Document:

Unassociated Document

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    Depositor

    

     

    

     

    WELLS
      FARGO BANK, N.A.

     

    Servicer

    

     

    

     

    WELLS
      FARGO BANK, N.A.

     

    Master
      Servicer and Trust Administrator

     

    

     

    and

     

    

     

    U.S.
      BANK
      NATIONAL ASSOCIATION

     

    Trustee
      and Custodian

     

    

     

    POOLING
      AND SERVICING AGREEMENT

    Dated
      as
      of May 1, 2006

     

    

     

    MASTR
      Asset Backed Securities Trust 2006-FRE2

     

    Mortgage
      Pass-Through Certificates

     

    Series
      2006-FRE2

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF
      CONTENTS

     

    

      
        	
                ARTICLE
                  I

                DEFINITIONS

                 

              
	
                SECTION
                  1.01.

              	
                Defined
                  Terms.

              
	
                SECTION
                  1.02.

              	
                Allocation
                  of Certain Interest Shortfalls.

              
	
                SECTION
                  1.03.

              	
                Rights
                  of the NIMS Insurer.

                 

              
	
                ARTICLE
                  II

                CONVEYANCE
                  OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

                 

              
	
                SECTION
                  2.01.

              	
                Conveyance
                  of the Mortgage Loans.

              
	
                SECTION
                  2.02.

              	
                Acceptance
                  of REMIC I by Trustee.

              
	
                SECTION
                  2.03.

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

              
	
                SECTION
                  2.04.

              	
                Reserved.

              
	
                SECTION
                  2.05.

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

              
	
                SECTION
                  2.06.

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

              
	
                SECTION
                  2.07.

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

                 

              
	
                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 NIMS Insurer,
                  Trustee or Certificateholders.

              
	
                SECTION
                  3.06.

              	
                Assumption
                  or Termination of Sub-Servicing Agreements by Trustee.

              
	
                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 and Distribution Account.

              
	
                SECTION
                  3.11.

              	
                Withdrawals
                  from the Collection Account and Distribution Account.

              
	
                SECTION
                  3.12.

              	
                Investment
                  of Funds in the Collection Account and the Distribution
                  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 Trustee; 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
                  IIIA

                ADMINISTRATION
                  AND SERVICING OF THE MORTGAGE LOANS

                 

              
	
                SECTION
                  3A.01.

              	
                Master
                  Servicer to Act as Master Servicer

              
	
                SECTION
                  3A.02.

              	
                [Reserved].

              
	
                SECTION
                  3A.03.

              	
                Monitoring
                  of Servicer.

              
	
                SECTION
                  3A.04.

              	
                Fidelity
                  Bond

              
	
                SECTION
                  3A.05.

              	
                Power
                  to Act; Procedures.

              
	
                SECTION
                  3A.06.

              	
                Due
                  on Sale Clauses; Assumption Agreements.

              
	
                SECTION
                  3A.07.

              	
                [Reserved].

              
	
                SECTION
                  3A.08.

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

              
	
                SECTION
                  3A.09.

              	
                Compensation
                  for the Master Servicer.

              
	
                SECTION
                  3A.10.

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

              
	
                SECTION
                  3A.11.

              	
                Distribution
                  Account.

              
	
                SECTION
                  3A.12.

              	
                Permitted
                  Withdrawals and Transfers from the Distribution Account.

                 

              
	
                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-A-1

            	
              Form
                of Class A-1 Certificate

            
	
              Exhibit
                A-A-2

            	
              Form
                of Class A-2 Certificate

            
	
              Exhibit
                A-A-3

            	
              Form
                of Class A-3 Certificate

            
	
              Exhibit
                A-A-4

            	
              Form
                of Class A-4 Certificate

            
	
              Exhibit
                A-A-5

            	
              Form
                of Class A-5 Certificate

            
	
              Exhibit
                A-M-1

            	
              Form
                of Class M-1 Certificate

            
	
              Exhibit
                A-M-2

            	
              Form
                of Class M-2 Certificate

            
	
              Exhibit
                A-M-3

            	
              Form
                of Class M-3 Certificate

            
	
              Exhibit
                A-M-4

            	
              Form
                of Class M-4 Certificate

            
	
              Exhibit
                A-M-5

            	
              Form
                of Class M-5 Certificate

            
	
              Exhibit
                A-M-6

            	
              Form
                of Class M-6 Certificate

            
	
              Exhibit
                A-M-7

            	
              Form
                of Class M-7 Certificate

            
	
              Exhibit
                A-M-8

            	
              Form
                of Class M-8 Certificate

            
	
              Exhibit
                A-M-9

            	
              Form
                of Class M-9 Certificate

            
	
              Exhibit
                A-M-10

            	
              Form
                of Class M-10 Certificate

            
	
              Exhibit
                A-M-11

            	
              Form
                of Class M-11 Certificate

            
	
              Exhibit
                A-15

            	
              [Reserved]

            
	
              Exhibit
                A-CE

            	
              Form
                of Class CE Certificate

            
	
              Exhibit
                A-P

            	
              Form
                of Class P Certificate

            
	
              Exhibit
                A-R

            	
              Form
                of Class R Certificate

            
	
              Exhibit
                A-RX

            	
              Form
                of Class R-X Certificate

            
	
              Exhibit
                B

            	
              [Reserved]

            
	
              Exhibit
                C-1

            	
              Form
                of 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 May 1, 2006 among
      MORTGAGE ASSET SECURITIZATION TRANSACTIONS, INC. as Depositor, WELLS FARGO
      BANK,
      N.A. as Servicer, WELLS FARGO BANK, N.A. as Master Servicer and Trust
      Administrator and U.S. BANK NATIONAL ASSOCIATION as Trustee and
      Custodian.

     

    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)

            	 	
              $

            	
              177.06

            	 	
              February
                25, 2036

            	 
	
              I-1-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,085,695.27

            	 	
              February
                25, 2036

            	 
	
              I-1-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,085,695.27

            	 	
              February
                25, 2036

            	 
	
              I-2-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,504,941.09

            	 	
              February
                25, 2036

            	 
	
              I-2-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,504,941.09

            	 	
              February
                25, 2036

            	 
	
              I-3-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,916,040.76

            	 	
              February
                25, 2036

            	 
	
              I-3-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,916,040.76

            	 	
              February
                25, 2036

            	 
	
              I-4-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,318,572.93

            	 	
              February
                25, 2036

            	 
	
              I-4-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,318,572.93

            	 	
              February
                25, 2036

            	 
	
              I-5-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,704,531.89

            	 	
              February
                25, 2036

            	 
	
              I-5-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,704,531.89

            	 	
              February
                25, 2036

            	 
	
              I-6-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,073,636.75

            	 	
              February
                25, 2036

            	 
	
              I-6-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,073,636.75

            	 	
              February
                25, 2036

            	 
	
              I-7-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,417,460.46

            	 	
              February
                25, 2036

            	 
	
              I-7-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,417,460.46

            	 	
              February
                25, 2036

            	 
	
              I-8-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,733,896.24

            	 	
              February
                25, 2036

            	 
	
              I-8-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,733,896.24

            	 	
              February
                25, 2036

            	 
	
              I-9-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,508,191.71

            	 	
              February
                25, 2036

            	 
	
              I-9-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,508,191.71

            	 	
              February
                25, 2036

            	 
	
              I-10-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,293,020.99

            	 	
              February
                25, 2036

            	 
	
              I-10-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,293,020.99

            	 	
              February
                25, 2036

            	 
	
              I-11-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,088,103.19

            	 	
              February
                25, 2036

            	 
	
              I-11-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,088,103.19

            	 	
              February
                25, 2036

            	 
	
              I-12-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,893,016.94

            	 	
              February
                25, 2036

            	 
	
              I-12-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,893,016.94

            	 	
              February
                25, 2036

            	 
	
              I-13-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,707,340.91

            	 	
              February
                25, 2036

            	 
	
              I-13-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,707,340.91

            	 	
              February
                25, 2036

            	 
	
              I-14-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,530,513.27

            	 	
              February
                25, 2036

            	 
	
              I-14-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,530,513.27

            	 	
              February
                25, 2036

            	 
	
              I-15-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,362,253.14

            	 	
              February
                25, 2036

            	 
	
              I-15-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,362,253.14

            	 	
              February
                25, 2036

            	 
	
              I-16-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,201,858.26

            	 	
              February
                25, 2036

            	 
	
              I-16-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,201,858.26

            	 	
              February
                25, 2036

            	 
	
              I-17-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,049,328.63

            	 	
              February
                25, 2036

            	 
	
              I-17-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,049,328.63

            	 	
              February
                25, 2036

            	 
	
              I-18-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,913,653.10

            	 	
              February
                25, 2036

            	 
	
              I-18-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,913,653.10

            	 	
              February
                25, 2036

            	 
	
              I-19-A

            	 	
              Variable(2)

            	 	
              $

            	
              5,829,553.41

            	 	
              February
                25, 2036

            	 
	
              I-19-B

            	 	
              Variable(2)

            	 	
              $

            	
              5,829,553.41

            	 	
              February
                25, 2036

            	 
	
              I-20-A

            	 	
              Variable(2)

            	 	
              $

            	
              5,211,850.52

            	 	
              February
                25, 2036

            	 
	
              I-20-B

            	 	
              Variable(2)

            	 	
              $

            	
              5,211,850.52

            	 	
              February
                25, 2036

            	 
	
              I-21-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,655,243.76

            	 	
              February
                25, 2036

            	 
	
              I-21-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,655,243.76

            	 	
              February
                25, 2036

            	 
	
              I-22-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,165,210.71

            	 	
              February
                25, 2036

            	 
	
              I-22-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,165,210.71

            	 	
              February
                25, 2036

            	 
	
              I-23-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,724,054.56

            	 	
              February
                25, 2036

            	 
	
              I-23-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,724,054.56

            	 	
              February
                25, 2036

            	 
	
              I-24-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,949,879.29

            	 	
              February
                25, 2036

            	 
	
              I-24-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,949,879.29

            	 	
              February
                25, 2036

            	 
	
              I-25-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,838,080.41

            	 	
              February
                25, 2036

            	 
	
              I-25-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,838,080.41

            	 	
              February
                25, 2036

            	 
	
              I-26-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,732,461.36

            	 	
              February
                25, 2036

            	 
	
              I-26-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,732,461.36

            	 	
              February
                25, 2036

            	 
	
              I-27-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,631,477.19

            	 	
              February
                25, 2036

            	 
	
              I-27-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,631,477.19

            	 	
              February
                25, 2036

            	 
	
              I-28-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,538,077.37

            	 	
              February
                25, 2036

            	 
	
              I-28-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,538,077.37

            	 	
              February
                25, 2036

            	 
	
              I-29-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,450,436.03

            	 	
              February
                25, 2036

            	 
	
              I-29-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,450,436.03

            	 	
              February
                25, 2036

            	 
	
              I-30-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,367,710.48

            	 	
              February
                25, 2036

            	 
	
              I-30-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,367,710.48

            	 	
              February
                25, 2036

            	 
	
              I-31-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,289,900.70

            	 	
              February
                25, 2036

            	 
	
              I-31-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,289,900.70

            	 	
              February
                25, 2036

            	 
	
              I-32-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,216,585.35

            	 	
              February
                25, 2036

            	 
	
              I-32-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,216,585.35

            	 	
              February
                25, 2036

            	 
	
              I-33-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,146,500.37

            	 	
              February
                25, 2036

            	 
	
              I-33-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,146,500.37

            	 	
              February
                25, 2036

            	 
	
              I-34-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,081,471.62

            	 	
              February
                25, 2036

            	 
	
              I-34-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,081,471.62

            	 	
              February
                25, 2036

            	 
	
              I-35-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,020,375.50

            	 	
              February
                25, 2036

            	 
	
              I-35-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,020,375.50

            	 	
              February
                25, 2036

            	 
	
              I-36-A

            	 	
              Variable(2)

            	 	
              $

            	
              962,790.65

            	 	
              February
                25, 2036

            	 
	
              I-36-B

            	 	
              Variable(2)

            	 	
              $

            	
              962,790.65

            	 	
              February
                25, 2036

            	 
	
              I-37-A

            	 	
              Variable(2)

            	 	
              $

            	
              908,576.61

            	 	
              February
                25, 2036

            	 
	
              I-37-B

            	 	
              Variable(2)

            	 	
              $

            	
              908,576.61

            	 	
              February
                25, 2036

            	 
	
              I-38-A

            	 	
              Variable(2)

            	 	
              $

            	
              857,312.05

            	 	
              February
                25, 2036

            	 
	
              I-38-B

            	 	
              Variable(2)

            	 	
              $

            	
              857,312.05

            	 	
              February
                25, 2036

            	 
	
              I-39-A

            	 	
              Variable(2)

            	 	
              $

            	
              808,716.05

            	 	
              February
                25, 2036

            	 
	
              I-39-B

            	 	
              Variable(2)

            	 	
              $

            	
              808,716.05

            	 	
              February
                25, 2036

            	 
	
              I-40-A

            	 	
              Variable(2)

            	 	
              $

            	
              763,490.88

            	 	
              February
                25, 2036

            	 
	
              I-40-B

            	 	
              Variable(2)

            	 	
              $

            	
              763,490.88

            	 	
              February
                25, 2036

            	 
	
              I-41-A

            	 	
              Variable(2)

            	 	
              $

            	
              720,653.36

            	 	
              February
                25, 2036

            	 
	
              I-41-B

            	 	
              Variable(2)

            	 	
              $

            	
              720,653.36

            	 	
              February
                25, 2036

            	 
	
              I-42-A

            	 	
              Variable(2)

            	 	
              $

            	
              680,484.42

            	 	
              February
                25, 2036

            	 
	
              I-42-B

            	 	
              Variable(2)

            	 	
              $

            	
              680,484.42

            	 	
              February
                25, 2036

            	 
	
              I-43-A

            	 	
              Variable(2)

            	 	
              $

            	
              642,422.23

            	 	
              February
                25, 2036

            	 
	
              I-43-B

            	 	
              Variable(2)

            	 	
              $

            	
              642,422.23

            	 	
              February
                25, 2036

            	 
	
              I-44-A

            	 	
              Variable(2)

            	 	
              $

            	
              606,607.27

            	 	
              February
                25, 2036

            	 
	
              I-44-B

            	 	
              Variable(2)

            	 	
              $

            	
              606,607.27

            	 	
              February
                25, 2036

            	 
	
              I-45-A

            	 	
              Variable(2)

            	 	
              $

            	
              572,899.06

            	 	
              February
                25, 2036

            	 
	
              I-45-B

            	 	
              Variable(2)

            	 	
              $

            	
              572,899.06

            	 	
              February
                25, 2036

            	 
	
              I-46-A

            	 	
              Variable(2)

            	 	
              $

            	
              541,016.71

            	 	
              February
                25, 2036

            	 
	
              I-46-B

            	 	
              Variable(2)

            	 	
              $

            	
              541,016.71

            	 	
              February
                25, 2036

            	 
	
              I-47-A

            	 	
              Variable(2)

            	 	
              $

            	
              511,100.68

            	 	
              February
                25, 2036

            	 
	
              I-47-B

            	 	
              Variable(2)

            	 	
              $

            	
              511,100.68

            	 	
              February
                25, 2036

            	 
	
              I-48-A

            	 	
              Variable(2)

            	 	
              $

            	
              482,870.06

            	 	
              February
                25, 2036

            	 
	
              I-48-B

            	 	
              Variable(2)

            	 	
              $

            	
              482,870.06

            	 	
              February
                25, 2036

            	 
	
              I-49-A

            	 	
              Variable(2)

            	 	
              $

            	
              456,184.39

            	 	
              February
                25, 2036

            	 
	
              I-49-B

            	 	
              Variable(2)

            	 	
              $

            	
              456,184.39

            	 	
              February
                25, 2036

            	 
	
              I-50-A

            	 	
              Variable(2)

            	 	
              $

            	
              431,043.69

            	 	
              February
                25, 2036

            	 
	
              I-50-B

            	 	
              Variable(2)

            	 	
              $

            	
              431,043.69

            	 	
              February
                25, 2036

            	 
	
              I-51-A

            	 	
              Variable(2)

            	 	
              $

            	
              407,307.49

            	 	
              February
                25, 2036

            	 
	
              I-51-B

            	 	
              Variable(2)

            	 	
              $

            	
              407,307.49

            	 	
              February
                25, 2036

            	 
	
              I-52-A

            	 	
              Variable(2)

            	 	
              $

            	
              384,975.81

            	 	
              February
                25, 2036

            	 
	
              I-52-B

            	 	
              Variable(2)

            	 	
              $

            	
              384,975.81

            	 	
              February
                25, 2036

            	 
	
              I-53-A

            	 	
              Variable(2)

            	 	
              $

            	
              363,908.18

            	 	
              February
                25, 2036

            	 
	
              I-53-B

            	 	
              Variable(2)

            	 	
              $

            	
              363,908.18

            	 	
              February
                25, 2036

            	 
	
              I-54-A

            	 	
              Variable(2)

            	 	
              $

            	
              343,964.16

            	 	
              February
                25, 2036

            	 
	
              I-54-B

            	 	
              Variable(2)

            	 	
              $

            	
              343,964.16

            	 	
              February
                25, 2036

            	 
	
              I-55-A

            	 	
              Variable(2)

            	 	
              $

            	
              325,284.19

            	 	
              February
                25, 2036

            	 
	
              I-55-B

            	 	
              Variable(2)

            	 	
              $

            	
              325,284.19

            	 	
              February
                25, 2036

            	 
	
              I-56-A

            	 	
              Variable(2)

            	 	
              $

            	
              307,446.93

            	 	
              February
                25, 2036

            	 
	
              I-56-B

            	 	
              Variable(2)

            	 	
              $

            	
              307,446.93

            	 	
              February
                25, 2036

            	 
	
              I-57-A

            	 	
              Variable(2)

            	 	
              $

            	
              291,014.18

            	 	
              February
                25, 2036

            	 
	
              I-57-B

            	 	
              Variable(2)

            	 	
              $

            	
              291,014.18

            	 	
              February
                25, 2036

            	 
	
              I-58-A

            	 	
              Variable(2)

            	 	
              $

            	
              275,283.69

            	 	
              February
                25, 2036

            	 
	
              I-58-B

            	 	
              Variable(2)

            	 	
              $

            	
              275,283.69

            	 	
              February
                25, 2036

            	 
	
              I-59-A

            	 	
              Variable(2)

            	 	
              $

            	
              260,255.44

            	 	
              February
                25, 2036

            	 
	
              I-59-B

            	 	
              Variable(2)

            	 	
              $

            	
              260,255.44

            	 	
              February
                25, 2036

            	 
	
              I-60-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,808,616.10

            	 	
              February
                25, 2036

            	 
	
              I-60-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,808,616.10

            	 	
              February
                25, 2036

            	 
	
              II

            	 	
              Variable(2)

            	 	
              $

            	
              709.28

            	 	
              February
                25, 2036

            	 
	
              II-1-A

            	 	
              Variable(2)

            	 	
              $

            	
              5,339,304.73

            	 	
              February
                25, 2036

            	 
	
              II-1-B

            	 	
              Variable(2)

            	 	
              $

            	
              5,339,304.73

            	 	
              February
                25, 2036

            	 
	
              II-2-A

            	 	
              Variable(2)

            	 	
              $

            	
              6,412,558.91

            	 	
              February
                25, 2036

            	 
	
              II-2-B

            	 	
              Variable(2)

            	 	
              $

            	
              6,412,558.91

            	 	
              February
                25, 2036

            	 
	
              II-3-A

            	 	
              Variable(2)

            	 	
              $

            	
              7,464,959.24

            	 	
              February
                25, 2036

            	 
	
              II-3-B

            	 	
              Variable(2)

            	 	
              $

            	
              7,464,959.24

            	 	
              February
                25, 2036

            	 
	
              II-4-A

            	 	
              Variable(2)

            	 	
              $

            	
              8,495,427.07

            	 	
              February
                25, 2036

            	 
	
              II-4-B

            	 	
              Variable(2)

            	 	
              $

            	
              8,495,427.07

            	 	
              February
                25, 2036

            	 
	
              II-5-A

            	 	
              Variable(2)

            	 	
              $

            	
              9,483,468.11

            	 	
              February
                25, 2036

            	 
	
              II-5-B

            	 	
              Variable(2)

            	 	
              $

            	
              9,483,468.11

            	 	
              February
                25, 2036

            	 
	
              II-6-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,428,363.25

            	 	
              February
                25, 2036

            	 
	
              II-6-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,428,363.25

            	 	
              February
                25, 2036

            	 
	
              II-7-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,308,539.54

            	 	
              February
                25, 2036

            	 
	
              II-7-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,308,539.54

            	 	
              February
                25, 2036

            	 
	
              II-8-A

            	 	
              Variable(2)

            	 	
              $

            	
              12,118,603.76

            	 	
              February
                25, 2036

            	 
	
              II-8-B

            	 	
              Variable(2)

            	 	
              $

            	
              12,118,603.76

            	 	
              February
                25, 2036

            	 
	
              II-9-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,540,808.29

            	 	
              February
                25, 2036

            	 
	
              II-9-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,540,808.29

            	 	
              February
                25, 2036

            	 
	
              II-10-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,989,979.01

            	 	
              February
                25, 2036

            	 
	
              II-10-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,989,979.01

            	 	
              February
                25, 2036

            	 
	
              II-11-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,465,396.81

            	 	
              February
                25, 2036

            	 
	
              II-11-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,465,396.81

            	 	
              February
                25, 2036

            	 
	
              II-12-A

            	 	
              Variable(2)

            	 	
              $

            	
              9,965,983.06

            	 	
              February
                25, 2036

            	 
	
              II-12-B

            	 	
              Variable(2)

            	 	
              $

            	
              9,965,983.06

            	 	
              February
                25, 2036

            	 
	
              II-13-A

            	 	
              Variable(2)

            	 	
              $

            	
              9,490,659.09

            	 	
              February
                25, 2036

            	 
	
              II-13-B

            	 	
              Variable(2)

            	 	
              $

            	
              9,490,659.09

            	 	
              February
                25, 2036

            	 
	
              II-14-A

            	 	
              Variable(2)

            	 	
              $

            	
              9,037,986.73

            	 	
              February
                25, 2036

            	 
	
              II-14-B

            	 	
              Variable(2)

            	 	
              $

            	
              9,037,986.73

            	 	
              February
                25, 2036

            	 
	
              II-15-A

            	 	
              Variable(2)

            	 	
              $

            	
              8,607,246.86

            	 	
              February
                25, 2036

            	 
	
              II-15-B

            	 	
              Variable(2)

            	 	
              $

            	
              8,607,246.86

            	 	
              February
                25, 2036

            	 
	
              II-16-A

            	 	
              Variable(2)

            	 	
              $

            	
              8,196,641.74

            	 	
              February
                25, 2036

            	 
	
              II-16-B

            	 	
              Variable(2)

            	 	
              $

            	
              8,196,641.74

            	 	
              February
                25, 2036

            	 
	
              II-17-A

            	 	
              Variable(2)

            	 	
              $

            	
              7,806,171.37

            	 	
              February
                25, 2036

            	 
	
              II-17-B

            	 	
              Variable(2)

            	 	
              $

            	
              7,806,171.37

            	 	
              February
                25, 2036

            	 
	
              II-18-A

            	 	
              Variable(2)

            	 	
              $

            	
              7,458,846.90

            	 	
              February
                25, 2036

            	 
	
              II-18-B

            	 	
              Variable(2)

            	 	
              $

            	
              7,458,846.90

            	 	
              February
                25, 2036

            	 
	
              II-19-A

            	 	
              Variable(2)

            	 	
              $

            	
              14,923,446.59

            	 	
              February
                25, 2036

            	 
	
              II-19-B

            	 	
              Variable(2)

            	 	
              $

            	
              14,923,446.59

            	 	
              February
                25, 2036

            	 
	
              II-20-A

            	 	
              Variable(2)

            	 	
              $

            	
              13,342,149.48

            	 	
              February
                25, 2036

            	 
	
              II-20-B

            	 	
              Variable(2)

            	 	
              $

            	
              13,342,149.48

            	 	
              February
                25, 2036

            	 
	
              II-21-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,917,256.24

            	 	
              February
                25, 2036

            	 
	
              II-21-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,917,256.24

            	 	
              February
                25, 2036

            	 
	
              II-22-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,662,789.29

            	 	
              February
                25, 2036

            	 
	
              II-22-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,662,789.29

            	 	
              February
                25, 2036

            	 
	
              II-23-A

            	 	
              Variable(2)

            	 	
              $

            	
              9,533,445.44

            	 	
              February
                25, 2036

            	 
	
              II-23-B

            	 	
              Variable(2)

            	 	
              $

            	
              9,533,445.44

            	 	
              February
                25, 2036

            	 
	
              II-24-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,991,620.71

            	 	
              February
                25, 2036

            	 
	
              II-24-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,991,620.71

            	 	
              February
                25, 2036

            	 
	
              II-25-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,705,419.59

            	 	
              February
                25, 2036

            	 
	
              II-25-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,705,419.59

            	 	
              February
                25, 2036

            	 
	
              II-26-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,435,038.64

            	 	
              February
                25, 2036

            	 
	
              II-26-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,435,038.64

            	 	
              February
                25, 2036

            	 
	
              II-27-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,176,522.81

            	 	
              February
                25, 2036

            	 
	
              II-27-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,176,522.81

            	 	
              February
                25, 2036

            	 
	
              II-28-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,937,422.63

            	 	
              February
                25, 2036

            	 
	
              II-28-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,937,422.63

            	 	
              February
                25, 2036

            	 
	
              II-29-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,713,063.97

            	 	
              February
                25, 2036

            	 
	
              II-29-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,713,063.97

            	 	
              February
                25, 2036

            	 
	
              II-30-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,501,289.52

            	 	
              February
                25, 2036

            	 
	
              II-30-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,501,289.52

            	 	
              February
                25, 2036

            	 
	
              II-31-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,302,099.30

            	 	
              February
                25, 2036

            	 
	
              II-31-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,302,099.30

            	 	
              February
                25, 2036

            	 
	
              II-32-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,114,414.65

            	 	
              February
                25, 2036

            	 
	
              II-32-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,114,414.65

            	 	
              February
                25, 2036

            	 
	
              II-33-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,934,999.63

            	 	
              February
                25, 2036

            	 
	
              II-33-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,934,999.63

            	 	
              February
                25, 2036

            	 
	
              II-34-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,768,528.38

            	 	
              February
                25, 2036

            	 
	
              II-34-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,768,528.38

            	 	
              February
                25, 2036

            	 
	
              II-35-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,612,124.50

            	 	
              February
                25, 2036

            	 
	
              II-35-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,612,124.50

            	 	
              February
                25, 2036

            	 
	
              II-36-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,464,709.35

            	 	
              February
                25, 2036

            	 
	
              II-36-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,464,709.35

            	 	
              February
                25, 2036

            	 
	
              II-37-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,325,923.39

            	 	
              February
                25, 2036

            	 
	
              II-37-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,325,923.39

            	 	
              February
                25, 2036

            	 
	
              II-38-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,194,687.95

            	 	
              February
                25, 2036

            	 
	
              II-38-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,194,687.95

            	 	
              February
                25, 2036

            	 
	
              II-39-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,070,283.95

            	 	
              February
                25, 2036

            	 
	
              II-39-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,070,283.95

            	 	
              February
                25, 2036

            	 
	
              II-40-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,954,509.12

            	 	
              February
                25, 2036

            	 
	
              II-40-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,954,509.12

            	 	
              February
                25, 2036

            	 
	
              II-41-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,844,846.64

            	 	
              February
                25, 2036

            	 
	
              II-41-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,844,846.64

            	 	
              February
                25, 2036

            	 
	
              II-42-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,742,015.58

            	 	
              February
                25, 2036

            	 
	
              II-42-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,742,015.58

            	 	
              February
                25, 2036

            	 
	
              II-43-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,644,577.77

            	 	
              February
                25, 2036

            	 
	
              II-43-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,644,577.77

            	 	
              February
                25, 2036

            	 
	
              II-44-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,552,892.73

            	 	
              February
                25, 2036

            	 
	
              II-44-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,552,892.73

            	 	
              February
                25, 2036

            	 
	
              II-45-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,466,600.94

            	 	
              February
                25, 2036

            	 
	
              II-45-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,466,600.94

            	 	
              February
                25, 2036

            	 
	
              II-46-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,384,983.29

            	 	
              February
                25, 2036

            	 
	
              II-46-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,384,983.29

            	 	
              February
                25, 2036

            	 
	
              II-47-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,308,399.32

            	 	
              February
                25, 2036

            	 
	
              II-47-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,308,399.32

            	 	
              February
                25, 2036

            	 
	
              II-48-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,236,129.94

            	 	
              February
                25, 2036

            	 
	
              II-48-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,236,129.94

            	 	
              February
                25, 2036

            	 
	
              II-49-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,167,815.61

            	 	
              February
                25, 2036

            	 
	
              II-49-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,167,815.61

            	 	
              February
                25, 2036

            	 
	
              II-50-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,103,456.31

            	 	
              February
                25, 2036

            	 
	
              II-50-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,103,456.31

            	 	
              February
                25, 2036

            	 
	
              II-51-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,042,692.51

            	 	
              February
                25, 2036

            	 
	
              II-51-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,042,692.51

            	 	
              February
                25, 2036

            	 
	
              II-52-A

            	 	
              Variable(2)

            	 	
              $

            	
              985,524.19

            	 	
              February
                25, 2036

            	 
	
              II-52-B

            	 	
              Variable(2)

            	 	
              $

            	
              985,524.19

            	 	
              February
                25, 2036

            	 
	
              II-53-A

            	 	
              Variable(2)

            	 	
              $

            	
              931,591.82

            	 	
              February
                25, 2036

            	 
	
              II-53-B

            	 	
              Variable(2)

            	 	
              $

            	
              931,591.82

            	 	
              February
                25, 2036

            	 
	
              II-54-A

            	 	
              Variable(2)

            	 	
              $

            	
              880,535.84

            	 	
              February
                25, 2036

            	 
	
              II-54-B

            	 	
              Variable(2)

            	 	
              $

            	
              880,535.84

            	 	
              February
                25, 2036

            	 
	
              II-55-A

            	 	
              Variable(2)

            	 	
              $

            	
              832,715.81

            	 	
              February
                25, 2036

            	 
	
              II-55-B

            	 	
              Variable(2)

            	 	
              $

            	
              832,715.81

            	 	
              February
                25, 2036

            	 
	
              II-56-A

            	 	
              Variable(2)

            	 	
              $

            	
              787,053.07

            	 	
              February
                25, 2036

            	 
	
              II-56-B

            	 	
              Variable(2)

            	 	
              $

            	
              787,053.07

            	 	
              February
                25, 2036

            	 
	
              II-57-A

            	 	
              Variable(2)

            	 	
              $

            	
              744,985.82

            	 	
              February
                25, 2036

            	 
	
              II-57-B

            	 	
              Variable(2)

            	 	
              $

            	
              744,985.82

            	 	
              February
                25, 2036

            	 
	
              II-58-A

            	 	
              Variable(2)

            	 	
              $

            	
              704,716.31

            	 	
              February
                25, 2036

            	 
	
              II-58-B

            	 	
              Variable(2)

            	 	
              $

            	
              704,716.31

            	 	
              February
                25, 2036

            	 
	
              II-59-A

            	 	
              Variable(2)

            	 	
              $

            	
              666,244.56

            	 	
              February
                25, 2036

            	 
	
              II-59-B

            	 	
              Variable(2)

            	 	
              $

            	
              666,244.56

            	 	
              February
                25, 2036

            	 
	
              II-60-A

            	 	
              Variable(2)

            	 	
              $

            	
              12,309,883.90

            	 	
              February
                25, 2036

            	 
	
              II-60-B

            	 	
              Variable(2)

            	 	
              $

            	
              12,309,883.90

            	 	
              February
                25, 2036

            	 
	
              I-LTP

            	 	
              Variable(2)

            	 	
              $

            	
              100.00

            	 	
              February
                25, 2036

            	 

    

    ________________

    
      	
              (1)

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

            
	
              (2)

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

            

    

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      II

     

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

     

    
      	
              Designation

            	
              REMIC
                I

              Remittance
                Rate

            	
              Initial

              Uncertificated
                Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              II-LTAA

            	
              Variable(2)

            	
              $
                428,648,024.31

            	
              February
                25, 2036

            
	
              II-LTA1

            	
              Variable(2)

            	
              $
                975,550.00

            	
              February
                25, 2036

            
	
              II-LTA2

            	
              Variable(2)

            	
              $
                1,470,000.00

            	
              February
                25, 2036

            
	
              II-LTA3

            	
              Variable(2)

            	
              $
                335,000.00

            	
              February
                25, 2036

            
	
              II-LTA4

            	
              Variable(2)

            	
              $
                489,000.00

            	
              February
                25, 2036

            
	
              II-LTA5

            	
              Variable(2)

            	
              $
                203,370.00

            	
              February
                25, 2036

            
	
              II-LTM1

            	
              Variable(2)

            	
              $
                161,835.00

            	
              February
                25, 2036

            
	
              II-LTM2

            	
              Variable(2)

            	
              $
                148,715.00

            	
              February
                25, 2036

            
	
              II-LTM3

            	
              Variable(2)

            	
              $
                87,480.00

            	
              February
                25, 2036

            
	
              II-LTM4

            	
              Variable(2)

            	
              $
                76,540.00

            	
              February
                25, 2036

            
	
              II-LTM5

            	
              Variable(2)

            	
              $
                74,355.00

            	
              February
                25, 2036

            
	
              II-LTM6

            	
              Variable(2)

            	
              $
                67,795.00

            	
              February
                25, 2036

            
	
              II-LTM7

            	
              Variable(2)

            	
              $
                65,605.00

            	
              February
                25, 2036

            
	
              II-LTM8

            	
              Variable(2)

            	
              $
                50,300.00

            	
              February
                25, 2036

            
	
              II-LTM9

            	
              Variable(2)

            	
              $
                39,365.00

            	
              February
                25, 2036

            
	
              II-LTM10

            	
              Variable(2)

            	
              $
                32,800.00

            	
              February
                25, 2036

            
	
              II-LTM11

            	
              Variable(2)

            	
              $
                34,990.00

            	
              February
                25, 2036

            
	
              II-LTZZ

            	
              Variable(2)

            	
              $
                4,435,218.86

            	
              February
                  25, 2036

            
	
              II-LTP

            	
              Variable(2)

            	
              $
                100.00

            	
              February
                25, 2036

            
	
              II-LT1SUB

            	
              Variable(2)

            	
              $
                5,062.05

            	
              February
                25, 2036

            
	
              II-LT1GRP

            	
              Variable(2)

            	
              $
                24,573.06

            	
              February
                25, 2036

            
	
              II-LT2SUB

            	
              Variable(2)

            	
              $
                12,958.74

            	
              February
                25, 2036

            
	
              II-LT2GRP

            	
              Variable(2)

            	
              $
                62,906.14

            	
              February
                25, 2036

            
	
              II-LTXX

            	
              Variable(2)

            	
              $
                437,290,443.18

            	
              February
                25, 2036

            
	
              II-LTIO

            	
              Variable(2)

            	
              N/A

            	
              February
                25, 2036

            

    

    ________________

    
      	
              (1)

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

            

    

    
      	
              (2)

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

            

    

    
      	
              (3)

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

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      III

     

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

     

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

     

    
      	
              Designation

            	
              Pass-Through
                Rate

            	
              Initial
                Aggregate

              Certificate
                Principal Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                A-1

            	
              Variable(2)

            	
              $195,110,000.00

            	
              February
                25, 2036

            
	
              Class
                A-2

            	
              Variable(2)

            	
              $294,000,000.00

            	
              February
                25, 2036

            
	
              Class
                A-3

            	
              Variable(2)

            	
              $67,000,000.00

            	
              February
                25, 2036

            
	
              Class
                A-4

            	
              Variable(2)

            	
              $97,800,000.00

            	
              February
                25, 2036

            
	
              Class
                A-5

            	
              Variable(2)

            	
              $40,674,000.00

            	
              February
                25, 2036

            
	
              Class
                M-1

            	
              Variable(2)

            	
              $32,367,000.00

            	
              February
                25, 2036

            
	
              Class
                M-2

            	
              Variable(2)

            	
              $29,743,000.00

            	
              February
                25, 2036

            
	
              Class
                M-3

            	
              Variable(2)

            	
              $17,496,000.00

            	
              February
                25, 2036

            
	
              Class
                M-4

            	
              Variable(2)

            	
              $15,308,000.00

            	
              February
                25, 2036

            
	
              Class
                M-5

            	
              Variable(2)

            	
              $14,871,000.00

            	
              February
                25, 2036

            
	
              Class
                M-6

            	
              Variable(2)

            	
              $13,559,000.00

            	
              February
                25, 2036

            
	
              Class
                M-7

            	
              Variable(2)

            	
              $13,121,000.00

            	
              February
                25, 2036

            
	
              Class
                M-8

            	
              Variable(2)

            	
              $10,060,000.00

            	
              February
                25, 2036

            
	
              Class
                M-9

            	
              Variable(2)

            	
              $7,873,000.00

            	
              February
                25, 2036

            
	
              Class
                M-10

            	
              Variable(2)

            	
              $6,560,000.00

            	
              February
                25, 2036

            
	
              Class
                M-11

            	
              Variable(2)

            	
              $6,998,000.00

            	
              February
                25, 2036

            
	
              Class
                CE Interest

            	
              Variable(3)

            	
              $12,251,886.34

            	
              February
                25, 2036

            
	
              Class
                P Interest

            	
              N/A(4)

            	
              $ 100.00

            	
              February
                25, 2036

            
	
              Class
                Swap-IO Interest

            	
              N/A(5)

            	
              N/A

            	
              February
                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)

            	
              $12,251,886.34

            	
              February
                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

            	
              February
                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

            	 	
              February
                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 $874,791,986.34.

     

    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 May 30, 2006, among
      UBS Real Estate Securities Inc., Mortgage Asset Securitization Transactions,
      Inc. and Fremont Investment & Loan.

     

    “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.

     

    “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-FRE2, Class
      A-1,
      Class A-2, Class A-3, Class A-4, Class A-5, Class M-1, Class M-2, Class M-3,
      Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10,
      Class M-11, Class CE, Class P, Class R or Class R-X, issued under this
      Agreement.

     

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

     

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

     

    
      	
              Class

            	
              REMIC
                II Regular Interest

            	
              Certificate
                Margin

            
	
              (1)
                (%)

            	
              (2)
                (%)

            
	
              A-1

            	
              II-LTA1

            	
              0.150%

            	
              0.300%

            
	
              A-2

            	
              II-LTA2

            	
              0.050%

            	
              0.100%

            
	
              A-3

            	
              II-LTA3

            	
              0.100%

            	
              0.200%

            
	
              A-4

            	
              II-LTA4

            	
              0.150%

            	
              0.300%

            
	
              A-5

            	
              II-LTA5

            	
              0.240%

            	
              0.480%

            
	
              M-1

            	
              II-LTM1

            	
              0.260%

            	
              0.390%

            
	
              M-2

            	
              II-LTM2

            	
              0.290%

            	
              0.435%

            
	
              M-3

            	
              II-LTM3

            	
              0.310%

            	
              0.465%

            
	
              M-4

            	
              II-LTM4

            	
              0.370%

            	
              0.555%

            
	
              M-5

            	
              II-LTM5

            	
              0.390%

            	
              0.585%

            
	
              M-6

            	
              II-LTM6

            	
              0.490%

            	
              0.735%

            
	
              M-7

            	
              II-LTM7

            	
              0.920%

            	
              1.380%

            
	
              M-8

            	
              II-LTM8

            	
              1.100%

            	
              1.650%

            
	
              M-9

            	
              II-LTM9

            	
              1.950%

            	
              2.925%

            
	
              M-10

            	
              II-LTM10

            	
              2.500%

            	
              3.750%

            
	
              M-11

            	
              II-LTM11

            	
              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, Class A-4 Certificates or Class A-5 Certificates.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Class
      M-4 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Sequential Class M Certificates (after
      taking into account the distribution of the Sequential Class M Principal
      Distribution Amount on such Distribution Date) and (iii) the Certificate
      Principal Balance of the Class M-4 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 80.50%
      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 $4,475,609.53.

     

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

     

    “Class
      M-5 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Sequential Class M Certificates (after
      taking into account the distribution of the Sequential Class M Principal
      Distribution Amount on such Distribution Date), (iii) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date) and (iv) the Certificate Principal Balance of the Class M-5 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 83.90%
      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 $4,475,609.53.

     

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

     

    “Class
      M-6 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the
      Class A Certificates (after taking into account the distribution of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Sequential Class M Certificates (after
      taking into account the distribution of the Sequential Class M Principal
      Distribution Amount on such Distribution Date), (iii) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date) and (v) the Certificate Principal
      Balance of the Class M-6 Certificates immediately prior to such Distribution
      Date over (y) the lesser of (A) the product of (i) 87.00%
      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 $4,475,609.53.

     

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

     

    “Class
      M-7 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Sequential Class M Certificates (after
      taking into account the distribution of the Sequential Class M Principal
      Distribution Amount on such Distribution Date), (iii) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date) and (vi) the Certificate Principal Balance of the Class M-7 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 90.00%
      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 $4,475,609.53.

     

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

     

    “Class
      M-8 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Sequential Class M Certificates (after
      taking into account the distribution of the Sequential Class M Principal
      Distribution Amount on such Distribution Date), (iii) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date) and (vii) the Certificate
      Principal Balance of the Class M-8 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 92.30%
      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 $4,475,609.53.

     

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

     

    “Class
      M-9 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Sequential Class M Certificates (after
      taking into account the distribution of the Sequential Class M Principal
      Distribution Amount on such Distribution Date), (iii) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date) and (viii) the Certificate Principal Balance of the Class M-9 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 94.10% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the excess of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) over
      $4,475,609.53.

     

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

     

    “Class
      M-10 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Sequential Class M Certificates (after
      taking into account the distribution of the Sequential Class M Principal
      Distribution Amount on such Distribution Date), (iii) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-9 Certificates
      (after taking into account the distribution of the Class M-9 Principal
      Distribution Amount on such Distribution Date) and (ix) the Certificate
      Principal Balance of the Class M-10 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 95.60% 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 $4,475,610. 

     

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

     

    “Class
      M-11 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Sequential Class M Certificates (after
      taking into account the distribution of the Sequential Class M Principal
      Distribution Amount on such Distribution Date), (iii) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-9 Certificates
      (after taking into account the distribution of the Class M-9 Principal
      Distribution Amount on such Distribution Date), (ix) the Certificate Principal
      Balance of the Class M-10 Certificates (after taking into account the
      distribution of the Class M-10 Principal Distribution Amount on such
      Distribution Date) and (x) the Certificate Principal Balance of the Class M-11
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) 97.20% 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 $4,475,610.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Closing
      Date”: May 30, 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 “Wells Fargo Bank, N.A., as Servicer for U.S. Bank National
      Association, as Trustee, in trust for the registered holders of MASTR Asset
      Backed Securities Trust 2006-FRE2, 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-FRE2, 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-FRE2 and (B) for all other
      purposes, Wells Fargo Bank, N.A., 9062 Old Annapolis Road, Columbia, Maryland
      21045, Attention: Corporate Trust Services—MASTR 2006-FRE2, 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-LTA4

            	
              Class
                A-5

            
	
              II-LTM1

            	
              Class
                M-1

            
	
              II-LTM2

            	
              Class
                M-2

            
	
              II-LTM3

            	
              Class
                M-3

            
	
              II-LTM4

            	
              Class
                M-4

            
	
              II-LTM5

            	
              Class
                M-5

            
	
              II-LTM6

            	
              Class
                M-6

            
	
              II-LTM7

            	
              Class
                M-7

            
	
              II-LTM8

            	
              Class
                M-8

            
	
              II-LTM9

            	
              Class
                M-9

            
	
              II-LTM10

            	
              Class
                M-10

            
	
              II-LTM10

            	
              Class
                M-11

            
	
              II-LTP

            	
              Class
                P

            

    

    

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

     

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

     

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

     

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

     

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

     

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

     

    “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 U.S.
      Bank
      National Association 

     

    “Cut-off
      Date”: With respect to each Original Mortgage Loan, May 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”: The percentage equivalent of a fraction, the numerator of which is
      the aggregate Stated Principal Balance of all Mortgage Loans (not including
      Liquidated Mortgage Loans as of the end of the Payment Period) 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 are in 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 (in each case, not including any Mortgage Loans
      that
      have prepaid in full as of the end of the related Prepayment
      Period).

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Distribution
      Account”: The trust account or accounts created and maintained by the Trust
      Administrator pursuant to Section 3A.11 which shall be entitled “Wells
      Fargo Bank, N.A. as Trust Administrator, in trust for the registered holders
      of
      MASTR Asset Backed Securities Trust 2006-FRE2, Mortgage Pass-Through
      Certificates, Series 2006-FRE2—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 June 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.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Group
      I
      Senior Principal Distribution Amount”: The excess of (x) the aggregate
      Certificate Principal Balance of the Group I Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (A) the product of (i) 58.80%
      and
      (ii) the aggregate Stated Principal Balance of the Group I Mortgage Loans as
      of
      the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) and (B) the excess of the aggregate Stated Principal
      Balance of the Group I Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) over
      $1,265,411.14.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Group
      II
      Senior Principal Distribution Amount”: The excess of (x) the aggregate
      Certificate Principal Balance of the Group II Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (A) the product of (i) 58.80%
      and
      (ii) the aggregate Stated Principal Balance of the Group II Mortgage Loans
      as of
      the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) and (B) the excess of the aggregate Stated Principal
      Balance of the Group II Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) over
      $3,210,198.38.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Interest
      Determination Date”: With respect to the Class A Certificates, the Mezzanine
      Certificates, REMIC II Regular Interest II-LTA1, REMIC II Regular Interest
      II-LTA2, REMIC II Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4,
      REMIC II Regular Interest II-LTA5, REMIC II Regular Interest II-LTM1, REMIC
      II
      Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular
      Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest
      II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8,
      REMIC
      II
      Regular Interest II-LTM9,
      REMIC
      II Regular Interest II-LTM10 and REMIC Regular Interest II-LTM11 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 May 30, 2006 (together with the schedule thereto, the Master
      Agreement) between the Swap Provider 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. 

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (i)  the
      Mortgage Loan identifying number;

     

    (ii)  [reserved];

     

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

     

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

     

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

     

    (vi)  the
      original months to maturity;

     

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

     

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

     

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

     

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

     

    (xi)  the
      stated maturity date;

     

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

     

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

     

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

     

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

     

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

     

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

     

    (xviii)  the
      Mortgage Rate at origination;

     

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

     

    (xx)  the
      risk
      grade assigned by the Originator;

     

    (xxi)  the
      Value
      of the Mortgaged Property;

     

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

     

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

     

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

     

    (xxv)  the
      rounding code;

     

    (xxvi)  the
      program code;

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Mortgagor”:
      The obligor on a Mortgage Note.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “NIMS
      Insurer”: Any insurer that is guaranteeing certain payments under notes secured
      by collateral which includes all or a portion of the Class CE Certificates,
      the
      Class P Certificates 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-LTA5, REMIC II Regular
      Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest
      II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5,
      REMIC
      II
      Regular Interest II-LTM6,
      REMIC
      II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular
      Interest II-LTM9, REMIC II Regular Interest II-LTM10, REMIC II Regular Interest
      II-LTM11 and 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”:
      Fremont Investment & Loan, a California state chartered industrial
      bank.

     

    “Originator
      Master Agreement”:
      The
      Master Seller’s Purchase, Warranties and Interim Servicing Agreement, dated as
      of March 1, 2004, 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) 1.40%
      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)
      2.80% of the aggregate Stated Principal Balance of the Mortgage Loans as of
      the
      last day of the related Due Period (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (y) an amount equal to approximately 0.50% of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the Cut-off Date, or (iii) on
      or
      after the Stepdown Date if a Trigger Event is in effect, the
      Overcollateralization Target Amount for the immediately preceding Distribution
      Date. On and after any Distribution Date following the reduction of the
      aggregate Certificate Principal Balance of the Class A Certificates and the
      Mezzanine Certificates to zero, the Overcollateralization Target Amount shall
      be
      zero.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (xxxi)  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;

     

    (xxxii)  (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;

     

    (xxxiii)  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;

     

    (xxxiv)  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;

     

    (xxxv)  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;

     

    (xxxvi)  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

     

    (xxxvii)  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 May 1,
      2006) and ending on the 15th
      day of
      the calendar month in which such Distribution Date occurs. With respect to
      any
      Distribution Date and any Principal Prepayment in part, the calendar month
      preceding the month in which the Distribution Date occurs.

     

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

     

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

     

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

     

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

     

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

     

    “Private
      Mezzanine Certificates”: The Class M-10 Certificates and the Class M-11
      Certificates.

     

    “Probable
      Cash Flow”: With
      respect to each Distribution
      Date, the product of (i) the Notional Balance in such derivative confirmation
      for such Distribution Date, divided by 12, and (ii) the excess, if any, of
      (a)
      the Projected Forward Rate over (b) the cap rate, as defined in the 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 May 4, 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
      Group I Regular Interests”: REMIC I Regular Interest I and REMIC I Regular
      Interest I-1-A through REMIC I Regular Interest I-60-B as designated in the
      Preliminary Statement hereto.

     

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

     

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

     

    “REMIC
      I
      Remittance Rate”: With respect to REMIC I Regular Interest I and REMIC I Regular
      Interest P, a per annum rate equal to the weighted average of the Adjusted
      Net
      Mortgage Rates of the Group I Mortgage Loans. With respect to each REMIC I
      Group
      I Regular Interest ending with the designation “A”, a per annum rate equal to
      the weighted average of the Adjusted Net Mortgage Rates of the Group I Mortgage
      Loans multiplied by 2, subject to a maximum rate of 10.200%. With respect to
      each REMIC I Group I Regular Interest ending with the designation “B”, the
      greater of (x) a per annum rate equal to the excess, if any, of (i) 2 multiplied
      by the weighted average of the Adjusted Net Mortgage Rates of the Group I
      Mortgage Loans over (ii) 10.200% and (y) 0.00%. With respect to REMIC I Regular
      Interest II, a per annum rate equal to the weighted average of the Adjusted
      Net
      Mortgage Rates of the Group II Mortgage Loans. With respect to each REMIC I
      Group II Regular Interest ending with the designation “A”, a per annum rate
      equal to the weighted average of the Adjusted Net Mortgage Rates of the Group
      II
      Mortgage Loans multiplied by 2, subject to a maximum rate of 10.200%. With
      respect to each REMIC I Group II Regular Interest ending with the designation
      “B”, the greater of (x) a per annum rate equal to the excess, if any, of (i) 2
      multiplied by the weighted average of the Adjusted Net Mortgage Rates of the
      Group II Mortgage Loans over (ii) 10.200% and (y) 0.00%. 

