent
      by
      the Holder of this Certificate shall be conclusive and binding on such Holder
      and upon all future Holders of this Certificate and of any Certificate issued
      upon the transfer hereof or in exchange herefor or in lieu hereof whether or
      not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Securities
      Administrator duly executed by, the Holder hereof or such Holder’s attorney duly
      authorized in writing, and thereupon one or more new Certificates of the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Act, and an effective
      registration or qualification under applicable state securities laws, or is
      made
      in a transaction that does not require such registration or qualification.
      In
      the event that such a transfer of this Certificate is to be made without
      registration or qualification, the Securities Administrator shall require
      receipt of (i) if such transfer is purportedly being made in reliance upon
      Rule
      144A or Regulation S under the Act, written certifications from the Holder
      of
      the Certificate desiring to effect the transfer, and from such Holder’s
      prospective transferee, substantially in the forms attached to the Agreement
      as
      Exhibit B-1, (ii) if such transfer is purportedly being made in reliance upon
      Rule 501(a) under the Act, written certifications from the Holder of the
      Certificate desiring to effect the transfer and from such Holder’s prospective
      transferee, substantially in the form attached to the Agreement as Exhibit
      B-2
      and (iii) in all other cases, an Opinion of Counsel satisfactory to it that
      such
      transfer may be made without such registration or qualification (which Opinion
      of Counsel shall not be an expense of the Trust Fund or of the Depositor, the
      Trustee, the Master Servicer or the Securities Administrator in their respective
      capacities as such), together with copies of the written certification(s) of
      the
      Holder of the Certificate desiring to effect the transfer and/or such Holder’s
      prospective transferee upon which such Opinion of Counsel is based. None of
      the
      Depositor, the Trustee or the Securities Administrator is obligated to register
      or qualify the Class of Certificates specified on the face hereof under the
      Act
      or any other securities law or to take any action not otherwise required under
      the Agreement to permit the transfer of such Certificates without registration
      or qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Master Servicer
      and the Securities Administrator against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of this Certificate 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 6.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Securities Administrator may require payment of a sum sufficient to
      cover any tax or other governmental charge that may be imposed in connection
      with any transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or the Servicer may treat the Person in whose name
      this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and the properties acquired in respect thereof) at the time
      of
      purchase being less than or equal to 10% of the Scheduled Principal Balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    Dated:

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class CE-1 Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)
                (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 
	 	 	 	 
	
              Additional
                abbreviations may also be used though not in the above
                list.

            

    

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                unto

            
	 	 
	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

     

    a
      Percentage Interest equal to ____% evidenced by the within Asset Backed
      Pass-Through Certificate and hereby authorize(s) the registration of transfer
      of
      such interest to assignee on the Certificate Register of the Trust
      Fund.

     

    I
      (we)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      _______________________________________________________________________________________________________________

    
      	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      A-4B

     

    FORM
      OF
      CLASS CE-2 CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
      HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
      REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
      THE
      ACT AND OTHER APPLICABLE LAWS AND (1) OUTSIDE OF THE UNITED STATES WITHIN THE
      MEANING OF AND IN COMPLIANCE WITH REGULATION S UNDER THE ACT (“REGULATION S”),
      OR (2) WITHIN THE UNITED STATES TO (A) “QUALIFIED INSTITUTIONAL BUYERS” WITHIN
      THE MEANING OF AND IN COMPLIANCE WITH RULE 144A UNDER THE ACT (“RULE 144A”) OR
      (B) TO INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” WITHIN THE
      MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF “REGULATION D” UNDER THE
      ACT.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED (“ERISA”), OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE
      PROCEDURES DESCRIBED HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
      PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(c) OF THE AGREEMENT REFERRED
      TO HEREIN.

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Series
                2006-SL2, Class CE-2

            	 	
              Aggregate
                Percentage Interest of the Class CE-2 Certificates as of the Issue
                Date:
                100.00%

            
	
              Pass-Through
                Rate: Variable

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	
              Cut-off
                Date and date of Pooling and Servicing Agreement: March 1,
                2006

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	
              First
                Distribution Date: April 25, 2006

            	 	
              Issue
                Date: March 28, 2006

            
	
              No.
                __

            	 	 

    

    

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-SL2

     

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed-rate, first
      lien
      mortgage loans (the “Mortgage Loans”) formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER, THE
      TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
      THE
      UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF
      THE
      UNITED STATES.

     

    This
      certifies that ________________ is the registered owner of a Percentage Interest
      set forth above in that certain beneficial ownership interest evidenced by
      all
      the Class CE-2 Certificates in REMIC III created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among ACE
      Securities Corp. as depositor (hereinafter called the “Depositor,” which term
      includes any successor entity under the Agreement), Wells Fargo Bank, N.A.
      as
      master servicer (the “Master Servicer”) and securities administrator (the
“Securities Administrator”), Ocwen Loan Servicing, LLC as servicer (the
“Servicer”) and HSBC Bank USA, National Association, as trustee (the “Trustee”),
      a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Interest
      on this Certificate will accrue during the month prior to the month in which
      a
      Distribution Date (as hereinafter defined) occurs on a Notional Balance at
      a per
      annum rate equal to the applicable Pass-Through Rate as set forth in the
      Agreement. Pursuant to the terms of the Agreement, distributions will be made
      on
      the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the last Business
      Day of the calendar month immediately preceding the month in which the related
      Distribution Date occurs (the “Record Date”), in an amount equal to the product
      of the Percentage Interest evidenced by this Certificate and the amount required
      to be distributed to the Holders of Class CE-2 Certificates on such Distribution
      Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five (5) Business Days prior to the Record Date immediately prior to
      such
      Distribution Date and is the registered owner of Class CE-2 Certificates, or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Securities Administrator of the pendency
      of
      such distribution and only upon presentation and surrender of this Certificate
      at the office or agency appointed by the Securities Administrator for that
      purpose as provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificate of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicer and
      the
      rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicer with the consent of the Swap Provider and the Holders of
      Certificates entitled to at least 66% of the Voting Rights. Any such consent
      by
      the Holder of this Certificate shall be conclusive and binding on such Holder
      and upon all future Holders of this Certificate and of any Certificate issued
      upon the transfer hereof or in exchange herefor or in lieu hereof whether or
      not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Securities
      Administrator duly executed by, the Holder hereof or such Holder’s attorney duly
      authorized in writing, and thereupon one or more new Certificates of the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Act, and an effective
      registration or qualification under applicable state securities laws, or is
      made
      in a transaction that does not require such registration or qualification.
      In
      the event that such a transfer of this Certificate is to be made without
      registration or qualification, the Securities Administrator shall require
      receipt of (i) if such transfer is purportedly being made in reliance upon
      Rule
      144A or Regulation S under the Act, written certifications from the Holder
      of
      the Certificate desiring to effect the transfer, and from such Holder’s
      prospective transferee, substantially in the forms attached to the Agreement
      as
      Exhibit B-1, (ii) if such transfer is purportedly being made in reliance upon
      Rule 501(a) under the Act, written certifications from the Holder of the
      Certificate desiring to effect the transfer and from such Holder’s prospective
      transferee, substantially in the form attached to the Agreement as Exhibit
      B-2
      and (iii) in all other cases, an Opinion of Counsel satisfactory to it that
      such
      transfer may be made without such registration or qualification (which Opinion
      of Counsel shall not be an expense of the Trust Fund or of the Depositor, the
      Trustee, the Master Servicer or the Securities Administrator in their respective
      capacities as such), together with copies of the written certification(s) of
      the
      Holder of the Certificate desiring to effect the transfer and/or such Holder’s
      prospective transferee upon which such Opinion of Counsel is based. None of
      the
      Depositor, the Trustee or the Securities Administrator is obligated to register
      or qualify the Class of Certificates specified on the face hereof under the
      Act
      or any other securities law or to take any action not otherwise required under
      the Agreement to permit the transfer of such Certificates without registration
      or qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Master Servicer
      and the Securities Administrator against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of this Certificate 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 6.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Securities Administrator may require payment of a sum sufficient to
      cover any tax or other governmental charge that may be imposed in connection
      with any transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or the Servicer may treat the Person in whose name
      this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and the properties acquired in respect thereof) at the time
      of
      purchase being less than or equal to 10% of the Scheduled Principal Balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assumes any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    Dated:

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class CE-2 Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)
                (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 
	 	 	 	 
	
              Additional
                abbreviations may also be used though not in the above
                list.

            

    

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                unto

            
	 	 
	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

     

    a
      Percentage Interest equal to ____% evidenced by the within Asset Backed
      Pass-Through Certificate and hereby authorize(s) the registration of transfer
      of
      such interest to assignee on the Certificate Register of the Trust
      Fund.

     

    I
      (we)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      _____________________________________________________________________________________________________________

    
      	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    

    

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      A-5

     

    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 (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
      HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
      REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
      THE
      ACT AND OTHER APPLICABLE LAWS AND (1) OUTSIDE OF THE UNITED STATES WITHIN THE
      MEANING OF AND IN COMPLIANCE WITH REGULATION S UNDER THE ACT (“REGULATION S”),
      OR (2) WITHIN THE UNITED STATES TO (A) “QUALIFIED INSTITUTIONAL BUYERS” WITHIN
      THE MEANING OF AND IN COMPLIANCE WITH RULE 144A UNDER THE ACT (“RULE 144A”) OR
      (B) TO INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” WITHIN THE
      MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF “REGULATION D” UNDER THE
      ACT.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED (“ERISA”), OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE
      PROCEDURES DESCRIBED HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
      PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(c) OF THE AGREEMENT REFERRED
      TO HEREIN.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Series
                2006-SL2, Class P

            	 	
              Aggregate
                Certificate Principal Balance of the Class P Certificates as of the
                Issue
                Date: $100.00

            
	
              Cut-off
                Date and date of Pooling and Servicing Agreement: March 1,
                2006

            	 	
              Denomination:
                $100.00

            
	
              First
                Distribution Date: April 25, 2006

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	
              No.
                __

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	 	 	
              Issue
                Date: March 28, 2006

            

    

    

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-SL2

     

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed-rate, second
      lien
      mortgage loans (the “Mortgage Loans”) formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER, THE
      TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
      THE
      UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF
      THE
      UNITED STATES.

     

    This
      certifies that _______________ is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class P Certificates as of the Issue Date)
      in that certain beneficial ownership interest evidenced by all the Class P
      Certificates in REMIC III created pursuant to a Pooling and Servicing Agreement,
      dated as specified above (the “Agreement”), among ACE Securities Corp., as
      depositor (hereinafter called the “Depositor”, which term includes any successor
      entity under the Agreement), Wells Fargo Bank, N.A. as master servicer (the
      “Master Servicer”) and securities administrator (the “Securities
      Administrator”), Ocwen Loan Servicing, LLC as servicer (the “Servicer”) and HSBC
      Bank USA, National Association, as trustee (the “Trustee”), a summary of certain
      of the pertinent provisions of which is set forth hereafter. To the extent
      not
      defined herein, the capitalized terms used herein have the meanings assigned
      in
      the Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the last Business
      Day of the calendar month immediately preceding the month in which the related
      Distribution Date occurs (the “Record Date”), in an amount equal to the product
      of the Percentage Interest evidenced by this Certificate and the amount required
      to be distributed to the Holders of Class P Certificates on such Distribution
      Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five (5) Business Days prior to the Record Date immediately prior to
      such
      Distribution Date and is the registered owner of Class P Certificates the
      aggregate initial Certificate Principal Balance of which is in excess of the
      lesser of (i) $5,000,000 or (ii) two-thirds of the aggregate initial Certificate
      Principal Balance of the Class P Certificates, or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Securities Administrator of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency appointed
      by the Securities Administrator for that purpose as provided in the
      Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificate of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicer and
      the
      rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicer with the consent of the Swap Provider and the Holders of
      Certificates entitled to at least 66% of the Voting Rights. Any such consent
      by
      the Holder of this Certificate shall be conclusive and binding on such Holder
      and upon all future Holders of this Certificate and of any Certificate issued
      upon the transfer hereof or in exchange herefor or in lieu hereof whether or
      not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Securities
      Administrator duly executed by, the Holder hereof or such Holder’s attorney duly
      authorized in writing, and thereupon one or more new Certificates of the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Act, and an effective
      registration or qualification under applicable state securities laws, or is
      made
      in a transaction that does not require such registration or qualification.
      In
      the event that such a transfer of this Certificate is to be made without
      registration or qualification, the Securities Administrator shall require
      receipt of (i) if such transfer is purportedly being made in reliance upon
      Rule
      144A or Regulation S under the Act, written certifications from the Holder
      of
      the Certificate desiring to effect the transfer, and from such Holder’s
      prospective transferee, substantially in the forms attached to the Agreement
      as
      Exhibit B-1, (ii) if such transfer is purportedly being made in reliance upon
      Rule 501(a) under the Act, written certifications from the Holder of the
      Certificate desiring to effect the transfer and from such Holder’s prospective
      transferee, substantially in the form attached to the Agreement as Exhibit
      B-2
      and (iii) in all other cases, an Opinion of Counsel satisfactory to it that
      such
      transfer may be made without such registration or qualification (which Opinion
      of Counsel shall not be an expense of the Trust Fund or of the Depositor, the
      Trustee, the Master Servicer or the Securities Administrator in their respective
      capacities as such), together with copies of the written certification(s) of
      the
      Holder of the Certificate desiring to effect the transfer and/or such Holder’s
      prospective transferee upon which such Opinion of Counsel is based. None of
      the
      Depositor, the Trustee or the Securities Administrator is obligated to register
      or qualify the Class of Certificates specified on the face hereof under the
      Act
      or any other securities law or to take any action not otherwise required under
      the Agreement to permit the transfer of such Certificates without registration
      or qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Master Servicer
      and the Securities Administrator against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of this Certificate 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 6.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Securities Administrator may require payment of a sum sufficient to
      cover any tax or other governmental charge that may be imposed in connection
      with any transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or the Servicer may treat the Person in whose name
      this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) at the time of
      purchase being less than or equal to 10% of the Scheduled Principal Balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    Dated:

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class P Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)
                (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 
	 	 	 	 
	
              Additional
                abbreviations may also be used though not in the above
                list.

            

    

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                unto

            
	 	 
	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee)

     

    a
      Percentage Interest equal to ____% evidenced by the within Asset Backed
      Pass-Through Certificate and hereby authorize(s) the registration of transfer
      of
      such interest to assignee on the Certificate Register of the Trust
      Fund.

     

    I
      (we)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      _______________________________________________________________________________________________________________

    
      	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      A-6

     

    FORM
      OF
      CLASS R CERTIFICATE

     

    THIS
      CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES
      PERSON.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES,
      THIS CERTIFICATE REPRESENTS THE SOLE “RESIDUAL INTEREST” IN EACH “REAL ESTATE
      MORTGAGE INVESTMENT CONDUIT” (“REMIC”), AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IN
      ACCORDANCE WITH THE PROVISIONS OF SECTION 6.02 OF THE AGREEMENT REFERRED TO
      HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
      OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
      OR
      TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT
      AND
      UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 6.02 OF THE AGREEMENT REFERRED TO HEREIN.

     

    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 (“ERISA”), 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 SECURITIES
      ADMINISTRATOR THAT (A) SUCH TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY
      POSSESSION THEREOF, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN
      GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY
      OF
      ANY OF THE FOREGOING, (2) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED
      IN SECTION 521 OF THE CODE) THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER
      1 OF
      THE CODE UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION
      511
      OF THE CODE, (3) ANY ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE
      CODE
      (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL
      HEREINAFTER BE REFERRED TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF
      A DISQUALIFIED ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE
      THE
      ASSESSMENT OR COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN
      ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED
      TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF
      ANY
      TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED
      ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION
      SHALL
      BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL
      NOT
      BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT
      NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER
      OF
      THIS CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO
      THE
      PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 6.02(d) OF THE
      AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A DISQUALIFIED ORGANIZATION
      IS
      PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP OF THIS
      CERTIFICATE.

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Series
                2006-SL2, Class R

            	 	
              Aggregate
                Percentage Interest of the Class R Certificates as of the Issue Date:
                100.00%

            
	
              Date
                of Pooling and Servicing Agreement

              and
                Cut-off Date: March 1, 2006

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	
              First
                Distribution Date: April 25, 2006

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	
              No
                __

            	 	
              Issue
                Date: March 28, 2006

            

    

    

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-SL2

     

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed-rate, second
      lien
      mortgage loans (the “Mortgage Loans”) formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER, THE
      TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
      THE
      UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF
      THE
      UNITED STATES.

     

    This
      certifies that _______________ is the registered owner of a Percentage Interest
      set forth above in that certain beneficial ownership interest evidenced by
      all
      the Class R Certificates in REMIC III created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among ACE
      Securities Corp., as depositor (hereinafter called the “Depositor”, which term
      includes any successor entity under the Agreement), Wells Fargo Bank, N.A.
      as
      master servicer (the “Master Servicer”) and securities administrator (the
“Securities Administrator”), Ocwen Loan Servicing, LLC as servicer (the
“Servicer”) and HSBC Bank USA, National Association, as trustee (the “Trustee”),
      a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th day of
      each month or, if such 25th day is not a Business Day, the Business Day
      immediately following (a “Distribution Date”), commencing on the First
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered on last Business Day of the calendar month immediately preceding
      the month in which the related Distribution Date occurs (the “Record Date”), in
      an amount equal to the product of the Percentage Interest evidenced by this
      Certificate and the amount required to be distributed to the Holders of Class
      R
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five (5) Business Days prior to the Record Date immediately prior to
      such
      Distribution Date and is the registered owner of Class R Certificates, or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Securities Administrator of the pendency
      of
      such distribution and only upon presentation and surrender of this Certificate
      at the office or agency appointed by the Securities Administrator for that
      purpose as provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificate of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest in
      the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicer and
      the
      rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicer with the consent of the Swap Provider and the Holders of
      Certificates entitled to at least 66% of the Voting Rights. Any such consent
      by
      the Holder of this Certificate shall be conclusive and binding on such Holder
      and upon all future Holders of this Certificate and of any Certificate issued
      upon the transfer hereof or in exchange herefor or in lieu hereof whether or
      not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Securities
      Administrator duly executed by, the Holder hereof or such Holder’s attorney duly
      authorized in writing, and thereupon one or more new Certificates of the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the
      Securities Administrator shall require receipt of (i) if such transfer is
      purportedly being made in reliance upon Rule 144A under the 1933 Act, written
      certifications from the Holder of the Certificate desiring to effect the
      transfer, and from such Holder’s prospective transferee, substantially in the
      forms attached to the Agreement as Exhibit B-1, and (ii) in all other cases,
      an
      Opinion of Counsel satisfactory to it that such transfer may be made without
      such registration or qualification (which Opinion of Counsel shall not be an
      expense of the Trust Fund or of the Depositor, the Trustee, the Master Servicer
      or the Securities Administrator in their respective capacities as such),
      together with copies of the written certification(s) of the Holder of the
      Certificate desiring to effect the transfer and/or such Holder’s prospective
      transferee upon which such Opinion of Counsel is based. None of the Depositor,
      the Trustee or the Securities Administrator is obligated to register or qualify
      the Class of Certificates specified on the face hereof under the 1933 Act or
      any
      other securities law or to take any action not otherwise required under the
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Master Servicer
      and the Securities Administrator against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of this Certificate 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 6.02 of the Agreement.

     

    Prior
      to
      registration of any transfer, sale or other disposition of this Certificate,
      the
      proposed transferee shall provide to the Securities Administrator (i) an
      affidavit to the effect that such transferee is any Person other than a
      Disqualified Organization or the agent (including a broker, nominee or
      middleman) of a Disqualified Organization, and (ii) a certificate that
      acknowledges that (A) the Class R Certificates have been designated as
      representing the beneficial ownership of the residual interests in each of
      REMIC
      I, REMIC II and REMIC III, (B) it will include in its income a pro
      rata
      share of
      the net income of the Trust Fund and that such income may be an “excess
      inclusion,” as defined in the Code, that, with certain exceptions, cannot be
      offset by other losses or benefits from any tax exemption, and (C) it expects
      to
      have the financial means to satisfy all of its tax obligations including those
      relating to holding the Class R Certificates. Notwithstanding the registration
      in the Certificate Register of any transfer, sale or other disposition of this
      Certificate to a Disqualified Organization or an agent (including a broker,
      nominee or middleman) of a Disqualified Organization, such registration shall
      be
      deemed to be of no legal force or effect whatsoever and such Person shall not
      be
      deemed to be a Certificateholder for any purpose, including, but not limited
      to,
      the receipt of distributions in respect of this Certificate.

     

    The
      Holder of this Certificate, by its acceptance hereof, shall be deemed to have
      consented to the provisions of Section 6.02 of the Agreement and to any
      amendment of the Agreement deemed necessary by counsel of the Depositor to
      ensure that the transfer of this Certificate to any Person other than a
      Permitted Transferee or any other Person will not cause any portion of the
      Trust
      Fund to cease to qualify as a REMIC or cause the imposition of a tax upon any
      REMIC.

     

    No
      service charge will be made for any such registration of transfer or exchange
      of
      Certificates, but the Securities Administrator may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or the Servicer may treat the Person in whose name
      this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) at the time of
      purchase being less than or equal to 10% of the Scheduled Principal Balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    Dated:

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class R Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            
	 	 	 	 	 	 	 	 	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)
                (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 
	 	 	 	 
	
              Additional
                abbreviations may also be used though not in the above
                list.

            

    

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                unto

            
	 	 
	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee)

     

    a
      Percentage Interest equal to _____% evidenced by the within Asset Backed
      Pass-Through Certificate and hereby authorize(s) the registration of transfer
      of
      such interest to assignee on the Certificate Register of the Trust
      Fund.

     

    I
      (we)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      _______________________________________________________________________________________________________________

    
      	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                funds
                to

            
	
               

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      B-1

    FORM
      OF
      TRANSFEROR REPRESENTATION LETTER

     

    [Date]

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      Corporate Trust ACE 2006-SL2

     

    
      	
              Re:

            	
              ACE
                Securities Corp. Home Equity Loan Trust, Series 2006-SL2 Asset Backed
                Pass-Through Certificates

              Class
                B-1, Class CE-1, Class CE-2, Class P and Class R
                Certificates

            

    

    

    Ladies
      and Gentlemen:

     

    In
      connection with the transfer by ______________________ (the “Transferor”) to
      ___________________ (the “Transferee”) of the captioned mortgage pass-through
      certificates (the “Certificates”), the Transferor hereby certifies as
      follows:

     

    Neither
      the Transferor nor anyone acting on its behalf has (a) offered, pledged, sold,
      disposed of or otherwise transferred any Certificate, any interest in any
      Certificate or any other similar security to any person in any manner, (b)
      has
      solicited any offer to buy or to accept a pledge, disposition or other transfer
      of any Certificate, any interest in any Certificate or any other similar
      security from any person in any manner, (c) has otherwise approached or
      negotiated with respect to any Certificate, any interest in any Certificate
      or
      any other similar security with any person in any manner, (d) has made any
      general solicitation by means of general advertising or in any other manner,
      (e)
      has taken any other action, that (in the case of each of subclauses (a) through
      (e) above) would constitute a distribution of the Certificates under the
      Securities Act of 1933, as amended (the “1933 Act”), or would render the
      disposition of any Certificate a violation of Section 5 of the 1933 Act or
      any
      state securities law or would require registration or qualification pursuant
      thereto. The Transferor will not act, nor has it authorized or will it authorize
      any person to act, in any manner set forth in the foregoing sentence with
      respect to any Certificate. The Transferor will not sell or otherwise transfer
      any of the Certificates, except in compliance with the provisions of that
      certain Pooling and Servicing Agreement, dated as of March 1, 2006, among ACE
      Securities Corp. as Depositor, Wells Fargo Bank, N.A. as Master Servicer and
      Securities Administrator, Ocwen Loan Servicing, LLC as Servicer and HSBC Bank
      USA, National Association as trustee (the “Pooling and Servicing Agreement”),
      pursuant to which Pooling and Servicing Agreement the Certificates were
      issued.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Capitalized
      terms used but not defined herein shall have the meanings assigned thereto
      in
      the Pooling and Servicing Agreement.

     

    
      	 	 	 	 	 	 	 	
              Very
                truly yours,

            
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              [Transferor]

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Name:

            
	 	 	 	 	 	 	 	 	
              Title:

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    FORM
      OF
      TRANSFEREE REPRESENTATION LETTER

     

    [Date]

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      Corporate Trust ACE 2006-SL2

     

    
      	
              Re:

            	
              ACE
                Securities Corp. Home Equity Loan Trust, Series 2006-SL2

              Asset
                Backed Pass-Through Certificates 

              Class
                B-1, Class CE-1, Class CE-2, Class P and Class R
                Certificates

            

    

    Ladies
      and Gentlemen:

     

    In
      connection with the purchase from ______________________________ (the
“Transferor”) on the date hereof of the captioned trust certificates (the
“Certificates”), (the “Transferee”) hereby certifies as follows:

     

    1. The
      Transferee is a “qualified institutional buyer” as that term is defined in Rule
      144A (“Rule 144A”) under the Securities Act of 1933 (the “1933 Act”) and has
      completed either of the forms of certification to that effect attached hereto
      as
      Annex 1 or Annex 2. The Transferee is aware that the sale to it is being made
      in
      reliance on Rule 144A. The Transferee is acquiring the Certificates for its
      own
      account or for the account of a qualified institutional buyer, and understands
      that such Certificate may be resold, pledged or transferred only (i) to a person
      reasonably believed to be a qualified institutional buyer that purchases for
      its
      own account or for the account of a qualified institutional buyer to whom notice
      is given that the resale, pledge or transfer is being made in reliance on Rule
      144A, or (ii) pursuant to another exemption from registration under the 1933
      Act.

     

    2. The
      Transferee has been furnished with all information regarding (a) the
      Certificates and distributions thereon, (b) the nature, performance and
      servicing of the Mortgage Loans, (c) the Pooling and Servicing Agreement
      referred to below, and (d) any credit enhancement mechanism associated with
      the
      Certificates, that it has requested.

     

    3. The
      Transferee: (a) is not an employee benefit plan or other plan subject to the
      prohibited transaction provisions of the Employee Retirement Income Security
      Act
      of 1974, as amended (“ERISA”), or Section 4975 of the Internal Revenue Code of
      1986, as amended (the “Code”) (each, a “Plan”), or any other person (including
      an investment manager, a named fiduciary or a trustee of any Plan) acting,
      directly or indirectly, on behalf of or purchasing any Certificate with “plan
      assets” of any Plan within the meaning of the Department of Labor (“DOL”)
      regulation at 29 C.F.R. § 2510.3-101 or (b) [[for
      Class CE-1, Class CE-2, Class P and Class R] has provided the Securities
      Administrator with an Opinion of Counsel on which the Trustee, the Depositor,
      the Master Servicer, the Securities Administrator and the Servicer may rely,
      acceptable to and in form and substance satisfactory to the Trustee to the
      effect that the purchase of Certificates is permissible under applicable law,
      will not constitute or result in any non-exempt prohibited transaction under
      ERISA or Section 4975 of the Code and will not subject the Trust Fund, the
      Trustee, the Depositor, the Master Servicer, the Securities Administrator or
      the
      Servicer to any obligation or liability (including obligations or liabilities
      under ERISA or Section 4975 of the Code) in addition to those undertaken in
      the
      Pooling and Servicing Agreement.] [[for Class B-1] (i) is an insurance company,
      (ii) the source of funds used to acquire or hold the certificate or interest
      therein is an “insurance company general account,” as such term is defined in
      Prohibited Transaction Class Exemption (“PTCE”) 95-60, and (iii) (A) prior to
      the termination of the Supplemental Interest Trust, the acquisition and holding
      of such Certificate and the separate right to receive payments from the
      Supplemental Interest Trust are eligible for the exemptive relief under PTCE
      95-60 and (B) subsequent to the termination of the Supplemental Interest Trust,
      the conditions in Sections I and III of PTCE 95-60 have been
      satisfied.] 

    

    In
      addition, the Transferee hereby certifies, represents and warrants to, and
      covenants with, the Depositor, the Trustee, the Securities Administrator, the
      Master Servicer and the Servicer that the Transferee will not transfer such
      Certificates to any Plan or person unless such Plan or person meets the
      requirements set forth in paragraph 3 above.

     

    All
      capitalized terms used but not otherwise defined herein have the respective
      meanings assigned thereto in the Pooling and Servicing Agreement, dated as
      of
      March 1, 2006, among ACE Securities Corp. as Depositor, Wells Fargo Bank, N.A.
      as Master Servicer and Securities Administrator, Ocwen Loan Servicing, LLC
      as
      Servicer and HSBC Bank USA, National Association as Trustee, pursuant to which
      the Certificates were issued.

     

    
      	 	 	 	 	 	 	 	
              [TRANSFEREE]

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Name:

            
	 	 	 	 	 	 	 	 	
              Title:

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      1 TO EXHIBIT B-1

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees Other Than Registered Investment Companies]

     

    The
      undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and Wells Fargo Bank, N.A., as Securities Administrator, with
      respect to the asset backed pass-through certificates (the “Certificates”)
      described in the Transferee Certificate to which this certification relates
      and
      to which this certification is an Annex:

     

    1. As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the entity purchasing the
      Certificates (the “Transferee”).

     

    2. In
      connection with purchases by the Transferee, the Transferee is a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act of 1933 (“Rule 144A”) because (i) the Transferee owned and/or invested on a
      discretionary basis $________________1 
      in
      securities (except for the excluded securities referred to below) as of the
      end
      of the Transferee’s most recent fiscal year (such amount being calculated in
      accordance with Rule 144A) and (ii) the Transferee satisfies the criteria in
      the
      category marked below.

     

    
      	
              ___

            	
              Corporation,
                etc.
                The Transferee is a corporation (other than a bank, savings and loan
                association or similar institution), Massachusetts or similar business
                trust, partnership, or any organization described in Section 501(c)(3)
                of
                the Internal Revenue Code of 1986.

               

            
	
              ___

            	
              Bank.
                The Transferee (a) is a national bank or banking institution organized
                under the laws of any State, territory or the District of Columbia,
                the
                business of which is substantially confined to banking and is supervised
                by the State or territorial banking commission or similar official
                or is a
                foreign bank or equivalent institution, and (b) has an audited net
                worth
                of at least $25,000,000 as demonstrated in its latest annual financial
                statements, a
                copy of which is attached hereto.

               

            
	
              ___

            	
              Savings
                and Loan.
                The Transferee (a) is a savings and loan association, building and
                loan
                association, cooperative bank, homestead association or similar
                institution, which is supervised and examined by a State or Federal
                authority having supervision over any such institutions or is a foreign
                savings and loan association or equivalent institution and (b) has
                an
                audited net worth of at least $25,000,000 as demonstrated in its
                latest
                annual financial statements, a
                copy of which is attached hereto.

               

            
	
              ___

            	
              Broker-dealer.
                The Transferee is a dealer registered pursuant to Section 15 of the
                Securities Exchange Act of 1934.

               

            
	
              ___

            	
              Insurance
                Company.
                The Transferee is an insurance company whose primary and predominant
                business activity is the writing of insurance or the reinsuring of
                risks
                underwritten by insurance companies and which is subject to supervision
                by
                the insurance commissioner or a similar official or agency of a State,
                territory or the District of Columbia.

               

            
	
              ___

            	
              State
                or Local Plan.
                The Transferee is a plan established and maintained by a State, its
                political subdivisions, or any agency or instrumentality of the State
                or
                its political subdivisions, for the benefit of its employees.

               

            
	
              ___

            	
              ERISA
                Plan.
                The Transferee is an employee benefit plan within the meaning of
                Title I
                of the Employee Retirement Income Security Act of 1974, as
                amended.

               

            
	
              ___

            	
              Investment
                Advisor
                The Transferee is an investment advisor registered under the Investment
                Advisers Act of 1940.

            

    

    

    
      

      
        
          	1	
                  Transferee
                    must own and/or invest on a discretionary basis at least $100,000,000
                    in
                    securities unless Transferee is a dealer, and, in that case,
                    Transferee
                    must own and/or invest on a discretionary basis at least $10,000,000
                    in
                    securities.

                

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

    3. The
      term
“securities”
      as used
      herein does
      not include
      (i)
      securities of issuers that are affiliated with the Transferee, (ii) securities
      that are part of an unsold allotment to or subscription by the Transferee,
      if
      the Transferee is a dealer, (iii) securities issued or guaranteed by the U.S.
      or
      any instrumentality thereof, (iv) bank deposit notes and certificates of
      deposit, (v) loan participations, (vi) repurchase agreements, (vii)
      securities owned but subject to a repurchase agreement and (viii) currency,
      interest rate and commodity swaps.

     

    4. For
      purposes of determining the aggregate amount of securities owned and/or invested
      on a discretionary basis by the Transferee, the Transferee used the cost of
      such
      securities to the Transferee and did not include any of the securities referred
      to in the preceding paragraph. Further, in determining such aggregate amount,
      the Transferee may have included securities owned by subsidiaries of the
      Transferee, but only if such subsidiaries are consolidated with the Transferee
      in its financial statements prepared in accordance with generally accepted
      accounting principles and if the investments of such subsidiaries are managed
      under the Transferee’s direction. However, such securities were not included if
      the Transferee is a majority-owned, consolidated subsidiary of another
      enterprise and the Transferee is not itself a reporting company under the
      Securities Exchange Act of 1934.

     

    5. The
      Transferee acknowledges that it is familiar with Rule 144A and understands
      that
      the Transferor and other parties related to the Certificates are relying and
      will continue to rely on the statements made herein because one or more sales
      to
      the Transferee may be in reliance on Rule 144A.

     

    
      	
              ___

            	
              ___

            	
              Will
                the Transferee be purchasing the Certificates

            
	
              Yes

            	
              No

            	
              only
                for the Transferee’s own account?

            

    

    6. If
      the
      answer to the foregoing question is “no”, the Transferee agrees that, in
      connection with any purchase of securities sold to the Transferee for the
      account of a third party (including any separate account) in reliance on Rule
      144A, the Transferee will only purchase for the account of a third party that
      at
      the time is a “qualified institutional buyer” within the meaning of Rule 144A.
      In addition, the Transferee agrees that the Transferee will not purchase
      securities for a third party unless the Transferee has obtained a current
      representation letter from such third party or taken other appropriate steps
      contemplated by Rule 144A to conclude that such third party independently meets
      the definition of “qualified institutional buyer” set forth in Rule
      144A.

     

    7. The
      Transferee will notify each of the parties to which this certification is made
      of any changes in the information and conclusions herein. Until such notice
      is
      given, the Transferee’s purchase of the Certificates will constitute a
      reaffirmation of this certification as of the date of such purchase. In
      addition, if the Transferee is a bank or savings and loan as provided above,
      the
      Transferee agrees that it will furnish to such parties updated annual financial
      statements promptly after they become available.

     

    Dated:

    
      	 	 	 	 	 	 	 	
               

            
	 	 	 	 	 	 	 	
              Print
                Name of Transferee

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Name:

            
	 	 	 	 	 	 	 	 	
              Title:

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      2 TO EXHIBIT B-1

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees That Are Registered Investment Companies]

     

    The
      undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and Wells Fargo Bank, N.A., as Securities Administrator, with
      respect to the asset backed pass-through certificates (the “Certificates”)
      described in the Transferee Certificate to which this certification relates
      and
      to which this certification is an Annex:

     

    1. As
      indicated below, the undersigned is the President, Chief Financial Officer
      or
      Senior Vice President of the entity purchasing the Certificates (the
“Transferee”) or, if the Transferee is a “qualified institutional buyer” as that
      term is defined in Rule 144A under the Securities Act of 1933 (“Rule 144A”)
      because the Transferee is part of a Family of Investment Companies (as defined
      below), is such an officer of the investment adviser (the
“Adviser”).

     

    2. In
      connection with purchases by the Transferee, the Transferee is a “qualified
      institutional buyer” as defined in Rule 144A because (i) the Transferee is an
      investment company registered under the Investment Company Act of 1940, and
      (ii)
      as marked below, the Transferee alone, or the Transferee’s Family of Investment
      Companies, owned at least $100,000,000 in securities (other than the excluded
      securities referred to below) as of the end of the Transferee’s most recent
      fiscal year. For purposes of determining the amount of securities owned by
      the
      Transferee or the Transferee’s Family of Investment Companies, the cost of such
      securities was used.

     

    
      	
              ___

            	
              The
                Transferee owned $________________________ in securities (other than
                the
                excluded securities referred to below) as of the end of the Transferee’s
                most recent fiscal year (such amount being calculated in accordance
                with
                Rule 144A).

            
	 	 
	
              ___

            	
              The
                Transferee is part of a Family of Investment Companies which owned
                in the
                aggregate $_______________ in securities (other than the excluded
                securities referred to below) as of the end of the Transferee’s most
                recent fiscal year (such amount being calculated in accordance with
                Rule
                144A).

            
	 	 

    

    3. The
      term
“Family
      of Investment Companies”
      as used
      herein means two or more registered investment companies (or series thereof)
      that have the same investment adviser or investment advisers that are affiliated
      (by virtue of being majority owned subsidiaries of the same parent or because
      one investment adviser is a majority owned subsidiary of the
      other).

     

    4. The
      term
“securities”
      as used
      herein does not include (i) securities of issuers that are affiliated with
      the
      Transferee or are part of the Transferee’s Family of Investment Companies, (ii)
      securities issued or guaranteed by the U.S. or any instrumentality thereof,
      (iii) bank deposit notes and certificates of deposit, (iv) loan participations,
      (v) repurchase agreements, (vi) securities owned but subject to a
      repurchase agreement and (vii) currency, interest rate and commodity
      swaps.

     

    5. The
      Transferee is familiar with Rule 144A and understands that the parties to which
      this certification is being made are relying and will continue to rely on the
      statements made herein because one or more sales to the Transferee will be
      in
      reliance on Rule 144A. In addition, the Transferee will only purchase for the
      Transferee’s own account.

     

    6. The
      undersigned will notify the parties to which this certification is made of
      any
      changes in the information and conclusions herein. Until such notice, the
      Transferee’s purchase of the Certificates will constitute a reaffirmation of
      this certification by the undersigned as of the date of such
      purchase.

     

    Dated:

    
      	 	 	 	 	 	 	 	
               

            
	 	 	 	 	 	 	 	
              Print
                Name of Transferee or Advisor

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Name:

            
	 	 	 	 	 	 	 	 	
              Title:

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              IF
                AN ADVISER:

               

            
	 	 	 	 	 	 	 	
               

            
	 	 	 	 	 	 	 	
              Print
                Name of Transferee

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    FORM
      OF
      TRANSFEREE REPRESENTATION LETTER

     

    The
      undersigned hereby certifies on behalf of the purchaser named below (the
“Purchaser”) as follows:

     

    1. I
      am an
      executive officer of the Purchaser.

     

    2. The
      Purchaser is a “qualified institutional buyer”, as defined in Rule 144A, (“Rule
      144A”) under the Securities Act of 1933, as amended.

     

    3. As
      of the
      date specified below (which is not earlier than the last day of the Purchaser’s
      most recent fiscal year), the amount of “securities”, computed for purposes of
      Rule 144A, owned and invested on a discretionary basis by the Purchaser was
      in
      excess of $100,000,000.

     

    
      	
              Name
                of Purchaser 

            	 
	 	 
	
              By:
                (Signature) 

            	 
	 	 
	
              Name
                of Signatory 

            	 
	 	 
	
              Title
                

            	 
	 	 
	
              Date
                of this certificate 

            	 
	 	 
	
              Date
                of information provided in paragraph 3 

            	 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      A TO EXHIBIT B-1 

     

    

     

    FORM
      OF
      REGULATION S TRANSFER CERTIFICATE

     

    [Date]

     

    

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      Corporate Trust ACE 2006-SL2

     

    
      	
              Re:

            	
              ACE
                Securities Corp. Home Equity Loan Trust, Series 2006-SL2 Asset Backed
                Pass-Through Certificates, Class B-1, Class CE-1, Class CE-2 and/or
                Class
                P
                Certificates     

            

    

     

    Ladies
      and Gentlemen:

     

    Reference
      is hereby made to the Pooling and Servicing Agreement (the “Agreement”), dated
      as of March 1, 2006, among ACE Securities Corp. (the “Depositor”), Wells Fargo
      Bank, N.A., as master servicer (the “Master Servicer”) and securities
      administrator, Ocwen Loan Servicing, LLC as servicer (the “Servicer”) and HSBC
      Bank USA, National Association, as trustee (the “Trustee”). Capitalized terms
      used herein but not defined herein shall have the meanings assigned thereto
      in
      the Agreement.

     

    This
      letter relates to U.S. $[__________] Certificate Principal Balance of Class
      [B-1][CE-[1][2]][P] Certificates (the “Certificates”) which are held in the name
      of [name of transferor] (the “Transferor”) to effect the transfer of the
      Certificates to a person who wishes to take delivery thereof in the form of
      an
      equivalent beneficial interest [name of transferee] (the
“Transferee”).

     

    In
      connection with such request, the Transferor hereby certifies that such transfer
      has been effected in accordance with the transfer restrictions set forth in
      the
      Agreement and the private placement memorandum dated March __, 2006 relating
      to
      the Certificates and that the following additional requirements (if applicable)
      were satisfied:

     

    (a)     the
      offer
      of the Certificates was not made to a person in the United States;

     

    (b)     at
      the time
      the buy order was originated, the Transferee was outside the United States
      or
      the Transferor and any person acting on its behalf reasonably believed that
      the
      Transferee was outside the United States;

     

    (c)     no
      directed
      selling efforts were made in contravention of the requirements of Rule 903(b)
      or
      904(b) of Regulation S, as applicable;

     

    (d)    the
      transfer or exchange is not part of a plan or scheme to evade the registration
      requirements of the Securities Act;

     

    (e)     the
      Transferee is not a U.S. Person, as defined in Regulation S under the Securities
      Act;

     

    (f)     the
      transfer was made in accordance with the applicable provisions of Rule 903(b)(2)
      or (3) or Rule 904(b)(1), as the case may be; and

     

    (g) the
      Transferee understands that the Certificates have not been and will not be
      registered under the Securities Act, that any offers, sales or deliveries of
      the
      Certificates purchased by the Transferee in the United States or to U.S. persons
      prior to the date that is 40 days after the later of (i) the commencement of
      the
      offering of the Certificates and (ii) the Closing Date, may constitute a
      violation of United States law, and that (x) distributions of principal and
      interest and (y) the exchange of beneficial interests in a Temporary Regulation
      S Global Certificate for beneficial interests in the related Permanent
      Regulation S Global Certificate, in each case, will be made in respect of such
      Certificates only following the delivery by the Holder of a certification of
      non-U.S. beneficial ownership, at the times and in the manner set forth in
      the
      Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    You
      are
      entitled to rely upon this letter and are irrevocably authorized to produce
      this
      letter or a copy hereof to any interested party in any administrative or legal
      proceedings or official inquiry with respect to the matters covered
      hereby.

     

    
      	 	 	 	 	 	 	 	
              [Name
                of Transferor]

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Name:

            
	 	 	 	 	 	 	 	 	
              Title:

            

    

    

     

    

    

      
         

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      B-2

     

    FORM
      OF
      TRANSFEROR REPRESENTATION LETTER

     

    ____________,
      20__

    

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      Corporate Trust ACE 2006-SL2

     

    
      	
              Re:

            	
              ACE
                Securities Corp. Home Equity Loan Trust, Series 2006-SL2 

              Asset
                Backed Pass-Through Certificates, 

              Class
                B-1, Class CE-1, Class CE-2, Class P and Class R
                Certificates

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with the transfer by ________________ (the “Transferor”) to
      __________________________ (the “Transferee”) of the captioned mortgage
      pass-through certificates (the “Certificates”), the Transferor hereby certifies
      as follows:

     

    Neither
      the Seller nor anyone acting on its behalf has (a) offered, pledged, sold,
      disposed of or otherwise transferred any Certificate, any interest in any
      Certificate or any other similar security to any person in any manner, (b)
      has
      solicited any offer to buy or to accept a pledge, disposition or other transfer
      of any Certificate, any interest in any Certificate or any other similar
      security from any person in any manner, (c) has otherwise approached or
      negotiated with respect to any Certificate, any interest in any Certificate
      or
      any other similar security with any person in any manner, (d) has made any
      general solicitation by means of general advertising or in any other manner,
      or
      (e) has taken any other action, that (as to any of (a) through (e) above) would
      constitute a distribution of the Certificates under the Securities Act of 1933
      (the “Act’), that would render the disposition of any Certificate a violation of
      Section 5 of the Act or any state securities law, or that would require
      registration or qualification pursuant thereto. The Seller will not act, in
      any
      manner set forth in the foregoing sentence with respect to any Certificate.
      The
      Seller has not and will not sell or otherwise transfer any of the Certificates,
      except in compliance with the provisions of the Pooling and Servicing Agreement,
      dated as of March 1, 2006, among ACE Securities Corp., Wells Fargo Bank, N.A.,
      Ocwen Loan Servicing, LLC and HSBC Bank USA, National Association.

     

    
      	 	 	 	 	 	 	 	
              Very
                truly yours,

            
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
               

            
	 	 	 	 	 	 	 	
              (Transferor)

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Name:

            
	 	 	 	 	 	 	 	 	
              Title:

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    FORM
      OF
      TRANSFEREE LETTER

     

    _______________,
      20__

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      Corporate Trust ACE 2006-SL2

     

    
      	
              Re:

            	
              ACE
                Securities Corp. Home Equity Loan Trust, Series 2006-SL2

              Asset
                Backed Pass-Through Certificates, 

              Class
                B-1, Class CE-1, Class CE-2, Class P and Class R
                Certificates

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with the transfer by ______________________ (the “Transferor”) to
      __________________________ (the “Transferee”) of the captioned mortgage
      pass-through certificates (the “Certificates”), the Transferee hereby certifies
      as follows:

     

    1.     The
      Transferee understands that (a) the Certificates have not been and will not
      be
      registered or qualified under the Securities Act of 1933, as amended (the “Act”)
      or any state securities law, (b) the Depositor is not required to so register
      or
      qualify the Certificates, (c) the Certificates may be resold only if registered
      and qualified pursuant to the provisions of the Act or any state securities
      law,
      or if an exemption from such registration and qualification is available, (d)
      the Pooling and Servicing Agreement contains restrictions regarding the transfer
      of the Certificates and (e) the Certificates will bear a legend to the foregoing
      effect.

     

    2.     The
      Transferee is acquiring the Certificates for its own account for investment
      only
      and not with a view to or for sale in connection with any distribution thereof
      in any manner that would violate the Act or any applicable state securities
      laws.

     

    3.     The
      Transferee is (a) a substantial, sophisticated institutional investor having
      such knowledge and experience in financial and business matters, and, in
      particular, in such matters related to securities similar to the Certificates,
      such that it is capable of evaluating the merits and risks of investment in
      the
      Certificates, (b) able to bear the economic risks of such an investment and
      (c)
      an “accredited investor” within the meaning of Rule 501(a) promulgated pursuant
      to the Act.

     

    4.     The
      Transferee has been furnished with, and has had an opportunity to review (a)
      a
      copy of the Pooling and Servicing Agreement and (b) such other information
      concerning the Certificates, the Mortgage Loans and the Depositor as has been
      requested by the Transferee from the Depositor or the Transferor and is relevant
      to the Transferee’s decision to purchase the Certificates. The Transferee has
      had any questions arising from such review answered by the Depositor or the
      Transferor to the satisfaction of the Transferee.

     

    5.     The
      Transferee has not and will not nor has it authorized or will it authorize
      any
      person to (a) offer, pledge, sell, dispose of or otherwise transfer any
      Certificate, any interest in any Certificate or any other similar security
      to
      any person in any manner, (b) solicit any offer to buy or to accept a pledge,
      disposition of other transfer of any Certificate, any interest in any
      Certificate or any other similar security from any person in any manner, (c)
      otherwise approach or negotiate with respect to any Certificate, any interest
      in
      any Certificate or any other similar security with any person in any manner,
      (d)
      make any general solicitation by means of general advertising or in any other
      manner or (e) take any other action, that (as to any of (a) through (e) above)
      would constitute a distribution of any Certificate under the Act, that would
      render the disposition of any Certificate a violation of Section 5 of the 1933
      Act or any state securities law, or that would require registration or
      qualification pursuant thereto. The Transferee will not sell or otherwise
      transfer any of the Certificates, except in compliance with the provisions
      of
      the Pooling and Servicing Agreement.

     

    6.     The
      Transferee: (a) is not an employee benefit plan or other plan subject to the
      prohibited transaction provisions of the Employee Retirement Income Security
      Act
      of 1974, as amended (“ERISA”), or Section 4975 of the Internal Revenue Code of
      1986, as amended (the “Code”) (each, a “Plan”), or any other person (including
      an investment manager, a named fiduciary or a trustee of any Plan) acting,
      directly or indirectly, on behalf of or purchasing any Certificate with “plan
      assets” of any Plan within the meaning of the Department of Labor (“DOL”)
      regulation at 29 C.F.R. § 2510.3-101 or (b) [[for Class CE-1, Class CE-2, Class
      P and Class R] has provided the Trustee with an Opinion of Counsel on which
      the
      Depositor, the Master Servicer, the Securities Administrator, the Trustee and
      the Servicer may rely, acceptable to and in form and substance satisfactory
      to
      the Trustee to the effect that the purchase of Certificates is permissible
      under
      applicable law, will not constitute or result in any non-exempt prohibited
      transaction under ERISA or Section 4975 of the Code and will not subject the
      Trust Fund, the Trustee, the Master Servicer, the Securities Administrator,
      the
      Depositor or the Servicer to any obligation or liability (including obligations
      or liabilities under ERISA or Section 4975 of the Code) in addition to those
      undertaken in the Pooling and Servicing Agreement.] [[for Class B-1] (i) is
      an
      insurance company, (ii) the source of funds used to acquire or hold the
      certificate or interest therein is an “insurance company general account,” as
      such term is defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60,
      and (iii) (A) prior to the termination of the Supplemental Interest Trust,
      the
      acquisition and holding of such Certificate and the separate right to receive
      payments from the Supplemental Interest Trust are eligible for the exemptive
      relief under PTCE 95-60 and (B) subsequent to the termination of the
      Supplemental Interest Trust, the conditions in Sections I and III of PTCE 95-60
      have been satisfied.]

     

    In
      addition, the Transferee hereby certifies, represents and warrants to, and
      covenants with, the Depositor, the Trustee, the Securities Administrator, the
      Master Servicer and the Servicer that the Transferee will not transfer such
      Certificates to any Plan or person unless such Plan or person meets the
      requirements set forth in paragraph 6 above.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    

    
      	 	 	 	 	 	 	 	
              Very
                truly yours,

            
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	
              Name:

            	 
	 	 	 	 	 	 	 	
              Title:

            	 

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      B-3

     

    TRANSFER
      AFFIDAVIT AND AGREEMENT

     

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

    ___________________________
      being duly sworn, deposes, represents and warrants as follows:

     

    
      	
              1.

            	
              I
                am a _____________________ of _______________________________ (the
                “Owner”) a corporation duly organized and existing under the laws of
                _________________________, the record owner of ACE Securities Corp.
                Home
                Equity Loan Trust, Series 2006-SL2 Asset Backed Pass-Through Certificates,
                Class R Certificates (the “Class R Certificates”), on behalf of whom I
                make this affidavit and agreement. Capitalized terms used but not
                defined
                herein have the respective meanings assigned thereto in the Pooling
                and
                Servicing Agreement pursuant to which the Class R Certificates were
                issued.

            
	 	 
	
              2.

            	
              The
                Owner (i) is and will be a “Permitted Transferee” as of
                ____________________. ____ and (ii) is acquiring the Class R Certificates
                for its own account or for the account of another Owner from which
                it has
                received an affidavit in substantially the same form as this affidavit.
                A
                “Permitted Transferee” is any person other than a “disqualified
                organization” or a possession of the United States. For this purpose, a
                “disqualified organization” means the United States, any state or
                political subdivision thereof, any agency or instrumentality of any
                of the
                foregoing (other than an instrumentality all of the activities of
                which
                are subject to tax and, except for the Federal Home Loan Mortgage
                Corporation, a majority of whose board of directors is not selected
                by any
                such governmental entity) or any foreign government, international
                organization or any agency or instrumentality of such foreign government
                or organization, any real electric or telephone cooperative, or any
                organization (other than certain farmers’ cooperatives) that is generally
                exempt from federal income tax unless such organization is subject
                to the
                tax on unrelated business taxable income.

            
	 	 
	
              3.

            	
              The
                Owner is aware (i) of the tax that would be imposed on transfers
                of the
                Class R Certificates to disqualified organizations under the Internal
                Revenue Code of 1986 that applies to all transfers of the Class R
                Certificates after April 31, 1988; (ii) that such tax would be on
                the
                transferor or, if such transfer is through an agent (which person
                includes
                a broker, nominee or middleman) for a non-Permitted Transferee, on
                the
                agent; (iii) that the person otherwise liable for the tax shall be
                relieved of liability for the tax if the transferee furnishes to
                such
                person an affidavit that the transferee is a Permitted Transferee
                and, at
                the time of transfer, such person does not have actual knowledge
                that the
                affidavit is false; and (iv) that each of the Class R Certificates
                may be
                a “noneconomic residual interest” within the meaning of proposed Treasury
                regulations promulgated under the Code and that the transferor of
                a
                “noneconomic residual interest” will remain liable for any taxes due with
                respect to the income on such residual interest, unless no significant
                purpose of the transfer is to impede the assessment or collection
                of
                tax.

            
	 	 
	
              4.