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	
              Distribution
                Date

            	
              REMIC
                I Regular Interest

            	
              Rate

            
	
              1

            	
              I-1-A
                through I-60-A

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

            
	 	
              II-1-A
                through II-60-A

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

            
	
              2

            	
              I-2-A
                through I-60-A

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

            
	 	
              II-2-A
                through II-60-A

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

            
	 	
              I-1-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A

            	
              REMIC
                I Remittance Rate

            
	
              3

            	
              I-3-A
                through I-60-A

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

            
	 	
              II-3-A
                through II-60-A

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

            
	 	
              I-1-A
                and I-2-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                and II-2-A

            	
              REMIC
                I Remittance Rate

            
	
              4

            	
              I-4-A
                through I-60-A

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

            
	 	
              II-4-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-3-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-3-A

            	
              REMIC
                I Remittance Rate

            
	
              5

            	
              I-5-A
                through I-60-A

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

            
	 	
              II-5-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-4-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-4-A

            	
              REMIC
                I Remittance Rate

            
	
              6

            	
              I-6-A
                through I-60-A

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

            
	 	
              II-6-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-5-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-5-A

            	
              REMIC
                I Remittance Rate

            
	
              7

            	
              I-7-A
                through I-60-A

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

            
	 	
              II-7-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-6-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-6-A

            	
              REMIC
                I Remittance Rate

            
	
              8

            	
              I-8-A
                through I-60-A

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

            
	 	
              II-8-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-7-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-7-A

            	
              REMIC
                I Remittance Rate

            
	
              9

            	
              I-9-A
                through I-60-A

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

            
	 	
              II-9-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-8-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-8-A

            	
              REMIC
                I Remittance Rate

            
	
              10

            	
              I-10-A
                through I-60-A

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

            
	 	
              II-10-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-9-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-9-A

            	
              REMIC
                I Remittance Rate

            
	
              11

            	
              I-11-A
                through I-60-A

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

            
	 	
              II-11-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-10-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-10-A

            	
              REMIC
                I Remittance Rate

            
	
              12

            	
              I-12-A
                through I-60-A

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

            
	 	
              II-12-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-11-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-11-A

            	
              REMIC
                I Remittance Rate

            
	
              13

            	
              I-13-A
                through I-60-A

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

            
	 	
              II-13-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-12-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-12-A

            	
              REMIC
                I Remittance Rate

            
	
              14

            	
              I-14-A
                through I-60-A

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

            
	 	
              II-14-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-13-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-13-A

            	
              REMIC
                I Remittance Rate

            
	
              15

            	
              I-15-A
                through I-60-A

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

            
	 	
              II-15-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-14-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-14-A

            	
              REMIC
                I Remittance Rate

            
	
              16

            	
              I-16-A
                through I-60-A

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

            
	 	
              II-16-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-15-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-15-A

            	
              REMIC
                I Remittance Rate

            
	
              17

            	
              I-17-A
                through I-60-A

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

            
	 	
              II-17-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-16-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-16-A

            	
              REMIC
                I Remittance Rate

            
	
              18

            	
              I-18-A
                through I-60-A

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

            
	 	
              II-18-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-17-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-17-A

            	
              REMIC
                I Remittance Rate

            
	
              19

            	
              I-19-A
                through I-60-A

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

            
	 	
              II-19-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-18-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-18-A

            	
              REMIC
                I Remittance Rate

            
	
              20

            	
              I-20-A
                through I-60-A

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

            
	 	
              II-20-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-19-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-19-A

            	
              REMIC
                I Remittance Rate

            
	
              21

            	
              I-21-A
                through I-60-A

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

            
	 	
              II-21-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-20-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-20-A

            	
              REMIC
                I Remittance Rate

            
	
              22

            	
              I-22-A
                through I-60-A

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

            
	 	
              II-22-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-21-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-21-A

            	
              REMIC
                I Remittance Rate

            
	
              23

            	
              I-23-A
                through I-60-A

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

            
	 	
              II-23-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-22-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-22-A

            	
              REMIC
                I Remittance Rate

            
	
              24

            	
              I-24-A
                through I-60-A

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

            
	 	
              II-24-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-23-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-23-A

            	
              REMIC
                I Remittance Rate

            
	
              25

            	
              I-25-A
                through I-60-A

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

            
	 	
              II-25-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-24-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-24-A

            	
              REMIC
                I Remittance Rate

            
	
              26

            	
              I-26-A
                through I-60-A

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

            
	 	
              II-26-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-25-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-25-A

            	
              REMIC
                I Remittance Rate

            
	
              27

            	
              I-27-A
                through I-60-A

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

            
	 	
              II-27-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-26-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-26-A

            	
              REMIC
                I Remittance Rate

            
	
              28

            	
              I-28-A
                through I-60-A

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

            
	 	
              II-28-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-27-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-27-A

            	
              REMIC
                I Remittance Rate

            
	
              29

            	
              I-29-A
                through I-60-A

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

            
	 	
              II-29-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-28-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-28-A

            	
              REMIC
                I Remittance Rate

            
	
              30

            	
              I-30-A
                through I-60-A

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

            
	 	
              II-30-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-29-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-29-A

            	
              REMIC
                I Remittance Rate

            
	
              31

            	
              I-31-A
                through I-60-A

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

            
	 	
              II-31-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-30-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-30-A

            	
              REMIC
                I Remittance Rate

            
	
              32

            	
              I-32-A
                through I-60-A

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

            
	 	
              II-32-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-31-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-31-A

            	
              REMIC
                I Remittance Rate

            
	
              33

            	
              I-33-A
                through I-60-A

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

            
	 	
              II-33-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-32-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-32-A

            	
              REMIC
                I Remittance Rate

            
	
              34

            	
              I-34-A
                through I-60-A

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

            
	 	
              II-34-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-33-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-33-A

            	
              REMIC
                I Remittance Rate

            
	
              35

            	
              I-35-A
                through I-60-A

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

            
	 	
              II-35-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-34-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-34-A

            	
              REMIC
                I Remittance Rate

            
	
              36

            	
              I-36-A
                through I-60-A

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

            
	 	
              II-36-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-35-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-35-A

            	
              REMIC
                I Remittance Rate

            
	
              37

            	
              I-37-A
                through I-60-A

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

            
	 	
              II-37-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-36-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-36-A

            	
              REMIC
                I Remittance Rate

            
	
              38

            	
              I-38-A
                through I-60-A

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

            
	 	
              II-38-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-37-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-37-A

            	
              REMIC
                I Remittance Rate

            
	
              39

            	
              I-39-A
                through I-60-A

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

            
	 	
              II-39-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-38-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-38-A

            	
              REMIC
                I Remittance Rate

            
	
              40

            	
              I-40-A
                through I-60-A

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

            
	 	
              II-40-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-39-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-39-A

            	
              REMIC
                I Remittance Rate

            
	
              41

            	
              I-41-A
                through I-60-A

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

            
	 	
              II-41-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-40-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-40-A

            	
              REMIC
                I Remittance Rate

            
	
              42

            	
              I-42-A
                through I-60-A

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

            
	 	
              II-42-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-41-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-41-A

            	
              REMIC
                I Remittance Rate

            
	
              43

            	
              I-43-A
                through I-60-A

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

            
	 	
              II-43-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-42-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-42-A

            	
              REMIC
                I Remittance Rate

            
	
              44

            	
              I-44-A
                through I-60-A

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

            
	 	
              II-44-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-43-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-43-A

            	
              REMIC
                I Remittance Rate

            
	
              45

            	
              I-45-A
                through I-60-A

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

            
	 	
              II-45-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-44-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-44-A

            	
              REMIC
                I Remittance Rate

            
	
              46

            	
              I-46-A
                through I-60-A

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

            
	 	
              II-46-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-45-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-45-A

            	
              REMIC
                I Remittance Rate

            
	
              47

            	
              I-47-A
                through I-60-A

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

            
	 	
              II-47-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-46-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-46-A

            	
              REMIC
                I Remittance Rate

            
	
              48

            	
              I-48-A
                through I-60-A

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

            
	 	
              II-48-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-47-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-47-A

            	
              REMIC
                I Remittance Rate

            
	
              49

            	
              I-49-A
                through I-60-A

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

            
	 	
              II-49-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-39-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-39-A

            	
              REMIC
                I Remittance Rate

            
	
              50

            	
              I-50-A
                through I-60-A

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

            
	 	
              II-50-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-49-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-49-A

            	
              REMIC
                I Remittance Rate

            
	
              51

            	
              I-51-A
                through I-60-A

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

            
	 	
              II-51-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-50-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-50-A

            	
              REMIC
                I Remittance Rate

            
	
              52

            	
              I-52-A
                through I-60-A

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

            
	 	
              II-52-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-51-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-51-A

            	
              REMIC
                I Remittance Rate

            
	
              53

            	
              I-53-A
                through I-60-A

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

            
	 	
              II-53-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-52-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-52-A

            	
              REMIC
                I Remittance Rate

            
	
              54

            	
              I-54-A
                through I-60-A

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

            
	 	
              II-54-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-53-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-53-A

            	
              REMIC
                I Remittance Rate

            
	
              55

            	
              I-55-A
                through I-60-A

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

            
	 	
              II-55-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-54-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-54-A

            	
              REMIC
                I Remittance Rate

            
	
              56

            	
              I-56-A
                through I-60-A

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

            
	 	
              II-56-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-55-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-55-A

            	
              REMIC
                I Remittance Rate

            
	
              57

            	
              I-57-A
                through I-60-A

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

            
	 	
              II-57-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-56-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-56-A

            	
              REMIC
                I Remittance Rate

            
	
              58

            	
              I-58-A
                through I-60-A

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

            
	 	
              II-58-A
                through II-60-A

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

            
	 	
              I-1-A
                through I-57-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-57-A

            	
              REMIC
                I Remittance Rate

            
	
              59

            	
              I-59-A
                and I-60-A

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

            
	 	
              II-59-A
                and II-60-A

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

            
	 	
              I-1-A
                through I-58-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-58-A

            	
              REMIC
                I Remittance Rate

            
	
              60

            	
              I-60-A

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

            
	 	
              II-60-A

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

            
	 	
              I-1-A
                through I-59-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-59-A

            	
              REMIC
                I Remittance Rate

            
	
              thereafter

            	
              I-1-A
                through I-60-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-60-A

            	
              REMIC
                I Remittance Rate

            

    

    

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

     

    
      	
              Distribution
                Date

            	
              REMIC
                I Regular Interest

            	
              Rate

            
	
              1

            	
              I-1-A
                through I-60-A

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

            
	 	 	 
	
              2

            	
              I-2-A
                through I-60-A

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

            
	 	
              I-1-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              3

            	
              I-3-A
                through I-60-A

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

            
	 	
              I-1-A
                and I-2-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              4

            	
              I-4-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-3-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              5

            	
              I-5-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-4-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              6

            	
              I-6-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-5-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              7

            	
              I-7-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-6-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              8

            	
              I-8-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-7-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              9

            	
              I-9-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-8-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              10

            	
              I-10-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-9-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              11

            	
              I-11-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-10-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              12

            	
              I-12-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-11-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              13

            	
              I-13-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-12-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              14

            	
              I-14-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-13-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              15

            	
              I-15-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-14-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              16

            	
              I-16-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-15-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              17

            	
              I-17-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-16-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              18

            	
              I-18-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-17-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              19

            	
              I-19-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-18-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              20

            	
              I-20-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-19-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              21

            	
              I-21-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-20-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              22

            	
              I-22-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-21-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              23

            	
              I-23-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-22-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              24

            	
              I-24-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-23-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              25

            	
              I-25-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-24-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              26

            	
              I-26-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-25-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              27

            	
              I-27-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-26-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              28

            	
              I-28-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-27-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              29

            	
              I-29-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-28-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              30

            	
              I-30-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-29-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              31

            	
              I-31-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-30-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              32

            	
              I-32-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-31-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              33

            	
              I-33-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-32-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              34

            	
              I-34-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-33-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              35

            	
              I-35-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-34-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              36

            	
              I-36-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-35-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              37

            	
              I-37-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-36-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              38

            	
              I-38-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-37-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              39

            	
              I-39-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-38-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              40

            	
              I-40-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-39-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              41

            	
              I-41-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-40-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              42

            	
              I-42-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-41-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              43

            	
              I-43-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-42-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              44

            	
              I-44-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-43-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              45

            	
              I-45-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-44-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              46

            	
              I-46-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-45-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              47

            	
              I-47-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-46-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              48

            	
              I-48-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-47-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              49

            	
              I-49-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-48-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              50

            	
              I-50-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-49-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              51

            	
              I-51-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-50-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              52

            	
              I-52-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-51-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              53

            	
              I-53-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-52-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              54

            	
              I-54-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-53-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              55

            	
              I-55-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-54-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              56

            	
              I-56-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-55-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              57

            	
              I-57-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-56-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              58

            	
              I-58-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-57-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              59

            	
              I-59-A
                and I-60-A

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

            
	 	
              I-1-A
                through I-58-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              60

            	
              I-60-A

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

            
	 	
              I-1-A
                through I-59-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              thereafter

            	
              I-1-A
                through I-60-A

            	
              REMIC
                I Remittance Rate

            

    

    

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

     

    
      	
              Distribution
                Date

            	
              REMIC
                I Regular Interest

            	
              Rate

            
	
              1

            	
              II-1-A
                through II-60-A

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

            
	 	 	 
	
              2

            	
              II-2-A
                through II-60-A

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

            
	 	
              II-1-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              3

            	
              II-3-A
                through II-60-A

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

            
	 	
              II-1-A
                and II-2-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              4

            	
              II-4-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-3-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              5

            	
              II-5-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-4-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              6

            	
              II-6-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-5-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              7

            	
              II-7-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-6-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              8

            	
              II-8-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-7-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              9

            	
              II-9-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-8-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              10

            	
              II-10-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-9-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              11

            	
              II-11-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-10-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              12

            	
              II-12-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-11-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              13

            	
              II-13-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-12-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              14

            	
              II-14-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-13-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              15

            	
              II-15-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-14-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              16

            	
              II-16-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-15-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              17

            	
              II-17-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-16-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              18

            	
              II-18-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-17-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              19

            	
              II-19-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-18-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              20

            	
              II-20-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-19-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              21

            	
              II-21-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-20-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              22

            	
              II-22-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-21-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              23

            	
              II-23-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-22-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              24

            	
              II-24-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-23-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              25

            	
              II-25-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-24-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              26

            	
              II-26-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-25-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              27

            	
              II-27-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-26-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              28

            	
              II-28-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-27-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              29

            	
              II-29-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-28-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              30

            	
              II-30-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-29-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              31

            	
              II-31-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-30-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              32

            	
              II-32-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-31-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              33

            	
              II-33-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-32-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              34

            	
              II-34-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-33-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              35

            	
              II-35-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-34-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              36

            	
              II-36-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-35-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              37

            	
              II-37-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-36-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              38

            	
              II-38-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-37-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              39

            	
              II-39-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-38-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              40

            	
              II-40-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-39-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              41

            	
              II-41-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-40-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              42

            	
              II-42-A
                through II-60-A 

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

            
	 	
              II-1-A
                through II-41-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              43

            	
              II-43-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-42-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              44

            	
              II-44-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-43-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              45

            	
              II-45-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-44-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              46

            	
              II-46-A
                through II-60-A 

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

            
	 	
              II-1-A
                through II-45-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              47

            	
              II-47-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-46-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              48

            	
              II-48-A
                and II-60-A

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

            
	 	
              II-1-A
                through II-47-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              49

            	
              II-49-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-48-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              50

            	
              II-50-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-49-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              51

            	
              II-51-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-50-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              52

            	
              II-52-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-51-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              53

            	
              II-53-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-52-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              54

            	
              II-54-A
                through II-60-A 

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

            
	 	
              II-1-A
                through II-53-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              55

            	
              II-55-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-54-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              56

            	
              II-56-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-55-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              57

            	
              II-57-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-56-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              58

            	
              II-58-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-57-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              59

            	
              II-59-A
                through II-60-A

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

            
	 	
              II-1-A
                through II-58-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              60

            	
              II-60-A

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

            
	 	
              II-1-A
                through II-59-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              thereafter

            	
              II-1-A
                through II-60-A

            	
              REMIC
                I Remittance Rate

            

    

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Sequential
      Class M Principal Distribution Amount”: With respect to any Distribution Date,
      the excess of (x) the sum of (i) the aggregate Certificate Principal Balance
      of
      the Class A Certificates (after taking into account the distribution of the
      Senior Principal Distribution Amount on such Distribution Date) and (ii) the
      aggregate Certificate Principal Balance of the Sequential Class M Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 77.00% 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
      $4,475,609.53.

     

    “Servicer”:
      Wells Fargo Bank, N.A. 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 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 June 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 Group I Principal
      Distribution Amount and the Group II Principal Distribution Amount to the
      holders of the certificates then entitled to distributions of principal on
      such
      Distribution Date) is greater than or equal to approximately 41.20%.

     

    “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”: Bear Stearns Financial Products Inc. 

     

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

     

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

     

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

     

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

     

    “Termination
      Price”: As defined in Section 9.01.

     

    “Terminator”:
      As defined in Section 9.01.

     

    “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 38.50% 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

            
	
              June
                2008 through May 2009

            	
              1.40%
                for the first month, plus an additional 1/12th of 1.75% for each
                month
                thereafter

            
	
              June
                2009 through May 2010

            	
              3.15%
                for the first month, plus an additional 1/12th of 1.75% for each
                month
                thereafter

            
	
              June
                2010 through May 2011

            	
              4.90%
                for the first month, plus an additional 1/12th of 1.40% for each
                month
                thereafter

            
	
              June
                2011 through May 2012

            	
              6.30%
                for the first month, plus an additional 1/12th of 0.70% for each
                month
                thereafter

            
	
              June
                2012 and thereafter

            	
              7.00%

            

    

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	
              Distribution
                Date

            	
              REMIC
                I Regular Interests

            
	
              1

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

            
	
              2

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

            
	
              3

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

            
	
              4

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

            
	
              5

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

            
	
              6

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

            
	
              7

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

            
	
              8

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

            
	
              9

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

            
	
              10

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

            
	
              11

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

            
	
              12

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

            
	
              13

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

            
	
              14

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

            
	
              15

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

            
	
              16

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

            
	
              17

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

            
	
              18

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

            
	
              19

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

            
	
              20

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

            
	
              21

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

            
	
              22

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

            
	
              23

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

            
	
              24

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

            
	
              25

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

            
	
              26

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

            
	
              27

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

            
	
              28

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

            
	
              29

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

            
	
              30

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

            
	
              31

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

            
	
              32

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

            
	
              33

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

            
	
              34

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

            
	
              35

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

            
	
              36

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

            
	
              37

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

            
	
              38

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

            
	
              39

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

            
	
              40

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

            
	
              41

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

            
	
              42

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

            
	
              43

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

            
	
              44

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

            
	
              45

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

            
	
              46

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

            
	
              47

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

            
	
              48

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

            
	
              49

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

            
	
              50

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

            
	
              51

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

            
	
              52

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

            
	
              53

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

            
	
              54

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

            
	
              55

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

            
	
              56

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

            
	
              57

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

            
	
              58

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

            
	
              59

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

            
	
              60

            	
              I-60-A
                and II-60-A 

            
	
              thereafter

            	
              $0.00

            

    

    

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

     

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

     

    “United
      States Person”: A citizen or resident of the United States, a corporation,
      partnership or other entity created or organized in, or under the laws of,
      the
      United States, any state thereof or, the District of Columbia (except, in the
      case of a partnership, to the extent provided in regulations) provided that,
      for
      purposes solely of the restrictions on the transfer of Class R Certificates,
      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
      Group I Regular Interests for any Distribution Date, the aggregate amount of
      any
      Prepayment Interest Shortfalls (to the extent not covered by payments by the
      Servicer pursuant to Section 3.24) and any Relief Act Interest Shortfalls
      incurred in respect of Loan Group I shall be allocated first, to REMIC I Regular
      Interest I and to the REMIC I Group I Regular Interests ending with the
      designation “B”, pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      REMIC I Remittance Rates on the respective Uncertificated Balances of each
      such
      REMIC I Regular Interest , and then, to REMIC I Group I Regular Interests ending
      with the designation “A”, pro rata based on, and to the extent of, one month’s
      interest at the then applicable respective REMIC I Remittance Rates on the
      respective Uncertificated Balances of each such REMIC I Regular Interest. For
      purposes of calculating the amount of Uncertificated Interest for the REMIC
      I
      Group II Regular Interests for any Distribution Date, the aggregate amount
      of
      any Prepayment Interest Shortfalls (to the extent not covered by payments by
      the
      Servicer pursuant to Section 3.24) and any Relief Act Interest Shortfalls
      incurred in respect of Loan Group II shall be allocated first, to REMIC I
      Regular Interest II and to the REMIC I Group II Regular Interests ending with
      the designation “B”, pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      REMIC I Remittance Rates on the respective Uncertificated Balances of each
      such
      REMIC I Regular Interest , and then, to REMIC I Group II Regular Interests
      ending with the designation “A”, pro rata based on, and to the extent of, one
      month’s interest at the then applicable respective REMIC I Remittance Rates on
      the respective Uncertificated Balances of each such REMIC I Regular
      Interest.

     

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

     

    (A) The
      REMIC
      II Marker Allocation Percentage of the aggregate amount of any Prepayment
      Interest Shortfalls (to the extent not covered by payments by the Servicer
      pursuant to Section 3.24) and the REMIC II Marker Allocation Percentage of
      the
      aggregate amount of any Relief Act Interest Shortfalls incurred in respect
      of
      the Mortgage Loans for any Distribution Date shall be allocated among REMIC
      II
      Regular Interest II-LTAA, REMIC II Regular Interest II-LTA1, REMIC II Regular
      Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC II Regular Interest
      II-LTA4, REMIC II Regular Interest II-LTA5, REMIC II Regular Interest II-LTM1,
      REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC
      II
      Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular
      Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest
      II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10,
      REMIC II Regular Interest II-LTM11 and REMIC II Regular Interest II-LTZZ, on
      a
pro
      rata basis
      based on, and to the extent of, one month’s interest at the then applicable
      respective Pass-Through Rate on the respective Uncertificated Balance of each
      such REMIC II Regular Interest; and

     

    (B) The
      REMIC
      II Sub WAC Allocation Percentage of the aggregate amount of any Prepayment
      Interest Shortfalls (to the extent not covered by payments by the Servicer
      pursuant to Section 3.24) and the REMIC II Sub WAC Allocation Percentage of
      the
      aggregate amount of any Relief Act Interest Shortfalls incurred in respect
      of
      the Mortgage Loans for any Distribution Date shall be allocated to
      Uncertificated Interest payable to REMIC II Regular Interest II-LT1SUB, REMIC
      II
      Regular Interest II-LT1GRP, REMIC II Regular Interest II-LT2SUB, REMIC II
      Regular Interest II-LT2GRP and REMIC II Regular Interest II-LTXX, on a
pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      respective Pass-Through Rate on the respective Uncertificated Balance of each
      such REMIC II Regular Interest. 

     

    
      	SECTION
              1.03.  	
              Rights
                of the NIMS Insurer.

            

    

     

    Each
      of
      the rights of the NIMS Insurer set forth in this Agreement shall exist so long
      as (i) the NIMS Insurer has undertaken to guarantee certain payments of notes
      issued pursuant to the Indenture and (ii) 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
      any 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,
      (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 or (v) the Mortgage Loan has been accelerated
      or
      paid off in connection with the workout or borrower default, notwithstanding
      that the terms of such Mortgage Loan or state or federal loaw might permit
      the
      imposition of a Prepayment Charge. If a Prepayment Charge is waived as permitted
      by meeting the standard described in clauses (ii), (iii), (iv) or (v) above,
      then the Trustee (upon receipt of written notice from the Servicer that such
      waiver has occurred) shall enforce any 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 Article IV of
      the Assignment Agreement. If a Prepayment Charge is waived other than in
      accordance with (i), (ii), (iii), (iv) or (v) 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 (other than Servicing Advances) with respect to a Mortgage Loan (except
      as provided in Section 4.04) 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.

     

    (b)  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.

     

    (c)  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, the 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.

     

    (d)  It
      shall
      not be necessary for the Servicer to seek the consent of the Depositor, Master
      Servicer, Trust Administrator or the Trustee to the utilization of any
      Subcontractor. The Servicer shall promptly, upon request, provide to the
Depositor,
      Master Servicer and Trust Administrator
      a
      written description (in form and substance satisfactory to the the Depositor
      and
      the Trust Administrator) of the role and function of each Subcontractor utilized
      by the Servicer or any Sub-Servicer, specifying (i) the identity of each such
      Subcontractor, (ii) which (if any) of such Subcontractors are “participating in
      the servicing function” within the meaning of Item 1122 of Regulation AB and
      (iii) which elements of the Relevant Servicing Criteria will be addressed in
      assessments of compliance provided by each Subcontractor identified pursuant
      to
      (e) below.

     

    (e)  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 (or by any Sub-Servicer) for the benefit of the Depositor and the
      Trust
      Administrator to comply with the provisions of Sections 3.21 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
      the Depositor and the Trust Administrator any assessment of compliance and
      attestation required to be delivered by such Subcontractor under Section 3.21,
      in each case as and when required to be delivered.

     

    
      	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, 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 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 (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 and the Master Servicer 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 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 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;

     

    (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
      invest
      funds in Permitted Investments in accordance with Section 3.12; 

     

    (xii)  to
      clear
      and terminate the Collection Account pursuant to Section 9.01; and

     

    (xiii)  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
      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 such Mortgage Loan and the amount necessary
      to fully compensate 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, flood 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) 100% of the insurable value on a replacement cost
      basis of the improvements securing such Mortgage Loan and (ii) the greater
      of
      (a) the outstanding principal balance of the Mortgage Loan and (b) an amount
      such that the proceeds of such insurance shall be sufficient to prevent the
      application to the Mortgagor or the loss payee of any coinsurance clause under
      the 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 (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; provided, however, that the Servicer may capitalize the amount of
      any
      Servicing Advances incurred pursuant to this Section 3.14 in connection with
      the
      modification of a Mortgage Loan. 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 at any time during
      the
      term of the Mortgage Loan, the Servicer determines, in accordance with
      applicable law, that a Mortgaged Property is located in a special flood hazard
      area and is not covered by flood insurance or is covered in an amount less
      than
      the amount required by the Flood Disaster Protection Act of 1973, as amended,
      the Servicer shall notify the related Mortgagor that the Mortgagor must obtain
      such flood insurance coverage, and if said Mortgagor fails to obtain the
      required flood insurance coverage within forty-five (45) days after such
      notification, the Company shall immediately force place the required flood
      insurance on the Mortgagor’s behalf. 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
      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 (and the Trust Administrator shall
      forward to 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.

            

    

     

    On
      or
      before March 15th
      (with no
      cure period) of each calendar year beginning in 2007, the Servicer
      shall:

     

      (i)deliver
      to the Trust Administrator a report (in form and substance reasonably
      satisfactory to the Depositor and the Trust Administrator) regarding the
      Servicer’s assessment of compliance with the Relevant Servicing Criteria during
      the immediately preceding calendar year, as required under Rules 13a-18 and
      15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall
      be
      addressed to the Depositor and signed by an authorized officer of the Servicer
      and shall address each of the Relevant Servicing Criteria specified
      substantially on Exhibit O hereto (or those Servicing Criteria otherwise
      mutually agreed to by the Depositor and the Servicer in response to evolving
      interpretations of Regulation AB;

     

      (ii)deliver
      to the Trust Administrator a report of a registered public accounting firm
      reasonably acceptable to the Depositor and the Trust Administrator that attests
      to, and reports on, the assessment of the compliance made by the Servicer and
      delivered pursuant to the rules and regulations cited in the preceding
      paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and
      2-02(g) of Regulation S-X under the Securities Act and the Exchange
      Act;

     

      (iii)
      cause each Sub-Servicer and each Subcontractor to deliver to the Trust
      Administrator and the Depositor an assessment of compliance and accountants’
attestation as and when provided in paragraphs (i) and (ii) of this Section
      3.21; and

     

      (iv)
      pursuant to Section 4.06(a)(iv), deliver, and cause each Sub-Servicer and each
      Subcontractor to deliver to the Trust Administrator a certification in the
      form
      attached hereto as Exhibit N-2.

     

    Each
      assessment of compliance provided by a Sub-Servicer pursuant to Section
      3.21(iii) shall address each of the Relevant Servicing Criteria applicable
      to
      the Servicer in Exhibit O. An assessment of compliance provided by a
      Subcontractor pursuant to Section 3.21(iii) need not address any elements of
      the
      Relevant Servicing Criteria other than those specified by the Servicer pursuant
      to Section 3.02.

     

    The
      Servicer acknowledges that the Depositor may rely on the certification provided
      by the Servicer pursuant clause (iv) above in signing the Certification and
      filing such with the Commission. The Depositor will not request delivery of
      a
      certification under clause (iv) above unless the Depositor is required under
      the
      Exchange Act to file an annual report on Form 10-K with respect to an issuing
      entity whose asset pool includes Mortgage Loans.

     

    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. 

     

    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 all annual reports on assessment of compliance
      and
      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 provide a report
      on assessment of compliance pursuant to this Section 3.21, or to such other
      applicable agreement and 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.

     

    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, the Trust Administrator and (with respect to each year
      for
      which the Depositor’s annual report on Form 10-K with respect to the
      transactions contemplated by this Agreement is required to be filed in
      accordance with the Exchange Act and the rules and regulations of the
      Commission) the Custodian 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.

     

    The
      Custodian shall indemnify and hold harmless the Depositor, the Master Servicer,
      the NIMS Insurer and the Trust Administrator and their 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
      failure of the Custodian to deliver when required an Assessment of Compliance
      in
      accordance with the requirements of this Section 3.21; provided,
      however, that
      the
      failure of the Custodian to deliver when required an Attestation Report will
      be
      deemed to be a default and will subject the Custodian to removal pursuant to
      the
      applicable provisions of this Agreement. Notwithstanding the foregoing, in
      no
      event shall the Custodian be liable for any consequential, indirect or punitive
      damages pursuant to 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.

            

    

     

    On
      each
      Servicer Remittance Date, the Servicer shall remit to the Trust Administrator
      for deposit into 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.

     

    
      	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)  (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: 

     

    With
      respect to the Group I Mortgage Loans:

     

    (1) to
      Holders of REMIC I Regular Interest I, REMIC I Regular Interest I-LTP and each
      of REMIC I Regular Interest I-1-A through I-60-B, pro
      rata,
      in an
      amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests
      for such Distribution Date, plus (B) any amounts payable in respect thereof
      remaining unpaid from previous Distribution Dates.

     

    (2) to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (1)
      above, payments of principal shall be allocated as follows: first, to REMIC
      I
      Regular Interest I and then to REMIC I Regular Interests I-1-A through I-60-B
      starting with the lowest numerical denomination until the Uncertificated Balance
      of each such REMIC I Regular Interest is reduced to zero, provided that, for
      REMIC I Regular Interests with the same numerical denomination, such payments
      of
      principal shall be allocated pro
      rata
      between
      such REMIC I Regular Interests, and second, to the extent of the product of
      (a)
      any Overcollateralization Reduction Amounts multiplied by (b) a fraction, the
      numerator of which is the aggregate Stated Principal Balance of the Group I
      Mortgage Loans and the denominator of which is the aggregate Stated Principal
      Balance of the Mortgage Loans, to REMIC I Regular Interest I until the
      Uncertificated Balance of such REMIC I Regular Interest is reduced to zero;
      and

     

    (3) to
      the
      Holders of REMIC I Regular Interest I-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. 

     

    With
      respect to the Group II Mortgage Loans:

     

    (1) to
      Holders of REMIC I Regular Interest II and each of REMIC I Regular Interest
      II-1-A through II-60-B, pro
      rata,
      in an
      amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests
      for such Distribution Date, plus (B) any amounts payable in respect thereof
      remaining unpaid from previous Distribution Dates.

     

    (2) to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (1)
      above, payments of principal shall be allocated as follows: first, to REMIC
      I
      Regular Interest II and then to REMIC I Regular Interests II-1-A through II-60-B
      starting with the lowest numerical denomination until the Uncertificated Balance
      of each such REMIC I Regular Interest is reduced to zero, provided that, for
      REMIC I Regular Interests with the same numerical denomination, such payments
      of
      principal shall be allocated pro
      rata
      between
      such REMIC I Regular Interests, and second, to the extent of the product of
      (a)
      any Overcollateralization Reduction Amounts multiplied by (b) a fraction, the
      numerator of which is the aggregate Stated Principal Balance of the Group I
      Mortgage Loans and the denominator of which is the aggregate Stated Principal
      Balance of the Mortgage Loans, to REMIC I Regular Interest II until the
      Uncertificated Balance of such REMIC I Regular Interest is reduced to
      zero.

     

    On
      each
      Distribution Date, all amounts representing Prepayment Charges in respect of
      the
      Mortgage Loans received during the related Prepayment Period shall be
      distributed by REMIC I to the Holders of REMIC I Regular Interest I-LTP. The
      payment of the foregoing amounts to the Holders of REMIC I Regular Interest
      I-LTP shall not reduce the Uncertificated Balance thereof.

     

    (b)  (1)On
      each
      Distribution Date, the following amounts, in the following order of priority,
      shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular
      Interests or withdrawn from the Distribution Account and distributed to the
      holders of the Class R Certificates (in respect of the Class R-II Interest),
      as
      the case may be:

     

    (i)(a) to
      the
      Holders of REMIC II Regular Interest II-LTIO, in an amount equal to (A)
      Uncertificated Interest for such REMIC II Regular Interest for such Distribution
      Date, plus (B) any amounts in respect thereof remaining unpaid from previous
      Distribution Dates;

     

    (b) to
      Holders of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTA1,
      REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC
      II
      Regular Interest II-LTA4, REMIC II Regular Interest II-LTA5, REMIC II Regular
      Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest
      II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5,
      REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC
      II
      Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular
      Interest II-LTM10, REMIC II Regular Interest II-LTM11, REMIC II Regular Interest
      II-LTZZ and REMIC II Regular Interest II-LTP, pro
      rata,
      in an
      amount equal to (A) the Uncertificated Interest for such Distribution Date,
      plus
      (B) any amounts in respect thereof remaining unpaid from previous Distribution
      Dates. Amounts payable as Uncertificated Interest in respect of REMIC II Regular
      Interest II-LTZZ shall be reduced and deferred when the REMIC II
      Overcollateralized Amount is less than the REMIC II Required
      Overcollateralization Amount, by the lesser of (x) the amount of such difference
      and (y) the Maximum II-LTZZ Uncertificated Interest Deferral Amount and such
      amount will be payable to the Holders of REMIC II Regular Interest II-LTA1,
      REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC
      II
      Regular Interest II-LTA4, REMIC II Regular Interest II-LTA5, REMIC II Regular
      Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest
      II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5,
      REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC
      II
      Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular
      Interest II-LTM10 and REMIC II Regular Interest II-LTM11 in the same proportion
      as the Overcollateralization Deficiency Amount is allocated to the Corresponding
      Certificates and the Uncertificated Balance of REMIC II Regular Interest II-LTZZ
      shall be increased by such amount; and

     

    (c) to
      Holders of REMIC II Regular Interest II-LT1SUB, REMIC II Regular Interest
      II-LT1GRP, REMIC II Regular Interest II-LT2SUB, REMIC II Regular Interest
      II-LT2GRP and REMIC II Regular Interest II-LTXX, pro
      rata,
      in an
      amount equal to (A) the Uncertificated Interest for such Distribution Date,
      plus
      (B) any amounts in respect thereof remaining unpaid from previous Distribution
      Dates;

     

    (ii) second,
      to the Holders of REMIC II Regular Interests, in an amount equal to the
      remainder of the REMIC II Marker Allocation Percentage of Available Funds for
      such Distribution Date after the distributions made pursuant to clause (b)(1)(i)
      above, allocated as follows:

     

    (a) 98.00%
      of
      such remainder to the Holders of REMIC II Regular Interest II-LTAA and REMIC
      II
      Regular Interest II-LTP, until the Uncertificated Balance of such REMIC II
      Regular Interests are reduced to zero; provided, however, that REMIC II Regular
      Interest II-LTP shall not be reduced until the Distribution Date immediately
      following the expiration of the latest Prepayment Charge as identified on the
      Prepayment Charge Schedule or any Distribution Date thereafter, at which point
      such amount shall be distributed to REMIC II Regular Interest II-LTP, until
      $100
      has been distributed pursuant to this clause;

     

    (b) 2.00%
      of
      such remainder, first to the Holders of REMIC II Regular Interest II-LTA1,
      REMIC
      II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC II Regular
      Interest II-LTA4, REMIC II Regular Interest II-LTA5, REMIC II Regular Interest
      II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3,
      REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC
      II
      Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular
      Interest II-LTM8, REMIC II Regular Interest II-LTM9 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-LTP, in that order and (ii) REMIC II Regular Interest II-LTZZ, respectively;
      provided that REMIC II Regular Interest II-LTP shall not be reduced until the
      Distribution Date immediately following the expiration of the latest Prepayment
      Charge as identified on the Prepayment Charge Schedule or any Distribution
      Date
      thereafter, at which point such amount shall be distributed to REMIC II Regular
      Interest II-LTP, until $100 has been distributed pursuant to this
      clause.

     

    On
      each
      Distribution Date, all amounts representing Prepayment Charges in respect of
      the
      Mortgage Loans during the related Prepayment Period and any Servicer Prepayment
      Charge Payment Amount paid by the Servicer during the related Prepayment Period
      will be distributed by REMIC II to the Holders of REMIC II Regular Interest
      II-LTP. The payment of the foregoing amounts to the Holders of REMIC II Regular
      Interest II-LTP shall not reduce the Uncertificated Balance
      thereof.

     

    (iii) to
      the
      Holders of REMIC II Regular Interests, in an amount equal to the remainder
      of
      the REMIC II Sub WAC Allocation Percentage of Available Funds for such
      Distribution Date after the distributions made pursuant to clause (i) above,
      allocated so that distributions of principal shall be deemed to be made to
      the
      REMIC II Regular Interests first, so as to keep the Uncertificated Balance
      of
      each REMIC II Regular Interest ending with the designation “GRP” equal to 0.01%
      of the aggregate Stated Principal Balance of the Mortgage Loans in the related
      Loan Group; second, to each REMIC II Regular Interest ending with the
      designation “SUB,” so that the Uncertificated Balance of each such REMIC II
      Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated
      Principal Balance of the Mortgage Loans in the related Loan Group over (y)
      the
      Certificate Principal Balance of the Class A Certificate in the related Loan
      Group (except that if any such excess is a larger number than in the preceding
      distribution period, the least amount of principal shall be distributed to
      such
      REMIC II Regular Interests such that the REMIC II Subordinated Balance Ratio
      is
      maintained); and third, any remaining principal to REMIC II Regular Interest
      II-LTXX.

     

    Notwithstanding
      the priorities and amounts of distribution of funds pursuant to Sections 4.01(a)
      or 4.01(b), actual distributions of Available Funds shall be made only in
      accordance with Sections 4.01(c),(d) or (e).

     

    On
      each
      Distribution Date, 100% of the amounts distributed on REMIC II Regular Interest
      II-LTIO shall be deemed distributed by REMIC II to REMIC III in respect of
      the
      Class Swap-IO Interest. Such amounts shall be deemed distributed by REMIC III
      to
      REMIC VI Regular Interest SWAP-IO and from REMIC VI Regular Interest SWAP-IO
      to
      the Swap Administrator for deposit into the Swap Account. 

     

    (2)(I) On
      each
      Distribution Date, the Trust Administrator shall withdraw from the Distribution
      Account that portion of Available Funds for such Distribution Date consisting
      of
      the Group I Interest Remittance Amount for such Distribution Date, and make
      the
      following distributions in the order of priority described below, in each case
      to the extent of the Group I Interest Remittance Amount remaining for such
      Distribution Date:

     

    (i)  to
      the
      Holders of the Group I Certificates, the related Monthly Interest Distributable
      Amount and the related Unpaid Interest Shortfall Amount, if any, for such
      Certificates for such Distribution Date; and

     

    (ii)  concurrently,
      to the Holders of the Group II Certificates, on a pro
      rata
      basis,
      based on the entitlement of each such Class, an amount equal to the excess,
      if
      any, of (x) the amount required to be distributed pursuant to Section
      4.01(a)(2)(II)(i) for such Distribution Date over (y) the amount actually
      distributed pursuant to such sections, from the Group II Interest Remittance
      Amount.

     

    (II) On
      each
      Distribution Date the Trust Administrator shall withdraw from the Distribution
      Account that portion of Available Funds for such Distribution Date consisting
      of
      the Group II Interest Remittance Amount for such Distribution Date, and make
      the
      following distributions in the order of priority described below, in each case
      to the extent of the Group II Interest Remittance Amount remaining for such
      Distribution Date:

     

    (iii)  concurrently,
      to the Holders of the Group II Certificates, on a pro
      rata basis
      based on the entitlement of each such Class, the related Monthly Interest
      Distributable Amount and the related Unpaid Interest Shortfall Amount, if any,
      for such Certificates for such Distribution Date; and

     

    (iv)  to
      the
      Holders of the Group I Certificates, an amount equal to the excess, if any,
      of
      (x) the amount required to be distributed pursuant to Section 4.01(a)(2)(I)(i)
      for such Distribution Date over (y) the amount actually distributed pursuant
      to
      such sections from the Group I Interest Remittance Amount.

     

    (III) On
      each
      Distribution Date, following the distributions made pursuant to Section
      4.01(a)(2)(I) and Section 4.01(a)(2)(II) above, the Trust Administrator shall
      distribute, in each case to the extent of the sum of the Group I Interest
      Remittance Amount and the Group II Interest Remittance Amount remaining
      undistributed for such Distribution Date, sequentially to the Holders of the
      Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7,
      Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that order,
      in
      an amount equal to the Monthly Interest Distributable Amount for each such
      Class.

     

    (3)(I) On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event
      is in effect, distributions in respect of principal to the extent of the Group
      I
      Principal Distribution Amount shall be made in the following amounts and order
      of priority:

     

    (i)  first,
      to
      the Holders of the Group I Certificates, until the Certificate Principal Balance
      thereof has been reduced to zero; and

     

    (ii)  second,
      to the Holders of the Group II Certificates (allocated among the Group II
      Certificates in the priority described below), after taking into account the
      distribution of the Group II Principal Distribution Amount already distributed,
      until the Certificate Principal Balances thereof have been reduced to
      zero.

     

    (II) On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event
      is in effect, distributions in respect of principal to the extent of the Group
      II Principal Distribution Amount shall be made in the following amounts and
      order of priority:

     

    (i)  first,
      to
      the Holders of the Group II Certificates (allocated among the Group II
      Certificates in the priority described below), until the Certificate Principal
      Balances thereof have been reduced to zero; and

     

    (ii)  second,
      to the Holders of the Group I Certificates, after taking into account the
      distribution of the Group I Principal Distribution Amount already distributed
      until the Certificate Principal Balance thereof has been reduced to
      zero.

     

    (III) On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event
      is in effect, distributions in respect of principal to the extent of the sum
      of
      the Group I Principal Distribution Amount and the Group II Principal
      Distribution Amount remaining undistributed for such Distribution Date shall
      be
      made sequentially to the Holders of the Class M-1, Class M-2, Class M-3, Class
      M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and
      Class
      M-11 Certificates, in that order, in each case, until the Certificate Principal
      Balance of each such Class has been reduced to zero. 

     

    (IV) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, distributions in respect of principal to the extent
      of
      the Group I Principal Distribution Amount shall be made in the following amounts
      and order of priority:

     

    (iii)  first,
      to
      the Holders of the Group I Certificates, the Group I Senior Principal
      Distribution Amount until the Certificate Principal Balance thereof has been
      reduced to zero; and

     

    (iv)  second,
      to the Holders of the Group II Certificates (allocated among the Group II
      Certificates in the priority described below), the remaining undistributed
      Group
      II Senior Principal Distribution Amount, after taking into account the
      distribution of the Group II Principal Distribution Amount, up to an amount
      equal to the Group II Senior Principal Distribution Amount remaining
      undistributed, until the Certificate Principal Balances thereof have been
      reduced to zero.

     

    (V) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, distributions in respect of principal to the extent
      of
      the Group II Principal Distribution Amount shall be made in the following
      amounts and order of priority:

     

    (v)  first,
      to
      the Holders of the Group II Certificates (allocated among the Group II
      Certificates in the priority described below), the Group II Senior Principal
      Distribution Amount until the Certificate Principal Balances thereof have been
      reduced to zero; and

     

    (vi)  second,
      to the Holders of the Group I Certificates, the remaining undistributed Group
      I
      Senior Principal Distribution Amount, after taking into account the distribution
      of the Group I Principal Distribution Amount, up to an amount equal to the
      Group
      I Senior Principal Distribution Amount remaining undistributed, until the
      Certificate Principal Balance thereof has been reduced to zero.

     

    (VI) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, distributions in respect of principal to the extent
      of
      the sum of the Group I Principal Distribution Amount and the Group II Principal
      Distribution Amount remaining undistributed for such Distribution Date shall
      be
      made in the following amounts and order of priority:

     

    (vii)  first,
      sequentially,
      to the
      Holders of the Class M-1 Certificates, the Class M-2 Certificates and the Class
      M-3 Certificates, the Sequential Class M Principal Distribution Amount until
      the
      aggregate Certificate Principal Balances thereof have been reduced to
      zero;

     

    (ii)  second,
      to the Holders of the Class M-4 Certificates, the Class M-4 Principal
      Distribution Amount until the Certificate Principal Balance thereof has been
      reduced to zero;

     

    (iii)  third,
      to
      the Holders of the Class M-5 Certificates, the Class M-5 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (iv)  fourth,
      to the Holders of the Class M-6 Certificates, the Class M-6 Principal
      Distribution Amount until the Certificate Principal Balance thereof has been
      reduced to zero;

     

    (v)  fifth,
      to
      the Holders of the Class M-7 Certificates, the Class M-7 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (vi)  sixth,
      to
      the Holders of the Class M-8 Certificates, the Class M-8 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (vii)  seventh,
      to the Holders of the Class M-9 Certificates, the Class M-9 Principal
      Distribution Amount until the Certificate Principal Balance thereof has been
      reduced to zero;

     

    (viii)  eighth,
      to the Holders of the Class M-10 Certificates, the Class M-10 Principal
      Distribution Amount until the Certificate Principal Balance thereof has been
      reduced to zero; and

     

    (ix)  ninth,
      to
      the Holders of the Class M-11 Certificates, the Class M-11 Principal
      Distribution Amount until the Certificate Principal Balance thereof has been
      reduced to zero.

     

    With
      respect to the Group II Certificates, all principal distributions will be
      distributed sequentially, to the Class A-2 Certificates, Class A-3 Certificates,
      Class A-4 Certificates and Class A-5 Certificates, in that order, until their
      respective Certificate Principal Balances have been reduced to zero; provided,
      however, on any Distribution Date on which the aggregate Certificate Principal
      Balance of the Mezzanine Certificates and the Class CE Certificates has been
      reduced to zero, all principal distributions will be distributed concurrently,
      to the Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates
      and Class A-5 Certificates, on a pro
      rata
      basis
      based on the Certificate Principal Balance of each such Class.

     

    (c)  On
      each
      Distribution Date, the Net Monthly Excess Cashflow shall be distributed as
      follows:

     

    (i)  to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to any Extra Principal
      Distribution Amount, without taking into account amounts, if any, received
      under
      the the Cap Contract, the Interest Rate Swap Agreement, distributable to such
      Holders as part of the Group I Principal Distribution Amount or the Group II
      Principal Distribution Amount, as applicable, as described under Section 4.01(b)
      above;

     

    (ii)  sequentially,
      to the Holders of the Class M-1 Certificates, Class M-2 Certificates, Class
      M-3
      Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6
      Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9
      Certificates, Class M-10 Certificates and Class M-11 Certificates, in that
      order, in each case first, in an amount equal to the Unpaid Interest Shortfall
      Amount allocable to such Certificates and second, in an amount equal to the
      Allocated Realized Loss Amount allocable to such Certificates;

     

    (iii)  to
      the
      Net WAC Rate Carryover Reserve Account, the amount of any Net WAC Rate Carryover
      Amounts, without taking into account amounts, if any, received under the 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.

     

    (d)  On
      each
      Distribution Date, after making the distributions of the Available Funds as
      set
      forth above, the Trust Administrator will withdraw from the Net WAC Rate
      Carryover Reserve Account, to the extent of amounts remaining on deposit
      therein, the amount of any Net WAC Rate Carryover Amount for such Distribution
      Date and distribute such amount in the following order of priority:

     

    (i)  
      concurrently, to the Class A Certificates, on a pro rata basis based on the
      remaining Net WAC Rate Carryover Amount for each such Class; and

     

    (ii)  sequentially,
      to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates,
      Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class
      M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates, Class M-10
      Certificates and Class M-11 Certificates, in that order, the Net WAC Rate
      Carryover Amount for each such Class.

     

    On
      each
      Distribution Date, the Trust Administrator shall withdraw any amounts then
      on
      deposit in the Distribution Account that represent (i) Prepayment Charges
      collected by the Servicer and remitted to the Master Servicer in connection
      with
      the Principal Prepayment of any of the Mortgage Loans, (ii) any Originator
      Prepayment Charge Payment Amounts or (iii) any Servicer Prepayment Charge
      Payment Amounts, and shall distribute such amounts to the Holders of the Class
      P
      Certificates. Such distributions shall not be applied to reduce the Certificate
      Principal Balance of the Class P Certificates.

     

    Following
      the foregoing distributions, an amount equal to the amount of Subsequent
      Recoveries remitted to the Master Servicer shall be applied to increase the
      Certificate Principal Balance of the Class of Certificates with the Highest
      Priority up to the extent of such Realized Losses previously allocated to that
      Class of Certificates pursuant to Section 4.04. An amount equal to the
      amount of any remaining Subsequent Recoveries shall be applied to increase
      the
      Certificate Principal Balance of the Class of Certificates with the next Highest
      Priority, up to the amount of such Realized Losses previously allocated to
      that
      Class of Certificates pursuant to Section 4.04. Holders of such
      Certificates will not be entitled to any distribution in respect of interest
      on
      the amount of such increases for any Accrual Period preceding the Distribution
      Date on which such increase occurs. Any such increases shall be applied to
      the
      Certificate Principal Balance of each Certificate of such Class in accordance
      with its respective Percentage Interest.