            	
              The
                Owner is aware of the tax imposed on a “pass-through entity” holding the
                Class R Certificates if, at any time during the taxable year of the
                pass-through entity, a non-Permitted Transferee is the record holder
                of an
                interest in such entity. (For this purpose, a “pass-through entity”
                includes a regulated investment company, a real estate investment
                trust or
                common trust fund, a partnership, trust or estate, and certain
                cooperatives.)

            
	 	 
	
              5.

            	
              The
                Owner is aware that the Securities Administrator will not register
                the
                transfer of any Class R Certificate unless the transferee, or the
                transferee’s agent, delivers to the Securities Administrator, among other
                things, an affidavit in substantially the same form as this affidavit.
                The
                Owner expressly agrees that it will not consummate any such transfer
                if it
                knows or believes that any of the representations contained in such
                affidavit and agreement are false.

            
	 	 
	
              6.

            	
              The
                Owner consents to any additional restrictions or arrangements that
                shall
                be deemed necessary upon advice of counsel to constitute a reasonable
                arrangement to ensure that the Class R Certificates will only be
                owned,
                directly or indirectly, by an Owner that is a Permitted
                Transferee.

            
	 	 
	
              7.

            	
              The
                Owner’s taxpayer identification number is
                ________________.

            
	 	 
	
              8.

            	
              The
                Owner has reviewed the restrictions set forth on the face of the
                Class R
                Certificates and the provisions of Section 6.02(d) of the Pooling
                and
                Servicing Agreement under which the Class R Certificates were issued
                (in
                particular, clauses (iii)(A) and (iii)(B) of Section 6.02(d) which
                authorize the Securities Administrator to deliver payments to a person
                other than the Owner and negotiate a mandatory sale by the Securities
                Administrator in the event that the Owner holds such Certificate
                in
                violation of Section 6.02(d)); and that the Owner expressly agrees
                to be
                bound by and to comply with such restrictions and
                provisions.

            
	 	 
	
              9.

            	
              The
                Owner is not acquiring and will not transfer the Class R Certificates
                in
                order to impede the assessment or collection of any
                tax.

            
	 	 
	
              10.

            	
              The
                Owner anticipates that it will, so long as it holds the Class R
                Certificates, have sufficient assets to pay any taxes owed by the
                holder
                of such Class R Certificates, and hereby represents to and for the
                benefit
                of the person from whom it acquired the Class R Certificates that
                the
                Owner intends to pay taxes associated with holding such Class R
                Certificates as they become due, fully understanding that it may
                incur tax
                liabilities in excess of any cash flows generated by the Class R
                Certificates.

            
	 	 
	
              11.

            	
              The
                Owner has no present knowledge that it may become insolvent or subject
                to
                a bankruptcy proceeding for so long as it holds the Class R
                Certificates.

            
	 	 
	
              12.

            	
              The
                Owner has no present knowledge or expectation that it will be unable
                to
                pay any United States taxes owed by it so long as any of the Certificates
                remain outstanding.

            
	 	 
	
              13.

            	
              The
                Owner is not acquiring the Class R Certificates with the intent to
                transfer the Class R Certificates to any person or entity that will
                not
                have sufficient assets to pay any taxes owed by the holder of such
                Class R
                Certificates, or that may become insolvent or subject to a bankruptcy
                proceeding, for so long as the Class R Certificates remain
                outstanding.

            
	 	 
	
              14.

            	
              The
                Owner will, in connection with any transfer that it makes of the
                Class R
                Certificates, obtain from its transferee the representations required
                by
                Section 6.02(d) of the Pooling and Servicing Agreement under which
                the
                Class R Certificate were issued and will not consummate any such
                transfer
                if it knows, or knows facts that should lead it to believe, that
                any such
                representations are false.

            
	 	 
	
              15.

            	
              The
                Owner will, in connection with any transfer that it makes of the
                Class R
                Certificates, deliver to the Securities Administrator an affidavit,
                which
                represents and warrants that it is not transferring the Class R
                Certificates to impede the assessment or collection of any tax and
                that it
                has no actual knowledge that the proposed transferee: (i) has insufficient
                assets to pay any taxes owed by such transferee as holder of the
                Class R
                Certificates; (ii) may become insolvent or subject to a bankruptcy
                proceeding for so long as the Class R Certificates remains outstanding;
                and (iii) is not a “Permitted Transferee”.

            
	 	 
	
              16.

            	
              The
                Owner is a citizen or resident of the United States, a corporation,
                partnership or other entity created or organized in, or under the
                laws of,
                the United States or any political subdivision thereof, or an estate
                or
                trust whose income from sources without the United States may be
                included
                in gross income for United States federal income tax purposes regardless
                of its connection with the conduct of a trade or business within
                the
                United States.

            
	 	 
	
              17.

            	
              The
                Owner of the Class R Certificate, hereby agrees that in the event
                that the
                Trust Fund created by the Pooling and Servicing Agreement is terminated
                pursuant to Section 10.01 thereof, the undersigned shall assign and
                transfer to the Holders of the Class CE-1, Class CE-2 and the Class
                P
                Certificates any amounts in excess of par received in connection
                with such
                termination. Accordingly, in the event of such termination, the Securities
                Administrator is hereby authorized to withhold any such amounts in
                excess
                of par and to pay such amounts directly to the Holders of the Class
                CE-1,
                Class CE-2 and the Class P Certificates. This agreement shall bind
                and be
                enforceable against any successor, transferee or assigned of the
                undersigned in the Class R Certificate. In connection with any transfer
                of
                the Class R Certificate, the Owner shall obtain an agreement substantially
                similar to this clause from any subsequent owner.

            
	 	 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
      behalf, pursuant to the authority of its Board of Directors, by its [Vice]
      President, attested by its [Assistant] Secretary, this ____ day of
      _________________, ____.

     

    
      	 	 	 	 	 	 	 	
              [OWNER]

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Name:

            
	 	 	 	 	 	 	 	 	
              Title:
                [Vice] President

            

    

    

     

    ATTEST:

     

    
      	
              By:

            	 
	 	
              Name:

            
	 	
              Title:
                [Assistant] Secretary

            

    

    

     

    Personally
      appeared before me the above-named __________________, known or proved to me
      to
      be the same person who executed the foregoing instrument and to be a [Vice]
      President of the Owner, and acknowledged to me that [he/she] executed the same
      as [his/her] free act and deed and the free act and deed of the
      Owner.

     

    Subscribed
      and sworn before me this ______________ day of __________, ____.

     

    

    

    
      	 	 
	 	
              Notary
                Public

            
	 	 
	 	
              County
                of ___________________________________

            
	 	
              State
                of _______________________________

            
	 	 
	 	
              My
                Commission expires:

            

    

    

     

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    FORM
      OF
      TRANSFEROR AFFIDAVIT

     

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

    _________________________,
      being duly sworn, deposes, represents and warrants as follows:

     

    1.     I
      am
      a ____________________
      of _________________________ (the “Owner”), a corporation duly organized and
      existing under the laws of _____________, on behalf of whom I make this
      affidavit.

     

    2.     The
      Owner
      is not transferring the Class R Certificates (the “Residual Certificates”) to
      impede the assessment or collection of any tax.

     

    3.     The
      Owner
      has no actual knowledge that the Person that is the proposed transferee (the
      “Purchaser”) of the Residual Certificates: (i) has insufficient assets to pay
      any taxes owed by such proposed transferee as holder of the Residual
      Certificates; (ii) may become insolvent or subject to a bankruptcy proceeding
      for so long as the Residual Certificates remain outstanding and (iii) is not
      a
      Permitted Transferee.

     

    4.     The
      Owner
      understands that the Purchaser has delivered to the Trustee or a transfer
      affidavit and agreement in the form attached to the Pooling and Servicing
      Agreement as Exhibit B-2. The Owner does not know or believe that any
      representation contained therein is false.

     

    5.     At
      the
      time of transfer, the Owner has conducted a reasonable investigation of the
      financial condition of the Purchaser as contemplated by Treasury Regulations
      Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Owner
      has
      determined that the Purchaser has historically paid its debts as they became
      due
      and has found no significant evidence to indicate that the Purchaser will not
      continue to pay its debts as they become due in the future. The Owner
      understands that the transfer of a Residual Certificate may not be respected
      for
      United States income tax purposes (and the Owner may continue to be liable
      for
      United States income taxes associated therewith) unless the Owner has conducted
      such an investigation.

     

    6.     Capitalized
      terms not otherwise defined herein shall have the meanings ascribed to them
      in
      the Pooling and Servicing Agreement dated as of March 1, 2006, among ACE
      Securities Corp., Wells Fargo Bank, N.A., Ocwen Loan Servicing, LLC and HSBC
      Bank USA, National Association.

     

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    IN
      WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
      behalf, pursuant to the authority of its Board of Directors, by its [Vice]
      President, attested by its [Assistant] Secretary, this ____ day of
      ________________, ____.

     

    
      	 	 	 	 	 	 	 	
              [OWNER]

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Name:

            
	 	 	 	 	 	 	 	 	
              Title:
                [Vice] President

            

    

    

     

    ATTEST:

    

    

    
      	
              By:

            	 
	 	
              Name:

            
	 	
              Title:
                [Assistant] Secretary

            

    

    

     

    Personally
      appeared before me the above-named _________________, known or proved to me
      to
      be the same person who executed the foregoing instrument and to be a [Vice]
      President of the Owner, and acknowledged to me that [he/she] executed the same
      as [his/her] free act and deed and the free act and deed of the
      Owner.

     

    Subscribed
      and sworn before me this ______ day of _____________, ____.

     

    

    
      	 	 
	 	
              Notary
                Public

            
	 	 
	 	
              County
                of ___________________________________

            
	 	
              State
                of _______________________________

            
	 	 
	 	
              My
                Commission expires:

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      C

     

    BACK-UP
      CERTIFICATION

     

    Re: __________
      (the “Trust”)

     

    Mortgage
      Pass-Through Certificates, Series 2006-SL2

     

    I,
      [identify the certifying individual], certify to ACE Securities Corp. (the
      “Depositor”), HSBC Bank USA, National Association (the “Trustee”) and Wells
      Fargo Bank, National Association (the “Master Servicer”), and their respective
      officers, directors and affiliates, and with the knowledge and intent that
      they
      will rely upon this certification, that:

     

     

    (1)     I
      have
      reviewed the servicer compliance statement of the Company provided in accordance
      with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
      assessment of the Company’s compliance with the servicing criteria set forth in
      Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
      with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended
      (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
      Assessment”), the registered public accounting firm’s attestation report
      provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
      and
      Section 1122(b) of Regulation AB (the “Attestation
      Report”), and all servicing reports, officer’s certificates and other
      information relating to the servicing of the Mortgage Loans by the Company
      during 200[ ] that were delivered by the Company to the Master Servicer pursuant
      to the Agreement (collectively, the “Company Servicing
      Information”);

     

    (2)     Based
      on my
      knowledge, the Company Servicing Information, taken as a whole, does not contain
      any untrue statement of a material fact or omit to state a material fact
      necessary to make the statements made, in the light of the circumstances under
      which such statements were made, not misleading with respect to the period
      of
      time covered by the Company Servicing Information;

     

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

     

    (4)     I
      am
      responsible for reviewing the activities performed by the Company as servicer
      under the Agreement, and based on my knowledge and the compliance review
      conducted in preparing the Compliance Statement and except as disclosed in
      the
      Compliance Statement, the Servicing Assessment or the Attestation Report, the
      Company has fulfilled its obligations under the Agreement in all material
      respects; and

     

    (5)     The
      Compliance Statement required to be delivered by the Company pursuant to the
      Agreement, and the Servicing Assessment and Attestation Report required to
      be
      provided by the Company and by any Subservicer or Subcontractor pursuant to
      the
      Agreement, have been provided to Master Servicer. Any material instances of
      noncompliance described in such reports have been disclosed to Master Servicer.
      Any material instance of noncompliance with the Servicing Criteria has been
      disclosed in such reports.

     

    

    Capitalized
      terms used and not otherwise defined herein have the meanings assigned thereto
      in the Pooling and Servicing Agreement (the “Agreement”), dated as of March 1,
      2006, among ACE Securities Corp., Wells Fargo Bank, N.A., Ocwen Loan Servicing,
      LLC and HSBC Bank USA, National Association

     

    

     

    

     

    
      	
              Date:

            	 
	 
	 
	
              [Signature]

            
	 
	
              [Title]

            

    

    

     

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      D

    

    FORM
      OF
      POWER OF ATTORNEY

    

    RECORDING
      REQUESTED BY

    AND
      WHEN
      RECORDED MAIL TO

    [Servicer]

    [Servicer’s
      Address]

    

    Attn:
      _________________________________

    

    LIMITED
      POWER OF ATTORNEY

    

    

    KNOW
      ALL
      MEN BY THESE PRESENTS, that ________________,
      having
      its principal place of business at ____________________,
      as
      Trustee (the “Trustee”) pursuant to that Pooling and Servicing Agreement among
___________________
      (the
“Depositor”), Wells Fargo Bank, National Association, as Master Servicer and
      Securities Administrator, Ocwen Loan Servicing, LLC as servicer (“Ocwen”) and
      the Trustee, dated as of March 1, 2006 (the “Pooling and Servicing Agreement”),
      hereby constitutes and appoints Ocwen (the “Servicer”), by and through the
      Servicer’s officers, the Trustee’s true and lawful Attorney-in-Fact, in the
      Trustee’s name, place and stead and for the Trustee’s benefit, in connection
      with all mortgage loans serviced by the Servicer pursuant to the Pooling and
      Servicing Agreement for the purpose of performing all acts and executing all
      documents in the name of the Trustee as may be customarily and reasonably
      necessary and appropriate to effectuate the following enumerated transactions
      in
      respect of any of the mortgages or deeds of trust (the “Mortgages” and the
“Deeds of Trust”, respectively) and promissory notes secured thereby (the
“Mortgage Notes”) for which the undersigned is acting as Trustee for various
      certificateholders (whether the undersigned is named therein as mortgagee or
      beneficiary or has become mortgagee by virtue of endorsement of the Mortgage
      Note secured by any such Mortgage or Deed of Trust) and for which the Servicer
      is acting as servicer, all subject to the terms of the Pooling and Servicing
      Agreement.

    

    This
      appointment shall apply to the following enumerated transactions
      only:

    

    
      	1.  	
              The
                modification or re-recording of a Mortgage or Deed of Trust, where
                said
                modification or re-recordings is for the purpose of correcting the
                Mortgage or Deed of Trust to conform same to the original intent
                of the
                parties thereto or to correct title errors discovered after such
                title
                insurance was issued and said modification or re-recording, in either
                instance, does not adversely affect the lien of the Mortgage or Deed
                of
                Trust as insured.

            

    

    

    
      	2.  	
              The
                subordination of the lien of a Mortgage or Deed of Trust to an easement
                in
                favor of a public utility company of a government agency or unit
                with
                powers of eminent domain; this section shall include, without limitation,
                the execution of partial satisfactions/releases, partial reconveyances
                or
                the execution or requests to trustees to accomplish
                same.

            

    

    

    
      	3.  	
              The
                conveyance of the properties to the mortgage insurer, or the closing
                of
                the title to the property to be acquired as real estate owned, or
                conveyance of title to real estate
                owned.

            

    

    
      

      	4.  	
              The
                completion of loan assumption agreements.

            

       

    

    
      	5.  	
              The
                full satisfaction/release of a Mortgage or Deed of Trust or full
                conveyance upon payment and discharge of all sums secured thereby,
                including, without limitation, cancellation of the related Mortgage
                Note.

            

    

    

    
      	6.  	
              The
                assignment of any Mortgage or Deed of Trust and the related Mortgage
                Note,
                in connection with the repurchase of the mortgage loan secured and
                evidenced thereby.

            

    

    

    
      	7.  	
              The
                full assignment of a Mortgage or Deed of Trust upon payment and discharge
                of all sums secured thereby in conjunction with the refinancing thereof,
                including, without limitation, the assignment of the related Mortgage
                Note.

            

    

    

    
      	8.  	
              With
                respect to a Mortgage or Deed of Trust, the foreclosure, the taking
                of a
                deed in lieu of foreclosure, or the completion of judicial or non-judicial
                foreclosure or termination, cancellation or rescission of any such
                foreclosure, including, without limitation, any and all of the following
                acts:

            

    

    

    
      	a.  	
              the
                substitution of trustee(s) serving under a Deed of Trust, in accordance
                with state law and the Deed of
                Trust;

            

    

    

    
      	b.  	
              the
                preparation and issuance of statements of breach or
                non-performance;

            

    

    

    
      	c.  	
              the
                preparation and filing of notices of default and/or notices of
                sale;

            

    

    

    
      	d.  	
              the
                cancellation/rescission of notices of default and/or notices of
                sale;

            

    

    

    
      	e.  	
              the
                taking of a deed in lieu of foreclosure;
                and

            

    

    

    
      	f.  	
              the
                preparation and execution of such other documents and performance
                of such
                other actions as may be necessary under the terms of the Mortgage,
                Deed of
                Trust or state law to expeditiously complete said transactions in
                paragraphs 8.a. through 8.e.,
                above.

            

    

    

    The
      undersigned gives said Attorney-in-Fact full power and authority to execute
      such
      instruments and to do and perform all and every act and thing necessary and
      proper to carry into effect the power or powers granted by or under this Limited
      Power of Attorney as fully as the undersigned might or could do, and hereby
      does
      ratify and confirm to all that said Attorney-in-Fact shall lawfully do or cause
      to be done by authority hereof. 

    

    Third
      parties without actual notice may rely upon the exercise of the power granted
      under this Limited Power of attorney; and may be satisfied that this Limited
      Power of Attorney shall continue in full force and effect and has not been
      revoked unless an instrument of revocation has been made in writing by the
      undersigned.

    

    IN
      WITNESS WHEREOF, ________________
      as
      Trustee pursuant to that Pooling and Servicing Agreement among the Depositor,
      Wells Fargo Bank, National Association, Ocwen Loan Servicing, LLC and the
      Trustee, dated as of ___________
      1, 200__
(_____________
      Asset
      Backed Certificates, Series 200__-___), has caused its corporate seal to be
      hereto affixed and these presents to be signed and acknowledged in its name
      and
      behalf by ____________
      its duly
      elected and authorized Vice President this _________
      day of
_________,
      200__.

    

    
      	 	 	 	 	 	 	 	 	
              as
                Trustee for _____ Asset 

              Backed
                Certificates, Series 200__-___

            
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	 

    

    

    

    

    
      	
              STATE
                OF _____________

            
	 
	
              COUNTY
                OF ___________

            

    

    

    

    

    On
      _______________,
      200__,
      before me, the undersigned, a Notary Public in and for said state, personally
      appeared ____________,
      Vice
      President of ____________________
      as
      Trustee for ___________ Asset Backed Certificates, Series 200__-___, personally
      known to me to be the person whose name is subscribed to the within instrument
      and acknowledged to me that he/she executed that same in his/her authorized
      capacity, and that by his/her signature on the instrument the entity upon behalf
      of which the person acted and executed the instrument.

    

    WITNESS
      my hand and official seal.

    (SEAL)

    
      	 	 
	 	
              Notary
                Public

            
	 	
              My
                Commission Expires
                _________________

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      E

    

    SERVICING
      CRITERIA

    

    Schedule
      1122 (Pooling and Servicing Agreement)

     

    Assessments
      of Compliance and Attestation Reports Servicing Criteria2 

    
      	
              Reg.
                AB Item 1122(d) Servicing Criteria

            	
              Depositor

            	
              Seller

            	
              Servicer

            	
              Trustee

            	
              Custodian

            	
               

              Paying
                Agent

            	
              Master
                Servicer

            	
              Securities
                Administrator

            
	
              (1) General
                Servicing Considerations

            	 	 	 	 	 	 	 	 
	
              (i) monitoring
                performance or other triggers and events of default

            	 	 	
              X

            	 	 	 	
              X

            	
              X

            
	
              (ii) monitoring
                performance of vendors of activities outsourced

            	 	 	
              X

            	 	 	 	
              X

            	 
	
              (iii) maintenance
                of back-up servicer for pool assets

            	 	 	 	 	 	 	 	 
	
              (iv) fidelity
                bond and E&O policies in effect

            	 	 	
              X

            	 	 	 	
              X

            	 
	
              (2) Cash
                Collection and Administration

            	 	 	 	 	 	 	 	 
	
              (i) timing
                of deposits to custodial account

            	 	 	
              X

            	 	 	
              X

            	
              X

            	
              X

            
	
              (ii) wire
                transfers to investors by authorized personnel

            	 	 	
              X

            	 	 	
              X

            	 	
              X

            
	
              (iii) advances
                or guarantees made, reviewed and approved as required

            	 	 	
              X

            	 	 	 	
              X

            	 
	
              (iv) accounts
                maintained as required

            	 	 	
              X

            	 	 	
              X

            	
              X

            	
              X

            
	
              (v) accounts
                at federally insured depository institutions

            	 	 	
              X

            	 	 	
              X

            	
              X

            	
              X

            
	
              (vi) unissued
                checks safeguarded

            	 	 	
              X

            	 	 	
              X

            	 	
              X

            
	
              (vii) monthly
                reconciliations of accounts

            	 	 	
              X

            	 	 	
              X

            	
              X

            	
              X

            
	
              (3) Investor
                Remittances and Reporting

            	 	 	 	 	 	 	 	 
	
              (i) investor
                reports

            	 	 	
              X

            	 	 	 	
              X

            	
              X

            
	
              (ii) remittances

            	 	 	
              X

            	 	 	
              X

            	 	
              X

            
	
              (iii) proper
                posting of distributions

            	 	 	
              X

            	 	 	
              X

            	 	
              X

            
	
              (iv) reconciliation
                of remittances and payment statements

            	 	 	
              X

            	 	 	
              X

            	
              X

            	
              X

            
	
              (4) Pool
                Asset Administration

            	 	 	 	 	 	 	 	 
	
              (i) maintenance
                of pool collateral

            	 	 	
              X

            	 	
              X

            	 	 	 
	
              (ii) safeguarding
                of pool assets/documents

            	 	 	
              X

            	 	
              X

            	 	 	 
	
              (iii) additions,
                removals and substitutions of pool assets

            	 	 	
              X

            	 	 	 	 	 
	
              (iv) posting
                and allocation of pool asset payments to pool assets

            	 	 	
              X

            	 	 	 	 	 
	
              (v) reconciliation
                of servicer records

            	 	 	
              X

            	 	 	 	 	 
	
              (vi) modifications
                or other changes to terms of pool assets

            	 	 	
              X

            	 	 	 	 	 
	
              (vii) loss
                mitigation and recovery actions

            	 	 	
              X

            	 	 	 	 	 
	
              (viii)records
                regarding collection efforts

            	 	 	
              X

            	 	 	 	 	 
	
              (ix) adjustments
                to variable interest rates on pool assets

            	 	 	
              X

            	 	 	 	 	 
	
              (x) matters
                relating to funds held in trust for obligors

            	 	 	
              X

            	 	 	 	 	 
	
              (xi) payments
                made on behalf of obligors (such as for taxes or
                insurance)

            	 	 	
              X

            	 	 	 	 	 
	
              (xii) late
                payment penalties with respect to payments made on behalf of obligors
                

            	 	 	
              X

            	 	 	 	 	 
	
              (xiii)records
                with respect to payments made on behalf of obligors

            	 	 	
              X

            	 	 	 	 	 
	
              (xiv) recognition
                and recording of delinquencies, charge-offs and uncollectible
                accounts

            	 	 	
              X

            	 	 	 	 	 
	
              (xv) maintenance
                of external credit enhancement or other support

            	 	 	 	 	 	 	 	
              X

            

    

    

    

    

    

    

    

      

      
        *
          The
          descriptions of the Item 1122(d) servicing criteria use key words and phrases
          and are not verbatim recitations of the servicing criteria. Refer to Regulation
          AB, Item 1122 for a full description of servicing
          criteria.

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      F

    
    

    
      MORTGAGE
        LOAN PURCHASE AGREEMENT

       

      This
        is a
        Mortgage Loan Purchase Agreement (this “Agreement”), dated March 28, 2006,
        between DB Structured Products, Inc., a Delaware corporation (the “Sponsor”) and
        ACE Securities Corp., a Delaware corporation (the “Purchaser”).

       

      Preliminary
        Statement

       

      The
        Sponsor intends to sell the Mortgage Loans (as hereinafter identified) to
        the
        Purchaser on the terms and subject to the conditions set forth in this
        Agreement. The Purchaser intends to deposit the Mortgage Loans into a mortgage
        pool comprising the Trust Fund. The Trust Fund will be evidenced by a single
        series of mortgage pass-through certificates designated as ACE Securities
        Corp.
        Home Equity Loan Trust, Series 2006-SL2, Asset Backed Pass-Through Certificates
        (the “Certificates”). The Certificates will consist of eighteen classes of
        certificates. The Certificates will be issued pursuant to a Pooling and
        Servicing Agreement for ACE Securities Corp. Home Equity Loan Trust, Series
        2006-SL2, Asset Backed Pass-Through Certificates, dated as of March 1, 2006
        (the
“Pooling and Servicing Agreement”), among the Purchaser as depositor, Wells
        Fargo Bank, N.A. as master servicer (the “Master Servicer”) and securities
        administrator (the “Securities Administrator”), Ocwen Loan Servicing, LLC as a
        servicer (the “Servicer”), and HSBC Bank USA, National Association as trustee
        (the “Trustee”). The Purchaser will sell the Class A, Class M-1, Class M-2A,
        Class M-2B, Class M-3, Class M-4, Class M-5, Class M-6A, Class M-6B, Class
        M-7,
        Class M-8, Class M-9A and Class M-9B Certificates to Deutsche Bank Securities
        Inc. (“DBSI”), pursuant to the Amended and Restated Underwriting Agreement,
        dated as of June 24, 1999, as amended and restated to and including January
        25,
        2006, between the Purchaser and DBSI, and the Terms Agreement, dated March
        24,
        2006 (collectively, the “Underwriting Agreement”), between the Purchaser and
        DBSI. The Purchaser will sell the Class B-1 Certificates to DBSI pursuant
        to the
        Purchase Agreement dated as of March 27, 2006 between Purchaser and DBSI.
        Capitalized terms used but not defined herein shall have the meanings set
        forth
        in the Pooling and Servicing Agreement.

       

      The
        parties hereto agree as follows:

       

      SECTION
        1.  Agreement
        to Purchase.
        The
        Sponsor hereby sells, and the Purchaser hereby purchases, on March 28, 2006
        (the
“Closing Date”), certain conventional, one- to four-family, fixed-rate, second
        lien, residential mortgage loans (the “Mortgage Loans”), having an aggregate
        principal balance as of the close of business on March 1, 2006 (the “Cut-off
        Date”) of approximately $537,844,669 (the “Closing Balance”), after giving
        effect to all payments due on the Mortgage Loans on or before the Cut-off
        Date,
        whether or not received, including the right to any Prepayment Charges payable
        by the related Mortgagors in connection with any Principal Prepayments on
        the
        Mortgage Loans.

       

      SECTION
        2.  Mortgage
        Loan Schedule.
        The
        Purchaser and the Sponsor have agreed upon which of the mortgage loans owned
        by
        the Sponsor are to be purchased by the Purchaser pursuant to this Agreement
        and
        the Sponsor will prepare or cause to be prepared on or prior to the Closing
        Date
        a final schedule (the “Closing Schedule”) that shall describe such Mortgage
        Loans and set forth all of the Mortgage Loans to be purchased under this
        Agreement, including the Prepayment Charges. The Closing Schedule will conform
        to the requirements set forth in this Agreement and to the definition of
        “Mortgage Loan Schedule” under the Pooling and Servicing Agreement.

       

      SECTION
        3.  Consideration.

       

      (a)  In
        consideration for the Mortgage Loans to be purchased hereunder, the Purchaser
        shall, as described in Section 8, (i) pay to or upon the order of the Sponsor
        in
        immediately available funds an amount (the “Purchase Price”) equal to (i)
        $________*1
        and (ii)
        a 100% interest in the Class CE-1, Class CE-2, Class P and the Class R
        Certificates (collectively the “DB Certificates”). The DB Certificates shall be
        in the name of “Deutsche Bank Securities Inc.”

       

      (b)  The
        Purchaser or any assignee, transferee or designee of the Purchaser shall
        be
        entitled to all scheduled payments of principal due after the Cut-off Date,
        all
        other payments of principal due and collected after the Cut-off Date, and
        all
        payments of interest on the Mortgage Loans allocable to the period after
        the
        Cut-off Date. All scheduled payments of principal and interest due on or
        before
        the Cut-off Date and collected after the Cut-off Date shall belong to the
        Sponsor.

       

      (c)  Pursuant
        to the Pooling and Servicing Agreement, the Purchaser will assign all of
        its
        right, title and interest in and to the Mortgage Loans, together with its
        rights
        under this Agreement, to the Trustee for the benefit of the
        Certificateholders.

       

      SECTION
        4.  Transfer
        of the Mortgage Loans.

       

      (a)  Possession
        of Mortgage Files.
        The
        Sponsor does hereby sell to the Purchaser, without recourse but subject to
        the
        terms of this Agreement, all of its right, title and interest in, to and
        under
        the Mortgage Loans, including the related Prepayment Charges. The contents
        of
        each Mortgage File not delivered to the Purchaser or to any assignee, transferee
        or designee of the Purchaser on or prior to the Closing Date are and shall
        be
        held in trust by the Sponsor for the benefit of the Purchaser or any assignee,
        transferee or designee of the Purchaser.  Upon the sale of the
        Mortgage Loans, the ownership of each Mortgage Note, the related Mortgage
        and
        the other contents of the related Mortgage File is vested in the Purchaser
        and
        the ownership of all records and documents with respect to the related Mortgage
        Loan prepared by or that come into the possession of the Sponsor on or after
        the
        Closing Date shall immediately vest in the Purchaser and shall be delivered
        immediately to the Purchaser or as otherwise directed by the
        Purchaser.

       

      (b)  Delivery
        of Mortgage Loan Documents.
        The
        Sponsor will, on or prior to the Closing Date, deliver or cause to be delivered
        to the Purchaser or any assignee, transferee or designee of the Purchaser
        each
        of the following documents for each Mortgage Loan:

       

      (i)  the
        original Mortgage Note, including any riders thereto, endorsed in blank,
        with
        all prior and intervening endorsements showing a complete chain of endorsement
        from the originator to the Person so endorsing to the Trustee;

       

      (ii)  the
        original Mortgage or a certified copy thereof, including any riders thereto,
        with evidence of recording thereon, and the original recorded power of attorney,
        if the Mortgage was executed pursuant to a power of attorney, with evidence
        of
        recording thereon, and in the case of each MOM Loan, the original Mortgage,
        noting the presence of the MIN of the Loan and either language indicating
        that
        the Mortgage Loan is a MOM Loan or if the Mortgage Loan was not a MOM Loan
        at
        origination, the original Mortgage and the assignment thereof to MERS®, with
        evidence of recording indicated thereon;

       

      (iii)  an
        original Assignment of Mortgage executed in blank;

       

      (iv)  the
        original recorded Assignment or Assignments of the Mortgage, or a certified
        copy
        or copies thereof, showing a complete chain of assignment from the originator
        to
        the last Person assigning the Mortgage;

       

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

       

      (vi)  the
        original lender’s title insurance policy, together with all endorsements or
        riders that were issued with or subsequent to the issuance of such policy,
        insuring the priority of the Mortgage as a second lien on the Mortgaged Property
        represented therein as a fee interest vested in the Mortgagor;

       

      (vii)  the
        original of any guarantee executed in connection with the Mortgage Note,
        if any;
        and

       

      (viii)  the
        original of any security agreement, chattel mortgage or equivalent document
        executed in connection with the Mortgage, if any.

       

      Notwithstanding
        anything to the contrary contained in this Section 4, with respect to a maximum
        of approximately 1.00% of the Mortgage Loans, by aggregate principal balance
        of
        the Mortgage Loans as of the Cut-off Date, if any original Mortgage Note
        referred to in Section 4(b)(i) above cannot be located, the obligations of
        the
        Sponsor to deliver such documents shall be deemed to be satisfied upon delivery
        to the Purchaser or any assignee, transferee or designee of the Purchaser
        of a
        photocopy of such Mortgage Note, if available, with a lost note affidavit
        substantially in the form of Exhibit 1 attached hereto. If any of the original
        Mortgage Notes for which a lost note affidavit was delivered to the Purchaser
        or
        any assignee, transferee or designee of the Purchaser is subsequently located,
        such original Mortgage Note shall be delivered to the Purchaser or any assignee,
        transferee or designee of the Purchaser within three (3) Business Days; and
        if
        any document referred to in Section 4(b)(ii) or 4(b)(iv) above has been
        submitted for recording but either (x) has not been returned from the applicable
        public recording office or (y) has been lost or such public recording office
        has
        retained the original of such document, the obligations of the Sponsor hereunder
        shall be deemed to have been satisfied upon delivery to the Purchaser or
        any
        assignee, transferee or designee of the Purchaser promptly upon receipt thereof
        by or on behalf of the Sponsor of either the original or a copy of such document
        certified by the applicable public recording office to be a true and complete
        copy of the original.

       

      In
        the
        event that the original lender’s title insurance policy has not yet been issued,
        the Sponsor shall deliver to the Purchaser or any assignee, transferee or
        designee of the Purchaser a written commitment or interim binder or preliminary
        report of title issued by the title insurance or escrow company. The Sponsor
        shall deliver such original title insurance policy to the Purchaser or any
        assignee, transferee or designee of the Purchaser promptly upon receipt by
        the
        Sponsor, if any.

       

      Each
        original document relating to a Mortgage Loan which is not delivered to the
        Purchaser or its assignee, transferee or designee, if held by the Sponsor,
        shall
        be so held for the benefit of the Purchaser, its assignee, transferee or
        designee.

       

      In
        connection with the assignment of any Mortgage Loan registered on the MERS®
System, the Sponsor further agrees that it will cause, at the Sponsor’s own
        expense, within 30 days after the Closing Date, the MERS® System to indicate
        that such Mortgage Loans have been assigned by the Sponsor to the Purchaser
        and
        by the Purchaser to the Trustee in accordance with this Agreement for the
        benefit of the Certificateholders by including (or deleting, in the case
        of
        Mortgage Loans which are repurchased in accordance with this Agreement) in
        such
        computer files (a) the code in the field which identifies the specific Trustee
        and (b) the code in the field “Pool Field” which identifies the series of the
        Certificates issued in connection with such Mortgage Loans. The Sponsor further
        agrees that it will not, and will not permit the Servicer or the Master Servicer
        to alter the codes referenced in this paragraph with respect to any Mortgage
        Loan during the term of this Agreement unless and until such Mortgage Loan
        is
        repurchased in accordance with the terms of this Agreement or the Pooling
        and
        Servicing Agreement.

       

      (c)  Acceptance
        of Mortgage Loans.
        The
        documents delivered pursuant to Section 4(b) hereof shall be reviewed by
        the
        Purchaser or any assignee, transferee or designee of the Purchaser at any
        time
        before or after the Closing Date (and with respect to each document permitted
        to
        be delivered after the Closing Date, within seven days of its delivery) to
        ascertain that all required documents have been executed and received and
        that
        such documents relate to the Mortgage Loans identified on the Closing
        Schedule.

       

      (d)  Transfer
        of Interest in Agreements.
        The
        Purchaser has the right to assign its interest under this Agreement, in whole
        or
        in part, to the Trustee, as may be required to effect the purposes of the
        Pooling and Servicing Agreement, without the consent of the Sponsor, and
        the
        assignee shall succeed to the rights and obligations hereunder of the
        Purchaser.  Any expense reasonably incurred by or on behalf of the
        Purchaser or the Trustee in connection with enforcing any obligations of
        the
        Sponsor under this Agreement will be promptly reimbursed by the
        Sponsor.

       

      (e)  Examination
        of Mortgage Files.
        Prior
        to the Closing Date, the Sponsor shall either (i) deliver in escrow to the
        Purchaser or to any assignee, transferee or designee of the Purchaser for
        examination the Mortgage File pertaining to each Mortgage Loan, or (ii) make
        such Mortgage Files available to the Purchaser or to any assignee, transferee
        or
        designee of the Purchaser for examination.  Such examination may be
        made by the Purchaser or the Trustee, and their respective designees, upon
        reasonable notice to the Sponsor during normal business hours before the
        Closing
        Date and within sixty (60) days after the Closing Date.  If any such
        person makes such examination prior to the Closing Date and identifies any
        Mortgage Loans that do not conform to the requirements of the Purchaser as
        described in this Agreement, such Mortgage Loans shall be deleted from the
        Closing Schedule.  The Purchaser may, at its option and without notice
        to the Sponsor, purchase all or part of the Mortgage Loans without conducting
        any partial or complete examination.  The fact that the Purchaser or
        any person has conducted or has failed to conduct any partial or complete
        examination of the Mortgage Files shall not affect the rights of the Purchaser
        or any assignee, transferee or designee of the Purchaser to demand repurchase or
        other relief as provided herein or under the Pooling and Servicing
        Agreement.

       

      SECTION
        5.  Representations,
        Warranties and Covenants of the Sponsor.

       

      The
        Sponsor hereby represents and warrants to the Purchaser, as of the date hereof
        and as of the Closing Date, and covenants, that:

       

      (i)  The
        Sponsor is a Delaware corporation with full corporate power and authority
        to
        conduct its business as presently conducted by it to the extent material
        to the
        consummation of the transactions contemplated herein. The Agreement has been
        duly authorized, executed and delivered by the Sponsor. The Sponsor had the
        full
        corporate power and authority to own the Mortgage Loans and to transfer and
        convey the Mortgage Loans to the Purchaser and has the full corporate power
        and
        authority to execute and deliver, engage in the transactions contemplated
        by,
        and perform and observe the terms and conditions of this Agreement;

       

      (ii)  The
        Sponsor has duly authorized the execution, delivery and performance of this
        Agreement, has duly executed and delivered this Agreement, and this Agreement,
        assuming due authorization, execution and delivery by the Purchaser, constitutes
        a legal, valid and binding obligation of the Sponsor, enforceable against
        it in
        accordance with its terms except as the enforceability thereof may be limited
        by
        bankruptcy, insolvency or reorganization or by general principles of
        equity;

       

      (iii)  The
        execution, delivery and performance of this Agreement by the Sponsor (x)
        does
        not conflict and will not conflict with, does not breach and will not result
        in
        a breach of and does not constitute and will not constitute a default (or
        an
        event, which with notice or lapse of time or both, would constitute a default)
        under (A) any terms or provisions of the organizational documents of the
        Sponsor, (B) any term or provision of any material agreement, contract,
        instrument or indenture, to which the Sponsor is a party or by which the
        Sponsor
        or any of its property is bound, or (C) any law, rule, regulation, order,
        judgment, writ, injunction or decree of any court or governmental authority
        having jurisdiction over the Sponsor or any of its property and (y) does
        not
        create or impose and will not result in the creation or imposition of any
        lien,
        charge or encumbrance (other than any created hereby in favor of the Purchaser
        and its assignees) which would have a material adverse effect upon the Mortgage
        Loans or any documents or instruments evidencing or securing the Mortgage
        Loans;

       

      (iv)  No
        consent, approval, authorization or order of, registration or filing with,
        or
        notice on behalf of the Sponsor to any governmental authority or court is
        required, under federal laws or the laws of the State of New York, for the
        execution, delivery and performance by the Sponsor of, or compliance by the
        Sponsor with, this Agreement or the consummation by the Sponsor of any other
        transaction contemplated hereby and by the Pooling and Servicing Agreement;
        provided, however, that the Sponsor makes no representation or warranty
        regarding federal or state securities laws in connection with the sale or
        distribution of the Certificates;

       

      (v)  The
        Sponsor is not in violation of, and the execution and delivery of this Agreement
        by the Sponsor and its performance and compliance with the terms of this
        Agreement will not constitute a violation with respect to, any order or decree
        of any court or any order or regulation of any federal, state, municipal
        or
        governmental agency having jurisdiction over the Sponsor or its assets, which
        violation might have consequences that would materially and adversely affect
        the
        condition (financial or otherwise) or the operation of the Sponsor or its
        assets
        or might have consequences that would materially and adversely affect the
        performance of its obligations and duties hereunder;

       

      (vi)  The
        Sponsor does not believe, nor does it have any reason or cause to believe,
        that
        it cannot perform each and every covenant contained in this
        Agreement;

       

      (vii)  Immediately
        prior to the sale of the Mortgage Loans to the Purchaser as herein contemplated,
        the Sponsor was the owner of the related Mortgage and the indebtedness evidenced
        by the related Mortgage Note, and, upon the payment to the Sponsor of the
        Purchase Price, in the event that the Sponsor retains or has retained record
        title, the Sponsor shall retain such record title to each Mortgage, each
        related
        Mortgage Note and the related Mortgage Files with respect thereto in trust
        for
        the Purchaser as the owner thereof from and after the date hereof;

       

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

       

      (ix)  The
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of the Sponsor, and the transfer, assignment
        and
        conveyance of the Mortgage Notes and the Mortgages by the Sponsor pursuant
        to
        this Agreement are not subject to the bulk transfer or any similar statutory
        provisions in effect in any relevant jurisdiction, except any as may have
        been
        complied with;

       

      (x)  The
        Sponsor has not dealt with any broker, investment banker, agent or other
        person,
        except for the Purchaser or any of its affiliates, that may be entitled to
        any
        commission or compensation in connection with the sale of the Mortgage Loans
        (except that an entity that previously financed the Sponsor’s ownership of the
        Mortgage Loans may be entitled to a fee to release its security interest
        in the
        Mortgage Loans, which fee shall have been paid and which security interest
        shall
        have been released on or prior to the Closing Date);

       

      (xi)  There
        is
        no litigation currently pending or, to the best of the Sponsor’s knowledge
        without independent investigation, threatened against the Sponsor that would
        reasonably be expected to adversely affect the transfer of the Mortgage Loans,
        the issuance of the Certificates or the execution, delivery, performance
        or
        enforceability of this Agreement, or that would result in a material adverse
        change in the financial condition of the Sponsor; and

       

      (xii)  The
        information set forth in the applicable part of the Closing Schedule relating
        to
        the existence of a Prepayment Charge is complete, true and correct in all
        material respects at the date or dates respecting which such information
        is
        furnished and each Prepayment Charge is permissible and enforceable in
        accordance with its terms upon the mortgagor’s full and voluntary principal
        prepayment under applicable law, except to the extent that: (1) the
        enforceability thereof may be limited by bankruptcy, insolvency, moratorium,
        receivership and other similar laws relating to creditors’ rights; (2) the
        collectability thereof may be limited due to acceleration in connection with
        a
        foreclosure or other involuntary prepayment; or (3) subsequent changes in
        applicable law may limit or prohibit enforceability thereof under applicable
        law.

       

      SECTION
        6.  Representations
        and Warranties of the Sponsor
        Relating to the Mortgage Loans.

       

      The
        Sponsor hereby represents and warrants to the Purchaser that as to each Mortgage
        Loan as of the Closing Date:

       

      (i)  Information
        provided to the Rating Agencies, including the loan level detail, is true
        and
        correct according to the Rating Agency requirements;

       

      (ii)  No
        misrepresentation or fraud has taken place on the part of the Sponsor, the
        Mortagor or any third party originator of such Mortgage Loan, or to the
        Sponsor’s knowledge, any other person, including without limitation, any
        appraiser, any builder or developer, or any other party involved in the
        origination of the Mortgage Loan or in the application of any insurance in
        relation to such Mortgage Loan;

       

      (iii)  Except
        as
        set forth on the Closing Schedule, all payments required to be made prior
        to the
        Cut-off Date with respect to each Mortgage Loan have been made;

       

      (iv)  [Reserved];

       

      (v)  There
        are
        no delinquent taxes, assessment liens or insurance premiums affecting the
        related Mortgaged Property;

       

      (vi)  The
        terms
        of the Mortgage Note and the Mortgage have not been materially modified in
        any
        respect, except by written instruments, recorded in the applicable public
        recording office if necessary to maintain the lien priority of the Mortgage.
        The
        substance of any such modification has been approved by the title insurer,
        to
        the extent required by the related policy. No Mortgagor has been released,
        in
        whole or in part, except in connection with an assumption agreement (approved
        by
        the title insurer to the extent required by the policy) and which assumption
        agreement has been delivered to the Trustee;

       

      (vii)  The
        Mortgaged Property is insured against loss by fire and hazards of extended
        coverage (excluding earthquake insurance) in an amount which is at least
        equal
        to the lesser of (i) the amount necessary to compensate for any damage or
        loss
        to the improvements which are a part of such property on a replacement cost
        basis or (ii) the outstanding principal balance of the Mortgage Loan. If
        the
        Mortgaged Property is in an area identified on a flood hazard map or flood
        insurance rate map issued by the Federal Emergency Management Agency as having
        special flood hazards (and such flood insurance has been made available),
        a
        flood insurance policy meeting the requirements of the current guidelines
        of the
        Federal Insurance Administration is in effect. All such insurance policies
        contain a standard mortgagee clause naming the originator of the Mortgage
        Loan,
        its successors and assigns as mortgagee and the Sponsor has not engaged in
        any
        act or omission which would impair the coverage of any such insurance policies.
        Except as may be limited by applicable law, the Mortgage obligates the Mortgagor
        thereunder to maintain all such insurance at the Mortgagor’s cost and expense,
        and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage
        to maintain such insurance at Mortgagor’s cost and expense and to seek
        reimbursement therefor from the Mortgagor;

       

      (viii)  Each
        Mortgage Loan and the related Prepayment Charge, if any, complied in all
        material respects with any and all requirements of any federal, state or
        local
        law including, without limitation, usury, truth in lending, anti-predatory
        lending, real estate settlement procedures, consumer credit protection, equal
        credit opportunity, fair housing or disclosure laws applicable to the
        origination and servicing of the Mortgage Loans and the consummation of the
        transactions contemplated hereby will not involve the violation of any such
        laws;

       

      (ix)  The
        Mortgage has not been satisfied, cancelled, subordinated (other than the
        subordination to the related first lien mortgage loan) or rescinded, in whole
        or
        in part, and the Mortgaged Property has not been released from the lien of
        the
        Mortgage, in whole or in part, nor has any instrument been executed that
        would
        effect any such satisfaction, cancellation, subordination, rescission or
        release;

       

      (x)  The
        Mortgage was recorded or was submitted for recording in accordance with all
        applicable laws and is a valid, existing and enforceable second lien on the
        Mortgaged Property including all improvements on the Mortgaged
        Property;

       

      (xi)  The
        Mortgage Note and the related Mortgage are genuine and each is the legal,
        valid
        and binding obligation of the maker thereof, insured under the related title
        policy, and enforceable in accordance with its terms, except to the extent
        that
        the enforceability thereof may be limited by a bankruptcy, insolvency or
        reorganization;

       

      (xii)  The
        Sponsor is the sole legal, beneficial and equitable owner of the Mortgage
        Note
        and the Mortgage and has the full right to convey, transfer and sell the
        Mortgage Loan to the Purchaser free and clear of any encumbrance, equity,
        lien
        (other than the subordination to the related first lien mortgage loan), pledge,
        charge, claim or security interest and immediately upon the sale, assignment
        and
        endorsement of the Mortgage Loans from the Sponsor to the Purchaser, the
        Purchaser shall have good and indefeasible title to and be the sole legal
        owner
        of the Mortgage Loans subject only to any encumbrance, equity, lien, pledge,
        charge, claim or security interest arising out of the Purchaser’s
        actions;

       

      (xiii)  Each
        Mortgage Loan is covered by a valid and binding American Land Title Association
        lender’s title insurance policy issued by a title insurer qualified to do
        business in the jurisdiction where the Mortgaged Property is located. No
        claims
        have been filed under such lender’s title insurance policy, and the Sponsor has
        not done, by act or omission, anything that would impair the coverage of
        the
        lender’s title insurance policy;

       

      (xiv)  There
        is
        no material default, breach, violation event or event of acceleration existing
        under the Mortgage or the Mortgage Note and no event which, with the passage
        of
        time or with notice and the expiration of any grace or cure period, would
        constitute a material default, breach, violation or event of acceleration,
        and
        the Sponsor has not, nor has its predecessors, waived any material default,
        breach, violation or event of acceleration;

       

      (xv)  There
        are
        no mechanics’ or similar liens or claims which have been filed for work, labor
        or material provided to the related Mortgaged Property prior to the origination
        of the Mortgage Loan which are or may be liens prior to, or equal or coordinate
        with, the lien of the related Mortgage, except as may be disclosed in the
        related title policy;

       

      (xvi)  Except
        with respect to approximately 8.73% of the Mortgage Loans by aggregate principal
        balance as of the Cut-off Date, which are balloon loans, each Mortgage Note
        is
        payable on the first day of each month (unless otherwise specified on the
        Closing Schedule) in equal monthly installments of principal and interest,
        with
        interest calculated on a 30/360 basis and payable in arrears, sufficient
        to
        amortize the Mortgage Loan fully by the stated maturity date over an original
        term from commencement of amortization to not more than 30 years and no Mortgage
        Loan permits negative amortization;

       

      (xvii)  The
        servicing practices used in connection with the servicing of the Mortgage
        Loans
        have been in all respects reasonable and customary in the mortgage servicing
        industry of like mortgage loan servicers, servicing similar subprime mortgage
        loans originated in the same jurisdiction as the Mortgaged
        Property;

       

      (xviii)  At
        the
        time of origination of the Mortgage Loan there was no proceeding pending
        for the
        total or partial condemnation of the Mortgaged Property and, as of the date
        such
        Mortgage Loan was purchased by the Purchaser, to the best of the Purchaser’s
        knowledge there is no proceeding pending for the total or partial condemnation
        of the Mortgaged Property;

       

      (xix)  The
        Mortgage and related Mortgage Note contain customary and enforceable provisions
        such as to render the rights and remedies of the holder thereof adequate
        for the
        realization against the Mortgaged Property of the benefits of the security
        provided thereby, including, (a) in the case of a Mortgage designated as
        a deed
        of trust, by trustee’s sale, and (b) otherwise by judicial
        foreclosure;

       

      (xx)  The
        Mortgage Note is not and has not been secured by any collateral except the
        lien
        of the related Mortgage referred to in subsection (x) above;

       

      (xxi)  In
        the
        event the Mortgage constitutes a deed of trust, a trustee, duly qualified
        under
        applicable law to serve as such, has been properly designated and currently
        so
        serves and is named in the Mortgage, and no fees or expenses are or will
        become
        payable by the Sponsor to the trustee under the deed of trust, except in
        connection with a trustee’s sale after default by the Mortgagor;

       

      (xxii)  The
        Mortgage Loan is not subject to any valid right of rescission, set-off,
        counterclaim or defense, including without limitation the defense of usury,
        nor
        will the operation of any of the terms of the Mortgage Note or the Mortgage,
        or
        the exercise of any right thereunder, render either the Mortgage Note or
        the
        Mortgage unenforceable, in whole or in part, or subject to any such right
        of
        rescission, set-off, counterclaim or defense, including without limitation
        the
        defense of usury, and no such right of rescission, set-off, counterclaim
        or
        defense has been asserted with respect thereto;

       

      (xxiii)  The
        Mortgage Loans were underwritten in accordance with the related originator’s
        underwriting guidelines in effect at the time the Mortgage Loans were originated
        (the “Applicable Underwriting Guidelines”), except with respect to certain of
        those Mortgage Loans which had compensating factors permitting a deviation
        from
        the Applicable Underwriting Guidelines;

       

      (xxiv)  The
        Mortgaged Property is free of material damage and waste, excepting therefrom
        any
        Mortgage Loan subject to an escrow withhold as shown on the Closing
        Schedule;

       

      (xxv)  All
        of
        the improvements which were included in determining the appraised value of
        the
        Mortgaged Property lie wholly within the Mortgaged Property’s boundary lines and
        no improvements on adjoining properties encroach upon the Mortgaged Property,
        excepting therefrom: (i) any encroachment insured against in the lender’s title
        insurance policy identified in subsection (xiii), (ii) any encroachment
        generally acceptable to subprime mortgage loan originators doing business
        in the
        same jurisdiction as the Mortgaged Property, and (iii) any encroachment which
        does not materially interfere with the benefits of the security intended
        to be
        provided by such Mortgage;

       

      (xxvi)  All
        parties to the Mortgage Note had the legal capacity to execute the Mortgage
        Note
        and the Mortgage, and the Mortgage Note and the Mortgage have been duly executed
        by such parties;

       

      (xxvii)  To
        the
        best of the Sponsor’s knowledge, at the time of origination of the Mortgage
        Loan, no appraised improvement located on or being part of the Mortgaged
        Property was in violation of any applicable zoning law or regulation and
        all
        inspections, licenses and certificates required in connection with the
        origination of any Mortgage Loan with respect to the occupancy of the Mortgaged
        Property, have been made or obtained from the appropriate
        authorities;

       

      (xxviii)  No
        Mortgagor has notified the Sponsor of any relief requested or allowed under
        the
        Servicemembers Civil Relief Act;

       

      (xxix)  All
        parties which have held an interest in the Mortgage Loan are (or during the
        period in which they held and disposed of such interest, were) (1) in compliance
        with any and all applicable licensing requirements of the state wherein the
        Mortgaged Property is located, (2) organized under the laws of such state,
        (3)
        qualified to do business in such state, (4) a federal savings and loan
        association or national bank, (5) not doing business in such state, or (6)
        exempt from the applicable licensing requirements of such state;

       

      (xxx)  The
        Mortgage File contains an appraisal of the related Mortgaged Property which
        was
        made prior to the approval of the Mortgage Loan by a qualified appraiser,
        duly
        appointed by the related originator and was made in accordance with the
        Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and
        the
        Uniform Standards of Professional Appraisal Practice;

       

      (xxxi)  Except
        as
        may otherwise be limited by applicable law, the Mortgage contains a provision
        for the acceleration of the payment of the unpaid principal balance of the
        Mortgage Loan in the event that the Mortgaged Property is sold or transferred
        without the prior written consent of the Mortgagee thereunder;

       

      (xxxii)  The
        Mortgage Loan does not contain any provision which would constitute a “buydown”
provision and pursuant to which Monthly Payments are paid or partially paid
        with
        funds deposited in a separate account established by the related originator,
        the
        Mortgagor or anyone on behalf of the Mortgagor, or paid by any source other
        than
        the Mortgagor. The Mortgage Loan is not a “graduated payment mortgage loan” and
        the Mortgage loan does not have a shared appreciation or other contingent
        interest feature;

       

      (xxxiii)  To
        the
        best of the Sponsor’s knowledge there is no action or proceeding directly
        involving the Mortgaged Property presently pending in which compliance with
        any
        environmental law, rule or regulation is at issue and the Sponsor has received
        no notice of any condition at the Mortgaged Property which is reasonably
        likely
        to give rise to an action or proceeding in which compliance with any
        environmental law, rule or regulation is at issue;

       

      (xxxiv)  Each
        Mortgage Loan is an obligation which is principally secured by an interest
        in
        real property within the meaning of Treasury Regulation section
        1.860G-2(a);

       

      (xxxv)  Each
        Mortgage Loan (a) is directly secured by a second lien on, and consists of
        a
        single parcel of, real property with a detached one-to-four family residence
        erected thereon, a townhouse or an individual condominium unit in a condominium
        project, a co-operative or an individual unit in a planned unit development
        (“PUD”). Any unit in a PUD or condominium project conforms to the requirements
        of the Applicable Underwriting Guidelines regarding such dwellings. No residence
        or dwelling is a mobile home or a manufactured dwelling unless it is a
        manufactured dwelling, which is permanently affixed to a foundation and treated
        as “real estate” under applicable law. No Mortgaged Property is used for
        commercial purposes. Mortgaged Properties which contain a home office shall
        not
        be considered as being used for commercial purposes as long as the Mortgaged
        Property has not been altered for commercial purposes and is not storing
        any
        chemicals or raw materials other than those commonly used for homeowner repair,
        maintenance and/or household purposes;

       

      (xxxvi)  [Reserved];

       

      (xxxvii)  [Reserved];

       

      (xxxviii)  [Reserved];

       

      (xxxix)  [Reserved];

       

      (xl)  No
        Mortgage Loan is subject to the Home Ownership and Equity Protection Act
        of 1994
        or any comparable law and no Mortgage Loan is classified and/or defined as
“high
        cost”, “covered” (excluding home loans defined as “covered home loans” in the
        New Jersey Home Ownership Security Act of 2002 that were originated between
        November 26, 2003 and July 7, 2004) “high risk home” or “predatory” loan under
        any other federal, state or local law (or a similarly classified loan using
        different terminology under a law imposing heightened regulatory scrutiny
        or
        additional legal liability for residential mortgage loans having high interest
        rates, points and/or fees);

       

      (xli)  There
        is
        no Mortgage Loan that was originated or modified on or after October 1, 2002
        and
        before March 7, 2003, which is secured by property located in the State of
        Georgia. There is no such Mortgage Loan underlying the Certificate that was
        originated on or after March 7, 2003, which is a “high cost home loan” as
        defined under the Georgia Fair Lending Act;

       

      (xlii)  With
        respect to any Mortgage Loan, either (i) no consent for the Mortgage Loan
        is
        required by the holder of any related senior lien or (ii) such consent has
        been
        obtained and is contained in the Mortgage File;

       

      (xliii)  As
        of the
        date hereof, the Sponsor has not received a notice of default of a senior
        lien
        on the related Mortgaged Property which has not been cured;

       

      (xliv)  There
        is
        no Mortgage Loan that (a) is secured by property located in the State of
        Kentucky; (b) was originated on or after June 24, 2003, and (c) which is
        a “high
        cost home loan” as defined under Kentucky State Statute KRS 360.100, effective
        as of June 24, 2003;

       

      (xlv)  There
        is
        no Mortgage Loan that (a) is secured by property located in the State of
        Arkansas, (b) has a note date on or after July 16, 2003, and (c) which is
        a
“high cost home loan” as defined under the Arkansas Home Loan Protection Act,
        effective as of July 16, 2003;

       

      (xlvi)  [Reserved];

       

      (xlvii)  [Reserved];
        

       

      (xlviii)  No
        Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey Home
        Ownership Act effective November 27, 2003 (N.J.S.A. 46:10B-22 et seq.);

       

      (xlix)  No
        Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan
        Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et
        seq.);

       

      (l)  No
        Mortgage Loan is a “High-Risk Home Loan” as defined in the Illinois High-Risk
        Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et
        seq.);

       

      (li)  No
        Mortgage Loan originated in the City of Los Angeles is subject to the City
        of
        Los Angeles California Ordinance 175008 as a home loan;

       

      (lii)  No
        Mortgage Loan is a “High Cost Home Loan” as defined under the Maine House Bill
        383 L.D. 494, effective as of September 13, 2003;

       

      (liii)  No
        Mortgage Loan is a “High Cost” loan as defined under the New York Banking Law
        Section 6L, effective as of April 1, 2003;

       

      (liv)  No
        Mortgage Loan is a “home loan” in the state of Nevada; 

       

      (lv)  No
        Mortgage Loan is a “Section 10 mortgage loan” as defined in Oklahoma House Bill
        1574;

       

      (lvi)  [Reserved];
        and

       

      (lvii)  No
        Mortgage Loan is a High Cost Loan or Covered Loan, as applicable (as such
        terms
        are defined in the then current Standard
        & Poor’s LEVELS®
        Glossary
        which is
        now Version 5.6(d) Revised, Appendix E (attached hereto as Exhibit 2)) and
        no
        Mortgage Loan originated on or after October 1, 2002 through March 6, 2003
        is
        governed by the Georgia Fair Lending Act.