     

    (e)  On
      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 Group
      I
      Interest Remittance Amount and/or the Group II Interest Remittance
      Amount,
      on a
      pro rata basis based on such respective remaining Monthly Interest Distributable
      Amount and Unpaid Interest Shortfall Amount;

     

    (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, Class M-10 and Class M-11
      Certificates, in that order, the related Monthly Interest Distributable Amount
      and Unpaid Interest Shortfall Amount, to the extent remaining undistributed
      after the distributions of the Group I Interest Remittance Amount and/or the
      Group II Interest Remittance Amount and the Net Monthly Excess
      Cashflow;

     

    (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
      Group I Principal Distribution Amount or the Group II Principal Distribuiton
      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, Class M-10 and Class M-11 Certificates,
      in
      that order, in each case up to the related Allocated Realized Loss Amount
      related to such Certificates for such Distribution Date remaining undistributed
      after distribution of the Net Monthly Excess Cashflow;

     

    (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, Class M-10 and Class M-11
      Certificates, in that order, the related Net WAC Rate Carryover Amount, to
      the
      extent remaining undistributed after distributions are made from the Net WAC
      Rate Carryover Reserve Account.

     

    (f)  On
      each
      Distribution Date, after making the distributions of the Available Funds, Net
      Monthly Excess Cashflow, amounts on deposit in the Net WAC Rate Carryover
      Reserve Account and amounts on deposit in the Swap Account as set forth above,
      the Trust Administrator shall distribute the amount on deposit in the Cap
      Account as follows:

     

    (1) 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;

     

    (2) sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9, Class M-10, Class M-11 and Class M-12 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;

     

    (3) 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;

     

    (4) sequentially
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9, Class M-10, Class M-11 and Class M-12 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;

     

    (5) 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;

     

    (6) sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9, Class M-10, Class M-11 and Class M-12 Certificates,
      in that order, the related Net WAC Rate Carryover Amount, to the extent
      remaining undistributed after distributions are made from the Net WAC Rate
      Carryover Reserve Account; and

     

    (7) any
      remaining amount to the Holders of the Class CE Certificates.

     

    (g)  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.

     

    (h)  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.

     

    (i)  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.

     

    (j)  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
      10th day of each calendar month (or, if such 10th day is not a Business Day,
      then on the next succeeding Business Day), the Servicer shall furnish to the
      Trust Administrator 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. The Trust
      Administrator shall, on behalf of each Servicer, on such date furnish a copy
      of
      the Remittance Report to the NIMS Insurer, the Credit Risk Manager by such
      means
      as the Trust Administrator shall agree from time to time. The Trust
      Administrator shall not be responsible to recompute, recalculate or verify
      any
      information provided to it by the Servicer.

     

    (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 in the following order of priority:
      

     

    (i)  to
      Net
      Monthly Excess Cashflow; 

     

    (ii)  to
      Net
      Swap Payments received under the Interest Rate Swap Agreement, 

     

    (iii)  to
      payments received under the Cap Contract, 

     

    (iv)  to
      the
      Class CE Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; 

     

    (v)  to
      the
      Class M-11 Certificates, until the Certificate Principal Balance thereof has
      been reduced to zero;

     

    (vi)  to
      the
      Class M-10 Certificates, until the Certificate Principal Balance thereof has
      been reduced to zero; 

     

    (vii)  to
      the
      Class M-9 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; 

     

    (viii)  to
      the
      Class M-8 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; 

     

    (ix)  to
      the
      Class M-7 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; 

     

    (x)  to
      the
      Class M-6 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; 

     

    (xi)  to
      the
      Class M-5 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; 

     

    (xii)  to
      the
      Class M-4 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; 

     

    (xiii)  to
      the
      Class M-3 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; 

     

    (xiv)  to
      the
      Class M-2 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; and 

     

    (xv)  to
      the
      Class M-1 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero.

     

    All
      Realized Losses to be allocated to the Certificate Principal Balances of all
      Classes on any Distribution Date shall be so allocated after the actual
      distributions to be made on such date as provided above. All references above
      to
      the Certificate Principal Balance of any Class of Certificates shall be to
      the
      Certificate Principal Balance of such Class immediately prior to the relevant
      Distribution Date, before reduction thereof by any Realized Losses, in each
      case
      to be allocated to such Class of Certificates, on such Distribution
      Date.

     

    Any
      allocation of Realized Losses to a Mezzanine Certificate on any Distribution
      Date shall be made by reducing the Certificate Principal Balance thereof by
      the
      amount so allocated; any allocation of Realized Losses to a Class CE Certificate
      shall be made by reducing the amount otherwise payable in respect thereof
      pursuant to Section 4.01(a)(5)(iv). No allocations of any Realized Losses
      shall be made to the Certificate Principal Balances of the Class A Certificates
      or the Class P Certificates.

     

    As
      used
      herein, an allocation of a Realized Loss on a “pro
      rata
      basis”
among two or more specified Classes of Certificates means an allocation on
      a
pro
      rata
      basis,
      among the various Classes so specified, to each such Class of Certificates
      on
      the basis of their then outstanding Certificate Principal Balances prior to
      giving effect to distributions to be made on such Distribution Date. All
      Realized Losses and all other losses allocated to a Class of Certificates
      hereunder will be allocated among the Certificates of such Class in proportion
      to the Percentage Interests evidenced thereby.

     

    (c)  All
      Realized Losses on the Group I Mortgage Loans shall be allocated on each
      Distribution Date first, to REMIC I Regular Interest I until the Uncertificated
      Balance of such REMIC I Regular Interest has been reduced to zero and second,
      to
      REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-60-B, starting
      with the lowest numerical denomination until such REMIC I Regular Interest
      has
      been reduced to zero, provided that, for REMIC I Regular Interests with the
      same
      numerical denomination, such Realized Losses shall be allocated pro
      rata
      between
      such REMIC I Regular Interests. All Realized Losses on the Group II Mortgage
      Loans shall be allocated on each Distribution Date first, to REMIC I Regular
      Interest II until the Uncertificated Balance of such REMIC I Regular Interest
      has been reduced to zero and second, to REMIC I Regular Interest II-1-A through
      REMIC I Regular Interest II-60-B, starting with the lowest numerical
      denomination until such REMIC I Regular Interest has been reduced to zero,
      provided that, for REMIC I Regular Interests with the same numerical
      denomination, such Realized Losses shall be allocated pro
      rata
      between
      such REMIC I Regular Interests.

     

    (d)  The
      REMIC
      II Marker Percentage of all Realized Losses on the Mortgage Loans shall be
      allocated by the Trustee on each Distribution Date to the following REMIC II
      Regular Interests in the specified percentages, as follows: 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-LTM11 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      II-LTM11 has been reduced to zero; fourth, to the Uncertificated Balances of
      REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM10 and REMIC
      II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Balance of REMIC II Regular Interest II-LTM10 has been reduced
      to
      zero; fifth, 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; sixth, 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; seventh, 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; eighth, 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; ninth, to the
      Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular
      Interest II-LTM5 and REMIC II Regular Interest III-LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      II-LTM5 has been reduced to zero; tenth, 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; eleventh,
      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; twelfth, 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 thirteenth, 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
      pursuant to the following paragraph, and the Trust Administrator will have
      no
      duty or liability for any failure hereunder to determine or prepare any
      Additional Form 10-D Disclosure, except as set forth in the next
      paragraph.

     

    (ii) As
      set
      forth on Exhibit P hereto, within 5 calendar days after the related Distribution
      Date, (i) the parties described on Exhibit P shall be required to provide to
      the
      Trust Administrator and to the Depositor, to the extent known by a responsible
      officer thereof, in EDGAR-compatible format, or in such other format as
      otherwise agreed upon by the Trust Administrator and such party, the form and
      substance of any Additional Form 10-D Disclosure, if applicable, together with
      an Additional Disclosure Notification in the form of Exhibit Q hereto and (ii)
      the Depositor will approve, as to form and substance, or disapprove, as the
      case
      may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D.
      The
      Trust Administrator has no duty under this Agreement to monitor or enforce
      the
      performance by the other parties listed on Exhibit P of their duties under
      this
      paragraph or proactively solicit or procure from such other parties any
      Additional Form 10-D Disclosure information. The Depositor will be responsible
      for any reasonable fees and expenses assessed or incurred by the Trust
      Administrator in connection with including any Additional Form 10-D Disclosure
      on Form 10-D pursuant to this paragraph. 

     

    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 Form 10-D cannot be filled on time or if a
      previously filed Form 10-D needs to be amended, the Trust Administrator will
      follow the procedures set forth in Section 4.06(a)(vi). Promptly (but no later
      than one Business Day) after filing with the Commission, the Trust Administrator
      will make available on its internet website a final executed copy of each Form
      10-D filed by the Trust Administrator. Each party to this Agreement acknowledges
      that the performance by 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 its respective duties under
      this
      Section 4.06(a)(ii) related to the preparation and execution of Form 10-D is
      also contingent upon the Servicer, the Custodian and any Servicing Function
      Participant strictly observing deadlines no later than those set forth in this
      paragraph that are applicable to the parties to this Agreement in the delivery
      to the Trust Administrator of any necessary Additional Form 10-D Disclosure.
      Neither the Master Servicer nor the Trust Administrator shall have any liability
      for any loss, expense, damage, claim arising out of or with respect to any
      failure to properly prepare or execute and/or timely file such Form 10-D, where
      such failure results from the Trust Administrator’s inability or failure to
      obtain or receive, on a timely basis, any information from any other party
      hereto or any Servicing Function Participant needed to prepare, arrange for
      execution or file such Form 10-D, not resulting from its own negligence, bad
      faith or willful misconduct. Notwithstanding anything contained herein, the
      Trust Administrator shall promptly notify the Depositor if a Form 10-D cannot
      be
      timely filed prior to the related filing deadline.

     

    (iii) Within
      four (4) Business Days after the occurrence of an event requiring disclosure
      on
      Form 8-K (each such event, a “Reportable Event”), and if requested by the
      Depositor, the Trust Administrator shall prepare and file on behalf of the
      Trust
      a Form 8-K, as required by the Exchange Act, provided that the Depositor shall
      file the initial Form 8-K in connection with the issuance of the Certificates.
      Any disclosure or information related to a Reportable Event or that is otherwise
      required to be included on Form 8-K (other than the initial Form 8-K) (“Form 8-K
      Disclosure Information”) shall 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
      or
      Form 8_k, except as set forth in the next paragraph.

     

    As
      set
      forth on Exhibit P hereto, for so long as the Trust is subject to the Exchange
      Act reporting requirements, no later than close of business (New York City
      time)
      on the 2nd Business Day after the occurrence of a Reportable Event (i) the
      parties set forth 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 by a Responsible Officer thereof, 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 Form 8-K
      cannot be filed on time or if a previously filed Form 8-K needs to be amended,
      the Trust Administrator will follow the procedures set forth in Section
      4.06(a)(vi). Promptly (but no later than one Business Day) after filing with
      the
      Commission, the Trust Administrator will make available on its internet website
      a final executed copy of each Form 8-K filed by the Trust Administrator. The
      parties to this Agreement acknowledge that the performance by the Master
      Servicer and the Trust Administrator of its duties under this Section
      4.06(a)(iii) related to the timely preparation, execution and filing of Form
      8-K
      is contingent upon such parties strictly observing all applicable deadlines
      in
      the performance of their duties under this Section 4.06(a)(iii). The Depositor
      acknowledges that the performance by the Master Servicer and the Trust
      Administrator of its duties under this Section 4.06(a)(iii) related to the
      preparation, execution and filing of Form 8-K may also be 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, execute or timely file such Form 8-K, where such failure
      results from the Trust Administrator’s inability or failure to obtain or
      receive, on a timely basis, any information from the Servicer, the Custodian
      or
      any Servicing Function Participant (other than any Servicing Function
      Participant engaged by the Master Servicer or Trust Administrator) needed to
      prepare, arrange for execution or file such Form 8-K, not resulting from its
      own
      negligence, bad faith or willful misconduct. Notwithstanding anything contained
      herein, the Trust Administrator shall promptly notify the Depositor if a Form
      8-K cannot be timely filed prior to the related filing deadline.

     

    (iv)
       On
      or
      prior to the 90th day after the end of each fiscal year of the Trust or such
      earlier date as may be required by the Exchange Act (the “10-K Filing Deadline”)
      (it being understood that the fiscal year for the Trust ends on December 31st
      of
      each year), commencing in March 2007, the Trust Administrator shall prepare
      and
      file on behalf of the Trust a Form 10-K, in form and substance as required
      by
      the Exchange Act. Each such Form 10-K shall include the following items, in
      each
      case to the extent they have been delivered to the Trust Administrator within
      the applicable time frames set forth in this Agreement:

     

    (a) an
      annual
      compliance statement for the Servicer, the Master Servicer, the Trust
      Administrator and any Servicing Function Participant engaged by such parties
      (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 4.06(a)(iv).

     

    Any
      disclosure or information in addition to (a) through (d) above that is required
      to be included on Form 10-K (“Additional
      Form 10-K Disclosure”)
      shall
      be reported by the parties set forth on Exhibit P to the Depositor and the
      Trust
      Administrator and directed and approved by the Depositor pursuant to the
      following paragraph, and the Trust Administrator will have no duty or liability
      for any failure hereunder to determine or prepare any Additional Form 10-K
      Disclosure, except as set forth in the next paragraph. 

     

    As
      set
      forth on Exhibit P hereto, no later than March 15th
      (with no
      cure period) of each year that the Trust is subject to the Exchange Act
      reporting requirements, commencing in 2007, (i) the parties described on Exhibit
      P shall be required to provide to the Trust Administrator and to the Depositor,
      to the extent known by a responsible officer thereof, in EDGAR-compatible
      format, or in such other format as otherwise agreed upon by the Trust
      Administrator and such party, the form and substance of any Additional Form
      10-K
      Disclosure, if applicable, together with an Additional Disclosure Notification,
      and (ii) the Depositor will approve, as to form and substance, or disapprove,
      as
      the case may be, the inclusion of the Additional Form 10-K Disclosure on Form
      10-K. The Trust Administrator has no duty under this Agreement to monitor or
      enforce the performance by the other parties listed on Exhibit P of their duties
      under this paragraph or proactively solicit or procure from such other parties
      any Additional Form 10-K Disclosure information. The Depositor will be
      responsible for any reasonable fees and expenses assessed or incurred by the
      Trust Administrator in connection with including any Additional Form 10-K
      Disclosure on Form 10-K pursuant to this paragraph.

     

    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 Form 10-K cannot
      be
      filed on time or if a previously filed Form 10-K needs to be amended, the Trust
      Administrator will follow the procedures set forth in Section 4.06(a)(vi).
      Promptly (but no later than one Business Day) after filing with the Commission,
      the Trust Administrator will make available on its internet website a final
      executed copy of each Form 10-K filed by the Trust Administrator. The parties
      to
      this Agreement acknowledge that the performance by 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 its duties under this Section 4.04(a)(iv) related to the timely
      preparation and execution of Form 10-K is also contingent upon the Servicer,
      the
      Custodian and any Servicing Function Participant strictly observing deadlines
      no
      later than those set forth in this paragraph 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, execute and/or timely file such Form 10-K, where
      such failure results from the Trust Administrator’s inability or failure to
      obtain or receive, on a timely basis, any information from the Servicer, the
      Custodian or any Servicing Function Participant needed to prepare, arrange
      for
      execution or file such Form 10-K, not resulting from its own negligence, bad
      faith or willful misconduct. Notwithstanding anything contained herein, the
      Trust Administrator shall promptly notify the Depositor if a Form 10-K cannot
      be
      timely filed prior to the related filing deadline.

     

    Each
      Form
      10-K shall include a Sarbanes-Oxley Certification, 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
      Person and the Master Servicer is the Certifying Person and (ii) the Master
      Servicer shall not be obligated to sign the Sarbanes-Oxley Certification in
      the
      event that it does not receive any Back-Up Certification required to be
      furnished to it pursuant to this section or any Servicing Agreement or 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
      and the Depositor any information that may be required to be included in any
      Form 10-D, Form 8-K or Form 10-K. The Servicer shall be responsible for
      determining the pool concentration applicable to any Sub-Servicer 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. 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, Form 10-D or Form 10-K 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-FRE2, Mortgage Pass-Through Certificates, Series
      2006-FRE2—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-FRE2, Mortgage
      Pass-Through Certificates, Series 2006-FRE2—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-FRE2, Mortgage Pass-Through
      Certificates, Series 2006-FRE2—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(f) 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 Private Mezzanine Certificate, Class CE Certificate, Class
      P
      Certificate or Residual Certificate (collectively, the “Private Certificates”)
      shall be made unless that transfer is made pursuant to an effective registration
      statement under the Securities Act of 1933, as amended (the “1933 Act”), and an
      effective registration or qualification under applicable state securities laws,
      or is made in a transaction that does not require such registration or
      qualification. In the event that such a transfer of a Private Certificate is
      to
      be made without registration or qualification (other than in connection with
      (i)
      the initial transfer of any such Certificate by the Depositor to an Affiliate
      of
      the Depositor or,
      in
      the case of the Class R-X Certificates, the first transfer by an Affiliate
      of
      the Depositor or the first transfer by the initial transferee of an Affiliate
      of
      the Depositor,
      (ii)
      the transfer of any such Class CE, Class P or Residual Certificate to the issuer
      under the Indenture or the indenture trustee under the Indenture or (iii) a
      transfer of any such Certificate from the issuer under the Indenture or the
      indenture trustee under the Indenture to the Depositor or an Affiliate of the
      Depositor), the Trustee and the Certificate Registrar shall each require receipt
      of: (i) if such transfer is purportedly being made in reliance upon Rule 144A
      under the 1933 Act, written certifications from the Certificateholder desiring
      to effect the transfer and from such Certificateholder’s prospective transferee,
      substantially in the forms attached hereto as Exhibit F-1; and (ii) in all
      other
      cases, an Opinion of Counsel satisfactory to it that such transfer may be made
      without such registration (which Opinion of Counsel shall not be an expense
      of
      the Depositor, the Trustee or the Trust Fund), together with copies of the
      written certification(s) of the Certificateholder desiring to effect the
      transfer and/or such Certificateholder’s prospective transferee upon which such
      Opinion of Counsel is based, if any. None of the Depositor, the Certificate
      Registrar or the Trustee is obligated to register or qualify the Private
      Certificates under the 1933 Act or any other securities laws or to take any
      action not otherwise required under this Agreement to permit the transfer of
      such Certificates without registration or qualification.

     

    Any
      Certificateholder desiring to effect the transfer of any such Certificate shall,
      and does hereby agree to, indemnify the Trustee, the Trust Administrator, the
      Depositor and the Master Servicer against any liability that may result if
      the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    (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:

     

    (F)  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.

     

    (G)  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.

     

    (H)  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.

     

    (I)  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.

     

    (J)  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.
U.S.
      Bank
      National Association
      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, the Swap Provider and the NIMS
      Insurer mailed (a) in the event such notice is given in connection with the
      purchase of the Mortgage Loans and each REO Property by the Terminator, not
      earlier than the 10th
      day and
      not later than the 20th
      day of
      the month next preceding the month of the final distribution on the Certificates
      or (b) otherwise during the month of such final distribution on or before the
      Determination Date in such month, in each case specifying (i) the Distribution
      Date upon which the Trust Fund will terminate and the final payment in respect
      of the REMIC I Regular Interests and the Certificates will be made upon
      presentation and surrender of the related Certificates at the office of the
      Trust Administrator therein designated, (ii) the amount of any such final
      payment, (iii) that no interest shall accrue in respect of the REMIC I Regular
      Interests or the Certificates from and after the Accrual Period relating to
      the
      final Distribution Date therefor and (iv) that the Record Date otherwise
      applicable to such Distribution Date is not applicable, payments being made
      only
      upon presentation and surrender of the Certificates at the office of the Trust
      Administrator. In the event such notice is given in connection with the purchase
      of all of the Mortgage Loans and each REO Property remaining in REMIC I by
      the
      Terminator, the Terminator shall deliver to the Trust Administrator for deposit
      in the Distribution Account not later than the last Business Day of the month
      next preceding the month of the final distribution on the Certificates an amount
      in immediately available funds equal to the Termination Price. The Trust
      Administrator shall remit to the Servicer from such funds deposited in the
      Distribution Account (i) any amounts which the Servicer would be permitted
      to
      withdraw and retain from the Collection Account pursuant to Section 3.11 and
      (ii) any other amounts otherwise payable by the Trust Administrator to the
      Servicer from amounts on deposit in the Distribution Account pursuant to the
      terms of this Agreement, in each case prior to making any final distributions
      pursuant to Section 9.01(d) below. Upon certification to the Trustee and the
      Trust Administrator by the Terminator of the making of such final deposit,
      the
      Trust Administrator shall promptly release to the Terminator the Mortgage Files
      for the remaining Mortgage Loans, and the Trustee shall execute all assignments,
      endorsements and other instruments necessary to effectuate such
      transfer.

     

    (d)  Upon
      presentation of the Certificates by the Certificateholders on the final
      Distribution Date, the Trust Administrator shall distribute to each
      Certificateholder so presenting and surrendering its Certificates the amount
      otherwise distributable on such Distribution Date in accordance with
      Section 4.01 in respect of the Certificates so presented and surrendered.
      Any funds not distributed to any Holder or Holders of Certificates being retired
      on such Distribution Date because of the failure of such Holder or Holders
      to
      tender their Certificates shall, on such date, be set aside and held in trust
      and credited to the account of the appropriate non-tendering Holder or Holders.
      If any Certificates as to which notice has been given pursuant to this
      Section 9.01 shall not have been surrendered for cancellation within six
      months after the time specified in such notice, the Trust Administrator shall
      mail a second notice to the remaining non-tendering Certificateholders to
      surrender their Certificates for cancellation in order to receive the final
      distribution with respect thereto.  If within one year after the second
      notice all such Certificates shall not have been surrendered for cancellation,
      the Trust Administrator shall, directly or through an agent, mail a final notice
      to the remaining non-tendering Certificateholders concerning surrender of their
      Certificates. The costs and expenses of maintaining the funds in trust and
      of
      contacting such Certificateholders shall be paid out of the assets remaining
      in
      the Trust Fund. If within one year after the final notice any such Certificates
      shall not have been surrendered for cancellation, the Trust Administrator shall
      pay to UBS Securities LLC all such amounts, and all rights of non-tendering
      Certificateholders in or to such amounts shall thereupon cease. No interest
      shall accrue or be payable to any Certificateholder on any amount held in trust
      by the Trust Administrator as a result of such Certificateholder’s failure to
      surrender its Certificate(s) for final payment thereof in accordance with this
      Section 9.01. Any such amounts held in trust by the Trust Administrator
      shall be held in an Eligible Account and the Trust Administrator may direct
      any
      depository institution maintaining such account to invest the funds in one
      or
      more Permitted Investments. All income and gain realized from the investment
      of
      funds deposited in such accounts held in trust by the Trust Administrator shall
      be for the benefit of the Trust Administrator; provided, however, that the
      Trust
      Administrator shall deposit in such account the amount of any loss of principal
      incurred in respect of any such Permitted Investment made with funds in such
      accounts immediately upon the realization of such loss.

     

    Immediately
      following the deposit of funds in trust hereunder in respect of the
      Certificates, the Trust Fund shall terminate.

     

    
      	SECTION
              9.02.  	
              Additional
                Termination Requirements.

            

    

     

    (a)  In
      the
      event that the Terminator purchases all the Mortgage Loans and each REO Property
      or the final payment on or other liquidation of the last Mortgage Loan or REO
      Property remaining in REMIC I pursuant to Section 9.01, the Trust Fund
      shall be terminated in accordance with the following additional requirements,
      unless the Trust Administrator and the Servicer have received an Opinion of
      Counsel, which Opinion of Counsel shall be at the expense of the Terminator
      (or
      in connection with a termination resulting from the final payment on or other
      liquidation of the last Mortgage Loan or REO Property remaining in REMIC I,
      which Opinion of Counsel shall be at the expense of the person seeking
      nonadherence to the following additional requirements but which in no event
      shall be at the expense of the Trust Fund or, unless it is the person seeking
      nonadherence to the following additional requirements, the Servicer or the
      Trust
      Administrator), to the effect that the failure of REMIC I to comply with such
      additional requirements of this Section 9.02 will not (A) result in the
      imposition on the Trust Fund of taxes on “prohibited transactions,” as described
      in Section 860F of the Code, or (B) cause REMIC I to fail to qualify as a
      REMIC at any time that any Certificate is outstanding:

     

    (i)  The
      Trust
      Administrator shall specify the first day in the 90-day liquidation period
      in a
      statement attached to each Trust REMIC’s final Tax Return pursuant to Treasury
      regulation Section 1.860F-1 and shall satisfy all requirements of a
      qualified liquidation under Section 860F of the Code and any regulations
      thereunder, as evidenced by an Opinion of Counsel obtained at the expense of
      the
      Terminator;

     

    (ii)  During
      such 90-day liquidation period and, at or prior to the time of making of the
      final payment on the Certificates, the Trustee shall sell all of the assets
      of
      REMIC I to the Terminator for cash; and

     

    (iii)  At
      the
      time of the making of the final payment on the Certificates, the Trust
      Administrator shall distribute or credit, or cause to be distributed or
      credited, to the Holders of the Residual Certificates all cash on hand in the
      Trust Fund (other than cash retained to meet claims), and the Trust Fund shall
      terminate at that time.

     

    (b)  At
      the
      expense of the Terminator, the Depositor shall prepare or cause to be prepared
      the documentation required in connection with the adoption of a plan of
      liquidation of each Trust REMIC pursuant to this Section 9.02.

     

    (c)  By
      their
      acceptance of Certificates, the Holders thereof hereby agree to authorize the
      Trust Administrator to specify the 90-day liquidation period for each Trust
      REMIC, which authorization shall be binding upon all successor
      Certificateholders.

     

     

    ARTICLE
      X

     

    REMIC
      PROVISIONS

     

    
      	SECTION
              10.01.  	
              REMIC
                Administration.

            

    

     

    (a)  The
      Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and,
      if
      necessary, under applicable state law. Each such election will be made by the
      Trustee on Form 1066 or other appropriate federal tax or information return
      or
      any appropriate state return for the taxable year ending on the last day of
      the
      calendar year in which the Certificates are issued. For the purposes of the
      REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be
      designated as the Regular Interests in REMIC I and the Class R-I Interest shall
      be designated as the Residual Interest in REMIC I. For the purposes of the
      REMIC
      election in respect of REMIC II, the REMIC II Regular Interests shall be
      designated as the Regular Interests in REMIC II and the Class R-II Interest
      shall be designated as the Residual Interest in REMIC II. The Class A
      Certificates, the Mezzanine Certificates, the Class CE Interest, the Class
      P
      Interest and the Class Swap-IO Interest shall be designated as the Regular
      Interests in REMIC III and the Class R-III Interest shall be designated as
      the
      Residual Interest in REMIC III. The CE Certificates shall be designated as
      the
      Regular Interests in REMIC IV and the Class R-IV Interest shall be designated
      as
      the Residual Interest in REMIC IV. The P Certificates shall be designated as
      the
      Regular Interests in REMIC V and the Class R-V Interest shall be designated
      as
      the Residual Interest in REMIC V. REMIC VI Regular Interest SWAP-IO shall be
      designated as the Regular Interests in REMIC VI and the Class R-VI Interest
      shall be designated as the Residual Interest in REMIC VI. The Trustee shall
      not
      permit the creation of any “interests” in any Trust REMIC (within the meaning of
      Section 860G of the Code) other than the interests identified above as Regular
      Interests or Residual Interests in REMIC I, REMIC II, REMIC III, REMIC IV,
      REMIC
      V or REMIC VI.

     

    (b)  The
      Closing Date is hereby designated as the “Startup Day” of each Trust REMIC
      within the meaning of Section 860G(a)(9) of the Code.

     

    (c)  The
      Trust
      Administrator shall be reimbursed for any and all expenses relating to any
      tax
      audit of the Trust Fund (including, but not limited to, any professional fees
      or
      any administrative or judicial proceedings with respect to any Trust REMIC
      that
      involve the Internal Revenue Service or state tax authorities), including the
      expense of obtaining any tax related Opinion of Counsel except as specified
      herein. The Trust Administrator, as agent for each Trust REMIC’s tax matters
      person shall (i) act on behalf of the Trust Fund in relation to any tax matter
      or controversy involving any Trust REMIC and (ii) represent the Trust Fund
      in
      any administrative or judicial proceeding relating to an examination or audit
      by
      any governmental taxing authority with respect thereto. The holder of the
      largest Percentage Interest of the Residual Certificates shall be designated,
      in
      the manner provided under Treasury Regulations Section 1.860F-4(d) and Treasury
      Regulations Section 301.6231(a)(7)-1, as the tax matters person of the related
      REMIC created hereunder. By their acceptance thereof, the holder of the largest
      Percentage Interest of the Residual Certificates hereby agrees to irrevocably
      appoint the Trust Administrator or an Affiliate as its agent to perform all
      of
      the duties of the tax matters person for the Trust Fund.

     

    (d)  The
      Trust
      Administrator shall prepare, sign and file all of the Tax Returns (including
      Form 8811, which must be filed within 30 days following the Closing Date) in
      respect of each Trust REMIC. The expenses of preparing and filing such returns
      shall be borne by the Trust Administrator without any right of reimbursement
      therefor.

     

    (e)  The
      Trust
      Administrator shall perform on behalf of each Trust REMIC all reporting and
      other tax compliance duties that are the responsibility of such REMIC under
      the
      Code, the REMIC Provisions or other compliance guidance issued by the Internal
      Revenue Service or any state or local taxing authority. Among its other duties,
      as required by the Code, the REMIC Provisions or other such compliance guidance,
      the Trust Administrator shall provide (i) to any Transferor of a Residual
      Certificate such information as is necessary for the application of any tax
      relating to the transfer of a Residual Certificate to any Person who is not
      a
      Permitted Transferee, (ii) to the Certificateholders such information or reports
      as are required by the Code or the REMIC Provisions including reports relating
      to interest, original issue discount and market discount or premium (using
      the
      Prepayment Assumption as required) and (iii) to the Internal Revenue Service
      the
      name, title, address and telephone number of the person who will serve as the
      representative of each Trust REMIC. The Depositor shall provide or cause to
      be
      provided to the Trust Administrator, within ten (10) days after the Closing
      Date, all information or data that the Trust Administrator reasonably determines
      to be relevant for tax purposes as to the valuations and issue prices of the
      Certificates, including, without limitation, the price, yield, prepayment
      assumption and projected cash flow of the Certificates.

     

    (f)  The
      Trust
      Administrator shall take such action and shall cause each Trust REMIC to take
      such action as shall be necessary to create or maintain the status thereof
      as a
      REMIC under the REMIC Provisions. Neither the Trust Administrator nor the
      Trustee shall take any action or cause the Trust Fund to take any action or
      fail
      to take (or fail to cause to be taken) any action that, under the REMIC
      Provisions, if taken or not taken, as the case may be, could (i) endanger the
      status of any Trust REMIC as a REMIC or (ii) result in the imposition of a
      tax
      upon the Trust Fund (including but not limited to the tax on prohibited
      transactions as defined in Section 860F(a)(2) of the Code and the tax on
      contributions to a REMIC set forth in Section 860G(d) of the Code) (either
      such event, an “Adverse REMIC Event”) unless the Trustee, the Trust
      Administrator and the NIMS Insurer have received an Opinion of Counsel,
      addressed to the Trustee, the NIMS Insurer and the Trust Administrator (at
      the
      expense of the party seeking to take such action but in no event at the expense
      of the Trustee or the Trust Administrator) to the effect that the contemplated
      action will not, with respect to any Trust REMIC, endanger such status or result
      in the imposition of such a tax, nor shall the Servicer take or fail to take
      any
      action (whether or not authorized hereunder) as to which the Trustee, the Trust
      Administrator or the NIMS Insurer has advised it in writing that it has received
      an Opinion of Counsel to the effect that an Adverse REMIC Event could occur
      with
      respect to such action; provided that the Servicer may conclusively rely on
      such
      Opinion of Counsel and shall incur no liability for its action or failure to
      act
      in accordance with such Opinion of Counsel. In addition, prior to taking any
      action with respect to any Trust REMIC or the respective assets of each, or
      causing any Trust REMIC to take any action, which is not contemplated under
      the
      terms of this Agreement, the Servicer will consult with the Trustee, the Trust
      Administrator, the Master Servicer, the NIMS Insurer or their respective
      designees, in writing, with respect to whether such action could cause an
      Adverse REMIC Event to occur with respect to any Trust REMIC and the Servicer
      shall not take any such action or cause any Trust REMIC to take any such action
      as to which the Trustee, the Trust Administrator, the Master Servicer or the
      NIMS Insurer has advised it in writing that an Adverse REMIC Event could occur;
      provided that the Servicer may conclusively rely on such writing and shall
      incur
      no liability for its action or failure to act in accordance with such writing.
      The Trustee, the Trust Administrator, the Master Servicer or the NIMS Insurer
      may consult with counsel to make such written advice, and the cost of same
      shall
      be borne by the party seeking to take the action not permitted by this
      Agreement, but in no event shall such cost be an expense of the Trustee, the
      Trust Administrator or the Master Servicer. At all times as may be required
      by
      the Code, the Trust Administrator will ensure that substantially all of the
      assets of REMIC I will consist of “qualified mortgages” as defined in
      Section 860G(a)(3) of the Code and “permitted investments” as defined in
      Section 860G(a)(5) of the Code, to the extent such obligations are within
      the Trust Administrator’s control and not otherwise inconsistent with the terms
      of this Agreement.

     

    (g)  In
      the
      event that any tax is imposed on “prohibited transactions” of any REMIC created
      hereunder as defined in Section 860F(a)(2) of the Code, on the “net income
      from foreclosure property” of such REMIC as defined in Section 860G(c) of
      the Code, on any contributions to any such REMIC after the Startup Day therefor
      pursuant to Section 860G(d) of the Code, or any other tax is imposed by the
      Code or any applicable provisions of state or local tax laws, such tax shall
      be
      charged (i) to the Trust Administrator pursuant to Section 10.03 hereof, if
      such tax arises out of or results from a breach by the Trust Administrator
      of
      any of its obligations under this Article X, (ii) to the Trustee pursuant to
      Section 10.03 hereof, if such tax arises out of or results from a breach by
      the Trustee of any of its obligations under this Article X, (iii) to the Master
      Servicer pursuant to Section 10.03 hereof, if such tax arises out of or
      results from a breach by the Master Servicer of any of its obligations under
      Article III or this Article X, (iv) to the Servicer pursuant to
      Section 10.03 hereof, if such tax arises out of or results from a breach by
      the Master Servicer of any of its obligations under Article III or this Article
      X or (v) against amounts on deposit in the Distribution Account and shall be
      paid by withdrawal therefrom.

     

    (h)  [Reserved].

     

    (i)  The
      Trust
      Administrator shall, for federal income tax purposes, maintain books and records
      with respect to each Trust REMIC on a calendar year and on an accrual
      basis.

     

    (j)  Following
      the Startup Day, none of the Servicer, the Master Servicer, the Trust
      Administrator or the Trustee shall accept any contributions of assets to any
      Trust REMIC other than in connection with any Qualified Substitute Mortgage
      Loan
      delivered in accordance with Section 2.03 unless it shall have received an
      Opinion of Counsel to the effect that the inclusion of such assets in the Trust
      Fund will not cause the related REMIC to fail to qualify as a REMIC at any
      time
      that any Certificates are outstanding or subject such REMIC to any tax under
      the
      REMIC Provisions or other applicable provisions of federal, state and local
      law
      or ordinances.

     

    (k)  None
      of
      the Trustee, the Trust Administrator, the Servicer or the Master Servicer shall
      enter into any arrangement by which any Trust REMIC will receive a fee or other
      compensation for services nor permit either REMIC to receive any income from
      assets other than “qualified mortgages” as defined in Section 860G(a)(3) of
      the Code or “permitted investments” as defined in Section 860G(a)(5) of the
      Code.

     

    
      	SECTION
              10.02.  	
              Prohibited
                Transactions and Activities.

            

    

     

    None
      of
      the Depositor, the Servicer, the Master Servicer, the Trust Administrator or
      the
      Trustee shall sell, dispose of or substitute for any of the Mortgage Loans
      (except in connection with (i) the foreclosure of a Mortgage Loan, including
      but
      not limited to, the acquisition or sale of a Mortgaged Property acquired by
      deed
      in lieu of foreclosure, (ii) the bankruptcy of REMIC I, (iii) the termination
      of
      REMIC I pursuant to Article IX of this Agreement, (iv) a substitution pursuant
      to Article II of this Agreement or (v) a purchase of Mortgage Loans pursuant
      to
      Article II or III of this Agreement), nor acquire any assets for any Trust
      REMIC
      (other than REO Property acquired in respect of a defaulted Mortgage Loan),
      nor
      sell or dispose of any investments in the Collection Account or the Distribution
      Account for gain, nor accept any contributions to any Trust REMIC after the
      Closing Date (other than a Qualified Substitute Mortgage Loan delivered in
      accordance with Section 2.03), unless it has received an Opinion of
      Counsel, addressed to the Trustee, the Trust Administrator and the NIMS Insurer
      (at the expense of the party seeking to cause such sale, disposition,
      substitution, acquisition or contribution but in no event at the expense of
      the
      Trustee or the Trust Administrator) that such sale, disposition, substitution,
      acquisition or contribution will not (a) affect adversely the status of any
      Trust REMIC as a REMIC or (b) cause any Trust REMIC to be subject to a tax
      on
“prohibited transactions” or “contributions” pursuant to the REMIC
      Provisions.

     

    
      	SECTION
              10.03.  	
              Servicer,
                Master Servicer and Trustee
                Indemnification.

            

    

     

    (a)  In
      the
      event that any Trust REMIC fails to qualify as a REMIC, loses its status as
      a
      REMIC, or incurs federal, state or local taxes as a result of a prohibited
      transaction or prohibited contribution under the REMIC Provisions due to (i)
      the
      negligent performance by the Trustee or the Trust Administrator of its duties
      and obligations set forth herein or (ii) any state, local or franchise taxes
      imposed upon the Trust Fund as a result of the location of the Trustee or the
      Trust Administrator or any co-trustee, the Trustee or the Trust Administrator,
      as applicable, shall indemnify the NIMS Insurer, the Servicer, the Master
      Servicer and the Trust Fund against any and all Losses resulting from such
      negligence, including, without limitation, any reasonable attorneys’ fees
      imposed on or incurred as a result of a breach of the Trustee’s or the Trust
      Administrator’s, as applicable, or any co-trustee’s covenants; provided,
      however,
      that
      the Trustee or the Trust Administrator, as applicable, shall not be liable
      for
      any such Losses attributable to the action or inaction of the Servicer, the
      Master Servicer, the Depositor or the Holder of such Residual Certificate,
      as
      applicable, nor for any such Losses resulting from misinformation provided
      by
      the Holder of such Residual Certificate on which the Trustee or the Trust
      Administrator, as applicable, has relied. The foregoing shall not be deemed
      to
      limit or restrict the rights and remedies of the Holder of such Residual
      Certificate now or hereafter existing at law or in equity. Notwithstanding
      the
      foregoing, however, in no event shall the Trustee or the Trust Administrator,
      as
      applicable, have any liability (1) for any action or omission that is taken
      in
      accordance with and in compliance with the express terms of, or which is
      expressly permitted by the terms of, this Agreement, (2) for any Losses other
      than arising out of a negligent performance by the Trustee or the Trust
      Administrator, as applicable, of its duties and obligations set forth herein,
      and (3) for any special or consequential damages to Certificateholders (in
      addition to payment of principal and interest on the Certificates).

     

    (b)  In
      the
      event that any Trust REMIC fails to qualify as a REMIC, loses its status as
      a
      REMIC, or incurs federal, state or local taxes as a result of a prohibited
      transaction or prohibited contribution under the REMIC Provisions due to the
      negligent performance by the Master Servicer of its duties and obligations
      set
      forth herein, the Master Servicer shall indemnify the NIMS Insurer, the
      Servicer, the Trustee, the Trust Administrator and the Trust Fund against any
      and all losses, claims, damages, liabilities or expenses (“Losses”) resulting
      from such negligence, including, without limitation, any reasonable attorneys’
fees imposed on or incurred as a result of a breach of the Master Servicer’s
      covenants; provided,
      however,
      that
      the Master Servicer shall not be liable for any such Losses attributable to
      the
      action or inaction of the Trustee, the Trust Administrator, the Servicer, the
      Depositor or the Holder of such Residual Certificate, as applicable, nor for
      any
      such Losses resulting from misinformation provided by the Holder of such
      Residual Certificate on which the Master Servicer has relied. The foregoing
      shall not be deemed to limit or restrict the rights and remedies of the Holder
      of such Residual Certificate now or hereafter existing at law or in equity.
      Notwithstanding the foregoing, however, in no event shall the Master Servicer
      have any liability (1) for any action or omission that is taken in accordance
      with and in compliance with the express terms of, or which is expressly
      permitted by the terms of, this Agreement, (2) for any Losses other than arising
      out of a negligent performance by the Master Servicer of its duties and
      obligations set forth herein, and (3) for any special or consequential damages
      to Certificateholders (in addition to payment of principal and interest on
      the
      Certificates).

     

    (c)  In
      the
      event that any Trust REMIC fails to qualify as a REMIC, loses its status as
      a
      REMIC, or incurs federal, state or local taxes as a result of a prohibited
      transaction or prohibited contribution under the REMIC Provisions due to (i)
      the
      negligent performance by the Servicer of its duties and obligations set forth
      herein or (ii) any state, local or franchise taxes imposed upon the Trust Fund
      as a result of the location of the Servicer or any sub-servicer, the Servicer
      shall indemnify the NIMS Insurer, the Master Servicer, the Trustee, the Trust
      Administrator and the Trust Fund against any and all losses, claims, damages,
      liabilities or expenses (“Losses”) resulting from such negligence, including,
      without limitation, any reasonable attorneys’ fees imposed on or incurred as a
      result of a breach of the Servicer’s or any sub-servicer’s covenants;
provided,
      however,
      that
      the Servicer shall not be liable for any such Losses attributable to the action
      or inaction of the Master Servicer, the Trustee, the Trust Administrator, the
      Depositor or the Holder of such Residual Certificate, as applicable, nor for
      any
      such Losses resulting from misinformation provided by the Holder of such
      Residual Certificate on which the Servicer has relied. The foregoing shall
      not
      be deemed to limit or restrict the rights and remedies of the Holder of such
      Residual Certificate now or hereafter existing at law or in equity.
      Notwithstanding the foregoing, however, in no event shall the Servicer have
      any
      liability (1) for any action or omission that is taken in accordance with and
      in
      compliance with the express terms of, or which is expressly permitted by the
      terms of, this Agreement, (2) for any Losses other than arising out of a
      negligent performance by the Servicer of its duties and obligations set forth
      herein, and (3) for any special or consequential damages to Certificateholders
      (in addition to payment of principal and interest on the
      Certificates).

     

     

    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    
      	SECTION
              11.01.  	
              Amendment.

            

    

     

    This
      Agreement may be amended from time to time by the Depositor, the Servicer,
      the
      Master Servicer, the Trust Administrator and the Trustee with the consent of
      the
      NIMS Insurer and without the consent of any of the Certificateholders, (i)
      to
      cure any ambiguity or defect, (ii) to correct, modify or supplement any
      provisions herein (including to give effect to the expectations of
      Certificateholders), or (iii) to make any other provisions with respect to
      matters or questions arising under this Agreement which shall not be
      inconsistent with the provisions of this Agreement, provided that such action
      shall not adversely affect in any material respect the interests of any
      Certificateholder as evidenced by either (i) an Opinion of Counsel delivered
      to
      the Servicer, the Master Servicer, the Trustee, the Trust Administrator and
      the
      NIMS Insurer or (ii) confirmation from the Rating Agencies, delivered to the
      Servicer, the Master Servicer, the Trustee, the Trust Administrator and the
      NIMS
      Insurer, that such amendment will not result in the reduction or withdrawal
      of
      the rating of any outstanding Class of Certificates. No amendment shall be
      deemed to adversely affect in any material respect the interests of any
      Certificateholder who shall have consented thereto, and no Opinion of Counsel
      shall be required to address the effect of any such amendment on any such
      consenting Certificateholder.

     

    This
      Agreement may also be amended from time to time by the Depositor, the Servicer,
      the Master Servicer, the Trust Administrator, the NIMS Insurer and the Trustee
      with the consent of the NIMS Insurer and the Holders of Certificates entitled
      to
      at least 66% of the Voting Rights for the purpose of adding any provisions
      to or
      changing in any manner or eliminating any of the provisions of this Agreement
      or
      of modifying in any manner the rights of the Swap Provider or Holders of
      Certificates; provided, however, that no such amendment shall (i) reduce in
      any
      manner the amount of, or delay the timing of, payments received on Mortgage
      Loans which are required to be distributed on any Certificate without the
      consent of the Holder of such Certificate, (ii) adversely affect in any material
      respect the interests of the Swap Provider or Holders of any Class of
      Certificates (as evidenced by either (i) an Opinion of Counsel delivered to
      the
      Trustee and the NIMS Insurer or (ii) confirmation from the Rating Agencies,
      delivered to the Servicer, the Master Servicer, the Trustee and the NIMS
      Insurer, that such action will not result in the reduction or withdrawal of
      the
      rating of any outstanding Class of Certificates) in a manner, other than as
      described in (i), or (iii) modify the consents required by the immediately
      preceding clauses (i) and (ii) without the consent of the Holders of all
      Certificates then outstanding. Notwithstanding any other provision of this
      Agreement, for purposes of the giving or withholding of consents pursuant to
      this Section 11.01, Certificates registered in the name of the Depositor,
      the Servicer or the Master Servicer or any Affiliate thereof shall be entitled
      to Voting Rights with respect to matters affecting such
      Certificates.

     

    Notwithstanding
      any contrary provision of this Agreement, none of the Trustee, the Trust
      Administrator or the NIMS Insurer shall consent to any amendment to this
      Agreement unless it shall have first received an Opinion of Counsel satisfactory
      to the NIMS Insurer to the effect that such amendment will not result in the
      imposition of any tax on any Trust REMIC pursuant to the REMIC Provisions or
      cause any Trust REMIC to fail to qualify as a REMIC at any time that any
      Certificates are outstanding.

     

    Notwithstanding
      any of the other provisions of this Section 11.01, none of the Depositor, the
      Servicer, the Master Servicer, the Trust Administrator or the Trustee shall
      enter into any amendment to Section 4.01(e), 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, 675 Palm Beach Lakes Blvd., Suite 10A, West Palm
      Beach, Florida 33401, Attention: Secretary (telecopy number: (561) 682-8177),
      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-FRE2 (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-FRE2 (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-FRE2, 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-FRE2 (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/
                  Jeffrey B. Lown 

              
	 	
                Name:
                  Jeffrey B. Lown

              
	 	
                Title:
                  Executive Director

              
	 	
                 

                 

                WELLS
                  FARGO BANK, N.A.,

              
	 	
                as
                  Master Servicer and Trust Administrator

              
	 	
                 

                By:
                  /s/
                  Graham Oglesby 

              
	 	
                Name:
                  Graham Oglesby

              
	 	
                Title:
                  Assistant Vice President

              
	 	
                 

                 

                WELLS
                  FARGO BANK, N.A.,

              
	 	
                as
                  Servicer

              
	 	
                 

                By:
                  /s/
                  Laurie McGoogan 

              
	 	
                Name:
                  Laurie McGoogan

              
	 	
                Title:
                  Vice President

              
	 	 
	 	
                 

                 

                U.S.
                  BANK NATIONAL ASSOCIATION,

              
	 	
                as
                  Trustee and Custodian

              
	 	
                 

                By:
                  /s/
                  Shannon M. Rantz 

              
	 	
                Name: Shannon
                  M. Rantz

              
	 	
                Title:
                  Vice President

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              For
                purposes of Sections 6.08, 6.09 and 6.10:

            	 
	
              CLAYTON
                FIXED INCOME SERVICES INC.

               

            	 
	
              By: /s/
                Kevin J. Kanouff    

            	 
	
              Name:
                Kevin J. Kanouff

            	 
	
              Title:
                President and General Counsel

            	 
	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    STATE
      OF
      NEW
      YORK                    
)

    )  
       ss.:

    COUNTY
      OF
      NEW
      YORK                
)

     

    On
      the
      ___ day of May 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 May 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
      MARYLAND                  
)

    )  
       ss.:

    COUNTY
      OF
      HOWARD                   
)

     

    On
      the
      ____ day of May 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 May 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]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    EXHIBIT
      A-A-1

     

    FORM
      OF
      CLASS A-1 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

    

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

    

    
      	
              Series:
                2006-FRE2

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class A-1 Certificates as of
                the
                Issue Date: $ 195,110,000.00

              Denomination:
                $195,110,000.00

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Trustee
                and Custodian: U.S. Bank National Association

              Issue
                Date: May 30, 2006

              CUSIP:
                57643GAA5

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE
      MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE
      TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
      THE
      UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF
      THE
      UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class A-1 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      A-1 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class A-1
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class A-1 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      A-1 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      on
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      Set
      forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator and the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

    
      
         

        

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      May ___, 2006

     

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-FRE2,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    

     

    
      
         

        

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM - 

            	
              as
                tenants in common

               

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian 
                       

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              __________________

              (State)

            
	
              TEN
                ENT - 

            	
              as
                tenants by the entireties

               

            	 
	
              JT
                TEN - 

            	
              as
                joint tenants with right

              of
                survivorship and not as

              tenants
                in common

               

            	 

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      ___________________________________________________________ 

    

    
      	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

     

    
      
         

        

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    
      
         

        

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-A-2

     

    FORM
      OF
      CLASS A-2 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

    

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

    

    
      	
              Series:
                2006-FRE2

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class A-2 Certificates as of
                the
                Issue Date: $294,000,000.00

              Denomination:
                $294,000,000.00

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Trustee
                and Custodian: U.S. Bank National Association

              Issue
                Date: May 30, 2006

              CUSIP:
                57643GAB3

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

    
      
         

        

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class A-2 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      A-2 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class A-2
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class A-2 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      A-2 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      on
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      Set
      forth is 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:
      May ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-FRE2,
                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 AGREEMENT.