       

      (lviii)  No
        selection procedures were used by the Sponsor that identified the Mortgage
        Loans
        as being less desirable or valuable than other comparable mortgage loans
        in the
        Sponsor’s portfolio;

       

      (lix)  The
        information set forth in the Closing Schedule is true and correct in all
        material respects as of the Cut-off Date; and

       

      (lxviii) No
        Mortgage Loan is secured in whole or in part by the interest of the Mortgagor
        as
        a lessee under a ground lease of the related Mortgaged Property.

       

      (lx)  No
        Mortgage Loan is a “High-Cost Home Loan” as defined in the Indiana Home Loan
        Practices Act, effective January 1, 2005 (Ind. Code Ann. Sections 24-9-1
        through
        24-9-9);

       

      (lxi)  No
        Mortgage Loan is a “High-Cost Home Mortgage Loan” as defined in the
        Massachusetts Predatory Home Loan Practices Act, effective November 7, 2004
        (Mass. Ann. Laws Ch. 183C);

       

      SECTION
        7.  Repurchase
        Obligation for Defective Documentation and for Breach of Representation and
        Warranty.

       

      (a)  The
        representations and warranties contained in Section 6 shall not be impaired
        by
        any review and examination of loan files or other documents evidencing or
        relating to the Mortgage Loans or any failure on the part of the Sponsor
        or the
        Purchaser to review or examine such documents and shall inure to the benefit
        of
        any assignee, transferee or designee of the Purchaser, including the Trustee
        for
        the benefit of the Certificateholders. With respect to the representations
        and
        warranties contained herein as to which the Sponsor has no knowledge, if
        it is
        discovered that the substance of any such representation and warranty was
        inaccurate as of the date such representation and warranty was made or deemed
        to
        be made, and such inaccuracy materially and adversely affects the value of
        the
        related Mortgage Loan or the interest therein of the Purchaser or the
        Purchaser’s assignee, transferee or designee, then notwithstanding the lack of
        knowledge by the Sponsor with respect to the substance of such representation
        and warranty being inaccurate at the time the representation and warranty
        was
        made, the Sponsor shall take such action described in the following paragraph
        in
        respect of such Mortgage Loan.

       

      Upon
        discovery by the Sponsor, the Purchaser or any assignee, transferee or designee
        of the Purchaser of any materially defective document in, or that any material
        document was not transferred by the Sponsor, as listed on a Custodian’s
        preliminary exception report, as described in the related Custodial Agreement,
        as part of any Mortgage File, or of a breach of any of the representations
        and
        warranties contained in Section 6 that materially and adversely affects the
        value of any Mortgage Loan or the interest therein of the Purchaser or the
        Purchaser’s assignee, transferee or designee, the party discovering such breach
        shall give prompt written notice to the Sponsor. Within sixty (60) days of
        its
        discovery or its receipt of notice of any such missing documentation that
        was
        not transferred by the Sponsor as described above, or of materially defective
        documentation, or any such breach of a representation and warranty, the Sponsor
        promptly shall deliver such missing document or cure such defect or breach
        in
        all material respects or, in the event the Sponsor cannot deliver such missing
        document or cannot cure such defect or breach, the Sponsor shall, within
        ninety
        (90) days of its discovery or receipt of notice of any such missing or
        materially defective documentation or of any such breach of a representation
        and
        warranty, either (i) repurchase the affected Mortgage Loan at the Purchase
        Price
        (as such term is defined in the Pooling and Servicing Agreement) or (ii)
        pursuant to the provisions of the Pooling and Servicing Agreement, cause
        the
        removal of such Mortgage Loan from the Trust Fund and substitute one or more
        Qualified Substitute Mortgage Loans. The Sponsor shall amend the Closing
        Schedule to reflect the withdrawal of such Mortgage Loan from the terms of
        this
        Agreement and the Pooling and Servicing Agreement. The Sponsor shall deliver
        to
        the Purchaser such amended Closing Schedule and shall deliver such other
        documents as are required by this Agreement or the Pooling and Servicing
        Agreement within five (5) days of any such amendment. Any repurchase pursuant
        to
        this Section 7(a) shall be accomplished by transfer to an account designated
        by
        the Purchaser of the amount of the Purchase Price in accordance with Section
        2.03 of the Pooling and Servicing Agreement. Any repurchase required by this
        Section shall be made in a manner consistent with Section 2.03 of the Pooling
        and Servicing Agreement.

       

      (b)  If
        the
        representation made by the Sponsor in Section 5(xii) is breached, the Sponsor
        shall not have the right or obligation to cure, substitute or repurchase
        the
        affected Mortgage Loan but shall remit to the applicable Servicer for deposit
        in
        the Collection Account, prior to the next succeeding Servicer Remittance
        Date,
        the amount of the Prepayment Charge indicated on the applicable part of the
        Closing Schedule to be due from the Mortgagor in the circumstances less any
        amount collected and remitted to the applicable Servicer for deposit into
        the
        Collection Account.

       

      (c)  It
        is
        understood and agreed that the obligations of the Sponsor set forth in this
        Section 7 to cure or repurchase a defective Mortgage Loan (and to make payments
        pursuant to Section 7(b)) constitute the sole remedies of the Purchaser against
        the Sponsor respecting a missing document or a breach of the representations
        and
        warranties contained in Section 5(xii) or Section 6.

       

      SECTION
        8.  Closing;
        Payment for the Mortgage Loans.The
        closing of the purchase and sale of the Mortgage Loans shall be held at the
        New
        York City office of Thacher Proffitt & Wood llp
        at 10:00
        a.m. New York City time on the Closing Date.

       

      The
        closing shall be subject to each of the following conditions:

       

      (a)  All
        of
        the representations and warranties of the Sponsor under this Agreement shall
        be
        true and correct in all material respects as of the date as of which they
        are
        made and no event shall have occurred which, with notice or the passage of
        time,
        would constitute a default under this Agreement;

       

      (b)  The
        Purchaser shall have received, or the attorneys of the Purchaser shall have
        received in escrow (to be released from escrow at the time of closing), all
        closing documents as specified in Section 9 of this Agreement, in such forms
        as
        are agreed upon and acceptable to the Purchaser, duly executed by all
        signatories other than the Purchaser as required pursuant to the respective
        terms thereof;

       

      (c)  The
        Sponsor shall have delivered or caused to be delivered and released to the
        Purchaser or to its designee, all documents (including without limitation,
        the
        Mortgage Loans) required to be so delivered by the Purchaser pursuant to
        Section
        2.01 of the Pooling and Servicing Agreement; and

       

      (d)  All
        other
        terms and conditions of this Agreement and the Pooling and Servicing Agreement
        shall have been complied with.

       

      Subject
        to the foregoing conditions, the Purchaser shall deliver or cause to be
        delivered to the Sponsor on the Closing Date, against delivery and release
        by
        the Sponsor to the Trustee of all documents required pursuant to the Pooling
        and
        Servicing Agreement, the consideration for the Mortgage Loans as specified
        in
        Section 3 of this Agreement.

       

      SECTION
        9.  Closing
        Documents.
        Without
        limiting the generality of Section 8 hereof, the closing shall be subject
        to
        delivery of each of the following documents:

       

      (a)  An
        Officers’ Certificate of the Sponsor, dated the Closing Date, upon which the
        Purchaser and DBSI may rely with respect to certain facts regarding the sale
        of
        the Mortgage Loans by the Sponsor to the Purchaser;

       

      (b)  An
        Opinion of Counsel of the Sponsor, dated the Closing Date and addressed to
        the
        Purchaser and DBSI;

       

      (c)  Such
        opinions of counsel as the Rating Agencies or the Trustee may request in
        connection with the sale of the Mortgage Loans by the Sponsor to the Purchaser
        or the Sponsor’s execution and delivery of, or performance under, this
        Agreement; and

       

      (d)  Such
        further information, certificates, opinions and documents as the Purchaser
        or
        DBSI may reasonably request.

       

      SECTION
        10.  Costs.
        The
        Sponsor shall pay (or shall reimburse the Purchaser or any other Person to
        the
        extent that the Purchaser or such other Person shall pay) all costs and expenses
        incurred in connection with the transfer and delivery of the Mortgage Loans,
        including without limitation, fees for title policy endorsements and
        continuations, the fees and expenses of the Sponsor’s accountants and attorneys,
        the costs and expenses incurred in connection with producing each Servicer’s
        loan loss, foreclosure and delinquency experience, and the costs and expenses
        incurred in connection with obtaining the documents referred to in Sections
        9(a), 9(b) and 9(c), the costs and expenses of printing (or otherwise
        reproducing) and delivering this Agreement, the Pooling and Servicing Agreement,
        the Certificates, the prospectus and prospectus supplement, and any private
        placement memorandum relating to the Certificates and other related documents,
        the initial fees, costs and expenses of the Trustee, the fees and expenses
        of
        the Purchaser’s counsel in connection with the preparation of all documents
        relating to the securitization of the Mortgage Loans, the filing fee charged
        by
        the Securities and Exchange Commission for registration of the Certificates
        and
        the fees charged by any rating agency to rate the Certificates.  All
        other costs and expenses in connection with the transactions contemplated
        hereunder shall be borne by the party incurring such expense.

       

      SECTION
        11.  Servicing.  The
        Mortgage Loans will be master serviced by the Master Servicer under the Pooling
        and Servicing Agreement and serviced by the Servicer, on behalf of the Trust,
        and the Sponsor has represented to the Purchaser that such Mortgage Loans
        are
        not subject to any other servicing agreements with third parties.  It
        is understood and agreed between the Sponsor and the Purchaser that the Mortgage
        Loans are to be delivered free and clear of any servicing
        agreements.  Neither the Purchaser nor any affiliate of the Purchaser
        is servicing the Mortgage Loans under any such servicing agreement and,
        accordingly, neither the Purchaser nor any affiliate of the Purchaser is
        entitled to receive any fee for releasing the Mortgage Loans from any such
        servicing agreement.  The Sponsor shall arrange for the orderly
        transfer, of such servicing to the Servicer.  For so long as the
        Master Servicer master services the Mortgage Loans and the Servicer services
        the
        Mortgage Loans, the Master Servicer shall be entitled to the Master Servicing
        Fee and the Servicer shall be entitled to its Servicing Fee and such other
        payments as provided for under the terms of the Pooling and Servicing
        Agreement.

       

      SECTION
        12.  Mandatory
        Delivery; Grant of Security Interest.  The
        sale and delivery on the Closing Date of the Mortgage Loans described on
        the
        Closing Schedule in accordance with the terms and conditions of this Agreement
        is mandatory.  It is specifically understood and agreed that each
        Mortgage Loan is unique and identifiable on the date hereof and that an award
        of
        money damages would be insufficient to compensate the Purchaser for the losses
        and damages incurred by the Purchaser in the event of the Sponsor’s failure to
        deliver the Mortgage Loans on or before the Closing Date.  The Sponsor
        hereby grants to the Purchaser a lien on and a continuing security interest
        in
        the Sponsor’s interest in each Mortgage Loan and each document and instrument
        evidencing each such Mortgage Loan to secure the performance by the Sponsor
        of
        its obligation hereunder, and the Sponsor agrees that it holds such Mortgage
        Loans in custody for the Purchaser, subject to the Purchaser’s (i) right, prior
        to the Closing Date, to reject any Mortgage Loan to the extent permitted
        by this
        Agreement and (ii) obligation to deliver or cause to be delivered the
        consideration for the Mortgage Loans pursuant to Section 8
        hereof.  Any Mortgage Loans rejected by the Purchaser shall
        concurrently therewith be released from the security interest created
        hereby.  All rights and remedies of the Purchaser under this Agreement
        are distinct from, and cumulative with, any other rights or remedies under
        this
        Agreement or afforded by law or equity and all such rights and remedies may
        be
        exercised concurrently, independently or successively.

       

      Notwithstanding
        the foregoing, if on the Closing Date, each of the conditions set forth in
        Section 8 hereof shall have been satisfied and the Purchaser shall not have
        paid
        or caused to be paid the Purchase Price, or any such condition shall not
        have
        been waived or satisfied and the Purchaser determines not to pay or cause
        to be
        paid the Purchase Price, the Purchaser shall immediately effect the redelivery
        of the Mortgage Loans, if delivery to the Purchaser has occurred, and the
        security interest created by this Section 12 shall be deemed to have been
        released.

       

      SECTION
        13.  Notices.  All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given if personally delivered to or mailed by
        registered mail, postage prepaid, or transmitted by fax and, receipt of which
        is
        confirmed by telephone, if to the Purchaser, addressed to the Purchaser at
        6525
        Morrison Boulevard, Suite 318, Charlotte, North Carolina 28211, fax: (704)
        365-1362, Attention: Juliana Johnson, or such other address as may hereafter
        be
        furnished to the Sponsor in writing by the Purchaser; and if to the
        Sponsor, addressed to the Sponsor at 60 Wall Street, New York, New York 10005,
        fax: (212) 250-2740, Attention:  Susan Valenti, or to such other
        address as the Sponsor may designate in writing to the Purchaser.

       

      SECTION
        14.  Severability
        of Provisions.  Any
        part, provision, representation or warranty of this Agreement that is prohibited
        or that is held to be void or unenforceable shall be ineffective to the extent
        of such prohibition or unenforceability without invalidating the remaining
        provisions hereof.  Any part, provision, representation or warranty of
        this Agreement that is prohibited or unenforceable or is held to be void
        or
        unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
        to the extent of such prohibition or unenforceability without invalidating
        the
        remaining provisions hereof, and any such prohibition or unenforceability
        in any
        jurisdiction as to any Mortgage Loan shall not invalidate or render
        unenforceable such provision in any other jurisdiction.  To the extent
        permitted by applicable law, the parties hereto waive any provision of law
        which
        prohibits or renders void or unenforceable any provision hereof.

       

      SECTION
        15.  Agreement
        of Parties.  The
        Sponsor and the Purchaser each agree to execute and deliver such instruments
        and
        take such actions as either of the others may, from time to time, reasonably
        request in order to effectuate the purpose and to carry out the terms of
        this
        Agreement and the Pooling and Servicing Agreement.

       

      SECTION
        16.  Survival.  The
        Sponsor agrees that the representations, warranties and agreements made by
        it
        herein and in any certificate or other instrument delivered pursuant hereto
        shall be deemed to be relied upon by the Purchaser, notwithstanding any
        investigation heretofore or hereafter made by the Purchaser or on its behalf,
        and that the representations, warranties and agreements made by the Sponsor
        herein or in any such certificate or other instrument shall survive the delivery
        of and payment for the Mortgage Loans and shall continue in full force and
        effect, notwithstanding any restrictive or qualified endorsement on the Mortgage
        Notes and notwithstanding subsequent termination of this Agreement, the Pooling
        and Servicing Agreement or the Trust Fund.

       

      SECTION
        17.  GOVERNING
        LAW.  THIS
        AGREEMENT AND THE RIGHTS, DUTIES, OBLIGATIONS AND RESPONSIBILITIES OF THE
        PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
        LAWS
        (EXCLUDING THE CHOICE OF LAW PROVISIONS) AND DECISIONS OF THE STATE OF NEW
        YORK.  THE
        PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK
        GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

       

      SECTION
        18.  Miscellaneous.
        This
        Agreement may be executed in two or more counterparts, each of which when
        so
        executed and delivered shall be an original, but all of which together shall
        constitute one and the same instrument.  This Agreement shall inure to
        the benefit of and be binding upon the parties hereto and their respective
        successors and assigns.  This Agreement supersedes all prior
        agreements and understandings relating to the subject matter
        hereof.  Neither this Agreement nor any term hereof may be changed,
        waived, discharged or terminated orally, but only by an instrument in writing
        signed by the party against whom enforcement of the change, waiver, discharge
        or
        termination is sought.  The headings in this Agreement are for
        purposes of reference only and shall not limit or otherwise affect the meaning
        hereof.

       

      It
        is the
        express intent of the parties hereto that the conveyance of the Mortgage
        Loans
        by the Sponsor to the Purchaser as provided in Section 4 hereof be, and be
        construed as, a sale of the Mortgage Loans by the Sponsor to the Purchaser
        and
        not as a pledge of the Mortgage Loans by the Sponsor to the Purchaser to
        secure
        a debt or other obligation of the Sponsor. However, in the event that,
        notwithstanding the aforementioned intent of the parties, the Mortgage Loans
        are
        held to be property of the Sponsor, then (a) it is the express intent of
        the
        parties that such conveyance be deemed a pledge of the Mortgage Loans by
        the
        Sponsor to the Purchaser to secure a debt or other obligation of the Sponsor
        and
        (b) (1) this Agreement shall also be deemed to be a security agreement within
        the meaning of Articles 8 and 9 of the New York Uniform Commercial Code;
        (2) the
        conveyance provided for in Section 4 hereof shall be deemed to be a grant
        by the
        Sponsor to the Purchaser of a security interest in all of the Sponsor’s right,
        title and interest in and to the Mortgage Loans and all amounts payable to
        the
        holders of the Mortgage Loans in accordance with the terms thereof and all
        proceeds of the conversion, voluntary or involuntary, of the foregoing into
        cash, instruments, securities or other property, including without limitation
        all amounts, other than investment earnings, from time to time held or invested
        in the Collection Account whether in the form of cash, instruments, securities
        or other property; (3) the possession by the Purchaser or its agent of Mortgage
        Notes, the related Mortgages and such other items of property that constitute
        instruments, money, negotiable documents or chattel paper shall be deemed
        to be
“possession by the secured party” for purposes of perfecting the security
        interest pursuant to Section 9-305 of the New York Uniform Commercial Code;
        and
        (4) notifications to persons holding such property and acknowledgments, receipts
        or confirmations from persons holding such property shall be deemed
        notifications to, or acknowledgments, receipts or confirmations from, financial
        intermediaries, bailees or agents (as applicable) of the Purchaser for the
        purpose of perfecting such security interest under applicable law. Any
        assignment of the interest of the Purchaser pursuant to Section 4(d) hereof
        shall also be deemed to be an assignment of any security interest created
        hereby. The Sponsor and the Purchaser shall, to the extent consistent with
        this
        Agreement, take such actions as may be necessary to ensure that, if this
        Agreement were deemed to create a security interest in the Mortgage Loans,
        such
        security interest would be deemed to be a perfected security interest of
        first
        priority under applicable law and will be maintained as such throughout the
        term
        of this Agreement and the Pooling and Servicing Agreement.

       

      SECTION
        19.  Third
        Party Beneficiary.  The
        parties hereto acknowledge and agree that DBSI and each of its respective
        successors and assigns shall have all the rights of a third-party beneficiary
        in
        respect of Section 12 of this Agreement and shall be entitled to rely upon
        and
        directly enforce the provisions of Section 12 of this Agreement.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Purchaser and the Sponsor have caused their names to
        be
        signed by their respective officers thereunto duly authorized as of the date
        first above written.

       

       

       

      
        	 	
                DB
                  STRUCTURED PRODUCTS, INC.

              	 	 
	 	 	 	 
	 	
                By:

              	 	 
	 	
                Name:

              	 	 
	 	
                Title:

              	 	 
	 	 	 	 

      

      
         

        
          	 	
                  
                    ACE
                      SECURITIES CORP.

                  

                	 	 
	 	 	 	 
	 	
                  
                    By:

                  

                	 	 
	 	
                  Name:

                	 	 
	 	
                  Title:

                	 	 
	 	 	 	 
	 	
                  By:

                	 	 
	 	
                  Name:

                	 	 
	 	
                  Title:

                	 	 

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        1

       

      Loan
        #:
        _________ 

      Borrower:________
         

       

      LOST
        NOTE
        AFFIDAVIT

       

      I,
        as
        _____________________ of ____________________, a _______________ am authorized
        to make this Affidavit on behalf of __________________ (the “Sponsor”). In
        connection with the administration of the Mortgage Loans held by
        ______________________, a _______________ [corporation] as Sponsor on behalf
        of
        ____________________ (the “Purchaser”), _______________________ (the
“Deponent”), being duly sworn, deposes and says that:

       

      1. The
        Sponsor’s address is: 

       
        
          	 	 	 	 
	 	 	 	 
	 	 	 	 

        
  

      2. The
        Sponsor previously delivered to the Purchaser a signed Initial Certification
        with respect to such Mortgage and/or Assignment of Mortgage;

       

      3. Such
        Mortgage Note and/or Assignment of Mortgage was assigned or sold to the
        Purchaser by __________________, a  
        pursuant
        to the terms and provisions of a Mortgage Loan Purchase Agreement dated as
        of
        _____________;

       

      4. Such
        Mortgage Note and/or Assignment of Mortgage is not outstanding pursuant to
        a
        request for release of Documents;

       

      5. Aforesaid
        Mortgage Note and/or Assignment of Mortgage (the “Original”) has been
        lost;

       

      6. Deponent
        has made or caused to be made a diligent search for the Original and has
        been
        unable to find or recover same;

       

      7. The
        Sponsor was the Sponsor of the Original at the time of the loss;
        and

       

      8. Deponent
        agrees that, if said Original should ever come into Sponsor’s possession,
        custody or power, Sponsor 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 Sponsor (a) shall indemnify and hold harmless the
        Purchaser, its successors and assigns, against any loss, liability or damage,
        including reasonable attorney’s fees, resulting from the unavailability of any
        Notes, including but not limited to any loss, liability or damage arising
        from
        (i) any false statement contained in this Affidavit, (ii) any claim of any
        party
        that purchased a mortgage loan evidenced by the Lost Note or any interest
        in
        such mortgage loan, (iii) any claim of any borrower with respect to the
        existence of terms of a mortgage loan evidenced by the Lost Note on the related
        property to the fact that the mortgage loan is not evidenced by an original
        note
        and (iv) the issuance of a new instrument in lieu thereof (items (i) through
        (iv) above hereinafter referred to as the “Losses”) and (b) if required by any
        Rating Agency in connection with placing such Lost Note into a Pass-Through
        Transfer, shall obtain a surety from an insurer acceptable to the applicable
        Rating Agency to cover any Losses with respect to such Lost Note.

       

      11. This
        Affidavit is intended to be relied upon by the Purchaser, its successors
        and
        assigns. Sponsor represents and warrants that is has the authority to perform
        its obligations under this Affidavit of Lost Note.

       

      Executed
        this _ day of _______, 200_.

       

       

      
        	 	By:	 	 
	 	
                Name:

              	 	 
	 	Title:	 	 

      

      
         
 

      On
        this
        __ day of ______, 200_, before me appeared ______________________ to me
        personally known, who being duly sworn did say that he is the
        _______________________ of ____________________, a ______________________
        and
        that said Affidavit of Lost Note was signed and sealed on behalf of such
        corporation and said acknowledged this instrument to be the free act and
        deed of
        said entity.

       

      Signature:

       

      [Seal]

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        2

      APPENDIX
        E - Standard & Poor’s Predatory Lending Categories

       

      Standard
        & Poor’s has categorized loans governed by anti-predatory lending laws in
        the Jurisdictions listed below into three categories based upon a combination
        of
        factors that include (a) the risk exposure associated with the assignee
        liability and (b) the tests and thresholds set forth in those laws. Note
        that
        certain loans classified by the relevant statute as Covered are included
        in
        Standard & Poor’s High Cost Loan Category because they included thresholds
        and tests that are typical of what is generally considered High Cost by the
        industry.

       

      Standard
        & Poor’s High Cost Loan Categorization

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	
                Category
                  under

                Applicable
                  Anti-

                Predatory
                  Lending Law

              
	
                Arkansas

              	
                Arkansas
                  Home Loan Protection Act,

                Ark.
                  Code Ann. §§ 23-53-101 et
                  seq.

                 

                Effective
                  July 16, 2003

              	
                High
                  Cost Home Loan

              
	
                Cleveland
                  Heights, OH

              	
                Ordinance
                  No. 72-2003 (PSH), Mun.

                Code
                  §§ 757.01 et
                  seq.

                 

                Effective
                  June 2, 2003 

              	
                Covered
                  Loan

              
	
                Colorado

              	
                Consumer
                  Equity Protection, Colo. Stat.

                Ann.
                  §§ 5-3.5-101 et
                  seq.

                 

                Effective
                  for covered loans offered or

                entered
                  into on or after January 1, 2003.

                Other
                  provisions of the Act took effect

                on
                  June 7, 2002

              	
                Covered
                  Loan

              
	
                Connecticut

              	
                Connecticut
                  Abusive Home Loan

                Lending
                  Practices Act, Conn. Gen. Stat.

                §§
                  36a-746 et
                  seq.

                 

                Effective
                  October 1, 2001

              	
                High
                  Cost Home Loan

              
	
                District
                  of Columbia

              	
                Home
                  Loan Protection Act, D.C. Code

                §§
                  26-1151.01 et
                  seq.

                 

                Effective
                  for loans closed on or after

                January
                  28, 2003

              	
                Covered
                  Loan

              

      

      Standard
        & Poor’s High Cost Loan Categorization

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	
                Category
                  under

                Applicable
                  Anti-

                Predatory
                  Lending Law

              
	
                Florida

              	
                Fair
                  Lending Act, Fla. Stat. Ann. §§

                494.0078
                  et
                  seq.

                 

                Effective
                  October 2, 2002

              	
                High
                  Cost Home Loan

              
	
                Georgia
                  (Oct. 1, 2002 -

                Mar.
                  6, 2003)

              	
                Georgia
                  Fair Lending Act, Ga. Code

                Ann.
                  §§ 7-6A-1 et
                  seq.

                 

                Effective
                  October 1, 2002 - March 6,

                2003

              	
                High
                  Cost Home Loan

              
	
                Georgia
                  as amended

                (Mar.
                  7, 2003 - current)

              	
                Georgia
                  Fair Lending Act, Ga. Code

                Ann.
                  §§ 7-6A-1 et
                  seq.

                 

                Effective
                  for loans closed on or after

                March
                  7, 2003

              	
                High
                  Cost Home Loan

              
	
                HOEPA
                  Section 32

              	
                Home
                  Ownership and Equity Protection

                Act
                  of 1994, 15 U.S.C. § 1639, 12

                C.F.R.
                  §§ 226.32 and 226.34

                 

                Effective
                  October 1, 1995, amendments

                October
                  1, 2002

              	
                High
                  Cost Loan

              
	
                Illinois

              	
                High
                  Risk Home Loan Act, Ill. Comp.

                Stat.
                  tit. 815, §§ 137/5 et
                  seq.

                 

                Effective
                  January 1, 2004 (prior to this

                date,
                  regulations under Residential

                Mortgage
                  License Act effective from

                May
                  14, 2001)

              	
                High
                  Risk Home Loan

              
	
                Kansas

              	
                Consumer
                  Credit Code, Kan. Stat. Ann.

                §§
                  16a-1-101 et
                  seq.

                 

                Sections
                  16a-1-301 and 16a-3-207

                became
                  effective April 14, 1999;

                Section
                  16a-3-308a became effective

                July
                  1, 1999

              	
                High
                  Loan to Value

                Consumer
                  Loan (id.
                  §

                16a-3-207)
                  and;

              
	
                 

                High
                  APR Consumer

                Loan
                  (id.
§
                  16a-3-308a)

              

      

      Standard
        & Poor’s High Cost Loan Categorization

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	
                Category
                  under

                Applicable
                  Anti-

                Predatory
                  Lending Law

              
	
                Kentucky

              	
                2003
                  KY H.B. 287 - High Cost Home

                Loan
                  Act, Ky. Rev. Stat. §§ 360.100 et

                seq.

                 

                Effective
                  June 24, 2003

              	
                High
                  Cost Home Loan

              
	
                Maine

              	
                Truth
                  in Lending, Me. Rev. Stat. tit. 9-

                A,
                  §§ 8-101 et
                  seq.

                 

                Effective
                  September 29, 1995 and as

                amended
                  from time to time

              	
                High
                  Rate High Fee

                Mortgage

              
	
                Massachusetts

              	
                Part
                  40 and Part 32, 209 C.M.R. §§

                32.00
                  et
                  seq.
                  and 209 C.M.R. §§ 40.01

                et
                  seq.

                 

                Effective
                  March 22, 2001 and amended

                from
                  time to time

              	
                High
                  Cost Home Loan

              
	
                Nevada

              	
                Assembly
                  Bill No. 284, Nev. Rev. Stat.

                §§
                  598D.010 et
                  seq.

                 

                Effective
                  October 1, 2003

              	
                Home
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security

                Act
                  of 2002, N.J. Rev. Stat. §§ 46:10B 

                22
                  et
                  seq.

                 

                Effective
                  for loans closed on or after

                November
                  27, 2003

              	
                High
                  Cost Home Loan

              
	
                New
                  Mexico

              	
                Home
                  Loan Protection Act, N.M. Rev.

                Stat.
                  §§ 58-21A-1 et
                  seq.

                 

                Effective
                  as of January 1, 2004; Revised

                as
                  of February 26, 2004

              	
                High
                  Cost Home Loan

              

      

      Standard
        & Poor’s High Cost Loan Categorization

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	
                Category
                  under

                Applicable
                  Anti-

                Predatory
                  Lending Law

              
	
                New
                  York

              	
                N.Y.
                  Banking Law Article 6-1

                 

                Effective
                  for applications made on or

                after
                  April 1, 2003

              	
                High
                  Cost Home Loan

              
	
                North
                  Carolina

              	
                Restrictions
                  and Limitations on High

                Cost
                  Home Loans, N.C. Gen. Stat. §§

                24-1.1E
                  et
                  seq.

                 

                Effective
                  July 1, 2000; amended

                October
                  1, 2003 (adding open-end lines

                of
                  credit)

              	
                High
                  Cost Home Loan

              
	
                Ohio

              	
                H.B.
                  386 (codified in various sections of

                the
                  Ohio Code), Ohio Rev. Code Ann.

                §§
                  1349.25 et
                  seq.

                 

                Effective
                  May 24, 2002

              	
                Covered
                  Loan

              
	
                Oklahoma

              	
                Consumer
                  Credit Code (codified in

                various
                  sections of Title 14A)

                 

                Effective
                  July 1, 2000; amended

                effective
                  January 1, 2004

              	
                Subsection
                  10 Mortgage

              
	
                South
                  Carolina

              	
                South
                  Carolina High Cost and

                Consumer
                  Home Loans Act, S.C. Code

                Ann.
                  §§ 37-23-10 et
                  seq.

                 

                Effective
                  for loans taken on or after

                January
                  1, 2004

              	
                High
                  Cost Home Loan

              
	
                West
                  Virginia

              	
                West
                  Virginia Residential Mortgage

                Lender,
                  Broker and Servicer Act,

                W.
                  Va. Code Ann. §§ 31-17-1 et
                  seq.

                 

                Effective
                  June 5, 2002

              	
                West
                  Virginia Mortgage Loan Act Loan

              

      

      

      Standard
        & Poor’s Covered Loan Categorization

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	
                Category
                  under

                Applicable
                  Anti-

                Predatory
                  Lending Law

              
	
                Georgia
                  (Oct. 1, 2002 -

                Mar.
                  6, 2003)

              	
                Georgia
                  Fair Lending Act, Ga. Code

                Ann.
                  §§ 7-6A-1 et
                  seq.

                 

                Effective
                  October 1, 2002 - March 6,

                2003

              	
                Covered
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security

                Act
                  of 2002, N.J. Rev. Stat. § § 46:10B 

                22
                  et
                  seq.

                 

                Effective
                  November 27, 2003 - July 5,

                2004

              	
                Covered
                  Home Loan

              

      

      

      

      Standard
        & Poor’s Home Loan Categorization

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	
                Category
                  under

                Applicable
                  Anti-

                Predatory
                  Lending Law

              
	
                Georgia
                  (Oct. 1, 2002 -

                Mar.
                  6, 2003)

              	
                Georgia
                  Fair Lending Act, Ga. Code

                Ann.
                  §§ 7-6A-1 et
                  seq.

                 

                Effective
                  October 1, 2002 - March 6,

                2003

              	
                Home
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security

                Act
                  of 2002, N.J. Rev. Stat. §§ 46:10B 

                22
                  et
                  seq.

                 

                Effective
                  for loans closed on or after

                November
                  27, 2003

              	
                Home
                  Loan

              

      

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	
                Category
                  under

                Applicable
                  Anti-

                Predatory
                  Lending Law

              
	
                New
                  Mexico

              	
                Home
                  Loan Protection Act, N.M. Rev.

                Stat.
                  §§ 58-21A-1 et
                  seq.

                 

                Effective
                  as of January 1, 2004; Revised

                as
                  of February 26, 2004

              	
                Home
                  Loan

              
	
                North
                  Carolina

              	
                Restrictions
                  and Limitations on High

                Cost
                  Home Loans, N.C. Gen. Stat. §§

                24-1.1E
                  et
                  seq.

                 

                Effective
                  July 1, 2000; amended

                October
                  1, 2003 (adding open-end lines

                of
                  credit)

              	
                Consumer
                  Home Loan

              
	
                South
                  Carolina

              	
                South
                  Carolina High Cost and

                Consumer
                  Home Loans Act, S.C. Code

                Ann.
                  §§ 37-23-10 et
                  seq.

                 

                Effective
                  for loans taken on or after

                January
                  1, 2004

              	
                Consumer
                  Home Loan

              

      

      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      G

    

    FORM
      10-D, FORM 8-K AND FORM 10-K

    REPORTING
      RESPONSIBILITY

    

    As
      to
      each item described below, the entity indicated as the Responsible Party shall
      be primarily responsible for reporting the information to the party identified
      as responsible for preparing the Securities Exchange Act Reports pursuant to
      Section 5.06(a)(ii). 

    

    Under
      Item 1 of Form 10-D: a) items marked “monthly statement” are required to be
      included in the periodic Distribution Date statement under Section 5.02,
      provided by the Securities Administrator based on information received from
      the
      Master Servicer; and b) items marked “Form 10-D report” are required to be in
      the Form 10-D report but not the monthly statement, provided by the party
      indicated. Information under all other Items of Form 10-D is to be included
      in
      the Form 10-D report.

    

    
      	
              Form

            	
              Item

            	
              Description

            	
              Servicers

            	
              Master
                Servicer

            	
              Securities
                Administrator

            	
              Custodian

            	
              Trustee

            	
              Depositor

            	
              Sponsor

            
	
              10-D

            	
              Must
                be filed within 15 days of the distribution date for the asset-backed
                securities.

            	 	 	 	 
	 	
              1

            	
              Distribution
                and Pool Performance Information

            	 	 	 	 	 	 	 
	
              Item
                1121(a) - Distribution and Pool Performance
                Information

            	 	 	 	 	 	 	 
	
              (1)
                Any applicable record dates, accrual dates, determination dates for
                calculating distributions and actual distribution dates for the
                distribution period.

            	 	 	
              X

               

              (monthly
                statement)

            	 	 	 	 
	
              (2)
                Cash flows received and the sources thereof for distributions, fees
                and
                expenses.

            	 	 	
              X

               

              (monthly
                statement)

            	 	 	 	 
	
              (3)
                Calculated amounts and distribution of the flow of funds for the
                period
                itemized by type and priority of payment, including:

            	 	 	
              X

               

              (monthly
                statement)

            	 	 	 	 
	
              (i)
                Fees or expenses accrued and paid, with an identification of the
                general
                purpose of such fees and the party receiving such fees or
                expenses.

            	 	 	
              X

               

              (monthly
                statement)

            	 	 	 	 
	
              (ii)
                Payments accrued or paid with respect to enhancement or other support
                identified in Item 1114 of Regulation AB (such as insurance premiums
                or
                other enhancement maintenance fees), with an identification of the
                general
                purpose of such payments and the party receiving such
                payments.

            	 	 	
              X

               

              (monthly
                statement)

            	 	 	 	 
	
              (iii)
                Principal, interest and other distributions accrued and paid on the
                asset-backed securities by type and by class or series and any principal
                or interest shortfalls or carryovers.

            	 	 	
              X

               

              (monthly
                statement)

            	 	 	 	 
	
              (iv)
                The amount of excess cash flow or excess spread and the disposition
                of
                excess cash flow.

            	 	 	
              X

               

              (monthly
                statement)

            	 	 	 	 
	
              (4)
                Beginning and ending principal balances of the asset-backed
                securities.

            	 	 	
              X

               

              (monthly
                statement)

            	 	 	 	 
	
              (5)
                Interest rates applicable to the pool assets and the asset-backed
                securities, as applicable. Consider providing interest rate information
                for pool assets in appropriate distributional groups or incremental
                ranges.

            	 	 	
              X

               

              (monthly
                statement)

            	 	 	 	 
	
              (6)
                Beginning and ending balances of transaction accounts, such as reserve
                accounts, and material account activity during the period.

            	 	 	
              X

               

              (monthly
                statement)

            	 	 	 	 
	
              (7)
                Any amounts drawn on any credit enhancement or other support identified
                in
                Item 1114 of Regulation AB, as applicable, and the amount of coverage
                remaining under any such enhancement, if known and
                applicable.

            	 	 	
              X

               

              (monthly
                statement)

            	 	 	 	 
	
              (8)
                Number and amount of pool assets at the beginning and ending of each
                period, and updated pool composition information, such as weighted
                average
                coupon, weighted average remaining term, pool factors and prepayment
                amounts.

            	 	 	
              X

               

              (monthly
                statement)

            	 	 	
              Updated
                pool composition information fields to be as specified by Depositor
                from
                time to time

            	 
	
              (9)
                Delinquency and loss information for the period.

            	
              X

            	
              X

            	
              X

               

              (monthly
                statement)

            	 	 	 	 
	
              In
                addition, describe any material changes to the information specified
                in
                Item 1100(b)(5) of Regulation AB regarding the pool assets.
                (methodology)

            	
              X

            	
              X

            	 	 	 	 	 
	
              (10)
                Information on the amount, terms and general purpose of any advances
                made
                or reimbursed during the period, including the general use of funds
                advanced and the general source of funds for
                reimbursements.

            	
              X

            	
              X

            	
              X

               

              (monthly
                statement)

            	 	 	 	 
	
              (11)
                Any material modifications, extensions or waivers to pool asset terms,
                fees, penalties or payments during the distribution period or that
                have
                cumulatively become material over time.

            	
              X

            	
              X

            	
              X

               

              (monthly
                statement)

            	 	 	 	 
	
              (12)
                Material breaches of pool asset representations or warranties or
                transaction covenants.

            	
              X

            	
              X

            	 	 	 	
              X

            	 
	
              (13)
                Information on ratio, coverage or other tests used for determining
                any
                early amortization, liquidation or other performance trigger and
                whether
                the trigger was met.

            	 	 	
              X

               

              (monthly
                statement)

            	 	 	 	 
	
              (14)
                Information regarding any new issuance of asset-backed securities
                backed
                by the same asset pool, 

            	 	 	 	 	 	
              X

            	 
	
              any
                pool asset changes (other than in connection with a pool asset converting
                into cash in accordance with its terms), such as additions or removals
                in
                connection with a prefunding or revolving period and pool asset
                substitutions and repurchases (and purchase rates, if applicable),
                and
                cash flows available for future purchases, such as the balances of
                any
                prefunding or revolving accounts, if applicable.

            	
              X

            	
              X

            	
              X

            	 	 	
              X

            	 
	
              Disclose
                any material changes in the solicitation, credit-granting, underwriting,
                origination, acquisition or pool selection criteria or procedures,
                as
                applicable, used to originate, acquire or select the new pool
                assets.

            	 	 	 	 	 	
              X

            	
              X

            
	
              Item
                1121(b) - Pre-Funding or Revolving Period Information

               

              Updated
                pool information as required under Item 1121(b).

            	 	 	 	 	 	
              X

            	 
	
              2

            	
              Legal
                Proceedings

            	 	 	 	 	 	 	 
	
              Item
                1117 - Legal proceedings pending against the following entities,
                or their
                respective property, that is material to Certificateholders, including
                proceedings known to be contemplated by governmental
                authorities:

            	 	 	 	 	 	 	 
	
              Sponsor
                (Seller)

            	 	 	 	 	 	 	
              X

            
	
              Depositor

            	 	 	 	 	 	
              X

            	 
	
              Trustee

            	 	 	 	 	
              X

            	 	 
	
              Issuing
                entity

            	 	 	 	 	 	
              X

            	 
	
              Master
                Servicer, affiliated Servicer, other Servicer servicing 20% or more
                of
                pool assets at time of report, other material servicers

            	
              X

            	
              X

            	 	 	 	 	 
	
              Securities
                Administrator

            	 	 	
              X

            	 	 	 	 
	
              Originator
                of 20% or more of pool assets as of the Cut-off Date

            	 	 	 	 	 	
              X

            	 
	
              Custodian

            	 	 	 	
              X

            	 	 	 
	
              3

            	
              Sales
                of Securities and Use of Proceeds

            	 	 	 	 	 	 	 
	
              Information
                from Item 2(a) of Part II of Form 10-Q:

               

              With
                respect to any sale of securities by the sponsor, depositor or issuing
                entity, that are backed by the same asset pool or are otherwise issued
                by
                the issuing entity, whether or not registered, provide the sales
                and use
                of proceeds information in Item 701 of Regulation S-K. Pricing information
                can be omitted if securities were not registered.

            	 	 	 	 	 	
              X

            	 
	
              4

            	
              Defaults
                Upon Senior Securities

            	 	 	 	 	 	 	 
	
              Information
                from Item 3 of Part II of Form 10-Q:

               

              Report
                the occurrence of any Event of Default (after expiration of any grace
                period and provision of any required notice)

            	 	 	
              X

            	 	
              X

            	 	 
	
              5

            	
              Submission
                of Matters to a Vote of Security Holders

            	 	 	 	 	 	 	 
	
              Information
                from Item 4 of Part II of Form 10-Q

            	 	 	
              X

            	 	
              X

            	 	 
	
              6

            	
              Significant
                Obligors of Pool Assets

            	 	 	 	 	 	 	 
	
              Item
                1112(b) - Significant
                Obligor Financial Information*

            	 	 	 	 	 	
              X

            	
              X

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Item.

            	 	 	 	 	 	 	 
	
              7

            	
              Significant
                Enhancement Provider Information

            	 	 	 	 	 	 	 
	
              Item
                1114(b)(2) - Credit Enhancement Provider Financial
                Information*

            	 	 	 	 	 	 	 
	
              Determining
                applicable disclosure threshold

            	 	 	
              X

            	 	 	 	 
	
              Requesting
                required financial information or effecting incorporation by
                reference

            	 	 	
              X

            	 	 	 	 
	
              Item
                1115(b) - Derivative Counterparty Financial
                Information*

            	 	 	 	 	 	 	 
	
              Determining
                current maximum probable exposure

            	 	 	 	 	 	
              X

            	 
	
              Determining
                current significance percentage

            	 	 	
              X

            	 	 	 	 
	
              Requesting
                required financial information or effecting incorporation by
                reference

            	 	 	
              X

            	 	 	 	 
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 	 	 	 	 	 	 
	
              8

            	
              Other
                Information

            	 	 	 	 	 	 	 
	
              Disclose
                any information required to be reported on Form 8-K during the period
                covered by the Form 10-D but not reported

            	
              The
                Responsible Party for the applicable Form 8-K item as indicated
                below.

            
	
              9

            	
              Exhibits

            	 	 	 	 	 	 	 
	
              Distribution
                report

            	 	 	
              X

            	 	 	 	 
	
              Exhibits
                required by Item 601 of Regulation S-K, such as material
                agreements

            	 	 	 	 	 	
              X

            	 
	
              8-K

            	
              Must
                be filed within four business days of an event reportable on Form
                8-K.

            	 	 	 	 
	
              1.01

            	
              Entry
                into a Material Definitive Agreement

            	 	 	 	 	 	 	 
	
              Disclosure
                is required regarding entry into or amendment of any definitive agreement
                that is material to the securitization, even if depositor is not
                a party.
                

               

              Examples:
                servicing agreement, custodial agreement.

               

              Note:
                disclosure not required as to definitive agreements that are fully
                disclosed in the prospectus

            	
              X

            	
              X

            	
              X
                (if Master Servicer is not a party)

            	 	
              X
                (if Master Servicer is not a party)

            	
              X
                (if Master Servicer is not a party)

            	
              X
                (if Master Servicer is not a party)

            
	
              1.02

            	
              Termination
                of a Material Definitive Agreement

            	
              X

            	
              X

            	
              X
                (if Master Servicer is not a party)

            	 	
              X
                (if Master Servicer is not a party)

            	
              X
                (if Master Servicer is not a party)

            	
              X
                (if Master Servicer is not a party)

            
	
              Disclosure
                is required regarding termination of any definitive agreement that
                is
                material to the securitization (other than expiration in accordance
                with
                its terms), even if depositor is not a party. 

               

               

              Examples:
                servicing agreement, custodial agreement.

            	 	 	 	 	 	 	 
	
              1.03

            	
              Bankruptcy
                or Receivership

            	 	 	 	 	 	 	 
	
              Disclosure
                is required regarding the bankruptcy or receivership, if known to
                the
                Master Servicer, with respect to any of the following: 

               

              Sponsor
                (Seller), Depositor, Master Servicer, affiliated Servicer, other
                Servicer
                servicing 20% or more of pool assets at time of report, other material
                servicers, Certificate Administrator, Trustee, significant obligor,
                credit
                enhancer (10% or more), derivatives counterparty,
                Custodian

            	
              X

            	
              X

            	
              X

            	
              X

            	
              X 

            	
              X 

            	
              X

            
	
              2.04

            	
              Triggering
                Events that Accelerate or Increase a Direct Financial Obligation
                or an
                Obligation under an Off-Balance Sheet Arrangement

            	 	 	 	 	 	 	 
	
              Includes
                an early amortization, performance trigger or other event, including
                event
                of default, that would materially alter the payment priority/distribution
                of cash flows/amortization schedule.

               

              Disclosure
                will be made of events other than waterfall triggers which are disclosed
                in the monthly statement

            	 	
              X

            	
              X

            	 	 	 	 
	
              3.03

            	
              Material
                Modification to Rights of Security Holders

            	 	 	 	 	 	 	 
	
              Disclosure
                is required of any material modification to documents defining the
                rights
                of Certificateholders, including the Pooling and Servicing
                Agreement

            	 	
              X

            	
              X

            	 	
              X

            	
              X

            	 
	
              5.03

            	
              Amendments
                to Articles of Incorporation or Bylaws; Change in Fiscal
                Year

            	 	 	 	 	 	 	 
	
              Disclosure
                is required of any amendment “to the governing documents of the issuing
                entity”

            	 	 	 	 	
              X

            	
              X

            	 
	
              5.06

            	
              Change
                in Shell Company Status

            	 	 	 	 	 	 	 
	
              [Not
                applicable to ABS issuers]

            	 	 	 	 	 	
              X

            	 
	
              6.01

            	
              ABS
                Informational and Computational Material

            	 	 	 	 	 	 	 
	
              [Not
                included in reports to be filed under Section 3.18]

            	 	 	 	 	 	
              X

            	 
	
              6.02

            	
              Change
                of Servicer or Trustee

            	 	 	 	 	 	 	 
	
              Requires
                disclosure of any removal, replacement, substitution or addition
                of any
                master servicer, affiliated servicer, other servicer servicing 10%
                or more
                of pool assets at time of report, other material servicers, certificate
                administrator or trustee. 

            	
              X

            	
              X

            	
              X

            	 	
              X

            	
              X

            	 
	 	
              Reg
                AB disclosure about any new servicer (from entity appointing new
                servicer)
                or trustee (from Depositor) is also required.

            	
              X

            	 	 	 	
              X

            	
              X

            	 
	
              6.03

            	
              Change
                in Credit Enhancement or Other External Support

            	 	 	 	 	 	 	 
	
              Covers
                termination of any enhancement in manner other than by its terms,
                the
                addition of an enhancement, or a material change in the enhancement
                provided. Applies to external credit enhancements as well as derivatives.
                

            	 	 	
              X

            	 	
              X

            	
              X

            	 
	 	
              Reg
                AB disclosure about any new enhancement provider is also
                required

            	 	 	 	 	 	
              X

            	 
	
              6.04

            	
              Failure
                to Make a Required Distribution

            	 	 	
              X

            	 	
              X

            	 	 
	
              6.05

            	
              Securities
                Act Updating Disclosure

            	 	 	 	 	 	 	 
	
              If
                any material pool characteristic differs by 5% or more at the time
                of
                issuance of the securities from the description in the final prospectus,
                provide updated Reg AB disclosure about the actual asset
                pool.

            	 	 	 	 	 	
              X

            	
               

            
	
              If
                there are any new servicers or originators required to be disclosed
                under
                Regulation AB as a result of the foregoing, provide the information
                called
                for in Items 1108 and 1110 respectively.

            	 	 	 	 	 	
              X

            	 
	
              7.01

            	
              Regulation
                FD Disclosure

            	
              X

            	
              X

            	
              X

            	 	
              X

            	
              X

            	
              X

            
	
              8.01

            	
              Other
                Events

            	 	 	 	 	 	 	 
	
              Any
                event, with respect to which information is not otherwise called
                for in
                Form 8-K, that the registrant deems of importance to security
                holders.

            	 	 	 	 	 	
              X

            	 
	
              9.01

            	
              Financial
                Statements and Exhibits

            	
              The
                Responsible Party applicable to reportable event.

            
	
              10-K

            	
              Must
                be filed within 90 days of the fiscal year end for the
                registrant.

            	 	 	 	 
	
              9B

            	
              Other
                Information

            	 	 	 	 	 	 	 
	 	 	
              Disclose
                any information required to be reported on Form 8-K during the fourth
                quarter covered by the Form 10-K but not reported

            	
              The
                Responsible Party for the applicable Form 8-K as indicated
                above.

            
	 	
              15

            	
              Exhibits
                and Financial Statement Schedules

            	 	 	 	 	 	 	 
	
              Item
                1112(b) - Significant
                Obligor Financial Information

            	 	 	 	 	 	
              X

            	
              X

            
	
              Item
                1114(b)(2) - Credit Enhancement Provider Financial
                Information

            	 	 	 	 	 	 	 
	
              Determining
                applicable disclosure threshold

            	 	 	
              X

            	 	 	 	 
	
              Requesting
                required financial information or effecting incorporation by
                reference

            	 	 	
              X

            	 	 	 	 
	
              Item
                1115(b) - Derivative Counterparty Financial
                Information

            	 	 	 	 	 	 	 
	
              Determining
                current maximum probable exposure

            	 	 	 	 	 	
              X

            	 
	 	 	
              Determining
                current significance percentage

            	 	 	
              X

            	 	 	 	 
	
              Requesting
                required financial information or effecting incorporation by
                reference

            	 	 	
              X

            	 	 	 	 
	
              Item
                1117 - Legal proceedings pending against the following entities,
                or their
                respective property, that is material to Certificateholders, including
                proceedings known to be contemplated by governmental
                authorities:

            	 	 	 	 	 	 	 
	
              Sponsor
                (Seller)

            	 	 	 	 	 	 	
              X

            
	
              Depositor

            	 	 	 	 	 	
              X

            	 
	
              Trustee

            	 	 	 	 	
              X

            	 	 
	
              Issuing
                entity

            	 	 	 	 	 	
              X

            	 
	
              Master
                Servicer, affiliated Servicer, other Servicer servicing 20% or more
                of
                pool assets at time of report, other material servicers

            	
              X

            	
              X

            	 	 	 	 	 
	
              Securities
                Administrator

            	 	 	
              X

            	 	 	 	 
	
              Originator
                of 20% or more of pool assets as of the Cut-off Date

            	 	 	 	 	 	
              X

            	
              X

            
	
              Custodian

            	 	 	 	
              X

            	 	 	 
	
              Item
                1119 - Affiliations and relationships between the following entities,
                or
                their respective affiliates, that are material to
                Certificateholders:

            	 	 	 	 	 	 	 
	
              Sponsor
                (Seller)

            	 	 	 	 	 	 	
              X

            
	
              Depositor

            	 	 	 	 	 	
              X

            	 
	
              Trustee

            	 	 	 	 	
              X
                (with respect to Item 1119(a) affiliations only)

            	 	 
	
              Master
                Servicer, affiliated Servicer, other Servicer servicing 20% or more
                of
                pool assets at time of report, other material servicers

            	
              X

            	
              X

            	 	 	 	 	 
	
              Securities
                Administrator

            	 	 	
              X

            	 	 	 	 
	
              Originator

            	 	 	 	 	 	
              X

            	
              X

            
	
              Custodian

            	 	 	 	
              X
                (with respect to affiliations only)

            	 	 	 
	
              Credit
                Enhancer/Support Provider

            	 	 	 	 	 	
              X

            	
              X

            
	
              Significant
                Obligor

            	 	 	 	 	 	
              X

            	
              X

            
	
              Item
                1122 - Assessment of Compliance with Servicing
                Criteria

            	
              X

            	
              X

            	
              X

            	
              X

            	 	 	 
	
              Item
                1123 - Servicer Compliance Statement

            	
              X

            	
              X

            	 	 	 	 	 

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      H

     

    ADDITIONAL
      DISCLOSURE NOTIFICATION

     

    **SENT
      VIA FAX TO [_XXX)XXX-XXXX] AND VIA EMAIL TO [_________________] AND VIA
      OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW:

     

    Wells
      Fargo Bank, N.A. as Securities Administrator

     

    Old
      Annapolis Road

     

    Columbia,
      Maryland 21045

     

    Attn:
      Corporate Trust Services - [DEAL NAME] - SEC REPORT PROCESSING

     

    ACE
      Securities Corp.

    6525
      Morrison Boulevard, Suite 318

    Charlotte,
      North Carolina 28211

    Fax:
      (704) 365-1362)

    Attn:
      Juliana Johnson

     

    RE:
      **
      Additional Form [10-D][10-K][8-K] Disclosure** Required

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section [__] of the Pooling and Servicing Agreement, dated
      as of [________] [__], 2006 among [_____________], as [______], [_____________],
      as [______], [_____________], as [______] and [_____________], as [______],
      the
      undersigned, as [______], hereby notifies you that certain events have come
      to
      our attention that [will] [may] need to be disclosed on Form
      [10-D][10-K][8-K].

     

    Description
      of Additional Form [10-D][10-K][8-K] Disclosure:

     

    

     

    

     

    List
      of any Attachments hereto to be included in the Additional Form
      [10-D][10-K][8-K] Disclosure: 

     

    

     

    Any
      inquiries related to this notification should be directed to [_____________],
      phone number: [______]; email address: [_________________].

     

    
      	
              [NAME
                OF PARTY],

              as
                [role]

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      I

     

    SWAP
      AGREEMENT

     

    

       

      

      
        	
                Date:

              	
                March
                  28, 2006

              
	 	 
	
                To:

              	
                HSBC
                  Bank USA, National Association, not in its individual capacity,
                  but solely
                  as trustee for the supplemental interest trust created pursuant
                  to the
                  Pooling and Servicing Agreement, with respect to the ACE Securities
                  Corp.
                  Home Equity Loan Trust, Series 2006-SL2 Asset Backed Pass Through
                  Certificates

              
	 	 
	
                Attention:

              	 
	
                Facsimile
                  no.:

              	 
	 	 
	
                Our
                  Reference:

              	
                Global
                  No. N461368N
                  

              
	 	 
	
                Re:

              	
                Interest
                  Rate Swap Transaction

              

      

      

      

      Ladies
        and Gentlemen:

      

      The
        purpose of this letter agreement ("Agreement") is to confirm the terms and
        conditions of the Transaction entered into on the Trade Date specified below
        (the "Transaction") between Deutsche Bank AG ("DBAG") and HSBC Bank USA,
        National Association, not individually, but solely as trustee of the
        Supplemental Interest Trust (“Counterparty”) created under the Pooling and
        Servicing Agreement, dated and effective as of March 1,
        2006,
        among Ace Securities Corp., as Depositor, Ocwen Loan Servicing, LLC, as
        Servicer, Wells Fargo Bank, National Association, as Master Servicer and
        Securities Administrator, and HSBC Bank USA, National Association, as Trustee
        (the “Pooling and Servicing Agreement”). This Agreement, which evidences a
        complete and binding agreement between you and us to enter into the Transaction
        on the terms set forth below, constitutes a "Confirmation" as referred to
        in the
        "ISDA Form Master Agreement" (as defined below), as well as a “Schedule” as
        referred to in the ISDA Form Master Agreement.

      

      1. This
        Agreement is subject to the 2000
        ISDA Definitions (the
        “Definitions”), as published by the International Swaps and Derivatives
        Association, Inc. (“ISDA”). You and we have agreed to enter into this Agreement
        in lieu of negotiating a Schedule to the 1992 ISDA Master Agreement
        (Multicurrency—Cross Border) form (the "ISDA Form Master Agreement") but,
        rather, an ISDA Form Master Agreement shall be deemed to have been executed
        by
        you and us on the date we entered into the Transaction. In the event of any
        inconsistency between the provisions of this Agreement and the Definitions
        or
        the ISDA Form Master Agreement, this Agreement shall prevail for purposes
        of the
        Transaction. Terms capitalized but not defined herein shall have the meanings
        attributed to them in the Pooling and Servicing Agreement.

      

      

      2. The
        terms
        of the particular Transaction to which this Confirmation relates are as
        follows:

      

      
        	
                Notional
                  Amount:

              	
                With
                  respect to any Calculation Period, the amount set forth for such
                  period in
                  Schedule I attached hereto.

              
	 	 
	
                Trade
                  Date:

              	
                March
                  23, 2006

              
	 	 
	
                Effective
                  Date:

              	
                March
                  28, 2006

              
	 	 
	
                Termination
                  Date:

              	
                June
                  25, 2011

              

      

      

      Fixed
        Amounts:

      

      

      
        	
                Fixed
                  Rate Payer:

              	
                Counterparty

              
	 	 
	
                Fixed
                  Rate Payer Period End Dates:

              	
                The
                  25th day of each month, commencing April 25, 2006, through and
                  including
                  the Termination Date, subject to No Adjustment

              
	 	 
	
                Fixed
                  Rate Payer Payment Dates:

              	
                One
                  Business Day prior to each Floating Rate Payer Period End Date,
                  subject to
                  adjustment in accordance with the Modified Following Business Day
                  Convention.

              
	 	 
	
                Fixed
                  Rate:

              	
                5.08
                  %

              
	 	 
	
                Fixed
                  Rate Day Count Fraction:

              	
                30/360

              
	 	 
	
                Additional
                  Fixed Payment

              	
                On
                  the Effective Date, Counterparty will make a payment to DBAG of
                  USD$379,000.

              

      

      

      

      Floating
        Amounts:

      

      
        	
                Floating
                  Rate Payer:

              	
                DBAG

              
	 	 
	
                Floating
                  Rate Payer Period End Dates:

              	
                The
                  25th day of each month, commencing April 25, 2006, through and
                  including
                  the Termination Date, subject to adjustment in accordance with
                  the
                  Modified Following Business Day Convention.

              
	 	 
	
                Floating
                  Rate Payer Payment Dates:

              	
                One
                  Business Day prior to each Floating Rate Payer Period End
                  Date.

              
	 	 
	
                Floating
                  Rate Option:

              	
                USD-LIBOR-BBA

              
	 	 
	
                Designated
                  Maturity:

              	
                1
                  month

              
	 	 
	
                Spread:

              	
                None

              
	 	 
	
                Floating
                  Rate Day Count Fraction:

              	
                Actual/360

              
	 	 
	
                Reset
                  Dates:

              	
                The
                  first day of each Calculation Period

              
	 	 
	
                Compounding:

              	
                Inapplicable

              
	 	 

      

      

      Calculation
        Agent: DBAG

      

      Business
        Days: New
        York

       

      
        	3. 	Additional Provisions:	Each party hereto is hereby advised
                and
                acknowledges that the other party has engaged in (or refrained from
                engaging in) substantial financial transactions and has taken (or
                refrained from taking) other material actions in reliance upon the
                entry
                by the parties into the Transaction being entered into on the terms
                and
                conditions set forth herein and in the Confirmation relating to such
                Transaction, as applicable.

      

       

      
        	
                4.

              	
                Provisions
                  Deemed Incorporated in a Schedule to the ISDA Form Master
                  Agreement:

              

      

       

      
        
          	
                  1)

                	
                  The
                    parties agree that subparagraph (ii) of Section 2(c) of the ISDA
                    Form
                    Master Agreement will apply to any Transaction.

                
	 	 
	
                  2)

                	
                  Termination
                    Provisions.
                    Subject to the provisions of paragraph 13 below, for purposes
                    of the ISDA
                    Form Master Agreement:

                
	 	 
	
                  (a)

                	
                  "Specified
                    Entity" is not applicable to DBAG or Counterparty for any purpose.
                    

                
	 	 
	
                  (b)

                	
                  “Breach
                    of Agreement” provision of Section 5(a)(ii) will not apply to DBAG or
                    Counterparty.

                
	 	 
	
                  (c)

                	
                  “Credit
                    Support Default” provisions of Section 5(a)(iii) will not apply to
                    Counterparty and will not apply to DBAG unless DBAG has obtained
                    a
                    guarantee or posted collateral pursuant to paragraph 12
                    below.

                
	 	 
	
                  (d)

                	
                  “Misrepresentation”
                    provisions of Section 5(a)(iv) will not apply to DBAG or
                    Counterparty.

                
	 	 
	
                  (e)

                	
                  "Specified
                    Transaction" is not applicable to DBAG or Counterparty for any
                    purpose,
                    and, accordingly, Section 5(a)(v) shall not apply to DBAG or
                    Counterparty.

                
	 	 
	
                  (f)

                	
                  The
                    "Cross Default" provisions of Section 5(a)(vi) will not apply
                    to DBAG or
                    to Counterparty. 

                
	 	 
	
                  (g)

                	
                  With
                    respect to the Counterparty, the "Bankruptcy" provision of Section
                    5(a)(vii)(2) will be deleted in its entirety.

                
	 	 
	
                  (h)

                	
                  The
                    "Merger Without Assumption" provisions of Section 5(a)(viii)
                    will not
                    apply to Counterparty. 

                
	 	 
	
                  (i)

                	
                  The
                    "Tax Event Upon Merger" provisions of Section 5(b)(iii) will
                    not apply to
                    DBAG as Burdened Party.

                
	 	 
	
                  (j)

                	
                  The
                    "Credit Event Upon Merger" provisions of Section 5(b)(iv) will
                    not apply
                    to DBAG or to Counterparty.

                
	 	 
	
                  (k)

                	
                  The
                    "Automatic Early Termination" provision of Section 6(a) will
                    not apply to
                    DBAG or to Counterparty.

                
	 	 
	
                  (l)

                	
                  Payments
                    on Early Termination. For the purpose of Section 6(e) of the
                    ISDA Form
                    Master Agreement:

                
	 	 
	
                   

                	
                  
                    (i)      
                      Market Quotation will apply.

                  

                
	
                   

                	
                  
                    (ii)     
                      The Second Method will apply. 

                  

                
	 	 
	
                  (m)

                	
                  "Termination
                    Currency" means United States Dollars.

                

        

      

      

      3)
        Tax
        Representations. 

      

      
        	 	
                Payer
                  Representations. For the purpose of Section 3(e) of the
                  ISDA Form Master
                  Agreement, DBAG and Counterparty make the following
                  representations:

              

      

      

      
        	 	 	
                It
                  is not required by any applicable law, as modified by the practice
                  of any
                  relevant governmental revenue authority, of any Relevant Jurisdiction
                  to
                  make any deduction or withholding for or on account of any Tax
                  from any
                  payment (other than interest under Section 2(e), 6(d)(ii) or 6(e)
                  of
                  the
                  ISDA Form Master
                  Agreement) to be made by it to the other party under this Agreement.
                  In
                  making this representation, it may rely on (i) the accuracy of
                  any
                  representations made by the other party pursuant to Section 3(f)
                  of
                  the
                  ISDA Form Master
                  Agreement, (ii) the satisfaction of the agreement contained in
                  Section
                  4(a)(i) or 4(a)(iii) of the
                  ISDA Form Master
                  Agreement and the accuracy and effectiveness of any document provided
                  by
                  the other party pursuant to Section 4(a)(i) or 4(a)(iii) of the
                  ISDA Form Master
                  Agreement and (iii) the satisfaction of the agreement of the other
                  party
                  contained in Section 4(d) of the
                  ISDA Form Master
                  Agreement, provided that it shall not be a breach of this representation
                  where reliance is placed on clause (ii) and the other party does
                  not
                  deliver a form or document under Section 4(a)(iii) by reason of
                  material
                  prejudice of its legal or commercial
                  position.

              

      

      

      
        	 	
                Payee
                  Representations. For the purpose of Section 3 (f) of the
                  ISDA Form Master
                  Agreement, DBAG and Counterparty make the following
                  representations:

              

      

       

      
        	 	(i) 	
                DBAG
                  represents that it
                  is a “foreign person” within the meaning of the applicable U.S. Treasury
                  Regulations concerning information reporting and backup withholding
                  tax
                  (as in effect on January 1, 2001), unless DBAG provides written
                  notice to
                  Counterparty that it is no longer a foreign person. In respect
                  of this
                  Transaction it enters into through an office or discretionary agent
                  in the
                  United States or which otherwise is allocated for United States
                  federal
                  income tax purposes to such United States trade or business, each
                  payment
                  received or to be received by it under such Transaction will be
                  effectively connected with its conduct of a trade or business in
                  the
                  United States.

              

        	 	 	 

        	 	
                (ii)

              	
                Counterparty
                  represents that it is trustee for the Supplement Interest Trust
                  created
                  under the Pooling and Servicing
                  Agreement.

              

      

      

      4)
        The
        ISDA Form Master Agreement is hereby amended as follows:

      

      (a)
        The
        word “third” shall be replaced by the word “second” in the third line of Section
        5(a)(i) of the ISDA Form Master Agreement; 

      

      5)
        Documents
        to be Delivered.
        For the
        purpose of Section 4(a)(i) and (ii) of the ISDA Form Master Agreement, each
        party agrees to deliver the following documents, as applicable:

      

      (1) Tax
        forms, documents, or certificates to be delivered are:

      
        	
                 

                Party
                  required to deliver document

              	
                 

                Form/Document/

                Certificate

              	
                 

                Date
                  by which to

                be
                  delivered

              
	
                 

                DBAG
                  and

                the
                  Counterparty

                 

              	
                 

                Any
                  document required or reasonably requested to allow the other party
                  to make
                  payments under this Agreement without any deduction or withholding
                  for or
                  on the account of any Tax or with such deduction or withholding
                  at a
                  reduced rate

              	
                Promptly
                  after the earlier of (i) reasonable demand by either party or (ii)
                  learning that such form or document is required

                 

              

      

       

      (2) Other
        documents to be delivered are:

      
        	
                 

                Party
                  required to deliver document

              	
                 

                Form/Document/

                Certificate

              	
                 

                Date
                  by which to

                be
                  delivered

              	
                 

                Covered
                  by Section 3(d) Representation

              
	
                 

                DBAG
                  and

                the
                  Counterparty

                 

              	
                 

                Any
                  documents required by the receiving party to evidence the authority
                  of the
                  delivering party or its Credit Support Provider, if any, for it
                  to execute
                  and deliver this Agreement, any Confirmation, and any Credit Support
                  Documents to which it is a party, and to evidence the authority
                  of the
                  delivering party or its Credit Support Provider to perform its
                  obligations
                  under this Agreement, such Confirmation and/or Credit Support Document,
                  as
                  the case may be

              	
                 

                Upon
                  the execution and delivery of this Agreement and such
                  Confirmation

                 

              	
                 

                Yes

                 

              
	
                 

                DBAG
                  and

                the
                  Counterparty

                 

              	
                 

                A
                  certificate of an authorized officer of the party, as to the incumbency
                  and authority of the respective officers of the party signing this
                  Agreement, any relevant Credit Support Document, or any Confirmation,
                  as
                  the case may be

              	
                 

                Upon
                  the execution and delivery of this Agreement and such
                  Confirmation

                 

              	
                 

                Yes

                 

              

      

      

      6)
         Miscellaneous

      

      
        	
                (a)

              	
                Address
                  for Notices: For the purposes of Section 12(a) of the ISDA Form
                  Master Agreement:

              

      

      

      Addresses
        for notices or communications to DBAG:

       

      Addresses
        for notices to DBAG under Sections 5 or 6 (other than notices under Section
        5(a)(i)) shall be sent to:

      

      Deutsche
        Bank AG, Head Office

      Taunusanlage
        12

      60262
        Frankfurt

      GERMANY

      Attention:
        Legal Department

      Telex
        No:
        411836 or 416731 or 41233

      Answerback:  DBF-D

      

      All
        other
        notices to DBAG shall be sent directly to the Office through which DBAG is
        acting for the relevant Transaction, using the address and contact particulars
        specified in the Confirmation of that Transaction or otherwise
        notified.

      

      Address
        for notices or communications to the Counterparty:

      

        
          	 	
                  Address:

                	 	
                  HSBC
                    Bank USA, National Association

                
	 	
                   

                	 	
                  452
                    Fifth Avenue

                
	 	 	 	
                  New
                    York, NY 10018

                
	 	 	 	
                  Attention:
                    ACE Securities Corp., 2006-SL2

                
	 	
                  (For
                    all purposes)

                	 	 
	 	 	 	 
	 	With
                  copy to:	 	
                  Wells
                    Fargo Bank, N.A.

                
	 	 	 	
                  9062
                    Old Annapolis Road

                
	 	 	 	
                  Columbia,
                    MD 21045

                
	 	 	 	
                  Attention:
                    Client Manager - Ace 2006-SL2

                
	 	 	 	
                  Tel:
                    410-884-2000

                
	 	 	 	
                  Fax:
                    410-715-2380

                

        

      (b) Process
        Agent. For the purpose of Section 13(c):

      

      DBAG
        appoints as its  Not
        Applicable

      

      The
        Counterparty appoints as its  Not
        Applicable

      

      
        	
                (c)

              	
                Offices.
                  The provisions of Section 10(a) will not apply to this
                  Agreement.

              

      

      

      
        	
                (d)

              	
                Multibranch
                  Party. For the purpose of Section 10(c) of the ISDA Form Master
                  Agreement:

              

      

      

      DBAG
        is
        not a Multibranch Party.

      

      
        	 	
                The
                  Counterparty is not a Multibranch
                  Party.

              

      

      

      
        	(e)  	
                Calculation
                  Agent. The Calculation Agent is
                  DBAG.

              

      

      

      (f) Credit
        Support Document.

       

      DBAG:
        Not
        applicable, except for any guarantee or contingent agreement delivered pursuant
        to paragraph 12 below.

      

      The
        Counterparty:  Not
        Applicable

      

      
        	
                (g)

              	
                Credit
                  Support Provider.

              

      

      

      DBAG: Not
        Applicable for so long as no Credit Support Document is delivered under
        paragraph 12 below, otherwise, to the party that is the primary obligor under
        the Credit Support Document.

      

      
        	 	
                The
                  Counterparty:

              	
                Not
                  Applicable

              

      

      

      (h) Governing
        Law. The
        parties to this Agreement hereby agree that the law of the State of New York
        shall govern their rights and duties in whole without regard to conflict
        of law
        provisions thereof other than New York General Obligations Law Sections 5-1401
        and 5-1402. 

      

      (i) Severability. If
        any
        term, provision, covenant, or condition of this Agreement, or the application
        thereof to any party or circumstance, shall be held to be invalid or
        unenforceable (in whole or in part) for any reason, the remaining terms,
        provisions, covenants, and conditions hereof shall continue in full force
        and
        effect as if this Agreement had been executed with the invalid or unenforceable
        portion eliminated, so long as this Agreement as so modified continues to
        express, without material change, the original intentions of the parties
        as to
        the subject matter of this Agreement and the deletion of such portion of
        this
        Agreement will not substantially impair the respective benefits or expectations
        of the parties. 

      

      The
        parties shall endeavor to engage in good faith negotiations to replace any
        invalid or unenforceable term, provision, covenant or condition with a valid
        or
        enforceable term, provision, covenant or condition, the economic effect of
        which
        comes as close as possible to that of the invalid or unenforceable term,
        provision, covenant or condition. 

      

      (j) Consent
        to Recording. 
        Each
        party hereto consents to the monitoring or recording, at any time and from
        time
        to time, by the other party of any and all communications between officers
        or
        employees of the parties, waives any further notice of such monitoring or
        recording, and agrees to notify its officers and employees of such monitoring
        or
        recording. 

      

      (k) Waiver
        of
        Jury Trial. Each
        party waives any right it may have to a trial by jury in respect of any
        Proceedings relating to this Agreement or any Credit Support Document.

      

      (l) Trustee
        Capacity. It is expressly understood and agreed by the parties hereto that
        insofar as this Confirmation is executed by the Trustee (i) this Confirmation
        is
        executed and delivered by HSBC
        Bank
        USA, National Association not
        in
        its individual capacity but solely as trustee for the Supplement Interest
        Trust
        created under the Pooling and Servicing Agreement referred to in this
        Confirmation in the exercise of the powers and authority conferred and invested
        in it thereunder (ii) each of the representations, undertakings and agreements
        herein made on behalf of the Supplemental Interest Trust is made and intended
        not as personal representations, undertakings and agreements by HSBC Bank,
        National Association but is made and intended for the purposes of binding
        only
        the Supplement Interest Trust, (iii) nothing herein contained shall be construed
        as creating any liability on the part of HSBC Bank USA, National Association,
        individually or personally, to perform any covenant either expressed or implied
        contained herein, all such liability, if any, being expressly waived by the
        parties hereto and by any Person claiming by, through or under the parties
        hereto, (iv) under no circumstances shall HSBC Bank USA, National Association
        in
        its individual capacity be personally liable for the payment of any indebtedness
        or expenses or be personally liable for the breach or failure of any obligation,
        representation, warranty or covenant made or undertaken under this Confirmation
        or any other related documents, and (v) the parties hereto acknowledge and
        agree
        that under (a) the Pooling and Servicing Agreement, and (b) this Agreement,
        the
        Securities Administrator may act for Counterparty hereunder, and DBAG hereby
        acknowledges and agrees that it will, unless otherwise directed by the
        Supplemental Interest Trust Trustee or the Securities Administrator, make
        all
        payments hereunder to the account specified below. DBAG shall be entitled
        to
        rely, shall be fully protected in relying, and shall incur no liability from
        relying in good faith, upon any writing, resolution, notice, consent,
        certificate, affidavit, letter, telegram, facsimile or telephone message,
        statement or other document or conversation believed by it to be genuine
        and
        correct and to have been signed, sent or made by the Securities Administrator.
        

      

      (m) Proceedings.
        DBAG
        shall not institute against or cause any other person to institute against,
        or
        join any other person in instituting against, Ace Securities Corp., Ace
        Securities Corp. Home Equity Loan Trust, Series 2006-SL2 or HSBC Bank USA,
        National Association, not individually, but solely as Trustee for the
        Supplemental Interest Trust any bankruptcy, reorganization, arrangement,
        insolvency or liquidation proceedings, or other proceedings under any federal
        or
        state bankruptcy or similar law for a period of one year and one day (or,
        if
        longer, the applicable preference period) following payment in full of the
        Certificates. This provision will survive the termination of this
        Agreement.

      

      (n) DBAG
        hereby agrees that, notwithstanding any provision of this agreement to the
        contrary, Counterparty’s obligations to pay any amounts owing under this
        Agreement shall be subject to Section 5.01 of the Pooling and Servicing
        Agreement and DBAG’s right to receive payment of such amounts shall be subject
        to Section 5.01 of the Pooling and Servicing Agreement. This provision will
        survive the termination of this Agreement.

      

      7)
        "Affiliate." DBAG and Counterparty shall be deemed to not have any Affiliates
        for purposes of this Agreement, including for purposes of Section 6(b)(ii).
        This
        provision will survive the termination of this Agreement.

       

      8)
        Section 3 of the ISDA Form Master Agreement is hereby amended by adding at
        the
        end thereof the following subsection (g): 

      

      "(g) Relationship
        Between Parties.
        

      

      Each
        party represents to the other party on each date when it enters into a
        Transaction that:--

      

      (1)
        Nonreliance.
        It is
        not relying on any statement or representation of the other party regarding
        the
        Transaction (whether written or oral), other than the representations expressly
        made in this Agreement or the Confirmation in respect of that Transaction.
        

      

      (2)
        Evaluation
        and Understanding.
        

      

      (i)
        DBAG
        is acting for its own account and HSBC Bank USA, National Association is
        acting
        as trustee for the Supplemental Interest Trust created under the Pooling
        and
        Servicing Agreement and not for its own account. Each party has the capacity
        to
        evaluate (internally or through independent professional advice) the Transaction
        and has made its own decision to enter into the Transaction;

      

      (ii)
        It
        understands the terms, conditions and risks of the Transaction and is willing
        and able to accept those terms and conditions and to assume those risks,
        financially and otherwise; and 

      

      (3) Purpose.
        It is an “eligible swap participant” as such term is defined in Section
        35.1(b)(2) of the regulations (17 C.F.R 35) promulgated under, and an “eligible
        contract participant” as defined in Section 1(a)(12) of, the Commodity Exchange
        Act, as amended, and it is entering into the Transaction for the purposes
        of
        managing its borrowings or investments, hedging its underlying assets or
        liabilities or in connection with a line of business. 

      

      (4) Status
        of Parties.
        The
        other party is not acting as an agent, fiduciary or advisor for it in respect
        of
        the Transaction.”

      

      9)
        Set-off. 
        Notwithstanding any provision of this Agreement or any other existing or
        future
        agreement, each party irrevocably waives any and all rights it may have to
        set
        off, net, recoup or otherwise withhold or suspend or condition payment or
        performance of any obligation between it and the other party hereunder against
        any obligation between it and the other party under any other agreements.
        The
        provisions for Set-off set forth in Section 6(e) of the Agreement shall not
        apply for purposes of this Transaction.

      

      10)
        Transfer,
        Amendment and Assignment.
        No
        transfer, amendment, waiver, supplement, assignment or other modification
        of
        this Transaction shall be permitted by either party unless each of Standard
        & Poor’s Ratings Service, a division of The McGraw-Hill Companies, Inc.
        (“S&P”), Fitch Ratings Inc. (“Fitch”) and Moody’s Investors Service, Inc.
        (“Moody’s”) has been provided notice of the same and confirms in writing
        (including by facsimile transmission) that it will not downgrade, qualify,
        withdraw or otherwise modify its then-current rating of the
        Certificates.

      

      11)
        Additional
        Termination Events.
        The
        following Additional Termination Events will apply, in each case with respect
        Counterparty as the sole Affected Party (unless otherwise provided
        below): 

       

      (i) DBAG
        fails to comply with the Rating Agency Downgrade provisions as set forth
        in
        Section 12 below. For all purposes of this Agreement, DBAG shall be the sole
        Affected Party with respect to the occurrence of a Termination Event described
        in this Section 11(i).

       

      (ii) With
        respect to Counterparty only, any amendment to the Pooling and Servicing
        Agreement which materially adversely affects any of DBAG's rights thereunder
        is
        made without prior written consent of DBAG, where such consent is required
        under
        the Pooling and Servicing Agreement.

       

      (iii)
         If
        the
        Trustee is unable to pay its Class A Certificates or fails or admits in writing
        its inability to pay its Class A Certificates as they become due.

      

      (iv) If,
        at
        any time, the Master Servicer purchases the Mortgage Loans pursuant to Section
        10.01 of the Pooling and Servicing Agreement, then an Additional Termination
        Event shall have occurred and Counterparty shall be the sole Affected Party
        with
        respect thereto; provided, however, that notwithstanding Section 6(b)(iv)
        of the
        ISDA Form Master Agreement, only Counterparty shall have the right to designate
        an Early Termination Date in respect of this Additional Termination
        Event.

      

      (v) If,
        upon
        the occurrence of a Swap Disclosure Event (as defined in Part 13 below) DBAG
        has
        not, within 15 days after such Swap Disclosure Event complied with any of
        the
        provisions set forth in Part 13(iii) below, then an Additional Termination
        Event
        shall have occurred with respect to DBAG and DBAG shall be the sole Affected
        Party with respect to such Additional Termination Event.

      

      12)
        Rating
        Agency Downgrade.
        In the
        event that DBAG’s short-term unsecured and unsubordinated debt rating is reduced
        below “A-1” by S&P or, if DBAG has both a long-term credit rating and a
        short-term credit rating from Moody’s, and either its long-term unsecured and
        unsubordinated debt rating is withdrawn or reduced below “A2” by Moody’s or its
        short-term credit rating is withdrawn or reduced below “P-1” by Moody’s, or if
        DBAG’s short-term unsecured and unsubordinated debt rating is withdrawn or
        reduced below “F-1” by Fitch or DBAG’s long-term rating is reduced or withdrawn
        below “A” by Fitch (and together with S&P and Moody’s, the “Swap Rating
        Agencies”, and such rating thresholds, “Approved Rating Thresholds”), then
        within 30 days after such rating withdrawal or downgrade, DBAG shall, subject
        to
        the Rating Agency Condition and at its own expense, either (i) cause another
        entity to replace DBAG as party to this Agreement that meets or exceeds the
        Approved Rating Thresholds on terms substantially similar to this Agreement,
        (ii) obtain a guaranty of, or a contingent agreement of another person with
        the
        Approved Rating Thresholds, to honor, DBAG’s obligations under this Agreement,
        (iii) post collateral which will be sufficient to restore the immediately
        prior
        ratings of the Certificates, or (iv) establish any other arrangement which
        will
        be sufficient to restore the immediately prior ratings of the Certificates.
        In
        the event that DBAG’s long-term unsecured and unsubordinated debt rating is
        reduced below “BBB-” or its short-term unsecured and unsubordinated debt rating
        is reduced below “A-3” or is withdrawn by S&P or DBAG’s long-term unsecured
        and unsubordinated debt rating is withdrawn or reduced below “A3” by Moody’s or
        its short-term credit rating is reduced below “P-2” by Moody’s, then within 10
        days after such rating withdrawal or downgrade, DBAG shall, subject to the
        Rating Agency Condition and at its own expense, either (i) cause another
        entity
        to replace DBAG as party to this Agreement that meets or exceeds the Approved
        Rating Thresholds on terms substantially similar to this Agreement or (ii)
        obtain a guaranty of, or a contingent agreement of another person with the
        Approved Rating Thresholds, to honor, DBAG’s obligations under this Agreement.
        In either case DBAG shall deliver collateral acceptable to the Swap Rating
        Agencies until DBAG has made such transfer or obtained a guaranty as set
        forth
        in (i) and (ii) above.

      For
        purposes of this provision, “Rating Agency Condition” means, with respect to any
        particular proposed act or omission to act hereunder that the party acting
        or
        failing to act must consult with each of the Swap Rating Agencies then providing
        a rating of the Certificates and receive from each of the Swap Rating Agencies
        a
        prior written confirmation that the proposed action or inaction would not
        cause
        a downgrade or withdrawal of the then-current rating of the
        Certificates.

      

      13)
        Compliance
        with Regulation AB.
        

      

      (i) DBAG
        agrees and acknowledges that Ace Securities Corp. (“ACE”) is required under
        Regulation AB under the Securities Act of 1933, as amended, and the Securities
        Exchange Act of 1934, as amended (the “Exchange Act”) (“Regulation AB”), to
        disclose certain financial information regarding DBAG or its group of affiliated
        entities, if applicable, depending on the aggregate “significant percentage” of
        this Agreement and any other derivative contracts between DBAG or its group
        of
        affiliated entities, if applicable, and Counterparty, as calculated from
        time to
        time in accordance with Item 1115 of Regulation AB.

      

      (ii) It
        shall
        be a swap disclosure event (“Swap Disclosure Event”) if, on any Business Day
        after the date hereof, ACE requests from DBAG the applicable financial
        information described in Item 1115 of Regulation AB (such request to be based
        on
        a reasonable determination by ACE, in good faith, that such information is
        required under Regulation AB) (the “Swap Financial Disclosure”).

      

      (iii) Upon
        the
        occurrence of a Swap Disclosure Event, DBAG, at its own expense, shall (a)
        provide to ACE the Swap Financial Disclosure, (b) secure another entity to
        replace DBAG as party to this Agreement on terms substantially similar to
        this
        Agreement which entity (or a guarantor therefore) meets or exceeds the Approved
        Rating Thresholds and which satisfies the Rating Agency Condition and which
        entity is able to comply with the requirements of Item 1115 of Regulation
        AB or
        (c) obtain a guaranty of the DBAG’s obligations under this Agreement from an
        affiliate of the DBAG, subject to the Rating Agency Condition, that is able
        to
        comply with the financial information disclosure requirements of Item 1115
        of
        Regulation AB, such that disclosure provided in respect of the affiliate
        will
        satisfy any disclosure requirements applicable to the Swap Provider, and
        cause
        such affiliate to provide Swap Financial Disclosure. If permitted by Regulation
        AB, any required Swap Financial Disclosure may be provided by incorporation
        by
        reference from reports filed pursuant to the Exchange Act. 

      

      (iv) DBAG
        and
        the primary obligor under any Credit Support Document agree that, in the
        event
        that DBAG provides Swap Financial Disclosure to ACE in accordance with Part
        13(iii)(a) or causes its affiliate to provide Swap Financial Disclosure to
        ACE
        in accordance with Part 13(iii)(c), DBAG and such primary obligor will indemnify
        and hold harmless ACE, its respective directors or officers and any person
        controlling ACE, from and against any and all losses, claims, damages and
        liabilities caused by any untrue statement or alleged untrue statement of
        a
        material fact contained in such Swap Financial Disclosure or caused by any
        omission or alleged omission to state in such Swap Financial Disclosure a
        material fact, when considered in conjunction with any other information
        regarding Party A or the derivative instrument being written by Party A in
        the
        final prospectus for ACE-2006-SL2, required to be stated therein or necessary
        to
        make the statements therein, in light of the circumstances under which they
        were
        made, not misleading.

      

      14)
        Third
        Party Beneficiary.
        ACE
        shall be an express third party beneficiary of this Agreement as if a party
        hereto to the extent of ACE’s rights explicitly specified herein.

      15)
        Deduction
        or Withholding for Tax.
        The
        provisions of Section 2(d)(i)(4) and 2(d)(ii) of the ISDA Form Master Agreement
        shall not apply to Counterparty and Counterparty shall not be required to
        pay
        any additional amounts referred to therein.  

      

      

      5. Account
        Details:

      

      Account
        Details for DBAG: 

      

      Deutsche
        Bank Trust Company Americas,
        New
        York

      Acct#
        01
        473
        969 

      Swift
        Code: BKTRUS33

      

      Account
        Details for Counterparty:

      

      Wells
        Fargo Bank, NA

      ABA
        #
        121000248

      Account
        Name: SAS Clearing

      Account
        #
        3970771416

      FFC
        to:
        50905501

      

      6. Offices:

      

      The
        Office of DBAG for this Transaction is New York

       

      7. Please
        confirm that the foregoing correctly sets forth the terms of our agreement
        by
        having an authorized officer sign this Confirmation and return it via facsimile
        to:

      

      
        	 	
                Attention:
                  Derivative Documentation

              	 
	 	
                Telephone:
                  44 20 7547 4755

              	 
	 	
                Facsimile:
                  44 20 7545 9761

              	 
	 	
                E-mail:
                  derivative.documentation@db.com

              	 

      

      

      This
        message will be the only form of Confirmation dispatched by us. If you wish
        to
        exchange hard copy forms of this Confirmation, please contact us.

       

      Yours
        sincerely,

       

      DEUTSCHE
        BANK AG - New York Branch

       

      By: __________________________________

      Name: ________________________________

      Title: Authorized
        Signatory

       

      By: __________________________________

      Name: ________________________________

      Title: Authorized
        Signatory

      

      Confirmed
        as of the date first written above:

      

      HSBC
        Bank
        USA, National Association, not in its individual capacity, but solely as
        trustee
        for the Supplemental Interest Trust, with respect to the ACE Securities Corp.
        Home Equity Loan Trust, Series 2006-SL2 Asset Backed Pass Through
        Certificates.

      

      By: __________________________________

      Name: ________________________________

      Title: _________________________________

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        I

      (With
        respect to each Fixed Rate Payer Period End Date, all such dates are with
        No
        Adjustment, and with respect to each Floating Rate Payer Period End Date,
        all
        such dates are subject to adjustment in accordance with the Modified Following
        Business Day Convention.)

      

      

      
        	
                Accrue
                  from Date

              	
                Accrue
                  to Date

              	
                Notional

              
	
                3/28/2006

              	
                4/25/2006

              	
                451,789,522.00

              
	
                4/25/2006

              	
                5/25/2006

              	
                424,419,112.00

              
	
                5/25/2006

              	
                6/25/2006

              	
                398,705,171.00

              
	
                6/25/2006

              	
                7/25/2006

              	
                374,547,536.00

              
	
                7/25/2006

              	
                8/25/2006

              	
                351,852,095.00

              
	
                8/25/2006

              	
                9/25/2006

              	
                330,530,424.00

              
	
                9/25/2006

              	
                10/25/2006

              	
                310,499,443.00

              
	
                10/25/2006

              	
                11/25/2006

              	
                291,681,091.00

              
	
                11/25/2006

              	
                12/25/2006

              	
                274,002,026.00

              
	
                12/25/2006

              	
                1/25/2007

              	
                257,393,336.00

              
	
                1/25/2007

              	
                2/25/2007

              	
                241,790,277.00

              
	
                2/25/2007

              	
                3/25/2007

              	
                227,132,015.00

              
	
                3/25/2007

              	
                4/25/2007

              	
                213,361,397.00

              
	
                4/25/2007

              	
                5/25/2007

              	
                200,424,721.00

              
	
                5/25/2007

              	
                6/25/2007

              	
                188,271,532.00

              
	
                6/25/2007

              	
                7/25/2007

              	
                176,854,427.00

              
	
                7/25/2007

              	
                8/25/2007

              	
                166,128,867.00

              
	
                8/25/2007

              	
                9/25/2007

              	
                156,053,005.00

              
	
                9/25/2007

              	
                10/25/2007

              	
                146,587,526.00

              
	
                10/25/2007

              	
                11/25/2007

              	
                137,695,492.00

              
	
                11/25/2007

              	
                12/25/2007

              	
                129,342,196.00

              
	
                12/25/2007

              	
                1/25/2008

              	
                121,495,032.00

              
	
                1/25/2008

              	
                2/25/2008

              	
                114,123,365.00

              
	
                2/25/2008

              	
                3/25/2008

              	
                107,198,413.00

              
	
                3/25/2008

              	
                4/25/2008

              	
                100,693,134.00

              
	
                4/25/2008

              	
                5/25/2008

              	
                94,582,122.00

              
	
                5/25/2008

              	
                6/25/2008

              	
                88,841,507.00

              
	
                6/25/2008

              	
                7/25/2008

              	
                83,448,863.00

              
	
                7/25/2008

              	
                8/25/2008

              	
                78,383,122.00

              
	
                8/25/2008

              	
                9/25/2008

              	
                73,624,488.00

              
	
                9/25/2008

              	
                10/25/2008

              	
                69,154,364.00

              
	
                10/25/2008

              	
                11/25/2008

              	
                64,955,278.00

              
	
                11/25/2008

              	
                12/25/2008

              	
                61,010,815.00

              
	
                12/25/2008

              	
                1/25/2009

              	
                57,305,553.00

              
	
                1/25/2009

              	
                2/25/2009

              	
                53,825,003.00

              
	
                2/25/2009

              	
                3/25/2009

              	
                50,555,554.00

              
	
                3/25/2009

              	
                4/25/2009

              	
                47,484,417.00

              
	
                4/25/2009

              	
                5/25/2009

              	
                44,599,577.00

              
	
                5/25/2009

              	
                6/25/2009

              	
                41,889,748.00

              
	
                6/25/2009

              	
                7/25/2009

              	
                39,344,325.00

              
	
                7/25/2009

              	
                8/25/2009

              	
                36,953,346.00

              
	
                8/25/2009

              	
                9/25/2009

              	
                34,707,451.00

              
	
                9/25/2009

              	
                10/25/2009

              	
                32,597,849.00

              
	
                10/25/2009

              	
                11/25/2009

              	
                30,616,279.00

              
	
                11/25/2009

              	
                12/25/2009

              	
                28,754,981.00

              
	
                12/25/2009

              	
                1/25/2010

              	
                27,006,664.00

              
	
                1/25/2010

              	
                2/25/2010

              	
                25,364,478.00

              
	
                2/25/2010

              	
                3/25/2010

              	
                23,821,991.00

              
	
                3/25/2010

              	
                4/25/2010

              	
                22,373,158.00

              
	
                4/25/2010

              	
                5/25/2010

              	
                21,012,298.00

              
	
                5/25/2010

              	
                6/25/2010

              	
                19,734,080.00

              
	
                6/25/2010

              	
                7/25/2010

              	
                18,533,489.00

              
	
                7/25/2010

              	
                8/25/2010

              	
                17,405,820.00

              
	
                8/25/2010

              	
                9/25/2010

              	
                16,346,648.00

              
	
                9/25/2010

              	
                10/25/2010

              	
                15,351,819.00

              
	
                10/25/2010

              	
                11/25/2010

              	
                14,417,430.00

              
	
                11/25/2010

              	
                12/25/2010

              	
                13,539,815.00

              
	
                12/25/2010

              	
                1/25/2011

              	
                12,715,528.00

              
	
                1/25/2011

              	
                2/25/2011

              	
                11,941,334.00

              
	
                2/25/2011

              	
                3/25/2011

              	
                11,214,193.00

              
	
                3/25/2011

              	
                4/25/2011

              	
                10,531,251.00

              
	
                4/25/2011

              	
                5/25/2011

              	
                9,889,823.00

              
	
                5/25/2011

              	
                Termination
                  Date

              	
                9,287,392.00

              

      

       

      

     

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    SCHEDULE
      1

     

    MORTGAGE
      LOAN SCHEDULE

     

    [PROVIDED
      UPON REQUEST]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    SCHEDULE
      2

     

    PREPAYMENT
      CHARGE SCHEDULE

     

    [PROVIDED
      UPON REQUEST]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    SCHEDULE
      3

     

    [RESERVED]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    SCHEDULE
      4

    

    STANDARD
      FILE LAYOUT- DELINQUENCY REPORTING

    

    

    Exhibit
      : Standard
      File Layout - Delinquency Reporting

    

    
      	
              Column/Header
                Name

            	
              Description

            	
              Decimal

            	
              Format
                Comment

            
	
              SERVICER_LOAN_NBR

            	
              A
                unique number assigned to a loan by the Servicer. This may be different
                than the LOAN_NBR

            	 	
               

            
	
              LOAN_NBR

            	
              A
                unique identifier assigned to each loan by the originator.

            	 	
               

            
	
              CLIENT_NBR

            	
              Servicer
                Client Number

            	 	 
	
              SERV_INVESTOR_NBR

            	
              Contains
                a unique number as assigned by an external servicer to identify a
                group of
                loans in their system.

            	 	
               

            
	
              BORROWER_FIRST_NAME

            	
              First
                Name of the Borrower.

            	 	 
	
              BORROWER_LAST_NAME

            	
              Last
                name of the borrower.

            	 	 
	
              PROP_ADDRESS

            	
              Street
                Name and Number of Property

            	 	
               

            
	
              PROP_STATE

            	
              The
                state where the property located.

            	 	
               

            
	
              PROP_ZIP

            	
              Zip
                code where the property is located.

            	 	
               

            
	
              BORR_NEXT_PAY_DUE_DATE

            	
              The
                date that the borrower's next payment is due to the servicer at the
                end of
                processing cycle, as reported by Servicer.

            	 	
              MM/DD/YYYY

            
	
              LOAN_TYPE

            	
              Loan
                Type (i.e. FHA, VA, Conv)

            	 	
               

            
	
              BANKRUPTCY_FILED_DATE

            	
              The
                date a particular bankruptcy claim was filed.

            	 	
              MM/DD/YYYY

            
	
              BANKRUPTCY_CHAPTER_CODE

            	
              The
                chapter under which the bankruptcy was filed.

            	 	
               

            
	
              BANKRUPTCY_CASE_NBR

            	
              The
                case number assigned by the court to the bankruptcy
                filing.

            	 	
               

            
	
              POST_PETITION_DUE_DATE

            	
              The
                payment due date once the bankruptcy has been approved by the
                courts

            	 	
              MM/DD/YYYY

            
	
              BANKRUPTCY_DCHRG_DISM_DATE

            	
              The
                Date The Loan Is Removed From Bankruptcy. Either by Dismissal, Discharged
                and/or a Motion For Relief Was Granted. 

            	 	
              MM/DD/YYYY

            
	
              LOSS_MIT_APPR_DATE

            	
              The
                Date The Loss Mitigation Was Approved By The Servicer

            	 	
              MM/DD/YYYY

            
	
              LOSS_MIT_TYPE

            	
              The
                Type Of Loss Mitigation Approved For A Loan Such As;

            	 	 
	
              LOSS_MIT_EST_COMP_DATE

            	
              The
                Date The Loss Mitigation /Plan Is Scheduled To End/Close

            	 	
              MM/DD/YYYY

            
	
              LOSS_MIT_ACT_COMP_DATE

            	
              The
                Date The Loss Mitigation Is Actually Completed

            	 	
              MM/DD/YYYY

            
	
              FRCLSR_APPROVED_DATE

            	
              The
                date DA Admin sends a letter to the servicer with instructions to
                begin
                foreclosure proceedings.

            	 	
              MM/DD/YYYY

            
	
              ATTORNEY_REFERRAL_DATE

            	
              Date
                File Was Referred To Attorney to Pursue Foreclosure

            	 	
              MM/DD/YYYY

            
	
              FIRST_LEGAL_DATE

            	
              Notice
                of 1st legal filed by an Attorney in a Foreclosure Action

            	 	
              MM/DD/YYYY

            
	
              FRCLSR_SALE_EXPECTED_DATE

            	
              The
                date by which a foreclosure sale is expected to occur.

            	 	
              MM/DD/YYYY

            
	
              FRCLSR_SALE_DATE

            	
              The
                actual date of the foreclosure sale.

            	 	
              MM/DD/YYYY

            
	
              FRCLSR_SALE_AMT

            	
              The
                amount a property sold for at the foreclosure sale.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              EVICTION_START_DATE

            	
              The
                date the servicer initiates eviction of the borrower.

            	 	
              MM/DD/YYYY

            
	
              EVICTION_COMPLETED_DATE

            	
              The
                date the court revokes legal possession of the property from the
                borrower.

            	 	
              MM/DD/YYYY

            
	
              LIST_PRICE

            	
              The
                price at which an REO property is marketed.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              LIST_DATE

            	
              The
                date an REO property is listed at a particular price.

            	 	
              MM/DD/YYYY

            
	
              OFFER_AMT

            	
              The
                dollar value of an offer for an REO property.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              OFFER_DATE_TIME

            	
              The
                date an offer is received by DA Admin or by the Servicer.

            	 	
              MM/DD/YYYY

            
	
              REO_CLOSING_DATE

            	
              The
                date the REO sale of the property is scheduled to close.

            	 	
              MM/DD/YYYY

            
	
              REO_ACTUAL_CLOSING_DATE

            	
              Actual
                Date Of REO Sale

            	 	
              MM/DD/YYYY

            
	
              OCCUPANT_CODE

            	
              Classification
                of how the property is occupied.

            	 	
               

            
	
              PROP_CONDITION_CODE

            	
              A
                code that indicates the condition of the property.

            	 	
               

            
	
              PROP_INSPECTION_DATE

            	
              The
                date a property inspection is performed.

            	 	
              MM/DD/YYYY

            
	
              APPRAISAL_DATE

            	
              The
                date the appraisal was done.

            	 	
              MM/DD/YYYY

            
	
              CURR_PROP_VAL

            	
               The
                current "as is" value of the property based on brokers price opinion
                or
                appraisal.

            	
              2

            	
               

            
	
              REPAIRED_PROP_VAL

            	
              The
                amount the property would be worth if repairs are completed pursuant
                to a
                broker's price opinion or appraisal.

            	
              2

            	
               

            
	
              If
                applicable:

            	
               

            	 	
               

            
	
              DELINQ_STATUS_CODE

            	
              FNMA
                Code Describing Status of Loan

            	 	 
	
              DELINQ_REASON_CODE

            	
              The
                circumstances which caused a borrower to stop paying on a loan. Code
                indicates the reason why the loan is in default for this
                cycle.

            	 	 
	
              MI_CLAIM_FILED_DATE

            	
              Date
                Mortgage Insurance Claim Was Filed With Mortgage Insurance
                Company.