    

    
      	
              Series:
                2006-FRE2

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class A-3 Certificates as of
                the
                Issue Date: $ 67,000,000.00

              Denomination:
                $67,000,000.00

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Trustee
                and Custodian: U.S. Bank National Association

              Issue
                Date: May 30, 2006

              CUSIP:
                57643GAC1 

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class A-3 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      A-3 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class A-3
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class A-3 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      A-3 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      on
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      Set
      forth is 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:
      May ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-FRE2,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
 

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM - 

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian 
                       

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              __________________

              (State)

            
	
              TEN
                ENT - 

            	
              as
                tenants by the entireties

            	 
	
              JT
                TEN - 

            	
              as
                joint tenants with right

              of
                survivorship and not as

              tenants
                in common

            	 

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      ___________________________________________________________ 

    

    
      	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-A-4

     

    FORM
      OF
      CLASS A-4 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

    

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

    

    

    
      	
              Series:
                2006-FRE2

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class A-4 Certificates as of
                the
                Issue Date: $97,800,000.00

              Denomination:
                $97,800,000.00

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Trustee
                and Custodian: U.S. Bank National Association

              Issue
                Date: May 30, 2006

              CUSIP:
                57643GAD9

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class A-4 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      A-4 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class A-4
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class A-4 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      A-4 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      on
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      Set
      forth is 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:
      May ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-FRE2,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM - 

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian 
                       

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              __________________

              (State)

            
	
              TEN
                ENT - 

            	
              as
                tenants by the entireties

            	 
	
              JT
                TEN - 

            	
              as
                joint tenants with right

              of
                survivorship and not as

              tenants
                in common

            	 

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      ___________________________________________________________ 

    

    
      	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-A-5

     

    FORM
      OF
      CLASS A-5 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

    

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

    

    

    
      	
              Series:
                2006-FRE2

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class A-5 Certificates as of
                the
                Issue Date: $40,674,000.00

              Denomination:
                $40,674,000.00

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Trustee
                and Custodian: U.S. Bank National Association

              Issue
                Date: May 30, 2006

              CUSIP:
                57643GAE7

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class A-5 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      A-5 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class A-5
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class A-5 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      A-4 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      on
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      Set
      forth is 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:
      May ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-FRE2,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM - 

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian 
                       

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              __________________

              (State)

            
	
              TEN
                ENT - 

            	
              as
                tenants by the entireties

            	 
	
              JT
                TEN - 

            	
              as
                joint tenants with right

              of
                survivorship and not as

              tenants
                in common

            	 

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      ___________________________________________________________ 

    

    
      	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-M-1

     

    FORM
      OF
      CLASS M-1 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES TO THE EXTENT DESCRIBED
      IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

    

    
      	
              Series:
                2006-FRE2

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-1 Certificates as of
                the
                Issue Date: $32,367,000.00

              Denomination:
                $32,367,000.00

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Trustee
                and Custodian: U.S. Bank National Association

              Issue
                Date: May 30, 2006

              CUSIP:
                57643GAF4

               

            

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-1 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-1 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-1
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-1 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      M-1 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      on
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      Set
      forth is 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:
      May ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-FRE2,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM - 

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian 
                       

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              __________________

              (State)

            
	
              TEN
                ENT - 

            	
              as
                tenants by the entireties

            	 
	
              JT
                TEN - 

            	
              as
                joint tenants with right

              of
                survivorship and not as

              tenants
                in common

            	 

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      ___________________________________________________________ 

    

    
      	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      A-M-2

     

    FORM
      OF
      CLASS M-2 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES AND THE CLASS M-1
      CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

    

    
      	
              Series:
                2006-FRE2

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-2 Certificates as of
                the
                Issue Date: $29,743,000.00

              Denomination:
                $29,743,000.00

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Trustee
                and Custodian: U.S. Bank National Association

              Issue
                Date: May 30, 2006

              CUSIP:
                57643GAG2

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-2 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-2 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-2
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-2 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      M-2 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      on
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      Set
      forth is 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:
      May ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-FRE2,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM - 

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian 
                       

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              __________________

              (State)

            
	
              TEN
                ENT - 

            	
              as
                tenants by the entireties

            	 
	
              JT
                TEN - 

            	
              as
                joint tenants with right

              of
                survivorship and not as

              tenants
                in common

            	 

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      ___________________________________________________________ 

    

    
      	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-M-3

     

    FORM
      OF
      CLASS M-3 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES AND THE CLASS M-2 CERTIFICATES TO THE EXTENT DESCRIBED IN THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

     

    
      	
              Series:
                2006-FRE2

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-3 Certificates as of
                the
                Issue Date: $17,496,00.00

              Denomination:
                $17,496,000.00

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Trustee
                and Custodian: U.S. Bank National Association

              Issue
                Date: May 30, 2006

              CUSIP:
                57643GAH0

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-3 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-3 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-3
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-3 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      M-3 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      on
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      Set
      forth is 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:
      May ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-FRE2,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM - 

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian 
                       

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              __________________

              (State)

            
	
              TEN
                ENT - 

            	
              as
                tenants by the entireties

            	 
	
              JT
                TEN - 

            	
              as
                joint tenants with right

              of
                survivorship and not as

              tenants
                in common

            	 

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      ___________________________________________________________ 

    

    
      	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      A-M-4

     

    FORM
      OF
      CLASS M-4 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES AND THE CLASS M-3 CERTIFICATES TO
      THE
      EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

     

    
      	
              Series:
                2006-FRE2

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-4 Certificates as of
                the
                Issue Date: $15,308,000.00

              Denomination:
                $15,308,000.00

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Trustee
                and Custodian: U.S. Bank National Association

              Issue
                Date: May 30, 2006

              CUSIP:
                57643GAJ6

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-4 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-4 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-4
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-4 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      M-4 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      on
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      Set
      forth is 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:
      May ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-FRE2,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM - 

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian 
                       

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              __________________

              (State)

            
	
              TEN
                ENT - 

            	
              as
                tenants by the entireties

            	 
	
              JT
                TEN - 

            	
              as
                joint tenants with right

              of
                survivorship and not as

              tenants
                in common

            	 

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      ___________________________________________________________ 

    

    
      	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-M-5

     

    FORM
      OF
      CLASS M-5 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES AND THE
      CLASS M-4 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

     

    
      	
              Series:
                2006-FRE2

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-5 Certificates as of
                the
                Issue Date: $14,871,000.00

              Denomination:
                $14,871,000.00

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Trustee
                and Custodian: U.S. Bank National Association

              Issue
                Date: May 30, 2006

              CUSIP:
                57643GAK3

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-5 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-5 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-5
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-5 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      M-5 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      on
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      Set
      forth is 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:
      May ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-FRE2,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM - 

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian 
                       

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              __________________

              (State)

            
	
              TEN
                ENT - 

            	
              as
                tenants by the entireties

            	 
	
              JT
                TEN - 

            	
              as
                joint tenants with right

              of
                survivorship and not as

              tenants
                in common

            	 

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      ___________________________________________________________ 

    

    
      	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-M-6

     

    FORM
      OF
      CLASS M-6 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS
      M-4 CERTIFICATES AND THE CLASS M-5 CERTIFICATES TO THE EXTENT DESCRIBED IN
      THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

    

    
      	
              Series:
                2006-FRE2

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-6 Certificates as of
                the
                Issue Date: $13,559,000.00

              Denomination:
                $13,559,000.00

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Trustee
                and Custodian: U.S. Bank National Association

              Issue
                Date: May 30, 2006

              CUSIP:
                57643GAL1 

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-6 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-6 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-6
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-6 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      M-6 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      on
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      Set
      forth is 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:
      May ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-FRE2,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM - 

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian 
                       

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              __________________

              (State)

            
	
              TEN
                ENT - 

            	
              as
                tenants by the entireties

            	 
	
              JT
                TEN - 

            	
              as
                joint tenants with right

              of
                survivorship and not as

              tenants
                in common

            	 

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      ___________________________________________________________ 

    

    
      	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-M-7

     

    FORM
      OF
      CLASS M-7 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS
      M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES AND THE CLASS M-6 CERTIFICATES
      TO
      THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

    

    
      	
              Series:
                2006-FRE2

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-7 Certificates as of
                the
                Issue Date: $13,121,000.00

              Denomination:
                $13,121,000.00

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Trustee
                and Custodian: U.S. Bank National Association

              Issue
                Date: May 30, 2006

              CUSIP:
                57643GAM9

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-7 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-7 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-7
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-7 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      M-7 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      on
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      Set
      forth is 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:
      May ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-FRE2,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM - 

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian 
                       

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              __________________

              (State)

            
	
              TEN
                ENT - 

            	
              as
                tenants by the entireties

            	 
	
              JT
                TEN - 

            	
              as
                joint tenants with right

              of
                survivorship and not as

              tenants
                in common

            	 

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      ___________________________________________________________ 

    

    
      	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-M-8

     

    FORM
      OF
      CLASS M-8 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS
      M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES AND
      THE
      CLASS M-7 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

    

    
      	
              Series:
                2006-FRE2

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-8 Certificates as of
                the
                Issue Date: $10,060,000.00

              Denomination:
                $10,060,000.00

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Trustee
                and Custodian: U.S. Bank National Association

              Issue
                Date: May 30, 2006

              CUSIP:
                57643GAN7

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE
      MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE
      TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
      THE
      UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF
      THE
      UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-8 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-8 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-8
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-8 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      M-8 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      on
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      Set
      forth is 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:
      May ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-FRE2,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM - 

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian 
                       

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              __________________

              (State)

            
	
              TEN
                ENT - 

            	
              as
                tenants by the entireties

            	 
	
              JT
                TEN - 

            	
              as
                joint tenants with right

              of
                survivorship and not as

              tenants
                in common

            	 

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      __________________________________________________________ 

    

    
      	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-M-9

     

    FORM
      OF
      CLASS M-9 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS
      M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES, THE
      CLASS M-7 CERTIFICATES AND THE CLASS M-8 CERTIFICATES TO THE EXTENT DESCRIBED
      IN
      THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

    

    
      	
              Series:
                2006-FRE2

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-9 Certificates as of
                the
                Issue Date: $ 7,873,000.00

              Denomination:
                $7,873,000.00

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Trustee
                and Custodian: U.S. Bank National Association

              Issue
                Date: May 30, 2006

              CUSIP:
                57643GAP2

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-9 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-9 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-9
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-9 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      M-9 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      on
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      Set
      forth is 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:
      May ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-FRE2,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM - 

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian 
                       

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              __________________

              (State)

            
	
              TEN
                ENT - 

            	
              as
                tenants by the entireties

            	 
	
              JT
                TEN - 

            	
              as
                joint tenants with right

              of
                survivorship and not as

              tenants
                in common

            	 

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      __________________________________________________________ 

    

    
      	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-M-10

     

    FORM
      OF
      CLASS M-10 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS
      M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES, THE
      CLASS M-7 CERTIFICATES, THE CLASS M-8 CERTIFICATES AND THE CLASS M-9
      CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

    

    
      	
              Series:
                2006-FRE2

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-10 Certificates as of
                the
                Issue Date: $ 6,560,000.00

              Denomination:
                $6,560,000.00

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Trustee
                and Custodian: U.S. Bank National Association

              Issue
                Date: May 30, 2006

              CUSIP:
                57643GAQ0

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-10 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-10 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-10
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-10 Certificates the aggregate initial
      Certificate Principal Balance of which is in excess of the lesser of (i)
      $5,000,000 or (ii) two-thirds of the aggregate initial Certificate Principal
      Balance of the Class M-10 Certificates, or otherwise by check mailed by first
      class mail to the address of the Person entitled thereto, as such name and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Trust Administrator of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency appointed
      by the Trust Administrator for that purpose as provided in the
      Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      on
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      Set
      forth is 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:
      May ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-FRE2,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM - 

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian 
                       

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              __________________

              (State)

            
	
              TEN
                ENT - 

            	
              as
                tenants by the entireties

            	 
	
              JT
                TEN - 

            	
              as
                joint tenants with right

              of
                survivorship and not as

              tenants
                in common

            	 

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      __________________________________________________________ 

    

    
      	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-M-11

     

    FORM
      OF
      CLASS M-11 CERTIFICATE

     

    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, THE CLASS M-9 CERTIFICATES
      AND THE CLASS M-10 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND
      SERVICING AGREEMENT REFERRED TO HEREIN.

     

    THE
      HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      SET
      FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

    

    
      	
              Series:
                2006-FRE2

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class M-11 Certificates as of
                the
                Issue Date: $ 6,998,000.00

              Denomination:
                $6,998,000.00

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Trustee
                and Custodian: U.S. Bank National Association

              Issue
                Date: May 30, 2006

              CUSIP:
                57643GAR8

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class M-11 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      M-11 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class M-11
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class M-11 Certificates the aggregate initial
      Certificate Principal Balance of which is in excess of the lesser of (i)
      $5,000,000 or (ii) two-thirds of the aggregate initial Certificate Principal
      Balance of the Class M-11 Certificates, or otherwise by check mailed by first
      class mail to the address of the Person entitled thereto, as such name and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Trust Administrator of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency appointed
      by the Trust Administrator for that purpose as provided in the
      Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      on
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    The
      holder of this Certificate shall be deemed to have made the representation
      Set
      forth is 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:
      May ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-FRE2,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM - 

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian 
                       

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              __________________

              (State)

            
	
              TEN
                ENT - 

            	
              as
                tenants by the entireties

            	 
	
              JT
                TEN - 

            	
              as
                joint tenants with right

              of
                survivorship and not as

              tenants
                in common

            	 

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      __________________________________________________________ 

    

    
      	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-CE

     

    FORM
      OF
      CLASS CE CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES AND THE MEZZANINE
      CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
      OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
      OR
      TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT
      AND
      UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE AGREEMENT.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
      DESCRIBED HEREIN.

    

    
      	
              Series
                2006-FRE2

              Pass-Through
                Rate: Variable

              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class CE Certificates as of
                the Issue
                Date: $12,251,886.00 

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Trustee
                and Custodian: U.S. Bank National Association

              Issue
                Date: May 30, 2006

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that UBS Securities LLC is the registered owner of a Percentage
      Interest (obtained by dividing the denomination of this Certificate by the
      aggregate Certificate Principal Balance of the Class CE Certificates as of
      the
      Issue Date) in that certain beneficial ownership interest evidenced by all
      the
      Class CE Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class CE
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class CE Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      CE Certificates, or otherwise by check mailed by first class mail to the address
      of the Person entitled thereto, as such name and address shall appear on the
      Certificate Register. Notwithstanding the above, the final distribution on this
      Certificate will be made after due notice by the Trust Administrator of the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      on
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the Trust
      Administrator shall require receipt of (i) if such transfer is purportedly
      being
      made in reliance upon Rule 144A under the 1933 Act, written certifications
      from
      the Holder of the Certificate desiring to effect the transfer, and from such
      Holder's prospective transferee, substantially in the forms attached to the
      Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
      satisfactory to it that such transfer may be made without such registration
      or
      qualification (which Opinion of Counsel shall not be an expense of the Trust
      Fund or of the Depositor, the Trustee or the Master Servicer, the Trust
      Administrator in their respective capacities as such), together with copies
      of
      the written certification(s) of the Holder of the Certificate desiring to effect
      the transfer and/or such Holder's prospective transferee upon which such Opinion
      of Counsel is based. None of the Depositor or the Trust Administrator is
      obligated to register or qualify the Class of Certificates specified on the
      face
      hereof under the 1933 Act or any other securities law or to take any action
      not
      otherwise required under the Agreement to permit the transfer of such
      Certificates without registration or qualification. Any Holder desiring to
      effect a transfer of this Certificate shall be required to indemnify the
      Trustee, the Trust Administrator, the Depositor, the Servicer and the Master
      Servicer against any liability that may result if the transfer is not so exempt
      or is not made in accordance with such federal and state laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made except
      in accordance with Section 5.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate principal balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      May ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-FRE2,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM - 

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian 
                       

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              __________________

              (State)

            
	
              TEN
                ENT - 

            	
              as
                tenants by the entireties

            	 
	
              JT
                TEN - 

            	
              as
                joint tenants with right

              of
                survivorship and not as

              tenants
                in common

            	 

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      ___________________________________________________________ 

    

    
      	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      A-P

     

    FORM
      OF
      CLASS P CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
      OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
      OR
      TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT
      AND
      UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE AGREEMENT.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
      DESCRIBED HEREIN.

    

    
      	
              Series:
                2006-FRE2

              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1

            	
              Aggregate
                Certificate Principal Balance of the Class P Certificates as of the
                Issue
                Date: $100.00

              Denomination:
                $100.00

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Trustee
                and Custodian: U.S. Bank National Association

              Issue
                Date: May 30, 2006

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that UBS Securities LLC is the registered owner of a Percentage
      Interest (obtained by dividing the denomination of this Certificate by the
      aggregate Certificate Principal Balance of the Class P Certificates as of the
      Issue Date) in that certain beneficial ownership interest evidenced by all
      the
      Class P Certificates in REMIC IV created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator and the Trustee, a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class P Certificates
      on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class P Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      P
      Certificates, or otherwise by check mailed by first class mail to the address
      of
      the Person entitled thereto, as such name and address shall appear on the
      Certificate Register. Notwithstanding the above, the final distribution on
      this
      Certificate will be made after due notice by the Trust Administrator of the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      on
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the Trust
      Administrator shall require receipt of (i) if such transfer is purportedly
      being
      made in reliance upon Rule 144A under the 1933 Act, written certifications
      from
      the Holder of the Certificate desiring to effect the transfer, and from such
      Holder's prospective transferee, substantially in the forms attached to the
      Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
      satisfactory to it that such transfer may be made without such registration
      or
      qualification (which Opinion of Counsel shall not be an expense of the Trust
      Fund or of the Depositor, the Trustee or the Master Servicer, the Trust
      Administrator in their respective capacities as such), together with copies
      of
      the written certification(s) of the Holder of the Certificate desiring to effect
      the transfer and/or such Holder's prospective transferee upon which such Opinion
      of Counsel is based. None of the Depositor or the Trust Administrator is
      obligated to register or qualify the Class of Certificates specified on the
      face
      hereof under the 1933 Act or any other securities law or to take any action
      not
      otherwise required under the Agreement to permit the transfer of such
      Certificates without registration or qualification. Any Holder desiring to
      effect a transfer of this Certificate shall be required to indemnify the
      Trustee, the Trust Administrator, the Depositor, the Servicer and the Master
      Servicer against any liability that may result if the transfer is not so exempt
      or is not made in accordance with such federal and state laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made except
      in accordance with Section 5.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate principal balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      May ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-FRE2,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM - 

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian 
                       

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              __________________

              (State)

            
	
              TEN
                ENT - 

            	
              as
                tenants by the entireties

            	 
	
              JT
                TEN - 

            	
              as
                joint tenants with right

              of
                survivorship and not as

              tenants
                in common

            	 

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      ___________________________________________________________ 

    

    
      	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      A-R

     

    FORM
      OF
      CLASS R CERTIFICATE

     

    THIS
      CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES PERSON.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”), AS THOSE TERMS ARE
      DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE
      OF
      1986 AS AMENDED (THE “CODE”).

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IN
      ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
      OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
      OR
      TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT
      AND
      UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE AGREEMENT.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
      DESCRIBED HEREIN.

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IF
      THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE TRUST ADMINISTRATOR
      THAT (A) SUCH TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY POSSESSION THEREOF,
      ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY
      INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE
      FOREGOING, (2) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION
      521 OF THE CODE) THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE
      UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE
      CODE, (3) ANY ORGANIZATION DESCRIBED IN SECTION 1381(A)(2)(C) OF THE CODE (ANY
      SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL HEREINAFTER
      BE REFERRED TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF A
      DISQUALIFIED ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE
      THE
      ASSESSMENT OR COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN
      ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED
      TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF
      ANY
      TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED
      ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION
      SHALL
      BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL
      NOT
      BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT
      NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER
      OF
      THIS CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO
      THE
      PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 5.02(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-FRE2

              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1 

            	
              Aggregate
                Percentage Interest of the Class R Certificates as of the Issue Date:
                100.00%

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Trustee
                and Custodian: U.S. Bank National Association

              Issue
                Date: May 30, 2006

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that UBS Securities LLC is the registered owner of a Percentage
      Interest (as specified above) in that certain beneficial ownership interest
      evidenced by all the Certificates of the Class to which this Certificate belongs
      created pursuant to a Pooling and Servicing Agreement, dated as specified above
      (the “Agreement”), among Mortgage Asset Securitization Transactions, Inc.
      (hereinafter called the “Depositor,” which term includes any successor entity
      under the Agreement), the Master Servicer, the Trust Administrator and the
      Trustee, a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class R Certificates
      on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class R Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      R
      Certificates, or otherwise by check mailed by first class mail to the address
      of
      the Person entitled thereto, as such name and address shall appear on the
      Certificate Register. Notwithstanding the above, the final distribution on
      this
      Certificate will be made after due notice by the Trust Administrator of the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      on
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the Trust
      Administrator shall require receipt of (i) if such transfer is purportedly
      being
      made in reliance upon Rule 144A under the 1933 Act, written certifications
      from
      the Holder of the Certificate desiring to effect the transfer, and from such
      Holder's prospective transferee, substantially in the forms attached to the
      Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
      satisfactory to it that such transfer may be made without such registration
      or
      qualification (which Opinion of Counsel shall not be an expense of the Trust
      Fund or of the Depositor, the Trustee or the Master Servicer, the Trust
      Administrator in their respective capacities as such), together with copies
      of
      the written certification(s) of the Holder of the Certificate desiring to effect
      the transfer and/or such Holder's prospective transferee upon which such Opinion
      of Counsel is based. Neither the Depositor nor the Trust Administrator is
      obligated to register or qualify the Class of Certificates specified on the
      face
      hereof under the 1933 Act or any other securities law or to take any action
      not
      otherwise required under the Agreement to permit the transfer of such
      Certificates without registration or qualification. Any Holder desiring to
      effect a transfer of this Certificate shall be required to indemnify the
      Trustee, the Trust Administrator, the Depositor, the Servicer and the Master
      Servicer against any liability that may result if the transfer is not so exempt
      or is not made in accordance with such federal and state laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made except
      in accordance with Section 5.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    Prior
      to
      registration of any transfer, sale or other disposition of this Certificate,
      the
      proposed transferee shall provide to the Trust Administrator (i) an affidavit
      to
      the effect that such transferee is any Person other than a Disqualified
      Organization or the agent (including a broker, nominee or middleman) of a
      Disqualified Organization, and (ii) a certificate that acknowledges that (A)
      the
      Class R Certificates have been designated as a residual interest in a REMIC,
      (B)
      it will include in its income a pro
      rata share
      of
      the net income of the Trust Fund and that such income may be an “excess
      inclusion,” as defined in the Code, that, with certain exceptions, cannot be
      offset by other losses or benefits from any tax exemption, and (C) it expects
      to
      have the financial means to satisfy all of its tax obligations including those
      relating to holding the Class R Certificates. Notwithstanding the registration
      in the Certificate Register of any transfer, sale or other disposition of this
      Certificate to a Disqualified Organization or an agent (including a broker,
      nominee or middleman) of a Disqualified Organization, such registration shall
      be
      deemed to be of no legal force or effect whatsoever and such Person shall not
      be
      deemed to be a Certificateholder for any purpose, including, but not limited
      to,
      the receipt of distributions in respect of this Certificate.

     

    The
      Holder of this Certificate, by its acceptance hereof, shall be deemed to have
      consented to the provisions of Section 5.02 of the Agreement and to any
      amendment of the Agreement deemed necessary by counsel of the Depositor to
      ensure that the transfer of this Certificate to any Person other than a
      Permitted Transferee or any other Person will not cause the Trust Fund to cease
      to qualify as a REMIC or cause the imposition of a tax upon the
      REMIC.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate principal balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      May ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-FRE2,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              By:

            	 
	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM - 

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian 
                       

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              __________________

              (State)

            
	
              TEN
                ENT - 

            	
              as
                tenants by the entireties

            	 
	
              JT
                TEN - 

            	
              as
                joint tenants with right

              of
                survivorship and not as

              tenants
                in common

            	 

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      ___________________________________________________________ 

    

    
      	 	 	
              .

            

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) a Percentage Interest equal to ____%
      evidenced by the within Mortgage Pass-Through Certificates and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Trust Administrator to issue a new Certificate of a like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address: 

     

    
      	 	 	 
	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      A-RX

     

    FORM
      OF
      CLASS R-X CERTIFICATE

     

    THIS
      CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES PERSON.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”), AS THOSE TERMS ARE
      DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE
      OF
      1986 AS AMENDED (THE “CODE”).

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IN
      ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
      OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
      OR
      TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT
      AND
      UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 5.02 OF THE AGREEMENT.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
      DESCRIBED HEREIN.

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IF
      THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE TRUST ADMINISTRATOR
      THAT (A) SUCH TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY POSSESSION THEREOF,
      ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY
      INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE
      FOREGOING, (2) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION
      521 OF THE CODE) THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE
      UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE
      CODE, (3) ANY ORGANIZATION DESCRIBED IN SECTION 1381(A)(2)(C) OF THE CODE (ANY
      SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL HEREINAFTER
      BE REFERRED TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF A
      DISQUALIFIED ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE
      THE
      ASSESSMENT OR COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN
      ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED
      TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF
      ANY
      TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED
      ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION
      SHALL
      BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL
      NOT
      BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT
      NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER
      OF
      THIS CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO
      THE
      PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 5.02(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-FRE2

              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1, 2006

              First
                Distribution Date: June 26, 2006

              No.
                1 

            	
              Aggregate
                Percentage Interest of the Class R-X Certificates as of the Issue
                Date:
                100.00%

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

              Trustee
                and Custodian: U.S. Bank National Association

              Issue
                Date: May 30, 2006

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
      THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
      NOR
      THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
      OF
      THE UNITED STATES.

     

    This
      certifies that UBS Securities LLC is the registered owner of a Percentage
      Interest (as specified above) in that certain beneficial ownership interest
      evidenced by all the Certificates of the Class to which this Certificate belongs
      created pursuant to a Pooling and Servicing Agreement, dated as specified above
      (the “Agreement”), among Mortgage Asset Securitization Transactions, Inc.
      (hereinafter called the “Depositor,” which term includes any successor entity
      under the Agreement), the Master Servicer, the Trust Administrator and the
      Trustee, a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Certificate is issued under
      and is subject to the terms, provisions and conditions of the Agreement, to
      which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class R-X
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class R-X Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      R-X Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      on
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the Trust
      Administrator shall require receipt of (i) if such transfer is purportedly
      being
      made in reliance upon Rule 144A under the 1933 Act, written certifications
      from
      the Holder of the Certificate desiring to effect the transfer, and from such
      Holder's prospective transferee, substantially in the forms attached to the
      Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
      satisfactory to it that such transfer may be made without such registration
      or
      qualification (which Opinion of Counsel shall not be an expense of the Trust
      Fund or of the Depositor, the Trustee or the Master Servicer, the Trust
      Administrator in their respective capacities as such), together with copies
      of
      the written certification(s) of the Holder of the Certificate desiring to effect
      the transfer and/or such Holder's prospective transferee upon which such Opinion
      of Counsel is based. Neither the Depositor nor the Trust Administrator is
      obligated to register or qualify the Class of Certificates specified on the
      face
      hereof under the 1933 Act or any other securities law or to take any action
      not
      otherwise required under the Agreement to permit the transfer of such
      Certificates without registration or qualification. Any Holder desiring to
      effect a transfer of this Certificate shall be required to indemnify the
      Trustee, the Trust Administrator, the Depositor, the Servicer and the Master
      Servicer against any liability that may result if the transfer is not so exempt
      or is not made in accordance with such federal and state laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person using “Plan Assets” to acquire this Certificate shall be made except
      in accordance with Section 5.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    Prior
      to
      registration of any transfer, sale or other disposition of this Certificate,
      the
      proposed transferee shall provide to the Trust Administrator (i) an affidavit
      to
      the effect that such transferee is any Person other than a Disqualified
      Organization or the agent (including a broker, nominee or middleman) of a
      Disqualified Organization, and (ii) a certificate that acknowledges that (A)
      the
      Class R-X Certificates have been designated as a residual interest in a REMIC,
      (B) it will include in its income a pro
      rata share
      of
      the net income of the Trust Fund and that such income may be an “excess
      inclusion,” as defined in the Code, that, with certain exceptions, cannot be
      offset by other losses or benefits from any tax exemption, and (C) it expects
      to
      have the financial means to satisfy all of its tax obligations including those
      relating to holding the Class R-X Certificates. Notwithstanding the registration
      in the Certificate Register of any transfer, sale or other disposition of this
      Certificate to a Disqualified Organization or an agent (including a broker,
      nominee or middleman) of a Disqualified Organization, such registration shall
      be
      deemed to be of no legal force or effect whatsoever and such Person shall not
      be
      deemed to be a Certificateholder for any purpose, including, but not limited
      to,
      the receipt of distributions in respect of this Certificate.

     

    The
      Holder of this Certificate, by its acceptance hereof, shall be deemed to have
      consented to the provisions of Section 5.02 of the Agreement and to any
      amendment of the Agreement deemed necessary by counsel of the Depositor to
      ensure that the transfer of this Certificate to any Person other than a
      Permitted Transferee or any other Person will not cause the Trust Fund to cease
      to qualify as a REMIC or cause the imposition of a tax upon the
      REMIC.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate principal balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
      duly
      executed.

     

    Dated:
      May ___, 2006

    
      	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-FRE2,
                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-FRE2

            
	
              Wells
                Fargo Bank, N.A.

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

            	 

    

    

    
      	
              Re:

            	
              Pooling
                and Servicing Agreement, dated as of May 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-FRE2

            

    

    

     

    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

            
	 	 
	
              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-FRE2

            
	
              Wells
                Fargo Bank, N.A.

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

            	 

    

    

    
      	
              Re:

            	
              Pooling
                and Servicing Agreement, dated as of May 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-FRE2

            

    

    

     

    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

            
	 	 
	
              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-FRE2

            
	
              Wells
                Fargo Bank, N.A.

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

            	
              Wells
                Fargo Bank, N.A.

              One
                Home Campus

              Des
                Moines, Iowa 50328-0001

            

    

    

     

     

    
      	
              Re:

            	
              Pooling
                and Servicing Agreement, dated as of May 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-FRE2

            

    

    

     

    Ladies
      and Gentlemen:

     

    Pursuant
      to Section 2.01 of the Pooling and Servicing Agreement, dated as of May 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”), Wells Fargo Bank, N.A. as Servicer (the “Servicer”)
      and U.S. Bank National Association as Trustee and Custodian, 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.

     

    
      	
              U.S.
                BANK NATIONAL ASSOCIATION,

              as
                Trustee and Custodian

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      D

     

    FORM
      OF
      ASSIGNMENT AGREEMENT

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      E

     

    REQUEST
      FOR RELEASE

    

     

    To: U.S.
      Bank
      National Association 

    1133
      Rankin Street, Suite 100

    EP-MN-TMZD

    St.
      Paul,
      MN 55116

    Attn:
      Document Collateral Services/ MASTR 2006-FRE2

    

    Wells
      Fargo Bank, N.A.

    Attn:
      Inventory Control

    1015
      10th
      Avenue SE

    Minneapolis,
      MN 55414

    

    
      	
              Re:

            	
              Pooling
                and Servicing Agreement, dated as of May 1, 2006, among Mortgage
                Asset
                Securitization Transactions, Inc., Wells Fargo Bank, N.A., Wells
                Fargo
                Bank, N.A. and U.S. Bank National Association, Mortgage Pass-Through
                Certificates, Series 2006-FRE2

            

    

     

     

    In
      connection with the administration of the Mortgage Loans held by you as
      Custodian pursuant to the above-captioned Pooling and Servicing Agreement,
      we
      request the release, and hereby acknowledge receipt of the [Custodian’s]
      [Trustee’s] Mortgage File Or the Mortgage Loan described below, for the reason
      indicated.

     

    In
      addition, all amounts have been received in connection with such payment,
      repurchase or liquidation and have been credited to the related Collection
      Account.

     

    Mortgage
      Loan Number:

     

    Mortgagor
      Name. Address & Zip Code:

     

    Reason
      for Requesting Documents
      (check
      one):

     

    
      	
              1.

            	
              Mortgage
                Paid in Full ____

               

            
	
              2.
                

            	
              Foreclosure
                ____

               

            
	
              3.
                

            	
              Substitution
                ____

               

            
	
              4.

            	
              Other
                Liquidation (Repurchases, etc.) ____

               

            
	
              5.

            	
              Nonliquidation
                Reason: ______________________________________

               

            

    

    Address
      to which Custodian should deliver

    the
      [Custodian's] [Trustee’s] Mortgage File:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              By:

            	 
	 	
              (authorized
                signer)

            
	
              Issuer:

            	 
	
              Address:

            	 
	
              Date:

            	 

    

    [Custodian]
      [Trustee]

    [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-FRE2

    

    
      	
              Re:

            	
              MASTR
                Asset Backed Securities Trust 2006-FRE2, 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 May 1, 2006, among Mortgage
      Asset Securitization Transactions, Inc. as Depositor, Wells Fargo Bank, N.A.,
      as
      Servicer, Wells Fargo Bank, N.A. as Master Servicer and Trust Administrator
      and
      U.S. Bank National Association as Trustee and Custodian (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-FRE2

    

    
      	
              Re:

            	
              MASTR
                Asset Backed Securities Trust 2006-FRE2, Mortgage Pass-Through
                Certificates, Series 2006-FRE2, 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
      May 1, 2006, among Mortgage Asset Securitization Transactions, Inc. as
      Depositor, Wells Fargo Bank, N.A., as Servicer, Wells Fargo Bank, N.A. as Master
      Servicer and Trust Administrator and U.S. Bank National Association as Trustee
      and Custodian, 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.

    

      

      
        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.

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

    ___
      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:

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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 May 1, 2006 (the “Agreement”),
      among
      Mortgage Asset Securitization Transactions, Inc., as depositor (the
“Depositor”),
      Wells
      Fargo Bank, N.A., as servicer (the “Servicer”),
      Wells
      Fargo Bank, N.A., master servicer (“the Master
      Servicer”)
      and
      trust administrator (the “Trust Administrator”) and U.S. Bank National
      Association, as trustee (the “Trustee”)
      and
      custodian (the “Custodian”). 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:

     

      o    
      The present value of the anticipated tax liabilities associated with holding
      the
      Certificate, as applicable, does not exceed the sum of:

     

    
      	 	
              (i)

            	
              the
                present value of any consideration given to the Transferee to acquire
                such
                Certificate;

            

    

     

    
      	 	
              (ii)

            	
              the
                present value of the expected future distributions on such Certificate;
                and

            

    

     

    
      	 	
              (iii)

            	
              the
                present value of the anticipated tax savings associated with holding
                such
                Certificate as the related REMIC generates
                losses.

            

    

     

    For
      purposes of this calculation, (i) the Transferee is assumed to pay tax at the
      highest rate currently specified in Section 11(b) of the Code (but the tax
      rate
      in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate
      specified in Section 11(b) of the Code if the Transferee has been subject to
      the
      alternative minimum tax under Section 55 of the Code in the preceding two years
      and will compute its taxable income in the current taxable year using the
      alternative minimum tax rate) and (ii) present values are computed using a
      discount rate equal to the short-term Federal rate prescribed by Section 1274(d)
      of the Code for the month of the transfer and the compounding period used by
      the
      Transferee.

     

      o     
The
      transfer of the Certificate complies with U.S. Treasury Regulations Sections
      1.860E-1(c)(5) and (6) and, accordingly,

     

    
      	 	
              (i)

            	
              the
                Transferee is an “eligible corporation,” as defined in U.S. Treasury
                Regulations Section 1.860E-1(c)(6)(i), as to which income from the
                Certificate will only be taxed in the United
                States;

            

    

     

    
      	 	
              (ii)

            	
              at
                the time of the transfer, and at the close of the Transferee’s two fiscal
                years preceding the year of the transfer, the Transferee had gross
                assets
                for financial reporting purposes (excluding any obligation of a person
                related to the Transferee within the meaning of U.S. Treasury Regulations
                Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets
                in
                excess of $10 million;

            

    

     

    
      	 	
              (iii)

            	
              the
                Transferee will transfer the Certificate only to another “eligible
                corporation,” as defined in U.S. Treasury Regulations Section
                1.860E-1(c)(6)(i), in a transaction that satisfies the requirements
                of
                Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5)
                of
                the U.S. Treasury Regulations;
                and

            

    

     

    
      	 	
              (iv)

            	
              the
                Transferee determined the consideration paid to it to acquire the
                Certificate based on reasonable market assumptions (including, but
                not
                limited to, borrowing and investment rates, prepayment and loss
                assumptions, expense and reinvestment assumptions, tax rates and
                other
                factors specific to the Transferee) that it has determined in good
                faith.

            

    

     

      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-FRE2

    

     

    
      	
              Re:

            	
              MASTR
                Asset Backed Securities Trust 2006-FRE2, 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-FRE2, Mortgage Pass-Through Certificates, Series
      2006-FRE2, Class [CE] [P] [R](the “Certificates”), issued pursuant to a Pooling
      and Servicing Agreement (the “Pooling and Servicing Agreement”) dated as of May
      1, 2006, among Mortgage Asset Securitization Transactions, Inc. as depositor
      (the “Depositor”), Wells Fargo Bank, N.A. as master servicer and trust
      administrator (the “Master Servicer” and the “Trust Administrator”), Wells Fargo
      Bank, N.A. as servicer (the “Servicer”) and U.S. Bank National Association as
      trustee and custodian (the “Trustee” and the “Custodian”). 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. ss. 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. ss. 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 May 1, 2006, providing for the issuance of

    MORTGAGE
      PASS-THROUGH CERTIFICATES, SERIES 2006-FRE2)

     

    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-FRE2,
                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 

    

    Wells
      Fargo Bank, N.A.

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

    

    

    
      	
              Re:

            	
              Pooling
                and Servicing Agreement, dated as of May 1, 2006, among Mortgage
                Asset
                Securitization Transactions, Inc., Wells Fargo Bank, N.A., U.S. Bank
                National Association and Wells Fargo Bank, N.A (the “Agreement”)
                

            

    

    

     

    Wells
      Fargo Bank, N.A., 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

     

     

    

      [BEAR
        STEARNS LOGO]

      BEAR
        STEARNS FINANCIAL PRODUCTS INC.

      383
        MADISON AVENUE

      NEW
        YORK,
        NEW YORK 10179

      212-272-4009

      

      

      

      

      DATE:                                                   
        May
        30,
        2006

         

      
        	
                TO:

              	 	 	
                Wells
                  Fargo Bank, N.A., not individually, but solely as Supplemental
                  Interest
                  Trust Trustee on behalf of the Supplemental Interest 

                Trust
                  for the MASTR Asset Backed Securities Trust 2006-FRE2, Mortgage
                  Pass-Through Certificates, Series
                  2006-FRE2

              

      

      ATTENTION:                                      
        Client
        Manager - MABS 2006-FRE2  

      TELEPHONE:                                      
        410-884-2000   

      FACSIMILE:                                        
        410-715-2380

       

      FROM:                                                  
        Derivatives
        Documentation

      TELEPHONE:                                      
        212-272-2711

      FACSIMILE:                                        
        212-272-9857
        

      

      SUBJECT:                                            Fixed
        Income Derivatives Confirmation and Agreement 

      

      REFERENCE
        NUMBER:                   
FXNCC8273

      

      The
        purpose of this letter agreement ("Agreement") is to confirm the terms and
        conditions of the current Transaction entered into on the Trade Date specified
        below (the "Current Transaction") between Bear Stearns Financial Products
        Inc.
        ("BSFP") and Wells Fargo Bank, N.A., not individually, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        for MASTR Asset Backed Securities Trust 2006-FRE2, Mortgage Pass-Through
        Certificates, Series 2006-FRE2 ("Counterparty") under the Pooling and Servicing
        Agreement, dated as of May 1, 2006, among Wells Fargo Bank, N.A., as Master
        Servicer, Servicer and Trust Administrator, Mortgage Asset Securitization
        Transactions, Inc., as Depositor and U.S. Bank National Association, as Trustee
        (the “Trustee”) (the “Pooling and Servicing Agreement”). This letter agreement
        constitutes the sole and complete "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:

      

      Type
        of
        Transaction:                              
Rate
        Cap

      

      Notional
        Amount:                                
   With
        respect to any Calculation Period, the amount set forth for such period in
        Schedule I.

      

      Trade
        Date:                                        
      May
        17,
        2006

      

      Effective
        Date:                                   
      May
        30,
        2006

      

      Termination
        Date:                              
     May
        25,
        2011, such date shall be subject to adjustment in accordance with the Business
        Day Convention.

      

      Fixed
        Amount (Premium): 

      

      
        	 	 	
                Fixed
                  Rate Payer:

              	
                Counterparty

              

      

      

      Fixed
        Rate Payer

      Payment
        Date:                             
May
        30,
        2006

      

      Fixed
        Amount:                                         
USD
        793,000

      

      Floating
        Amounts: 

      

      Floating
        Rate
        Payer:                   
BSFP

      

      
        	 	 	
                Cap
                  Rate:

              	 	
                5.10000%

              

      

      

      Floating
        Rate Payer

      Period
        End
        Dates:                      
The
        25th
        calendar
        day of each month during
        the Term
        of
        this Transaction, commencing June 25, 2006, and ending on the Termination
        Date,
        subject to adjustment in accordance with the Business Day
        Convention.

       

      Floating
        Rate Payer 

      Payment
        Dates:                                      
Early
        Payment shall be applicable. The Floating Rate Payer Payment Date shall be
        one
        Business Day prior to each Floating Rate Payer Period End Date.

      

      
        	 	 	
                Floating
                  Rate Option:

              	
                USD-LIBOR-BBA

              

      

       

      Floating
        Amount:                        
To
        be
        determined in accordance with the following Formula: 

      

                                                     
        Greater of (i) 250 * (Floating Rate Option - Cap Rate) * Notional Amount
        *
        Floating Rate Day Count Fraction; and (ii) zero

      

      Designated
        Maturity:                 
One
        month

      

      Floating
        Rate Day 

      Count
        Fraction:                           
Actual/360

      

      Reset
        Dates:                                 
The
        first
        day of each Calculation Period.

      

      Compounding:                             
        Inapplicable

      

      Business
        Days:                                       
New
        York

      

      Business
        Day
        Convention:                   
Modified
        Following

      

      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. This paragraph shall be deemed repeated on the
        trade
        date of each Transaction.

      

      
        	
                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.
        Notwithstanding the provisions of paragraph 9 below, for purposes of the
        ISDA
        Form Master Agreement:

      

      (a) "Specified
        Entity" is not applicable to BSFP or Counterparty for any purpose. 

      

      (b) “Breach
        of Agreement” provision of Section 5(a)(ii) will not apply to BSFP or
        Counterparty.

      

      
        	
                (c)

              	
                “Credit
                  Support Default” provisions of Section 5(a)(iii) will not apply to
                  Counterparty and will not apply to BSFP unless BSFP has obtained
                  a
                  guarantee or other contingent agreement pursuant to paragraph 16
                  below.

              

      

      

      (d) “Misrepresentation”
        provisions or Section 5(a)(iv) will not apply to BSFP or
        Counterparty.

      

      (e) "Specified
        Transaction" is not applicable to BSFP or Counterparty for any purpose, and,
        accordingly, Section 5(a)(v) shall not apply to BSFP or
        Counterparty.

      

      (f) The
        "Cross Default" provisions of Section 5(a)(vi) will not apply to BSFP or
        to
        Counterparty. 

      

      (g) The
        "Credit Event Upon Merger" provisions of Section 5(b)(iv) will not apply
        to BSFP
        or Counterparty.

      

      (h)
         The
        “Bankruptcy” provision of Section 5(a)(vii)(2) will be inapplicable to
        Counterparty.

      

      (i) The
        "Automatic Early Termination" provision of Section 6(a) will not apply to
        BSFP
        or to Counterparty.

      

      (j) 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. 

      

      (k) "Termination
        Currency" means United States Dollars. 

      

      3)
        Tax
        Representations. 

      

      (a)
        Payer
        Representations. For the purpose of Section 3(e) of the ISDA Form Master
        Agreement, each of BSFP and the Counterparty will 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 this Agreement;

      

      (ii) the
        satisfaction of the agreement contained in Sections 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 Sections 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) of the ISDA Form Master Agreement by reason of material
        prejudice to its legal or commercial position. 

      

      (b)
        Payee
        Representations. For the purpose of Section 3(f) of the ISDA Form Master
        Agreement, each of BSFP and the Counterparty make the following representations.
        

       

      The
        following representation will apply to BSFP: 

      

      BSFP
        is a
        corporation organized under the laws of the State of Delaware and its U.S.
        taxpayer identification number is 13-3866307. 

      

      The
        following representation will apply to the Counterparty: 

      

      Counterparty
        represents that it is the Supplemental Interest Trust Trustee on behalf of
        the
        Supplemental Interest Trust under the Pooling and Servicing
        Agreement.

      

       

      4)
         Tax
        Event. 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)
        Limitation
        on Events of Default.
        Notwithstanding the terms of Sections 5 and 6 of the ISDA Form Master Agreement,
        if at any time and so long as the Counterparty has satisfied in full all
        its
        payment obligations under Section 2(a)(i) of the ISDA Form Master Agreement
        and
        has at the time no future payment obligations, whether absolute or contingent,
        under such Section, then unless BSFP is required pursuant to appropriate
        proceedings to return to the Counterparty or otherwise returns to the
        Counterparty upon demand of the Counterparty any portion of any such payment,
        (a) the occurrence of an event described in Section 5(a) of the ISDA Form
        Master
        Agreement with respect to the Counterparty shall not constitute an Event
        of
        Default or Potential Event of Default with respect to the Counterparty as
        Defaulting Party and (b) BSFP shall be entitled to designate an Early
        Termination Date pursuant to Section 6 of the ISDA Form Master Agreement
        only as
        a result of the occurrence of a Termination Event set forth in either Section
        5(b)(i) or 5(b)(ii) of the ISDA Form Master Agreement with respect to BSFP
        as
        the Affected Party, or Section 5(b)(iii) with respect to BSFP as the Burdened
        Party.

      

      6)
        Documents
        to be Delivered.
        For the
        purpose of Section 4(a) of the ISDA Form Master Agreement:

      

      (1) Tax
        forms, documents, or certificates to be delivered are:

      

      
        	
                Party
                  required to deliver document

              	
                Form/Document/

                Certificate

              	
                Date
                  by which to

                be
                  delivered

              
	
                BSFP
                  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

              
	
                BSFP
                  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

              
	
                BSFP
                  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

              
	
                Counterparty
                  

              	
                An
                  executed copy of the Pooling and Servicing Agreement

              	
                Within
                  30 days after the date of this Agreement.

              	
                No

              

      

      

      7)
        Miscellaneous.
        Miscellaneous

      

      
        	
                (a)

              	
                Address
                  for Notices:          
                  For the purposes of Section 12(a) of the ISDA Form Master
                  Agreement:

              

      

      

      Address
        for notices or communications to BSFP:

      

      Address:               383
        Madison Avenue, New York, New York 10179

      Attention:            
        DPC
        Manager

      Facsimile:             
        (212)
        272-5823

      

      with
        a
        copy to:

      

      Address:              
        One
        Metrotech Center North, Brooklyn, New York 11201

      Attention:            
        Derivative
        Operations - 7th Floor

      Facsimile:             
        (212)
        272-1634

      

      (For
        all
        purposes)

      

      Address
        for notices or communications to the Counterparty:

      

      Address:              
        Wells
        Fargo Bank, N.A. 

                                     
        9062 Old Annapolis Road

      
        	 	 	 	
                Columbia,
                  Maryland 21045

              

      

      Attention:            
        Client
        Manager - MABS 2006-FRE2

      Facsimile:              410-884-2380

      
        	 	
                Phone:

              	 	
                410-884-2000

              

      

      

      (For
        all
        purposes)

      

      (b) Process
        Agent. For the purpose of Section 13(c) of the ISDA Form Master
        Agreement:

      

      BSFP
        appoints as its 

      Process
        Agent:   Not
        Applicable

      

      The
        Counterparty appoints as its 

      Process
        Agent:  Not
        Applicable

      

      (c) Offices.
        The provisions of Section 10(a) of the ISDA Form Master Agreement will not
        apply
        to this Agreement; neither BSFP nor the Counterparty have any Offices other
        than
        as set forth in the Notices Section and BSFP agrees that, for purposes of
        Section 6(b) of the ISDA Form Master Agreement, it shall not in future have
        any
        Office other than one in the United States.

      

      
        	
                (d)

              	
                Multibranch
                  Party. For the purpose of Section 10(c) of the ISDA Form Master
                  Agreement:

              

      

      

      BSFP
        is
        not a Multibranch Party.

      

      
        	 	
                The
                  Counterparty is not a Multibranch
                  Party.

              

      

      

      
        	(e)  	
                Calculation
                  Agent. The Calculation Agent is
                  BSFP.

              

      

      

      (f) Credit
        Support Document. 

       

      BSFP:
        Not
        applicable, except for any guarantee or contingent agreement
        delivered pursuant
        to paragraph 16 below.

      

      The
        Counterparty: Not Applicable

      

      
        	
                (g)

              	
                Credit
                  Support Provider.

              

      

      

      BSFP: Not
        Applicable for BSFP for so long as no Credit Support Document is delivered
        under
        paragraph 16 below, otherwise, 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 the
        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.

      

      8)
        "Affiliate". Each of BSFP and Counterparty shall be deemed not to have any
        Affiliates for purposes of this Agreement, including for purposes of Section
        6(b)(ii) of the ISDA Form Master Agreement.

       

      9)
        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)    BSFP
        is
        acting for its own account and Wells Fargo Bank, N.A., is acting as Trustee
        on
        behalf of the Supplemental Interest Trust under the Pooling and Servicing
        Agreement, and not for its own account. Each Party has made its own independent
        decisions to enter into this Transaction and as to whether this Transaction
        is
        appropriate or proper for it based upon its own judgment and upon advice
        from
        such advisors as it has deemed necessary. It 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
        explanations related to the terms and conditions of this Transaction shall
        not
        be considered investment advice or a recommendation to enter into this
        Transaction. It has not received from the other party any assurance or guarantee
        as to the expected results of this Transaction.

      

      
        	 	
                (ii)

              	
                It
                  is capable of evaluating and understanding (on its own behalf or
                  through
                  independent professional advice), and understands and accepts,
                  the terms,
                  conditions and risks of this Transaction. It is also capable of
                  assuming,
                  and assumes, the financial and other risks of this
                  Transaction.

              

      

      

      (iii)
        The
        other party is not acting as an agent or fiduciary or an advisor for it in
        respect of this Transaction.

       

      (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.” 

       

      10)
        Pooling and Servicing Agreement. BSFP 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 the Pooling and
        Servicing Agreement and BSFP’s right to receive payment of such amounts shall be
        subject to the Pooling and Servicing Agreement.

      

      11)
        Trustee
        Capacity.
        Supplemental Interest Trust Trustee Liability Limitations. It is expressly
        understood and agreed by the parties hereto that (a) this Agreement is executed
        and delivered by Wells Fargo Bank, N.A. (“Wells”), not individually or
        personally but solely as trustee on behalf of the Supplemental Interest Trust,
        (b) 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 of Wells but is made and intended for the purpose
        of
        binding only the Counterparty, (c) nothing herein contained shall be construed
        as imposing any liability upon Wells, 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; provided that nothing in this paragraph
        shall relieve Wells from performing its duties and obligations under the
        Pooling
        and Servicing Agreement in accordance with the standard of care set forth
        therein, (d) under no circumstances shall Wells be personally liable for
        the
        payment of any indebtedness or expenses of the Counterparty or be liable
        for the
        breach or failure of any obligation, representation, warranty or covenant
        made
        or undertaken by the Counterparty under this Agreement or any other related
        documents, other than due to its negligence or willful misconduct in performing
        the obligations of the Supplemental Interest Trust Trustee under the Pooling
        and
        Servicing Agreement, (e) any resignation or removal of Wells as trustee on
        behalf of the Supplemental Interest Trust shall require the assignment of
        this
        agreement to Wells’ replacement, and (f) Wells has been directed, pursuant to
        the Pooling and Servicing Agreement, to enter into this Agreement and to
        perform
        its obligations hereunder.

      

      12)
        Proceedings. 
        BSFP
        shall not institute against or cause any other person to institute against,
        or
        join any other person in instituting against, Mortgage Asset Securitization
        Transactions, Inc. or MASTR Asset Backed Securities Trust 2006-FRE2, Mortgage
        Pass-Through Certificates, Series 2006-FRE2 or the trust created pursuant
        to the
        Pooling and Servicing Agreement, any bankruptcy, reorganization, arrangement,
        insolvency or liquidation proceedings, or other proceedings under any federal
        or
        state bankruptcy, dissolution or similar law, for a period of one year and
        one
        day (or, if longer, the applicable preference period) following indefeasible
        payment in full of the MASTR Asset Backed Securities Trust 2006-FRE2, Mortgage
        Pass-Through Certificates, Series 2006-FRE2 (the “Certificates”) and any notes
        backed by the Certificates (the “Notes”).

      

      13)
        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 ISDA Form Master Agreement shall
        not
        apply for purposes of this Transaction.

      

      14)
        Third
        party Beneficiary. 
        MASTR
        shall be an express third party beneficiary of this Agreement as if a party
        hereto to the extent of MASTR’s rights explicitly specified herein.

      

      

      15)
        Additional
        Termination Events.
        The
        following Additional Termination Events will apply: 

      

      (i) If
        a
        Rating Agency Downgrade has occurred and BSFP has not complied with Section
        16
        below, then an Additional Termination Event shall have occurred with respect
        to
        BSFP and BSFP shall be the sole Affected Party with respect to such an
        Additional Termination Event.

      

      (ii) 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, then an
        Additional Termination Event shall have occurred with respect to Counterparty
        and Counterparty shall be the sole Affected Party with respect to such
        Additional Termination Event.

      

      (iii) If,
        at
        any time, the Majority Class CE Certificateholder or the Servicer
        and the NIMS Insurer
        purchases the Mortgage Loans pursuant to Section 9.01 of the Pooling and
        Servicing Agreement, then an Additional Termination Event shall have occurred
        with respect to Counterparty and Counterparty shall be the sole Affected
        Party
        with respect to such Additional Termination Event; provided, however, that
        notwithstanding the provisions of Section 6(b)(iv) of the ISDA Form Master
        Agreement, either BSFP or Counterparty may designate an Early Termination
        Date
        (such date shall not be prior to the final Distribution Date under the Pooling
        and Servicing Agreement) in respect of this Additional Termination
        Event.

      

      (iv)  If,
        upon
        the occurrence of a Swap Disclosure Event (as defined in Section 18 below)
        BSFP
        has not, within ten (10) Business Days after such Swap Disclosure Event complied
        with any of the provisions set forth in Section 17 below, then an Additional
        Termination Event shall have occurred with respect to BSFP and BSFP shall
        be the
        sole Affected Party with respect to such Additional Termination
        Event.

      

      16)
        Amendment
        to the ISDA Form Master Agreement.
        The
“Failure
        to Pay or Deliver”
        provision in Section 5(a)(i) is hereby amended by deleting the word “third” in
        the third line thereof and inserting the word “second” in place
        thereof.

      

      17)
        Rating
        Agency Downgrade.
        In the
        event that BSFP’s long-term unsecured and unsubordinated debt rating is reduced
        below “AA-” by S&P or its long-term unsecured and unsubordinated debt rating
        is withdrawn or reduced below “Aa3” by Moody’s (and together with S&P, the
“Swap Rating Agencies”, and such rating thresholds, “Approved Rating Thresholds”
and such a downgrade, a “First Level Downgrade”), then within 30 days after such
        rating withdrawal or downgrade (unless, within 30 days after such withdrawal
        or
        downgrade, each such Swap Rating Agency, as applicable, has reconfirmed the
        rating of the Certificates and any Notes, which was in effect immediately
        prior
        to such withdrawal or downgrade), BSFP shall, at its own expense, subject
        to the
        Rating Agency Condition, either (i) seek another entity to replace BSFP 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, BSFP’s obligations under this Agreement. BSFP’s failure to do any of the
        foregoing shall, constitute an Additional Termination Event with BSFP as
        the
        Affected Party. In the event that BSFP’s long-term unsecured and unsubordinated
        debt rating is withdrawn or reduced below “BBB-” by S&P (such a downgrade, a
“Second Level Downgrade”), then within 10 Business Days after such rating
        withdrawal or downgrade, BSFP shall, subject to the Rating Agency Condition
        and
        at its own expense, either (i) secure another entity to replace BSFP 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, BSFP’s obligations under this Agreement. For purposes of this Agreement,
        the occurrence of either a First Level Downgrade or a Second Level Downgrade
        may
        be referred to as a “Rating Agency Downgrade”. 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 any Notes 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
        and any
        Notes.

      

      18)
        Compliance with Regulation AB. 

      

      (i) BSFP
        agrees and acknowledges that Mortgage Asset Securitization Transactions,
        Inc.
        (“MASTR”) 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
        BSFP or its group of affiliated entities, if applicable, depending on the
        aggregate “significance percentage” of this Agreement and any other derivative
        contracts between BSFP 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, MASTR requests from BSFP the applicable financial
        information described in Item 1115 of Regulation AB (such request to be based
        on
        a reasonable determination by MASTR, in good faith, that such information
        is
        required under Regulation AB) (the “Swap Financial Disclosure”).

      

      (iii) Upon
        the
        occurrence of a Swap Disclosure Event, BSFP, at its own expense, shall (1)
        (a)
        either (i) provide to MASTR the current Swap Financial Disclosure in an
        EDGAR-compatible format (for example, such information may be provided in
        Microsoft Word® or Microsoft Excel® format but not in .pdf format) or (ii)
        provide written consent to MASTR to
        incorporation by reference of such current Swap Financial Disclosure as are
        filed with the Securities and Exchange Commission in the reports of the Trust
        filed pursuant to the Exchange Act, (b) if applicable, cause its outside
        accounting firm to provide its consent to filing or incorporation by reference
        of such accounting firm’s report relating to their audits of such current Swap
        Financial Disclosure in the Exchange Act Reports of MASTR, and (c) provide
        to
        MASTR any
        updated Swap Financial Disclosure with respect to BSFP or any entity that
        consolidates BSFP within five days of the release of any such updated Swap
        Financial Disclosure; , (2) secure another entity to replace BSFP as party
        to
        this Agreement on terms substantially similar to this Agreement and subject
        to
        prior notification to the Swap Rating Agencies, which entity (or a guarantor
        therefor) meets or exceeds the 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 (3) obtain a guaranty of the
        BSFP’s obligations under this Agreement from an affiliate of the BSFP 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) BSFP
        agrees that, in the event that BSFP provides Swap Financial Disclosure to
        MASTR
        in accordance with clause (iii)(a) of paragraph 18 or causes its affiliate
        to
        provide Swap Financial Disclosure to MASTR in accordance with clause (iii)(c)
        of
        paragraph 18, it will indemnify and hold harmless MASTR, its respective
        directors or officers and any person controlling MASTR, 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 required to be stated therein or necessary
        to make the statements therein, in light of the circumstances under which
        they
        were made, not misleading.

      

      19)
        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 S&P and
        Moody’s has been provided notice of the same and each of S&P and Moody’s
        confirms in writing (including by facsimile transmission) that it will not
        downgrade, qualify, withdraw or otherwise modify its then-current rating
        of the
        Certificates or Notes.

       

      20)
        Non-Recourse.
        Notwithstanding any provision herein or in the ISDA Form Master Agreement
        to the
        contrary, the obligations of Counterparty hereunder are limited recourse
        obligations of Counterparty, payable solely from the Swap Account and the
        proceeds thereof, in accordance with the terms of the Pooling and Servicing
        Agreement. In the event that the Swap Account and proceeds thereof should
        be
        insufficient to satisfy all claims outstanding and following the realization
        of
        the Swap Account and the proceeds thereof, any claims against or obligations
        of
        Counterparty under the ISDA Form Master Agreement or any other confirmation
        thereunder still outstanding shall be extinguished and thereafter not revive.
        The Supplemental Interest Trust Trustee shall not have liability for any
        failure
        or delay in making a payment hereunder to BSFP due to any failure or delay
        in
        receiving amounts in the Swap Account from the Trust created pursuant to
        the
        Pooling and Servicing Agreement.

      

      

      
        	 	 	
                NEITHER
                  THE BEAR STEARNS COMPANIES INC. NOR ANY SUBSIDIARY OR AFFILIATE
                  OF THE
                  BEAR STEARNS COMPANIES INC. OTHER THAN BSFP IS AN OBLIGOR OR A
                  CREDIT
                  SUPPORT PROVIDER ON THIS
                  AGREEMENT.

              

      

      

      5. Account
        Details and

      Settlement
        Information:                             
Payments
        to BSFP:

      
        	 	 	
                  
                  Citibank, N.A., New York

              

      

        
        ABA Number: 021-0000-89, for the account of

        
        Bear, Stearns Securities Corp.

        
        Account Number: 0925-3186, for further credit to

      Bear
        Stearns Financial Products Inc.

        
        Sub-account Number: 102-04654-1-3

      Attention:
        Derivatives Department 

       

      
        	 	 	 	 	 	
                Payments
                  to Counterparty:

              

      

        
        Wells Fargo Bank, N.A.

        
        San Francisco, CA

        
        ABA Number: 121-000-248

        
        Account Number: 3970771416

        
        Account Name: Corporate Trust Clearing

        
        FFC: 50921502

      

      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.

      

      Counterparty
        hereby agrees to check this Confirmation and to confirm that the foregoing
        correctly sets forth the terms of the Transaction by signing in the space
        provided below and returning to BSFP a facsimile of the fully-executed
        Confirmation to 212-272-9857.
        For
        inquiries regarding U.S. Transactions, please contact
        Susan Donlon
        by
        telephone at 212-272-2364.
        For all
        other inquiries please contact Derivatives
        Documentation by
        telephone at 353-1-402-6233.
        Originals will be provided for your execution upon your
        request.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      We
        are
        very pleased to have executed this Transaction with you and we look forward
        to
        completing other transactions with you in the near future.

      

      Very
        truly yours,

      

      BEAR
        STEARNS FINANCIAL PRODUCTS INC.

      

      

      By: _
        _____________________________________ 

      Name: 

      Title:     

      

      

      Counterparty,
        acting through its duly authorized signatory, hereby agrees to, accepts and
        confirms the terms of the foregoing as of the Trade Date.

      

      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-FRE2, MORTGAGE PASS-THROUGH CERTIFICATES, SERIES
        2006-FRE2

      

      

      By: ___
        ___________________________________
        

                 
        Name: 

      Title:

      

      

      

      lm/am

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      SCHEDULE
        I

      (all
        such
        dates subject to adjustment in accordance with the Business Day
        Convention)

      

      
        	
                From
                  and including

              	
                To
                  but excluding

              	
                Notional
                  Amount

                (USD)

              
	
                Effective
                  Date

              	
                6/25/2006

              	
                0.00

              
	
                6/25/2006

              	
                7/25/2006

              	
                5,244.00

              
	
                7/25/2006

              	
                8/25/2006

              	
                11,604.00

              
	
                8/25/2006

              	
                9/25/2006

              	
                19,048.00

              
	
                9/25/2006

              	
                10/25/2006

              	
                27,536.00

              
	
                10/25/2006

              	
                11/25/2006

              	
                37,000.00

              
	
                11/25/2006

              	
                12/25/2006

              	
                47,364.00

              
	
                12/25/2006

              	
                1/25/2007

              	
                58,516.00

              
	
                1/25/2007

              	
                2/25/2007

              	
                70,324.00

              
	
                2/25/2007

              	
                3/25/2007

              	
                80,940.00

              
	
                3/25/2007

              	
                4/25/2007

              	
                90,452.00

              
	
                4/25/2007

              	
                5/25/2007

              	
                98,936.00

              
	
                5/25/2007

              	
                6/25/2007

              	
                106,464.00

              
	
                6/25/2007

              	
                7/25/2007

              	
                113,112.00

              
	
                7/25/2007

              	
                8/25/2007

              	
                118,936.00

              
	
                8/25/2007

              	
                9/25/2007

              	
                124,008.00

              
	
                9/25/2007

              	
                10/25/2007

              	
                128,372.00

              
	
                10/25/2007

              	
                11/25/2007

              	
                132,088.00

              
	
                11/25/2007

              	
                12/25/2007

              	
                135,244.00

              
	
                12/25/2007

              	
                1/25/2008

              	
                148,364.00

              
	
                1/25/2008

              	
                2/25/2008

              	
                157,616.00

              
	
                2/25/2008

              	
                3/25/2008

              	
                163,676.00

              
	
                3/25/2008

              	
                4/25/2008

              	
                167,072.00

              
	
                4/25/2008

              	
                5/25/2008

              	
                168,276.00

              
	
                5/25/2008

              	
                6/25/2008

              	
                165,820.00

              
	
                6/25/2008

              	
                7/25/2008

              	
                163,140.00

              
	
                7/25/2008

              	
                8/25/2008

              	
                160,260.00

              
	
                8/25/2008

              	
                9/25/2008

              	
                157,236.00

              
	
                9/25/2008

              	
                10/25/2008

              	
                154,068.00

              
	
                10/25/2008

              	
                11/25/2008

              	
                150,792.00

              
	
                11/25/2008

              	
                12/25/2008

              	
                147,424.00

              
	
                12/25/2008

              	
                1/25/2009

              	
                143,984.00

              
	
                1/25/2009

              	
                2/25/2009

              	
                140,496.00

              
	
                2/25/2009

              	
                3/25/2009

              	
                136,976.00

              
	
                3/25/2009

              	
                4/25/2009

              	
                133,436.00

              
	
                4/25/2009

              	
                5/25/2009

              	
                129,888.00

              
	
                5/25/2009

              	
                6/25/2009

              	
                126,340.00

              
	
                6/25/2009

              	
                7/25/2009

              	
                122,808.00

              
	
                7/25/2009

              	
                8/25/2009

              	
                119,296.00

              
	
                8/25/2009

              	
                9/25/2009

              	
                115,816.00

              
	
                9/25/2009

              	
                10/25/2009

              	
                112,376.00

              
	
                10/25/2009

              	
                11/25/2009

              	
                108,980.00

              
	
                11/25/2009

              	
                12/25/2009

              	
                105,636.00

              
	
                12/25/2009

              	
                1/25/2010

              	
                102,340.00

              
	
                1/25/2010

              	
                2/25/2010

              	
                99,104.00

              
	
                2/25/2010

              	
                3/25/2010

              	
                95,928.00

              
	
                3/25/2010

              	
                4/25/2010

              	
                92,816.00

              
	
                4/25/2010

              	
                5/25/2010

              	
                89,772.00

              
	
                5/25/2010

              	
                6/25/2010

              	
                86,796.00

              
	
                6/25/2010

              	
                7/25/2010

              	
                83,888.00

              
	
                7/25/2010

              	
                8/25/2010

              	
                81,052.00

              
	
                8/25/2010

              	
                9/25/2010

              	
                78,288.00

              
	
                9/25/2010

              	
                10/25/2010

              	
                75,596.00

              
	
                10/25/2010

              	
                11/25/2010

              	
                72,976.00

              
	
                11/25/2010

              	
                12/25/2010

              	
                70,428.00

              
	
                12/25/2010

              	
                1/25/2011

              	
                67,952.00

              
	
                1/25/2011

              	
                2/25/2011

              	
                65,544.00

              
	
                2/25/2011

              	
                3/25/2011

              	
                63,212.00

              
	
                3/25/2011

              	
                4/25/2011

              	
                60,948.00

              
	
                4/25/2011

              	
                Termination
                  Date

              	
                58,752.00

              

      

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      L

     

    ANNUAL
      STATEMENT OF COMPLIANCE PURSUANT TO SECTION 3.20

     

    MASTR
      ASSET BACKED SECURITIES TRUST 2006-FRE2, 

     

    MORTGAGE
      PASS-THROUGH CERTIFICATES

     

    I,
      _____________________, hereby certify that I am a duly appointed
      __________________________ of Wells Fargo Bank, N.A. (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 May 1, 2006 (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc., as depositor, Wells Fargo Bank, N.A. as
      the
      master servicer and the trust administrator, the Servicer and U.S. Bank National
      Association, as trustee and custodian.

     

    2. The
      undersigned officer of the Servicer hereby certifies that (i) a review of the
      activities of the Servicer during the preceding calendar year and of performance
      under the Agreement has been made under such officers’ supervision and (ii) to
      the best of such officers’ knowledge, based on such review, the Servicer has
      fulfilled all of its obligations under the Agreement in all material respects
      throughout such year.

     

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

     

    Dated:
      _____________, 2006

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Certificate as of
      _____________.

     

    
      	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    I,
      _________________________, a (an) __________________ of the Servicer, hereby
      certify that _________________ is a duly elected, qualified, and acting
      _______________________ of the Servicer and that the signature appearing above
      is his/her genuine signature.

     

    IN
      WITNESS WHEREOF, the undersigned has executed this Certificate as of
      ______________.

     

    
      	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      M

     

    FORM
      OF
      INTEREST RATE SWAP AGREEMENT

     

     

    

      [BEAR
        STEARNS LOGO]

      BEAR
        STEARNS FINANCIAL PRODUCTS INC.

      383
        MADISON AVENUE

      NEW
        YORK,
        NEW YORK 10179

      212-272-4009

      

      

      

      

      DATE:                                                  
        May
        30,
        2006

         

      
        	
                TO:

              	 	 	
                Wells
                  Fargo Bank, N.A., not individually, but solely as Supplemental
                  Trust
                  Trustee on behalf of the Supplemental Interest Trust 

                for
                  the MASTR Asset Backed Securities Trust 2006-FRE2, Mortgage Pass-Through
                  Certificates, Series 2006-FRE2

              

      

      ATTENTION:                                      
        Client
        Manager - MABS 2006-FRE2  

      TELEPHONE:                                     
        410-884-2000   

      FACSIMILE:                                        410-715-2380

       

      FROM:                                                 
        Derivatives
        Documentation

      TELEPHONE:                                     
        212-272-2711
        

      FACSIMILE:                                       
        212-272-9857
        

      

      SUBJECT:                                           
        Fixed
        Income Derivatives Confirmation and Agreement 

      

      REFERENCE
        NUMBER:                   
FXNSC8267

      

      The
        purpose of this letter agreement ("Agreement") is to confirm the terms and
        conditions of the current Transaction entered into on the Trade Date specified
        below (the "Current Transaction") between Bear Stearns Financial Products
        Inc.
        ("BSFP") and Wells Fargo Bank, N.A., not individually, but solely as
        Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
        Trust
        for MASTR Asset Backed Securities Trust 2006-FRE2, Mortgage Pass-Through
        Certificates, Series 2006-FRE2 ("Counterparty") under the Pooling and Servicing
        Agreement, dated as of May 1, 2006, among Wells Fargo Bank, N.A., as Master
        Servicer, Servicer and Trust Administrator, Mortgage Asset Securitization
        Transactions, Inc., as Depositor and U.S. Bank National Association, as Trustee
        (the “Trustee”) (the “Pooling and Servicing Agreement”). This letter agreement
        constitutes the sole and complete "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.

      

      Trade
        Date:                                              
May
        17,
        2006

      

      Effective
        Date:                                         
May
        30,
        2006

      

      Termination
        Date:                                  
May
        25,
        2011, provided, however, for the purposes of determining the Floating Amount
        to
        be paid in respect of the final Calculation Period, such date shall be subject
        to adjustment in accordance with the Business Day Convention.

      

      Fixed
        Amount: 

      

      
        	 	 	
                Fixed
                  Rate Payer:

              	
                Counterparty

              

      

      

      Fixed
        Rate Payer

      Period
        End
        Dates:                      
The
        25th
        calendar
        day of each month during the Term of this Transaction, commencing June 25,
        2006,
        and ending on the Termination Date, with No Adjustment.

      

      Fixed
        Rate Payer 

      Payment
        Dates:                           
Early
        Payment shall be applicable. The Fixed Rate Payer Payment Date shall be one
        Business Day prior to each Fixed Rate Payer Period End Date.

      

      
        	 	 	
                Fixed
                  Rate:

              	
                5.10000%

              

      

      

      Fixed
        Amount:                             
To
        be
        determined in accordance with the following Formula: 

      

                                                     
        250*Fixed Rate*Notional Amount*Fixed Rate Day Count Fraction

      

      Fixed
        Rate Day 

      
        	 	 	
                Count
                  Fraction:

              	
                30/360

              

      

       

      

      Floating
        Amounts: 

      

      Floating
        Rate
        Payer:                   
BSFP

      

      Floating
        Rate Payer

      Period
        End
        Dates:                      
The
        25th
        calendar
        day of each month during
        the Term
        of
        this Transaction, commencing June 25, 2006, and ending on the Termination
        Date,
        subject to adjustment in accordance with the Business Day
        Convention.

       

      Floating
        Rate Payer 

      Payment
        Dates:                                      
Early
        Payment shall be applicable. The Floating Rate Payer Payment Date shall be
        one
        Business Day prior to each Floating Rate Payer Period End Date.

      

      Floating
        Rate for initial

      
        	 	 	
                Calculation
                  Period:

              	
                To
                  be determined.

              

      

      

      
        	 	 	
                Floating
                  Rate Option:

              	
                USD-LIBOR-BBA

              

      

       

      Floating
        Amount:                        
To
        be
        determined in accordance with the following Formula: 

      

                                                     
        250*Floating Rate Option*Notional Amount*Floating Rate Day Count
        Fraction

      

      Designated
        Maturity:                  One
        month

      

      
        	 	 	
                Spread:

              	
                None

              

      

      

      Floating
        Rate Day 

      Count
        Fraction:                           
Actual/360

      

      Reset
        Dates:                                 
The
        first
        day of each Calculation Period.

      

      Compounding:                             
        Inapplicable

      

      Business
        Days:                                       
New
        York

      

      Business
        Day
        Convention:                   
Modified
        Following

       

      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. This paragraph shall be deemed repeated on the
        trade
        date of each Transaction.

      

      
        	
                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.
        Notwithstanding the provisions of paragraph 9 below, for purposes of the
        ISDA
        Form Master Agreement:

      

      (a) "Specified
        Entity" is not applicable to BSFP or Counterparty for any purpose. 

      

      (b) “Breach
        of Agreement” provision of Section 5(a)(ii) will not apply to BSFP or
        Counterparty.

      

      
        	
                (c)

              	
                “Credit
                  Support Default” provisions of Section 5(a)(iii) will not apply to
                  Counterparty and will not apply to BSFP unless BSFP has obtained
                  a
                  guarantee or other contingent agreement pursuant to paragraph 16
                  below.

              

      

      

      (d) “Misrepresentation”
        provisions or Section 5(a)(iv) will not apply to BSFP or
        Counterparty.

      

      (e) "Specified
        Transaction" is not applicable to BSFP or Counterparty for any purpose, and,
        accordingly, Section 5(a)(v) shall not apply to BSFP or
        Counterparty.

      

      (f) The
        "Cross Default" provisions of Section 5(a)(vi) will not apply to BSFP or
        to
        Counterparty. 

      

      (g) The
        "Credit Event Upon Merger" provisions of Section 5(b)(iv) will not apply
        to BSFP
        or Counterparty.

      

      (h)
         The
        “Bankruptcy” provision of Section 5(a)(vii)(2) will be inapplicable to
        Counterparty.

      

      (i) The
        "Automatic Early Termination" provision of Section 6(a) will not apply to
        BSFP
        or to Counterparty.

      

      (j) 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. 

      

      (k) "Termination
        Currency" means United States Dollars. 

      

      3)
        Tax
        Representations. 

      

      (a)
        Payer
        Representations. For the purpose of Section 3(e) of the ISDA Form Master
        Agreement, each of BSFP and the Counterparty will 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 this Agreement;

      

      (ii) the
        satisfaction of the agreement contained in Sections 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 Sections 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) of the ISDA Form Master Agreement by reason of material
        prejudice to its legal or commercial position. 

      

      (b)
        Payee
        Representations. For the purpose of Section 3(f) of the ISDA Form Master
        Agreement, each of BSFP and the Counterparty make the following representations.
        

       

      The
        following representation will apply to BSFP: 

      

      BSFP
        is a
        corporation organized under the laws of the State of Delaware and its U.S.
        taxpayer identification number is 13-3866307. 

      

      The
        following representation will apply to the Counterparty: 

      

      Counterparty
        represents that it is the Supplemental Interest Trust Trustee on behalf of
        the
        Supplemental Interest Trust under the Pooling and Servicing
        Agreement.

      

      4)
        Tax
        Event. 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)
        Documents
        to be Delivered.
        For the
        purpose of Section 4(a) of the ISDA Form Master Agreement:

      

      (1) Tax
        forms, documents, or certificates to be delivered are:

      

      
        	
                Party
                  required to deliver document

              	
                Form/Document/

                Certificate

              	
                Date
                  by which to

                be
                  delivered

              
	
                BSFP
                  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

              
	
                BSFP
                  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

              
	
                BSFP
                  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

              
	
                Counterparty
                  

              	
                An
                  executed copy of the Pooling and Servicing Agreement

              	
                Within
                  30 days after the date of this Agreement.

              	
                No

              

      

      

      

      

      6)
        Miscellaneous.
        Miscellaneous

      

      
        	
                (a)

              	
                Address
                  for Notices:          
                  For the purposes of Section 12(a) of the ISDA Form Master
                  Agreement:

              

      

      

      Address
        for notices or communications to BSFP:

      

      Address:               
        383
        Madison Avenue, New York, New York 10179

      Attention:             
        DPC
        Manager

      Facsimile:              
        (212)
        272-5823

      

      with
        a
        copy to:

      

      Address:               
        One
        Metrotech Center North, Brooklyn, New York 11201

      Attention:             
        Derivative
        Operations - 7th Floor

      Facsimile:              
        (212)
        272-1634

      

      (For
        all
        purposes)

      

      Address
        for notices or communications to the Counterparty:

      

      Address:               
        Wells
        Fargo Bank, N.A.  

                                     
        9062 Old Annapolis Road

      
        	 	 	 	
                Columbia,
                  Maryland 21045

              

      

      Attention:             
        Client
        Manager - MABS 2006-FRE2

      Facsimile:              
        410-884-2380

      
        	 	
                Phone:

              	 	
                410-884-2000

              

      

      

      (For
        all
        purposes)

      

      (b) Process
        Agent. For the purpose of Section 13(c) of the ISDA Form Master
        Agreement:

      

      BSFP
        appoints as its 

      Process
        Agent:   Not
        Applicable

      

      The
        Counterparty appoints as its 

      Process
        Agent:  Not
        Applicable

      

      (c) Offices.
        The provisions of Section 10(a) of the ISDA Form Master Agreement will not
        apply
        to this Agreement; neither BSFP nor the Counterparty have any Offices other
        than
        as set forth in the Notices Section and BSFP agrees that, for purposes of
        Section 6(b) of the ISDA Form Master Agreement, it shall not in future have
        any
        Office other than one in the United States.

      

      
        	
                (d)

              	
                Multibranch
                  Party. For the purpose of Section 10(c) of the ISDA Form Master
                  Agreement:

              

      

      

      BSFP
        is
        not a Multibranch Party.

      

      
        	 	
                The
                  Counterparty is not a Multibranch
                  Party.

              

      

      

      
        	(e)         
                 	
                Calculation
                  Agent. The Calculation Agent is
                  BSFP.

              

      

      

      (f)           
        Credit
        Support Document. 

       

      BSFP:
        Not
        applicable, except for any guarantee or contingent agreement
        delivered pursuant
        to paragraph 16 below.

      

      The
        Counterparty: Not Applicable

      

      
        	
                (g)

              	
                Credit
                  Support Provider.

              

      

      

      BSFP: Not
        Applicable for BSFP for so long as no Credit Support Document is delivered
        under
        paragraph 16 below, otherwise, 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 the
        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.

      

      7)
        "Affiliate". Each of BSFP and Counterparty shall be deemed not to have any
        Affiliates for purposes of this Agreement, including for purposes of Section
        6(b)(ii) of the ISDA Form Master 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)   BSFP
        is
        acting for its own account and Wells Fargo Bank, N.A., is acting as Trustee
        on
        behalf of the Supplemental Interest Trust under the Pooling and Servicing
        Agreement, and not for its own account. Each Party has made its own independent
        decisions to enter into this Transaction and as to whether this Transaction
        is
        appropriate or proper for it based upon its own judgment and upon advice
        from
        such advisors as it has deemed necessary. It 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
        explanations related to the terms and conditions of this Transaction shall
        not
        be considered investment advice or a recommendation to enter into this
        Transaction. It has not received from the other party any assurance or guarantee
        as to the expected results of this Transaction.

      

      
        	 	
                (ii)

              	
                It
                  is capable of evaluating and understanding (on its own behalf or
                  through
                  independent professional advice), and understands and accepts,
                  the terms,
                  conditions and risks of this Transaction. It is also capable of
                  assuming,
                  and assumes, the financial and other risks of this
                  Transaction.

              

      

      

      (iii)
        The
        other party is not acting as an agent or fiduciary or an advisor for it in
        respect of this Transaction.

       

      (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.” 

       

      9)
        Pooling and Servicing Agreement. BSFP 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 the Pooling and
        Servicing Agreement and BSFP’s right to receive payment of such amounts shall be
        subject to the Pooling and Servicing Agreement.

      

      10)
        Trustee
        Capacity.
        Supplemental Interest Trust Trustee Liability Limitations. It is expressly
        understood and agreed by the parties hereto that (a) this Agreement is executed
        and delivered by Wells Fargo Bank, N.A. (“Wells”), not individually or
        personally but solely as trustee on behalf of the Supplemental Interest Trust,
        (b) 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 of Wells but is made and intended for the purpose
        of
        binding only the Counterparty, (c) nothing herein contained shall be construed
        as imposing any liability upon Wells, 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; provided that nothing in this paragraph
        shall relieve Wells from performing its duties and obligations under the
        Pooling
        and Servicing Agreement in accordance with the standard of care set forth
        therein, (d) under no circumstances shall Wells be personally liable for
        the
        payment of any indebtedness or expenses of the Counterparty or be liable
        for the
        breach or failure of any obligation, representation, warranty or covenant
        made
        or undertaken by the Counterparty under this Agreement or any other related
        documents, other than due to its negligence or willful misconduct in performing
        the obligations of the Supplemental Interest Trust Trustee under the Pooling
        and
        Servicing Agreement, (e) any resignation or removal of Wells as trustee on
        behalf of the Supplemental Interest Trust shall require the assignment of
        this
        agreement to Wells’ replacement, and (f) Wells has been directed, pursuant to
        the Pooling and Servicing Agreement, to enter into this Agreement and to
        perform
        its obligations hereunder.

      

      11)
        Proceedings. 
        BSFP
        shall not institute against or cause any other person to institute against,
        or
        join any other person in instituting against, Mortgage Asset Securitization
        Transactions, Inc. or MASTR Asset Backed Securities Trust 2006-FRE2, Mortgage
        Pass-Through Certificates, Series 2006-FRE2 or the trust created pursuant
        to the
        Pooling and Servicing Agreement, any bankruptcy, reorganization, arrangement,
        insolvency or liquidation proceedings, or other proceedings under any federal
        or
        state bankruptcy, dissolution or similar law, for a period of one year and
        one
        day (or, if longer, the applicable preference period) following indefeasible
        payment in full of the MASTR Asset Backed Securities Trust 2006-FRE2, Mortgage
        Pass-Through Certificates, Series 2006-FRE2 (the “Certificates”) and any notes
        backed by the Certificates (the “Notes”).

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      12)
        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 ISDA Form Master Agreement shall
        not
        apply for purposes of this Transaction.

      

      13)
        Third
        party Beneficiary. MASTR
        shall be an express third party beneficiary of this Agreement as if a party
        hereto to the extent of MASTR’s rights explicitly specified herein.

      

      

      14)
        Additional
        Termination Events.
        The
        following Additional Termination Events will apply: 

      

      (i) If
        a
        Rating Agency Downgrade has occurred and BSFP has not complied with Section
        16
        below, then an Additional Termination Event shall have occurred with respect
        to
        BSFP and BSFP shall be the sole Affected Party with respect to such Additional
        Termination Event.

      

      (ii) 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, then an
        Additional Termination Event shall have occurred with respect to Counterparty
        and Counterparty shall be the sole Affected Party with respect to such
        Additional Termination Event.

      

      (iii) If,
        at
        any time, the Majority Class CE, Certificateholder or the Servicer
        and the NIMS Insurer
        purchases the Mortgage Loans pursuant to Section 9.01 of the Pooling and
        Servicing Agreement, then an Additional Termination Event shall have occurred
        with respect to Counterparty and Counterparty shall be the sole Affected
        Party
        with respect to such Additional Termination Event; provided, however, that
        notwithstanding the provisions of Section 6(b)(iv) of the ISDA Form Master
        Agreement, either BSFP or Counterparty may designate an Early Termination
        Date
        (such date shall not be prior to the final Distribution Date under the Pooling
        and Servicing Agreement) in respect of this Additional Termination
        Event.

      

      (iv)  If,
        upon
        the occurrence of a Swap Disclosure Event (as defined in Section 17 below)
        BSFP
        has not, within ten (10) Business Days after such Swap Disclosure Event complied
        with any of the provisions set forth in Section 17 below, then an Additional
        Termination Event shall have occurred with respect to BSFP and BSFP shall
        be the
        sole Affected Party with respect to such Additional Termination
        Event.

      

      (v) The
        Pooling and Servicing Agreement shall not be amended or supplemented without
        the
        prior written consent of BSFP where such consent is required under the Pooling
        and Servicing Agreement, such consent not to be unreasonably withheld, if
        such
        amendment or supplement would have a materially adverse effect on BSFP
        (including, for the avoidance of doubt, resulting in BSFP’s receiving a lesser
        amount or being required to pay a greater amount pursuant to this Agreement
        than
        BSFP would have received or been required to pay in the absence of such
        amendment or supplemental agreement). Any amendment or supplement in violation
        of the preceding sentence shall constitute an Additional Termination Event
        hereunder, with respect to Counterparty and Counterparty shall be the sole
        Affected Party with respect to such Additional Termination Event. 

      

      15)
        Amendment
        to the ISDA Form Master Agreement.
        The
“Failure
        to Pay or Deliver”
        provision in Section 5(a)(i) is hereby amended by deleting the word “third” in
        the third line thereof and inserting the word “second” in place
        thereof.

      

      16)
        Rating
        Agency Downgrade.
        In the
        event that BSFP’s long-term unsecured and unsubordinated debt rating is reduced
        below “AA-” by S&P or its long-term unsecured and unsubordinated debt rating
        is withdrawn or reduced below “Aa3” by Moody’s (and together with S&P, the
“Swap Rating Agencies”, and such rating thresholds, “Approved Rating Thresholds”
and such a downgrade, a “First Level Downgrade”), then within 30 days after such
        rating withdrawal or downgrade (unless, within 30 days after such withdrawal
        or
        downgrade, each such Swap Rating Agency, as applicable, has reconfirmed the
        rating of the Certificates and any Notes, which was in effect immediately
        prior
        to such withdrawal or downgrade), BSFP shall, at its own expense, subject
        to the
        Rating Agency Condition, either (i) seek another entity to replace BSFP 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, BSFP’s obligations under this Agreement. BSFP’s failure to do any of the
        foregoing shall, constitute an Additional Termination Event with BSFP as
        the
        Affected Party. In the event that BSFP’s long-term unsecured and unsubordinated
        debt rating is withdrawn or reduced below “BBB-” by S&P (such a downgrade, a
“Second Level Downgrade”), then within 10 Business Days after such rating
        withdrawal or downgrade, BSFP shall, subject to the Rating Agency Condition
        and
        at its own expense, either (i) secure another entity to replace BSFP 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, BSFP’s obligations under this Agreement. For purposes of this Agreement,
        the occurrence of either a First Level Downgrade or a Second Level Downgrade
        may
        be referred to as a “Rating Agency Downgrade”. 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 any Notes 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
        and any
        Notes.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      17)
        Compliance with Regulation AB. 

      

      (i) BSFP
        agrees and acknowledges that Mortgage Asset Securitization Transactions,
        Inc.
        (“MASTR”) 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
        BSFP or its group of affiliated entities, if applicable, depending on the
        aggregate “significance percentage” of this Agreement and any other derivative
        contracts between BSFP 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, MASTR requests from BSFP the applicable financial
        information described in Item 1115 of Regulation AB (such request to be based
        on
        a reasonable determination by MASTR, in good faith, that such information
        is
        required under Regulation AB) (the “Swap Financial Disclosure”).

      

      (iii) Upon
        the
        occurrence of a Swap Disclosure Event, BSFP, at its own expense, shall 1(a)
        either (i) provide to MASTR the current Swap Financial Disclosure in an
        EDGAR-compatible format (for example, such information may be provided in
        Microsoft Word® or Microsoft Excel® format but not in .pdf format) or (ii)
        provide written consent to MASTR to
        incorporation by reference of such current Swap Financial Disclosure as are
        filed with the Securities and Exchange Commission in the reports of the Trust
        filed pursuant to the Exchange Act, (b) if applicable, cause its outside
        accounting firm to provide its consent to filing or incorporation by reference
        of such accounting firm’s report relating to their audits of such current Swap
        Financial Disclosure in the Exchange Act Reports of MASTR, and (c) provide
        to
        MASTR any
        updated Swap Financial Disclosure with respect to BSFP or any entity that
        consolidates BSFP within five days of the release of any such updated Swap
        Financial Disclosure; (2) secure another entity to replace BSFP as party
        to this
        Agreement on terms substantially similar to this Agreement and subject to
        prior
        notification to the Swap Rating Agencies, which entity (or a guarantor therefor)
        meets or exceeds the 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 (3) obtain a guaranty of the BSFP’s obligations
        under this Agreement from an affiliate of the BSFP 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) BSFP
        agrees that, in the event that BSFP provides Swap Financial Disclosure to
        MASTR
        in accordance with clause (iii)(a) of paragraph 17 or causes its affiliate
        to
        provide Swap Financial Disclosure to MASTR in accordance with clause (iii)(c)
        of
        paragraph 17, it will indemnify and hold harmless MASTR, its respective
        directors or officers and any person controlling MASTR, 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 required to be stated therein or necessary
        to make the statements therein, in light of the circumstances under which
        they
        were made, not misleading.

      

      18)
        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 S&P and
        Moody’s has been provided notice of the same and each of S&P and Moody’s
        confirms in writing (including by facsimile transmission) that it will not
        downgrade, qualify, withdraw or otherwise modify its then-current rating
        of any
        Certificates or Notes.

       

      19)
        Non-Recourse.
        Notwithstanding any provision herein or in the ISDA Form Master Agreement
        to the
        contrary, the obligations of Counterparty hereunder are limited recourse
        obligations of Counterparty, payable solely from the Swap Account and the
        proceeds thereof, in accordance with the terms of the Pooling and Servicing
        Agreement. In the event that the Swap Account and proceeds thereof should
        be
        insufficient to satisfy all claims outstanding and following the realization
        of
        the Swap Account and the proceeds thereof, any claims against or obligations
        of
        Counterparty under the ISDA Form Master Agreement or any other confirmation
        thereunder still outstanding shall be extinguished and thereafter not revive.
        The Supplemental Interest Trust Trustee shall not have liability for any
        failure
        or delay in making a payment hereunder to BSFP due to any failure or delay
        in
        receiving amounts in the Swap Account from the Trust created pursuant to
        the
        Pooling and Servicing Agreement.

      

      
        	 	 	
                NEITHER
                  THE BEAR STEARNS COMPANIES INC. NOR ANY SUBSIDIARY OR AFFILIATE
                  OF THE
                  BEAR STEARNS COMPANIES INC. OTHER THAN BSFP IS AN OBLIGOR OR A
                  CREDIT
                  SUPPORT PROVIDER ON THIS
                  AGREEMENT.

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      5. Account
        Details and

      Settlement
        Information:           
        Payments
        to BSFP:

      
        	 	 	
                   
                  Citibank, N.A., New York

              

      

         
        ABA Number: 021-0000-89, for the account of

         
        Bear, Stearns Securities Corp.

         
        Account Number: 0925-3186, for further credit to

      Bear
        Stearns Financial Products Inc.

         
        Sub-account Number: 102-04654-1-3

      Attention:
        Derivatives Department 

       

      
        	 	 	 	 	 	
                Payments
                  to Counterparty:

              

      

         
        Wells Fargo Bank, N.A.

         
        San Francisco, CA

         
        ABA Number: 121-000-248

         
        Account Number: 3970771416

         
        Account Name: Corporate Trust Clearing

         
        FFC: 50921501

      

      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.

      

      Counterparty
        hereby agrees to check this Confirmation and to confirm that the foregoing
        correctly sets forth the terms of the Transaction by signing in the space
        provided below and returning to BSFP a facsimile of the fully-executed
        Confirmation to 212-272-9857.
        For
        inquiries regarding U.S. Transactions, please contact
        Susan Donlon
        by
        telephone at 212-272-2364.
        For all
        other inquiries please contact Derivatives
        Documentation by
        telephone at 353-1-402-6233.
        Originals will be provided for your execution upon your
        request.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      We
        are
        very pleased to have executed this Transaction with you and we look forward
        to
        completing other transactions with you in the near future.

      

      Very
        truly yours,

      

      BEAR
        STEARNS FINANCIAL PRODUCTS INC.

      

      

      

      By: _
        _____________________________________ 

      Name: 

      Title:     

      

      

      Counterparty,
        acting through its duly authorized signatory, hereby agrees to, accepts and
        confirms the terms of the foregoing as of the Trade Date.

      

      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-FRE2, MORTGAGE PASS-THROUGH CERTIFICATES, SERIES
        2006-FRE2

      

      

      By: ___
        ___________________________________
        

                 
        Name: 

      Title:

      

      

      

      lm/am

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      SCHEDULE
        I

      (all
        such
        dates subject to adjustment in accordance with the Business Day
        Convention)

      

      
        	
                From
                  and including

              	
                To
                  but excluding

              	
                Notional
                  Amount

                (USD)

              
	
                Effective
                  Date

              	
                6/25/2006

              	
                3,499,164.00

              
	
                6/25/2006

              	
                7/25/2006

              	
                3,439,764.00

              
	
                7/25/2006

              	
                8/25/2006

              	
                3,368,424.00

              
	
                8/25/2006

              	
                9/25/2006

              	
                3,285,376.00

              
	
                9/25/2006

              	
                10/25/2006

              	
                3,190,864.00

              
	
                10/25/2006

              	
                11/25/2006

              	
                3,085,360.00

              
	
                11/25/2006

              	
                12/25/2006

              	
                2,969,344.00

              
	
                12/25/2006

              	
                1/25/2007

              	
                2,843,536.00

              
	
                1/25/2007

              	
                2/25/2007

              	
                2,708,716.00

              
	
                2/25/2007

              	
                3/25/2007

              	
                2,580,324.00

              
	
                3/25/2007

              	
                4/25/2007

              	
                2,458,060.00

              
	
                4/25/2007

              	
                5/25/2007

              	
                2,341,632.00

              
	
                5/25/2007

              	
                6/25/2007

              	
                2,230,760.00

              
	
                6/25/2007

              	
                7/25/2007

              	
                2,125,176.00

              
	
                7/25/2007

              	
                8/25/2007

              	
                2,024,628.00

              
	
                8/25/2007

              	
                9/25/2007

              	
                1,928,872.00

              
	
                9/25/2007

              	
                10/25/2007

              	
                1,837,684.00

              
	
                10/25/2007

              	
                11/25/2007

              	
                1,750,840.00

              
	
                11/25/2007

              	
                12/25/2007

              	
                1,667,860.00

              
	
                12/25/2007

              	
                1/25/2008

              	
                1,501,836.00

              
	
                1/25/2008

              	
                2/25/2008

              	
                1,353,404.00

              
	
                2/25/2008

              	
                3/25/2008

              	
                1,220,824.00

              
	
                3/25/2008

              	
                4/25/2008

              	
                1,102,200.00

              
	
                4/25/2008

              	
                5/25/2008

              	
                996,140.00

              
	
                5/25/2008

              	
                6/25/2008

              	
                940,608.00

              
	
                6/25/2008

              	
                7/25/2008

              	
                888,260.00

              
	
                7/25/2008

              	
                8/25/2008

              	
                838,920.00

              
	
                8/25/2008

              	
                9/25/2008

              	
                792,456.00

              
	
                9/25/2008

              	
                10/25/2008

              	
                748,652.00

              
	
                10/25/2008

              	
                11/25/2008

              	
                707,344.00

              
	
                11/25/2008

              	
                12/25/2008

              	
                668,392.00

              
	
                12/25/2008

              	
                1/25/2009

              	
                631,656.00

              
	
                1/25/2009

              	
                2/25/2009

              	
                597,008.00

              
	
                2/25/2009

              	
                3/25/2009

              	
                564,356.00

              
	
                3/25/2009

              	
                4/25/2009

              	
                533,556.00

              
	
                4/25/2009

              	
                5/25/2009

              	
                504,496.00

              
	
                5/25/2009

              	
                6/25/2009

              	
                477,076.00

              
	
                6/25/2009

              	
                7/25/2009

              	
                451,200.00

              
	
                7/25/2009

              	
                8/25/2009

              	
                426,784.00

              
	
                8/25/2009

              	
                9/25/2009

              	
                403,752.00

              
	
                9/25/2009

              	
                10/25/2009

              	
                382,008.00

              
	
                10/25/2009

              	
                11/25/2009

              	
                361,484.00

              
	
                11/25/2009

              	
                12/25/2009

              	
                342,104.00

              
	
                12/25/2009

              	
                1/25/2010

              	
                323,808.00

              
	
                1/25/2010

              	
                2/25/2010

              	
                306,532.00

              
	
                2/25/2010

              	
                3/25/2010

              	
                290,216.00

              
	
                3/25/2010

              	
                4/25/2010

              	
                274,808.00

              
	
                4/25/2010

              	
                5/25/2010

              	
                260,252.00

              
	
                5/25/2010

              	
                6/25/2010

              	
                246,500.00

              
	
                6/25/2010

              	
                7/25/2010

              	
                233,508.00

              
	
                7/25/2010

              	
                8/25/2010

              	
                221,232.00

              
	
                8/25/2010

              	
                9/25/2010

              	
                209,632.00

              
	
                9/25/2010

              	
                10/25/2010

              	
                198,668.00

              
	
                10/25/2010

              	
                11/25/2010

              	
                188,304.00

              
	
                11/25/2010

              	
                12/25/2010

              	
                178,508.00

              
	
                12/25/2010

              	
                1/25/2011

              	
                169,244.00

              
	
                1/25/2011

              	
                2/25/2011

              	
                160,488.00

              
	
                2/25/2011

              	
                3/25/2011

              	
                152,200.00

              
	
                3/25/2011

              	
                4/25/2011

              	
                144,360.00

              
	
                4/25/2011

              	
                Termination
                  Date

              	
                136,948.00

              

      

      

      

    

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      N

     

    FORM
      OF
      SWAP ADMINISTRATION AGREEMENT

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      O

     

    SERVICING
      CRITERIA TO BE ADDRESSED

    IN
      ASSESSMENT OF COMPLIANCE

    Definitions

    Primary
      Servicer - transaction party having borrower contact

    Master
      Servicer - aggregator of pool assets

    Trust
      Administrator - waterfall calculator (may be the Trustee, or may be the Master
      Servicer)

    Back-up
      Servicer - named in the transaction (in the event a Back up Servicer becomes
      the
      Primary Servicer, follow Primary Servicer obligations)

    Custodian
      - safe keeper of pool assets

    Paying
      Agent - distributor of funds to ultimate investor 

    Trustee
      -
      fiduciary of the transaction

    

    Note:
      The
      definitions above describe the essential function that the party performs,
      rather than the party’s title. So, for example, in a particular transaction, the
      trustee may perform the “paying agent” and “securities administrator” functions,
      while in another transaction, the securities administrator may perform these
      functions.

    

    Where
      there are multiple checks for criteria the attesting party will identify in
      their management assertion that they are attesting only to the portion of the
      distribution chain they are responsible for in the related transaction
      agreements.

    

    Key: X
      - obligation

    [X]
      - under consideration for obligation

    

    

    
      	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Servicer

            	
              Wells
                Fargo

            	
              Custodian

            
	 	
              General
                Servicing Considerations

            	 	 	 
	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	
              X

            	
              X

            	 
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	
              X

            	
              X

            	 
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the Pool Assets are maintained. 

            	 	 	 
	
              1122(d)(1)(iv)

            	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements. 

            	
              X

            	
              X

            	 
	 	
              Cash
                Collection and Administration

            	 	 	 
	
              1122(d)(2)(i)

            	
              Payments
                on pool assets are deposited into the appropriate custodial bank
                accounts
                and related bank clearing accounts no more than two business days
                following receipt, or such other number of days specified in the
                transaction agreements. 

            	
              X

            	
              X

            	 
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel. 

            	
              X

            	
              X

            	 
	
              1122(d)(2)(iii)

            	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction agreements.
                

            	
              X

            	
              X

            	 
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of over collateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements. 

            	
              X

            	
              X

            	 
	
              1122(d)(2)(v)

            	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.
                

            	
              X

            	
              X

            	 
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized access.
                

            	
              X

            	
              X

            	 
	
              1122(d)(2)(vii)
                

            	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements. 

            	
              X

            	
              X

            	 
	 	
              Investor
                Remittances and Reporting

            	 	 	 
	
              1122(d)(3)(i)

            	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of Pool Assets serviced by the Servicer.
                

            	
              X

            	
              X

            	 
	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements. 

            	
              X

            	
              X

            	 
	
              1122(d)(3)(iii)

            	
              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements. 

            	
              X

            	
              X

            	 
	
              1122(d)(3)(iv)

            	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank statements.
                