            	 	
              MM/DD/YYYY

            
	
              MI_CLAIM_AMT

            	
              Amount
                of Mortgage Insurance Claim Filed

            	 	
              No
                commas(,) or dollar signs ($)

            
	
              MI_CLAIM_PAID_DATE

            	
              Date
                Mortgage Insurance Company Disbursed Claim Payment

            	 	
              MM/DD/YYYY

            
	
              MI_CLAIM_AMT_PAID

            	
              Amount
                Mortgage Insurance Company Paid On Claim

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              POOL_CLAIM_FILED_DATE

            	
              Date
                Claim Was Filed With Pool Insurance Company

            	 	
              MM/DD/YYYY

            
	
              POOL_CLAIM_AMT

            	
              Amount
                of Claim Filed With Pool Insurance Company

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              POOL_CLAIM_PAID_DATE

            	
              Date
                Claim Was Settled and The Check Was Issued By The Pool
                Insurer

            	 	
              MM/DD/YYYY

            
	
              POOL_CLAIM_AMT_PAID

            	
              Amount
                Paid On Claim By Pool Insurance Company

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              FHA_PART_A_CLAIM_FILED_DATE

            	
               Date
                FHA Part A Claim Was Filed With HUD

            	 	
              MM/DD/YYYY

            
	
              FHA_PART_A_CLAIM_AMT

            	
               Amount
                of FHA Part A Claim Filed

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              FHA_PART_A_CLAIM_PAID_DATE

            	
               Date
                HUD Disbursed Part A Claim Payment

            	 	
              MM/DD/YYYY

            
	
              FHA_PART_A_CLAIM_PAID_AMT

            	
               Amount
                HUD Paid on Part A Claim

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              FHA_PART_B_CLAIM_FILED_DATE

            	
                Date
                FHA Part B Claim Was Filed With HUD

            	 	
              MM/DD/YYYY

            
	
              FHA_PART_B_CLAIM_AMT

            	
                Amount
                of FHA Part B Claim Filed

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              FHA_PART_B_CLAIM_PAID_DATE

            	
                 Date
                HUD Disbursed Part B Claim Payment

            	 	
              MM/DD/YYYY

            
	
              FHA_PART_B_CLAIM_PAID_AMT

            	
               Amount
                HUD Paid on Part B Claim

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              VA_CLAIM_FILED_DATE

            	
               Date
                VA Claim Was Filed With the Veterans Admin

            	 	
              MM/DD/YYYY

            
	
              VA_CLAIM_PAID_DATE

            	
               Date
                Veterans Admin. Disbursed VA Claim Payment

            	 	
              MM/DD/YYYY

            
	
              VA_CLAIM_PAID_AMT

            	
               Amount
                Veterans Admin. Paid on VA Claim

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    Exhibit
      2: Standard
      File Codes - Delinquency Reporting

     

    

     

    The
      Loss
      Mit Type
      field
      should show the approved Loss Mitigation Code as follows: 

    
      	 	 
	
              ·  ASUM-

            	
              Approved
                Assumption

            
	
              ·  BAP-

            	
              Borrower
                Assistance Program

            
	
              ·  CO-

            	
              Charge
                Off

            
	
              ·  DIL-

            	
              Deed-in-Lieu

            
	
              ·  FFA-

            	
              Formal
                Forbearance Agreement

            
	
              ·  MOD-

            	
              Loan
                Modification

            
	
              ·  PRE-

            	
              Pre-Sale

            
	
              ·  SS-

            	
              Short
                Sale

            
	
              ·  MISC-

            	
              Anything
                else approved by the PMI or Pool
                Insurer

            

    

     

    

     

    NOTE:
      Wells
      Fargo Bank will accept alternative Loss Mitigation Types to those above,
      provided that they are consistent with industry standards. If Loss Mitigation
      Types other than those above are used, the Servicer must supply Wells Fargo
      Bank
      with a description of each of the Loss Mitigation Types prior to sending the
      file.

     

    

     

    The
      Occupant
      Code
      field
      should show the current status of the property code as follows:

    
      	
              ·  Mortgagor

            
	
              ·  Tenant

            
	
              ·  Unknown
                

            
	
              ·  Vacant

            

    

     

    

     

    The
      Property
      Condition
      field
      should show the last reported condition of the property as follows:

    
      	
              ·  Damaged

            
	
              ·  Excellent

            
	
              ·  Fair

            
	
              ·  Gone

            
	
              ·  Good

            
	
              ·  Poor

            
	
              ·  Special
                Hazard

            
	
              ·  Unknown

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    Exhibit
      2: Standard
      File Codes - Delinquency Reporting, Continued

     

    

     

    The
      FNMA
      Delinquent Reason Code
      field
      should show the Reason for Delinquency as follows: 

     

    

    
      	
              Delinquency
                Code

            	
              Delinquency
                Description

            
	
              001

            	
              FNMA-Death
                of principal mortgagor

            
	
              002

            	
              FNMA-Illness
                of principal mortgagor

            
	
              003

            	
              FNMA-Illness
                of mortgagor’s family member

            
	
              004

            	
              FNMA-Death
                of mortgagor’s family member

            
	
              005

            	
              FNMA-Marital
                difficulties

            
	
              006

            	
              FNMA-Curtailment
                of income

            
	
              007

            	
              FNMA-Excessive
                Obligation

            
	
              008

            	
              FNMA-Abandonment
                of property

            
	
              009

            	
              FNMA-Distant
                employee transfer

            
	
              011

            	
              FNMA-Property
                problem

            
	
              012

            	
              FNMA-Inability
                to sell property

            
	
              013

            	
              FNMA-Inability
                to rent property

            
	
              014

            	
              FNMA-Military
                Service

            
	
              015

            	
              FNMA-Other

            
	
              016

            	
              FNMA-Unemployment

            
	
              017

            	
              FNMA-Business
                failure

            
	
              019

            	
              FNMA-Casualty
                loss

            
	
              022

            	
              FNMA-Energy
                environment costs

            
	
              023

            	
              FNMA-Servicing
                problems

            
	
              026

            	
              FNMA-Payment
                adjustment

            
	
              027

            	
              FNMA-Payment
                dispute

            
	
              029

            	
              FNMA-Transfer
                of ownership pending

            
	
              030

            	
              FNMA-Fraud

            
	
              031

            	
              FNMA-Unable
                to contact borrower

            
	
              INC

            	
              FNMA-Incarceration

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Exhibit
      2: Standard
      File Codes - Delinquency Reporting, Continued

    

     

    The
      FNMA
      Delinquent Status Code
      field
      should show the Status of Default as follows: 

     

    

    
      	
              Status
                Code

            	
              Status
                Description

            
	
              09

            	
              Forbearance

            
	
              17

            	
              Pre-foreclosure
                Sale Closing Plan Accepted

            
	
              24

            	
              Government
                Seizure

            
	
              26

            	
              Refinance

            
	
              27

            	
              Assumption

            
	
              28

            	
              Modification

            
	
              29

            	
              Charge-Off

            
	
              30

            	
              Third
                Party Sale

            
	
              31

            	
              Probate

            
	
              32

            	
              Military
                Indulgence

            
	
              43

            	
              Foreclosure
                Started

            
	
              44

            	
              Deed-in-Lieu
                Started

            
	
              49

            	
              Assignment
                Completed

            
	
              61

            	
              Second
                Lien Considerations

            
	
              62

            	
              Veteran’s
                Affairs-No Bid

            
	
              63

            	
              Veteran’s
                Affairs-Refund

            
	
              64

            	
              Veteran’s
                Affairs-Buydown

            
	
              65

            	
              Chapter
                7 Bankruptcy

            
	
              66

            	
              Chapter
                11 Bankruptcy

            
	
              67

            	
              Chapter
                13 Bankruptcy

            

    

     

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      : Calculation
      of Realized Loss/Gain Form 332- Instruction Sheet

    NOTE:
      Do not net or combine items. Show all expenses individually and all credits
      as
      separate line items. Claim packages are due on the remittance report date.
      Late
      submissions may result in claims not being passed until the following month.
      The
      Servicer is responsible to remit all funds pending loss approval and /or
      resolution of any disputed items. 

     

    The
      numbers on the 332 form correspond with the numbers listed below.

     

    Liquidation
      and Acquisition Expenses:

     

    1. The
      Actual Unpaid Principal Balance of the Mortgage Loan. For documentation, an
      Amortization Schedule from date of default through liquidation breaking out
      the
      net interest and servicing fees advanced is required.

     

    2. The
      Total
      Interest Due less the aggregate amount of servicing fee that would have been
      earned if all delinquent payments had been made as agreed. For documentation,
      an
      Amortization Schedule from date of default through liquidation breaking out
      the
      net interest and servicing fees advanced is required.

     

    3.
       Accrued
      Servicing Fees based upon the Scheduled Principal Balance of the Mortgage Loan
      as calculated on a monthly basis. For documentation, an Amortization Schedule
      from date of default through liquidation breaking out the net interest and
      servicing fees advanced is required.

     

    4-12. Complete
      as applicable. Required documentation:

     

    *
      For
      taxes and insurance advances - see page 2 of 332 form - breakdown required
      showing period

     

    of
      coverage, base tax, interest, penalty. Advances prior to default require
      evidence of servicer efforts to recover advances.

     

    *
      For
      escrow advances - complete payment history 

     

    (to
      calculate advances from last positive escrow balance forward)

     

    *
      Other
      expenses -  copies of corporate advance history showing all payments

     

    *
      REO
      repairs > $1500 require explanation

     

    *
      REO
      repairs >$3000 require evidence of at least 2 bids.

     

    *
      Short
      Sale or Charge Off require P&L supporting the decision and
      WFB’s approved Officer Certificate 

     

    *
      Unusual
      or extraordinary items may require further documentation. 

     

    13.  The
      total
      of lines 1 through 12.

     

    Credits:
      

     

    14-21. Complete
      as applicable. Required documentation:

     

    *
      Copy of
      the HUD 1 from the REO sale. If a 3rd
      Party
      Sale, bid instructions and Escrow
      Agent / Attorney

     

    Letter
      of
      Proceeds
      Breakdown.

     

    *
      Copy of
      EOB for any MI or gov't guarantee 

     

    *
      All
      other credits need to be clearly defined on the 332
      form      
     

     

     

    
      	 	
              22.

            	
              The
                total of lines 14 through 21.

            

    

     

    Please
      Note: For
      HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b) for
      Part
      B/Supplemental proceeds.

     

    Total
      Realized Loss (or Amount of Any Gain)

     

    23. The
      total
      derived from subtracting line 22 from 13. If the amount represents a realized
      gain, show
      the
      amount in parenthesis ( ). 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      3A: Calculation
      of Realized Loss/Gain Form 332

    

     

    
      	
              Prepared
                by: __________________

            	
              Date:
                _______________

            
	
              Phone:
                ______________________

            	
              Email
                Address:_____________________

            

    

     

     

    
      	
              Servicer
                Loan No.

            	 	
              Servicer
                Name

            	 	
              Servicer
                Address 

               

            

    

     

    WELLS
      FARGO BANK, N.A. Loan No._____________________________

     

    Borrower's
      Name: _________________________________________________________

     

    Property
      Address: _________________________________________________________

     

    Liquidation
      Type: REO Sale  
      3rd
      Party Sale  Short
      Sale Charge
      Off 

     

    Was
      this loan granted a Bankruptcy deficiency or cramdown  Yes No

     

    If
“Yes”,
      provide deficiency or cramdown amount
      _______________________________

     

     

    
      	
              Liquidation
                and Acquisition Expenses:

            
	
              (1)

            	
              Actual
                Unpaid Principal Balance of Mortgage Loan

            	
              $
                ______________

            	
              (1)

            
	
              (2)

            	
              Interest
                accrued at Net Rate

            	
              ________________

            	
              (2)

            
	
              (3)

            	
              Accrued
                Servicing Fees

            	
              ________________

            	
              (3)

            
	
              (4)

            	
              Attorney's
                Fees

            	
              ________________

            	
              (4)

            
	
              (5)

            	
              Taxes

            	
              ________________

            	
              (5)

            
	
              (6)

            	
              Property
                Maintenance

            	
              ________________

            	
              (6)

            
	
              (7)

            	
              MI/Hazard
                Insurance Premiums

            	
              ________________

            	
              (7)

            
	
              (8)

            	
              Utility
                Expenses

            	
              ________________

            	
              (8)

            
	
              (9)

            	
              Appraisal/BPO

            	
              ________________

            	
              (9)

            
	
              (10)

            	
              Property
                Inspections

            	
              ________________

            	
              (10)

            
	
              (11)

            	
              FC
                Costs/Other Legal Expenses

            	
              ________________

            	
              (11)

            
	
              (12)

            	
              Other
                (itemize)

            	
              $________________

            	
              (12)

            
	
              Cash
                for Keys__________________________

            	 	
              ________________

            	 
	
              HOA/Condo
                Fees_______________________

            	 	
              ________________

            	 
	
              ______________________________________

            	 	
              ________________

            	 
	
              ______________________________________

            	 	
              ________________

            	 
	
              Total
                Expenses

            	 	
              $
                _______________

            	
              (13)

            
	
              Credits:

            	 	 	 
	
              (14)

            	
              Escrow
                Balance

            	
              $
                _______________

            	
              (14)

            
	
              (15)

            	
              HIP
                Refund

            	
              ________________

            	
              (15)

            
	
              (16)

            	
              Rental
                Receipts

            	
              ________________

            	
              (16)

            
	
              (17)

            	
              Hazard
                Loss Proceeds

            	
              ________________

            	
              (17)

            
	
              (18)

            	
              Primary
                Mortgage Insurance Proceeds

            	
              ________________

            	
              (18)

            
	
              (19)

            	
              Pool
                Insurance Proceeds

            	
              ________________

            	
              (19)

            
	
              (20)

            	
              Proceeds
                from Sale of Acquired Property

            	
              ________________

            	
              (20)

            
	
              (21)

            	
              Other
                (itemize)

            	
              ________________

            	
              (21)

            
	
              _________________________________________

            	 	
              _________________

            	 
	
              _________________________________________

            	 	
              _________________

            	 
	
              Total
                Credits

            	
              $________________

            	
              (22)

            
	
              Total
                Realized Loss (or Amount of Gain)

            	
              $________________

            	
              (23)

            

    

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Escrow
      Disbursement Detail

    

    

    
      	
              Type

              (Tax
                /Ins.)

            	
              Date
                Paid

            	
              Period
                of Coverage

            	
              Total
                Paid

            	
              Base
                Amount

            	
              Penalties

            	
              Interest

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    SCHEDULE
      5

    

    STANDARD
      FILE LAYOUT- MASTER SERVICING

    

    
      	
              Standard
                File Layout - Master Servicing 

            	 	 	 	 
	
              Column
                Name

            	
              Description

            	
              Decimal

            	 	
              Format
                Comment

            	
              Max
                Size

            
	
              SER_INVESTOR_NBR

            	
              A
                value assigned by the Servicer to define a group of loans.

            	
               

            	 	
              Text
                up to 10 digits

            	
              20

            
	
              LOAN_NBR

            	
              A
                unique identifier assigned to each loan by the investor.

            	
               

            	 	
              Text
                up to 10 digits

            	
              10

            
	
              SERVICER_LOAN_NBR

            	
              A
                unique number assigned to a loan by the Servicer. This may be different
                than the LOAN_NBR.

            	
               

            	 	
              Text
                up to 10 digits

            	
              10

            
	
              BORROWER_NAME

            	
              The
                borrower name as received in the file. It is not separated by first
                and
                last name.

            	
               

            	 	
              Maximum
                length of 30 (Last, First)

            	
              30

            
	
              SCHED_PAY_AMT

            	
              Scheduled
                monthly principal and scheduled interest payment that a borrower
                is
                expected to pay, P&I constant.

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NOTE_INT_RATE

            	
              The
                loan interest rate as reported by the Servicer.

            	
              4

            	 	
              Max
                length of 6

            	
              6

            
	
              NET_INT_RATE

            	
              The
                loan gross interest rate less the service fee rate as reported by
                the
                Servicer.

            	
              4

            	 	
              Max
                length of 6

            	
              6

            
	
              SERV_FEE_RATE

            	
              The
                servicer's fee rate for a loan as reported by the Servicer.
                

            	
              4

            	 	
              Max
                length of 6

            	
              6

            
	
              SERV_FEE_AMT

            	
              The
                servicer's fee amount for a loan as reported by the Servicer.
                

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NEW_PAY_AMT

            	
              The
                new loan payment amount as reported by the Servicer. 

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NEW_LOAN_RATE

            	
              The
                new loan rate as reported by the Servicer. 

            	
              4

            	 	
              Max
                length of 6

            	
              6

            
	
              ARM_INDEX_RATE

            	
              The
                index the Servicer is using to calculate a forecasted
                rate.

            	
              4

            	 	
              Max
                length of 6

            	
              6

            
	
              ACTL_BEG_PRIN_BAL

            	
              The
                borrower's actual principal balance at the beginning of the processing
                cycle.

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              ACTL_END_PRIN_BAL

            	
              The
                borrower's actual principal balance at the end of the processing
                cycle.

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              BORR_NEXT_PAY_DUE_DATE

            	
              The
                date at the end of processing cycle that the borrower's next payment
                is
                due to the Servicer, as reported by Servicer.

            	
               

            	 	
              MM/DD/YYYY

            	
              10

            
	
              SERV_CURT_AMT_1

            	
              The
                first curtailment amount to be applied.

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_DATE_1

            	
              The
                curtailment date associated with the first curtailment amount.
                

            	
               

            	 	
              MM/DD/YYYY

            	
              10

            
	
              CURT_ADJ_
                AMT_1

            	
              The
                curtailment interest on the first curtailment amount, if
                applicable.

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_AMT_2

            	
              The
                second curtailment amount to be applied.

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_DATE_2

            	
              The
                curtailment date associated with the second curtailment
                amount.

            	
               

            	 	
              MM/DD/YYYY

            	
              10

            
	
              CURT_ADJ_
                AMT_2

            	
              The
                curtailment interest on the second curtailment amount, if
                applicable.

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_AMT_3

            	
              The
                third curtailment amount to be applied.

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_DATE_3

            	
              The
                curtailment date associated with the third curtailment
                amount.

            	
               

            	 	
              MM/DD/YYYY

            	
              10

            
	
              CURT_ADJ_AMT_3

            	
              The
                curtailment interest on the third curtailment amount, if
                applicable.

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              PIF_AMT

            	
              The
                loan "paid in full" amount as reported by the Servicer.

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              PIF_DATE

            	
              The
                paid in full date as reported by the Servicer.

            	
               

            	 	
              MM/DD/YYYY

            	
              10

            
	
               

            	
               

            	
               

            	 	
              Action
                Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                65=Repurchase,70=REO 

            	
              2

            
	
              ACTION_CODE

            	
              The
                standard FNMA numeric code used to indicate the default/delinquent
                status
                of a particular loan.

            	 	 
	
              INT_ADJ_AMT

            	
              The
                amount of the interest adjustment as reported by the
                Servicer.

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SOLDIER_SAILOR_ADJ_AMT

            	
              The
                Soldier and Sailor Adjustment amount, if applicable.

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NON_ADV_LOAN_AMT

            	
              The
                Non Recoverable Loan Amount, if applicable.

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              LOAN_LOSS_AMT

            	
              The
                amount the Servicer is passing as a loss, if applicable.

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_BEG_PRIN_BAL

            	
              The
                scheduled outstanding principal amount due at the beginning of the
                cycle
                date to be passed through to investors.

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_END_PRIN_BAL

            	
              The
                scheduled principal balance due to investors at the end of a processing
                cycle.

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_PRIN_AMT

            	
              The
                scheduled principal amount as reported by the Servicer for the current
                cycle -- only applicable for Scheduled/Scheduled Loans.

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_NET_INT

            	
              The
                scheduled gross interest amount less the service fee amount for the
                current cycle as reported by the Servicer -- only applicable for
                Scheduled/Scheduled Loans.

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              ACTL_PRIN_AMT

            	
              The
                actual principal amount collected by the Servicer for the current
                reporting cycle -- only applicable for Actual/Actual
                Loans.

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              ACTL_NET_INT

            	
              The
                actual gross interest amount less the service fee amount for the
                current
                reporting cycle as reported by the Servicer -- only applicable for
                Actual/Actual Loans.

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              PREPAY_PENALTY_
                AMT

            	
              The
                penalty amount received when a borrower prepays on his loan as reported
                by
                the Servicer. 

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              PREPAY_PENALTY_
                WAIVED

            	
              The
                prepayment penalty amount for the loan waived by the
                servicer.

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
               

            	
               

            	
               

            	 	
               

            	
               

            
	
              MOD_DATE

            	
              The
                Effective Payment Date of the Modification for the loan.

            	
               

            	 	
              MM/DD/YYYY

            	
              10

            
	
              MOD_TYPE

            	
              The
                Modification Type.

            	
               

            	 	
              Varchar
                - value can be alpha or numeric

            	
              30

            
	
              DELINQ_P&I_ADVANCE_AMT

            	
              The
                current outstanding principal and interest advances made by
                Servicer.

            	
              2

            	 	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	 	 	 	 	 	 

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    SCHEDULE
      6

    

    DATA
      REQUIREMENTS OF SERVICING ADVANCES INCURRED PRIOR TO CUT-OFF DATE

    

    

    
      	
              [LOAN
                NUMBER]

            	
              [PRE-CUT-OFF
                DATE ADVANCE AMOUNT]

            

    

    

    

    [PROVIDED
      UPON REQUEST]Unassociated Document

    Exhibit
      4.1

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    Depositor

     

     

    HOMEQ
      SERVICING CORPORATION

     

    Servicer

    
 

     

    WELLS
      FARGO BANK, N.A.

     

    Master
      Servicer, Trust Administrator and Custodian

     

     

    and

     

     

    U.S.
      BANK
      NATIONAL ASSOCIATION

     

    Trustee

     

     

    POOLING
      AND SERVICING AGREEMENT

    Dated
      as
      of March 1, 2006

     

     

    MASTR
      Asset Backed Securities Trust 2006-WMC1

     

    Mortgage
      Pass-Through Certificates

     

    Series
      2006-WMC1

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF
      CONTENTS

     

    ARTICLE
      I

     

    
      	
              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.
                

            

    

     

    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
                Trust
                Administrator, the NIMS Insurer, Trustee or Certificateholders.
                

            
	
              SECTION
                3.06.

            	
              Assumption
                or Termination of Sub-Servicing Agreements. 

            
	
              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 and Distribution 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.

            	
              [Reserved].
                

            
	
              SECTION
                3.26.

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

            
	
              SECTION
                3.27.

            	
              [Reserved].
                

            
	
              SECTION
                3.28.

            	
              [Reseerved]
                

            
	
              SECTION
                3.29.

            	
              Advance
                Facility. 

            
	
              SECTION
                3.30.

            	
              Solicitations.
                

            

    

     

    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. 

            

    

     

    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 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 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.

            	
              Duties
                of the Credit Risk Manager. 

            
	
              SECTION
                6.08.

            	
              Limitation
                Upon Liability of the Credit Risk Manager. 

            
	
              SECTION
                6.09.

            	
              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-1

            	
              Form
                of Class A-1 Certificate

            
	
              Exhibit
                A-2

            	
              Form
                of Class A-2 Certificate

            
	
              Exhibit
                A-3

            	
              Form
                of Class A-3 Certificate

            
	
              Exhibit
                A-4

            	
              Form
                of Class A-4 Certificate

            
	
              Exhibit
                A-5

            	
              Form
                of Class M-1 Certificate

            
	
              Exhibit
                A-6

            	
              Form
                of Class M-2 Certificate

            
	
              Exhibit
                A-7

            	
              Form
                of Class M-3 Certificate

            
	
              Exhibit
                A-8

            	
              Form
                of Class M-4 Certificate

            
	
              Exhibit
                A-9

            	
              Form
                of Class M-5 Certificate

            
	
              Exhibit
                A-10

            	
              Form
                of Class M-6 Certificate

            
	
              Exhibit
                A-11

            	
              Form
                of Class M-7 Certificate

            
	
              Exhibit
                A-12

            	
              Form
                of Class M-8 Certificate

            
	
              Exhibit
                A-13

            	
              Form
                of Class M-9 Certificate

            
	
              Exhibit
                A-14

            	
              Form
                of Class M-10 Certificate

            
	
              Exhibit
                A-15

            	
              [Reserved]

            
	
              Exhibit
                A-16

            	
              Form
                of Class CE Certificate

            
	
              Exhibit
                A-17

            	
              Form
                of Class P Certificate

            
	
              Exhibit
                A-18

            	
              Form
                of Class R Certificate

            
	
              Exhibit
                A-19

            	
              Form
                of Class R-X Certificate

            
	
              Exhibit
                B

            	
              [Reserved]

            
	
              Exhibit
                C-1

            	
              Form
                of Trustee’s Initial Certification

            
	
              Exhibit
                C-2

            	
              Form
                of Trustee’s Final Certification

            
	
              Exhibit
                C-3

            	
              Form
                of Trustee’s 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

            	
              Form
                of Report Pursuant to Section 4.06

            
	
              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

            	
              Form
                of Cap Contract

            
	
              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 and Monthly Remittance Advice

            
	
              Exhibit
                R-2

            	
              [Reserved]

            
	
              Exhibit
                R-3

            	
              Form
                of Realized Loss Report

            
	 	 
	
              Schedule
                1

            	
              Mortgage
                Loan Schedule

            
	
              Schedule
                2

            	
              Prepayment
                Charge Schedule

            

    

    

    

    
      
        
          

           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    This
      Pooling and Servicing Agreement, is dated and effective as of March 1, 2006
      among MORTGAGE ASSET SECURITIZATION TRANSACTIONS, INC. as Depositor, HOMEQ
      SERVICING CORPORATION as Servicer, WELLS FARGO BANK, N.A. as Master Servicer,
      Trust Administrator and Custodian 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 Cap Account, the Cap
      Contract, 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)

            	 	
              $

            	
              488.40
                

            	 	
              March
                25, 2036

            	 
	
              I-1-A

            	 	
              Variable(2)

            	 	
              $

            	
              5,306,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-1-B

            	 	
              Variable(2)

            	 	
              $

            	
              5,306,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-2-A

            	 	
              Variable(2)

            	 	
              $

            	
              6,607,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-2-B

            	 	
              Variable(2)

            	 	
              $

            	
              6,607,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-3-A

            	 	
              Variable(2)

            	 	
              $

            	
              7,905,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-3-B

            	 	
              Variable(2)

            	 	
              $

            	
              7,905,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-4-A

            	 	
              Variable(2)

            	 	
              $

            	
              9,178,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-4-B

            	 	
              Variable(2)

            	 	
              $

            	
              9,178,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-5-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,424,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-5-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,424,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-6-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,618,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-6-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,618,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-7-A

            	 	
              Variable(2)

            	 	
              $

            	
              12,758,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-7-B

            	 	
              Variable(2)

            	 	
              $

            	
              12,758,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-8-A

            	 	
              Variable(2)

            	 	
              $

            	
              13,819,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-8-B

            	 	
              Variable(2)

            	 	
              $

            	
              13,819,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-9-A

            	 	
              Variable(2)

            	 	
              $

            	
              14,746,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-9-B

            	 	
              Variable(2)

            	 	
              $

            	
              14,746,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-10-A

            	 	
              Variable(2)

            	 	
              $

            	
              14,049,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-10-B

            	 	
              Variable(2)

            	 	
              $

            	
              14,049,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-11-A

            	 	
              Variable(2)

            	 	
              $

            	
              13,385,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-11-B

            	 	
              Variable(2)

            	 	
              $

            	
              13,385,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-12-A

            	 	
              Variable(2)

            	 	
              $

            	
              12,753,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-12-B

            	 	
              Variable(2)

            	 	
              $

            	
              12,753,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-13-A

            	 	
              Variable(2)

            	 	
              $

            	
              12,151,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-13-B

            	 	
              Variable(2)

            	 	
              $

            	
              12,151,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-14-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,578,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-14-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,578,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-15-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,031,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-15-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,031,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-16-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,511,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-16-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,511,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-17-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,016,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-17-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,016,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-18-A

            	 	
              Variable(2)

            	 	
              $

            	
              9,544,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-18-B

            	 	
              Variable(2)

            	 	
              $

            	
              9,544,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-19-A

            	 	
              Variable(2)

            	 	
              $

            	
              9,218,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-19-B

            	 	
              Variable(2)

            	 	
              $

            	
              9,218,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-20-A

            	 	
              Variable(2)

            	 	
              $

            	
              17,833,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-20-B

            	 	
              Variable(2)

            	 	
              $

            	
              17,833,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-21-A

            	 	
              Variable(2)

            	 	
              $

            	
              123,633,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-21-B

            	 	
              Variable(2)

            	 	
              $

            	
              123,633,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-22-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,516,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-22-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,516,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-23-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,325,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-23-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,325,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-24-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,101,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-24-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,101,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-25-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,562,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-25-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,562,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-26-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,493,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-26-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,493,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-27-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,428,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-27-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,428,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-28-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,365,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-28-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,365,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-29-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,306,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-29-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,306,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-30-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,249,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-30-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,249,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-31-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,195,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-31-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,195,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-32-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,144,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-32-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,144,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-33-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,523,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-33-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,523,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-34-A

            	 	
              Variable(2)

            	 	
              $

            	
              961,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-34-B

            	 	
              Variable(2)

            	 	
              $

            	
              961,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-35-A

            	 	
              Variable(2)

            	 	
              $

            	
              921,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-35-B

            	 	
              Variable(2)

            	 	
              $

            	
              921,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-36-A

            	 	
              Variable(2)

            	 	
              $

            	
              884,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-36-B

            	 	
              Variable(2)

            	 	
              $

            	
              884,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-37-A

            	 	
              Variable(2)

            	 	
              $

            	
              848,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-37-B

            	 	
              Variable(2)

            	 	
              $

            	
              848,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-38-A

            	 	
              Variable(2)

            	 	
              $

            	
              813,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-38-B

            	 	
              Variable(2)

            	 	
              $

            	
              813,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-39-A

            	 	
              Variable(2)

            	 	
              $

            	
              780,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-39-B

            	 	
              Variable(2)

            	 	
              $

            	
              780,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-40-A

            	 	
              Variable(2)

            	 	
              $

            	
              748,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-40-B

            	 	
              Variable(2)

            	 	
              $

            	
              748,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-41-A

            	 	
              Variable(2)

            	 	
              $

            	
              718,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-41-B

            	 	
              Variable(2)

            	 	
              $

            	
              718,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-42-A

            	 	
              Variable(2)

            	 	
              $

            	
              689,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-42-B

            	 	
              Variable(2)

            	 	
              $

            	
              689,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-43-A

            	 	
              Variable(2)

            	 	
              $

            	
              661,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-43-B

            	 	
              Variable(2)

            	 	
              $

            	
              661,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-44-A

            	 	
              Variable(2)

            	 	
              $

            	
              635,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-44-B

            	 	
              Variable(2)

            	 	
              $

            	
              635,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-45-A

            	 	
              Variable(2)

            	 	
              $

            	
              609,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-45-B

            	 	
              Variable(2)

            	 	
              $

            	
              609,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-46-A

            	 	
              Variable(2)

            	 	
              $

            	
              585,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-46-B

            	 	
              Variable(2)

            	 	
              $

            	
              585,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-47-A

            	 	
              Variable(2)

            	 	
              $

            	
              561,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-47-B

            	 	
              Variable(2)

            	 	
              $

            	
              561,500.00
                

            	 	
              March
                25, 2036

            	 
	
              I-48-A

            	 	
              Variable(2)

            	 	
              $

            	
              14,115,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-48-B

            	 	
              Variable(2)

            	 	
              $

            	
              14,115,000.00
                

            	 	
              March
                25, 2036

            	 
	
              I-LTP

            	 	
              Variable(2)

            	 	
              $

            	
              100.00

            	 	
              March
                25, 2036

            	 

    

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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)

            	 	
              $

            	
              769,903,178.63
                

            	 	
              March
                25, 2036

            
	
              II-LTA1

            	 	
              Variable(2)

            	 	
              $

            	
              3,390,000.00
                

            	 	
              March
                25, 2036

            
	
              II-LTA2

            	 	
              Variable(2)

            	 	
              $

            	
              1,010,000.00
                

            	 	
              March
                25, 2036

            
	
              II-LTA3

            	 	
              Variable(2)

            	 	
              $

            	
              1,412,500.00
                

            	 	
              March
                25, 2036

            
	
              II-LTA4

            	 	
              Variable(2)

            	 	
              $

            	
              495,990.00
                

            	 	
              March
                25, 2036

            
	
              II-LTM1

            	 	
              Variable(2)

            	 	
              $

            	
              278,890.00
                

            	 	
              March
                25, 2036

            
	
              II-LTM2

            	 	
              Variable(2)

            	 	
              $

            	
              247,460.00
                

            	 	
              March
                25, 2036

            
	
              II-LTM3

            	 	
              Variable(2)

            	 	
              $

            	
              153,190.00
                

            	 	
              March
                25, 2036

            
	
              II-LTM4

            	 	
              Variable(2)

            	 	
              $

            	
              129,620.00
                

            	 	
              March
                25, 2036

            
	
              II-LTM5

            	 	
              Variable(2)

            	 	
              $

            	
              129,620.00
                

            	 	
              March
                25, 2036

            
	
              II-LTM6

            	 	
              Variable(2)

            	 	
              $

            	
              117,840.00
                

            	 	
              March
                25, 2036

            
	
              II-LTM7

            	 	
              Variable(2)

            	 	
              $

            	
              109,980.00
                

            	 	
              March
                25, 2036

            
	
              II-LTM8

            	 	
              Variable(2)

            	 	
              $

            	
              102,130.00
                

            	 	
              March
                25, 2036

            
	
              II-LTM9

            	 	
              Variable(2)

            	 	
              $

            	
              58,920.00
                

            	 	
              March
                25, 2036

            
	
              II-LTM10

            	 	
              Variable(2)

            	 	
              $

            	
              78,560.00
                

            	 	
              March
                25, 2036

            
	
              II-LTZZ

            	 	
              Variable(2)

            	 	
              $

            	
              7,997,609.77
                

            	 	
              March
                25, 2036

            
	
              II-LTP

            	 	
              Variable(2)

            	 	
              $

            	
              100.00
                

            	 	
              March
                25, 2036

            
	
              II-LTIO

            	 	
              Variable(2)

            	 	 	
              N/A(3) 

            	 	
              March
                25, 2036

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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)

            	 	
              $

            	
              339,000,000

            	 	
              March
                25, 2036

            
	
              Class
                A-2

            	 	
              Variable(2)

            	 	
              $

            	
              101,000,000

            	 	
              March
                25, 2036

            
	
              Class
                A-3

            	 	
              Variable(2)

            	 	
              $

            	
              141,250,000

            	 	
              March
                25, 2036

            
	
              Class
                A-4

            	 	
              Variable(2)

            	 	
              $

            	
              49,599,000

            	 	
              March
                25, 2036

            
	
              Class
                M-1

            	 	
              Variable(2)

            	 	
              $

            	
              27,889,000

            	 	
              March
                25, 2036

            
	
              Class
                M-2

            	 	
              Variable(2)

            	 	
              $

            	
              24,746,000

            	 	
              March
                25, 2036

            
	
              Class
                M-3

            	 	
              Variable(2)

            	 	
              $

            	
              15,319,000

            	 	
              March
                25, 2036

            
	
              Class
                M-4

            	 	
              Variable(2)

            	 	
              $

            	
              12,962,000

            	 	
              March
                25, 2036

            
	
              Class
                M-5

            	 	
              Variable(2)

            	 	
              $

            	
              12,962,000

            	 	
              March
                25, 2036

            
	
              Class
                M-6

            	 	
              Variable(2)

            	 	
              $

            	
              11,784,000

            	 	
              March
                25, 2036

            
	
              Class
                M-7

            	 	
              Variable(2)

            	 	
              $

            	
              10,998,000

            	 	
              March
                25, 2036

            
	
              Class
                M-8

            	 	
              Variable(2)

            	 	
              $

            	
              10,213,000

            	 	
              March
                25, 2036

            
	
              Class
                M-9

            	 	
              Variable(2)

            	 	
              $

            	
              5,892,000

            	 	
              March
                25, 2036

            
	
              Class
                M-10

            	 	
              Variable(2)

            	 	
              $

            	
              7,856,000

            	 	
              March
                25, 2036

            
	
              Class
                CE Interest

            	 	
              Variable(3)

            	 	
              $

            	
              14,145,488.40

            	 	
              March
                25, 2036

            
	
              Class
                P Interest

            	 	
              N/A(4)

            	 	
              $

            	
                100.00

            	 	
              March
                25, 2036

            
	
              Class
                Swap-IO Interest

            	 	
              N/A(5)

            	 	 	
              N/A

            	 	
              March
                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)

            	
              $14,145,1488.40

            	
              March
                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

            	
              March
                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

            	 	
              March
                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 $785,615,588.40.

     

    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 3.29 hereof.

     

    “Advancing
      Person”: As defined in Section 3.29 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 March 29, 2006,
      among UBS Real Estate Securities Inc., Mortgage Asset Securitization
      Transactions, Inc. and WMC Mortgage Corporation.

     

    “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.21, (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.

     

    “Basic
      Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (i) the Principal Remittance Amount for such Distribution Date over
      (ii) the Overcollateralization Release Amount, if any, for such Distribution
      Date.

     

    “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
      is 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.

     

    “Cap
      Contract”: The cap contract between the Trust Administrator on behalf of the
      Trust and the counterparty thereunder relating to the Class A Certificates
      and
      the Mezzanine Certificates.

     

    “Certificate”:
      Any one of the Mortgage Pass-Through Certificates, Series 2006-WMC1, Class
      A-1,
      Class A-2, Class A-3, Class A-4, 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 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

            	
              0.070%

            	
              0.140%

            
	
              A-2

            	
              II-LTA2

            	
              0.110%

            	
              0.220%

            
	
              A-3

            	
              II-LTA3

            	
              0.180%

            	
              0.360%

            
	
              A-4

            	
              II-LTA4

            	
              0.270%

            	
              0.540%

            
	
              M-1

            	
              II-LTM1

            	
              0.330%

            	
              0.495%

            
	
              M-2

            	
              II-LTM2

            	
              0.350%

            	
              0.525%

            
	
              M-3

            	
              II-LTM3

            	
              0.370%

            	
              0.555%

            
	
              M-4

            	
              II-LTM4

            	
              0.470%

            	
              0.705%

            
	
              M-5

            	
              II-LTM5

            	
              0.500%

            	
              0.750%

            
	
              M-6

            	
              II-LTM6

            	
              0.570%

            	
              0.855%

            
	
              M-7

            	
              II-LTM7

            	
              1.050%

            	
              1.575%

            
	
              M-8

            	
              II-LTM8

            	
              1.300%

            	
              1.950%

            
	
              M-9

            	
              II-LTM9

            	
              2.200%

            	
              3.300%

            
	
              M-10

            	
              _II-LTM10

            	
              2.500%

            	
              3.750%

            

    

    __________

    
      	
              (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.

     

    “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 or Class A-4 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-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-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-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-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
      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-16 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-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-1 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
      Certificate Principal Balance of the Class M-1 Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (A) the product of (i)
67.70%
      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 $3,928,078.

     

    “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-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-2 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 Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      distribution of the Class M-1 Principal Distribution Amount on such Distribution
      Date) and (iii) the Certificate Principal Balance of the Class M-2 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 74.00% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the 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
      $3,928,078.

     

    “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-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-3 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 Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      distribution of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the distribution of the Class M-2 Principal
      Distribution Amount on such Distribution Date) and (iv) the Certificate
      Principal Balance of the Class M-3 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 77.90% 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 $3,928,078.

     

    “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-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-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 Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      distribution of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the distribution of the Class M-2 Principal
      Distribution Amount on such Distribution Date), (iv) the Certificate Principal
      Balance of the Class M-3 Certificates (after taking into account the
      distribution of the Class M-3 Principal Distribution Amount on such Distribution
      Date) and (v) the Certificate Principal Balance of the Class M-4 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 81.20%
      and
      (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the
      last
      day of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the 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 $3,928,078.

     

    “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-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-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 Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      distribution of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the distribution of the Class M-2 Principal
      Distribution Amount on such Distribution Date), (iv) the Certificate Principal
      Balance of the Class M-3 Certificates (after taking into account the
      distribution of the Class M-3 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
      (after taking into account the distribution of the Class M-4 Principal
      Distribution Amount on such Distribution Date) and (vi) the Certificate
      Principal Balance of the Class M-5 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 84.50%
      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 $3,928,078.

     

    “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-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-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 Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      distribution of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the distribution of the Class M-2 Principal
      Distribution Amount on such Distribution Date), (iv) the Certificate Principal
      Balance of the Class M-3 Certificates (after taking into account the
      distribution of the Class M-3 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
      (after taking into account the distribution of the Class M-4 Principal
      Distribution Amount on such Distribution Date), (vi) the Certificate Principal
      Balance of the Class M-5 Certificates (after taking into account the
      distribution of the Class M-5 Principal Distribution Amount on such Distribution
      Date) and (vii) the Certificate Principal Balance of the Class M-6 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 87.50%
      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 $3,928,078.

     

    “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-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-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 Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      distribution of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the distribution of the Class M-2 Principal
      Distribution Amount on such Distribution Date), (iv) the Certificate Principal
      Balance of the Class M-3 Certificates (after taking into account the
      distribution of the Class M-3 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
      (after taking into account the distribution of the Class M-4 Principal
      Distribution Amount on such Distribution Date), (vi) the Certificate Principal
      Balance of the Class M-5 Certificates (after taking into account the
      distribution of the Class M-5 Principal Distribution Amount on such Distribution
      Date), (vii) the Certificate Principal Balance of the Class M-6 Certificates
      (after taking into account the distribution of the Class M-6 Principal
      Distribution Amount on such Distribution Date) and (viii) the Certificate
      Principal Balance of the Class M-7 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 90.30%
      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 $3,928,078.

     

    “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-12 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 Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      distribution of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the distribution of the Class M-2 Principal
      Distribution Amount on such Distribution Date), (iv) the Certificate Principal
      Balance of the Class M-3 Certificates (after taking into account the
      distribution of the Class M-3 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
      (after taking into account the distribution of the Class M-4 Principal
      Distribution Amount on such Distribution Date), (vi) the Certificate Principal
      Balance of the Class M-5 Certificates (after taking into account the
      distribution of the Class M-5 Principal Distribution Amount on such Distribution
      Date), (vii) the Certificate Principal Balance of the Class M-6 Certificates
      (after taking into account the distribution of the Class M-6 Principal
      Distribution Amount on such Distribution Date), (viii) the Certificate Principal
      Balance of the Class M-7 Certificates (after taking into account the
      distribution of the Class M-7 Principal Distribution Amount on such Distribution
      Date) and (ix) the Certificate Principal Balance of the Class M-8 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 92.90%
      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 $3,928,078.

     

    “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-13 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 Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      distribution of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the distribution of the Class M-2 Principal
      Distribution Amount on such Distribution Date), (iv) the Certificate Principal
      Balance of the Class M-3 Certificates (after taking into account the
      distribution of the Class M-3 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
      (after taking into account the distribution of the Class M-4 Principal
      Distribution Amount on such Distribution Date), (vi) the Certificate Principal
      Balance of the Class M-5 Certificates (after taking into account the
      distribution of the Class M-5 Principal Distribution Amount on such Distribution
      Date), (vii) the Certificate Principal Balance of the Class M-6 Certificates
      (after taking into account the distribution of the Class M-6 Principal
      Distribution Amount on such Distribution Date), (viii) the Certificate Principal
      Balance of the Class M-7 Certificates (after taking into account the
      distribution of the Class M-7 Principal Distribution Amount on such Distribution
      Date), (ix) the Certificate Principal Balance of the Class M-8 Certificates
      (after taking into account the distribution of the Class M-8 Principal
      Distribution Amount on such Distribution Date) and (x) the Certificate Principal
      Balance of the Class M-9 Certificates immediately prior to such Distribution
      Date over (y) the lesser of (A) the product of (i) 94.40% 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 $3,928,078.

     

    “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 Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      distribution of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the distribution of the Class M-2 Principal
      Distribution Amount on such Distribution Date), (iv) the Certificate Principal
      Balance of the Class M-3 Certificates (after taking into account the
      distribution of the Class M-3 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
      (after taking into account the distribution of the Class M-4 Principal
      Distribution Amount on such Distribution Date), (vi) the Certificate Principal
      Balance of the Class M-5 Certificates (after taking into account the
      distribution of the Class M-5 Principal Distribution Amount on such Distribution
      Date), (vii) the Certificate Principal Balance of the Class M-6 Certificates
      (after taking into account the distribution of the Class M-6 Principal
      Distribution Amount on such Distribution Date), (viii) the Certificate Principal
      Balance of the Class M-7 Certificates (after taking into account the
      distribution of the Class M-7 Principal Distribution Amount on such Distribution
      Date), (ix) the Certificate Principal Balance of the Class M-8 Certificates
      (after taking into account the distribution of the Class M-8 Principal
      Distribution Amount on such Distribution Date), (x) the Certificate Principal
      Balance of the Class M-9 Certificates (after taking into account the
      distribution of the Class M-9 Principal Distribution Amount on such Distribution
      Date), and (xi) the Certificate Principal Balance of the Class M-10 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 96.40% 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
      $3,928,078.

     

    “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-17 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-18 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-19 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”: March 29, 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 Corporation, as Servicer for U.S. Bank National
      Association, as Trustee, in trust for the registered holders of MASTR Asset
      Backed Securities Trust 2006-WMC1, 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.
      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.

     

    “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-WMC1, 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
      Orginator, 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-WMC1 and (B) for all other
      purposes, Wells Fargo Bank, N.A., 9062 Old Annapolis Road, Columbia, Maryland
      21045, Attention: Corporate Trust Services—MASTR 2006-WMC1, 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 Orginator 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-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-LTP

            	
              Class
                P

            

    

    

    “Credit
      Enhancement Percentage”: For any Distribution Date, the percentage equivalent of
      a fraction, the numerator of which is 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 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.

     

    “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 Wells
      Fargo Bank, N.A. 

     

    “Cut-off
      Date”: With respect to each Original Mortgage Loan, March 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 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”: As of the last day of the related Due Period, the percentage
      equivalent of a fraction, the numerator of which is the aggregate Stated
      Principal Balance of all Mortgage Loans that, as of the last day of the previous
      calendar month, are 60 or more days delinquent, are in foreclosure, have been
      converted to REO Properties or have been discharged by reason of bankruptcy
      and
      are 60 or more days delinquent, and the denominator of which is the aggregate
      Stated Principal Balance of the Mortgage Loans and REO Properties as of the
      last
      day of the previous calendar month.

     

    “Depositor”:
      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-WMC1, Mortgage Pass-Through
      Certificates, Series 2006-WMC1—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 April 2006.

     

    “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,
      F-1 by Fitch or A-1+ by S&P (or comparable ratings if Moody’s, Fitch 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 Cap Contract 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, formally 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, formally 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.

     

    “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 and Class M-10 Certificates.

     

    “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-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
      and
      REMIC II Regular Interest II-LTM10 and any Accrual Period therefor, the second
      London Business Day preceding the commencement of such Accrual
      Period.

     

    “Interest
      Rate Swap Agreement”: The 1992 ISDA Master Agreement (Multicurrency-Cross
      Border) dated as of March 29, 2006 (together with the schedule thereto, the
      Master Agreement) between UBS AG and the Trust Administrator (in its capacity
      as
      Supplemental Interest Trust Trustee) and a confirmation of the same date, which
      supplements and forms part of the Master Agreement. 

     

    “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 Mortgage Loans.

     

    “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.

     

    “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-LTM1, II-LTM2, II-LTM3, II-LTM4, II-LTM5, II-LTM6, II-LTM7, II-LTM8,
      II-LTM9, II-LTM10 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
      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.14.

     

    “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 Class A Certificates
      and the Mezzanine 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 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 the 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.

     

    “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-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 and REMIC II Regular Interest
      II-LTM10 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
      or Class M-10 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, 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 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 Class A Certificates and
      the Mezzanine Certificates, a per annum rate equal to the product of (A) the
      weighted average of the Adjusted Net Mortgage Rates of the 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 (B) 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
minus
      (i)
      an amount, expressed as a percentage, equal to the product of (x) 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 (y) 12 and (ii)
      an
      amount, expressed as a percentage, equal to the product of (x) 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
      and (y) 12.
      For
      federal income tax purposes, the equivalent of the foregoing shall be expressed
      as the weighted average of the REMIC II Remittance Rate on the REMIC II Regular
      Interests (other than REMIC II Regular Interest II-LTIO), weighted on the basis
      of the Uncertificated Balance of each such REMIC II Regular
      Interest.

     

    “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 and/or the Class R Certificates.

     

    “Nonrecoverable
      Advance”: Any Advance previously made or proposed to be made in respect of a
      Mortgage Loan or REO Property that, in the good faith business judgment of
      the
      Servicer or the Master Servicer, 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 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-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 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”:
      WMC Mortgage Corporation, a California corporation.

     

    “Originator
      Master Agreement”:
      The
      Master Seller’s Purchase and Warranties Agreement, dated as of February 1, 2003,
      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
      2.05(a).

     

    “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) 1.80%
      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)
      3.60% 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-LTM1,
      II-LTM2, II-LTM3, II-LTM4, II-LTM5, II-LTM6, II-LTM7, II-LTM8, II-LTM9, II-LTM10
      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 “AAA” 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 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 (other than any Originator Prepayment Charge Payment Amount and
      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 voluntary Principal Prepayment in full during the
      portion of the related Prepayment Period occurring between the first day and
      the
      fifteenth day, inclusive, of the calendar month in which such Distribution
      Date
      occurs, an amount equal to interest (to the extent received) at the applicable
      Net Mortgage Rate on the amount of such Principal Prepayment for the number
      of
      days commencing on the first day of the calendar month in which such
      Distribution Date occurs and ending on the 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 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 April
      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
      Distribution Amount”: For any Distribution Date will be the sum of (i) the
      principal portion of all scheduled monthly payments on the Mortgage Loans due
      during the related Due Period, whether or not received on or prior to the
      related Determination Date; (ii) the principal portion of all proceeds received
      in respect of the repurchase of a Mortgage Loan (or, in the case of a
      substitution, certain amounts representing a principal adjustment) during the
      related Prepayment Period; (iii) the principal portion of all related Net
      Liquidation Proceeds, Insurance Proceeds, Subsequent Recoveries and all full
      and
      partial principal prepayments, received during the related Prepayment Period,
      to
      the extent applied as recoveries of principal on the Mortgage Loans and (iv)
      any
      Extra Principal Distribution Amount for such Distribution Date minus (v) any
      Overcollateralization Release Amount for such Distribution Date. In no event
      will the Principal Distribution Amount with respect to any Distribution Date
      be
      (x) less than zero or (y) greater than the then outstanding aggregate
      Certificate Principal Balance of the Class A and Mezzanine Certificates.

     

    “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.

     

    “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 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>31<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, and (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 March 24, 2006 relating to
      the public offering of the Class A Certificates and the 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.

     

    “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, 1,531 (Jan. 7, 2005)) or by the staff of the
      Commission, or as may be provided by the Commission or its staff from time
      to
      time. 

     

    “Relevant
      Servicing Criteria”: 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 Agreements (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 Cap Account, the Cap Contract, 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
      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 Adjusted Net Mortgage Rate of the Mortgage Loans.
      With respect to each REMIC I Regular Interest ending with the designation “A”, a
      per annum rate equal to the weighted average Adjusted Net Mortgage Rate of
      the
      Mortgage Loans multiplied by 2, subject to a maximum rate of 10.000%. With
      respect to each REMIC 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 Net Mortgage Rate of the Mortgage Loans over (ii)
      10.000% 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 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
      Overcollateralized Amount”: With respect to any date of determination, (i) 1% of
      the aggregate Uncertificated Balance of the REMIC II Regular Interests (other
      than REMIC II Regular Interest II-LTP and REMIC II Regular Interest II-LTIO)
      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-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 and REMIC II Regular Interest II-LTM10, 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-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 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-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-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 (other than REMIC II Regular Interest II-LTIO),
      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-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-LTP, REMIC II Regular
      Interest I-TLZZ and REMIC II Regular Interest II-LTIO. REMIC II Regular Interest
      II-LTP shall also be entitled to any Prepayment Charges received by the Trust
      Fund.

     

    “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-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-LTZZ, REMIC II Regular Interest II-LTP,
      a
      per annum rate (but not less than zero) equal to the weighted average of (w)
      with respect to REMIC 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 Principal Balance of
      such
      REMIC I Regular Interests for each such Distribution Date and (x) 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 Principal Balance 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-48-A

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

            
	
              2

            	
              I-2-A
                through I-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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-48-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
                thorugh I-48-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-48-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-48-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-48-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-48-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
                and I-48-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

            	
              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

            
	 	 	 
	
              thereafter

            	
              I-1-A
                through I-48-A

            	
              REMIC
                I Remittance Rate

            

    

    

     

    With
      respect to REMIC II Regular Interest II-IO, and (i) the first Distribution
      Date
      through the 48th
      Distribution Date, the excess of (x) the weighted average of the REMIC I
      Remittance Rates for REMIC I Regular Interests including the designation “A”,
      over (y) 2 multiplied by Swap LIBOR and (ii) thereafter, 0.00%. With respect
      to
      REMIC II Regular Interest II-LTP, a per annum rate equal to the weighted average
      of the Expense Adjusted Net Mortgage Rates of the Mortgage Loans.

     

    “REMIC
      II
      Required Overcollateralized Amount”: 1.00% of the Overcollateralization Target
      Amount.

     

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

     

    “REMIC
      III Certificate”: Any Regular Certificate (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.

     

    “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”: The excess of (x) the aggregate Certificate
      Principal Balance of the Class A Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 60.60% 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 $3,928,078.

     

    “Servicer”:
      HomEq Servicing Corporation 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
      2.05(a).

     

    “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”: All customary, reasonable and necessary “out of pocket” costs and
      expenses other than Advances (including reasonable attorneys’ fees and
      disbursements) incurred 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 the Mortgaged Property, (ii) any
      enforcement or judicial proceedings, including foreclosures, in respect of
      a
      particular Mortgage Loan, (iii) the management and liquidation of the REO
      Property and (iv) taxes, assessments, water rates, sewer rents and other charges
      which are or may become a lien upon the Mortgaged Property. Servicing Advances
      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
      that
      would be a Nonrecoverable Servicing 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 Loans 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, the
      Master Servicer, the Custodian or the Trust Administrator, respectively.

     

    “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 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 Class M 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 April 2009 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 Principal Distribution
      Amount to the holders of the certificates then entitled to distributions of
      principal on such Distribution Date) for the Class A Certificates is greater
      than or equal to approximately 39.40%. 

     

    “Subcontractor”
      means any vendor, subcontractor or other Person that is not responsible for
      the
      overall servicing of Mortgage Loans but is determined to be participating in
      the
      servicing function and 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 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
      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
      Account”: The account or accounts created and maintained pursuant to Section
      4.08. The Swap Account must be an Eligible Account.

     

    “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 Swap Agreement. 

     

    “Swap
      Provider”: 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.

     

    “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.

     

    “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 36.80% 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

            
	
              April
                2008 through March 2009

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

            
	
              April
                2009 through March 2010

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

            
	
              April
                2010 through March 2011

            	
              5.00%
                for the first month, plus an additional 1/12th of 1.40% for each
                month
                thereafter

            
	
              April
                2011 through March 2012

            	
              6.40%
                for the first month, plus an additional 1/12th of 0.75% for each
                month
                thereafter

            
	
              April
                2012 and thereafter

            	
              7.15%

            

    

    

     

    “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-48-A

            
	
              2

            	
              I-2-A
                THROUGH
                I-48-A

            
	
              3

            	
              I-3-A
                THROUGH
                I-48-A

            
	
              4

            	
              I-4-A
                THROUGH
                I-48-A

            
	
              5

            	
              I-5-A
                THROUGH
                I-48-A

            
	
              6

            	
              I-6-A
                THROUGH
                I-48-A

            
	
              7

            	
              I-7-A
                THROUGH I-48-A

            
	
              8

            	
              I-8-A
                THROUGH I-48-A

            
	
              9

            	
              I-9-A
                THROUGH I-48-A

            
	
              10

            	
              I-10-A
                THROUGH I-48-A

            
	
              11

            	
              I-11-A
                THROUGH I-48-A

            
	
              12

            	
              I-12-A
                THROUGH I-48-A

            
	
              13

            	
              I-13-A
                THROUGH I-48-A

            
	
              14

            	
              I-14-A
                THROUGH I-48-A

            
	
              15

            	
              I-15-A
                THROUGH I-48-A

            
	
              16

            	
              I-16-A
                THROUGH I-48-A

            
	
              17

            	
              I-17-A
                THROUGH I-48-A

            
	
              18

            	
              I-18-A
                THROUGH I-48-A

            
	
              19

            	
              I-19-A
                THROUGH I-48-A

            
	
              20

            	
              I-20-A
                THROUGH I-48-A

            
	
              21

            	
              I-21-A
                THROUGH I-48-A

            
	
              22

            	
              I-22-A
                THROUGH I-48-A

            
	
              23

            	
              I-23-A
                THROUGH I-48-A

            
	
              24

            	
              I-24-A
                THROUGH I-48-A

            
	
              25

            	
              I-25-A
                THROUGH I-48-A

            
	
              26

            	
              I-26-A
                THROUGH I-48-A

            
	
              27

            	
              I-27-A
                THROUGH I-48-A

            
	
              28

            	
              I-28-A
                THROUGH I-48-A

            
	
              29

            	
              I-29-A
                THROUGH I-48-A

            
	
              30

            	
              I-30-A
                THROUGH I-48-A

            
	
              31

            	
              I-31-A
                THROUGH I-48-A

            
	
              32

            	
              I-32-A
                THROUGH I-48-A

            
	
              33

            	
              I-33-A
                THROUGH I-48-A

            
	
              34

            	
              I-34-A
                THROUGH I-48-A

            
	
              35

            	
              I-35-A
                THROUGH I-48-A

            
	
              36

            	
              I-36-A
                THROUGH I-48-A

            
	
              37

            	
              I-37-A
                THROUGH I-48-A

            
	
              38

            	
              I-38-A
                THROUGH I-48-A

            
	
              39

            	
              I-39-A
                THROUGH I-48-A

            
	
              40

            	
              I-40-A
                THROUGH I-48-A

            
	
              41

            	
              I-41-A
                THROUGH I-48-A

            
	
              42

            	
              I-42-A
                THROUGH I-48-A

            
	
              43

            	
              I-43-A
                THROUGH I-48-A

            
	
              44

            	
              I-44-A
                THROUGH I-48-A

            
	
              45

            	
              I-45-A
                THROUGH I-48-A

            
	
              46

            	
              I-46-A
                THROUGH I-48-A

            
	
              47

            	
              I-47-A
                AND I-48-A

            
	
              48

            	
              I-48-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,
      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.

     

    
      	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
      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 the Mortgage Loans shall be allocated first, to REMIC
      I
      Regular Interest I and to the REMIC 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 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, the aggregate amount of any
      Prepayment Interest Shortfalls and 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-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-LTZZ, pro
      rata,
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      REMIC II Remittance Rates on the respective Uncertificated Balances 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) any series of 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 amount 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 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 Custodian, the 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. Pursuant to the Assignment
      Agreement, notice shall be provided to the Trustee and the Rating Agencies
      by
      the Originator if delivery pursuant to clause (2) above will be made more than
      180 days after the Closing Date.

     

    If
      the
      original lender’s title insurance policy was not delivered pursuant to Section
      2.01(vi) above, the Depositor shall deliver or cause to be delivered to the
      Trustee (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
      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 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.

     

    The
      Depositor hereby directs the Trust
      Administrator to
      execute, deliver and perform its obligations under the the Cap Contract, the
      Interest Rate Swap Agreement (in its capacity as Supplemental Interest Trust
      Trustee) and to assign any rights to receive payments from the Swap Provider
      to
      the Swap Administrator pursuant to the Swap Administration Agreement and the
      Depositor further directs the Trust Administrator to execute, deliver and
      perform its obligations under the Swap Administration Agreement. The Seller,
      the
      Depositor, the Servicer and the Holders of the Class A Certificates and the
      Mezzanine Certificates by their acceptance of such Certificates acknowledge
      and
      agree that the Trust Administrator shall execute, deliver and perform its
      obligations under the the Cap Contract, the Interest Rate Swap Agreement and
      the
      Swap Administration Agreement and shall do so solely in its capacity as Trust
      Administrator or as Swap Administrator, as the case may be, and not in its
      individual capacity. 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 execution of the the
      Cap Contract, the Interest Rate Swap Agreement and the Swap Administration
      Agreement, and the performance of its duties and satisfaction of its obligations
      thereunder.

     

    
      	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) 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.

     

    The
      Trustee (or the Custodian on behalf of the Trustee) agrees, for the benefit
      of
      the Certificateholders and the NIMS Insurer, to review each Mortgage File and,
      within 45 days of the Closing Date, to deliver to the Depositor, the NIMS
      Insurer, the Trustee, the Servicer and the Master Servicer a certification
      in
      substantially the form attached hereto as Exhibit C-1 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), (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) 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 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
      this
      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
      and the Trustee, for the benefit of each of the NIMS Insurer, the Trustee,
      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 such 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
      Trustee or to the Custodian on its behalf 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 NIMS Insurer, 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 Servicer, the NIMS Insurer, 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, the NIMS Insurer 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.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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 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 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 Originator to pay the amount
      of
      such waived Prepayment Charge to the Servicer for deposit in the Collection
      Account for the benefit of the Holders of the Class P Certificates (the
“Originator Prepayment Charge Payment Amount”) pursuant to Section 3 of the
      Assignment Agreement. 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 the 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 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, 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 or the Trustee (if the Master
      Servicer or the Trustee 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 or 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
                Trust
                Administrator, the NIMS Insurer, Trustee 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
      or 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.

            

    

     

    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, as applicable, (or
      the
      successor servicer appointed pursuant to Section 7.02) 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, as applicable, (or the successor servicer
      appointed pursuant to Section 7.02) 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 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
      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 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 3.29 (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.

     

    
      	SECTION
              3.11.  	
              Withdrawals
                from the Collection Account and Distribution
                Account.

            

    

     

    (a)  The
      Servicer shall, from time to time, make withdrawals from the Collection Account
      for any of the following purposes, 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.

     

    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 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 this 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
      this Agreement), upon any request made by or on behalf 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 three 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 certifiying 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
      3.29 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 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 will deliver to the Trust Administrator, not later than March
      15th
      (with no
      cure period) of each calendar year beginning in 2007, an Officers’ Certificate
      (an “Annual Statement of Compliance”) stating, as to each signatory thereof,
      that (i) a review of the activities of the Servicer during the preceding
      calendar year and of performance under this Agreement has been made under such
      officer’s supervision and (ii) to the best of such officer’s knowledge, based on
      such review, the Servicer has fulfilled all of its obligations under this
      Agreement in all material respects throughout such year, 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 of cure provisions
      thereof. Such Annual Statement of Compliance shall contain no restrictions
      or
      limitations on its use. The Servicer shall deliver a similar Annual Statement
      of
      Compliance by any Sub-Servicer to which the Servicer has delegated any servicing
      responsibilites with respect to the Mortgage Loans or subcontractor or other
      Person engaged by it and satisfying any of the criteria set forth in Item
      1108(a)(i)-(iii) of Regulation AB, to the Trust Administrator as described
      above
      as and when required with respect to the Servicer.

     

    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 Master Servicer, the Trust Administrator or any Servicing Function
      Participant 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 Servicing
      Function Participant, as the case may be, such party shall provide an Officer’s
      Certificate pursuant to this Section 3.20 or to such 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 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 Master Servicer and the Trust Administrator shall also provide an Annual
      Statement of Compliance, as and when provided above.

     

    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.

            

    

     

    The
      Servicer shall service and administer the Mortgage Loans in accordance with
      all
      applicable requirements of the Relevant Servicing Criteria (as set forth in
      Exhibit N hereto). Pursuant to Rules 13a-18 and 15d-18 of the Exchange Act
      and
      Item 1122 of Regulation AB, the Servicer shall deliver to the Trust
      Administrator on or before March 15th
      (with no
      cure period) of each calendar year beginning in 2007, a report regarding the
      Servicer’s assessment of compliance (an “Assessment of Compliance”) with the
      Servicing Criteria during the preceding calendar year. The Assessment of
      Compliance must be reasonably satisfactory to the Trust Administrator, and
      as
      set forth in Regulation AB, the Assessment of Compliance must contain the
      following:

     

    (a)  A
      statement by such officer of its responsibility for assessing compliance with
      the Relevant Servicing Criteria applicable to the Servicer;

     

    (b)  A
      statement by such officer that such officer used the Relevant Servicing
      Criteria, and which will also be attached to the Assement of Compliance, to
      assess compliance with the Relevant Servicing Criteria applicable to the
      Servicer;

     

    (c)  An
      assessment by such officer of the Servicer’s compliance with the Relevant
      Servicing Criteria for the period consisting of the preceding calendar year,
      including disclosure of any material instance of noncompliance with respect
      thereto during such period, which assessment shall be based on the activities
      it
      performs with respect to asset-backed securities transactions taken as a whole
      involving the Servicer, that are backed by the same asset type as the Mortgage
      Loans;

     

    (d)  A
      statement that a registered public accounting firm has issued an attestation
      report on the Servicer’s Assessment of Compliance for the period consisting of
      the preceding calendar year; and

     

    (e)  A
      statement as to which of the Relevant Servicing Criteria, if any, are not
      applicable to the Servicer, which statement shall be based on the activities
      it
      performs with respect to asset-backed securities transactions taken as a whole
      involving the Servicer, that are backed by the same asset type as the Mortgage
      Loans.

     

    Such
      report at a minimum shall address each of the Relevant Servicing Criteria
      specified on Exhibit O hereto which are indicated as applicable to the
      Servicer.

     

    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 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 on
      any
      similar exhibit set forth in each Servicing Agreement in respect of each
      Servicer 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 Master Servicer, the Trust Administrator, the Custodian 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 to such other applicable agreement, notwithstanding any such
      termination, assignment or resignation.

     

    On
      or
      before March 15th
      (with no
      cure period) of each calendar year beginning in 2007, the Servicer shall furnish
      to the Trust Administrator a report (an “Attestation Report”) by a registered
      public accounting firm that attests to, and reports on, the Assessment of
      Compliance made by the Servicer, as required by Rules 13a-18 and 15d-18 of
      the
      Exchange Act and Item 1122(b) of Regulation AB, which Attestation Report must
      be
      made in accordance with standards for attestation reports issued or adopted
      by
      the Public Company Accounting Oversight Board. 

     

    The
      Servicer shall cause each Sub-Servicer, subcontractor or other Person determined
      to be “participating in the servicing function” within the meaning of Item 1122
      of Regulation AB (subject to the threshold limitation set forth in Instruction
      2
      thereof), to deliver to the Trust Administrator and the Depositor an Assessment
      of Compliance and Attestation Report as and when provided above for each year
      that the Trust is subject to the Exchange Act reporting
      requirements.

     

    Promptly
      after receipt of each such assessment of compliance and attestation report,
      the
      Trust Administrator shall confirm that each assessment submitted pursuant to
      this Section 3.21 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 Master Servicer, the Trust Administrator, the Custodian, any Servicer
      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, Servicing 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,
      or such other applicable agreement, notwithstanding any such termination,
      assignment or resignation.

     

    Such
      Assessment of Compliance, as to each Sub-Servicer, subcontractor or other Person
      determined to be “participating in the servicing function” within the meaning of
      Item 1122 of Regulation AB, shall address each of the Servicing Criteria
      applicable to the party engaging such Sub-Servicer, subcontractor or other
      Person, as specified on Exhibit O. Notwithstanding the foregoing, except for
      the
      Servicer, an Assessment of Compliance is not required to be delivered by any
      party unless it is required as part of a Form 10-K with respect to the Trust
      Fund.

     

    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 written 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 Master Servicer and the Trust Administrator shall also provide an Assessment
      of Compliance and Attestation Report, as and when provided above, which shall
      at
      a minimum address each of the Relevant Servicing Criteria specified on Exhibit
      N
      hereto which are indicated as applicable to each such party.

     

    Each
      of
      the Servicer, the Master Servicer and the Trust Administrator 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.

     

    
      	SECTION
              3.22.  	
              Access
                to Certain Documentation.

            

    

     

    The
      Servicer shall provide to the Office of Thrift Supervision, the FDIC, and any
      other federal or state banking or insurance regulatory authority that may
      exercise authority over any 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.
      Nothing in this Section shall limit the obligation of the Servicer to observe
      any applicable law prohibiting disclosure of information regarding the
      Mortgagors (absent proof that it is in compliance with applicable law) and
      the
      failure of the Servicer to provide access as provided in this Section as a
      result of such obligation shall not constitute a breach of this Section. In
      addition, access to the documentation regarding the Mortgage Loans will be
      provided to the the Trust Administrator, the NIMS Insurer, the Trustee, on
      behalf of the Certificateholders or a prospective transferee of a Certificate,
      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 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 the
      Trust Administrator, the Trustee and the NIMS Insurer an Opinion of Counsel
      acceptable to the NIMS Insurer and addressed to the 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 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:

     

    (1) the
      terms
      and conditions of any such contract shall not be inconsistent
      herewith;

     

    (2) 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;

     

    (3) 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

     

    (4) 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 March
      15,
      2006.

     

    
      	SECTION
              3.25.  	
              [Reserved].

            

    

     

    
      	SECTION
              3.26.  	
              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 3.26 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
              3.27.  	
              [Reserved].

            

    

     

    
      	SECTION
              3.28.  	
              [Reseerved]

            

    

     

    
      	SECTION
              3.29.  	
              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.

     

    (a)  Any
      amendment to this Section 3.29 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 3.29, 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
              3.30.  	
              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 3.30. 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 in accordance with the
      provisions of Article VII 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. The Master
      Servicer shall provide the NIMS Insurer upon reasonable request a copy of any
      such errors and omissions insurance policy and fidelity bond.

     

    
      	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 to 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) 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

     

    (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 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: 

     

    (i)  to
      Holders of REMIC I Regular Interest LT-P and REMIC I Regular Interest I-1-A
      through I-48-B, pro rata, in an amount equal to (A) Uncertificated Interest
      for
      such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts
      payable in respect thereof remaining unpaid from previous Distribution
      Dates.

     

    (ii)  to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (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-48-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 any Overcollateralization Reduction Amounts, to
      REMIC I Regular Interests I-1-A through I-48-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 Overcollateralization
      Reduction Amounts shall be allocated pro rata between such REMIC I Regular
      Interests.

     

    (iii)  to
      the
      Holders of REMIC I Regular Interest I-LTP, (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.

     

    (b)  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)  to
      the
      Holders of REMIC II Regular Interest II-LTIO, in an amount equal to (a)
      Uncertificated Accrued Interest for such REMIC II Regular Interest for such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates.

     

    (ii)  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-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-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-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 and REMIC II Regular Interest II-LTM10 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

     

    (iii)  to
      the
      Holders of REMIC II Regular Interest II-LTP, (A) on each Distribution Date,
      100%
      of the amount paid in respect of Prepayment Charges 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;

     

    (iv)  to
      the
      Holders of the REMIC II Regular Interests, in an amount equal to the remainder
      of the Available Funds for such Distribution Date after the distributions made
      pursuant to clauses (i), (ii) and (iii) above, allocated as
      follows:

     

    (a) 98.00%
      of
      such remainder to the Holders of REMIC II Regular Interest II-LTAA, until the
      Uncertificated Balance of such REMIC II Regular Interest is reduced to
      zero;

     

    (b) 2.00%
      of
      such remainder, first to the Holders of REMIC II Regular Interest 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-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 and REMIC II Regular Interest II-LTM10, 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-LTZZ, respectively; once the Uncertificated Principal Balances 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-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 and REMIC II Regular
      Interest II-LTM10have been reduced to zero.

     

    On
      each
      Distribution Date, all amounts representing Prepayment Charges in respect of
      the
      Mortgage Loans 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.

     

    (c)  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 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 Interest Remittance Amount remaining for such Distribution
      Date:

     

    (i)  concurrently,
      to the Holders of the Class A Certificates, on a pro rata basis based on the
      entitlement of each such Class, the Monthly Interest Distributable Amount and
      the Unpaid Interest Shortfall Amount, if any, for such Certificates for such
      Distribution Date; 

     

    (ii)  to
      the
      Holders of the Class M-1 Certificates, the Monthly Interest Distributable Amount
      allocable to such Certificates;

     

    (iii)  to
      the
      Holders of the Class M-2 Certificates, the Monthly Interest Distributable Amount
      allocable to such Certificates;

     

    (iv)  to
      the
      Holders of the Class M-3 Certificates, the Monthly Interest Distributable Amount
      allocable to such Certificates;

     

    (v)  to
      the
      Holders of the Class M-4 Certificates, the Monthly Interest Distributable Amount
      allocable to such Certificates;

     

    (vi)  to
      the
      Holders of the Class M-5 Certificates, the Monthly Interest Distributable Amount
      allocable to such Certificates;

     

    (vii)  to
      the
      Holders of the Class M-6 Certificates, the Monthly Interest Distributable Amount
      allocable to such Certificates; 

     

    (viii)  to
      the
      Holders of the Class M-7 Certificates, the Monthly Interest Distributable Amount
      allocable to such Certificates;

     

    (ix)  to
      the
      Holders of the Class M-8 Certificates, the Monthly Interest Distributable Amount
      allocable to such Certificates; 

     

    (x)  to
      the
      Holders of the Class M-9 Certificates, the Monthly Interest Distributable Amount
      allocable to such Certificates; and

     

    (xi)  to
      the
      Holders of the Class M-10 Certificates, the Monthly Interest Distributable
      Amount allocable to such Certificates.

     

    (d)  
      (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
      Principal Distribution Amount shall be made in the following amounts and order
      of priority:

     

    (i)  first,
      to
      the Holders of the Class A Certificates (allocated among the Class A
      Certificates in the priority described below), until the Certificate Principal
      Balances thereof have been reduced to zero; 

     

    (ii)  second,
      to the Holders of the Class M-1 Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero;

     

    (iii)  third,
      to
      the Holders of the Class M-2 Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero;

     

    (iv)  fourth,
      to the Holders of the Class M-3 Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero;

     

    (v)  fifth,
      to
      the Holders of the Class M-4 Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero;

     

    (vi)  sixth,
      to
      the Holders of the Class M-5 Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero;

     

    (vii)  seventh,
      to the Holders of the Class M-6 Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero;

     

    (viii)  eighth,
      to the Holders of the Class M-7 Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero;

     

    (ix)  ninth,
      to
      the Holders of the Class M-8 Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero; 

     

    (x)  tenth,
      to
      the Holders of the Class M-9 Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero; and

     

    (xi)  eleventh,
      to the Holders of the Class M-10 Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero.

     

    (II) 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 Principal Distribution Amount shall be made in the following amounts and
      order of priority:

     

    (i)  first,
      to
      the Holders of the Class A Certificates (allocated among the Class A
      Certificates in the priority described below), the Senior Principal Distribution
      Amount until the Certificate Principal Balances thereof have been reduced to
      zero; 

     

    (ii)  second,
      to the Holders of the Class M-1 Certificates, the Class M-1 Principal
      Distribution Amount until the Certificate Principal Balance thereof has been
      reduced to zero;

     

    (iii)  third,
      to
      the Holders of the Class M-2 Certificates, the Class M-2 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (iv)  fourth,
      to the Holders of the Class M-3 Certificates, the Class M-3 Principal
      Distribution Amount until the Certificate Principal Balance thereof has been
      reduced to zero;

     

    (v)  fifth,
      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;

     

    (vi)  sixth,
      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;

     

    (vii)  seventh,
      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; 

     

    (viii)  eighth,
      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;

     

    (ix)  ninth,
      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;

     

    (x)  tenth,
      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;
      and 

     

    (xi)  eleventh,
      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.

     

    With
      respect to the Class A Certificates, all principal distributions will be
      distributed sequentially to the Class A-1 Certificates, the Class A-2
      Certificates, the Class A-3 Certificates and the Class A-4 Certificates, in
      that
      order, until their respective Certificate Principal Balances have been reduced
      to zero. Notwithstanding any provisions contained in this Agreement to the
      contrary, on any Distribution Date on which the aggregate Certificate Principal
      Balance of the Subordinate Certificates has been reduced to zero, all
      distributions of principal to the Class A Certificates shall be distributed
      concurrently to the Class A-1 Certificates, the Class A-2 Certificates, the
      Class A-3 Certificates and the Class A-4 Certificates, on a pro rata basis
      based
      on the Certificate Principal Balance of each such Class.

     

    (e)  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 the Cap Contract, the Interest Rate Swap Agreement, distributable to such
      Holders as part of the 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 and Class M-10 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 the
      Cap
      Contract and 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.

     

    (f)  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 and Class
      M-10
      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.

     

    (g)  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)  first,
      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)  second,
      to the Swap Provider, any Swap Termination Payment owed to the Swap Provider
      not
      due to a Swap Provider Trigger Event pursuant to the Interest Rate Swap
      Agreement (after taking into account any upfront payment received from the
      counterparty to a replacement interest rate swap agreement);

     

    (iii)  third,
      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 Interest Remittance Amount, on
      a
      pro rata basis based on such respective remaining Monthly Interest Distributable
      Amount and Unpaid Interest Shortfall Amount;

     

    (iv)  fourth,
      sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 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 Interest Remittance Amount and the Net Monthly Excess
      Cashflow;

     

    (v)  fifth,
      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
      Principal Distribution Amount, remaining undistributed after distribution of
      the
      Net Monthly Excess Cashflow;

     

    (vi)  sixth,
      sequentially to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class
      M-6, Class M-7, Class M-8, Class M-9 and Class M-10 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;

     

    (vii)  seventh,
      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

     

    (viii)  eighth,
      sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 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.

     

    (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, as applicable, on information provided to the Trust
      Administrator by the Master Servicer (which in turn shall be based, 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, (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)  payments,
      if any, made under the Cap Contract and 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 

     

    (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, the
      NIMS Insurer 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
      2006,
      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 2006, 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 on any
      Distribution Date after December 2006, 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.

     

    
      	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-1 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). No later than 3 Business Days after the 15th day of each
      calendar month, the Servicer shall furnish to the Trust Administrator a monthly
      report containing such information regarding prepayments in full on Mortgage
      Loans during the applicable Prepayment Period in a 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 a 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 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 (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 as follows: first, to Net Monthly Excess
      Cashflow; second, to Net Swap Payments received under the Interest Rate Swap
      Agreement, third, to payments received under the Cap Contract, fourth, to the
      Class CE Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; fifth, to the Class M-10 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; sixth, to the Class M-9
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; seventh, to the Class M-8 Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero; eighth, to the Class M-7 Certificates,
      until the Certificate Principal Balance thereof has been reduced to zero; ninth,
      to the Class M-6 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero; tenth, to the Class M-5 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; eleventh, to
      the
      Class M-4 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; twelvth, to the Class M-3 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; thirteenth, to the Class
      M-2
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; and fourteenth, 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)  With
      respect to the REMIC I Regular Interests, all Realized Losses on the Mortgage
      Loans shall be allocated shall be allocated by the Trust Administrator on each
      Distribution Date to REMIC I Regular Interest I-1-A through REMIC I Regular
      Interest I-43-B, starting with the lowest numerical denomination until such
      REMIC I Regular Interest has been reduced to zero, provided that, for REMIC
      I
      Regular Interests with the same numerical denomination, such Realized Losses
      shall be allocated pro rata between such REMIC I Regular Interests.

     

    (d)  With
      respect to the REMIC II Regular Interests, all Realized Losses on the Mortgage
      Loans shall be allocated by the Trust Administrator on each Distribution Date
      to
      the following REMIC II Regular Interests in the specified percentages, as
      follows: first, to Uncertificated Interest payable to the REMIC II Regular
      Interest 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;
      second, 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; third,
      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-LTM9 has been reduced to zero; fourth, 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; fifth, 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; sixth, 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; seventh, 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; eighth, to the Uncertificated Balances of REMIC II Regular Interest
      II-LTAA, REMIC II Regular Interest II-LTM5 and REMIC II Regular Interest
      II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of
      REMIC
      II Regular Interest II-LTM5 has been reduced to zero; ninth, 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; tenth, 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; eleventh,
      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 twelfth, 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 hereto. 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, 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. 

     

    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 may proceed with the execution
      and
      filing of the Form 10-D. A duly authorized representative of the Master Servicer
      shall sign each Form 10-D. If a 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 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 the Master Servicer and the Trust Administrator of their
      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 that are applicable to the parties to this
      Agreement in the delivery to the Trust Administrator of any necessary Additional
      Form 10-D. Neither the Master Servicer nor the Trust Administrator shall have
      any liability for any loss, expense, damage, claim arising out of or with
      respect to any failure to properly prepare or execute 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 the Servicer, the Custodian
      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 immediately 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, and to the extent it receives the Form 8-K Disclosure Information
      described below, 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 pursuant to the paragraph
      immediately below, be reported by the parties set forth on Exhibit P and
      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 absent such reporting, direction and
      approval.

     

    As
      set
      forth on Exhibit P hereto, for so long as the Trust is subject to the Exchange
      Act reporting requirements, no later than 12:00 noon Eastern Standard Time
      on
      the 2nd Business Day after the occurrence of a Reportable Event (i) the parties
      set forth in 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,
      in
      EDGAR-compatible format, or in such other format as otherwise agreed upon by
      the
      Trust Administrator and the Depositor and such party, the form and substance
      of
      any Form 8-K Disclosure Information, if applicable, (ii) together with an
      Additional Disclosure Notification and (iii) 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 may
      proceed with the execution and filing of the Form 8-K. A duly authorized
      representative of the Master Servicer shall sign each Form 8-K. If a 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 it. The parties to this Agreement acknowledge that the performance
      by
      the Master Servicer and the Trust Administrator of their 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 the Master Servicer and
      the
      Trust Administrator of their respective duties under this Section 4.06(a)(iii)
      related to the preparation and execution of Form 8-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 that are
      applicable to the parties to this Agreement in the delivery to the Trust
      Administrator of any necessary Form 8-K Disclosure Information. Neither the
      Master Servicer nor the Trust Administrator shall have any liability for any
      loss, expense, damage, claim arising out of or with respect to any failure
      to
      properly prepare or execute 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 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
      immediately 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
      (together with each Custodian, 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 4.04(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.

     

    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, Trust Administrator may proceed with the execution and
      filing of the Form 10-K. A senior officer of the Master Servicer in charge
      of
      the master servicing function shall sign the Form 10-K. If a 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 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 the Master Servicer and the Trust Administrator of their
      respective 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 that are applicable to the parties
      to this 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[s], the Custodial Agreement[s] 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 or execute 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 immediately 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, exactly as set forth in
      Exhibit J-1 attached hereto, required to be included therewith pursuant to
      the
      Sarbanes-Oxley Act. The Servicer shall provide, and 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
      4.064(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
      party 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 Custodial
      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 receipt from the entity that is indicated in Exhibit P as the
      responsible party for providing that 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 Swap Agreement to provide to the Trust Administrator
      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 or Originator 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 by 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 and the Master Servicer. 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 Statement to Certificateholders), 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 or Form 10-D shall be signed by a duly authorized
      representative, or senior officer, as applicable, of the Master Servicer. The
      parties to this Agreement acknowledge that the performance by 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, 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 to 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.

     

    (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.

     

    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-WMC1, Mortgage Pass-Through Certificates, Series
      2006-WMC1—Net WAC Rate Carryover Reserve Account.” 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 Supplemental Interest Trust be treated
      as
      a grantor trust. 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.

     

    Amounts
      on deposit in the Net WAC Rate Carryover Reserve Account shall remain
      uninvested.

     

    
      	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-WMC1, Mortgage
      Pass-Through Certificates, Series 2006-WMC1—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)  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.

     

    (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 and Class R Certificates) as having entered into a notional principal
      contract with respect to the Holders of the Class CE Certificates. Pursuant
      to
      each such notional principal contract, all Holders of Certificates (other than
      the Class P, Class CE and Class R 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 and Class R 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 and Class R Certificates) of a Class IO
      Distribution Amount shall be treated for tax purposes as having been received
      by
      the Holders of such Certificates in respect of 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
      and
      Class R 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 Class
      M
      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
      Supplemental Interest Trust Trustee, in trust for the registered holders of
      MASTR Asset Backed Securities Trust 2006-WMC1, Mortgage Pass-Through
      Certificates, Series 2006-WMC1—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 Cap Contract 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. 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.

     

    For
      federal income tax purposes, the right of the Class A Certificiates and
      Mezzanine Certificates to receive payments from the Cap Account may have more
      than a de
      minimis
      value.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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 Trustee shall provide
      for the registration of Certificates and of transfers and exchanges of
      Certificates as herein provided.

     

    (b)  No
      transfer of any Class CE Certificate, Class P Certificate or Residual
      Certificate (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 Private Certificate by the Depositor to an Affiliate of the
      Depositor, (ii) the transfer of any such Private Certificate to the issuer
      under
      the Indenture or the indenture trustee under the Indenture or (iii) a transfer
      of any Private Certificate from the issuer under the Indenture or the indenture
      trustee under the Indenture to the Depositor or an Affiliate of the Depositor)
      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 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 Trust
      Fund
      or of the Depositor, the Trustee, the Trust Administrator, the Master Servicer
      in its capacity as such, the Servicer or any Sub-Servicer), together with copies
      of the written certification(s) of the Certificateholder desiring to effect
      the
      transfer and/or such Certificateholder’s prospective transferee upon which such
      Opinion of Counsel is based, if any. None of the Depositor, the Master Servicer,
      the Servicer, the Trust Administrator or the Trustee is obligated to register
      or
      qualify any such 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.

     

    (c)  No
      transfer of a Private 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 Private Certificate by the Depositor to an
      Affiliate of the Depositor, (ii) the transfer of any Private Certificate to
      the
      issuer under the Indenture or the indenture trustee under the Indenture or
      (iii)
      a transfer of any Private 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 Department of Labor
      Prohibited Transaction Exemption (“PTE”) 91-22, as amended by PTE 97-34 PTE
      2000-58 and PTE 2002-41 (the “Exemption”) and (B) such acquisition or holding is
      eligible for the exemptive relief available under PTE 84-14, PTE 91-38, PTE
      90-1, PTE 95-60 or PTE 96-23.

     

    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) 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
      two 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 pursuant to Section 10.01(h), (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 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 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
      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 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 (except the Trustee if it is required to succeed the 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 right to indemnity or reimbursement
      pursuant to this Section shall survive any termination of this Agreement or
      the
      resignation or termination of the Master Servicer, the Trust Administrator
      or
      the 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.  	
              Duties
                of the Credit Risk Manager.

            

    

     

    For
      and
      on behalf of the Depositor, the Credit Risk Manager will provide reports and
      recommendations concerning certain delinquent and defaulted Mortgage Loans,
      and
      as to the collection of any Prepayment Charges with respect to the Mortgage
      Loans. Such reports and recommendations will be based
      upon
      information provided to the Credit Risk Manager pursuant to the respective
      Credit Risk Management Agreement, and 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) relating to the
      servicing of the Mortgage Loans. Upon any termination of the Credit Risk Manager
      or the appointment of a successor Credit Risk Manager, the Depositor shall
      give
      written notice thereof to the Servicer, the 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.

     

    
      	SECTION
              6.08.  	
              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 or the
      Depositor for any action taken or for refraining from the taking of any action
      made in good faith pursuant to this Agreement, in reliance upon information
      provided by the Servicer under the Credit Risk Management Agreement, or for
      errors in judgment; provided, however, that this provision shall not protect
      the
      Credit Risk Manager or any such person against liability that would otherwise
      be
      imposed by reason of willful malfeasance or bad faith in its performance of
      its
      duties. The Credit Risk Manager and any director, officer, employee, or agent
      of
      the Credit Risk Manager may rely in good faith on any document of any kind
      prima
      facie
      properly
      executed and submitted by any Person respecting any matters arising hereunder,
      and may rely in good faith upon the accuracy of information furnished by the
      Servicer pursuant to the Credit Risk Management Agreement in the performance
      of
      its duties thereunder and hereunder.

     

    
      	SECTION
              6.09.  	
              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; 

     

    (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 6.04(b); 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 $50,000,000, 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 default, 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.

     

    
      	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 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 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.
Wells
      Fargo Bank, N.A.
      is
      hereby appointed as 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 this Agreement and to enforce the
      terms and provisions hereof 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), in no event shall the appointment of the Custodian
      pursuant to this Agreement diminish the obligations of the Trustee
      hereunder.

     

    
      	SECTION
              8.12.  	
              Representations
                and Warranties.

            

    

     

    Each
      of
      the Trustee, the Trust Administrator and the Custodian 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 and the NIMS Insurer, if any (in that order), 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. In addition, if the NIMS Insurer fails
      to
      exercise such right, the Master Servicer 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 5% 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 or Class R 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.

     

    (c)  Notice
      of
      the liquidation of the Certificates shall be given promptly by the Trust
      Administrator by letter to Certificateholders 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 Depositor, the
      Servicer, the Master Servicer, the Trust Administrator or the Trustee shall
      enter into any amendment to Section 4.08, Section 9.01, Section 11.09 or Section
      11.10 of this Agreement or any other amendment which would aversely affect
      in
      any material respect the Swap Provider’s rights under this Agreement without the
      prior written consent of the Swap Provider.

     

    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 Corporation, 4837 Watt Avenue,
      North Highlands, California 95660-5101, Attention: Portfolio Management,
      Facsimile No. (916) 339-6995 with a copy to HomEq Servicing Corporation, 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 Depositor, the Trust Administrator and the Trustee 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-MASTR 2006-WMC1 (telecopy number (410) 715-2380), with a copy to Wells
      Fargo Bank, N.A., 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention:
      Client Manager-MASTR 2006-WMC1 (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-MASTR 2006-WMC1, 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,
      (c) in the case of the Trustee, 60 Livingston Avenue, EP-MN-WS3D, St. Paul,
      Minnesota 55107, Attention: Structured Finance/MASTR 2006-WMC1 (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, or such other
      address or telecopy number as may hereafter be furnished to the Master Servicer,
      the NIMS Insurer and the Depositor in writing by the Trustee, (d) 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 Trustee and
      the
      NIMS Insurer and (e) 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 furnish 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, the Custodian 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/
                Vadim Khoper

            
	
              Name:

            	
              Vadim
                Khoper

            
	
              Title:

            	
              Associate
                Director

            
	 	 
	
              By:

            	
              /s/
                Anthony Beshara

            
	
              Name:

            	
              Anthony
                Beshara

            
	
              Title:

            	
              Associate
                Director

            
	 	 
	 	 
	
              WELLS
                FARGO BANK, N.A.,

              as
                Master Servicer, Trust Administrator and Custodian

            
	 	 
	 	 
	
              By:

            	
              /s/
                Peter A. Gobell

            
	
              Name:

            	
              Peter
                A. Gobell

            
	
              Title:

            	
              Vice
                President

            
	 	 
	 	 
	
              HOMEQ
                SERVICING CORPORATION

              as
                Servicer

            
	 	 
	 	 
	
              By:

            	
              /s/
                Arthur Lyon

            
	
              Name:

            	
              Arthur
                Lyon

            
	
              Title:

            	
              President

            
	 	 
	 	 
	
              U.S.
                BANK NATIONAL ASSOCIATION,

              as
                Trustee

            
	 	 
	 	 
	
              By:

            	
              /s/
                Toby Robillard

            
	
              Name:

            	
              Toby
                Robillard

            
	
              Title:

            	
              Assistant
                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 March 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
      corporations that executed the within instrument, and also known to me to be
      the
      person who executed it on behalf of said corporation, and acknowledged to me
      that such corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    [Notarial
      Seal]

    
       

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF 

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      the
      ____ day of March 2006, before me, a notary public in and for said State,
      personally appeared ________________________ known to me to be a(n)
      ________________________ of HomEq Servicing Corporation, one of the corporations
      that executed the within instrument, and also known to me to be the person
      who
      executed it on behalf of said corporation, and acknowledged to me that such
      corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    [Notarial
      Seal]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF MARYLAND

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF HOWARD

            	
              )

            	 

    

    

     

    On
      the
      ____ day of March 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 corporations
      that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said corporation, and acknowledged to me that such
      corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    [Notarial
      Seal]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF MINNESOTA

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF RAMSEY

            	
              )

            	 

    

    

     

    On
      the
      ____ day of March 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
      corporations that executed the within instrument, and also known to me to be
      the
      person who executed it on behalf of said corporation, and acknowledged to me
      that such corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    [Notarial
      Seal]

     

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    
Unassociated
    Document 

    EXHIBIT
      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”).

    

    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-WMC1

               

              Pass-Through
                Rate: Variable

               

              Cut-off
                Date and date of Pooling and Servicing Agreement: March 1,
                2006

               

              First
                Distribution Date: April 25, 2006

               

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class A-1 Certificates as of
                the
                Issue Date: $ 339,000,000.00

               

              Denomination:
                $339,000,000.00

               

              Master
                Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                N.A.

               

              Trustee:
                U.S. Bank National Association

               

              Issue
                Date: March 29, 2006

               

              CUSIP:
                57643L RH 1

            

    

    

    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 Trust Administrator, the Trustee and the rights of the
      Certificateholders under the Agreement at any time by the Depositor, the Master
      Servicer, the Trust Administrator and the Trustee with the consent of the
      Holders of Certificates entitled to at least 66% of the Voting Rights. Any
      such
      consent by the Holder of this Certificate shall be conclusive and binding on
      such Holder and upon all future Holders of this Certificate and of any
      Certificate issued upon the transfer hereof or in exchange herefor or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the 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 (d) 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:
      March ___, 2006

     

    
      	 	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-WMC1,
                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-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”).

    

    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-WMC1

               

              Pass-Through
                Rate: Variable

               

              Cut-off
                Date and date of Pooling and Servicing Agreement: March 1,
                2006

               

              First
                Distribution Date: April 25, 2006

               

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class A-2 Certificates as of
                the
                Issue Date: $101,000,000.00

               

              Denomination:
                $101,000,000.00

               

              Master
                Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                N.A.

               

              Trustee:
                U.S. Bank National Association

               

              Issue
                Date: March 29, 2006

               

              CUSIP:
                57643L RJ 7

            

    

    

    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 Trust Administrator and the Trustee and the rights of
      the
      Certificateholders under the Agreement at any time by the Depositor, the Master
      Servicer, the Trust Administrator and the Trustee with the consent of the
      Holders of Certificates entitled to at least 66% of the Voting Rights. Any
      such
      consent by the Holder of this Certificate shall be conclusive and binding on
      such Holder and upon all future Holders of this Certificate and of any
      Certificate issued upon the transfer hereof or in exchange herefor or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the 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:
      March ___, 2006

    
      	 	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-WMC1,
                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-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”).

    

    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-WMC1

               

              Pass-Through
                Rate: Variable

               

              Cut-off
                Date and date of Pooling and Servicing Agreement: March 1,
                2006

               

              First
                Distribution Date: April 25, 2006

               

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class A-3 Certificates as of
                the
                Issue Date: $ 141,250,000.00

               

              Denomination:
                $141,250,000.00

               

              Master
                Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                N.A.

               

              Trustee:
                U.S. Bank National Association

               

              Issue
                Date: March 29, 2006

               

              CUSIP:
                57643L RK 4

            

    

    

    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 Trust Administrator, the Trustee and the rights of the
      Certificateholders under the Agreement at any time by the Depositor, the Master
      Servicer, the Trust Administrator and the Trustee with the consent of the
      Holders of Certificates entitled to at least 66% of the Voting Rights. Any
      such
      consent by the Holder of this Certificate shall be conclusive and binding on
      such Holder and upon all future Holders of this Certificate and of any
      Certificate issued upon the transfer hereof or in exchange herefor or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the 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:
      March___, 2006

    
      	 	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-WMC1,
                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-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”).

    

    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-WMC1

               

              Pass-Through
                Rate: Variable

               

              Cut-off
                Date and date of Pooling and Servicing Agreement: March 1,
                2006

               

              First
                Distribution Date: April 25, 2006

               

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class A-4 Certificates as of
                the
                Issue Date: $49,599,000.00

               

              Denomination:
                $49,599,000.00

               

              Master
                Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                N.A.

               

              Trustee:
                U.S. Bank National Association

               

              Issue
                Date: March 29, 2006

               

              CUSIP:
                57643L RL 2

            

    

    

    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 Trust Administrator, the Trustee and the rights of the
      Certificateholders under the Agreement at any time by the Depositor, the Master
      Servicer, the Trust Administrator and the Trustee with the consent of the
      Holders of Certificates entitled to at least 66% of the Voting Rights. Any
      such
      consent by the Holder of this Certificate shall be conclusive and binding on
      such Holder and upon all future Holders of this Certificate and of any
      Certificate issued upon the transfer hereof or in exchange herefor or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the 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:
      March ___, 2006

    
      	 	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-WMC1,
                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-5

     

    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-WMC1

               

              Pass-Through
                Rate: Variable

               

              Cut-off
                Date and date of Pooling and Servicing Agreement: March 1,
                2006

               

              First
                Distribution Date: April 25, 2006

               

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-1 Certificates as of
                the
                Issue Date: $27,889,000.00

               

              Denomination:
                $27,889,000.00

               

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

               

              Trustee:
                U.S. Bank National Association

               

              Issue
                Date: March 29, 2006

               

              CUSIP:
                57643L RM 0

               

            

    

    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 Trust Administrator, the Trustee and the rights of the
      Certificateholders under the Agreement at any time by the Depositor, the Master
      Servicer, the Trust Administrator and the Trustee with the consent of the
      Holders of Certificates entitled to at least 66% of the Voting Rights. Any
      such
      consent by the Holder of this Certificate shall be conclusive and binding on
      such Holder and upon all future Holders of this Certificate and of any
      Certificate issued upon the transfer hereof or in exchange herefor or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the 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:
      March ___, 2006

    
      	 	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-WMC1,
                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-6

     

    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 POOLING & SERVICING AGREEMENT.

    

    
      	
              Series:
                2006-WMC1

               

              Pass-Through
                Rate: Variable

               

              Cut-off
                Date and date of Pooling and Servicing Agreement: March 1,
                2006

               

              First
                Distribution Date: April 25, 2006

               

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-2 Certificates as of
                the
                Issue Date: $24,746,000.00

               

              Denomination:
                $24,746,000.00

               

              Master
                Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                N.A.

               

              Trustee:
                U.S. Bank National Association

               

              Issue
                Date: March 29, 2006

               

              CUSIP:
                57643L RN 8

            

    

    

    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 Trust Administrator and the rights of the
      Certificateholders under the Agreement at any time by the Depositor, the Master
      Servicer, the Trust Administrator and the Trustee with the consent of the
      Holders of Certificates entitled to at least 66% of the Voting Rights. Any
      such
      consent by the Holder of this Certificate shall be conclusive and binding on
      such Holder and upon all future Holders of this Certificate and of any
      Certificate issued upon the transfer hereof or in exchange herefor or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the 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:
      March ___, 2006

    
      	 	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-WMC1,
                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-7

     

    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 POOLING & SERVICING AGREEMENT.

    

    
      	
              Series:
                2006-WMC1

               

              Pass-Through
                Rate: Variable

               

              Cut-off
                Date and date of Pooling and Servicing Agreement: March 1,
                2006

               

              First
                Distribution Date: April 25, 2006

               

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-3 Certificates as of
                the
                Issue Date: $15,319,000.00

               

              Denomination:
                $15,319,000.00

               

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

               

              Trustee:
                U.S. Bank National Association

               

              Issue
                Date: March 29, 2006

               

              CUSIP:
                57643L RP 3

            

    

    

    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 Trust Administrator, the Trustee and the rights of the
      Certificateholders under the Agreement at any time by the Depositor, the Master
      Servicer, the Trust Administrator and the Trustee with the consent of the
      Holders of Certificates entitled to at least 66% of the Voting Rights. Any
      such
      consent by the Holder of this Certificate shall be conclusive and binding on
      such Holder and upon all future Holders of this Certificate and of any
      Certificate issued upon the transfer hereof or in exchange herefor or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the 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:
      March ___, 2006

    
      	 	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-WMC1,
                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-8

     

    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 POOLING & SERVICING AGREEMENT.

    

    
      	
              Series:
                2006-WMC1

               

              Pass-Through
                Rate: Variable

               

              Cut-off
                Date and date of Pooling and Servicing Agreement: March 1,
                2006

               

              First
                Distribution Date: April 25, 2006

               

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-4 Certificates as of
                the
                Issue Date: $12,962,000.00

               

              Denomination:
                $12,962,000.00

               

              Master
                Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                N.A.

               

              Trustee:
                U.S. Bank National Association

               

              Issue
                Date: March 29, 2006

               

              CUSIP:
                57643L RQ 1

            

    

    

    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 Trust Administrator, the Trustee and the rights of the
      Certificateholders under the Agreement at any time by the Depositor, the Master
      Servicer, the Trust Administrator and the Trustee with the consent of the
      Holders of Certificates entitled to at least 66% of the Voting Rights. Any
      such
      consent by the Holder of this Certificate shall be conclusive and binding on
      such Holder and upon all future Holders of this Certificate and of any
      Certificate issued upon the transfer hereof or in exchange herefor or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the 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:
      March ___, 2006

    
      	 	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-WMC1,
                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-9

     

    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 POOLING & SERVICING AGREEMENT.

    

    
      	
              Series:
                2006-WMC1

               

              Pass-Through
                Rate: Variable

               

              Cut-off
                Date and date of Pooling and Servicing Agreement: March 1,
                2006

               

              First
                Distribution Date: April 25, 2006

               

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-5 Certificates as of
                the
                Issue Date: $12,962,000.00

               

              Denomination:
                $12,962,000.00

               

              Master
                Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                N.A.

               

              Trustee:
                U.S. Bank National Association

               

              Issue
                Date: March 29, 2006

               

              CUSIP:
                57643L RR 9

            

    

    

    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 Trust Administrator, the Trustee and the rights of the
      Certificateholders under the Agreement at any time by the Depositor, the Master
      Servicer, the Trust Administrator and the Trustee with the consent of the
      Holders of Certificates entitled to at least 66% of the Voting Rights. Any
      such
      consent by the Holder of this Certificate shall be conclusive and binding on
      such Holder and upon all future Holders of this Certificate and of any
      Certificate issued upon the transfer hereof or in exchange herefor or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the 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:
      March ___, 2006

    
      	 	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-WMC1,
                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-10

     

    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 POOLING & SERVICING AGREEMENT.

    

    
      	
              Series:
                2006-WMC1

               

              Pass-Through
                Rate: Variable

               

              Cut-off
                Date and date of Pooling and Servicing Agreement: March 1,
                2006

               

              First
                Distribution Date: April 25, 2006

               

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-6 Certificates as of
                the
                Issue Date: $11,784,000.00

               

              Denomination:
                $11,784,000.00

               

              Master
                Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                N.A.

               

              Trustee:
                U.S. Bank National Association

               

              Issue
                Date: March 29, 2006

               

              CUSIP:
                57643L RS 7

            

    

    

    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 Trust Administrator, the Trustee and the rights of the
      Certificateholders under the Agreement at any time by the Depositor, the Master
      Servicer, the Trust Administrator and the Trustee with the consent of the
      Holders of Certificates entitled to at least 66% of the Voting Rights. Any
      such
      consent by the Holder of this Certificate shall be conclusive and binding on
      such Holder and upon all future Holders of this Certificate and of any
      Certificate issued upon the transfer hereof or in exchange herefor or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the 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:
      March ___, 2006

    
      	 	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-WMC1,
                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-11

     

    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 POOLING & SERVICING AGREEMENT.

    

    
      	
              Series:
                2006-WMC1

               

              Pass-Through
                Rate: Variable

               

              Cut-off
                Date and date of Pooling and Servicing Agreement: March 1,
                2006

               

              First
                Distribution Date: April 25, 2006

               

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-7 Certificates as of
                the
                Issue Date: $10,998,000.00

               

              Denomination:
                $10,998,000.00

               

              Master
                Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                N.A.

               

              Trustee:
                U.S. Bank National Association

               

              Issue
                Date: March 29, 2006

               

              CUSIP:
                57643L RT 5

            

    

    

    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 Trust Administrator, the Trustee and the rights of the
      Certificateholders under the Agreement at any time by the Depositor, the Master
      Servicer, the Trust Administrator and the Trustee with the consent of the
      Holders of Certificates entitled to at least 66% of the Voting Rights. Any
      such
      consent by the Holder of this Certificate shall be conclusive and binding on
      such Holder and upon all future Holders of this Certificate and of any
      Certificate issued upon the transfer hereof or in exchange herefor or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the 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:
      March ___, 2006

    
      	 	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-WMC1,
                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-12

     

    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 POOLING & SERVICING AGREEMENT.

    

    
      	
              Series:
                2006-WMC1

               

              Pass-Through
                Rate: Variable

               

              Cut-off
                Date and date of Pooling and Servicing Agreement: March 1,
                2006

               

              First
                Distribution Date: April 25, 2006

               

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-8 Certificates as of
                the
                Issue Date: $10,213,000.00

               

              Denomination:
                $10,213,000.00

               

              Master
                Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                N.A.

               

              Trustee:
                U.S. Bank National Association

               

              Issue
                Date: March 29, 2006

               

              CUSIP:
                57643L RU 2

            

    

    

    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 Trust Administrator, the Trustee and the rights of the
      Certificateholders under the Agreement at any time by the Depositor, the Master
      Servicer, the Trust Administrator and the Trustee with the consent of the
      Holders of Certificates entitled to at least 66% of the Voting Rights. Any
      such
      consent by the Holder of this Certificate shall be conclusive and binding on
      such Holder and upon all future Holders of this Certificate and of any
      Certificate issued upon the transfer hereof or in exchange herefor or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the 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:
      March ___, 2006

    
      	 	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-WMC1,
                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-13

     

    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 POOLING & SERVICING AGREEMENT.

    

    
      	
              Series:
                2006-WMC1

               

              Pass-Through
                Rate: Variable

               

              Cut-off
                Date and date of Pooling and Servicing Agreement: March 1,
                2006

               

              First
                Distribution Date: April 25, 2006

               

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-9 Certificates as of
                the
                Issue Date: $ 5,892,000.00

               

              Denomination:
                $5,892,000.00

               

              Master
                Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                N.A.

               

              Trustee:
                U.S. Bank National Association

               

              Issue
                Date: March 29, 2006

               

              CUSIP:
                57643L RV 0

            

    

    

    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 Trust Administrator, 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 Trust Administrator, the Trustee and the rights of the
      Certificateholders under the Agreement at any time by the Depositor, the Master
      Servicer, the Trust Administrator and the Trustee with the consent of the
      Holders of Certificates entitled to at least 66% of the Voting Rights. Any
      such
      consent by the Holder of this Certificate shall be conclusive and binding on
      such Holder and upon all future Holders of this Certificate and of any
      Certificate issued upon the transfer hereof or in exchange herefor or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the 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:
      March ___, 2006

    
      	 	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-WMC1,
                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-14

     

    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 POOLING & SERVICING AGREEMENT.

    

    
      	
              Series:
                2006-WMC1

               

              Pass-Through
                Rate: Variable

               

              Cut-off
                Date and date of Pooling and Servicing Agreement: March 1,
                2006

               

              First
                Distribution Date: April 25, 2006

               

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-10 Certificates as of
                the
                Issue Date: $ 7,856,000.00

               

              Denomination:
                $7,856,000.00

               

              Master
                Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                N.A.

               

              Trustee:
                U.S. Bank National Association

               

              Issue
                Date: March 29, 2006

               

              CUSIP:
                57643L RW 8

            

    

    

    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 Trust Administrator, 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 Trust Administrator, the Trustee and the rights of the
      Certificateholders under the Agreement at any time by the Depositor, the Master
      Servicer, the Trust Administrator and the Trustee with the consent of the
      Holders of Certificates entitled to at least 66% of the Voting Rights. Any
      such
      consent by the Holder of this Certificate shall be conclusive and binding on
      such Holder and upon all future Holders of this Certificate and of any
      Certificate issued upon the transfer hereof or in exchange herefor or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the 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:
      March ___, 2006

    
      	 	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-WMC1,
                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-15

     

    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-WMC1

               

              Pass-Through
                Rate: Variable

               

              Cut-off
                Date and date of Pooling and Servicing Agreement: March 1,
                2006

               

              First
                Distribution Date: April 25, 2006

               

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class CE Certificates as of
                the Issue
                Date: $14,145,488 

               

              Master
                Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                N.A.