            	
              X

            	
              X

            	 
	 	
              Pool
                Asset Administration

            	 	 	 
	
              1122(d)(4)(i)
                

            	
              Collateral
                or security on pool assets is maintained as required by the transaction
                agreements or related pool asset documents. 

            	
              X

            	 	
              X

            
	
              1122(d)(4)(ii)

            	
              Pool
                assets and related documents are safeguarded as required by the
                transaction agreements 

            	
              X

            	 	
              X

            
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements. 

            	
              X

            	 	 
	
              1122(d)(4)(iv)

            	
              Payments
                on pool assets, including any payoffs, made in accordance with the
                related
                pool asset documents are posted to the Servicer’s obligor records
                maintained no more than two business days after receipt, or such
                other
                number of days specified in the transaction agreements, and allocated
                to
                principal, interest or other items (e.g., escrow) in accordance with
                the
                related pool asset documents. 

            	
              X

            	 	 
	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the pool assets agree with the Servicer’s
                records with respect to an obligor’s unpaid principal balance.
                

            	
              X

            	 	 
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor's pool assets (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents. 

            	
              X

            	 	 
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements. 

            	
              X

            	 	 
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                pool
                asset is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent pool assets including, for example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or unemployment).
                

            	
              X

            	 	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for pool assets with variable
                rates
                are computed based on the related pool asset documents. 

            	
              X

            	 	 
	
              1122(d)(4)(x)

            	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s pool asset documents,
                on at least an annual basis, or such other period specified in the
                transaction agreements; (B) interest on such funds is paid, or credited,
                to obligors in accordance with applicable pool asset documents and
                state
                laws; and (C) such funds are returned to the obligor within 30 calendar
                days of full repayment of the related pool assets, or such other
                number of
                days specified in the transaction agreements. 

            	
              X

            	 	 
	
              1122(d)(4)(xi)

            	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements. 

            	
              X

            	 	 
	
              1122(d)(4)(xii)

            	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the Servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission. 

            	
              X

            	 	 
	
              1122(d)(4)(xiii)

            	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements. 

            	
              X

            	 	 
	
              1122(d)(4)(xiv)
                

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements. 

            	
              X

            	
              X

            	 
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements. 

            	 	
              X

            	 

    

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      P

    FORM
      10-D, FORM 8-K AND FORM 10-K

    REPORTING
      RESPONSIBILITY

    

    As
      to
      each item described below, the entity or entities indicated as the Responsible
      Party shall be primarily responsible for reporting the information to the Trust
      Administrator and the Depositor pursuant to Section 4.06(a)(iv). 

    

    Under
      Item 1 of Form 10-D: a) items marked “4.02 statement” are required to be
      included in the periodic Distribution Date statement under Section 4.02,
      provided by the Trust Administrator based on information received from the
      Master Servicer; and b) items marked “Form 10-D report” are required to be in
      the Form 10-D report but not the 4.02 statement, provided by the party
      indicated. Information under all other Items of Form 10-D is to be included
      in
      the Form 10-D report.

     

    

      
        	
                Form

              	
                Item

              	
                Description

              	
                Responsible
                  Party

              
	
                10-D

              	
                Must
                  be filed within 15 days of the Distribution Date.

              
	
                1

              	
                Distribution
                  and Pool Performance Information

                 

              	 
	
                Item
                  1121(a) - Distribution and Pool Performance Information

                 

              	 
	
                (1)
                  Any applicable record dates, accrual dates, determination dates
                  for
                  calculating distributions and actual distribution dates for the
                  distribution period.

                 

              	
                4.02
                  statement

              
	
                (2)
                  Cash flows received and the sources thereof for distributions,
                  fees and
                  expenses.

                 

              	
                4.02
                  statement

              
	
                (3)
                  Calculated amounts and distribution of the flow of funds for the
                  period
                  itemized by type and priority of payment, including:

                 

              	
                4.02
                  statement

              
	
                (i)
                  Fees or expenses accrued and paid, with an identification of the
                  general
                  purpose of such fees and the party receiving such fees or
                  expenses.

                 

              	
                4.02
                  statement

              
	
                (ii)
                  Payments accrued or paid with respect to enhancement or other support
                  identified in Item 1114 of Regulation AB (such as insurance premiums
                  or
                  other enhancement maintenance fees), with an identification of
                  the general
                  purpose of such payments and the party receiving such
                  payments.

                 

              	
                4.02
                  statement

              
	
                (iii)
                  Principal, interest and other distributions accrued and paid on
                  the
                  asset-backed securities by type and by class or series and any
                  principal
                  or interest shortfalls or carryovers.

                 

              	
                4.02
                  statement

              
	
                (iv)
                  The amount of excess cash flow or excess spread and the disposition
                  of
                  excess cash flow.

                 

              	
                4.02
                  statement

              
	
                (4)
                  Beginning and ending principal balances of the asset-backed
                  securities.

                 

              	
                4.02
                  statement

              
	
                (5)
                  Interest rates applicable to the pool assets and the asset-backed
                  securities, as applicable. Consider providing interest rate information
                  for pool assets in appropriate distributional groups or incremental
                  ranges.

                 

              	
                4.02
                  statement

              
	
                (6)
                  Beginning and ending balances of transaction accounts, such as
                  reserve
                  accounts, and material account activity during the period.

                 

              	
                4.02
                  statement

              
	
                (7)
                  Any amounts drawn on any credit enhancement or other support identified
                  in
                  Item 1114 of Regulation AB, as applicable, and the amount of coverage
                  remaining under any such enhancement, if known and
                  applicable.

                 

              	
                4.02
                  statement

              
	
                (8)
                  Number and amount of pool assets at the beginning and ending of
                  each
                  period, and updated pool composition information, such as weighted
                  average
                  coupon, weighted average remaining term, pool factors and prepayment
                  amounts.

              	
                4.02
                  statement

                 

                Updated
                  pool composition information fields to be as specified by Depositor
                  from
                  time to time

                 

              
	
                (9)
                  Delinquency and loss information for the period. 

                 

                In
                  addition, describe any material changes to the information specified
                  in
                  Item 1100(b)(5) of Regulation AB regarding the pool assets.

                 

              	
                4.02
                  statement.

                 

                 

                Form
                  10-D report: Depositor

              
	
                (10)
                  Information on the amount, terms and general purpose of any advances
                  made
                  or reimbursed during the period, including the general use of funds
                  advanced and the general source of funds for reimbursements.

                 

              	
                4.02
                  statement

              
	
                (11)
                  Any material modifications, extensions or waivers to pool asset
                  terms,
                  fees, penalties or payments during the distribution period or that
                  have
                  cumulatively become material over time.

                 

              	
                4.02
                  statement

              
	
                (12)
                  Material breaches of pool asset representations or warranties or
                  transaction covenants.

                 

              	
                Form
                  10-D report: 

                Trust
                  Administrator, Servicer, Depositor

              
	
                (13)
                  Information on ratio, coverage or other tests used for determining
                  any
                  early amortization, liquidation or other performance trigger and
                  whether
                  the trigger was met.

                 

              	
                4.02
                  statement

              
	
                (14)
                  Information regarding any new issuance of asset-backed securities
                  backed
                  by the same asset pool, 

                 

                [information
                  regarding] any pool asset changes (other than in connection with
                  a pool
                  asset converting into cash in accordance with its terms), such
                  as
                  additions or removals in connection with a prefunding or revolving
                  period
                  and pool asset substitutions and repurchases (and purchase rates,
                  if
                  applicable), and cash flows available for future purchases, such
                  as the
                  balances of any prefunding or revolving accounts, if
                  applicable.

                Disclose
                  any material changes in the solicitation, credit-granting, underwriting,
                  origination, acquisition or pool selection criteria or procedures,
                  as
                  applicable, used to originate, acquire or select the new pool
                  assets.

                 

              	
                Form
                  10-D report: Depositor

                 

                Form
                  10-D report: Depositor or Servicer

                 

                 

                 

                 

                Form
                  10-D report: Depositor

              
	
                Item
                  1121(b) - Pre-Funding or Revolving Period Information

                Updated
                  pool information as required under Item 1121(b).

                 

              	
                Depositor

              
	
                2

              	
                Legal
                  Proceedings

                 

              	 
	
                Item
                  1117 - Legal proceedings pending against the following entities,
                  or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

                 

                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

                Custodian

                 

              	
                (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

    

    Mortgage
      Asset Securitization Transactions, Inc.

    1285
      Avenue of the Americas

    New
      York,
      New York 10019

    

    RE:
      **Additional Form [10-D][10-K][8-K] Disclosure** Required

    

    

    Ladies
      and Gentlemen:

     

    In
      accordance with Section [ ] of the Pooling and Servicing Agreement, dated as
      of
      May 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
      and Custodian, 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 / Gov’t Insurance

            	
              ________________

            	
              (18)

            
	 	
              HUD
                Part A

            	
              ________________

            	
              (18a)

            
	 	
              HUD
                Part B

            	
              ________________

            	
              (18b)

            
	
              (19)

            	
              Pool
                Insurance Proceeds

            	
              ________________

            	
              (19)

            
	
              (20)

            	
              Proceeds
                from Sale of Acquired Property

            	
              ________________

            	
              (20)

            
	
              (21)

            	
              Other
                (itemize)

            	
              ________________

            	
              (21)

            
	
              _________________________________________

            	 	
              _________________

            	 
	
              _________________________________________

            	 	
              _________________

            	 
	
              Total
                Credits

            	
              $________________

            	
              (22)

            	 
	
              Total
                Realized Loss (or Amount of Gain)

            	
              $________________

            	
              (23)

            	 

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Escrow
      Disbursement Detail

    

    

    
      	
              Type

              (Tax
                /Ins.)

            	
              Date
                Paid

            	
              Period
                of Coverage

            	
              Total
                Paid

            	
              Base
                Amount

            	
              Penalties

            	
              Interest

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    SCHEDULE
      1

     

    MORTGAGE
      LOAN SCHEDULE

     

    [Available
      upon request]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    SCHEDULE
      2

     

    PREPAYMENT
      CHARGE SCHEDULE

     

    [Available
      upon request]EXHIBIT 4.1

================================================================================

                      THE NATIONAL COLLEGIATE TRUST 1996-S2

         a trust acting through Delaware Trust Capital Management, Inc.,

                    not in its individual capacity but solely

                                as Owner Trustee

                                       and

                      STATE STREET BANK AND TRUST COMPANY,

                                     Trustee

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

                                    INDENTURE

                          Dated as of November 1, 1996

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

            GATESM RECEIVABLE ASSET-BACKED DEBT SECURITIES (GRADSSM)

                 7.30% CLASS A COLLATERALIZED STUDENT LOAN BONDS

                 8.15% CLASS B COLLATERALIZED STUDENT LOAN BONDS

                                 Series 1996-S2

================================================================================

<PAGE>

                       INDENTURE DATED AS OF APRIL 1, 1996
                  BETWEEN THE NATIONAL COLLEGIATE TRUST 1996-S2
          AS ISSUER AND STATE STREET BANK AND TRUST COMPANY AS TRUSTEE

         Cross-reference sheet showing the location in the Indenture of the
provisions inserted pursuant to Sections 310 through 318(a) inclusive of the
Trust Indenture Act of 1939.

TIA                                                            INDENTURE SECTION

Section 310       (a)(1)....................................................7.08
                  (a)(2)....................................................7.09
                  (a)(3)....................................................7.14
                  (a)(4)..........................................Not Applicable
                  (a)(5)....................................................7.08
                  (b).......................................................7.08
                  ..........................................................7.10
                  .........................................................14.05
                  (c).............................................Not Applicable
Section 311       (a).......................................................7.13
                  (b).......................................................7.13
                  (c).............................................Not Applicable
Section 312       (a).......................................................8.01
                  .......................................................8.02(a)
                  (b)....................................................8.02(b)
                  (c)....................................................8.02(c)
Section 313       (a)....................................................8.03(a)
                  (b)....................................................8.03(a)
                  (c).......................................................8.03
                  .........................................................14.05
                  (d)....................................................8.03(b)
Section 314       (a).......................................................8.04
                  .........................................................14.05
                  (b)(1)...........................................2.04(c)(viii)
                  .......................................................9.05(a)
                  (b)(2).................................................9.05(b)
                  (c)(1).................................................2.04(e)
                  .........................................................14.01
                  ..........................................................5.01
                  (c)(2)...................................................14.01
                  ..........................................................2.04
                  ..........................................................5.01
                  (c)(3)..........................................Not Applicable
                  (d)(1).................................................8.03(a)
                  .......................................................4.04(b)
                  (d)(2).................................................2.04(f)
                  (d)(3).................................................2.04(f)
                  (e)......................................................13.01

<PAGE>

                  (f).............................................Not Applicable
Section 315       (a)....................................................7.01(a)
                  ....................................................7.01(c)(1)
                  (b).......................................................7.02
                  .........................................................14.05
                  (c)....................................................7.01(b)
                  (d)....................................................7.01(c)
                  (e).......................................................6.14
Section 316       (a)(1)(a).................................................6.12
                  ..........................................................3.01
                  (a)(1)(B).................................................6.02
                  ..........................................................6.13
                  (a)(2)..........................................Not Applicable
                  (b).......................................................6.19
                  (c).......................................................1.01
                  .........................................................12.02
Section 317(a)(1)...........................................................6.03
                  ..........................................................6.06
                  (a)(2)....................................................6.05
                  (b).......................................................7.06
Section 318       (a)......................................................14.06

<PAGE>

                                TABLE OF CONTENTS

                                    ARTICLE I

                                   DEFINITIONS

SECTION 1.01      GENERAL DEFINITIONS........................................

Accountants..................................................................
Act and Act of Bondholders...................................................
Administrator................................................................
Administration Agreement.....................................................
Affiliate....................................................................
Agent    ....................................................................
Aggregate Current Principal Amount...........................................
Authorized Officer...........................................................
Available Payment Amount.....................................................
BANA     ....................................................................
Bondholder or Holder.........................................................
Bond Interest Rate...........................................................
Bond Owner...................................................................
Bond Register and Bond Registrar.............................................
Bonds    ....................................................................
"Book-Entry Bonds"...........................................................
Business Day.................................................................
Class    ....................................................................
Class A Bonds................................................................
Class B Bonds................................................................
Closing Date.................................................................
Code     ....................................................................
Collateral...................................................................
Collateral Proceeds..........................................................
Collateral Proceeds Account..................................................
Collection Period............................................................
Commission...................................................................
Corporate Trust Office.......................................................
Costs of Issuance............................................................
Cost of Issuance Account.....................................................
Cost of Issuance Amount......................................................
Current Principal Amount.....................................................
Custodial Agreement..........................................................
Default  ....................................................................
Defaulted Student Loan.......................................................
Definitive Bonds.............................................................
Depository"..................................................................
Depository Notice Date"......................................................
"Depository Participants"....................................................
"DTC Letter Agreement".......................................................
Due Date ....................................................................
Eligible Investments.........................................................
Event of Default.............................................................
FNBB     ....................................................................
Full Prepayment..............................................................
Grant    ....................................................................
Hartwick Acquisition Account.................................................
Hartwick Acquisition Amount..................................................
Hartwick Student Loans.......................................................
"Hartwick Subsequent Transfer Instrument.....................................
Indenture....................................................................
Independent..................................................................
Individual Bond..............................................................
Interest Accrual Period......................................................
Interest Payment Date........................................................
Interest Reserve Amount......................................................
Interest Support Account.....................................................
Interest Support Payment.....................................................
Interest Support Period......................................................
Issuer   ....................................................................
Issuer Order" or "Issuer Request.............................................
Issuer Redemption............................................................
Liquidation Proceeds.........................................................
Loan Documents...............................................................
Net Loans Withdrawn..........................................................
Note Rate....................................................................
Officers' Certificate........................................................
Opinion of Counsel...........................................................
Origination Agreement........................................................
Outstanding..................................................................
Owner Participant............................................................
Owner Trustee................................................................
Partial Prepayment...........................................................
Paying Agent.................................................................
Payment Date.................................................................
Payment Date Statement.......................................................
Person   ....................................................................
Pledged Account or Fund......................................................
Predecessor Bonds............................................................
Prepayment...................................................................
Principal Payment Date.......................................................
Proceeding...................................................................
Promisor ....................................................................
Rating Agency................................................................
Record Date..................................................................
Redemption Date..............................................................
Redemption Price.............................................................
Reserve Fund.................................................................
Responsible Officer..........................................................
Sale     ....................................................................
Schedule of Student Loans....................................................
Servicer ....................................................................
Servicer Determination Date..................................................
Servicer Remittance..........................................................
Servicer Remittance Report...................................................
Servicing Agreement..........................................................
Servicing Fee................................................................
Stated Maturity..............................................................
Stated Principal Balance.....................................................
Student Loan.................................................................
Student Loan Collateral......................................................
Student Loan Note............................................................
Subsequent Transfer Date.....................................................
Trust Agreement..............................................................
Trust Company................................................................
Trust Estate.................................................................
Trust Indenture Act" or "TIA.................................................
Trustee  ....................................................................

                                   ARTICLE II

                                    THE BONDS

SECTION 2.01      FORMS GENERALLY ...........................................
SECTION 2.02      FORMS OF BONDS ............................................
SECTION 2.03      GENERAL PROVISIONS WITH RESPECT TO PRINCIPAL AND INTEREST
                  PAYMENTS; DENOMINATIONS ...................................
SECTION 2.04      EXECUTION, AUTHENTICATION, DELIVERY AND DATING ............
SECTION 2.05      REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE .......
SECTION 2.06      MUTILATED, DESTROYED, LOST OR STOLEN BONDS ................
SECTION 2.07      PERSONS DEEMED OWNERS .....................................
SECTION 2.08      CANCELLATION ..............................................
SECTION 2.09      ...........................................................

                                   ARTICLE III

                              PAYMENTS ON THE BONDS

SECTION 3.01      COLLECTION OF MONEY .......................................
SECTION 3.02      PAYMENTS OF PRINCIPAL AND INTEREST ........................
SECTION 3.03      COLLATERAL PROCEEDS ACCOUNT; APPLICATION OF FUNDS .........
SECTION 3.04      GENERAL PROVISIONS REGARDING PLEDGED ACCOUNTS OR FUNDS ....
SECTION 3.05      REPORTS BY TRUSTEE TO BONDHOLDERS .........................
SECTION 3.06      PLEDGED ACCOUNTS REPORTS BY TRUSTEE .......................
SECTION 3.07      COLLECTIONS OF THE STUDENT LOANS ..........................
SECTION 3.08      AMENDMENTS TO SERVICING AGREEMENT .........................
SECTION 3.09      RESERVE FUND ..............................................
SECTION 3.10      INTEREST SUPPORT ACCOUNT ..................................
SECTION 3.11      COST OF ISSUANCE ACCOUNT ..................................

                                   ARTICLE IV

                             SECURITY FOR THE BONDS

SECTION 4.01      GRANT OF TRUST ESTATE .....................................
SECTION 4.02      DOCUMENTS DELIVERED TO TRUSTEE ............................
SECTION 4.03      ACCEPTANCE BY TRUSTEE .....................................
SECTION 4.04      LIMITED WITHDRAWAL AND SUBSTITUTION OF COLLATERAL .........
SECTION 4.05      RELEASE OF TRUST ESTATE ...................................
SECTION 4.06      OPINION OF COUNSEL ........................................
SECTION 4.07      HARTWICK ACQUISITION ACCOUNT ..............................

                                    ARTICLE V

                           SATISFACTION AND DISCHARGE

SECTION 5.01      SATISFACTION AND DISCHARGE OF INDENTURE....................
SECTION 5.02      APPLICATION OF TRUST MONEY.................................
SECTION 5.03      TRUSTEE'S AUTHORITY; RELEASE OF PREPAID STUDENT LOANS......

                                   ARTICLE VI

                              DEFAULTS AND REMEDIES

SECTION 6.01      EVENT OF DEFAULT ........................................
SECTION 6.02      ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT ......
SECTION 6.03      REMEDIES ................................................
SECTION 6.04      PRESERVATION OF TRUST ESTATE ............................
SECTION 6.05      TRUSTEE MAY FILE PROOFS OF CLAIM ........................
SECTION 6.06      TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF BONDS ..
SECTION 6.07      APPLICATION OF MONEY COLLECTED ..........................
SECTION 6.08      LIMITATION ON SUITS .....................................
SECTION 6.09      RESTORATION OF RIGHTS AND REMEDIES ......................
SECTION 6.10      RIGHTS AND REMEDIES CUMULATIVE ..........................
SECTION 6.11      DELAY OR OMISSION NOT WAIVER ............................
SECTION 6.12      CONTROL BY BONDHOLDERS ..................................
SECTION 6.13      WAIVER OF PAST DEFAULTS .................................
SECTION 6.14      UNDERTAKING FOR COSTS......................................
SECTION 6.15      WAIVER OF STAY OR EXTENSION LAWS...........................
SECTION 6.16      SALE OF TRUST ESTATE.......................................
SECTION 6.17      ACTION ON BONDS............................................
SECTION 6.18      NO RECOURSE TO ISSUER......................................
SECTION 6.19      UNCONDITIONAL RIGHTS OF BONDHOLDERS TO RECEIVE
                  PRINCIPAL AND INTEREST.....................................

                                   ARTICLE VII

                                   THE TRUSTEE

SECTION 7.01      DUTIES OF TRUSTEE..........................................
SECTION 7.02      NOTICE OF DEFAULT..........................................
SECTION 7.03      CERTAIN RIGHTS OF TRUSTEE..................................
SECTION 7.04      NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF BONDS..........
SECTION 7.05      MAY HOLD BONDS.............................................
SECTION 7.06      MONEY HELD IN TRUST........................................
SECTION 7.07      COMPENSATION AND REIMBURSEMENT.............................
SECTION 7.08      ELIGIBILITY; DISQUALIFICATION..............................
SECTION 7.09      TRUSTEE'S CAPITAL AND SURPLUS..............................
SECTION 7.10      RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR..........
SECTION 7.11      ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.....................
SECTION 7.12      MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO
                  BUSINESS OF TRUSTEE........................................
SECTION 7.13      PREFERENTIAL COLLECTION OF CLAIMS AGAINST ISSUER...........
SECTION 7.14      CO-TRUSTEES AND SEPARATE TRUSTEES..........................

                                  ARTICLE VIII

                          BONDHOLDERS' LIST AND REPORTS

SECTION 8.01      ISSUER TO FURNISH TRUSTEE NAMES AND ADDRESSES OF
                  BONDHOLDERS ...............................................
SECTION 8.02      PRESERVATION OF INFORMATION; COMMUNICATIONS
                  TO BONDHOLDERS ............................................
SECTION 8.03      REPORTS BY TRUSTEE ........................................
SECTION 8.04      REPORTS BY ISSUER .........................................

                                   ARTICLE IX

                               COVENANTS OF ISSUER

SECTION 9.01      MAINTENANCE OF OFFICE OR AGENCY ...........................
SECTION 9.02      MONEY FOR BOND PAYMENTS TO BE HELD IN TRUST ...............
SECTION 9.03      ISSUER'S EXISTENCE ........................................
SECTION 9.04      PROTECTION OF TRUST ESTATE ................................
SECTION 9.05      PERFORMANCE OF OBLIGATIONS ................................
SECTION 9.06      NEGATIVE COVENANTS ........................................
SECTION 9.07      SERVICER'S ANNUAL STATEMENT AS TO COMPLIANCE ..............
SECTION 9.08      CORPORATE EXISTENCE OF OWNER TRUSTEE ......................
SECTION 9.09      NO OTHER BUSINESS .........................................
SECTION 9.10      NO BORROWING ..............................................
SECTION 9.11      OBLIGATIONS OF THE SERVICER ...............................
SECTION 9.12      SERVICER'S EVIDENCE AS TO COMPLIANCE ......................

                                    ARTICLE X

                       SUPPLEMENTAL INDENTURES; AMENDMENTS
                               TO OTHER DOCUMENTS

SECTION 10.01     SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF BONDHOLDERS.....
SECTION 10.02     SUPPLEMENTAL INDENTURES WITH CONSENT OF BONDHOLDERS........
SECTION 10.03     EXECUTION OF SUPPLEMENTAL INDENTURES.......................
SECTION 10.04     EFFECT OF SUPPLEMENTAL INDENTURES..........................
SECTION 10.05     CONFORMITY WITH TRUST INDENTURE ACT........................
SECTION 10.06     REFERENCE IN BONDS TO SUPPLEMENTAL INDENTURES..............

                                   ARTICLE XI

                               REDEMPTION OF BONDS

SECTION 11.01     REDEMPTION AT THE OPTION OF THE ISSUER;
                  ELECTION TO REDEEM.........................................
SECTION 11.02     NOTICE TO TRUSTEE..........................................
SECTION 11.03     NOTICE OF ISSUER REDEMPTION................................
SECTION 11.04     DEPOSIT OF REDEMPTION PRICE................................
SECTION 11.05     BONDS PAYABLE ON REDEMPTION DATE...........................

                                   ARTICLE XII

                              BONDHOLDERS' MEETING

SECTION 12.01     PURPOSES FOR WHICH MEETINGS MAY BE CALLED..................
SECTION 12.02     MANNER OF CALLING MEETINGS.................................
SECTION 12.03     CALL OF MEETING BY ISSUER OR BONDHOLDERS...................
SECTION 12.04     WHO MAY ATTEND AND VOTE AT MEETINGS........................
SECTION 12.05     REGULATIONS MAY BE MADE BY TRUSTEE.........................
SECTION 12.06     MANNER OF VOTING AT MEETINGS AND RECORDS TO BE KEPT........
SECTION 12.07     EXERCISE OF RIGHTS OF TRUSTEE AND BONDHOLDERS NOT
                  TO BE HINDERED OR DELAYED..................................

                                  ARTICLE XIII

                                  MISCELLANEOUS

SECTION 13.01     COMPLIANCE CERTIFICATES AND OPINIONS.......................
SECTION 13.02     FORM OF DOCUMENTS DELIVERED TO TRUSTEE.....................
SECTION 13.03     ACTS OF BONDHOLDERS........................................
SECTION 13.04     NOTICES....................................................
SECTION 13.05     NOTICES AND REPORTS TO BONDHOLDERS; WAIVER OF NOTICES......
SECTION 13.06     CONFLICT WITH TRUST INDENTURE ACT..........................
SECTION 13.07     EFFECT OF HEADINGS AND TABLE OF CONTENTS...................
SECTION 13.08     SUCCESSORS AND ASSIGNS.....................................
SECTION 13.09     SEPARABILITY...............................................
SECTION 13.10     BENEFITS OF INDENTURE......................................
SECTION 13.11     LEGAL HOLIDAYS.............................................
SECTION 13.12     GOVERNING LAW..............................................
SECTION 13.13     COUNTERPARTS...............................................
SECTION 13.14     TRUST OBLIGATION...........................................
SECTION 13.15     AUTHORITY OF THE ADMINISTRATOR.............................

EXHIBIT A-1       Form of Class A Bonds
EXHIBIT A-2       Form of Class B Bonds
EXHIBIT B         Servicing Agreement
EXHIBIT C         Custodial Agreement
EXHIBIT D         Administration Agreement
EXHIBIT E         DTC Letter Agreement

SCHEDULE I        Schedule of Student Loans
SCHEDULE II       Calculation of Servicing Fee

<PAGE>

         INDENTURE, dated as of November 1, 1996, between THE NATIONAL
COLLEGIATE TRUST 1996-S2 (the "Issuer"), a trust created pursuant to the Trust
Agreement and acting through DELAWARE TRUST CAPITAL MANAGEMENT, INC., not in its
individual capacity but solely as Owner Trustee under the Trust Agreement and
STATE STREET BANK AND TRUST COMPANY, a Massachusetts trust company (the
"Trustee").

                              PRELIMINARY STATEMENT

         The Issuer has duly authorized the execution and delivery of this
Indenture to provide for the issuance of the Bonds hereunder. All covenants and
agreements made by the Issuer herein are for the benefit and security of the
Bondholders and the Trustee. The Issuer is entering into this Indenture, and the
Trustee is accepting the trusts created hereby, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged.

         All things necessary to make this Indenture a valid agreement of the
Issuer in accordance with its terms have been done.

<PAGE>

                                    ARTICLE I

                                   DEFINITIONS

         SECTION 1.01  GENERAL DEFINITIONS.

         Except as otherwise specified or as the context may otherwise require,
the following terms have the meanings set forth below for all purposes of this
Indenture, and the definitions of such terms are applicable to the singular as
well as to the plural forms of such terms and to the masculine as well as to the
feminine and neuter genders of such terms.

         "ACCOUNTANTS": A firm of independent certified public accountants of
national reputation, which may be the firm of independent accountants that
audits the financial statements of the Issuer.

         "ACT" AND "ACT OF BONDHOLDERS": The meanings specified in Section
13.03.

         "ADMINISTRATOR": First Marblehead Data Services Inc. or its successor
under the Administration Agreement.

         "ADMINISTRATION AGREEMENT": The Administration Agreement, dated as of
November 1, 1996, among the Issuer, the Trustee and the Administrator, a copy of
which is attached hereto as Exhibit D.

         "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.

         "AGENT":  Any Bond Registrar or Paying Agent.

         "AGGREGATE CURRENT PRINCIPAL AMOUNT": The aggregate of the Current
Principal Amounts of all Bonds Outstanding at the time of determination.

         "AUTHORIZED OFFICER": With respect to the Issuer, any officer of the
Owner Trustee who is authorized to act for the Owner Trustee in matters relating
to the Issuer and, so long as the Administration Agreement is in effect, any
officer of the Administrator who is authorized to act for the Administrator in
matters relating to the Issuer and to be acted upon by the Administrator
pursuant to the Administration Agreement.

         "AVAILABLE PAYMENT AMOUNT": With respect to a Payment Date, an amount
equal to the sum of (a) the aggregate amount of Servicer Remittances deposited
in the Collateral Proceeds Account during the related Collection Period, plus
(b) net liquidation proceeds related to Defaulted Student Loans received by the
Servicer during the related Collection Period, plus (c) the aggregate amount of
reinvestment income thereon deposited in the Collateral Proceeds Account with
respect to the related Collection Period, including late payment charges on the
Student Loans, if any, plus (d) amounts on deposit in the Reserve Fund in excess
of the Interest Reserve Amount, plus (e) the aggregate Interest Support Payments
for such Payment Date, plus (f) funds released from the Interest Support Account
pursuant to Section 3.10.

         "BANA": Bank of American National Association.

         "BONDHOLDER" OR "HOLDER": The Person in whose name a Bond is registered
in the Bond Register.

         "BOND INTEREST RATE": The interest rate on the Bonds, which shall be
7.30% per annum with respect to the Class A Bonds, and 8.15% per annum with
respect to the Class B Bonds.

         "BOND OWNER": With respect to a Book-Entry Bond, the Person who is the
beneficial owner of such Bond as reflected on the books of the Depository or on
the books of a Person maintaining an account with the Depository (directly or as
an indirect participant, in accordance with the rules of the Depository).

         "BOND REGISTER" AND "BOND REGISTRAR": The respective meanings specified
in Section 2.05.

         "BONDS": Any one of the 7.30% Class A Collateralized Student Loan Bonds
Series 1996- S2 and/or the 8.15% Class B Collateralized Student Loan Bonds
Series 1996-S2, authorized by, and authenticated and delivered under, this
Indenture.

         "BOOK-ENTRY BONDS": Bonds where ownership and transfers of beneficial
ownership interests are made through book-entries by the Depository as described
in Section 2.09; provided, that after the occurrence of a condition whereupon
book-entry registration is no longer permitted, definitive Bonds shall be issued
to the Bond Owners of Bonds, and such Bonds shall no longer be "Book-Entry
Bonds."

         "BUSINESS DAY": Any day that is not a Saturday, Sunday or other day on
which commercial banking institutions in the City of Boston or in the city in
which the Corporate Trust Office is located are authorized or obligated by law
or executive order to be closed.

         "CLASS": Collectively, all of the Bonds bearing the same alphabetical
class designation.

         "CLASS A BONDS": Any one of the Bonds with a "Class A" designation on
its face, substantially in the form of Exhibit A-1, senior in right of payment
to the Class B Bonds, as set forth herein.

         "CLASS B BONDS": Any one of the Bonds with a "Class B" designation on
its face, substantially in the form of Exhibit A-2, subordinate in right of
payment to the Class A Bonds, as set forth herein.

         "CLOSING DATE":  November 26, 1996.

         "CODE": The Internal Revenue Code of 1986, as amended, and the rules
and regulations promulgated thereunder.

         "COLLATERAL":  The Trust Estate securing the Bonds.

         "COLLATERAL PROCEEDS": With respect to the Student Loan Collateral, the
amount of each monthly installment of principal and interest payable to the
holder of such Student Loan on the Due Date in accordance with the terms of the
Student Loan Note evidencing such Student Loan.

         "COLLATERAL PROCEEDS ACCOUNT": The trust account or accounts created
and maintained pursuant to Section 3.03.

         "COLLECTION PERIOD": With respect to each Payment Date, the six-month
period ending on the 15th day of the calendar month in which the related Payment
Date occurs.

         "COMMISSION": The Securities and Exchange Commission, as from time to
time constituted, created under the Securities Exchange Act of 1934, as amended,
or if at any time such Commission is not existing and performing the duties now
assigned to it under the Trust Indenture Act, then the body performing such
duties at such time under the Trust Indenture Act or similar legislation
replacing the Trust Indenture Act.

         "CORPORATE TRUST OFFICE": The principal corporate trust office of the
Trustee located at 225 Franklin Street, Boston, Massachusetts 02110, or at such
other address as the Trustee may designate from time to time by notice to the
Bondholders and the Issuer or the principal corporate trust office of any
successor Trustee. Any notices to the Trustee should be mailed to Attention:
Corporate Trust Department.

         "COSTS OF ISSUANCE": Any amounts incurred as a cost or expense by the
Issuer in connection with the issuance of the Bonds and authorized to be paid
out of the Cost of Issuance Account by an Issuer Order.

         "COST OF ISSUANCE ACCOUNT": The trust account created and maintained
pursuant to Section 3.11.

         "COST OF ISSUANCE AMOUNT": $270,000.

         "CURRENT PRINCIPAL AMOUNT": With respect to any Bond as of any date, an
amount equal to:

                  (a) the original principal amount of such Bond, minus

                  (b) all prior payments, if any, made with respect to principal
         of such Bond.

         "CUSTODIAL AGREEMENT": The agreement, dated as of November 1, 1996, by
and among the Servicer, as custodian, the Issuer and the Trustee, pursuant to
which the Servicer agrees to act as custodian with respect to the Student Loans,
as such agreement may be amended or supplemented from time to time, a copy of
which is attached hereto as Exhibit C.

         "DEFAULT": Any occurrence that is, or with notice or the lapse of time
or both would become, an Event of Default or when used in accordance with
obligations created by any agreement other than this Indenture, the meaning
specified in such agreement.

         "DEFAULTED STUDENT LOAN": Any Student Loan that is more than 150 days
delinquent.

         "DEFINITIVE BONDS": As defined in Section 2.09.

         "DEPOSITORY": The Depository Trust Company, and any successor thereto
or substitute therefor in its capacity as depository of Book-Entry Bonds.

         "DEPOSITORY NOTICE DATE":  As defined in Section 2.09.

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

         "DTC LETTER AGREEMENT": The Depository Letter Agreement among the
Issuer, the Trustee and the Depository, dated as of November 26, 1996,
substantially in the form of Exhibit E hereto, as such DTC Letter Agreement may
be amended from time to time.

         "DUE DATE": Each date on which Collateral Proceeds are due and payable
with respect to each Student Loan.

         "ELIGIBLE INVESTMENTS":  One or more of the following:

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

                  (ii) repurchase agreements on obligations specified in clause
         (i) maturing not more than one month from the date of acquisition
         thereof, provided that the unsecured obligations of the party agreeing
         to repurchase such obligations are at the time rated by the Rating
         Agency in its highest short-term rating available;

                  (iii) federal funds, certificates of deposit, demand deposits,
         time deposits and bankers' acceptances (which shall each have an
         original maturity of not more than 90 days and, in the case of bankers'
         acceptances, shall in no event have an original maturity of more than
         365 days or a remaining maturity of more than 30 days) denominated in
         United States dollars of any U.S. depository institution or trust
         company incorporated under the laws of the United States or any state
         thereof or of any domestic branch of a foreign depository institution
         or trust company; provided that the debt obligations of such depository
         institution or trust company at the date of acquisition thereof has
         been rated by the Rating Agency in its highest short-term rating
         available; 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 have a credit rating in the highest
         applicable categories from the Rating Agency;

                  (iv) commercial paper (having original maturities of not more
         than 365 days) of any corporation incorporated under the laws of the
         United States or any state thereof which on the date of acquisition has
         been rated by the Rating Agency in its highest short-term rating
         available; provided that such commercial paper shall have a remaining
         maturity of not more than 30 days;

                  (v) a money market fund rated by the Rating Agency in its
         highest rating available; and

                  (vi) other obligations or securities that are acceptable to
         the Rating Agency as an Eligible Investment hereunder and will not
         result in a reduction in the then current rating of the Bonds, as
         evidenced in writing;

provided, however, that no instrument shall be an Eligible Investment if it
represents either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest payments derived from the obligations underlying such instrument and
the principal and interest payments with respect to such instrument provide a
yield to maturity greater than 120% of the yield to maturity at par of such
underlying obligations; and, provided further, that, Eligible Investments shall
include only such obligations or securities that mature on or before the
Business Day immediately preceding the next Payment Date, except that Eligible
Investments to be deposited in the Interest Support Account shall mature on or
before the Business Day immediately preceding the last day of the Interest
Support Period and Eligible Investments to be deposited in the Reserve Fund
prior to the initial Principal Payment Date shall mature on or before the
Business Day immediately preceding the initial Principal Payment Date. In
addition, no Eligible Investment which incorporates a penalty for early
withdrawal will be used unless the maturity of such Eligible Investment is on or
before the Business Day immediately preceding the next Payment Date.

         "EVENT OF DEFAULT": The meaning specified in Section 6.01, or when used
in association with obligations created by any agreement other than this
Indenture, the meaning specified in such agreement.

         "FNBB":  The First National Bank of Boston.

         "FULL PREPAYMENT": A Student Loan prepayment in connection with the
occurrence of any of the following: (i) payment is made to the Servicer of 100%
of the outstanding principal balance of such Student Loan together with all
accrued and unpaid interest thereon, or (ii) payment is made to the Servicer of
all Liquidation Proceeds and other payments, if any, which have been determined
to be fully recoverable in the Servicer's reasonable judgment in respect of such
Student Loan.

         "GRANT": To grant, bargain, sell, warrant, alienate, remise, release,
convey, assign, transfer, mortgage, pledge, create and grant a security interest
in and right of set-off against, deposit, set over and confirm. A Grant of the
Student Loan Collateral or of any other instrument shall include all rights,
powers and options (but none of the obligations) of the granting party
thereunder, including without limitation, the immediate and continuing right to
claim for, collect, receive and give receipt for principal and interest payments
in respect of the Student Loan Collateral and all other funds payable
thereunder, to give and receive notices and other communications, to make
waivers or other agreements, to exercise all rights and options, to bring
Proceedings in the name of the granting party or otherwise, and generally to do
and receive anything that the granting party is or may be entitled to do or
receive thereunder or with respect thereto.

         "HARTWICK ACQUISITION ACCOUNT": The trust account created and
maintained pursuant to Section 4.07.

         "HARTWICK ACQUISITION AMOUNT":  $240,000.00.

         "HARTWICK STUDENT LOANS": Up to $300,000 initial principal amount of
Student Loans to students of Hartwick College, to be acquired by the Trustee
pursuant to Section 4.07 hereof.

         "HARTWICK SUBSEQUENT TRANSFER INSTRUMENT": The transfer instrument
dated as of the Subsequent Transfer Date executed by the Issuer and acknowledged
by the Trustee by which Hartwick Student Loans are transferred and assigned to
the Trustee.

         "INDENTURE": This instrument as originally executed and, if from time
to time supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof, as so supplemented or
amended. All references in this instrument to designated "Articles," "Sections,"
"Subsections" and other subdivisions are to the designated Articles, Sections,
Subsections and other subdivisions of this instrument as originally executed.
The words "herein," "hereof," "hereunder" and other words of similar import
refer to this Indenture as a whole and not to any particular Article, Section,
Subsection or other subdivision.

         "INDEPENDENT": When used with respect to any specified Person means
such a Person who (i) is in fact independent of the Issuer and any other obligor
upon the Bonds, (ii) does not have any direct financial interest or any material
indirect financial interest in the Issuer or in any such other obligor or in an
Affiliate of the Issuer or such other obligor, and (iii) is not connected with
the Issuer or any such other obligor as an officer, employee, promoter,
underwriter, trustee, partner, director or person performing similar functions.
Whenever it is herein provided that any Independent Person's opinion or
certificate shall be furnished to the Trustee, such Person shall be appointed by
an Issuer Order and approved by the Trustee in the exercise of reasonable care
and such opinion or certificate shall state that the signer has read this
definition and that the signer is Independent within the meaning thereof.

         "INDIVIDUAL BOND": A Bond with an original principal amount equal to
not less than $25,000.

         "INTEREST ACCRUAL PERIOD": With respect to each Payment Date, the
six-month period (or, for the initial Interest Payment Date, the period
commencing on the Closing Date) ending on the last day preceding the related
Payment Date.

         "INTEREST PAYMENT DATE": With respect to any Bond, any date specified
as a Payment Date in Section 2.03 upon which a payment of interest is payable on
such Bond or, if such day is not a Business Day, on the first Business Day
thereafter.

         "INTEREST RESERVE AMOUNT": With respect to any Interest Accrual Period,
an amount equal to the amount of interest payable on the then Outstanding Bonds
on the next succeeding Interest Payment Date.

         "INTEREST SUPPORT ACCOUNT": The trust account or accounts created and
maintained pursuant to Section 3.10.

         "INTEREST SUPPORT PAYMENT": With respect to each Interest Payment Date
during the Interest Support Period, (a) all accrued interest on the Bonds
together with expenses of the Issuer to be paid on such date minus (b) funds in
the Collateral Proceeds Account, if any, available to pay the amount determined
in clause (a) hereof.

         "INTEREST SUPPORT PERIOD": The period commencing on the Closing Date
and ending on September 20, 1999.

         "ISSUER": The National Collegiate Trust 1996-S2, a Delaware business
trust, acting through the Owner Trustee. All actions by, and rights and
obligations of, the Owner Trustee under this Indenture and the Bonds are actions
by, and rights and obligations of, the Issuer. Subject to Section 13.15,
whenever any reference is made herein to any actions (including execution of
documents) to be taken by the Issuer, to any rights of the Issuer, or to any
obligations of the Issuer hereunder, such reference shall be construed to refer
to such actions being taken by, such rights being exercised by or such
obligation being performed by the Owner Trustee (not in its individual capacity
but solely as owner trustee under the Trust Agreement) on behalf of the Issuer,
and such actions by the Owner Trustee shall fully bind the Issuer or shall fully
rebound to the benefit of the Issuer, as the case may be.

         "ISSUER ORDER" OR "ISSUER REQUEST": A written order or request signed
in the name of the Issuer by an Authorized Officer.

         "ISSUER REDEMPTION":  A redemption of Bonds pursuant to Section 11.01.

         "LIQUIDATION PROCEEDS": Amounts received and retained in connection
with the liquidation of Defaulted Student Loans, whether through acceleration or
otherwise.

         "LOAN DOCUMENTS": The loan documents pertaining to a particular Student
Loan comprising the loan file delivered to, reviewed and held by the Servicer as
specified in Section 4.02.

         "NET LOANS WITHDRAWN":  The meaning specified in Section 4.04.

         "NOTE RATE": With respect to a Student Loan, the annual interest rate
to be paid by a Promisor under the terms of the related Student Loan Note.

         "OFFICERS' CERTIFICATE": With respect to the Issuer, a certificate
signed by two Authorized Officers. With respect to any other Person, a
certificate signed on behalf of such Person by an individual who is identified
in that certificate as being an officer of such Person or any other individual
authorized to execute the certificate.

         "OPINION OF COUNSEL": A written opinion of counsel, addressed to the
Trustee who may, except as otherwise expressly provided in this Indenture, be
counsel for the Issuer and who shall be satisfactory to the Trustee. Whenever an
Opinion of Counsel is required hereunder, such opinion may rely on opinions of
other counsel.

         "ORIGINATION AGREEMENT": Collectively, (i) each Participation and Sale
Agreement, as amended from time to time, to be entered into between the Issuer
and an Owner Participant, (ii) the Origination Services Agreement, dated January
6, 1995, between The National Collegiate Trust and the Servicer, as such
Agreement may be amended or supplemented from time to time, relating to the
origination and sale of the Student Loan Collateral and (iii) each Origination
and Funding Agreement, to be entered into between FNBB and an Owner Participant
and (iv) each Loan Packaging and Funding Agreement, to be entered into between
BANA and an Owner Participant.

         "OUTSTANDING": With respect to the Bonds or to the Bonds of a
designated Class, as of the date of determination, all Bonds or all Bonds of
that Class except:

                  (i) Bonds theretofore cancelled by the Bond Registrar or
         delivered to the Bond Registrar for cancellation;

                  (ii) Bonds or portions thereof for which payment or redemption
         money in the necessary amount has been theretofore deposited with the
         Trustee or any Paying Agent (other then the Issuer) or set aside and
         segregated in trust by the Issuer for the Holders of such Bonds;
         provided, however, that if such Bonds are to be redeemed, notice of
         such redemption has been duly given pursuant to this Indenture or
         provision therefor, satisfactory to the Trustee;

                  (iii) Bonds in exchange for or in lieu of which other Bonds
         have been authenticated and delivered pursuant to this Indenture unless
         proof satisfactory to the Trustee is presented that any such Bonds are
         held by a holder in due course; and

                  (iv) Bonds alleged to have been destroyed, lost or stolen, or
         Bonds mutilated and surrendered to the Trustee, for which replacement
         Bonds have been issued as provided for in Section 2.06;

provided, however, that in determining whether the Holders of the requisite
percentage of the Aggregate Current Principal Amount of the Outstanding Bonds
have given any request, demand, authorization, direction, notice, consent or
waiver hereunder, Bonds owned by the Issuer or any other obligor upon the Bonds
or any Affiliate of the Issuer or such other obligor shall be disregarded and
deemed not to be Outstanding, except that, in determining whether the Trustee
shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent, or waiver, only Bonds that the Trustee knows to be
so owned shall be so disregarded. Bonds so owned that have been pledged in good
faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee that the pledgee is entitled so to act with respect
to such Bonds and that the pledgee is not the Issuer or any Affiliate of the
Issuer.

         "OWNER PARTICIPANT": Any educational institution holding all or any
portion of the beneficial ownership of the trust created pursuant to the Trust
Agreement.

         "OWNER TRUSTEE": Delaware Trust Capital Management, Inc., a Delaware
trust company, not in its individual capacity but solely as owner trustee under
the Trust Agreement, or such successor Person as shall have become owner trustee
pursuant to the applicable provisions of this Indenture and the Trust Agreement.

         "PARTIAL PREPAYMENT": Any Promisor payment or other recovery of
principal of a Student Loan (other than a Full Prepayment) that is received in
advance of its scheduled Due Date and that is not accompanied by an amount as to
interest representing scheduled interest for any payment period subsequent to
the period in which it was received.

         "PAYING AGENT": The Trustee or any other depository institution or
trust company that is authorized by the Issuer pursuant to Section 9.02 to pay
the principal of or interest on, any Bonds on behalf of the Issuer.

         "PAYMENT DATE": Any day specified in Section 2.03 as an Interest
Payment Date or Principal Payment Date for the Bonds or, if such day is not a
Business Day, on the first Business Day thereafter.

         "PAYMENT DATE STATEMENT":  As defined in Section 3.05.

         "PERSON": Any individual, corporation, partnership, joint venture,
limited liability company, limited partnership, association, trust (including
any beneficiary thereof), estate, custodian, nominee, unincorporated
organization or government or any agency or political subdivision thereof.

         "PLEDGED ACCOUNT OR FUND": The Collateral Proceeds Account, the Reserve
Fund, the Interest Support Account and the Hartwick Acquisition Account.

         "PREDECESSOR BONDS": With respect to any particular Bond, every
previous Bond evidencing all or a portion of the same debt as that evidenced by
such particular Bond; and, for the purpose of this definition, any Bond
authenticated and delivered under Section 2.06 in lieu of a lost, destroyed or
stolen Bond (or a mutilated Bond surrendered to the Trustee) shall be deemed to
evidence the same debt as the lost, destroyed or stolen Bond (or a mutilated
Bond surrendered to the Trustee).

         "PREPAYMENT":  A Full Prepayment or Partial Prepayment.

         "PRINCIPAL PAYMENT DATE": Any Payment Date specified in Section 2.03 on
which an installment of principal is due and payable or, if such day is not a
Business Day, on the first Business Day thereafter.

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

         "PROMISOR":  The Person indebted under a Student Loan.

         "RATING AGENCY":  Moody's Investors Service, Inc.

         "RECORD DATE": The date on which the Holders of Bonds entitled to
receive a payment of principal or interest (other than a payment in full of all
unpaid principal of a Bond) are determined, such date (i) as to any Payment Date
being the last day of the month preceding the month of such Payment Date and
(ii) as to a Redemption Date pursuant to Section 11.01(a)(i), the first Business
Day which occurs 45 days following the Closing Date.

         "REDEMPTION DATE": The first Business Day which occurs 75 days
following the Closing Date on which Bonds may be redeemed at the option of the
Issuer pursuant to Section 11.01(a) and any Payment Date on which Bonds may be
redeemed at the option of the Issuer pursuant to Sections 11.01(b) and (c).

         "REDEMPTION PRICE": With respect to any Bond to be redeemed in whole or
in part pursuant to Section 11.01, an amount equal to 100% of the Current
Principal Amount of the Bond to be so redeemed, together with all unpaid and
accrued interest on such Bond.

         "RESERVE FUND": The trust account or accounts created and maintained
pursuant to Section 3.09.

         "RESPONSIBLE OFFICER": With respect to the Trustee, any corporate trust
officer or assistant corporate trust officer, or any other officer of the
Trustee customarily performing functions similar to those performed any of the
above designated officers and also, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of his
knowledge of and familiarity with the particular subject.

         "SALE":  As defined in Section 6.16.

         "SCHEDULE OF STUDENT LOANS": Schedule I hereto listing, by loan number,
name of Promisor and principal balance at the Closing Date of the Student Loans
being Granted to the Trustee on the Closing Date.

         "SERVICER": The Pennsylvania Higher Education Assistance Agency, a
public corporation and a government instrumentality of the Commonwealth of
Pennsylvania, or any successor thereof, as servicer of the Student Loans
pursuant to the Servicing Agreement, or any assignee of obligations under the
Servicing Agreement.