               

              Trustee:
                U.S. Bank National Association

               

              Issue
                Date: March 29, 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 Trust Administrator, the Trustee and the rights of the
      Certificateholders under the Agreement at any time by the Depositor, the Master
      Servicer, the Trust Administrator and the Trustee with the consent of the
      Holders of Certificates entitled to at least 66% of the Voting Rights. Any
      such
      consent by the Holder of this Certificate shall be conclusive and binding on
      such Holder and upon all future Holders of this Certificate and of any
      Certificate issued upon the transfer hereof or in exchange herefor or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the 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 Trust
      Administrator, the Depositor and the Master Servicer, the Trust Administrator
      against any liability that may result if the transfer is not so exempt or is
      not
      made in accordance with such federal and state laws.

     

    No
      transfer of this Certificate 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:
      March ___, 2006

    
      	 	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-WMC1,
                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-16

     

    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-WMC1

               

              Cut-off
                Date and date of Pooling and Servicing Agreement: March 1,
                2006

               

              First
                Distribution Date: April 25, 2006

               

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class P Certificates as of the
                Issue
                Date: $100.00

               

              Denomination:
                $100.00

               

              Master
                Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                N.A.

               

              Trustee:
                U.S. Bank National Association

               

              Issue
                Date: March 29, 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 Trust Administrator, the Trustee and the rights of the
      Certificateholders under the Agreement at any time by the Depositor, the Master
      Servicer, the Trust Administrator and the Trustee with the consent of the
      Holders of Certificates entitled to at least 66% of the Voting Rights. Any
      such
      consent by the Holder of this Certificate shall be conclusive and binding on
      such Holder and upon all future Holders of this Certificate and of any
      Certificate issued upon the transfer hereof or in exchange herefor or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the 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 Depositor and the Master Servicer, the Trust Administrator against
      any liability that may result if the transfer is not so exempt or is not made
      in
      accordance with such federal and state laws.

     

    No
      transfer of this Certificate 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:
      March ___, 2006

    
      	 	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-WMC1,
                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-17

     

    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 TRUSTEE 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-WMC1

               

              Cut-off
                Date and date of Pooling and Servicing Agreement: March 1,
                2006

               

              First
                Distribution Date: April 25, 2006

               

              No.
                1 

            	
              Aggregate
                Percentage Interest of the Class R Certificates as of the Issue Date:
                100.00%

               

              Master
                Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                N.A.

               

              Trustee:
                U.S. Bank National Association

               

              Issue
                Date: March 29, 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 Trust Administrator and the Trustee and the rights of
      the
      Certificateholders under the Agreement at any time by the Depositor, the Master
      Servicer, the Trust Administrator and the Trustee with the consent of the
      Holders of Certificates entitled to at least 66% of the Voting Rights. Any
      such
      consent by the Holder of this Certificate shall be conclusive and binding on
      such Holder and upon all future Holders of this Certificate and of any
      Certificate issued upon the transfer hereof or in exchange herefor or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the 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 Depositor and the Master Servicer, the Trust Administrator against
      any liability that may result if the transfer is not so exempt or is not made
      in
      accordance with such federal and state laws.

     

    No
      transfer of this Certificate 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:
      March ___, 2006

    
      	 	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-WMC1,
                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-18

     

    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 TRUSTEE 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(D) 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-WMC1

               

              Cut-off
                Date and date of Pooling and Servicing Agreement: March 1,
                2006

               

              First
                Distribution Date: April 25, 2006

               

              No.
                1 

            	
              Aggregate
                Percentage Interest of the Class R-X Certificates as of the Issue
                Date:
                100.00%

               

              Master
                Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                N.A.

               

              Trustee:
                U.S. Bank National Association

               

              Issue
                Date: March 29, 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 Trust Administrator and the Trustee and the rights of
      the
      Certificateholders under the Agreement at any time by the Depositor, the Master
      Servicer, the Trust Administrator and the Trustee with the consent of the
      Holders of Certificates entitled to at least 66% of the Voting Rights. Any
      such
      consent by the Holder of this Certificate shall be conclusive and binding on
      such Holder and upon all future Holders of this Certificate and of any
      Certificate issued upon the transfer hereof or in exchange herefor or in lieu
      hereof whether or not notation of such consent is made upon this Certificate.
      The Agreement also permits the amendment thereof, in certain limited
      circumstances, without the consent of the Holders of any of the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the 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 Depositor and the Master Servicer, the Trust Administrator against
      any liability that may result if the transfer is not so exempt or is not made
      in
      accordance with such federal and state laws.

     

    No
      transfer of this Certificate 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:
      March ___, 2006

    
      	 	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-WMC1,
                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
      [CUSTODIAN’S] [TRUSTEE’S] INITIAL 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-WMC1

            
	
              Wells
                Fargo Bank, N.A.

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

            	 

    

    

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement, dated as of March 1, 2006, among Mortgage
                Asset
                Securitization Transactions, Inc., Wells Fargo Bank, N.A. and U.S.
                Bank
                National Association, Mortgage Pass-Through Certificates,

              Series
                2006-WMC1

            

    

    

    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.

     

    
      	 	
              [U.S.
                BANK NATIONAL ASSOCIATION][WELLS FARGO BANK, N.A]

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      C-2

     

    FORM
      OF
      [CUSTODIAN’S] [TRUSTEE’S] 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-WMC1

            
	
              Wells
                Fargo Bank, N.A.

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

            	 

    

    

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement, dated as of March 1, 2006, among Mortgage
                Asset
                Securitization Transactions, Inc., Wells Fargo Bank, N.A. and U.S.
                Bank
                National Association, Mortgage Pass-Through Certificates, Series
                2006-WMC1

            

    

    

    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.

     

    
      	
              [U.S.
                BANK NATIONAL ASSOCIATION][WELLS FARGO BANK, N.A.]

            
	 	 
	
              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-WMC1

            
	
              Wells
                Fargo Bank, N.A.

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

            	 

    

     

     

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement, dated as of March 1, 2006, among Mortgage
                Asset
                Securitization Transactions, Inc., Wells Fargo Bank, N.A. and U.S.
                Bank
                National Association, Mortgage Pass-Through Certificates, Series
                2006-WMC1

            

    

    

     

    Ladies
      and Gentlemen:

     

    Pursuant
      to Section 2.01 of the Pooling and Servicing Agreement, dated as of March 1,
      2006, among Mortgage Asset Securitization Transactions, Inc. as Depositor,
      Wells
      Fargo Bank, N.A. as Master Servicer and Trust Administrator (the “Master
      Servicer” and the “Trust Administrator”) 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.

     

    
      	 	
              [WELLS
                FARGO BANK, N.A.,

              as
                Custodian] [U.S. BANK NATIONAL ASSOCIATION as Trustee]

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D

     

    ASSIGNMENT
      AND RECOGNITION AGREEMENT

     

    THIS
      ASSIGNMENT AND RECOGNITION AGREEMENT, dated March 29, 2006, (“Agreement”)
      among
      UBS Real Estate Securities Inc. (“Assignor”),
      Mortgage Asset Securitization Transactions, Inc. (“Assignee”)
      and
      WMC 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:

     

    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 and Warranties Agreement dated as of February 1,
      2003,
      as
      amended (the “Purchase
      Agreement”),
      between the Assignor, as initial purchaser (the “Purchaser”),
      and
      the Company, as seller, 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.

     

    

    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-WMC1 (the “Trust”) created pursuant to
      a Pooling and Servicing Agreement, dated as of March 1, 2006 (the “Pooling
      Agreement”), among
      the
      Assignee, HomEq Servicing Corporation as servicer (including its successors
      in
      interest and any successor trustees under the Pooling Agreement, the
“Servicer”), 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”) 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
      Company shall look solely to the Trust for performance of any obligations of
      the
      Assignor insofar as they relate to the enforcement of the representations,
      warranties and covenants with respect to the Mortgage Loans, (iii) the
      Trust (including the Trustee 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
      (iv) 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 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.

     

    Representations
      and Warranties of the Company

    

    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; 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 8 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 3.01 and 3.02 of the
      Purchase Agreement (set forth on Schedule 1 hereto), are true and correct as
      of
      the date of this Agreement (the “Closing Date”) as if such representations and
      warranties were made on such Closing Date, except that the representation and
      warranty set forth in Section 3.02(a) shall, for purposes of this Agreement,
      relate to the Mortgage Loan Schedule attached hereto and except for the
      limitations and qualifications set forth on Schedule 2 hereto.

     

    3.  The
      Assignor hereby makes the following representations and warranties 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; and

     

    (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 5.6d Revised, Appendix E).

     

    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 Servicer
      acting on the Trust’s behalf) in connection with any breach of the
      representations and warranties made by the Company set forth in Sections 3
      and 4
      hereof shall be as set forth in Subsection 3.01 of the Purchase Agreement as
      if
      they were set forth herein (including without limitation the repurchase and
      indemnity obligations set forth therein). In addition, the Company hereby
      acknowledges and agrees that any breach of the representations set forth in
      Section 3.02 (ee), (iii), (nnn), (ww), (ddd) and (rrr) of the Purchase Agreement
      and Section 1(e) hereof shall be deemed to materially and adversely affect
      the
      value of the related mortgage loans or the interests of the Trust in the related
      mortgage loans. 

     

    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 Agreement as if they were set forth herein.
      The
      Assignor hereby acknowledges and agrees that a breach of any one of the
      representations set forth in Section 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).

     

     

    Miscellaneous

    

    4.  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. 

     

    5.  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. 

     

    6.  This
      Agreement shall inure to the benefit of (i) the successors and assigns of the
      parties hereto and (ii) the Trust (including the Trustee and the 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.

     

    7.  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.

     

    8.  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. 

     

    9.  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. 

     

    10.  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:

            	 
	 	 
	 	 
	
              WMC
                MORTGAGE CORPORATION

            
	 	 
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

     

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    

    Mortgage
      Loan Schedule

    

    AVAILABLE
      UPON REQUEST

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      1

    

    Limitations
      on Representations and Warranties

    

    Capitalized
      terms used herein but not defined in this Schedule 1 shall have the meanings
      given to such terms in the Purchase Agreement:

     

    Section
      3.01 Representations
      and Warranties of the Company. 

     

    The
      Company represents, warrants and covenants to the Purchaser that as of each
      Closing Date or as of such date specifically provided herein:

     

    (a)  The
      Company is a corporation duly organized and validly existing under the laws
      of
      California. The Company has all licenses necessary to carry out its business
      as
      now being conducted, and is licensed and qualified to transact business in
      and
      is in good standing under the laws of each state in which any Mortgaged Property
      is located or is otherwise exempt under applicable law from such licensing
      or
      qualification or is otherwise not required under applicable law to effect such
      licensing or qualification and no demand for such licensing or qualification
      has
      been made upon the Company by any such state, and in any event the Company
      is in
      compliance with the laws of any such state to the extent necessary to ensure
      the
      enforceability of each Mortgage Loan. No licenses or approvals obtained by
      the
      Company have been suspended or revoked by any court, administrative agency,
      arbitrator or governmental body and no proceedings are pending which might
      result in such suspension or revocation, which is reasonably likely to have
      a
      material adverse effect on any Mortgage Loan (including the Purchaser’s interest
      therein) or is reasonable likely to have a material adverse effect on the
      transactions contemplated by this Agreement;

     

    (b)  The
      Company has the full power and authority and legal right to hold, transfer
      and
      convey each Mortgage Loan, to sell each Mortgage Loan and to execute, deliver
      and perform, and to enter into and consummate all transactions contemplated
      by
      this Agreement and the related Confirmation and to conduct its business as
      presently conducted; the Company has duly authorized the execution, delivery
      and
      performance of this Agreement and any agreements contemplated hereby, has duly
      executed and delivered this Agreement and the related Confirmation, and any
      agreements contemplated hereby, and this Agreement and the related Confirmation
      and each Assignment of Mortgage to the Purchaser and any agreements contemplated
      hereby, constitute the legal, valid and binding obligations of the Company,
      enforceable against it in accordance with their respective terms, except as
      such
      enforceability may be limited by bankruptcy, insolvency, moratorium,
      reorganization and similar laws, and by equitable principles affecting the
      enforceability of the rights of creditors; and all requisite corporate action
      has been taken by the Company to make this Agreement, the related Confirmation
      and all agreements contemplated hereby valid and binding upon the Company in
      accordance with their terms;

     

    (c)  Neither
      the execution and delivery of this Agreement, the related Confirmation, the
      sale
      of the Mortgage Loans to the Purchaser, the consummation of the transactions
      contemplated hereby, nor the fulfillment of or compliance with the terms and
      conditions of this Agreement and the related Confirmation will conflict with
      any
      of the terms, conditions or provisions of the Company’s charter or by-laws or
      materially conflict with or result in a material breach of any of the terms,
      conditions or provisions of any legal restriction or any agreement or instrument
      to which the Company is now a party or by which it is bound, or constitute
      a
      default or result in an acceleration under any of the foregoing, or result
      in
      the material violation of any law, rule, regulation, order, judgment or decree
      to which the Company or its property is subject;

     

    (d)  There
      is
      no litigation, suit, proceeding or investigation pending or, to the Company’s
      knowledge threatened, or any order or decree outstanding, which is reasonably
      likely to have a material adverse effect on the sale of the Mortgage Loans,
      the
      execution, delivery, performance or enforceability of this Agreement or the
      related Confirmation, or which is reasonably likely to have a material adverse
      effect on the financial condition of the Company;

     

    (e)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Company
      of
      or compliance by the Company with this Agreement and the related Confirmation,
      except for consents, approvals, authorizations and orders which have been
      obtained;

     

    (f)  The
      consummation of the transactions contemplated by this Agreement and the related
      Confirmation are in the ordinary course of business of the Company, and the
      transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
      by
      the Company pursuant to this Agreement and the related Confirmation are not
      subject to bulk transfer or any similar statutory provisions in effect in any
      applicable jurisdiction;

     

    (g)  The
      origination, servicing and collection practices with respect to each Mortgage
      Note and Mortgage have been legal and in accordance with applicable laws and
      regulations, and in all material respects in accordance with Accepted Servicing
      Practices. The Company further represents and warrants that no escrow payments
      are required under the related Mortgage Loan and no such payments are in the
      possession of, or under the control of, the Company or its delegate; no escrow
      deposits or other charges or payments due under the Mortgage Note have been
      capitalized under any Mortgage or the related 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 Note; and any interest
      required to be paid pursuant to state and local law has been properly paid
      and
      credited;

     

    (h)  The
      Company has not used selection procedures that identified the Mortgage Loans
      as
      being less desirable or valuable than other comparable mortgage loans in the
      Company’s portfolio at the related Closing Date; 

     

    (i)  The
      Company will treat the transfer of the Mortgage Loans to the Purchaser as a
      sale
      for reporting and accounting purposes and, to the extent appropriate, for
      federal income tax purposes. The Company shall maintain a complete set of books
      and records for each Mortgage Loan which shall be clearly marked to reflect
      the
      ownership of such Mortgage Loan by the Purchaser; 

     

    (j)  The
      Company is an approved seller of residential mortgage loans for Fannie Mae
      or
      Freddie Mac and HUD. The Company is duly qualified, licensed, registered and
      otherwise authorized under all applicable federal, state and local laws and
      regulations and is in good standing to sell mortgage loans for Fannie Mae or
      Freddie Mac and no event has occurred which would make the Company unable to
      comply with eligibility requirements or which would require notification to
      either Fannie Mae or Freddie Mac; 

     

    (k)  The
      Company does not believe, nor does it have any cause or reason to believe,
      that
      it cannot perform each and every covenant contained in this Agreement and the
      related Confirmation applicable to it. The Company is solvent and the sale
      of
      the Mortgage Loans will not cause the Company to become insolvent. The sale
      of
      the Mortgage Loans is not undertaken with the intent to hinder, delay or defraud
      any of the Company’s creditors;

     

    (l)  reserved;

     

    (m)  The
      consideration received by the Company upon the sale of the Mortgage Loans
      constitutes fair consideration and reasonably equivalent value for such Mortgage
      Loans;

     

    (n)  The
      Company has delivered to the Purchaser audited financial statements. 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 Company and its subsidiaries
      and
      have been prepared in accordance with GAAP 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 Company since the date of the Company’s financial statements that would have
      a material adverse effect on its ability to perform its obligations under this
      Agreement or the related Confirmation; 

     

    (o)  The
      Company has not 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; and

     

    (p)  The
      Company is a member of MERS in good standing, and will comply in all material
      respects with the rules and procedures of MERS in performing its obligations
      under the Agreement.

     

    Section
      3.02 Representations
      and Warranties as to Individual Mortgage Loans.

     

    The
      Company hereby represents and warrants to the Purchaser, as to each Mortgage
      Loan, as of the related Closing Date as follows:

     

    (a)  The
      information set forth in the related Mortgage Loan Schedule, including any
      diskette or other related data tapes sent to the Purchaser, is true and correct
      in all material respects;

     

    (b)  The
      Mortgage creates a (A) first lien and first priority security interest with
      respect to each Mortgage Loan which is indicated by the Company to be a First
      Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien and second
      priority security interest with respect to each Mortgage Loan which is indicated
      by the Company to be a Second Lien (as reflected on the Mortgage Loan Schedule),
      in either case, in the related Mortgaged Property securing the related Mortgage
      Note;

     

    (c)  All
      payments due prior to the related Cut-off Date for such Mortgage Loan have
      been
      made as of the related Closing Date; there are no material defaults under the
      terms of the Mortgage Loan; the Company has not advanced funds, or induced,
      solicited or knowingly received any advance of funds from a party other than
      the
      owner of the Mortgaged Property subject to the Mortgage, directly or indirectly,
      for the payment of any amount required by the Mortgage Loan; no payment with
      respect to each Mortgage Loan has been 30 days or more delinquent during the
      preceding twelve-month period;

     

    (d)  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;

     

    (e)  The
      terms
      of the Mortgage Note and the Mortgage have not been impaired, waived, altered
      or
      modified in any respect, except by written instruments which have been recorded
      to the extent any such recordation is required by law. No instrument of waiver,
      alteration or modification has been executed, and no Mortgagor has been
      released, in whole or in part, from the terms thereof except in connection
      with
      an assumption agreement and which assumption agreement is part of the Mortgage
      File and the terms of which are reflected in the related Mortgage Loan Schedule;
      the substance of any such waiver, alteration or modification has been approved
      by the issuer of the title insurance policy, to the extent required by the
      related policy;

     

    (f)  The
      Mortgage Note and the Mortgage are not subject to any valid right of rescission,
      set-off, counterclaim or defense, including, without limitation, the defense
      of
      usury, nor will the operation of any of the terms of the Mortgage Note or the
      Mortgage, or the exercise of any right thereunder, render the Mortgage Note
      or
      Mortgage unenforceable, in whole or in part, or subject to any valid right
      of
      rescission, set-off, counterclaim or defense, including the defense of usury,
      and no such right of rescission, set-off, counterclaim or defense has been
      asserted with respect thereto; and the Mortgagor was not a debtor in any state
      or federal bankruptcy or insolvency proceeding at the time the Mortgage Loan
      was
      originated;

     

    (g)  All
      buildings or other customarily insured improvements upon the Mortgaged Property
      are insured by a Qualified Insurer against loss by fire and hazards of extended
      coverage, 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) either (1) the outstanding principal balance of the
      Mortgage Loan with respect to each Mortgage Loan which is indicated by the
      Company to be a First Lien (as reflected on the Mortgage Loan Schedule) or
      (2)
      with respect to each Second Lien Mortgage Loan, the sum of the outstanding
      principal balance of the first lien on such Mortgage Loan and the outstanding
      principal balance of such Second Lien 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, but in no event greater than the maximum
      amount permitted under applicable law. All such standard hazard policies are
      in
      full force and effect and on the date of origination contained a standard
      mortgagee clause naming the originator of the Mortgage Loan and its successors
      in interest and assigns as loss payee and such clause is still in effect and
      all
      premiums due thereon have been paid. If required by the Flood Disaster
      Protection Act of 1973, as amended, the Mortgage Loan is covered by a flood
      insurance policy meeting the requirements of the current guidelines of the
      Federal Insurance Administration, in an amount not less than the amount required
      by the Flood Disaster Protection Act of 1973, as amended. Such policy was issued
      by a Qualified Insurer. The Mortgage obligates the Mortgagor thereunder to
      maintain all such insurance at the Mortgagor’s cost and expense, and upon the
      Mortgagor’s failure to do so, authorizes the holder of the Mortgage to maintain
      such insurance at the Mortgagor’s cost and expense and to seek reimbursement
      therefor from the Mortgagor;

     

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

     

    (i)  The
      Mortgage has not been satisfied, canceled or subordinated (other than the
      subordination of any Second Lien Mortgage Loan to the related First Lien),
      in
      whole or in part, or rescinded, 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. The Company has not 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 Company waived any default resulting
      from any action or inaction by the Mortgagor;

     

    (j)  The
      related Mortgage is a valid, subsisting, enforceable and perfected (A) first
      lien and first priority security interest with respect to each Mortgage Loan
      which is indicated by the Company to be a First Lien (as reflected on the
      Mortgage Loan Schedule), or (B) second lien and second priority security
      interest with respect to each Mortgage Loan which is indicated by the Company
      to
      be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule),
      in
      either case, on the Mortgaged Property including all buildings on the Mortgaged
      Property and all installations and mechanical, electrical, plumbing, heating
      and
      air conditioning systems affixed to such buildings, and all additions,
      alterations and replacements consisting of real property or fixtures made at
      any
      time with respect to the foregoing securing the Mortgage Note’s original
      principal balance. Such lien is free and clear of all adverse claims, liens
      and
      encumbrances having priority over the first lien of the Mortgage subject only
      to
      (1) the lien of non-delinquent current real property taxes and assessments
      not
      yet due and payable, (2) covenants, conditions and restrictions, rights of
      way,
      easements and other matters of the public record as of the date of recording
      which are acceptable to mortgage lending institutions generally and either
      (A)
      which are 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 as set forth in such appraisal, (3)
      other matters which are disclosed in the applicable title commitment or policy,
      or 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 and (4) with respect to each Mortgage Loan which is indicated by the
      Company to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan
      Schedule) a First Lien on the 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 (A) first lien and first priority security interest with respect
      to each Mortgage Loan which is indicated by the Company to be a First Lien
      (as
      reflected on the Mortgage Loan Schedule), or (B) second lien and second priority
      security interest with respect to each Mortgage Loan which is indicated by
      the
      Company to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan
      Schedule), in either case, on the property described therein, and the Company
      has the full right to sell and assign the same to the Purchaser;

     

    (k)  The
      Mortgage Note and the related Mortgage are original and genuine and each is
      the
      legal, valid and binding obligation of the maker thereof, enforceable in all
      respects in accordance with its terms subject to bankruptcy, insolvency,
      moratorium, reorganization and other laws of general application affecting
      the
      rights of creditors and by general equitable principles and the Company has
      taken all action necessary to transfer such rights of enforceability to the
      Purchaser. All parties to the Mortgage Note and the Mortgage had the legal
      capacity to enter into the Mortgage Loan and to execute and deliver the Mortgage
      Note and the Mortgage. The Mortgage Note and the Mortgage have been duly and
      properly executed by such parties. No fraud, error, misrepresentation, gross
      negligence or similar occurrence with respect to a Mortgage Loan has taken
      place
      on the part of the Company or the Mortgagor, or, on the part of any other party
      involved in the origination of the Mortgage Loan. 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 improvements 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 or are in the
      process of being paid, and the Mortgagor is not entitled to any refund of any
      amounts paid or due under the Mortgage Note or Mortgage;

     

    (l)  The
      Company is the sole owner of record and holder of the Mortgage Loan and the
      indebtedness evidenced by the Mortgage Note, and upon recordation the Purchaser
      or its designee will be the owner of record of the Mortgage and the indebtedness
      evidenced by the Mortgage Note. Immediately prior to the transfer and assignment
      to the Purchaser on the related Closing Date, the Mortgage Loan, including
      the
      Mortgage Note and the Mortgage, were not subject to an assignment or pledge
      (except with respect to any Mortgage Loan that is subject
      to the assignment or the pledge of such Mortgage Loan by the Company to a lender
      of the Company whose lien on such Mortgage Loan will be released simultaneously
      with the Purchaser’s purchase hereunder pursuant to a duly executed security
      release certification substantially in the form attached hereto as Exhibit
      I),
      and the Company had good and marketable title to and was the sole owner thereof
      and had full right to transfer and sell the Mortgage Loan to the Purchaser
      free
      and clear of any encumbrance, equity, lien, pledge, charge, claim or security
      interest and has the full right and authority subject to no interest or
      participation of, or agreement with, any other party, to sell and assign the
      Mortgage Loan pursuant to this Agreement and following the sale of the 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 Company intends to relinquish all rights to possess,
      control and monitor the Mortgage Loan.
      Either
      the Mortgagor is a natural person or the Mortgagor is an inter-vivos trust
      acceptable to Fannie Mae. With respect to each inter-vivos trust, holding title
      to the Mortgaged Property in such trust will not diminish any rights as a
      creditor including the right to full title to the Mortgaged Property in the
      event foreclosure proceedings are initiated;

     

    (m)  Each
      Mortgage Loan is covered by an ALTA or, in the case of Mortgage Loans secured
      by
      property in California, a CLTA lender’s title insurance policy issued by a title
      insurer acceptable to Fannie Mae or Freddie Mac and qualified to do business
      in
      the jurisdiction where the Mortgaged Property is located, insuring (subject
      to
      the exceptions contained in (j)(1), (2) and (3) above and, with respect to
      each
      Mortgage Loan which is indicated by the Company to be a Second Lien Mortgage
      Loan (as reflected on the Mortgage Loan Schedule) clause (4)) the Company,
      its
      successors and assigns, as to the first (or, where applicable, second) priority
      lien of the Mortgage in the original principal amount of the Mortgage Loan
      and,
      with respect to each Adjustable Rate Mortgage Loan, against any loss by reason
      of the invalidity or unenforceability of the lien resulting from the provisions
      of the Mortgage providing for adjustment in the Mortgage Interest Rate and
      Monthly Payment. Additionally, such policy affirmatively insures ingress and
      egress to and from the Mortgaged Property. Where required by applicable state
      law or regulation, the Mortgagor has been given the opportunity to choose the
      carrier of the required mortgage title insurance. The originator, its successors
      and assigns, are the sole insureds of such lender’s title insurance policy, such
      title insurance policy has been duly and validly endorsed to the Purchaser
      or
      the assignment to the Purchaser of the Company’s interest therein does not
      require the consent of or notification to the insurer and such lender’s title
      insurance policy is in full force and effect and will be in full force and
      effect upon the consummation of the transactions contemplated by this Agreement
      and the related Confirmation. No claims have been made under such lender’s title
      insurance policy, and no prior holder of the related Mortgage, including the
      Company, has done, by act or omission, anything which would impair the coverage
      of such lender’s title insurance policy;

     

    (n)  There
      is
      no default, breach, violation or event of acceleration existing under the
      Mortgage or the related Mortgage Note and, to the best of Company’s knowledge,
      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
      permitting acceleration; and neither the Company nor any prior mortgagee has
      waived any default, breach, violation or event permitting acceleration. With
      respect to each Mortgage Loan which is indicated by the Company 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) to the best of Company’s knowledge, 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; 

     

    (o)  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 to the lien of the related Mortgage, unless insured against
      by
      the related title insurance policy;

     

    (p)  All
      improvements subject to the Mortgage which were considered in determining the
      Appraised Value of the Mortgaged Property lie wholly within the boundaries
      and
      building restriction lines of the Mortgaged Property (and wholly within the
      project with respect to a condominium unit) and no improvements on adjoining
      properties encroach upon the Mortgaged Property except those which are insured
      against by the title insurance policy referred to in clause (m) above and all
      improvements on the property comply un all material respects with all applicable
      zoning and subdivision laws and ordinances;

     

    (q)  The
      Mortgage Loan was originated by the Company or a third-party originator and
      sold
      to the Company. The Mortgage Loan complies with all the terms, conditions and
      requirements of the Company’s Underwriting Standards in effect at the time of
      origination of such Mortgage Loan, subject to exceptions thereto made in the
      ordinary course of business. The Mortgage Notes and Mortgages (exclusive of
      any
      riders) are on forms generally acceptable to Fannie Mae or Freddie Mac. The
      Mortgage Loan bears interest at the Mortgage Interest Rate set forth in the
      related Mortgage Loan Schedule, and Monthly Payments under the Mortgage Note
      are
      due and payable on the first day of each month (subject to any grace period
      set
      forth in the Mortgage Note). The Mortgage contains the usual and enforceable
      provisions of the originator at the time of origination for the acceleration
      of
      the payment of the unpaid principal amount of the Mortgage Loan if the related
      Mortgaged Property is sold without the prior consent of the mortgagee
      thereunder, subject to bankruptcy, insolvency, moratorium, reorganization and
      other laws of general application affecting the rights of creditors and by
      general equitable principles;

     

    (r)  The
      Mortgaged Property is not subject to any material damage by waste, fire,
      earthquake, windstorm, flood or other casualty. At origination of the Mortgage
      Loan there was, and there currently is, no proceeding pending or scheduled
      for
      the total or partial condemnation of the Mortgaged Property;

     

    (s)  The
      related 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.
      There is no homestead or other exemption available to the Mortgagor which would
      interfere with the right to sell the Mortgaged Property at a trustee’s sale or
      the right to foreclose the Mortgage;

     

    (t)  If
      the
      Mortgage constitutes a deed of trust, a trustee, authorized and duly qualified
      if required under applicable law to act 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 or attempted sale after
      default by the Mortgagor;

     

    (u)  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, (b) with respect to Second Lien Mortgage
      Loans, was on appraisal form 704, 1004, 2065 or 2055 with an exterior only
      inspection, and (c) with respect to (a) or (b) above, was signed prior to the
      final approval of the mortgage loan application by a Qualified Appraiser, who
      had no interest, direct or indirect, in the Mortgaged Property or in any loan
      made on the security thereof, and whose compensation is not affected by the
      approval or disapproval of the Mortgage Loan, and the appraisal satisfies the
      requirements of Fannie Mae or Freddie Mac and the appraisal and the appraiser
      both satisfy Title XI of FIRREA and the regulations promulgated thereunder,
      all
      as in effect on the date the Mortgage Loan was originated;

     

    (v)  Each
      of
      the Company, any third-party originator, any servicer and any intervening
      mortgagee which have had any interest in the Mortgage, whether as mortgagee,
      assignee or otherwise, are (or, during the period in which they held and
      disposed of such interest, were) (A) in compliance with any and all applicable
      licensing requirements of the laws of the state wherein the Mortgaged Property
      is located, and (B) (1) organized under the laws of such state, or (2) qualified
      to do business in such state, or (3) federal savings and loan associations
      or
      national banks or a Federal Home Loan Bank or savings bank having principal
      offices in such state, or (4) not doing business in such state or (5) not
      required to be so qualified;

     

    (w)  The
      related 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 (j)
      above;

     

    (x)  The
      Mortgagor has received all disclosure materials required by applicable law
      with
      respect to the making of such mortgage loans;

     

    (y)  The
      Mortgage Loan does not contain “graduated payment” features and does not have a
      shared appreciation or other contingent interest feature; no Mortgage Loan
      contains any buydown provisions;

     

    (z)  The
      Mortgagor is not in bankruptcy;

     

    (aa)  Principal
      payments on the Mortgage Loan commenced no more than sixty (60) days after
      the
      funds were disbursed in connection with the Mortgage Loan. The Mortgage Loans
      have an original term to maturity of not more than 30 years, with interest
      payable in arrears on the first day of each month. Each Mortgage Note, other
      than with respect to a Balloon Mortgage Loan or other than during the
      interest-only period with respect to a Mortgage Loan identified on the related
      Mortgage Loan Schedule as an interest-only Mortgage Loan, requires a monthly
      payment which is sufficient to fully amortize the original principal balance
      over the original term thereof and to pay interest at the related Mortgage
      Interest Rate. With respect to each Balloon Mortgage Loan, the Mortgage Note
      requires a monthly payment which is sufficient to fully amortize the original
      principal balance over the original term thereof and to pay interest at the
      related Mortgage Interest Rate and requires a final Monthly Payment
      substantially greater than the preceding monthly payment which is sufficient
      to
      repay the remained unpaid principal balance of the Balloon Mortgage Loan as
      the
      Due Date of such monthly payment. With respect to each Mortgage Loan identified
      on the Mortgage Loan Schedule as an interest-only Mortgage Loan, the
      interest-only period does not exceed ten (10) years (or such lesser period
      specified on the Mortgage Loan Schedule) and following the expiration of such
      interest-only period, the remaining Monthly Payments shall be sufficient to
      fully amortize the original principal balance over the remaining term of the
      Mortgage Loan. No Mortgage Loan contains terms or provisions which would result
      in negative amortization;

     

    (bb)  No
      Mortgage Loan is subject to a lender-paid mortgage insurance policy;

     

    (cc)  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;

     

    (dd)  The
      Mortgaged Property is located in the state identified in the related Mortgage
      Loan Schedule and consists of a single parcel or contiguous parcels of real
      property with a detached single family residence erected thereon, or a
      townhouse, or a two-to four-family dwelling, or an individual condominium unit
      in a condominium project, or an individual unit in a planned unit development
      or
      a de minimis planned unit development, provided, however, that no residence
      or
      dwelling is a single parcel of real property with a cooperative housing
      corporation erected thereon, or a mobile home. As of the date of origination,
      no
      portion of the Mortgaged Property was used for commercial purposes (other than
      a
      de minimis use), and since the date or origination no portion of the Mortgaged
      Property has been used for commercial purposes (other than a de minimis
      use);

     

    (ee)  Except
      as
      set forth on the related Mortgage Loan Schedule, none of the Mortgage Loans
      are
      subject to a Prepayment Penalty. For any Mortgage Loan subject to a Prepayment
      Penalty, the Mortgage Loan Schedule accurately sets forth the term and amount
      of
      such Prepayment Penalty;

     

    (ff)  The
      Mortgaged Property is lawfully occupied under applicable law, and 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;

     

    (gg)  If
      the
      Mortgaged Property is a condominium unit or a planned unit development (other
      than a de minimis planned unit development), or stock in a cooperative housing
      corporation, such condominium, cooperative or planned unit development project
      meets the eligibility requirements of Fannie Mae and Freddie Mac;

     

    (hh)  
      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;
      the
      Company has received no notice of any violation of any environmental law, rule
      or regulation with respect to the Mortgaged Property;

     

    (ii)  The
      Mortgagor has not notified the Company requesting relief under the
      Servicemembers Civil Relief Act of 2003 and any similar state or local statute,
      or any similar state law, and the Company has no knowledge of any relief
      requested or allowed to the Mortgagor under the Servicemembers Civil Relief
      Act
      of 2003 and any similar state or local statute, or any similar state
      law;

     

    (jj)  As
      of the
      related Closing Date, no Mortgage Loan was in construction or rehabilitation
      status or has facilitated the trade-in or exchange of a Mortgaged
      Property;

     

    (kk)  No
      action
      has been taken or failed to be taken on or prior to the related Closing Date
      which has resulted or will result in an exclusion from, denial of, or defense
      to
      coverage under any insurance policy related to a Mortgage Loan (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, or for any other
      reason under such coverage;

     

    (ll)  Except
      with respect to each Mortgage Loan identified on the Mortgage Loan Schedule
      as a
      correspondent loan, 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 similar institution which
      is
      supervised and examined by a federal or state authority. With respect to
each
      Mortgage Loan identified on the Mortgage Loan Schedule as a correspondent loan,
      the Mortgage Loan was re-underwritten by the Company prior to Company’s purchase
      thereof.

     

    (mm)  Unless
      otherwise set forth on the related Mortgage Loan Schedule, no Mortgaged Property
      is subject to a ground lease.
      With
      respect to each ground lease to which the Mortgaged Property is subject (a
      "Ground Lease"): (i) the Mortgagor is the owner of a valid and subsisting
      interest as tenant under the Ground Lease; (ii) the Ground Lease is in full
      force and effect, unmodified and not supplemented by any writing or otherwise;
      (iii) all rent, additional rent and other charges reserved therein have been
      paid to the extent they are payable to the date hereof; (iv) the Mortgagor
      enjoys the quiet and peaceful possession of the estate demised thereby, subject
      to any sublease; (v) 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;
      (vii)
      the lessor under the Ground Lease is not in default under any of the terms
      or
      provisions thereof on the part of the lessor to be observed or performed; (vii)
      the lessor under the Ground Lease has satisfied all of its repair or
      construction obligations, if any, to date pursuant to the terms of the Ground
      Lease; and (ix) the execution, delivery and performance of the Mortgage do
      not
      require the consent (other than those consents which have been obtained and
      are
      in full force and effect) under, and will not contravene any provision of or
      cause a default under, the Ground Lease;

     

    (nn)  With
      respect to any broker fees collected and paid on any of the Mortgage Loans,
      all
      broker fees have been properly assessed to the Mortgagor and no claims will
      arise as to broker fees that are double charged and for which the Mortgagor
      would be entitled to reimbursement;

     

    (oo)  With
      respect to any Mortgage Loan as to which an affidavit has been delivered to
      the
      Purchaser certifying that the original Mortgage Note has been lost or destroyed
      and not been replaced, if such Mortgage Loan is subsequently in default, the
      enforcement of such Mortgage Loan will not be materially adversely affected
      by
      the absence of the original Mortgage Note;

     

    (pp)  Each
      Mortgage Loan constitutes a qualified mortgage under Section 860G(a)(3)(A)
      of
      the Code and Treasury Regulations Section 1.860G-2(a)(1);

     

    (qq)  Except
      as
      provided in Section 2.07, the Mortgage Note, the Mortgage, the Assignment of
      Mortgage and the other Mortgage Loan Documents set forth in Exhibit A-1 and
      required to be delivered on the related Closing Date have been delivered to
      the
      Purchaser or its designee all in compliance with the specific requirements
      of
      this Agreement. With respect to each Mortgage Loan, the Company is in possession
      of a complete Mortgage File and Servicing File except for such documents as
      have
      been delivered to the Purchaser or its designee;

     

    (rr)  [reserved];
      

     

    (ss)  
      [reserved]; 

     

    (tt)  No
      Mortgage Loan had a Loan-to-Value Ratio at the time of origination of more
      than
      100%;

     

    (uu)  None
      of
      the Mortgage Loans are subject to, covered by, or in violation of, the Home
      Ownership and Equity Protection Act of 1994 or any comparable state
      law;

     

    (vv)  None
      of
      the proceeds of the Mortgage Loan were used to finance single-premium credit
      insurance policies;

     

    (ww)  Any
      principal advances made to the Mortgagor prior to the related Closing 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 Company to be a First
      Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien priority
      with respect to each Mortgage Loan which is indicated by the Company to be
      a
      Second Lien Mortgage Loan (as reflected on the Mortgage Loan Data Transmission),
      in either case, 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;

     

    (xx)  Interest
      on each Mortgage Loan is calculated on the basis of a 360-day year consisting
      of
      twelve 30-day months;

     

    (yy)  Except
      with respect to each Mortgage Loan identified as a Balloon Loan on the related
      Mortgage Loan Schedule, no Loan has a balloon payment feature;

     

    (zz)  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;

     

    (aaa)  With
      respect to each MERS Mortgage Loan, the Company has not received any notice
      of
      liens or legal actions with respect to such Mortgage Loan and no such notices
      have been electronically posted by MERS;

     

    (bbb)   Any
      Mortgaged Property that is considered manufactured housing shall be legally
      classified as real property, is permanently affixed to a foundation and must
      assume the characteristics of site-built housing and must otherwise conform
      to
      the requirements (A) for inclusion in residential mortgage backed securities
      transactions rated by Standard & Poor's and (B) of Fannie Mae and Freddie
      Mac, including, but not limited to, the requirements that (i) the related
      Mortgage Note or contract, as applicable, be secured by a “single family
      residence” within the meaning of Section 25(e)(10) of the Code, (ii) the fair
      market value of the manufactured home securing each related Mortgage Note or
      contract, as applicable, was at least equal to 80% of the original principal
      balance of such Mortgage Note or contract, as applicable, and (iii) each related
      Mortgage Note or contract, as applicable, is a “qualified mortgage” under
      Section 860G(a)(3) of the Code;

     

    (ccc)  With
      respect to each Mortgage Loan, the Company (i) has fully furnished, in
      accordance with the Fair Credit Reporting Act and its implementing regulations,
      accurate and complete information (i.e., favorable and unfavorable) on the
      related Mortgagor credit files to Equifax, Experian, and Trans Union Credit
      Information Company (three of the credit repositories) and (ii) until the
      expiration of the Interim Servicing Period, will fully furnish, in accordance
      with the Fair Credit Reporting Act and its implementing regulations, accurate
      and complete information (i.e., favorable and unfavorable) on the related
      Mortgagor credit files to Equifax, Experian, and Trans Union Credit Information
      Company (three of the credit repositories); 

     

    (ddd)  The
      Company has 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 Company has established an
      anti-money laundering compliance program to the extent required by the
      Anti-Money Laundering Laws, has conducted the due diligence in connection with
      the origination of each Mortgage Loan required by 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, information to identify the
      applicable Mortgagor to the extent required by 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;

     

    (eee)  No
      Mortgage Loan originated on or after October 1, 2002 and before March 7, 2003
      is
      secured by a Mortgaged Property located in the State of Georgia; and no Mortgage
      Loan originated on or after March 7, 2003 is a “high cost home loan” as defined
      under the Georgia Fair Lending Act. No
      Mortgage Loan is (a) subject to, covered by or in violation of the provisions
      of
      the Home Ownership and Equity Protection Act of 1994, as amended, (b) a “high
      cost”, “covered”, “abusive”, “predatory”, “Oklahoma Section 10” or “high risk”
mortgage loan (or a similarly designated loan using different terminology) under
      any federal, state or local law, including without limitation, the provisions
      of
      the Georgia Fair Lending Act, New York Banking Law, Section 6-1, the Arkansas
      Home Loan Protection Act, effective as of June 14, 2003, Kentucky State Statute
      KRS 360.100, effective as of June 25, 2003, the New Jersey Home Ownership
      Security Act of 2002, as amended (the “NJ Act”), the New Mexico Home Loan
      Protection Act (N.M. Stat. Ann. §§ 58-21A-1 et seq.), the Illinois High-Risk
      Home Loan Act (815 Ill. Comp. Stat. 137/1 et seq.), the Oklahoma Home Ownership
      and Equity Protection Act, Nevada Assembly Bill No. 284, effective as of Oct.
      1,
      2003, the Minnesota Residential Mortgage Originator and Servicer Licensing
      Act
      (MN Stat. §58.137), the South Carolina High-Cost and Consumer Home Loans Act,
      effective January 1, 2004, or any other statute or regulation providing assignee
      liability to holders of such mortgage loans, or (c) subject to or in violation
      of any such or comparable federal, state or local statutes or
      regulations;

     

    (fff)  With
      respect to each Mortgage Loan which is a Second Lien Mortgage Loan (i) if the
      related first lien provides for negative amortization, the LTV was calculated
      at
      the maximum principal balance of such first lien that could result upon
      application of such negative amortization feature, 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;

     

    (ggg)  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;

     

    (hhh)  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 Standard & Poor’s LEVELS® Glossary
      Revised, Appendix E) or (d) in violation of any state law or ordinance
      comparable to HOEPA;

     

    (iii)  No
      Mortgage Loan originated before October 1, 2002 has a Prepayment Penalty term
      longer than five years after its origination and no Mortgage Loan originated
      on
      or after October 1, 2002 has a Prepayment Penalty term longer than three years
      after its origination;

     

    (jjj)  Each
      Mortgage Loan is in compliance with the anti-predatory lending eligibility
      for
      purchase requirements of Fannie Mae’s Selling Guide (this representation and
      warranty shall be construed only to mean that none of the representations and
      warranties specified in clauses (kkk) through (qqq) below have been breached);
      

     

    (kkk)  No
      Mortgagor was encouraged or required to select a Mortgage Loan product of the
      same documentation type offered by the Company 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 Company or any affiliate of the Company;

     

    (lll)  The
      methodology used in underwriting the extension of credit for each Mortgage
      Loan
      employs objective mathematical principles which relate the borrower’s income,
      assets and liabilities to the proposed payment and such underwriting methodology
      does not rely on the extent of the borrower’s equity in the collateral as the
      principal determining factor in approving such credit extension. Such
      underwriting methodology is designed to determine, among other things, that
      at
      the time of origination the borrower had a reasonable ability to make timely
      payments on the Mortgage Loan;

     

    (mmm)  With
      respect to any Mortgage Loan that contains a provision permitting imposition
      of
      a premium upon a prepayment prior to maturity: (i) prior to such Mortgage Loan’s
      origination, the Mortgagor agreed to such premium in exchange for a monetary
      benefit (i.e., such Mortgage Loan would have been more costly (including but
      not
      limited to a rate or fee increase) if it did not contain such prepayment
      premium) (ii) prior to such Mortgage Loan’s origination, the Mortgagor was
      offered the option of obtaining a Mortgage Loan that did not require payment
      of
      such a premium; provided, that such offer may have been evidenced by the
      Company’s rate sheet/pricing grid relating to such Mortgage Loan, which provided
      that the Mortgage Loan had a full prepayment premium buy-out pricing adjustment
      available; and (iii) the prepayment premium is disclosed to the Mortgagor in
      the
      loan documents pursuant to applicable state and federal law;

     

    (nnn)  No
      Mortgagor was required to purchase any credit life, disability, accident or
      health insurance product as a condition of obtaining the extension of credit.
      No
      Mortgagor obtained a prepaid single premium credit life, disability,
      unemployment, property, mortgage, accident or health insurance policy in
      connection with the origination of the Mortgage Loan; None of the proceeds
      of
      the Mortgage Loan were used to purchase or finance single-premium credit life
      or
      disability insurance policies or any comparable insurance;

     

    (ooo)  All
      points and fees as such terms are used in Fannie Mae’s Selling Guide related to
      each Mortgage Loan were disclosed in writing to the Mortgagor in accordance
      with
      applicable state and federal law and regulation. Except as set forth in the
      related Mortgage Loan Schedule or except in the case of a Mortgage Loan in
      an
      original principal amount of less than $60,000 which would have resulted in
      an
      unprofitable origination, no Mortgagor was charged “points and fees” (whether or
      not financed) in an amount greater than 5% of the principal amount of such
      loan,
      such 5% limitation is calculated in accordance with Fannie Mae’s anti-predatory
      lending requirements as set forth in the Fannie Mae Selling Guide (i.e., for
      this purpose, points and fees do not include bona fide discount points; fees
      paid for actual services rendered in connection with the origination of the
      mortgage, such as attorneys’ fees, notary’s fees and fees paid for property
      appraisals, credit reports, surveys, title examinations and extracts, flood
      and
      tax certifications, and home inspections; the cost of mortgage insurance or
      credit-risk price adjustments; the cost of title, hazard and flood insurance
      policies; state and local transfer taxes or fees; escrow deposits for the future
      payment of taxes and insurance premiums; and other miscellaneous fees and
      charges that, in total, do not exceed 0.25% of the loan amount);

     

    (ppp)  All
      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 Mortgage Loan has been disclosed in writing to the Mortgagor in accordance
      with applicable state and federal law and regulation;

     

    (qqq)  Each
      Prepayment Penalty is permissible, enforceable and collectible in accordance
      with its terms (except to the extent that the enforceability or collectibility
      thereof may be limited by bankruptcy, insolvency, moratorium, receivership
      and
      other similar laws affecting creditor’s rights generally) under all applicable
      federal, state and local laws. Each Prepayment Penalty was originated in
      compliance with all applicable federal, state and local laws;

     

    (rrr)  No
      Mortgage Loan (a) is secured by property located in the State of New York;
      (b)
      had an original principal balance of $300,000 or less, and (c) has an
      application date on or after April 1, 2003, the terms of which loan equal or
      exceed either the APR or the points and fees threshold for "high-cost home
      loans," as defined in Section 6-L of the New York State Banking
      Law;

     

    (sss)  
      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);

     

    (ttt)  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);

     

    (uuu)  No
      Mortgage Loan is a “home loan” as defined in the Nevada Assembly Bill No. 284;

     

    (vvv)  As
      of the
      related Closing Date, in connection with requirements of anti-predatory lending
      laws or regulations, no nationally recognized rating agency would prohibit
      the
      Mortgage Loan at any time from being included in a securitization or otherwise
      require unreasonable credit enhancement which would have a material adverse
      economic effect on the value of the Mortgage Loan if included in such
      securitization;

     

    (www)  Each
      Loan
      originated on or after November 27, 2003 and subject to the New Jersey Home
      Ownership Security Act of 2002 (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; 

     

    (xxx)  
      [Reserved]; 

     

    (yyy)  No
      Loan
      is a subsection 10 mortgage under the Oklahoma Home Ownership and Equity
      Protection Act;

     

    (zzz)  No
      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.);

     

    (aaaa)  No
      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.);

     

    (bbbb)  [Reserved];

     

    (cccc)  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 or (ii) “High-Cost Home Loan”
as defined under the Maine House Bill 383 L.D. 494, effective as of September
      13, 2003;

     

    (dddd)  No
      Mortgage Loan originated on or after August 1, 2004 requires the Mortgagor
      to
      submit to arbitration to resolve any dispute arising out of or relating in
      any
      way to the mortgage loan transaction; 

     

    (eeee)  [Reserved];

     

    (ffff)  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 disclosed to the Mortgagor; provided, however disclosure shall
      be
      acceptable if made in accordance with any applicable laws and made as a line
      item on the good faith estimate and on the final HUD-1 settlement statement;
      and

     

    (gggg)  No
      Mortgage Loan secured by a Mortgaged Property located in the Commonwealth of
      Massachusetts was made that does not comply with Massachusetts P. L. 2004,
      ch.
      268 as codified at M.G.C.L. 183, § 28C and the regulations promulgated by the
      Massachusetts Division of Banks at 209 CMR 53.00 et seq. (as published in 1017
      Mass. Reg. 61 (January 14, 2005)) in connection therewith (collectively, the
      “Massachusetts Refinancing Provisions”). Pursuant to the Massachusetts
      Refinancing Provisions, no Mortgage Loan secured by a Mortgaged Property located
      in the Commonwealth of Massachusetts was made to refinance or pay off all or
      part of an existing home loan that was consummated within 60 months prior to
      the
      lender’s receipt of an application for a new home loan or other debt of Borrower
      unless the Mortgage Loan complies in all material respects with the laws of
      the
      Commonwealth of Massachusetts and the Mortgage Loan is made in accordance with
      the "borrower's interest" standard under the Massachusetts Refinancing
      Provisions.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

     

    REQUEST
      FOR RELEASE

    OF
      DOCUMENTS

     

    To:         
      U.S.
      Bank
      National Association 

    60
      Livingston Avenue, EP-MN-WS3D

    St.
      Paul,
      MN 55107

    Attn:
      Structured Finance/ MASTR 2006-WMC1

    

    Wells
      Fargo Bank, N.A.

    Attn:
      Inventory Control

    1015
      10th
      Avenue SE

    Minneapolis,
      MN 55414

    

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement, dated as of March 1, 2006, among Mortgage
                Asset
                Securitization Transactions, Inc., HomEq Servicing Corporation, Wells
                Fargo Bank, N.A. and U.S. Bank National Association, Mortgage Pass-Through
                Certificates, Series 2006-WMC1

            

    

    

    

     

    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 Mortgage File:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              By:

            	 
	 	 	
              (authorized
                signer)

            
	 	
              Issuer:

            	 
	 	
              Address:

            	 
	 	
              Date:

            	 

    

    [Custodian]
      [Trustee]

    [Wells
      Fargo Bank, N.A.]

    [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]                                  
      Date

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      F-1

     

    FORM
      OF
      TRANSFEROR REPRESENTATION LETTER

     

                    [Date]

     

    Wells
      Fargo Bank, N.A.

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

    Attn:
      Transfer Unit / MASTR 2006-WMC1

    

    
      	 	
              Re:

            	
              MASTR
                Asset Backed Securities Trust 2006-WMC1,
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 March 1, 2006, among
      Mortgage Asset Securitization Transactions, Inc. as Depositor, HomEq Servicing
      Corporation as Servicer, Wells Fargo Bank, N.A. as Master Servicer, Trust
      Administrator and Custodian 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.

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

    Attn:
      Transfer Unit / MASTR 2006-WMC1

    

    
      	 	
              Re:

            	
              MASTR
                Asset Backed Securities Trust 2006-WMC1, Mortgage Pass-Through
                Certificates, Series 2006-WMC1, 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.

     

    All
      capitalized terms used but not otherwise defined herein have the respective
      meanings assigned thereto in the Pooling and Servicing Agreement, dated as
      of
      March 1, 2006, among Mortgage Asset Securitization Transactions, Inc. as
      Depositor, HomEq Servicing Corporation, 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.

     

    ___
      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 March 1, 2006 (the “Agreement”),
      among
      Mortgage Asset Securitization Transactions, Inc., as depositor (the
“Depositor”),
      HomEq
      Servicing Corporation, as servicer (the “Servicer”),
      Wells
      Fargo Bank, N.A., master servicer (“the Master
      Servicer”),
      trust
      administrator (the “Trust Administrator”) and 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(d) 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(d) 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:

     

    [_]  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.

     

    [_]  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.

            

    

     

    [_]  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

     

    _____________,
      2005

     

    Mortgage
      Asset Securitization Transactions, Inc.

    1285
      Avenue of the Americas

    New
      York,
      New York 10019

     

    Wells
      Fargo Bank, N.A.