         "SERVICER DETERMINATION DATE": The fifteenth (15th) day of each month
or, if such day is not a Business Day, the immediately preceding Business Day
(beginning with the month in which the Closing Date occurs) as of which the
Servicer determines the aggregate amount received with respect to the Student
Loans since the preceding Servicer Determination Date (or from the Closing Date
in the case of the first Servicer Determination Date).

         "SERVICER REMITTANCE": The total amount of funds remitted to the
Trustee monthly by the Servicer pursuant to the Servicing Agreement, which
remittance shall include all monthly Collateral Proceeds collected by the
Servicer, less the Servicing Fee, together with any and all Prepayments received
by the Servicer.

         "SERVICER REMITTANCE REPORT": Each monthly report prepared by the
Servicer pursuant to the Servicing Agreement.

         "SERVICING AGREEMENT": The servicing agreement, dated January 6, 1995,
as amended by and between The National Collegiate Trust and the Servicer,
pursuant to which the Servicer agrees to perform certain servicing functions for
the Issuer relating to the Student Loans, as such agreement may be amended or
supplemented from time to time, a copy of which is attached hereto as Exhibit B.

         "SERVICING FEE": A monthly fee, computed as set forth on Schedule II
hereto.

         "STATED MATURITY": With respect to any Bond, September 20, 2013, which
is the date on which the entire unpaid principal amount of such Bond is due and
payable.

         "STATED PRINCIPAL BALANCE": As of the Closing Date, for this purpose,
the Stated Principal Balance of each Student Loan is the outstanding principal
balance set forth on the Schedule of Student Loans. As of any other Date, the
Stated Principal Balance is (i) the outstanding principal balance after giving
effect to all payments and recoveries of principal and (ii) any interest in
excess of interest payable at the Bond Interest Rate, paid or payable by the
Servicer to the Trustee.

         "STUDENT LOAN": Each of the student loans, which includes the related
Student Loan Notes, pledged to the Trustee as security for the Bonds, and all
renewals, extensions, substitutions and replacements thereof. The Student Loans
are listed on Schedule I hereto and on each schedule delivered to the Trustee
pursuant to Section 4.07(c)(i)(B).

         "STUDENT LOAN COLLATERAL":  The Student Loans securing the Bonds.

         "STUDENT LOAN NOTE": The promissory note or other evidence of
indebtedness of a Promisor with respect to a Student Loan.

         "SUBSEQUENT TRANSFER DATE": The date on which a Hartwick Student Loan
is acquired by the Trustee on behalf of the Bondholders, which date shall be no
later than January 27, 1997.

         "TRUST AGREEMENT": The trust agreement, dated as of November 7, 1996,
between The National Collegiate Trust and the Trust Company, as amended or
restated from time to time.

         "TRUST COMPANY": Delaware Trust Capital Management, Inc., a Delaware
trust company, or its successor under the Trust Agreement, in its individual
capacity.

         "TRUST ESTATE":  As defined in Section 4.01.

         "TRUST INDENTURE ACT" OR "TIA": The Trust Indenture Act of 1939 as in
force at the Closing Date, unless otherwise specifically provided.

         "TRUSTEE": State Street Bank and Trust Company, a Massachusetts trust
company, until a successor Person shall have become the Trustee pursuant to the
applicable provisions of this Indenture, and thereafter "Trustee" shall mean
such successor Person.

<PAGE>

                                   ARTICLE II

                                    THE BONDS

         SECTION 2.01  FORMS GENERALLY.

         The Bonds issuable hereunder shall be issued in two Classes. The Bonds
and the Trustee's certificate of authentication shall be in substantially the
forms set forth in this Article II, with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Indenture or as may in the Issuer's judgment be necessary, appropriate or
convenient to permit the Bonds to be issued and sold or held in bearer form, to
establish entitlement to an exemption from United States withholding tax or
reporting requirements with respect to payments on the Bonds or to comply, or
facilitate compliance, with other applicable laws or regulations, and may have
such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any
securities exchange on which the Bonds may be listed, or as may, consistently
herewith, be determined by the officers executing such Bonds, as evidenced by
their execution thereof. While Bonds may contain the above referenced provisions
with respect to Bonds issued in bearer form, no Bonds may actually be issued in
bearer form until the Issuer and the Trustee shall have entered into an
appropriate supplemental indenture pursuant to Section 10.01(7) providing for
such issuance. Any portion of the text of any Bond may be set forth on the
reverse thereof with an appropriate reference on the face of the Bond.

         The definitive Bonds shall be printed, lithographed or engraved or
produced by any combination of these methods on steel engraved borders, or may
be typewritten or photocopied, or may be produced in any other manner permitted
by the rules of any securities exchange on which the Bonds may be listed, all as
determined by the officers executing such Bonds, as evidenced by their execution
thereof.

         SECTION 2.02  FORMS OF BONDS.

         The form of the Class A Bonds and the Class B Bonds issued and
authenticated hereunder shall be in substantially the form of Exhibits A-1 and
A-2, respectively.

         SECTION       2.03 GENERAL PROVISIONS WITH RESPECT TO PRINCIPAL AND
                       INTEREST PAYMENTS; DENOMINATIONS.

         The aggregate principal amount of Bonds that may be authenticated and
delivered under this Indenture is limited to $6,825,000 except for Bonds
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Bonds pursuant to Section 2.05 or 2.06 of this
Indenture. The Bonds shall have the following characteristics:

                                  Original Bond

         Class                Principal           Interest          Stated
         Designation          Amount              Rate              Maturity
         -----------          ------              ----              --------

         Class A              $4,500,000          7.30%       September 20, 2013

         Class B              $2,325,000          8.15%       September 20, 2013

         The Interest Payment Dates for the Bonds are March 20 and September 20,
commencing March 20, 1997. The Principal Payment Dates for the Bonds are March
20 and September 20, commencing with respect to the Class A Bonds, on September
20, 2000.

         The Bonds shall have the Stated Maturity specified above. The principal
of each Bond shall be payable as set forth herein (a) beginning no later than
(i) with respect to the Class A Bonds, on the first Principal Payment Date and
(ii) with respect to the Class B Bonds, on the Principal Payment Date following
the payment in full of the Class A Bonds (which initially may be the same
Principal Date on which the Class A Bonds are paid in full), and (b) with
respect to all Bonds, ending no later than the Stated Maturity unless the unpaid
principal of such Bond becomes due and payable at an earlier date by declaration
of acceleration, redemption or otherwise.

         Subject to the Issuer's obligation to pay interest on the Bonds in
accordance with their terms and to its obligation to retire the Bonds on or
before their Stated Maturity, the aggregate amount of principal and interest on
the Bonds due and payable on each Payment Date shall be equal to the amounts
held in the Collateral Proceeds Account and the Reserve Fund in excess of the
Interest Reserve Amount on such Payment Date as applied in accordance with the
terms hereof. All payments made with respect to any Bond shall be applied first
to the interest then due and payable on such Bond and then to the principal
thereof. All computations of interest accrued on any Bond shall be made as if
each year consisted of twelve months of thirty days each. Interest on the unpaid
principal amount of each Outstanding Bond shall be payable on each Interest
Payment Date at the Bond Interest Rate for the related Interest Accrual Period.

         Notwithstanding any of the foregoing provisions with respect to
payments of principal of and interest on the Bonds, if the Bonds have become or
been declared due and payable following an Event of Default and such
acceleration of maturity and its consequences have not been rescinded and
annulled and the provisions of Section 6.04 are not applicable, then payments of
principal of and interest on such Bonds shall be made in accordance with Section
6.07.

         All Bonds of the same Class shall be identical in all respects except
for the denominations and dates thereof. All Bonds issued under this Indenture
shall be in all respects equally and ratably entitled to the benefits hereof
without preference, priority (except to the extent set forth in Section 3.03(c)
and 6.07 hereof) or distinction on account of the actual time or times of
authentication and delivery, all in accordance with the terms and provisions of
this Indenture.

         Payments of principal and interest on the Bonds of the same Class shall
be made pro-rata among all Outstanding Bonds of the same Class, without
preference or priority of any kind.

         Each Bond shall be issuable only as registered Bonds in denominations
of $25,000 and integral multiples of $1,000 in excess thereof (except that one
Bond may be issued in a different principal amount as necessary to include the
remainder of the aggregate authorized principal of such Bond).

         SECTION 2.04  EXECUTION, AUTHENTICATION, DELIVERY AND DATING.

                  (a) The Bonds shall be executed on behalf of the Issuer by one
         of the Authorized Officers of the Owner Trustee under its corporate
         seal, which may be in facsimile form and be imprinted or otherwise
         reproduced thereon and attested by one of the Authorized Officers of
         the Owner Trustee. The signature of any of these officers on the Bonds
         may be manual or facsimile.

         Bonds bearing the manual or facsimile signatures of individuals who
were at any time the proper officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Bonds or did not hold
such offices at the date of such Bonds.

         At any time and from time to time after the execution and delivery of
this Indenture, the Issuer may deliver Bonds executed by the Owner Trustee on
behalf of the Issuer to the Trustee for authentication, and the Trustee shall
authenticate and deliver such Bonds as in this Indenture provided and not
otherwise. Each Bond shall be dated as of the date of its authentication.

         No Bond shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose, unless there appears on such Bond a
certificate of authentication substantially in the form set forth in the form of
Bonds in Exhibits A-1 and A-2, executed by the Trustee by the manual signature
of one of its authorized officers and such certificate upon any Bond shall be
conclusive evidence, and the only evidence, that such Bond has been duly
authenticated and delivered hereunder.

                  (b) On the Closing Date, the Bonds shall be executed by the
         Owner Trustee on behalf of the Issuer and delivered to the Trustee for
         authentication and thereupon the same shall be authenticated and
         delivered by the Trustee upon Issuer Request and upon receipt by the
         Trustee or its agent of the following:

                  (i) an Officer's Certificate of the Issuer evidencing the
         authorization of the execution, authentication and delivery of the
         Bonds and specifying the Stated Maturity, the principal amount, Bond
         Interest Rate and the Class designation of each Bond to be
         authenticated and delivered;

                  (ii) either (A) a certificate or other official document
         evidencing the due authorization, approval or consent of any
         governmental body or bodies, at the time having jurisdiction in the
         premises, together with an Opinion of Counsel that the Trustee is
         entitled to rely thereon and that the authorization, approval or
         consent of no other governmental body is required for the valid
         issuance, or (B) an Opinion of Counsel that no such authorization,
         approval or consent of any governmental body is required except for
         such registrations, if any, as are required under the Securities Act of
         1933, the TIA and the "Blue Sky" securities laws of any state;

                  (iii) an Opinion of Counsel dated not earlier than the Issuer
         Request, to the effect that:

                           (A) all instruments furnished to the Trustee in
                  connection with the Bonds conform in all material respects to
                  the requirements of this Indenture and constitute sufficient
                  authority hereunder for the Trustee to authenticate and
                  deliver the Bonds;

                           (B) all conditions precedent provided for in this
                  Indenture relating to the authentication and delivery of the
                  Bonds have been complied with and the Issuer is duly entitled
                  to the authentication and delivery of the Bonds;

                           (C) all laws and requirements with respect to the
                  execution and delivery by the Issuer of the Bonds have been
                  complied with;

                           (D) the Issuer has corporate power and authority to
                  execute, deliver and perform under this Indenture and to issue
                  the Bonds and has duly taken all necessary corporate action
                  for those purposes;

                           (E) this Indenture is, and the Bonds when issued,
                  delivered, authenticated and paid for, will be, the valid,
                  legal and binding obligations of the Issuer enforceable in
                  accordance with their terms, subject to bankruptcy,
                  reorganization, insolvency and other laws affecting the
                  enforcement of creditors' rights generally and to general
                  principles of equity (regardless whether such enforceability
                  is considered in a Proceeding in equity or at law);

                           (F) the Bonds, when issued, will be entitled to the
                  benefits of this Indenture;

                           (G) such action has been taken with respect to
                  delivery of the Trust Estate and with respect to recording and
                  filing of this Indenture and any other requisite documents as
                  is necessary to make effective and to perfect the lien and
                  security interest of this Indenture as a first priority lien
                  and security interest of this Indenture in the Trust Estate;

                           (H) this Indenture has been duly qualified under the
                  TIA; and

                           (I) the Issuer has the power and authority to assign,
                  pledge and deposit the Trust Estate with the Trustee as
                  security for the Bonds and has duly authorized such
                  assignment, pledge and deposit with the Trustee by all
                  necessary action.

                  (iv) the Loan Documents;

                  (v) an Officer's Certificate of the Issuer stating that the
         issuance of the Bonds will not result in a breach of any of the terms,
         conditions or provisions of, or constitute a default under, the
         Issuer's certificate of trust or bylaws or any indenture, mortgage,
         deed of trust or other agreement or instrument to which the Issuer is a
         party or by which it is bound, or any order of any court or
         administrative agency entered in any Proceeding to which the Issuer is
         a party or by which it may be bound or to which it may be subject; and
         that all conditions precedent provided in this Indenture relating to
         the authentication and delivery of the Bonds have been complied with;

                  (vi) a certificate or opinion of an Independent Person,
         meeting all applicable requirements of TIA ss.314(d)(2) and (3), as to
         the fair value of the Student Loan Collateral securing the Bonds and of
         any Eligible Investments to be deposited on the Closing Date into any
         Pledged Account or Fund; and

                  (vii) such other documents as the Trustee may reasonably
         require.

         SECTION 2.05  REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE.

                  (a) The Issuer shall cause to be kept a register (the "Bond
         Register") in which, subject to such reasonable regulations as it may
         prescribe, the Issuer shall provide for the registration of Bonds and
         the registration of transfers and exchanges of Bonds in certificated
         form. The Trustee is hereby initially appointed "Bond Registrar" for
         the purpose of registering Bonds and transfers of Bonds in certificated
         form as herein provided. Upon any resignation of any Bond Registrar
         appointed by the Issuer, the Issuer shall promptly appoint a successor
         or, in the absence of such appointment, shall assume the duties of Bond
         Registrar.

         If the Trustee shall at any time not be authorized to keep and maintain
the Bond Register, the Trustee shall have the right to inspect such Bond
Register at all reasonable times and to rely conclusively upon a certificate of
the Person in charge of the Bond Register as to the names and addresses of the
holders of the Bonds and the principal amounts and numbers of such Bonds as
held.

                  (b) Upon surrender for registration of transfer or exchange of
         any Bond in certificated form at the office or agency of the Issuer to
         be maintained as provided in Section 9.01, the Issuer shall execute,
         and the Trustee shall authenticate and deliver, in the name of the
         designated transferee or transferees, one or more new Bonds of any
         authorized denominations and of a like aggregate initial principal
         amount.

         At the option of the Holder, Bonds in certificated form may be
exchanged for other Bonds of any authorized denominations of a like aggregate
initial principal amount, upon surrender of the Bonds to be exchanged at such
office or agency. Whenever any Bonds are so surrendered for exchange, the Issuer
shall execute, and the Trustee shall authenticate and deliver, the Bonds that
the Bondholder making the exchange is entitled to receive.

         All Bonds in certificated form issued upon any registration of transfer
or exchange of Bonds shall be the valid obligations of the Issuer, evidencing
the same debt, and entitled to the same benefits under this Indenture, as the
Bonds surrendered upon such registration of transfer or exchange.

                  (c) Every Bond in certificated form presented or surrendered
         for registration of transfer or exchange shall be duly endorsed, or be
         accompanied by a written instrument of transfer in form satisfactory to
         the Trustee duly executed by the Holder thereof or his attorney duly
         authorized in writing.

                  (d) No transfer of a Bond or any interest therein may be made
         to: (i)(A) any employee benefit plan or other retirement arrangement,
         including individual retirement accounts and annuities, Keogh plans and
         collective investment funds and separate accounts in which such plans,
         accounts or arrangements are invested (each, a "Plan"), that is subject
         to the Employee Retirement Income Security Act of 1974, as amended
         ("ERISA"), or the Internal Revenue Code of 1986 (the "Code"), or (B)
         any person that is directly or indirectly purchasing such Bond or
         interest therein on behalf of, as named fiduciary of, as trustee of, or
         with assets of such a plan, unless the prospective transferee provides
         to the Trustee a certification of facts and an Opinion of Counsel that
         establish to the satisfaction of the Trustee that such transfer will
         not result in a violation of Section 406 of ERISA or Section 4975 of
         the Code or cause the Servicer or the Trustee to be deemed a fiduciary
         of such plan or result in the imposition of an excise tax under Section
         4975 of the Code; or (ii) any other Person that does not provide a
         certification to the Trustee that (i)(A) and (i)(B) do not apply.

         A Bond Owner of a Book-Entry Bond shall be entitled to transfer
beneficial ownership of such Book-Entry Bond only upon compliance with the
procedures established by such Bond Owner's brokerage firm and by the
participating firms acting as such brokerage firm's agent, if any. No Bond Owner
shall be entitled to receive a certificate evidencing ownership of his
Book-Entry Bond.

         No service charge shall be made for any registration of transfer or
exchange of Bonds, but the Issuer or the Trustee may require payment of a sum
sufficient to cover any tax or other governmental charge as may be imposed in
connection with any registration of transfer or exchange of Bonds, other than
exchanges pursuant to Section 2.06 not involving any transfer.

         SECTION 2.06  MUTILATED, DESTROYED, LOST OR STOLEN BONDS.

         If (a) any mutilated Bond is surrendered to the Trustee or the Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any
Bond, and (b) there is delivered to the Trustee such security or indemnity as
may be required by the Trustee to save the Trustee and the Issuer harmless,
then, in the absence of notice to the Issuer or the Trustee that such Bond has
been acquired by a bona fide purchaser, the Issuer shall execute and upon its
request the Trustee shall authenticate and deliver, in exchange for or in lieu
of any such mutilated, destroyed, lost or stolen Bond, a new Bond or Bonds of
the same tenor and aggregate initial principal amount bearing a number not
contemporaneously outstanding; provided, however, that if any such mutilated,
destroyed, lost or stolen Bond shall have become or shall be about to become due
and payable, or shall have become subject to redemption in full, instead of
issuing a new Bond, the Issuer may pay such Bond without surrender thereof,
except that any mutilated Bond shall be surrendered. If, after the delivery of
such new Bond or payment of a destroyed, lost or stolen Bond pursuant to the
proviso to the preceding sentence, a bona fide purchaser of the original Bond in
lieu of which such new Bond was issued presents for payment such original Bond,
the Issuer and the Trustee shall be entitled to recover such new Bond (or such
payment) from the Person to whom it was delivered or any Person taking such new
Bond from such Person, except a bona fide purchaser, and shall be entitled to
recover upon the security or indemnity provided therefor to the extent of any
loss, damage, cost or expenses incurred by the Issuer or the Trustee in
connection therewith.

         Upon the issuance of any new Bond under this Section, the Trustee or
the Issuer 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
reasonable expenses (including the fees and expenses of the Trustee) in
connection therewith.

         Every new Bond issued pursuant to this Section in lieu of any
destroyed, lost or stolen Bond shall constitute an original additional
contractual obligation of the Issuer, whether or not the destroyed, lost or
stolen Bond shall be at any time enforceable by anyone, and shall be entitled to
all the benefits of this Indenture equally and proportionately with any and all
other Bonds duly issued hereunder.

         The provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Bonds.

         SECTION 2.07  PERSONS DEEMED OWNERS.

         Prior to due presentment for registration of transfer of any Bond, the
Issuer, the Trustee, any Agent and any other agent of the Issuer or the Trustee
may treat the Person in whose name any bond is registered as the owner of such
Bond (a) on the applicable Record Date for the purpose of receiving payments of
the principal of (other than the payment in full of the unpaid principal balance
of such Bond) and interest on such Bond and (b) on any other date for all other
purposes whatsoever, whether or not such Bond is overdue, and, except as
otherwise required by applicable law, neither the Issuer, the Trustee, any Agent
nor any other agent of the Issuer or the Trustee shall be affected by notice to
the contrary.

         SECTION 2.08  CANCELLATION.

         All Bonds surrendered for payment, registration of transfer, exchange
or redemption shall, if surrendered to any Person other than the Trustee, be
delivered to the Trustee and shall be promptly cancelled by it. The Issuer may
at any time deliver to the Trustee for cancellation any Bond previously
authenticated and delivered hereunder that the Issuer may have acquired in any
manner whatsoever, and all Bonds so delivered shall be promptly cancelled by the
Trustee. No Bonds shall be authenticated in lieu of or in exchange for any Bonds
cancelled as provided in this Section, except as expressly permitted by this
Indenture. All cancelled Bonds held by the Trustee shall be destroyed unless the
Issuer shall direct by an Issuer Order that they be returned to the Issuer.

         SECTION 2.09  BOOK-ENTRY BONDS.

         The Bonds will be Book-Entry Bonds. Each Class of Bonds shall be
represented by a single bond certificate with respect to such Class in the
original principal amount of the related Bonds. The Issuer hereby designates The
Depository Trust Company, 55 Water Street, New York, New York 10041, as the
initial Depository for the Book-Entry Bonds and directs the Trustee to execute
and deliver the DTC Letter Agreement. The bond certificates representing the
Book-Entry Bonds shall be registered in the name of the nominee of the
Depository designated in the DTC Letter Agreement, CEDE & Co. The Trustee shall
not register the transfer of any Book-Entry Bond to another depository until the
Issuer shall have delivered or caused to be delivered to the Trustee a written
acceptance by the proposed transferee of the duties of acting as depository with
respect to Book-Entry Bonds and an Opinion of Counsel to the effect that the
proposed transferee is an entity registered as a "clearing agency" pursuant to
Section 17A of the Securities Exchange Act of 1934, as amended and to the
further effect that all other conditions precedent for such registration of
transfer have been completed. The Trustee shall be under no liability to any
Person for any such registration or for making any payments due on such Bonds to
the Holder thereof or for taking any other action with respect to such Holder
under the provisions of this Indenture so long as the transfer was registered
upon receipt of the Opinion of Counsel described above. Any Bond Owner acquiring
an interest in a Book-Entry Bond through the Depository or its participating
organizations ("Depository Participants") shall not be entitled to receive a
certificate representing any interest in the Bonds except in the event that
fully-registered, certificated Bonds are issued to Bond Owners ("Definitive
Bonds") under the circumstances set forth in this Section.

         As long as the Outstanding Bonds remain Book-Entry Bonds (i) the
provisions of this Section shall be in full force, (ii) to the extent that the
provisions of this Section conflict with any provisions of this Indenture, the
provisions of this Section shall control, (iii) the Trustee shall deal with the
Depository as representative of the Bond Owners of the Bonds for purposes of
exercising the rights of Holders under this Indenture, and requests and
directions for and votes of such representative shall not be deemed to be
inconsistent if they are made with respect to different Bond Owners; (iv) the
Issuer or the Trustee shall deliver to the Depository any notice or other
communication required to be delivered to any Holder by the Issuer or the
Trustee, respectively, and shall note thereon the CUSIP number of the Bonds, (v)
the Trustee is hereby authorized by the Issuer to request from the Depository at
any time a list of Depository Participants, (vi) the Trustee may rely and shall
be fully protected in relying upon information furnished by the Depository with
respect to its Depository Participants and information furnished by the
Depository Participants with respect to Bond Owners, (vii) the Depository shall
maintain book entry records with respect to the Bond Owners and with respect to
the ownership and transfers of beneficial interests in the Bonds; (viii)
ownership and transfers of registration of the Bonds on the books of the
Depository shall be governed by applicable rules established by the Depository;
(ix) the Depository may collect its usual and customary fees, charges and
expenses from the Depository Participants, (x) any invitation to tender the
Bonds shall be made in compliance with the pertinent provisions of the DTC
Letter Agreement, (xi) to the extent required by the pertinent provisions of the
DTC Letter Agreement, the Issuer or, if applicable, the Trustee shall give the
Depository notice of any record date set by the Issuer or the Trustee (as the
case may be) pursuant to Section 13.03(e), (xii) to the extent of any conflict
between the DTC Letter Agreement and this Indenture, the provisions of the DTC
Letter Agreement shall control, (xiii) the rights of Bond Owners shall be
exercised only through the Depository and the Depository Participants and shall
be limited to those established by law and agreement between such Bond Owners,
the Depository and/or Depository Participants.

         On or before the thirtieth (30th) day prior to any Issuer Redemption,
the Trustee shall notify the Depository of the date of such Issuer Redemption.

         Bonds issued as Book-Entry Bonds shall be issued in Definitive Bonds in
the event that (A) the Issuer expressly advises the Trustee in writing that the
Depository is no longer willing or able to properly discharge its
responsibilities as depository with respect to such Book-Entry Bonds, and the
Issuer is unable to locate a qualified successor, or (B) the Issuer, in its sole
discretion (but only with the express prior written consent of the Trustee),
elects to terminate the book-entry system through the Depository by express
written notice to the Depository and the Trustee, or (C) after the occurrence of
an Event of Default, Bond Owners representing not less than two-thirds in
Aggregate Current Principal Amount of such Book-Entry Bonds advise the
Depository through Depository Participants in writing that the continuation of a
book-entry system through the Depository is no longer in the best interest of
the Bond Owners. Upon the occurrence of any event described in the immediately
preceding sentence, the Depository shall be required to notify all Depository
Participants of the availability through the Depository of Definitive Bonds.
Upon surrender by the Depository of the certificate representing such BookEntry
Bonds and instructions to the Trustee from the Depository for reregistration of
the Definitive Bond certificates and the Issuer's delivery to the Trustee of
appropriate Definitive Bond certificates, the Owner Trustee shall, on behalf of
the Issuer, execute and the Trustee shall authenticate the entire principal
amount of such Book-Entry Bonds then Outstanding in Definitive Bonds and
thereafter the Trustee shall recognize the Holders of such Definitive Bonds as
Holders under this Indenture. Neither the Issuer, the Trustee nor the Owner
Trustee shall be liable for any delay in delivery of such instructions and
certificates and may conclusively rely on and shall be protected in relying on
such instructions.

<PAGE>

                                   ARTICLE III

                              PAYMENTS ON THE BONDS

         SECTION 3.01  COLLECTION OF MONEY.

         Except as otherwise expressly provided herein, the Trustee may demand
payment or delivery of, and shall receive and collect, directly and without
intervention or assistance of any fiscal agent or other intermediary, all money
and other property payable to or receivable by the Trustee pursuant to this
Indenture, shall hold all such money and property received by it as part of the
Trust Estate, and shall apply it as provided in this Indenture. If the Trustee
shall not have received a Servicer Remittance with respect to a Student Loan by
the second Business Day after the related Servicer Determination Date, the
Trustee shall request the Servicer to make such payment as promptly as
practicable or legally permitted.

         Except as otherwise expressly provided in this Indenture, if, following
any request by the Trustee for payment of a late Servicer Remittance, any
Default occurs in the making of such payment or if a Default occurs in any other
performance required under the Servicing Agreement of which the Trustee has
actual knowledge, the Trustee may, and upon the request of the Holders of Bonds
representing more than 66 2/3% of the Aggregate Current Principal Amount of the
Outstanding Bonds shall, take such action as may be specified in Section 6.03
herein to enforce such payment or performance including the institution and
prosecution of appropriate Proceedings against the Servicer. Any such action
shall be without prejudice to any right to claim a Default or Event of Default
under this Indenture and to proceed thereafter as provided in Article VI.

         SECTION 3.02  PAYMENTS OF PRINCIPAL AND INTEREST.

                  (a) Interest or principal payable on any Bond that is
         punctually paid out of the Collateral Proceeds Account pursuant to
         Section 3.03 or duly provided for by the Issuer on the applicable
         Payment Date or Redemption Date shall be paid to the Person in whose
         name such Bond (or one or more Predecessor Bonds) is registered at the
         close of business on the Record Date for such applicable Payment Date
         or Redemption Date by payment to the Depository, which shall credit the
         amount of such payments to the accounts of its Depository Participants
         in accordance with its normal procedures, provided that in the event
         the Bonds are no longer maintained as Book-Entry Bonds, payment shall
         be made by check mailed to such Person's address as it appears in the
         Bond Register on such Record Date or upon prior notice given to the
         Trustee, by wire transfer of immediately available funds to the
         accounts specified by such Person, except for the final payment of
         principal payable with respect to such Bond (or the Redemption Price)
         for any Bond called for redemption, if such redemption will result in
         payment of the then entire unpaid principal amount of such Bond), which
         shall be payable as provided in subsection (b) of this Section 3.02.
         Each Depository Participant shall be responsible for disbursing such
         payments to the Bond Owners of the Book-Entry Bonds that it represents
         and to each brokerage firm for which it acts as agent. Each brokerage
         firm shall be responsible for disbursing funds to the Bond Owners of
         the Book-Entry Bonds that it represents. All such credits and
         disbursements are to be made by the Depository and the Depository
         Participants in accordance with the provisions of the Bonds. Neither
         the Trustee nor the Issuer shall have any responsibility therefor
         except as otherwise provided by applicable law.

         Any payment of interest or principal payable on any Bond which
otherwise would be due and payable on a day which is not a Business Day shall be
payable on the next succeeding Business Day and shall be deemed to have been
paid on such non-Business Day on which such payment was otherwise payable.

                  (b) All reductions in the principal amount of a Bond (or one
         or more Predecessor Bonds) effected by payments of principal made on
         any Payment Date or Redemption Date shall be binding upon all Holders
         of such Bonds and of any Bonds issued upon the registration of transfer
         thereof or in exchange therefor or in lieu thereof, whether or not such
         payment is noted on such Bonds. The final payment of principal of each
         Bond (including the Redemption Price of any Bond called for redemption
         pursuant to Article XI) shall be payable only upon presentation and
         surrender on or after the Payment Date or Redemption Date therefor at
         the office or agency of the Issuer maintained by it for such purpose
         pursuant to Section 9.01.

         As soon as practicable prior to each Payment Date, the Trustee shall
determine whether, on the basis of Collateral Proceeds received and expected to
be received during the related Collection Period and withdrawn from the
Collateral Proceeds Account pursuant to Section 3.03(c), the entire remaining
unpaid principal amount of the Bonds will become due and payable on that Payment
Date or whether in accordance with Section 3.09(c), the Interest Reserve Amount
equals or exceeds the Aggregate Current Principal Amount of Outstanding Bonds,
and, if so, the Trustee shall, no later than five days prior to such Payment
Date, mail or cause to be mailed to the Issuer and to each Person in whose name
a Bond to be so retired is registered at the close of business on the Record
Date a notice to the effect that:

                  (i) it is expected that funds sufficient to pay such final
         payment will be available in the Collateral Proceeds Account and the
         Reserve Fund on such Payment Date, and

                  (ii) if such funds are available, (A) such final payment will
         be payable on such Payment Date, but only upon presentation and
         surrender of such Bond at the office or agency of the Issuer maintained
         for such purpose pursuant to Section 9.01 (the address of which shall
         be set forth in such notice), and (B) interest shall accrue on such
         Bond up to the Business Day preceding such Payment Date.

Notices in connection with redemptions of Bonds shall contain the information
set forth in, and be mailed in accordance with, Section 11.03.

                  (c) Subject to the foregoing provisions of this Section 3.02,
         each Bond delivered under this Indenture upon registration of transfer
         of or in exchange for or in lieu of any other Bond shall represent the
         rights to unpaid principal and interest that were represented by such
         other Bond. Any checks mailed pursuant to subsection (a) of this
         Section 3.02 and returned undelivered shall be held in accordance with
         Section 9.02.

                  (d) Notwithstanding any of the provisions of this Section with
         respect to payments of principal of and interest on the Bonds, if the
         Bonds have become or been declared due and payable in accordance with
         Section 3.09(c) or following an Event of Default and such acceleration
         of maturity and its consequences have not been rescinded and annulled,
         then payments of principal of and interest on such Bonds shall be made
         in accordance with Section 6.07.

         SECTION 3.03  COLLATERAL PROCEEDS ACCOUNT; APPLICATION OF FUNDS.

                  (a) On or before the Closing Date, the Trustee shall
         establish, at its Corporate Trust Office, a segregated account that
         shall be the "Collateral Proceeds Account" and shall be clearly labeled
         as such. The Trustee shall promptly deposit in the Collateral Proceeds
         Account all Servicer Remittances received by it with respect to the
         Student Loan Collateral, including any liquidation proceeds related to
         Defaulted Student Loans and late payment charges, if any. All
         remittances deposited from time to time in the Collateral Proceeds
         Account, all other deposits therein pursuant to this Indenture, and all
         investments made with such amounts, including all income or other gain
         from such investments, shall be held by the Trustee in the Collateral
         Proceeds Account as part of the Trust Estate as herein provided,
         subject to withdrawal by the Trustee for the purposes set forth in
         Subsections (c) and (d) of this Section. The Issuer may, at any time
         and at its option, deposit cash (or Eligible Investments maturing prior
         to the next Payment Date) in the Collateral Proceeds Account for the
         purpose of avoiding any Event of Default which would otherwise result
         pursuant to Section 6.01(1), but the Issuer is under no obligation to
         do so. All funds withdrawn from the Collateral Proceeds Account
         pursuant to Subsection (c) of this Section for the purpose of making
         payments to the Holders of Bonds shall be so withdrawn in accordance
         with Section 9.02.

                  (b) So long as no Default or Event of Default shall have
         occurred and be continuing, all amounts in the Collateral Proceeds
         Account shall be invested and reinvested by the Trustee in one or more
         Eligible Investments pursuant to an Issuer Order. Such investments are
         subject to the following restrictions:

                  (i) except as permitted by clause (ii) below, no investment of
         any amount held in the Collateral Proceeds Account may mature later
         than the Business Day immediately preceding the next Payment Date; and

                  (ii) any investment (including repurchase agreements) in which
         State Street Bank and Trust Company, in either its commercial or trust
         capacity, is the obligor, may mature on a Payment Date if, under this
         Section such investment could otherwise mature on the Business Day
         immediately preceding such Payment Date.

         All income or other gains from investment of funds deposited in the
Collateral Proceeds Account shall be deposited by the Trustee in the Collateral
Proceeds Account immediately upon receipt, and any loss resulting from such
investment shall be charged to the Collateral Proceeds Account, and the Trustee
shall not be responsible in any way for such loss on any investment made
pursuant to this Indenture, except in its commercial capacity as obligor.

                  (c) Unless the Bonds have been declared due and payable
         pursuant to Section 6.02 and funds collected by the Trustee are being
         applied in accordance with Section 6.07, amounts in the Collateral
         Proceeds Account on any Payment Date deposited during the Collection
         Period which ended during the calendar month in which the Payment Date
         occurs shall be withdrawn from the Collateral Proceeds Account, in the
         amounts required but not to exceed the Available Payment Amount, for
         application on any Payment Date as follows:

                  FIRST, to the Class A Bonds for the payment of accrued
         interest at the related Bond Interest Rate;

                  SECOND, to the Class B Bonds for the payment of accrued
         interest at the related Bond Interest Rate;

                  THIRD, to the payment to the Reserve Fund of any shortfall in
         the Interest Reserve Amount for the Interest Accrual Period commencing
         on such Payment Date; provided that, if after giving effect to all
         payments of interest and principal on the Bonds on such Payment Date,
         the Interest Reserve Amount equals or exceeds the Aggregate Current
         Principal Amount of Outstanding Bonds, then the Trustee shall declare
         all the Bonds to be immediately due and payable pursuant to Section
         3.09(c);

                  FOURTH, to the payment of any unpaid amount due the Trustee
         pursuant to Section 7.07;

                  FIFTH, to the payment of any unpaid amount due any Accountants
         for services rendered pursuant to Section 9.12 hereof or otherwise
         under this Indenture;

                  SIXTH, to the payment of any unpaid amount due the Owner
         Trustee pursuant to the Trust agreement;

                  SEVENTH, to the payment of any unpaid amount due the
         Administrator pursuant to the Administration Agreement;

                  EIGHTH, on each Principal Payment Date, to the Class A Bonds
         for the payment of any unpaid principal amount of the Class A Bonds;

                  NINTH, on each Principal Payment Date following payment in
         full of the Class A Bonds (which initially may be the same Principal
         Payment Date on which the Class A Bonds are paid in full), to the Class
         B Bonds for the payment of any unpaid principal amount of the Class B
         Bonds;

                  TENTH, if such Payment Date is not a Principal Payment Date,
         any remaining amounts in the Collateral Proceeds Account shall be
         deposited in the Reserve Fund;

each such amount in paragraphs FIRST, SECOND, EIGHTH and NINTH above being the
amount thereof set forth in the Payment Date Statement or in the notice from the
Issuer given pursuant to Section 11.02.

         SECTION 3.04 GENERAL PROVISIONS REGARDING PLEDGED ACCOUNTS OR FUNDS.

                  (a) Each Pledged Account or Fund shall relate solely to the
         Bonds and to the Student Loans and other property securing the Bonds.
         Funds and other property in each Pledged Account or Fund shall be at
         all times separately accountable on the internal books and records of
         the Trustee. Funds and other property in each Pledged Account or Fund
         shall not be commingled with any other funds or property of the Issuer
         or any Affiliate thereof. Notwithstanding the foregoing, the Trustee
         may hold any funds or other property received or held by it as part of
         a Pledged Account or Fund in collective accounts maintained by it in
         the normal course of its business and containing funds or property held
         by it for other Persons (which may include the Issuer or an Affiliate),
         provided that such accounts are under the sole control of the Trustee
         and the Trustee maintains adequate records indicating the ownership of
         all such funds or property and the portions thereof held for credit to
         each Pledged Account or Fund.

                  (b) The Issuer agrees not to direct the Trustee to make any
         investment of any funds in a Pledged Account or Fund or to sell any
         investment held in a Pledged Account or Fund except under the following
         terms and conditions:

                  (i) each such investment shall be made in the name of the
         Trustee (in its capacity as such) or in the name of a nominee of the
         Trustee (or, if, as indicated by an Opinion of Counsel delivered to the
         Trustee, applicable law provides for perfection of security interests
         of an investment not evidenced by a certificate or other instrument
         through a recordation of such security interests on books maintained by
         or on behalf of the issuer of such investment, such security interests
         may be so recorded);

                  (ii) the Trustee shall have sole control over such investment,
         the income thereon and the proceeds thereof;

                  (iii) any certificate or other instrument evidencing such
         investment shall be delivered directly to the Trustee or its agent; and

                  (iv) the proceeds of each sale of such an investment shall be
         remitted by the purchaser thereof directly to the Trustee for deposit
         in the Pledged Account or Fund in which such investment was held.

                  (c) If any amounts are needed for disbursement from a Pledged
         Account or Fund and sufficient uninvested funds are not available
         therein to make such disbursement, in the absence of an Issuer Order
         for the liquidation of investments held therein in an amount sufficient
         to provide the required funds, the Trustee shall cause to be sold or
         otherwise converted to cash a sufficient amount of the investments in
         such Pledged Account or Fund.

                  (d) The Trustee shall not in any way be held liable by reason
         of any insufficiency in any Pledged Account or Fund except for losses
         on investments that are liabilities of State Street Bank and Trust
         Company in its commercial capacity as obligor under the terms of this
         Indenture.

                  (e) All investments of funds in a Pledged Account or Fund and
         all sales of investments held in a Pledged Account or Fund shall,
         except as provided below, be made by the Trustee in accordance with an
         Issuer Order. Subject to compliance with the requirements of Section
         3.03(b), such Issuer Order may authorize the Trustee to make the
         specific investments set forth therein, to make investments from time
         to time consistent with the general instructions set forth therein, or
         to make specific investments pursuant to written or telegraphic
         instructions of the employees or agents of the Issuer identified
         therein, in each case in such amounts as such Issuer Order shall
         specify.

         In the event that:

                  (i) the Issuer shall have failed to give written investment
         directions to the Trustee by 10:00 A.M. New York City time on any
         Business Day authorizing the Trustee to invest the funds then in a
         Pledged Account or Fund;

                  (ii) a Default or Event of Default shall have occurred and be
         continuing but the Bonds shall not have been declared due and payable
         pursuant to Section 6.02, or if the Bonds shall have been declared due
         and payable following an Event of Default, amounts collected or
         receivable from the Trust Estate are being applied in accordance with
         Section 6.04; or

                  (iii) an Event of Default shall have occurred and be
         continuing, the Bonds shall have been declared due and payable pursuant
         to Section 6.02, and amounts collected or receivable from the Trust
         Estate are being applied in accordance with Section 6.07;

the Trustee shall invest and reinvest the funds then in each related Pledged
Account or Fund to the fullest extent practicable, in such manner as the Trustee
shall from time to time determine, but only in the Eligible Investment which is
a money market fund rated by the Rating Agency in its highest rating category.
If no such investment vehicle is available, the funds shall remain uninvested.
All investments made pursuant to clause (i) above shall mature on the next
Business Day following the date of such investment and all such investments made
pursuant to Clause (ii) above shall mature no later than the maturity date
therefor permitted by Section 3.03(b) or 3.09(d) and all investments made
pursuant to clause (iii) above shall mature no later than the first date
following the date of such investment on which the Trustee proposes to make a
distribution to Holders of Bonds.

         SECTION 3.05  REPORTS BY TRUSTEE TO BONDHOLDERS.

         The Trustee shall prepare and deliver to the Issuer, the Rating Agency
and each Bondholder not later than one (1) Business Day following each Payment
Date, a statement (a "Payment Date Statement") with respect to such Payment Date
setting forth the following information:

                  (a) the Available Payment Amount on deposit in the Collateral
         Proceeds Account and the Reserve Fund, itemizing (i) Servicer
         Remittances received during the related Collection Period, (ii) net
         liquidation proceeds related to Defaulted Student Loans received during
         the related Collection Period, (iii) the aggregate amount of
         reinvestment income received during the Collection Period, (iv)
         Interest Support Payments withdrawn from the Interest Support Account
         and (v) amounts on deposit in the Reserve Fund in excess of the
         Interest Reserve Amount;

                  (b) the aggregate amount of interest accrued during the
         immediately preceding Interest Accrual Period on all Outstanding Bonds;

                  (c) the aggregate amount of interest accrued during the
         immediately preceding Interest Accrual Period on all Outstanding Class
         A Bonds;

                  (d) the aggregate amount of interest accrued during the
         immediately preceding Interest Accrual Period on all Outstanding Class
         B Bonds;

                  (e) the aggregate amount of all payments then being made with
         respect to the Bonds;

                  (f) the aggregate amount of all payments then being made with
         respect to the Class A Bonds;

                  (g) the aggregate amount of all payments then being made with
         respect to the Class B Bonds;

                  (h) the aggregate amount of all payments then being made with
         respect to the Bonds which represents principal;

                  (i) the aggregate amount of all payments then being made with
         respect to the Class A Bonds which represents principal;

                  (j) the aggregate amount of all payments then being made with
         respect to the Class B Bonds which represents principal;

                  (k) the amount of any payment then being made with respect to
         an Individual Bond;

                  (l) the amount of the payment then being made with respect to
         an Individual Bond which represents interest;

                  (m) the amount of the payment then being made with respect to
         an Individual Bond which represents principal;

                  (n) the Current Principal Amount of an Individual Bond after
         giving effect to any repayment of principal made on such date;

                  (o) the Aggregate Stated Principal Balance of all Student
         Loans still subject to the lien of this Indenture;

                  (p) the Aggregate Current Principal Amount of Class A Bonds
         after giving effect to the principal payments to be made on such
         Payment Date;

                  (q) the Aggregate Current Principal Amount of Class B Bonds
         after giving effect to the principal payments to be made on such
         Payment Date; and

                  (r) the aggregate amount of Defaulted Student Loans, if any,
         as of the related Payment Date;

provided, the Issuer shall cause the Servicer to certify in writing to the
Trustee the information in (a)(2), (o) and (r) above for the purpose of
preparing such Payment Date Statement.

                  In addition, the Issuer, to the extent required by applicable
law, shall prepare and file any and all tax returns, information statements or
other filings required to be delivered to any governmental taxing authority and
to Bondholders pursuant to any applicable law with respect to the Trust Estate
and the transactions contemplated hereby. The Trustee shall, to the extent
required by applicable law, execute the foregoing documents upon the Issuer's
request and return such documents to the Issuer.

         SECTION 3.06  PLEDGED ACCOUNTS REPORTS BY TRUSTEE.

         The Trustee shall prepare and deliver to the Issuer not later than the
tenth (10th) Business Day after the end of each calendar quarter, a report, with
respect to each Pledged Account securing the Bonds, setting forth the following
information:

                  (1)      the balance in each Pledged Account at the beginning
                           and end of such calendar quarter;

                  (2)      the cash and Eligible Investments held in each
                           Pledged Account at the end of such calendar quarter;
                           and

                  (3)      the aggregate amount of reinvestment income with
                           respect to each Pledged Account received during such
                           calendar quarter.

         SECTION 3.07  COLLECTIONS OF THE STUDENT LOANS.

         In order to facilitate the servicing of the Student Loans by the
Servicer of such Student Loans, the Servicing Agreement provides that the
Servicer shall retain, in accordance with the provisions of the Servicing
Agreement and this Indenture, all collections on such Student Loans prior to the
time they are deposited into the Collateral Proceeds Account or the Reserve
Fund. The Trustee hereby designates the Servicer as its agent and bailee to hold
such collections on such Student Loans until they are deposited into the
Collateral Proceeds Account or the Reserve Fund. By the designation pursuant to
this Section and the acceptance of such designation by the Servicer of a Student
Loan pursuant to the Servicing Agreement, the Trustee, as secured party, has
possession of all collections on the Student Loans for purposes of Section 9-305
of the Uniform Commercial Code as in effect in Massachusetts.

         SECTION 3.08  AMENDMENTS TO SERVICING AGREEMENT.

         The Trustee may, without the consent of any Bondholder, enter into or
consent to any amendment or supplement to the Servicing Agreement (including
without limitation any amendment providing for the appointment of a successor
Servicer) provided such amendment or supplement cannot reasonably be expected to
adversely affect the Bondholders. Such a consent shall not adversely affect the
Holders of the Bonds if there is delivered to the Trustee written notification
from the Rating Agency (which shall be obtained by the Trustee prior to any such
amendment providing for the appointment of a successor Servicer) to the effect
that such amendment or supplement will not result in any change in the current
rating assigned by the Rating Agency. The Trustee may, in its discretion,
decline to enter into or consent to any such supplement or amendment if its own
rights, duties or immunities shall be adversely affected.

         SECTION 3.09  RESERVE FUND.

                  (a) The Trustee shall establish and maintain the Reserve Fund
         into which the Trustee shall make such deposits, and from which the
         Trustee shall make such withdrawals, as herein specified. The Reserve
         Fund shall be maintained at the Corporate Trust Office as a segregated
         account clearly labeled as such. All funds deposited from time to time
         in the Reserve Fund pursuant to this Indenture shall be held by the
         Trustee as part of the Trust Estate on behalf of the Bondholders and
         the Trustee as provided herein.

                  (b) On the Closing Date, the Trustee shall acquire from the
         proceeds of the sale of the Bonds, pursuant to an Issuer Order, an
         Eligible Investment (that is in the form of a U.S. Treasury security)
         in an amount such that it will return payments of principal and
         interest so that the Interest Reserve Amount for the Interest Accrual
         Period commencing on September 20, 2000 is available from the proceeds
         of such Eligible Investment; provided such Issuer Order shall specify
         the U.S. Treasury security to be acquired; provided further, that the
         Issuer shall, from time to time, by Issuer Order, direct the Trustee as
         to which new Eligible Investment should be disposed of or newly
         acquired for this purpose. Notwithstanding anything set forth in
         Section 3.04 to the contrary, the Trustee shall deposit in the Reserve
         Fund (pursuant to Issuer Order) the proceeds from the earnings on any
         sale of Eligible Investments.

         On each Payment Date, any shortfall in the Interest Reserve Amount for
the Interest Accrual Period commencing on such Payment Date shall be deposited
from funds in the Collateral Proceeds Account, pursuant to Section 3.03(c) or
from funds in the Interest Support Account, pursuant to Section 3.10.

                  (c) On any Payment Date, if the amount in the Collateral
         Proceeds Account is not sufficient to pay interest due and unpaid on
         the Bonds, the Trustee shall withdraw (to the amount of available
         funds) from the Reserve Fund and deposit in the Collateral Proceeds
         Account an amount equal to the amount of such shortfall; provided that,
         if after giving effect to all payments of interest of and principal on
         the Bonds on such Payment Date, the Interest Reserve Amount equals or
         exceeds the Aggregate Current Principal Amount of Outstanding Bonds,
         then the Trustee shall declare all the Bonds to be immediately due and
         payable by a notice in writing to the Issuer and to all Bondholders
         pursuant to Section 3.02(b).

                  (d) After September 20, 2000, so long as no Default or Event
         of Default shall have occurred and be continuing, all amounts in the
         Reserve Fund shall be invested and reinvested by the Trustee in one or
         more Eligible Investments pursuant to an Issuer Order. Such investments
         are subject to the following restrictions:

                  (i) except as permitted by clause (ii) below, no investment of
         any amount held in the Reserve Fund may mature later than the Business
         Day immediately preceding the next Payment Date; and

                  (ii) any investment (including repurchase agreements) in which
         State Street Bank and Trust Company, in either its commercial or trust
         capacity, is the obligor, may mature on a Payment Date if, under
         Section 3.03 such investment could otherwise mature on the Business Day
         immediately preceding such Payment Date.

         All income or other gains from investment of funds deposited in the
Reserve Fund shall be deposited by the Trustee in the Reserve Fund immediately
upon receipt, and any loss resulting from such investment shall be charged to
the Reserve Fund, and the Trustee shall not be responsible in any way for such
loss on any investment made pursuant to this Indenture.

         SECTION 3.10  INTEREST SUPPORT ACCOUNT.

                  (a) The Trustee shall establish and maintain the Interest
         Support Account into which the Trustee shall make such deposits, and
         from which the Trustee shall make such withdrawals, as herein
         specified. The Interest Support Account shall be maintained at the
         Corporate Trust Office as a segregated account clearly labeled as such.
         All funds deposited from time to time in the Interest Support Account
         pursuant to this Indenture shall be held by the Trustee as part of the
         Trust Estate on behalf of the Bondholders and the Trustee as provided
         herein.

                  (b) On the Closing Date, the Trustee shall acquire from the
         proceeds of the sale of the Bonds, pursuant to an Issuer Order, a
         portfolio of Eligible Investments (that are in the form of U.S.
         Treasury securities with varying maturities) in an amount such that it
         will return payments of principal and interest so that on each Interest
         Payment Date during the Interest Support Period, the applicable
         Interest Support Payment for such Payment Date is available from the
         proceeds of such Eligible Investments; provided, that such Issuer Order
         shall specify the U.S. Treasury securities to be acquired; provided
         further, that the Issuer shall, from time to time, by Issuer Order,
         direct the Trustee as to which Eligible Investments should be disposed
         of or newly acquired for this purpose. Notwithstanding anything set
         forth in Section 3.04 to the contrary, the Trustee shall deposit in the
         Interest Support Account (pursuant to an Issuer Order) the proceeds
         from the earnings on any sale of Eligible Investments.