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

    

    U.S.
      Bank
      National Association 

    60
      Livingston Avenue

    EP-MN-WS3D
      

    St.
      Paul,
      MN 55107 

    Attn:
      Structured Finance/ MASTR 2006-WMC1

    

     

    
      	 	
              Re:

            	
              MASTR
                Asset Backed Securities Trust 2006-WMC1, 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-WMC1, Mortgage Pass-Through Certificates, Series
      2006-WMC1, Class [CE] [P] [R](the “Certificates”), issued pursuant to a Pooling
      and Servicing Agreement (the “Pooling and Servicing Agreement”) dated as of
      March 1, 2006, among Mortgage Asset Securitization Transactions, Inc. as
      depositor (the “Depositor”), Wells Fargo Bank, N.A. as master servicer, trust
      administrator and custodian (the “Master Servicer”, the “Trust Administrator”
and the “Custodian”), HomEq Servicing Corporation as servicer (the “Servicer”)
      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

     

     

    FORM
      OF
      REPORT PURSUANT TO SECTION 4.06

     

    SECURITIES
      AND EXCHANGE COMMISSION

     

    WASHINGTON,
      D.C. 20549

     

    FORM
      10-K

     

    ANNUAL
      REPORT

     

    Pursuant
      to Section 13 or 15(d) of the

    SECURITIES
      EXCHANGE ACT OF 1934 (FEE REQUIRED)

     

    FOR
      FISCAL YEAR ENDED ________________

     

    COMMISSION
      FILE NUMBER: 333-_______

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

    (as
      depositor under the Pooling and Servicing Agreement,

    dated
      as
      of March 1, 2006, providing for the issuance of

    MORTGAGE
      PASS-THROUGH CERTIFICATES, SERIES 2006-WMC1)

     

    Mortgage
      Asset Securitization Transactions, Inc.

     

    (EXACT
      NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

     

    
      	 	 	 
	
              Delaware

            	 	
              [__]

            
	
              (State
                or Other Jurisdiction

              of
                Incorporation)

            	 	
              (I.R.S.
                Employer

              Identification
                No.)

            
	 	 	 
	
              1285
                Avenue of the Americas

              New
                York, New York 10019

            	 	
              10019

            
	
              (Address
                of Principal Executive Offices)

            	
              (Zip
                Code)

            

    

    

     

    Registrant's
      telephone number, including area code: [___]

     

    Securities
      registered pursuant to Section 12(b) of the Act:

     

    None

     

    Securities
      registered pursuant to Section 12(g) of the Act:

     

    None

     

    Indicate
      whether the Registrant: (1) has filed all reports required to be filed by
      Section 13 or 15(d) of the Securities Exchange Act of 1934 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.

     

    X
      YES
        
___No

    Item
      1.
      Business:

     

    Not
      applicable

     

    Item
      2.
      Properties:

     

    Not
      applicable

     

    Item
      3.
      Legal Proceedings:

     

    None

     

    Item
      4.
      Submission of Matters to a Vote of Security-Holders

     

    None

     

    Item
      5.
      Market for Registrant's Common Equity and Related Stockholder
      Matters

     

    To
      the
      best knowledge of the registrant there is no established public trading market
      for the certificates.

     

    There
      are
      approximately _____ holders of record as of the end of the reporting
      year.

     

    Item
      6.
      Selected Financial Data.

     

    Not
      applicable.

     

    Item
      7.
      Management's Discussion and Analysis of Financial Condition and Results of
      Operations

     

    Not
      applicable

     

    Item
      8.
      Financial Statements and Supplementary Data.

     

    Not
      applicable.

     

    Item
      9.
      Changes in and Disagreements With Accountants on Accounting and Financial
      Disclosure

     

    None

     

    Item
      10.

     

    Not
      applicable

     

    Item
      11.
      Executive Compensation

     

    Not
      applicable

     

    Item
      12.
      Security Ownership of Certain Beneficial Owners and Management

     

    Not
      applicable

     

    Item
      13.
      Certain Relationships and Related Transactions

     

    Not
      applicable

     

    Item
      14.
      Exhibits, Financial Statement Schedules, and Reports on Form 8-K

     

    a)
       The
      company filed on Form 8-K, separately for each distribution date,
      the distribution
      of funds related to the trust for each of the following
      distribution dates:

     

    
      	 	
              Distribution
                Date

            	 	
              Form
                8-K Filing Date

            
	 	 	 	 
	 	 	 	 
	 	 	 	 

    

    

     

    b)
       99.1     
      Annual
      Report of Independent Public Accountants' as to o master
      servicing activities
      or servicing activities, as applicable 

     

    (a)
      Wells
      Fargo Bank, N.A., as Master Servicer

     

                         
      99.2      Annual
      Statement of Compliance with obligations under the Pooling and Servicing
      Agreement or servicing agreement, as applicable, of:

     

    (a)
      Wells
      Fargo Bank, N.A., as Master Servicer

     

    Such
      document (i) is not filed herewith since such document was not received by
      the
      Reporting Person at least three business days prior to the due date of this
      report; and (ii) will be included in an amendment to this report on Form 10-K/A
      to be filed within 30 days of the Reporting Person's receipt of such
      document.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SIGNATURES

     

    Pursuant
      to the requirements of Section 13 or 15(d) of the Securities Exchange Act of
      1934, the registrant has duly caused this report to be signed on its behalf
      by
      the undersigned thereunto duly authorized.

     

    Date:
      ___________

     

    
      	 	
              Mortgage
                Asset Securitization Transactions, Inc., by Wells Fargo Bank, N.A.,
                as
                Trust Administrator for MASTR Asset Backed Securities Trust 2006-WMC1,
                Mortgage Pass-Through Certificates

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	
              Company:

            	 

    

    

     

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    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 

    

    

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement, dated as of March 1, 2006, among Mortgage
                Asset
                Securitization Transactions, Inc., HomEq Servicing Corporation, Wells
                Fargo Bank, N.A., U.S. Bank National Association and Wells Fargo
                Bank, N.A
                (the “Agreement”)

            

    

    

    

     

    HomEq
      Servicing Corporation., as Servicer 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 Depositor 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
      Depositor;

     

    (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 Depositor. Any material instances of
      noncompliance described in such reports have been disclosed to the Depositor.
      Any material instance of noncompliance with the Servicing Criteria has been
      disclosed in such reports.

     

    

    

    
      	 	
              Date:
                _________________________

            
	 	 
	 	 
	 	
              By: _______________________________

            
	 	
              Name:

            
	 	
              Title:

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      K

     

    FORM
      OF
      CAP CONTRACT

    

      

      

      

      

      
        	
                Date:

              	
                29
                  March 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: 37319192

              

      

      

      

      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:

              	
                29
                  March 2006

              
	 	 
	
                Effective
                  Date

              	
                25
                  April 2006

              
	 	 
	
                Termination
                  Date:

              	
                25
                  March 2010,
                  subject to adjustment in accordance with the Following Business
                  Day
                  Convention.

              
	 	 
	
                Calculation
                  Amount:

              	
                Initially
                  USD 1,817,000, amortizing as per Amortizing Schedule
                  below

              
	 	 	 
	
                Amortization
                  Schedule:

              	 	 
	
                Period
                  From

              	
                Period
                  To

              	
                Calculation
                  Amount (USD)

              
	
                Effective
                  Date

              	
                25-May-06

              	
                1,817,000

              
	
                25-May-06

              	
                25-Jun-06

              	
                4,106,000

              
	
                25-Jun-06

              	
                25-Jul-06

              	
                6,869,000

              
	
                25-Jul-06

              	
                25-Aug-06

              	
                10,092,000

              
	
                25-Aug-06

              	
                25-Sep-06

              	
                13,759,000

              
	
                25-Sep-06

              	
                25-Oct-06

              	
                17,841,000

              
	
                25-Oct-06

              	
                25-Nov-06

              	
                22,303,000

              
	
                25-Nov-06

              	
                25-Dec-06

              	
                27,099,000

              
	
                25-Dec-06

              	
                25-Jan-07

              	
                32,156,000

              
	
                25-Jan-07

              	
                25-Feb-07

              	
                36,735,000

              
	
                25-Feb-07

              	
                25-Mar-07

              	
                40,867,000

              
	
                25-Mar-07

              	
                25-Apr-07

              	
                44,581,000

              
	
                25-Apr-07

              	
                25-May-07

              	
                47,908,000

              
	
                25-May-07

              	
                25-Jun-07

              	
                50,874,000

              
	
                25-Jun-07

              	
                25-Jul-07

              	
                53,503,000

              
	
                25-Jul-07

              	
                25-Aug-07

              	
                55,817,000

              
	
                25-Aug-07

              	
                25-Sep-07

              	
                57,842,000

              
	
                25-Sep-07

              	
                25-Oct-07

              	
                59,595,000

              
	
                25-Oct-07

              	
                25-Nov-07

              	
                61,154,000

              
	
                25-Nov-07

              	
                25-Dec-07

              	
                66,491,000

              
	
                25-Dec-07

              	
                25-Jan-08

              	
                285,709,000

              
	
                25-Jan-08

              	
                25-Feb-08

              	
                264,857,000

              
	
                25-Feb-08

              	
                25-Mar-08

              	
                245,555,000

              
	
                25-Mar-08

              	
                25-Apr-08

              	
                227,690,000

              
	
                25-Apr-08

              	
                25-May-08

              	
                217,771,000

              
	
                25-May-08

              	
                25-Jun-08

              	
                208,294,000

              
	
                25-Jun-08

              	
                25-Jul-08

              	
                199,237,000

              
	
                25-Jul-08

              	
                25-Aug-08

              	
                190,592,000

              
	
                25-Aug-08

              	
                25-Sep-08

              	
                182,329,000

              
	
                25-Sep-08

              	
                25-Oct-08

              	
                174,433,000

              
	
                25-Oct-08

              	
                25-Nov-08

              	
                166,886,000

              
	
                25-Nov-08

              	
                25-Dec-08

              	
                159,674,000

              
	
                25-Dec-08

              	
                25-Jan-09

              	
                155,639,000

              
	
                25-Jan-09

              	
                25-Feb-09

              	
                148,884,000

              
	
                25-Feb-09

              	
                25-Mar-09

              	
                142,431,000

              
	
                25-Mar-09

              	
                25-Apr-09

              	
                136,266,000

              
	
                25-Apr-09

              	
                25-May-09

              	
                130,375,000

              
	
                25-May-09

              	
                25-Jun-09

              	
                124,746,000

              
	
                25-Jun-09

              	
                25-Jul-09

              	
                119,367,000

              
	
                25-Jul-09

              	
                25-Aug-09

              	
                114,232,000

              
	
                25-Aug-09

              	
                25-Sep-09

              	
                109,325,000

              
	
                25-Sep-09

              	
                25-Oct-09

              	
                104,635,000

              
	
                25-Oct-09

              	
                25-Nov-09

              	
                100,153,000

              
	
                25-Nov-09

              	
                25-Dec-09

              	
                95,869,000

              
	
                25-Dec-09

              	
                25-Jan-10

              	
                91,775,000

              
	
                25-Jan-10

              	
                25-Feb-10

              	
                87,864,000

              
	
                25-Feb-10

              	
                Termination
                  Date

              	
                84,124,000

              

      

      

      The
        dates
        in the above schedule with the exception of the Effective Date will be subject
        to adjustment in accordance with the 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
                  1,910,000

              
	 	 
	
                Fixed
                  Rate Payer Payment Date:

              	
                29
                  March 2006

              
	 	 
	
                Business
                  Day Convention:

              	
                Not
                  Applicable

              

      

      

      Floating
        Amounts

      

      
        	
                Floating
                  Rate Payer:

              	
                UBS
                  AG

              
	 	 
	
                Cap
                  Rate:

              	
                5.000
                  percent per annum

              

      

      
        	
                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 May 2006, up to and including the Termination
                  Date, subject to no 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:

              	
                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 Transaction
        is
        appropriate or proper for it based upon its own judgment 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.

      

       

      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:

              	 	 
	 	 	 
	
                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:

              	
                Credit
                  Risk Management:

              	
                (212)
                  713-1170

              
	
                Swift:

              	
                UBSWGB2L

              
	
                Fax:

              	
                (203)
                  719-0274

              
	
                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:

              	
                Jonathan
                  Moss

              	 	
                Name:

              	
                Jonathan
                  McTernan

              	 
	
                Title:

              	
                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.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	(A)  	
                Attachment
                  2

              

      

       

      

      

      
        	
                Date:

              	
                29
                  March 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-WMC1, Mortgage Pass Through Certificates, Series 2006-WMC1
                  (“Counterparty”)

              
	 	 
	
                Attention:

              	
                Swaps
                  Administration

              
	 	 
	
                From:

              	
                UBS
                  AG, London Branch
                  (“UBS AG”)

              
	 	 
	
                Subject:

              	
                Interest
                  Rate Cap Transaction

                UBS
                  AG Ref: 37325980

              

      

      

      

      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 29 March 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:

              	
                29
                  March 2006

              
	 	 
	
                Effective
                  Date

              	
                25
                  April 2006

              
	 	 
	
                Termination
                  Date:

              	
                25
                  March 2010,
                  subject to adjustment in accordance with the Following Business
                  Day
                  Convention.

              
	 	 
	
                Calculation
                  Amount:

              	
                Initially
                  7,268 amortizing as per Amortizing Schedule below

              
	 	 	 
	
                Amortization
                  Schedule:

              	
                 

              	 
	
                Period
                  From

              	
                Period
                  To

              	
                Calculation
                  Amount (USD)

              
	
                Effective
                  Date

              	
                25-May-06

              	
                7,268

              
	
                25-May-06

              	
                25-Jun-06

              	
                16,424

              
	
                25-Jun-06

              	
                25-Jul-06

              	
                27,476

              
	
                25-Jul-06

              	
                25-Aug-06

              	
                40,368

              
	
                25-Aug-06

              	
                25-Sep-06

              	
                55,036

              
	
                25-Sep-06

              	
                25-Oct-06

              	
                71,364

              
	
                25-Oct-06

              	
                25-Nov-06

              	
                89,212

              
	
                25-Nov-06

              	
                25-Dec-06

              	
                108,396

              
	
                25-Dec-06

              	
                25-Jan-07

              	
                128,624

              
	
                25-Jan-07

              	
                25-Feb-07

              	
                146,940

              
	
                25-Feb-07

              	
                25-Mar-07

              	
                163,468

              
	
                25-Mar-07

              	
                25-Apr-07

              	
                178,324

              
	
                25-Apr-07

              	
                25-May-07

              	
                191,632

              
	
                25-May-07

              	
                25-Jun-07

              	
                203,496

              
	
                25-Jun-07

              	
                25-Jul-07

              	
                214,012

              
	
                25-Jul-07

              	
                25-Aug-07

              	
                223,268

              
	
                25-Aug-07

              	
                25-Sep-07

              	
                231,368

              
	
                25-Sep-07

              	
                25-Oct-07

              	
                238,380

              
	
                25-Oct-07

              	
                25-Nov-07

              	
                244,616

              
	
                25-Nov-07

              	
                25-Dec-07

              	
                265,964

              
	
                25-Dec-07

              	
                25-Jan-08

              	
                1,142,836

              
	
                25-Jan-08

              	
                25-Feb-08

              	
                1,059,428

              
	
                25-Feb-08

              	
                25-Mar-08

              	
                982,220

              
	
                25-Mar-08

              	
                25-Apr-08

              	
                910,760

              
	
                25-Apr-08

              	
                25-May-08

              	
                871,084

              
	
                25-May-08

              	
                25-Jun-08

              	
                833,176

              
	
                25-Jun-08

              	
                25-Jul-08

              	
                796,948

              
	
                25-Jul-08

              	
                25-Aug-08

              	
                762,368

              
	
                25-Aug-08

              	
                25-Sep-08

              	
                729,316

              
	
                25-Sep-08

              	
                25-Oct-08

              	
                697,732

              
	
                25-Oct-08

              	
                25-Nov-08

              	
                667,544

              
	
                25-Nov-08

              	
                25-Dec-08

              	
                638,696

              
	
                25-Dec-08

              	
                25-Jan-09

              	
                622,556

              
	
                25-Jan-09

              	
                25-Feb-09

              	
                595,536

              
	
                25-Feb-09

              	
                25-Mar-09

              	
                569,724

              
	
                25-Mar-09

              	
                25-Apr-09

              	
                545,064

              
	
                25-Apr-09

              	
                25-May-09

              	
                521,500

              
	
                25-May-09

              	
                25-Jun-09

              	
                498,984

              
	
                25-Jun-09

              	
                25-Jul-09

              	
                477,468

              
	
                25-Jul-09

              	
                25-Aug-09

              	
                456,928

              
	
                25-Aug-09

              	
                25-Sep-09

              	
                437,300

              
	
                25-Sep-09

              	
                25-Oct-09

              	
                418,540

              
	
                25-Oct-09

              	
                25-Nov-09

              	
                400,612

              
	
                25-Nov-09

              	
                25-Dec-09

              	
                383,476

              
	
                25-Dec-09

              	
                25-Jan-10

              	
                367,100

              
	
                25-Jan-10

              	
                25-Feb-10

              	
                351,456

              
	
                25-Feb-10

              	
                Termination
                  Date

              	
                336,496

              

      

      

      The
        dates
        in the above schedule with the exception of the Effective Date will be subject
        to adjustment in accordance with the 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:

              	
                5.000
                  percent per annum

              

      

      

      
        	
                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 May 2006, 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:

              	
                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 Transaction is appropriate
        or
        proper for it based upon its own judgment 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.

      

      (e)
        Trustee Capacity. It is expressly understood and agreed by the parties hereto
        that insofar as this Agreement is executed by the trustee (i) this Agreement
        is
        executed by Wells Fargo Bank, N.A. ("Wells Fargo"), not in its individual
        capacity but solely as trustee in the exercise of the powers and authority
        conferred and vested in it, (ii) each of the representations, undertakings
        and
        agreements herein made on the part of the Counterparty is made and intended
        not
        as a personal representation, undertaking or agreement by Wells Fargo but
        is
        made and intended for the purpose of binding only the Counterparty as trustee
        for the Supplemental Interest Trust, (iii) nothing herein contained shall
        be
        construed as imposing any liability on Wells Fargo individually or personally,
        to perform any covenant either expressed or implied contained herein, all
        such
        liability, if any, being expressly waived by the parties hereto and by any
        person claiming by, through or under the parties hereto and under no
        circumstances shall Wells Fargo in its individual capacity be personally
        liable
        for the payment of any indebtedness or expenses or be personally liable for
        the
        breach or failure of any obligation, representation, warranty or covenant
        made
        or undertaken under this Agreement. The obligations of Wells Fargo under
        this
        Agreement are limited recourse obligations, payable solely from the Swap
        Agreement, subject to and in accordance with the priority of payments and
        other
        terms of the Pooling and Servicing Agreement, and (iv) any resignation or
        removal of Wells Fargo as trustee on behalf of the Supplemental Interest
        Trust
        shall require the assignment of this Agreement to Wells Fargo's replacement,
        and
        (v) Wells Fargo has been directed, pursuant to the Pooling and Servicing
        Agreement, to enter into this Agreement and to perform its obligations
        hereunder.

      

      References
        in this clause to “a party” shall, in the case of UBS AG and where the context
        so allows, include reference 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

       

      
        	(c)  	
                The
                  office of UBS AG for the Interest Rate Cap Transaction is London;
                  and

              

      

      
        	(d)  	
                The
                  office of Counterparty for the Interest Rate Cap Transaction
                  is New
                  York

              

      

      

      

      

      

      

      
        	
                Contact
                  Names at UBS AG:

              	 	 
	 	 	 
	
                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:

              	
                Credit
                  Risk Management:

              	
                (212)
                  713-1170

              
	
                Swift:

              	
                UBSWGB2L

              
	
                Fax:

              	
                (203)
                  719-0274

              
	
                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-WMC1, or

      (p)
        410.884.2000

      (f)
        410.715.2380

      

      Wiring
        Instructions:

      Wells
        Fargo Bank, NA

      San
        Francisco, CA

      ABA
        #:
        121-000-248

      Acct
        #:
        3970771416

      Acct
        Name: SAS Clearing

      For
        Further Credit: Interest Rate Cap, Account # 50906503

      

      

      

      

      

      

      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:

              	
                Jonathan
                  Moss

              	 	
                Name:

              	
                Jonathan
                  McTernan

              	 
	
                Title:

              	
                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-WMC1, Mortgage Pass Through Certificates, Series 2006-WMC1 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.

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      L

     

    ANNUAL
      STATEMENT OF COMPLIANCE PURSUANT TO SECTION 3.20

     

    MASTR
      ASSET BACKED SECURITIES TRUST 2006-WMC1, 

     

    MORTGAGE
      PASS-THROUGH CERTIFICATES

     

    I,
      _____________________, hereby certify that I am a duly appointed
      __________________________ of HomEq Servicing Corporation (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 March 1, 2006 (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc., as depositor, the Master Servicer, as trust
      administrator and Custodian, HomEq Servicing Corporation, as servicer 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

     

    FORMS
      OF
      INTEREST RATE SWAP AGREEMENT

    

      

      

      

      

      
        	
                Date:

              	
                29
                  March 2006

              
	 	 
	
                To:

              	
                UBS
                  Real Estate Securities, Inc. (“Counterparty”)

              
	 	 
	
                Attn:

              	
                Swaps
                  Administration

              
	 	 
	
                From:

              	
                UBS
                  AG, London Branch
                  (“UBS AG”)

              
	 	 
	
                Subject:

              	
                Interest
                  Rate Swap Transaction

              
	 	 
	 	
                UBS
                  AG Ref: 37233589

              
	 	 

      

      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 England 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:

              	
                29
                  March 2006

              
	 	 
	
                Effective
                  Date:

              	
                29
                  March 2006

              
	 	 
	
                Termination
                  Date:

              	
                25
                  March 2010

              
	 	 
	
                Calculation
                  Agent:

              	
                UBS
                  AG, unless otherwise stated in the Schedule to the Master
                  Agreement.

              
	 	 
	
                Business
                  Days:

              	
                New
                  York 

              
	 	 
	
                Calculation
                  Amount:

              	
                Initially
                  USD 785,615,000, amortizing as per Amortizing Schedule
                  below

              
	 	 
	
                Broker:

              	
                None

              
	 	 	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                Amortization
                  Schedule

              	 	 
	
                Period
                  From

              	
                Period
                  To

              	
                Calculation
                  Amount (USD)

              
	 	 	 
	
                Effective
                  Date

              	
                25-Apr-06

              	
                785,615,000

              
	
                25-Apr-06

              	
                25-May-06

              	
                775,003,000

              
	
                25-May-06

              	
                25-Jun-06

              	
                761,789,000

              
	
                25-Jun-06

              	
                25-Jul-06

              	
                745,979,000

              
	
                25-Jul-06

              	
                25-Aug-06

              	
                727,622,000

              
	
                25-Aug-06

              	
                25-Sep-06

              	
                706,774,000

              
	
                25-Sep-06

              	
                25-Oct-06

              	
                683,538,000

              
	
                25-Oct-06

              	
                25-Nov-06

              	
                658,021,000

              
	
                25-Nov-06

              	
                25-Dec-06

              	
                630,383,000

              
	
                25-Dec-06

              	
                25-Jan-07

              	
                600,890,000

              
	
                25-Jan-07

              	
                25-Feb-07

              	
                572,791,000

              
	
                25-Feb-07

              	
                25-Mar-07

              	
                546,020,000

              
	
                25-Mar-07

              	
                25-Apr-07

              	
                520,514,000

              
	
                25-Apr-07

              	
                25-May-07

              	
                496,212,000

              
	
                25-May-07

              	
                25-Jun-07

              	
                473,056,000

              
	
                25-Jun-07

              	
                25-Jul-07

              	
                450,993,000

              
	
                25-Jul-07

              	
                25-Aug-07

              	
                429,971,000

              
	
                25-Aug-07

              	
                25-Sep-07

              	
                409,939,000

              
	
                25-Sep-07

              	
                25-Oct-07

              	
                390,851,000

              
	
                25-Oct-07

              	
                25-Nov-07

              	
                372,415,000

              
	
                25-Nov-07

              	
                25-Dec-07

              	
                336,748,000

              
	
                25-Dec-07

              	
                25-Jan-08

              	
                89,482,000

              
	
                25-Jan-08

              	
                25-Feb-08

              	
                84,450,000

              
	
                25-Feb-08

              	
                25-Mar-08

              	
                79,800,000

              
	
                25-Mar-08

              	
                25-Apr-08

              	
                75,598,000

              
	
                25-Apr-08

              	
                25-May-08

              	
                72,474,000

              
	
                25-May-08

              	
                25-Jun-08

              	
                69,487,000

              
	
                25-Jun-08

              	
                25-Jul-08

              	
                66,631,000

              
	
                25-Jul-08

              	
                25-Aug-08

              	
                63,900,000

              
	
                25-Aug-08

              	
                25-Sep-08

              	
                61,288,000

              
	
                25-Sep-08

              	
                25-Oct-08

              	
                58,789,000

              
	
                25-Oct-08

              	
                25-Nov-08

              	
                56,399,000

              
	
                25-Nov-08

              	
                25-Dec-08

              	
                54,111,000

              
	
                25-Dec-08

              	
                25-Jan-09

              	
                49,064,000

              
	
                25-Jan-09

              	
                25-Feb-09

              	
                47,142,000

              
	
                25-Feb-09

              	
                25-Mar-09

              	
                45,299,000

              
	
                25-Mar-09

              	
                25-Apr-09

              	
                43,531,000

              
	
                25-Apr-09

              	
                25-May-09

              	
                41,835,000

              
	
                25-May-09

              	
                25-Jun-09

              	
                40,209,000

              
	
                25-Jun-09

              	
                25-Jul-09

              	
                38,649,000

              
	
                25-Jul-09

              	
                25-Aug-09

              	
                37,152,000

              
	
                25-Aug-09

              	
                25-Sep-09

              	
                35,715,000

              
	
                25-Sep-09

              	
                25-Oct-09

              	
                34,336,000

              
	
                25-Oct-09

              	
                25-Nov-09

              	
                33,013,000

              
	
                25-Nov-09

              	
                25-Dec-09

              	
                31,743,000

              
	
                25-Dec-09

              	
                25-Jan-10

              	
                30,524,000

              
	
                25-Jan-10

              	
                25-Feb-10

              	
                29,353,000

              
	
                25-Feb-10

              	
                Termination
                  Date

              	
                28,230,000

              

      

      

      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 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 in accordance with the Modified Following Business
        Day
        Convention.

      

      
        	
                Fixed
                  Amounts

              	 
	 	 
	
                Fixed
                  Rate Payer:

              	
                Counterparty

              
	 	 
	
                Fixed
                  Rate: 

                 

                Fixed
                  Rate Day Count Fraction: 

              	
                5.000
                  per cent 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 April 2006, 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 April 2006, up to and including the
                  Termination Date, subject no 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:

              	
                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

      

      
        	
                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:

              	
                Credit
                  Risk Management:

              	
                (203)
                  719-8184

              

      

      

      
        	
                Swift:

              	
                UBSWGB2L

              
	
                Fax:

              	
                (203)
                  719-0274

              
	
                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:

              	
                Jonathan
                  Moss

              	 	
                Name:

              	
                Jonathan
                  McTernan

              	 
	
                Title:

              	
                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

      

      

      
        	
                Date:

              	
                29
                  March 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-WMC1, Mortgage Pass Through Certificates, Series 2006-WMC1
                  (“Counterparty”)

              
	
                Attn:

              	
                Client
                  Manager, MABS 2006-WMC1

              
	 	 
	
                Fax
                  No:

              	
                410-715-2380

              
	 	 
	
                From:

              	
                UBS
                  AG, London Branch
                  (“UBS AG”)

              
	 	 
	
                Subject:

              	
                Interest
                  Rate Swap Transaction

              
	 	
                UBS
                  AG Ref: 37325977

              

      

      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 29 March 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:

              	
                29
                  March 2006

              
	 	 
	
                Effective
                  Date:

              	
                29
                  March 2006

              
	 	 
	
                Termination
                  Date:

              	
                25
                  March 2010

              
	 	 
	
                Calculation
                  Agent:

              	
                UBS
                  AG, unless otherwise stated in the Schedule to the Master
                  Agreement.

              
	 	 
	
                Business
                  Days:

              	
                New
                  York 

              
	 	 
	
                Calculation
                  Amount:

              	
                Initially
                  USD 3,142,460, amortizing as per Amortizing Schedule
                  below

              
	 	 
	
                Broker:

              	
                None

              

      

      

      

      

      
        	
                Amortizing
                  Schedule:

              	 	 
	
                Period
                  From

              	
                Period
                  To

              	
                Calculation
                  Amount (USD)

              

      

      

      
        	
                Effective
                  Date

              	
                25-Apr-06

              	
                3,142,460

              
	
                25-Apr-06

              	
                25-May-06

              	
                3,100,012

              
	
                25-May-06

              	
                25-Jun-06

              	
                3,047,156

              
	
                25-Jun-06

              	
                25-Jul-06

              	
                2,983,916

              
	
                25-Jul-06

              	
                25-Aug-06

              	
                2,910,488

              
	
                25-Aug-06

              	
                25-Sep-06

              	
                2,827,096

              
	
                25-Sep-06

              	
                25-Oct-06

              	
                2,734,152

              
	
                25-Oct-06

              	
                25-Nov-06

              	
                2,632,084

              
	
                25-Nov-06

              	
                25-Dec-06

              	
                2,521,532

              
	
                25-Dec-06

              	
                25-Jan-07

              	
                2,403,560

              
	
                25-Jan-07

              	
                25-Feb-07

              	
                2,291,164

              
	
                25-Feb-07

              	
                25-Mar-07

              	
                2,184,080

              
	
                25-Mar-07

              	
                25-Apr-07

              	
                2,082,056

              
	
                25-Apr-07

              	
                25-May-07

              	
                1,984,848

              
	
                25-May-07

              	
                25-Jun-07

              	
                1,892,224

              
	
                25-Jun-07

              	
                25-Jul-07

              	
                1,803,972

              
	
                25-Jul-07

              	
                25-Aug-07

              	
                1,719,884

              
	
                25-Aug-07

              	
                25-Sep-07

              	
                1,639,756

              
	
                25-Sep-07

              	
                25-Oct-07

              	
                1,563,404

              
	
                25-Oct-07

              	
                25-Nov-07

              	
                1,489,660

              
	
                25-Nov-07

              	
                25-Dec-07

              	
                1,346,992

              
	
                25-Dec-07

              	
                25-Jan-08

              	
                357,928

              
	
                25-Jan-08

              	
                25-Feb-08

              	
                337,800

              
	
                25-Feb-08

              	
                25-Mar-08

              	
                319,200

              
	
                25-Mar-08

              	
                25-Apr-08

              	
                302,392

              
	
                25-Apr-08

              	
                25-May-08

              	
                289,896

              
	
                25-May-08

              	
                25-Jun-08

              	
                277,948

              
	
                25-Jun-08

              	
                25-Jul-08

              	
                266,524

              
	
                25-Jul-08

              	
                25-Aug-08

              	
                255,600

              
	
                25-Aug-08

              	
                25-Sep-08

              	
                245,152

              
	
                25-Sep-08

              	
                25-Oct-08

              	
                235,156

              
	
                25-Oct-08

              	
                25-Nov-08

              	
                225,596

              
	
                25-Nov-08

              	
                25-Dec-08

              	
                216,444

              
	
                25-Dec-08

              	
                25-Jan-09

              	
                196,256

              
	
                25-Jan-09

              	
                25-Feb-09

              	
                188,568

              
	
                25-Feb-09

              	
                25-Mar-09

              	
                181,196

              
	
                25-Mar-09

              	
                25-Apr-09

              	
                174,124

              
	
                25-Apr-09

              	
                25-May-09

              	
                167,340

              
	
                25-May-09

              	
                25-Jun-09

              	
                160,836

              
	
                25-Jun-09

              	
                25-Jul-09

              	
                154,596

              
	
                25-Jul-09

              	
                25-Aug-09

              	
                148,608

              
	
                25-Aug-09

              	
                25-Sep-09

              	
                142,860

              
	
                25-Sep-09

              	
                25-Oct-09

              	
                137,344

              
	
                25-Oct-09

              	
                25-Nov-09

              	
                132,052

              
	
                25-Nov-09

              	
                25-Dec-09

              	
                126,972

              
	
                25-Dec-09

              	
                25-Jan-10

              	
                122,096

              
	
                25-Jan-10

              	
                25-Feb-10

              	
                117,412

              
	
                25-Feb-10

              	
                Termination
                  Date

              	
                112,920

              

      

      

      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 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 in accordance with the Modified Following Business
        Day
        Convention.

      

      
        	
                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: 

              	
                5.000
                  per cent 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 April 2006, 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 April 2006, 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:

              	
                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 Transaction
        is
        appropriate or proper for it based upon its own judgment 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.

      

      (e)
        Trustee Capacity. It is expressly understood and agreed by the parties hereto
        that insofar as this Agreement is executed by the trustee (i) this Agreement
        is
        executed by Wells Fargo Bank, N.A. ("Wells Fargo"), not in its individual
        capacity but solely as trustee in the exercise of the powers and authority
        conferred and vested in it, (ii) each of the representations, undertakings
        and
        agreements herein made on the part of the Counterparty is made and intended
        not
        as a personal representation, undertaking or agreement by Wells Fargo but
        is
        made and intended for the purpose of binding only the Counterparty as trustee
        for the Supplemental Interest Trust, (iii) nothing herein contained shall
        be
        construed as imposing any liability on Wells Fargo individually or personally,
        to perform any covenant either expressed or implied contained herein, all
        such
        liability, if any, being expressly waived by the parties hereto and by any
        person claiming by, through or under the parties hereto and under no
        circumstances shall Wells Fargo in its individual capacity be personally
        liable
        for the payment of any indebtedness or expenses or be personally liable for
        the
        breach or failure of any obligation, representation, warranty or covenant
        made
        or undertaken under this Agreement. The obligations of Wells Fargo under
        this
        Agreement are limited recourse obligations, payable solely from the Swap
        Agreement, subject to and in accordance with the priority of payments and
        other
        terms of the Pooling and Servicing Agreement, and (iv) any resignation or
        removal of Wells Fargo as trustee on behalf of the Supplemental Interest
        Trust
        shall require the assignment of this Agreement to Wells Fargo's replacement,
        and
        (v) Wells Fargo has been directed, pursuant to the Pooling and Servicing
        Agreement, to enter into this Agreement and to perform its obligations
        hereunder.

      

      References
        in this clause to “a party” shall, in the case of UBS AG and where the context
        so allows, include reference to any affiliate of UBS AG.

      

      

      

      

      
        	
                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

      
        	
                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:

              	
                Credit
                  Risk Management:

              	
                (203)
                  719-8184

              
	
                Swift:

              	
                UBSWGB2L

              
	
                Fax:

              	
                (203)
                  719-0274

              
	
                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-WMC1, or

      (p)
        410.884.2000

      (f)
        410.715.2380

      

      Wiring
        Instructions:

      Wells
        Fargo Bank, NA

      San
        Francisco, CA

      ABA
        #:
        121-000-248

      Acct
        #:
        3970771416

      Acct
        Name: SAS Clearing

      For
        Further Credit: Interest Rate Swap, Account # 50906502

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      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:

              	
                Jonathan
                  Moss

              	 	
                Name:

              	
                Jonathan
                  McTernan

              	 
	
                Title:

              	
                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-WMC1, Mortgage Pass Through Certificates, Series 2006-WMC1 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

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      N

    

      SWAP
        ADMINISTRATION AGREEMENT

       

      This
        Swap
        Administration Agreement, dated as of March 29, 2006 (this “Agreement”), among
        Wells Fargo Bank, N.A. (“Wells Fargo”), as swap administrator (“Swap
        Administrator”) and as trust administrator and supplemental interest trust
        trustee (in such capacity, the “Trust Administrator” and “Supplemental Interest
        Trust Trustee”) under the Pooling and Servicing Agreement, as hereinafter
        defined (in such capacity, the “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-WMC1, Mortgage Pass-Through Certificates, 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 March 1, 2006 (the “Pooling and Servicing Agreement”), among
        Mortgage Asset Securitization Transactions, Inc., as depositor, Wells Fargo
        Bank, N.A. as master servicer, trust administrator and custodian, HomEq
        Servicing Corporation as servicer and the Trustee, relating to the MASTR
        Asset-Backed Securities Trust 2006-WMC1, Mortgage Pass-Through Certificates
        (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
        Administration 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

       

      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:

              	
                UBS
                  AG

              
	 	 
	
                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

      

      INTEREST
        RATE SWAP SCHEDULE

       

      
        	
                 

                Period

              	 	
                Distribution
                  Date

              	 	
                Swap
                  Base Calculation Amount

              	 	
                Strike
                  Rate

              
	
                1

              	 	
                4/25/2006

              	 	
                $

              	
                3,142,460

              	 	
                5.0000

              	
                %

              
	
                2

              	 	
                5/25/2006

              	 	
                $

              	
                3,100,012

              	 	
                5.0000

              	
                %

              
	
                3

              	 	
                6/25/2006

              	 	
                $

              	
                3,047,156

              	 	
                5.0000

              	
                %

              
	
                4

              	 	
                7/25/2006

              	 	
                $

              	
                2,983,916

              	 	
                5.0000

              	
                %

              
	
                5

              	 	
                8/25/2006

              	 	
                $

              	
                2,910,488

              	 	
                5.0000

              	
                %

              
	
                6

              	 	
                9/25/2006

              	 	
                $

              	
                2,827,096

              	 	
                5.0000

              	
                %

              
	
                7

              	 	
                10/25/2006

              	 	
                $

              	
                2,734,152

              	 	
                5.0000

              	
                %

              
	
                8

              	 	
                11/25/2006

              	 	
                $

              	
                2,632,084

              	 	
                5.0000

              	
                %

              
	
                9

              	 	
                12/25/2006

              	 	
                $

              	
                2,521,532

              	 	
                5.0000

              	
                %

              
	
                10

              	 	
                1/25/2007

              	 	
                $

              	
                2,403,560

              	 	
                5.0000

              	
                %

              
	
                11

              	 	
                2/25/2007

              	 	
                $

              	
                2,291,164

              	 	
                5.0000

              	
                %

              
	
                12

              	 	
                3/25/2007

              	 	
                $

              	
                2,184,080

              	 	
                5.0000

              	
                %

              
	
                13

              	 	
                4/25/2007

              	 	
                $

              	
                2,082,056

              	 	
                5.0000

              	
                %

              
	
                14

              	 	
                5/25/2007

              	 	
                $

              	
                1,984,848

              	 	
                5.0000

              	
                %

              
	
                15

              	 	
                6/25/2007

              	 	
                $

              	
                1,892,224

              	 	
                5.0000

              	
                %

              
	
                16

              	 	
                7/25/2007

              	 	
                $

              	
                1,803,972

              	 	
                5.0000

              	
                %

              
	
                17

              	 	
                8/25/2007

              	 	
                $

              	
                1,719,884

              	 	
                5.0000

              	
                %

              
	
                18

              	 	
                9/25/2007

              	 	
                $

              	
                1,639,756

              	 	
                5.0000

              	
                %

              
	
                19

              	 	
                10/25/2007

              	 	
                $

              	
                1,563,404

              	 	
                5.0000

              	
                %

              
	
                20

              	 	
                11/25/2007

              	 	
                $

              	
                1,489,660

              	 	
                5.0000

              	
                %

              
	
                21

              	 	
                12/25/2007

              	 	
                $

              	
                1,346,992

              	 	
                5.0000

              	
                %

              
	
                22

              	 	
                1/25/2008

              	 	
                $

              	
                357,928

              	 	
                5.0000

              	
                %

              
	
                23

              	 	
                2/25/2008

              	 	
                $

              	
                337,800

              	 	
                5.0000

              	
                %

              
	
                24

              	 	
                3/25/2008

              	 	
                $

              	
                319,200

              	 	
                5.0000

              	
                %

              
	
                25

              	 	
                4/25/2008

              	 	
                $

              	
                302,392

              	 	
                5.0000

              	
                %

              
	
                26

              	 	
                5/25/2008

              	 	
                $

              	
                289,896

              	 	
                5.0000

              	
                %

              
	
                27

              	 	
                6/25/2008

              	 	
                $

              	
                277,948

              	 	
                5.0000

              	
                %

              
	
                28

              	 	
                7/25/2008

              	 	
                $

              	
                266,524

              	 	
                5.0000

              	
                %

              
	
                29

              	 	
                8/25/2008

              	 	
                $

              	
                255,600

              	 	
                5.0000

              	
                %

              
	
                30

              	 	
                9/25/2008

              	 	
                $

              	
                245,152

              	 	
                5.0000

              	
                %

              
	
                31

              	 	
                10/25/2008

              	 	
                $

              	
                235,156

              	 	
                5.0000

              	
                %

              
	
                32

              	 	
                11/25/2008

              	 	
                $

              	
                225,596

              	 	
                5.0000

              	
                %

              
	
                33

              	 	
                12/25/2008

              	 	
                $

              	
                216,444

              	 	
                5.0000

              	
                %

              
	
                34

              	 	
                1/25/2009

              	 	
                $

              	
                196,256

              	 	
                5.0000

              	
                %

              
	
                35

              	 	
                2/25/2009

              	 	
                $

              	
                188,568

              	 	
                5.0000

              	
                %

              
	
                36

              	 	
                3/25/2009

              	 	
                $

              	
                181,196

              	 	
                5.0000

              	
                %

              
	
                37

              	 	
                4/25/2009

              	 	
                $

              	
                174,124

              	 	
                5.0000

              	
                %

              
	
                38

              	 	
                5/25/2009

              	 	
                $

              	
                167,340

              	 	
                5.0000

              	
                %

              
	
                39

              	 	
                6/25/2009

              	 	
                $

              	
                160,836

              	 	
                5.0000

              	
                %

              
	
                40

              	 	
                7/25/2009

              	 	
                $

              	
                154,596

              	 	
                5.0000

              	
                %

              
	
                41

              	 	
                8/25/2009

              	 	
                $

              	
                148,608

              	 	
                5.0000

              	
                %

              
	
                42

              	 	
                9/25/2009

              	 	
                $

              	
                142,860

              	 	
                5.0000

              	
                %

              
	
                43

              	 	
                10/25/2009

              	 	
                $

              	
                137,344

              	 	
                5.0000

              	
                %

              
	
                44

              	 	
                11/25/2009

              	 	
                $

              	
                132,052

              	 	
                5.0000

              	
                %

              
	
                45

              	 	
                12/25/2009

              	 	
                $

              	
                126,972

              	 	
                5.0000

              	
                %

              
	
                46

              	 	
                1/25/2010

              	 	
                $

              	
                122,096

              	 	
                5.0000

              	
                %

              
	
                47

              	 	
                2/25/2010

              	 	
                $

              	
                117,412

              	 	
                5.0000

              	
                %

              
	
                48

              	 	
                3/25/2010

              	 	
                $

              	
                112,920

              	 	
                5.0000

              	
                %

              

      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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 pursuant to Section 4.07(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

            	
              (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,
                Sevicer, 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,
                Sevicer, 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,
                Sevicer, 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

            	
              Seller

              Depositor

              Trustee

              Master
                Servicer

              Custodian

            
	
              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
                

              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

    Old
      Annapolis Road

    Columbia,
      Maryland 21045

    Attn:
      Corporate Trust Services- [DEAL NAME]—SEC REPORT PROCESSING

    

    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
      March 1, 2006, among Mortgage Asset Securitization Transactions, Inc. as
      Depositor, Wells Fargo Bank, N.A. as Master Servicer and Trust Administrator,
      Wells Fargo Bank, N.A. as Servicer and U.S. Bank National Association as
      Trustee, the undersigned, as [ ], hereby notifies you that certain events have
      come to our attention that [will] [may] need to be disclosed on Form
      [10-D][10-K][8-K].

     

    Description
      of Additional 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 AND MONTHLY REMITTANCE ADVICE

    
      	 
	
              LOAN_NUMBER

            
	
              INVESTOR_LOAN_NUMBER

            
	
              ACTUAL_ADDITIONAL_PRINCIPAL

            
	
              ADDITIONAL_PRINCIPAL_COLLECTED

            
	
              ANCILLARY_FEES_REMITTED_INV

            
	
              ANCILLARY_FEES_REMITTED_OTHER

            
	
              BANKRUPTCY_STATUS

            
	
              BEGINNING_INTEREST_ADVANCED

            
	
              BEGINNING_INVESTOR_BALANCE

            
	
              BEGINNING_INVESTOR_NOTE_RATE

            
	
              BEGINNING_INVESTOR_PAYMENT_AMT

            
	
              BEGINNING_INVESTOR_SERV_FEE

            
	
              CONTROL_LAST_CUTOFF_DATE

            
	
              CORPORATE_ADVANCE_BALANCE

            
	
              DATE_ARCHIVED

            
	
              DATE_LAST_MODIFIED

            
	
              DELINQUENT_INTEREST

            
	
              DELINQUENT_PRINCIPAL

            
	
              DELINQUENT_SERVICE_FEE

            
	
              ESCROW_ADVANCE_BALANCE

            
	
              ESCROW_ADVANCE_RECOVERED

            
	
              ESCROW_BALANCE

            
	
              ESCROW_REMITTED

            
	
              FIXED_INSTAL_ON_LIQUIDATION

            
	
              FNMA_ACTION_CODE

            
	
              FNMA_ACTION_DATE

            
	
              FNMA_DELINQUENT_REASON_CODE

            
	
              FNMA_DELINQUENT_STATUS_CODE

            
	
              FORECLOSURE_STATUS

            
	
              GUARANTY_FEE_EXPENSE

            
	
              INTEREST_ADJUSTMENT_ON_PAYOFF

            
	
              INTEREST_ADJUSTMENT_ON_REO

            
	
              INTEREST_COLLECTED

            
	
              INTEREST_ONLY_ADJUSTMENT

            
	
              INTEREST_REMITTED

            
	
              INVESTOR_ADVANCING_STATUS

            
	
              INVESTOR_CUSTNO

            
	
              INVESTOR_INTEREST_STRIPS

            
	
              INVESTOR_TYPE

            
	
              LAST_INV_HIST_SEQUENCE_NUMBER

            
	
              LAST_MODIFIED_BY_USER

            
	
              LAST_SERV_HIST_SEQUENCE_NUMBER

            
	
              LIQUIDATION_PRINCIPAL

            
	
              LIQUIDATION_TYPE

            
	
              LOAN_DUE_DATE

            
	
              LOAN_NOTE_RATE

            
	
              LOAN_PARTICIPANT_PRINCIPAL

            
	
              LOAN_PAYMENT_AMOUNT

            
	
              LOAN_PRINCIPAL

            
	
              LOAN_SCHEDULED_NOTE_RATE

            
	
              LOAN_SCHEDULED_PART_PRINCIPAL

            
	
              LOAN_SCHEDULED_PAYMENT_AMOUNT

            
	
              LOAN_SCHEDULED_PRINCIPAL

            
	
              LOAN_STATUS

            
	
              LOAN_STATUS_DATE

            
	
              MASTER_SERVICE_FEE

            
	
              MASTER_SERVICE_FEE_ADJUSTMENT

            
	
              OTHER_INTEREST_STRIPS

            
	
              PASS_THRU_INTEREST_EXPENSE

            
	
              PREPAID_INTEREST

            
	
              PREPAID_PRINCIPAL

            
	
              PREPAID_SERVICE_FEE

            
	
              PRINCIPAL_ADJUSTMENTS

            
	
              PRINCIPAL_COLLECTED

            
	
              PRINCIPAL_REMITTED

            
	
              REO_BACKED_OUT_SCHED_INTEREST

            
	
              REO_BACKED_OUT_SCHED_PRINCIPAL

            
	
              REO_SHORTFALL

            
	
              REO_STATUS

            
	
              SALE_CURRENT_SERVICE_FEE_RATE

            
	
              SALE_MONTHLY_COLATERAL_FEE

            
	
              SALE_MONTHLY_DEL_FEE

            
	
              SALE_MONTHLY_FEE

            
	
              SALE_MONTHLY_PAYOFF_FEE

            
	
              SALE_MONTHLY_SPECIAL_FEE

            
	
              SALE_NUMBER

            
	
              SALE_SCHEDULED_SERV_FEE_RATE

            
	
              SBO_DATE

            
	
              SCHEDULED_INTEREST_AMOUNT

            
	
              SCHEDULED_PRINCIPAL_AMOUNT

            
	
              SCHEDULED_SERV_FEE_AMOUNT

            
	
              SERVICE_FEE_EARNED

            
	
              SERVICE_FEE_ON_LIQUIDATION

            
	
              SERVICE_FEE_PAID

            
	
              SERV_FEE_ON_DEL_CURTAILMENTS

            
	
              SERV_FEE_ON_PRINCIPAL_ADJUST

            
	
              SOURCE_CODE

            
	
              TRUSTEE_INTEREST_STRIPS

            
	
              REMITTANCE

            
	
              INVESTOR

            
	
              PENDING_INVESTOR

            
	
              DETAIL.LOAN_NUMBER

            
	
              LIEN
                TYPE

            
	
              NEXT_DUE

            
	
              CUTOFF_DATE

            
	
              UPB

            
	
              DQ_BUCKET

            
	
              CHAPTER

            
	
              TYPE

            
	
              GROSSTYPE

            
	
              BK_DATE

            
	 

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      R-2

    [RESERVED]

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      R-3

    FORM
      OF REALIZED LOSS REPORT

    

    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 ( ). 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      Exhibit
        3A: Calculation
        of Realized Loss/Gain Form 332

       

      Prepared
        by: __________________   Date:
        _______________

      Phone:
        ______________________ Email Address:_____________________

       

      
        	
                Servicer
                  Loan No.

              	 	
                Servicer
                  Name

              	 	
                Servicer
                  Address 

                 

              

      

       

      WELLS
        FARGO BANK, N.A. Loan No._____________________________

       

      Borrower's
        Name: __________________________________________________________

      Property
        Address: _________________________________________________________

       

      Liquidation
        Type: REO Sale  
        3rd
        Party Sale  Short
        Sale             
Charge
        Off 

       

      Was
        this loan granted a Bankruptcy deficiency or cramdown  Yes 
No

      If
“Yes”,
        provide deficiency or cramdown amount
        _______________________________

       

      Liquidation
        and Acquisition Expenses:

       

      
        
          	
                  (1)

                	
                  Actual
                    Unpaid Principal Balance of Mortgage Loan

                	
                  $
                    ______________

                	
                  (1)

                
	
                  (2)

                	
                  Interest
                    accrued at Net Rate

                	
                  ________________

                	
                  (2)

                
	
                  (3)

                	
                  Accrued
                    Servicing Fees

                	
                  ________________

                	
                  (3)

                
	
                  (4)

                	
                  Attorney's
                    Fees

                	
                  ________________

                	
                  (4)

                
	
                  (5)

                	
                  Taxes

                	
                  ________________

                	
                  (5)

                
	
                  (6)

                	
                  Property
                    Maintenance

                	
                  ________________

                	
                  (6)

                
	
                  (7)

                	
                  MI/Hazard
                    Insurance Premiums

                	
                  ________________

                	
                  (7)

                
	
                  (8)

                	
                  Utility
                    Expenses

                	
                  ________________

                	
                  (8)

                
	
                  (9)

                	
                  Appraisal/BPO

                	
                  ________________

                	
                  (9)

                
	
                  (10)

                	
                  Property
                    Inspections

                	
                  ________________

                	
                  (10)

                
	
                  (11)

                	
                  FC
                    Costs/Other Legal Expenses

                	
                  ________________

                	
                  (11)

                
	
                  (12)

                	
                  Other
                    (itemize)

                	
                  $________________

                	
                  (12)

                
	
                                        
                    Cash for Keys__________________________

                	 	
                  ________________

                	 
	
                                        
                    HOA/Condo Fees_______________________

                	 	
                  ________________

                	 
	
                                      
                    ______________________________________

                	 	
                  ________________

                	 
	
                                      
                    ______________________________________

                	 	
                  ________________

                	 
	
                                      
                    Total Expenses

                	 	
                  $
                    _______________

                	
                  (13)

                
	
                   

                  Credits:

                	 	 	 
	
                  (14)

                	
                  Escrow
                    Balance

                	
                  $
                    _______________

                	
                  (14)

                
	
                  (15)

                	
                  HIP
                    Refund

                	
                  ________________

                	
                  (15)

                
	
                  (16)

                	
                  Rental
                    Receipts

                	
                  ________________

                	
                  (16)

                
	
                  (17)

                	
                  Hazard
                    Loss Proceeds

                	
                  ________________

                	
                  (17)

                
	
                  (18)

                	
                  Primary
                    Mortgage Insurance Proceeds

                	
                  ________________

                	
                  (18)

                
	
                  (19)

                	
                  Pool
                    Insurance Proceeds

                	
                  ________________

                	
                  (19)

                
	
                  (20)

                	
                  Proceeds
                    from Sale of Acquired Property

                	
                  ________________

                	
                  (20)

                
	
                  (21)

                	
                  Other
                    (itemize)

                	
                  ________________

                	
                  (21)

                
	
                  ______________________________________

                	 	
                  _________________

                	 
	
                  _________________________________________

                	 	
                  _________________

                	 
	
                                       Total
                    Credits

                	
                                                                                    
                    $________________

                	
                   

                	(22) 
	
                  Total
                    Realized Loss (or Amount of Gain)

                	
                                                                                    
                    $________________

                	
                   

                	(23) 

        

      

       

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

    

    Escrow
      Disbursement Detail

    

    

    
      	
              Type

              (Tax
                /Ins.)

            	
              Date
                Paid

            	
              Period
                of Coverage

            	
              Total
                Paid

            	
              Base
                Amount

            	
              Penalties

            	
              Interest

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    SCHEDULE
      1

     

    MORTGAGE
      LOAN SCHEDULE

     

    [AVAILABLE
      UPON REQUEST]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      2

     

    PREPAYMENT
      CHARGE SCHEDULE

     

    [AVAILABLE
      UPON REQUEST]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]