                  (c) On each Interest Payment Date during the Interest Support
         Period, the Trustee shall withdraw from the Interest Support Account
         and deposit in the Collateral Proceeds Account the Interest Support
         Payment, for such Payment Date. Thereafter, if there is a shortfall in
         the payment of interest on the Bonds or in the Interest Reserve Amount
         on any Payment Date, after application of funds in the Collateral
         Proceeds Account pursuant to Section 3.03(c) on such Payment Date, the
         Trustee shall withdraw the amount of such shortfall from funds in the
         Interest Support Account, if any, and deposit such amount in the
         Collateral Proceeds Account or the Reserve Fund, as applicable. On
         September 20, 2003, the Trustee shall deposit in the Collateral
         Proceeds Account any remaining funds on deposit in the Interest Support
         Account.

         SECTION 3.11  COST OF ISSUANCE ACCOUNT.

                  (a) The Trustee shall establish and maintain the Cost of
         Issuance Account into which the Trustee shall make such deposits, and
         from which the Trustee shall make such withdrawals, as herein
         specified. The Cost of Issuance Account shall be maintained at the
         Corporate Trust Office as a segregated account clearly labeled as such.

                  (b) On the Closing Date, the Cost of Issuance Amount shall be
         deposited in the Cost of Issuance Account from the proceeds of the sale
         of the Bonds.

                  (c) Promptly after the Closing Date, amounts in the Cost of
         Issuance Account shall be withdrawn and used by the Trustee in
         accordance with this Section 3.11 for the purpose of paying Costs of
         Issuance. Costs of Issuance shall be paid by the Trustee upon receipt
         of an Issuer Order, which shall direct the payment to designated payees
         in designated amounts for stated services and certify that such payment
         is a proper charge against the Cost of Issuance Account therein and is
         then due and owing for services rendered or expenses incurred. Any
         amounts remaining therein upon payment of all Costs of Issuance shall
         be deposited in the Collateral Proceeds Account upon receipt by the
         Trustee of an Officers' Certificate of the Issuer stating that such
         moneys are no longer needed for the payment of Costs of Issuance.

<PAGE>

                                   ARTICLE IV

                             SECURITY FOR THE BONDS

         SECTION 4.01  GRANT OF TRUST ESTATE.

         To secure the payment of principal of and interest on the Bonds in
accordance with their terms, the payment of all other sums payable hereunder and
the performance of all of the Issuer's covenants and agreements in this
Indenture, the Issuer hereby Grants to the Trustee without recourse, in trust
and as collateral security, for the exclusive benefit of the Holders of the
Bonds (and the Trustee, to the extent provided herein) a security interest in
and to the following (collectively, the "Trust Estate" or the "Collateral"):

                  (a) all of the Issuer's right, title and interest in and to,
         and all benefits accruing from, the Student Loans identified on
         Schedule I hereto, and all payments made thereon, together with the
         related Loan Documents;

                  (b) the Collateral Proceeds Account (including all income from
         investment of funds therein);

                  (c) the Reserve Fund (including all income from investment of
         funds therein);

                  (d) the Interest Support Account (including all income from
         investment of funds therein);

                  (e) the Hartwick Acquisition Account (including all income
         from investment of funds therein);

                  (f) the Issuer's rights under the Servicing Agreement;

                  (g) the Issuer's rights under any Origination Agreement;

                  (h) the Issuer's rights under the Administration Agreement;

                  (i) the Issuer's rights under any other agreements in
         connection herewith;

                  (j) as of the Subsequent Transfer Date, all of the Issuer's
         right, title and interest in and to, and all benefits accruing from the
         Hartwick Student Loans identified on the related schedule delivered to
         the Trustee pursuant to Section 4.07(c)(i)(B), and all payments made
         thereon, together with the related Loan Documents; and

                  (k) all proceeds of each of the foregoing items of Collateral
         (including without limitation, all cash proceeds, accounts, accounts
         receivable, notes, drafts, acceptances, chattel paper, checks, deposit
         accounts, rights to payment of any and every kind, and other forms of
         obligations or receivables that at any time constitute any or all of
         the proceeds of the foregoing).

         The Trustee acknowledges such Grant without notice of any prior or
competing interest in the Collateral, accepts the trusts hereunder in accordance
with the provisions of this Indenture and agrees to perform the duties required
by this Indenture.

         SECTION 4.02  DOCUMENTS DELIVERED TO TRUSTEE.

         To effect the Grant of the Student Loans constituting a portion of the
Trust Estate, the Issuer has delivered and released to the Servicer pursuant to
the Custodial Agreement, as agent for Trustee, the original Loan Documents as
required by the Custodial Agreement for each Student Loan comprising the Student
Loan Collateral.

         The Servicer shall certify its receipt to the Trustee and the Issuer of
all such Loan Documents required to be delivered pursuant to the Custodial
Agreement, as evidenced by the trust receipt of the Custodian in the form
annexed to the Custodial Agreement.

         SECTION 4.03  ACCEPTANCE BY TRUSTEE.

         The Trustee acknowledges receipt of the documents described in Section
4.02 hereof by the Servicer, on behalf of the Trustee, and declares that the
Servicer holds and will hold the Collateral on behalf of the Trustee in trust,
upon the trusts set forth herein, for the use and benefit of all present and
future Holders of Bonds as provided in this Indenture.

         SECTION 4.04  LIMITED WITHDRAWAL AND SUBSTITUTION OF COLLATERAL.

         During the 60 day period following the Closing Date, the Issuer, at its
option, upon Issuer Order delivered to the Trustee, may withdraw Student Loans
having an aggregate original Stated Principal Balance up to five percent (5%) of
the aggregate Stated Principal Balance of the Student Loans identified on
Schedule I hereto.

                           (A) Student Loans shall be released from the lien of
                  this Indenture, if the Issuer:

                  (1)      deposits with the Trustee, on or before the date of
                           withdrawal, cash, together with an Issuer Order
                           directing the Trustee to deposit such cash in the
                           Collateral Proceeds Account, and/or additional
                           Student Loans having the same terms, including
                           interest rates, as the Student Loans being withdrawn,
                           and

                  (2)      certifies to the Trustee that either:

                           (a)      the aggregate Stated Principal Balance of
                                    the Student Loans being deposited is at
                                    least equal to the aggregate Stated
                                    Principal Balance of the Student Loans being
                                    withdrawn or

                           (b)      to the extent that cash is substituted in
                                    whole or in part for such Student Loans, the
                                    amount of cash being deposited is at least
                                    equal to the aggregate Stated Principal
                                    Balance of the Student Loans being withdrawn
                                    minus

                                    (i)     the aggregate Stated Principal
                                            Balance of the Student Loans being
                                            deposited, if any (such difference,
                                            the "Net Loans Withdrawn"),

                                    (ii)    the amount derived by dividing the
                                            excess of the aggregate Stated
                                            Principal Balance of the Student
                                            Loans at the Closing Date over the
                                            Aggregate Current Principal Amount
                                            of the Bonds by the Aggregate
                                            Current Principal Amount of the
                                            Bonds, multiplied by the Net Loans
                                            Withdrawn,

                                    (iii)   the amount derived by dividing the
                                            Net Loans Withdrawn by the aggregate
                                            Stated Principal Balance of the
                                            Student Loans in the Trust Estate
                                            prior to any withdrawal being made
                                            therefrom, multiplied by the then
                                            current balance of the Reserve Fund,
                                            and

                                    (iv)    the amount equal to that portion of
                                            the Interest Support Account which
                                            represents the Interest Support
                                            Payments related to the Net Loans
                                            Withdrawn;

                           (B) Notwithstanding Subclause (A), no withdrawal or
                  substitution of Student Loans pursuant to this Section 4.04
                  having an aggregate Stated Principal Balance in excess of one
                  percent (1%) of the aggregate Stated Principal Balance of the
                  Student Loans identified on Schedule I hereto shall be
                  permitted until the Rating Agency shall have confirmed in
                  writing that such withdrawal or substitution will not result
                  in a reduction in or withdrawal of the then current rating of
                  the Bonds.

                           (C) Prior to any withdrawal or substitution of
                  Collateral pursuant to this Section 4.04, the Issuer shall
                  provide an Opinion of Counsel that complies with TIA
                  ss.314(d)(1), if required.

         SECTION 4.05  RELEASE OF TRUST ESTATE.

                  (a) Subject to the payment of its fees and expenses pursuant
         to Section 7.07 and upon receipt of an Issuer Order directing the
         Trustee to do so, the Trustee may, and when required by the provisions
         of this Indenture shall, execute instruments to release property from
         the lien of this Indenture, or convey the Trustee's interest in the
         same, in a manner and under circumstances that are not inconsistent
         with the provisions of this Indenture, including Sections 4.04, 5.03
         and 6.16 hereof. No party relying upon an instrument executed by the
         Trustee as provided in this Article IV shall be bound to ascertain the
         Trustee's authority, inquire into the satisfaction of any conditions
         precedent or supervise the application of any funds.

                  (b) The Trustee shall, at such time as there are no Bonds
         Outstanding and all amounts due the Trustee pursuant to Section 7.07
         have been paid, release any remaining portion of the Trust Estate that
         secured the Bonds from the lien of this Indenture and release to the
         Issuer or any other Person entitled thereto any funds then on deposit
         in the Collateral Proceeds Account and the Reserve Fund. The Trustee
         shall release property from the lien of this Indenture pursuant to this
         Section 4.05(b) only upon receipt of an Issuer Request accompanied by
         an Officers' Certificate of the Issuer, an Opinion of Counsel and (if
         required by the TIA) an Independent certificate in accordance with TIA
         ss.ss. 314(c) and 314(d)(1).

         SECTION 4.06  OPINION OF COUNSEL.

         The Trustee shall receive at least seven days' notice when requested by
the Issuer to take any action pursuant to Section 4.05(a), accompanied by copies
of any instruments involved, and the Trustee shall also require, as a condition
to such action, an Opinion of Counsel, in form and substance satisfactory to the
Trustee, stating the legal effect of any such action, outlining the steps
required to complete the same, and concluding that all conditions precedent to
the taking of such action have been complied with and such action will not
materially and adversely impair the security for the Bonds or the rights of the
Bondholders in contravention of the provisions of this Indenture; provided,
however, that such Opinion of Counsel shall not be required to express an
opinion as to the fair value of the Trust Estate. Counsel rendering any such
opinion may rely, without independent investigation, on the accuracy and
validity of any certificate or other instrument delivered to the Trustee in
connection with any such action.

         SECTION 4.07  HARTWICK ACQUISITION ACCOUNT.

                  (a) The Trustee shall establish and maintain the Hartwick
         Acquisition Account into which the Trustee shall make such deposits,
         and from which the Trustee shall make such withdrawals, as herein
         specified. The Hartwick Acquisition Account shall be maintained at the
         Corporate Trust Office as a segregated account clearly labeled as such.

                  (b) On the Closing Date, the Hartwick Acquisition Amount shall
         be deposited in the Hartwick Acquisition Account from the proceeds of
         the sale of the Bonds.

                  (c) Amounts on deposit in the Hartwick Acquisition Account
         shall be withdrawn by the Trustee as follows:

                  (i) On any Subsequent Transfer Date, the Trustee upon an
         Issuer Order and upon satisfaction of each of the following conditions
         on or prior to the related Subsequent Transfer Date, shall withdraw and
         remit pursuant to the Issuer Order an amount equal to the percentage
         defined in clause (iii) below of the Stated Principal Balance of the
         Hartwick Student Loans then being acquired plus fees and expenses
         incurred in connection therewith:

                           (A) the Issuer shall have provided the Trustee with
                  any information reasonably requested by the Trustee with
                  respect to the Hartwick Student Loans;

                           (B) the Issuer shall have delivered to the Trustee,
                  which shall be acknowledged by the Trustee in writing, the
                  Hartwick Subsequent Transfer Instrument;

                           (C) the Issuer shall have delivered to the Trustee a
                  schedule listing the Hartwick Student Loans;

                           (D) the Issuer shall have delivered to the Trustee an
                  Officers Certificate confirming the satisfaction of each
                  condition specified in this Section 4.07;

                           (E) each Hartwick Student Loan shall have an interest
                  rate of 9.25%; and

                           (F) the Issuer shall have delivered the related Loan
                  Documents to the Servicer.

                  (ii) On January 27, 1997, following the acquisition of any
         Hartwick Student Loans on that date, the Trustee shall deposit in the
         Reserve Fund any amounts remaining in the Hartwick Acquisition Account.

                  (iii) The percentage referenced in subclause (i) above shall
         be set forth in the related Issuer Order and shall be equal to the
         percentage of the Stated Principal Balance of the Student Loans on
         Schedule I attached hereto, to students of Hartwick College, that the
         Issuer paid for such Student Loans.

<PAGE>

                                    ARTICLE V

                           SATISFACTION AND DISCHARGE

         SECTION 5.01  SATISFACTION AND DISCHARGE OF INDENTURE.

         Whenever the following conditions shall have been satisfied:

                  (1)      either:

                           (A) all Bonds theretofore authenticated and delivered
                  (other than (i) Bonds that have been destroyed, lost, stolen
                  or mutilated and surrendered to the Trustee and that have been
                  replaced or paid as provided in Section 2.06, and (ii) Bonds
                  for whose payment money has theretofore been deposited in
                  trust thereafter repaid to the Issuer, as provided in Section
                  9.02) have been delivered to the Trustee for cancellation; or

                           (B) all Bonds not theretofore delivered to the
                  Trustee for cancellation:

                  (i) have become due and payable; or

                  (ii) will become due and payable at the Stated Maturity within
         one year; or

                  (iii) are to be called for redemption within one year under
         irrevocable arrangements satisfactory to the Trustee for the giving of
         notice of redemption by the Trustee in the name, and at the expense, of
         the Issuer;

         and the Issuer, in the case of clauses (i), (ii) or (iii) above, has
         deposited or caused to be deposited with the Trustee, in trust for such
         purpose, an amount sufficient to pay and discharge the entire
         indebtedness on such Bonds not theretofore delivered to the Trustee for
         cancellation, for principal and interest through and including the
         Business Day preceding such applicable Payment Date, the date of
         acceleration if the Bonds shall have been declared immediately due and
         payable, or the Business Day preceding the date of the Stated Maturity;

                  (2)      the Issuer has paid or caused to be paid all other
                           amounts payable hereunder by the Issuer; and

                  (3)      the Issuer has delivered to the Trustee an Officers'
                           Certificate and an Opinion of Counsel each stating
                           that all conditions precedent herein providing for
                           the satisfaction and discharge of this Indenture have
                           been complied with;

then, upon Issuer Request, this Indenture and the lien, rights and interests
created hereby shall cease to be of further effect, and the Trustee and each
co-trustee and separate trustee, if any, then acting as such hereunder shall, at
the expense of the Issuer, execute and deliver all such instruments as may be
necessary to acknowledge the satisfaction and discharge of this Indenture and
shall pay, or assign or transfer and deliver, to the Issuer or, upon Issuer
Order, its assignee, all cash, securities and other property held by it as part
of the Trust Estate remaining after satisfaction of the conditions set forth in
clauses (1) and (2) above.

         Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Issuer to the Trustee under Section 7.07, the obligations of
the Trustee to the Issuer and to the Holders of Bonds under Section 9.02, the
obligations of the Trustee to the Holders of Bonds under Section 5.02, the
rights, privileges and immunities of the Trustee pursuant to Article VII and the
provisions of Article II with respect to lost, stolen, destroyed or mutilated
Bonds, registration or transfers of Bonds, and rights to receive payments of
principal of and interest on the Bonds shall survive.

         SECTION 5.02  APPLICATION OF TRUST MONEY.

         All money deposited with the Trustee pursuant to Sections 5.01 and 9.02
shall be held in trust and applied by it, in accordance with the provisions of
the Bonds and this Indenture, to the payment of the principal and interest,
either directly or through any Paying Agent, as the Trustee may determine, to
the Persons entitled thereto, for whose payment such money has been deposited
with the Trustee.

         SECTION 5.03 TRUSTEE'S AUTHORITY; RELEASE OF PREPAID STUDENT LOANS.

                  (a) No party relying upon an instrument executed by the
         Trustee as provided in this Article shall be bound to ascertain the
         Trustee's authority, inquire into the satisfaction of any conditions
         precedent or see to the application of any funds.

                  (b) Upon the request of the Servicer accompanied by an
         Officer's Certificate and such documents as required by the Servicing
         Agreement, as certified to the Trustee in such Officer's Certificate,
         to the effect that a Student Loan has been the subject of a Full
         Prepayment so as to become a prepaid Student Loan and certifying that
         the unpaid principal balance of and accrued interest at the Note Rate
         on such Student Loan has been deposited or remitted in accordance with
         the Servicing Agreement, the Trustee shall release from the lien of
         this Indenture such Student Loan including the related Loan Documents
         to the Servicer or its designees or assigns in accordance with the
         instructions of the Servicer.

<PAGE>

                                   ARTICLE VI

                              DEFAULTS AND REMEDIES

         SECTION 6.01  EVENT OF DEFAULT.

         "Event of Default", wherever used herein, means any one of the
following events (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation
of any administrative or governmental body):

                  (1)      if the Issuer shall:

                           (A) default in the payment of principal of any Bond
                  at Stated Maturity;

                           (B) default in the payment of interest on any Bond
                  and such Default or failure shall continue for a period of one
                  Business Day; or

                           (C) default in the payment of the Redemption Price of
                  any Bond that has been called for redemption pursuant to
                  Article XI, and such Default or failure shall continue for a
                  period of five days;

                  (2)      if the Issuer shall breach or default in the due
                           observance or performance of, any covenant or
                           warranty of the Issuer in this Indenture (other than
                           a covenant or warranty of the Issuer that is
                           specifically addressed elsewhere in this Section or
                           in Article IX), and such Default shall continue for a
                           period of 30 days after there shall have been given,
                           by first class mail or overnight courier service, to
                           the Issuer by the Trustee or to the Issuer and the
                           Trustee by the Holders of the Bonds, representing at
                           least 25% of the Aggregate Current Principal Amount
                           of the Outstanding Bonds, a written notice specifying
                           such Default or breach and requiring it to be
                           remedied and stating that such notice is a "Notice of
                           Default" hereunder;

                  (3)      the entry of a decree or order by a court having
                           jurisdiction in the premises adjudging the Issuer a
                           bankrupt or insolvent, or approving as properly filed
                           a petition seeking reorganization, arrangement,
                           adjustment or composition of or in respect of the
                           Issuer under the Federal Bankruptcy Code or any other
                           applicable federal or state law, or appointing a
                           receiver, liquidator, assignee, or sequestrator (or
                           other similar official) of the Issuer or of any
                           substantial part of its property, or ordering the
                           winding up or liquidation of the affairs of the
                           Issuer and the continuance of any such decree or
                           order unstayed and in effect for a period of 90
                           consecutive days; or

                  (4)      the commencement by the Issuer of proceedings to be
                           adjudicated as bankrupt or insolvent, or the consent
                           by it to the institution of bankruptcy or insolvency
                           proceedings against it, or the filing by it of a
                           petition or answer or consent seeking reorganization
                           or similar relief under the Federal Bankruptcy Code
                           or any other similar applicable federal or state law,
                           or the consent by the Issuer to the filing of any
                           such petition or to the appointment of a receiver,
                           liquidator, assignee, trustee, or sequestrator (or
                           other similar official) of the Issuer or of any
                           substantial part of its property, or the making by
                           the Issuer of an assignment for the benefit of
                           creditors, or the admission in writing by the Issuer
                           of its inability to pay its debts generally as such
                           debts become due, or the taking of corporate action
                           by the Issuer in furtherance of any of the foregoing.

         SECTION 6.02  ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.

         If an Event of Default occurs and is continuing, then and in every such
case as the Trustee or the Bondholders representing not less than 66 2/3% (if
the Event of Default is under Section 6.01(1)) and not less than 100% (if the
Event of Default is under Section 6.01(2), (3) or (4)) of the Aggregate Current
Principal Amount of the Outstanding Bonds may declare all the Bonds to be
immediately due and payable, by a notice in writing to the Issuer (and to the
Trustee if given by Bondholders), and upon any such declaration such Bonds, in
an amount equal to the Aggregate Current Principal Amount of Bonds, together
with accrued and unpaid interest thereon to the Business Day preceding the date
of such acceleration, shall become immediately due and payable.

         At any time after such a declaration of acceleration of maturity of the
Bonds has been made and before a judgment or decree for payment of the money due
has been obtained by the Trustee as hereinafter provided in this Article,
Bondholders representing not less than 66 2/3% of the Aggregate Current
Principal Amount of the Outstanding Bonds, by written notice to the Issuer and
the Trustee, may rescind and annul such declaration and its consequences if:

                  (1)      the Issuer has paid or deposited with the Trustee a
                           sum sufficient to pay:

                           (A) all payments of principal of, and interest on,
                  all Bonds and all other amounts that would then be due
                  hereunder or upon such Bonds if the Event of Default giving
                  rise to such acceleration had not occurred; and

                           (B) all sums paid by the Trustee hereunder and the
                  reasonable compensation, expenses and disbursements of the
                  Trustee, its agents and counsel;

                  (2)      all Events of Default, other than the nonpayment of
                           the principal of or interest on Bonds that have
                           become due solely by such acceleration, have been
                           cured or waived as provided in Section 6.13.

No such rescission shall effect any subsequent Default or impair any right in
connection therewith.

         SECTION 6.03  REMEDIES.

         If an Event of Default shall have occurred and be continuing, the
Trustee may do one or more of the following:

                  (a) institute Proceedings for the collection of all amounts
         then payable on the Bonds or under this Indenture, whether by
         declaration or otherwise, enforce any judgment obtained, and collect
         from the Trust Estate securing the Bonds and from the Issuer amounts
         adjudged due;

                  (b) sell the Trust Estate securing the Bonds or any portion
         thereof or rights or interest therein, at one or more public or private
         Sales called and conducted in any manner permitted by law;

                  (c) institute Proceedings from time to time for the complete
         or partial foreclosure of this Indenture with respect to the Trust
         Estate securing the Bonds; and

                  (d) exercise any remedies of a secured party under the Uniform
         Commercial Code and take any other appropriate action to protect and
         enforce the rights and remedies of the Trustee or the Holders of the
         Bonds hereunder;

provided, however, that unless a declaration of acceleration has been made in
accordance with Section 6.02, notwithstanding subsection 3.10(c), the Trustee
may not sell or otherwise liquidate the Trust Estate securing the Bonds.

         SECTION 6.04  PRESERVATION OF TRUST ESTATE.

         If an Event of Default shall have occurred and be continuing and no
Bonds have been declared due and payable or such declaration and its
consequences are rescinded and annulled, the Trustee may retain possession of
the Trust Estate securing the Bonds intact, collect or cause the collection of
the proceeds thereof and make and apply all payments and deposits and maintain
all accounts in respect of such Bonds in accordance with the provisions of
Article III.

         SECTION 6.05  TRUSTEE MAY FILE PROOFS OF CLAIM.

         In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial Proceeding relative to the Issuer or any other obligor upon the Bonds
or relative to the creditors or property of the Issuer or of such other obligor,
the Trustee (regardless of whether the Bonds shall then be due and payable as
therein expressed or by declaration or otherwise and regardless of whether the
Trustee shall have made any demand on the Issuer for the payment of any overdue
principal or interest) shall be entitled and empowered, by intervention in such
Proceeding or otherwise, to

                  (a) file and prove a claim for the whole amount of principal
         and interest owing and unpaid in respect of the Bonds and to file such
         other papers or documents as may be necessary or advisable in order to
         have the claims of the Trustee (including any claim for the reasonable
         compensation, expenses, disbursements and advances of the Trustee, its
         agents and counsel and any claim for reimbursement of all expenses and
         advances and, except as a result of Trustee's negligence or bad faith,
         liabilities incurred and all advances made by the Trustee) and of the
         Bondholders allowed in such Proceeding;

                  (b) unless prohibited by applicable law and regulations, to
         vote on behalf of the Holders of the Bonds in any election of a trustee
         or a standby trustee in arrangement, reorganization, liquidation or
         other bankruptcy or insolvency Proceedings or person performing similar
         functions in comparable proceedings; and

                  (c) collect and receive any funds or other property payable or
         deliverable on any such claims and to distribute the same; and any
         receiver, assignee, trustee, liquidator, custodian, or sequestrator (or
         other similar official) in any such Proceeding is hereby authorized by
         each Bondholder to make such payments to the Trustee, and in the event
         that the Trustee shall consent to the making of such payments directly
         to the Bondholders, to pay to the Trustee any amount due to it for the
         reasonable compensation, expenses and disbursements of the Trustee, its
         agents and counsel, any and all other expenses and, except as a result
         of the Trustee's negligence or bad faith, liabilities incurred by the
         Trustee and any other amounts due the Trustee under Section 7.07.

         Amounts payable to the Trustee under this Section are intended to
constitute administrative expenses. Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of
any Bondholder any plan of reorganization, arrangement, adjustment, or
composition affecting any of the Bonds or the rights of any Holder thereof, or
to authorize the Trustee to vote in respect of the claim of any Bondholder in
any such Proceeding except to vote for election of a trustee in bankruptcy or
similar party as provided herein.

         SECTION 6.06 TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF BONDS.

         All rights of action and claims under this Indenture or any of the
Bonds may be prosecuted and enforced by the Trustee without the possession of
any of the Bonds or the production thereof in any Proceeding relating thereto.
Any such Proceedings instituted by the Trustee (and also any Proceedings
involving the interpretation of any provision of this Indenture to which the
Trustee shall be a party) shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall be for the ratable benefit of
the Holders of the Bonds in respect of which such judgment has been recovered
and, in accordance with Section 6.07, for the payment of the compensation and
reasonable expenses, disbursements and advances of the Trustee, its agents and
counsel.

         SECTION 6.07  APPLICATION OF MONEY COLLECTED.

         Except as provided in Section 6.04, if applicable, any money collected
by the Trustee pursuant to this Article or otherwise and any funds that may then
be held or thereafter received by the Trustee as security shall be applied in
the following order, at the date or dates fixed by the Trustee and, in case of
the distribution of such money on account of principal or interest, upon
presentation of the Bonds and the notation thereon of such payment if only
partially paid and upon surrender thereof if fully paid:

                  FIRST: To reimbursement of the Trustee for all expenses
                  associated with the disposition of the Collateral or other
                  remedies;

                  SECOND: To the payment of any accrued and unpaid interest on
                  the Class A Bonds at the related Bond Interest Rate;

                  THIRD: To the payment of any unpaid interest on the Class B
                  Bonds at the related Bond Interest Rate;

                  FOURTH: To the payment of the Aggregate Current Principal
                  Amount of the Class A Bonds;

                  FIFTH: To the payment of the Aggregate Current Principal
                  Amount of the Class B Bonds;

                  SIXTH: To the payment of all amounts due the Trustee under
                  Section 7.07;

                  SEVENTH: To the payment of any unpaid amount due any
                  Accountants for services rendered pursuant to Section 9.12
                  hereof or otherwise under this Indenture;

                  EIGHTH: To the Owner Trustee for amounts owed to the Owner
                  Trustee; and

                  NINTH: To the Administrator or any other person legally
                  entitled thereto, any remaining funds.

         SECTION 6.08  LIMITATION ON SUITS.

         No Holder of a Bond shall have any right to institute any Proceedings,
judicial or otherwise, with respect to this Indenture, or for the appointment of
a receiver or trustee, or for any other remedy hereunder, unless:

                  (1)      such Holder has previously given written notice to
                           the Trustee of a continuing Event of Default;

                  (2)      the Holders of Bonds representing not less than 25%
                           of the Aggregate Current Principal Amount of the
                           Outstanding Bonds shall have made written request to
                           the Trustee to institute Proceedings in respect of
                           such Event of Default in its own name as Trustee
                           hereunder;

                  (3)      such Holder or Holders have offered to the Trustee
                           reasonable indemnity against the costs, expenses and
                           liabilities to be incurred in compliance with such
                           request;

                  (4)      the Trustee for 60 days after its receipt of such
                           notice, request and offer of indemnity has failed to
                           institute any such Proceeding; and

                  (5)      no direction inconsistent with such written request
                           has been given to the Trustee during such 60-day
                           period by the Holders of Bonds representing not less
                           than 66 2/3% of the Aggregate Current Principal
                           Amount of the Outstanding Bonds;

it being understood and intended that no one or more Holders of Bonds shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture to affect, disturb or prejudice the rights of any other
Holders of Bonds or to obtain or to seek to obtain priority or preference over
any other Holders or to enforce any right under this Indenture, except in the
manner herein provided and for the equal and ratable benefit of all of the
Holders of Bonds.

         SECTION 6.09  RESTORATION OF RIGHTS AND REMEDIES.

         If the Trustee or any Bondholder has instituted any Proceeding to
enforce any right or remedy under this Indenture and such Proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to
the Trustee or to such Bondholder, then and in every such case the Issuer, the
Trustee and the Bondholders shall, subject to any determination in such
Proceeding, be restored severally and respectively to their former positions
hereunder, and thereafter all rights and remedies of the Trustee and the
Bondholders shall continue as though no such Proceeding had been instituted.

         SECTION 6.10  RIGHTS AND REMEDIES CUMULATIVE.

         No right or remedy herein conferred upon or reserved to the Trustee or
to the Bondholders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and
in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

         SECTION 6.11  DELAY OR OMISSION NOT WAIVER.

         No delay or omission of the Trustee or of any Holder of any Bond to
exercise any right or remedy accruing upon any Event of Default shall impair any
such right or remedy or constitute a waiver of any such right or remedy accruing
upon any Event of Default or an acquiescence in or waiver of the Event of
Default. Every right and remedy given by this Article or by law to the Trustee
or to the Bondholders may be exercised from time to time, and as often as may be
deemed expedient, by the Trustee or by the Bondholders, as the case may be.

         SECTION 6.12  CONTROL BY BONDHOLDERS.

         The Holders of Bonds representing not less than 66 2/3% of the
Aggregate Current Principal Amount of the Outstanding Bonds shall have the right
to direct the time, method and place of conducting any Proceeding for any remedy
available to the Trustee or exercising any trust or power conferred on the
Trustee; provided that:

                  (1)      such direction shall not be in conflict with any
                           applicable rule of law or with this Indenture; and

                  (2)      the Trustee may take any other action deemed proper
                           by the Trustee that is not inconsistent with such
                           direction; provided, however, that, subject to
                           Section 7.01, the Trustee need not take any action
                           that it determines might involve it in liability or
                           be unjustly prejudicial to the Bondholders not
                           consenting.

         SECTION 6.13  WAIVER OF PAST DEFAULTS.

         The Holders of Bonds representing more than 66 2/3% of the Aggregate
Current Principal Amount of the Outstanding Bonds may on behalf of the Holders
of all the Bonds waive any past Default hereunder and its consequences, except a
Default:

                  (1)      in the payment of any principal of or interest on any
                           Bond, or in the payment of the Redemption Price of
                           any Bond that has been called for redemption pursuant
                           to Article XI; or

                  (2)      in respect of a covenant or provision hereof that
                           under Section 10.02 cannot be modified or amended
                           without the consent of the Holder of each Outstanding
                           Bond.

         Upon any such waiver, such Default shall cease to exist, and any Event
of Default arising therefrom shall be deemed to have been cured for every
purpose of this Indenture; but no such waiver shall extend to any subsequent or
other Default or impair any right consequent thereon.

         SECTION 6.14  UNDERTAKING FOR COSTS.

         All parties to this Indenture agree, and each Holder of any Bond by his
acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Trustee for any action taken,
suffered or omitted by it as Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may in
its discretion assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Bondholder, or group of Bondholders,
holding in the aggregate Bonds representing more than 10% of the Aggregate
Current Principal Amount of the Outstanding Bonds, or to any suit instituted by
any Bondholder for the enforcement of the payment of any installment of interest
on any Bond on or after the related Interest Payment Date expressed in such Bond
or for the enforcement of the payment of principal on such Bond (or, in the case
of any Bond called for redemption, on or after the applicable redemption date)
in accordance with the terms thereof.

         SECTION 6.15  WAIVER OF STAY OR EXTENSION LAWS.

         The Issuer covenants (to the extent that it may lawfully do so) that it
will not at any time insist upon, or plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay or extension law wherever enacted,
now or at any time hereafter in force, which may affect the covenants in, or the
performance of, this Indenture; and the Issuer (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such
law, and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted.

         SECTION 6.16  SALE OF TRUST ESTATE.

                  (a) The power to effect any sale (a "Sale") of any portion of
         the Trust Estate pursuant to Section 6.03 shall not be exhausted by any
         one or more Sales as to any portion of such Trust Estate remaining
         unsold, but shall continue unimpaired until the entire Trust Estate
         securing the Bonds shall have been sold or all amounts payable on the
         Bonds shall have been paid. The Trustee may from time to time postpone
         any Sale by public announcement made at the time and place of such
         Sale. The Trustee hereby expressly waives its right to any amount fixed
         by law as compensation for any Sale.

                  (b) The Trustee may, on behalf of the Bondholders, bid for and
         acquire any portion of the Trust Estate in connection with a public
         Sale thereof, and may pay all or part of the purchase price by
         crediting against amounts owing on the Bonds or other amounts secured
         by this Indenture, all or part of the net proceeds of such Sale after
         deducting the costs, charges and expenses incurred by the Trustee in
         connection with such Sale. The Bonds need not be produced in order to
         complete any such Sale, or in order for the net proceeds of such Sale
         to be credited against amounts owing on the Bonds. The Trustee may
         hold, lease, operate, manage or otherwise deal with any property so
         acquired in any manner permitted by law.

                  (c) The Trustee shall execute and deliver an appropriate
         instrument of conveyance transferring its interest in any portion of
         the Trust Estate in connection with a Sale thereof. In addition, the
         Trustee is hereby irrevocably appointed the agent and attorney-in-fact
         of the Issuer to transfer and convey its interest in any portion of the
         Trust Estate in connection with a Sale thereof, and to take all action
         necessary to effect such Sale. No purchaser or transferee at such a
         Sale shall be bound to ascertain the Trustee's authority, inquire into
         the satisfaction of any conditions precedent or see to the application
         of any funds.

         SECTION 6.17  ACTION ON BONDS.

         The Trustee's right to seek and recover judgment on the Bonds or under
this Indenture shall not be affected by the seeking, obtaining or application of
any other relief under or with respect to this Indenture. Neither the lien of
this Indenture nor any rights or remedies of the Trustee or the Holders of Bonds
shall be impaired by the recovery of any judgment by the Trustee against the
Issuer or by the levy of any execution under such judgment upon any portion of
the Trust Estate or upon any of the assets of the Issuer.

         SECTION 6.18  NO RECOURSE TO ISSUER.

         In the event of a Default, the Holders of the Bonds shall have no
recourse to the Issuer, except to the assets of the Issuer included in the Trust
Estate. The Trust Estate granted to the Trustee hereunder shall serve as
collateral security only for the Bonds and other obligations of the Issuer
hereunder, in the priority and to the extent set forth herein.

         In addition, the Owner Trustee is entering into this Indenture solely
as owner trustee under the Trust Agreement and not in its individual capacity
and in no case whatsoever shall the Trust Company or the Owner Participants be
personally liable on, or for any loss in respect of, any of the statements,
representations, warranties, agreements or obligations of the Issuer or the
Owner Trustee hereunder as to all of which the parties hereto agree to look
solely to the assets of the Issuer.

         SECTION       6.19 UNCONDITIONAL RIGHTS OF BONDHOLDERS TO RECEIVE
                       PRINCIPAL AND INTEREST.

         Notwithstanding any other provision in this Indenture, other than the
provisions hereof limiting the right to recover amounts due on the Bonds to
recoveries from the property of the Trust Estate, the Holder of any Bond shall
have the right, to the extent permitted by applicable law, which right is
absolute and unconditional except to the extent restricted by applicable law,
(i) to receive payments of interest on such Bond on each Interest Payment Date,
(ii) to receive payments of principal on such Bond at Stated Maturity (or, in
the case of any Bond called for redemption, on or after the date fixed for such
redemption) and (iii) to institute suit for the enforcement of any such payment,
and such right shall not be impaired without the consent of such Holder;
provided, however, no Holder of a Bond shall have any right to institute any
such suit, if and to the extent that the institution or prosecution thereof or
the entry of a judgment therein would, under applicable law, result in the
surrender, impairment, waiver or lien of this Indenture upon the Trust Estate.

<PAGE>

                                   ARTICLE VII

                                   THE TRUSTEE

         SECTION 7.01  DUTIES OF TRUSTEE.

                  (a) Except during the continuance of an Event of Default:

                  (1)      The Trustee undertakes to perform such duties as are
                           specifically set forth in this Indenture, and no
                           implied covenants or obligations of the Trustee shall
                           be read into this Indenture; and

                  (2)      In the absence of bad faith on its part, the Trustee
                           may conclusively rely, as to the truth of the
                           statements and the correctness of the opinions
                           expressed therein, upon certificates or opinions
                           furnished to the Trustee and conforming to the
                           requirements of this Indenture. The Trustee shall,
                           however, examine such certificates and opinions to
                           determine whether they conform to the requirements of
                           this Indenture.

                  (b) If an Event of Default has occurred and is continuing, the
         Trustee shall exercise such of the rights and powers vested in it by
         this Indenture, 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.

                  (c) No provision of this Indenture shall be construed to
         relieve the Trustee from liability for its own negligent action, its
         own negligent failure to act, or its own willful misconduct, except
         that:

                  (1)      This Subsection shall not be construed to limit the
                           effect of Subsections (a) and (b) of this Section;

                  (2)      The Trustee shall not be liable for any error of
                           judgment made in good faith by a Responsible Officer,
                           unless it is proved that a Responsible Officer was
                           negligent in ascertaining the pertinent facts;

                  (3)      The Trustee shall not be liable with respect to any
                           action it takes or omits to take in good faith in
                           accordance with a direction of the Holders of Bonds
                           representing not less than 66 2/3% of the Aggregate
                           Current Principal Amount of the Outstanding Bonds
                           relating to the time, method and place of conducting
                           any Proceeding for any remedy available to the
                           Trustee, or exercising any trust or power conferred
                           upon the Trustee, under this Indenture; and

                  (4)      No provision of this Indenture shall require the
                           Trustee to expend or risk its own funds or otherwise
                           incur any financial liability in the performance of
                           any of its duties hereunder, or in the exercise of
                           any of its rights or powers, if it shall have
                           reasonable grounds for believing that repayment of
                           such funds or adequate indemnity against such risk or
                           liability is not reasonably assured to it. In
                           determining that such repayment or indemnity is not
                           reasonably assured to it, the Trustee must consider
                           not only the likelihood of repayment or indemnity by
                           or on behalf of the Issuer but also the likelihood of
                           repayment or indemnity from amounts payable to it
                           from the applicable Trust Estate pursuant to Sections
                           7.07 and 9.01(d).

         SECTION 7.02  NOTICE OF DEFAULT.

         Within 30 days after the occurrence of any Default, the Trustee shall
transmit by mail to all Holders of Bonds, as their names and addresses appear on
the Bond Register, notice of such Default hereunder known to the Trustee, unless
such Default shall have been cured or waived; provided, that, except in the case
of a Default in the payment of the principal of or interest on any Bond, the
Trustee shall be protected in withholding such notice if and so long as the
board of directors, the executive committee or a trust committee of directors
and/or Responsible Officers of the Trustee in good faith determine that the
withholding of such notice is in the interests of the Holders of the Bonds;
provided, further, that in the case of any Default of the character specified in
Section 6.01(3) or 6.01(4) no such notice to Bondholders shall be given until at
least 60 days after the occurrence thereof.

         SECTION 7.03  CERTAIN RIGHTS OF TRUSTEE.

         Except as otherwise provided in Section 7.01:

                  (a) the Trustee may rely and shall be protected in acting or
         refraining from acting upon any resolution, certificate, statement,
         instrument, opinion, report, notice, request, direction, consent,
         order, bond, note or other paper or document believed by it to be
         genuine and to have been signed or presented by the proper party or
         parties;

                  (b) any request or direction of the Issuer mentioned herein
         shall be sufficiently evidenced by an Issuer Request or Issuer Order;

                  (c) whenever in the administration of this Indenture the
         Trustee shall deem it desirable that a matter be proved or established
         prior to taking, suffering or omitting any action hereunder, the
         Trustee (unless other evidence be herein specifically required) may, in
         the absence of bad faith on its part, rely upon an Officer's
         Certificate;

                  (d) as a condition to the taking, suffering or omitting of any
         action by it hereunder, the Trustee may consult with counsel and the
         written advice of such counsel or any Opinion of Counsel shall be full
         and complete authorization and protection in respect of any action
         taken, suffered or omitted by it hereunder in good faith and in
         reliance thereon; and

                  (e) 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.

         SECTION 7.04  NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF BONDS.

         The recitals contained herein and in the Bonds, except the certificates
of authentication on the Bonds, shall be taken as the statements of the Issuer,
and the Trustee assumes no responsibility for their correctness. The Trustee
makes no representations with respect to the Trust Estate or as to the validity
or sufficiency of this Indenture, the Trust Estate or the Bonds. The Trustee
shall not be accountable for the use or application by the Issuer or the Owner
Trustee of Bonds or the proceeds thereof or any money paid to the Issuer or the
Owner Trustee or upon Issuer Order pursuant to the provisions hereof.

         SECTION 7.05  MAY HOLD BONDS.

         The Trustee, any Agent, the Administrator or any other agent of the
Issuer, in its individual or any other capacity, may become the owner or pledgee
of Bonds and, subject to Sections 7.08 and 7.13, may otherwise deal with the
Issuer or any Affiliate of the Issuer with the same rights it would have if it
were not Trustee, Agent, Administrator or such other agent.

         SECTION 7.06  MONEY HELD IN TRUST.

         Money held by the Trustee in trust hereunder need not be segregated
from other funds except to the extent required by this Indenture or by
applicable law. The Trustee shall be under no liability for interest on any
money received by it hereunder except as otherwise agreed with the Issuer and
except to the extent of income or other gain on investments that are obligations
of State Street Bank and Trust Company in either its commercial or trust
capacity hereunder.

         SECTION 7.07  COMPENSATION AND REIMBURSEMENT.

                  (a) The Issuer agrees:

                  (1)      to pay or to cause the Administrator to pay the
                           Trustee from time to time reasonable compensation for
                           all services rendered by it hereunder (which
                           compensation shall not be limited by any provision of
                           law in regard to the compensation of a trustee of an
                           express trust);

                  (2)      except as otherwise expressly provided herein, to
                           reimburse or to cause the Administrator to reimburse
                           the Trustee upon its request for all reasonable
                           expenses, disbursements and advances incurred or made
                           by the Trustee in accordance with any provision of
                           this Indenture (including the reasonable compensation
                           and the expenses and disbursements of its agents and
                           counsel), except any such expense, disbursement or
                           advance as may be attributable to its negligence,
                           willful misconduct or bad faith; and

                  (3)      to indemnify or to cause the Administrator to
                           indemnify the Trustee for, and to hold it harmless
                           against, any loss, liability or expense incurred
                           without negligence, wilful misconduct or bad faith on
                           its part, arising out of, or in connection with, the
                           acceptance or administration of this trust, including
                           the costs and expenses of defending itself against
                           any claim in connection with the exercise or
                           performance of any of its powers or duties hereunder,
                           provided that:

                  (i) with respect to any such claim, the Trustee shall have
         given the Issuer and the Administrator written notice thereof promptly
         after the Trustee shall have knowledge thereof (provided, that failure
         to give such notice shall not alter the Issuer's obligations hereunder,
         unless such failure materially adversely affects the Issuer);

                  (ii) while maintaining absolute control over its own defense,
         the Trustee shall cooperate and consult fully with the Issuer and the
         Administrator in preparing such defense; and

                  (iii) notwithstanding anything to the contrary in this
         Subsection, neither the Issuer nor the Administrator shall be liable
         for settlement of any such claim by the Trustee entered into without
         the prior consent of the Issuer and the Administrator.

                  (b) To secure the Trustee's right to receive amounts pursuant
         to this Section 7.07, the Trustee shall have a lien against the Trust
         Estate prior in right to all other parties, except that such lien shall
         at all times be subordinate to the lien in favor of the Bondholders.
         The Trustee hereby agrees not to cause the filing of a petition in
         bankruptcy against the Issuer for the non-payment to the Trustee of any
         amounts provided by this Section 7.07 until at least 366 days after the
         payment in full of all Bonds issued under this Indenture.

         SECTION 7.08  ELIGIBILITY; DISQUALIFICATION.

         This Indenture shall always have a Trustee who satisfies the
requirements of TIA ss.310(a)(1) and (a)(5). The Trustee shall always have a
combined capital and surplus as stated in Section 7.09. The Trustee shall be
subject to TIA ss.310(b), including the optional provision permitted by the
second sentence of TIA ss.310(b)(9).

         SECTION 7.09  TRUSTEE'S CAPITAL AND SURPLUS.

         The Trustee shall at all times have a combined capital and surplus of
at least $50,000,000. If the Trustee publishes annual reports of condition of
the kind described in TIA ss.310(a)(2) its combined capital and surplus for
purposes of this Section 7.09 shall be as set forth in the latest such report.

         SECTION 7.10  RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

                  (a) No resignation or removal of the Trustee and no
         appointment of a successor Trustee pursuant to this Article shall
         become effective until the acceptance of appointment by, and transfer
         of the Trust Estate to, the successor Trustee under Section 7.11.

                  (b) The Trustee may resign at any time by giving written
         notice thereof to the Issuer. If an instrument of acceptance by a
         successor Trustee shall not have been delivered to the Trustee within
         30 days after the giving of such notice of resignation, the resigning
         Trustee may petition any court of competent jurisdiction for the
         appointment of a successor Trustee.

                  (c) The Trustee may be removed at any time by Act of the
         Holders representing not less than 66 2/3% of the Aggregate Current
         Principal Amount of the Outstanding Bonds, delivered to the Trustee and
         to the Issuer.

                  (d) If at any time:

                  (1)      the Trustee shall have a conflicting interest
                           prohibited by Section 7.08 and shall fail to resign
                           or eliminate such conflicting interest in accordance
                           with Section 7.08 after written request therefor by
                           the Issuer or by any Bondholder, or

                  (2)      the Trustee shall cease to be eligible under Section
                           7.09 and shall fail to resign after written request
                           therefor by the Issuer or by any such Bondholder, or

                  (3)      the Trustee shall become incapable of acting or shall
                           be adjudged a bankrupt or insolvent, or a receiver or
                           liquidator of the Trustee or of its property shall be
                           appointed or any public officer shall take charge or
                           control of the Trustee or of its property or affairs
                           for the purpose of rehabilitation, conservation or
                           liquidation,

then, in any such case, (i) the Issuer by an Issuer Order may remove the
Trustee, or (ii) subject to Section 6.14, any Bondholder who has been a bona
fide Holder of a Bond for at least six months may, on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee.

                  (e) If the Trustee shall resign, be removed or become
         incapable of acting, or if a vacancy shall occur in the office of the
         Trustee for any cause, the Issuer, by an Issuer Order, shall promptly
         appoint a successor Trustee. If within one year after such resignation,
         removal or incapability or the occurrence of such vacancy, a successor
         Trustee shall be appointed by Act of the Holders of Bonds representing
         not less than 66 2/3% of the Aggregate Current Principal Amount of the
         Outstanding Bonds delivered to the Issuer and the retiring Trustee, the
         successor Trustee so appointed shall, forthwith upon its acceptance of
         such appointment, become the successor Trustee and supersede the
         successor Trustee appointed by the Issuer. If no successor Trustee
         shall have been so appointed by the Issuer or Bondholders and shall
         have accepted appointment in the manner hereinafter provided, any
         Bondholder who has been a bona fide Holder of a Bond for at least six
         months may, on behalf of himself and all others similarly situated,
         petition any court of competent jurisdiction for the appointment of a
         successor Trustee.

                  (f) The Issuer shall give notice of each resignation and each
         removal of the Trustee and each appointment of a successor Trustee by
         mailing written notice of such event by first-class mail, postage
         prepaid, to the Holders of Bonds as their names and addresses appear in
         the Bond Register. Each notice shall include the name of the successor
         Trustee and the address of its Corporate Trust Office.

         SECTION 7.11  ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

         Every successor Trustee appointed hereunder shall execute, acknowledge
and deliver to the Issuer and the retiring Trustee an instrument accepting such
appointment, and thereupon the resignation or removal of the retiring Trustee
shall become effective and such successor Trustee, without any further act, deed
or conveyance, shall become vested with all the rights, powers, trusts and
duties of the retiring Trustee. Notwithstanding the foregoing, on request of the
Issuer or the successor Trustee, such retiring Trustee shall, upon payment of
its charges, execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring Trustee, and shall
duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder, subject nevertheless to its lien,
if any, provided for in Section 7.07. Upon request of any such successor
Trustee, the Issuer shall execute and deliver any and all instruments for more
fully and certainly vesting in and confirming to such successor Trustee all such
rights, and powers and trusts.

         No successor Trustee shall accept its appointment unless at the time of
such acceptance such successor Trustee shall be qualified and eligible under
this Article.

         SECTION 7.12 MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO
BUSINESS OF TRUSTEE.

         Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, automatically shall be the successor of the Trustee
hereunder, provided such corporation shall be otherwise qualified and eligible
under this Article, without the execution or filing of any paper or any further
act on the part of any of the parties hereto. In case any Bonds have been
authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation to such authenticating Trustee may adopt
such authentication and deliver the Bonds so authenticated with the same effect
as if such successor Trustee had authenticated such Bonds.

         SECTION 7.13  PREFERENTIAL COLLECTION OF CLAIMS AGAINST ISSUER.

         The Trustee shall be subject to TIA ss.311(a), excluding any creditor
relationship listed in TIA ss.311(b), and a Trustee who has resigned or been
removed shall be subject to TIA ss.311(a) to the extent indicated.

         SECTION 7.14  CO-TRUSTEES AND SEPARATE TRUSTEES.

         At any time or times, for the purpose of meeting the legal requirements
of the TIA or of any jurisdiction in which any of a Trust Estate may at the time
be located, the Issuer and the Trustee shall have power to appoint, and, upon
the written request of the Trustee or of the Holders of Bonds representing not
less than 66 2/3% of the Aggregate Current Principal Amount of the Outstanding
Bonds, the Issuer shall for such purpose join with the Trustee in the execution,
delivery and performance of all instruments and agreements necessary or proper
to appoint one or more Persons approved by the Trustee either to act as
co-trustee, jointly with the Trustee, of all or any part of such Trust Estate,
or to act as separate trustee of any such property, in either case with such
powers as may be provided in the instrument of appointment, and to vest in such
Person or Persons in the capacity aforesaid, any property, title, right or power
deemed necessary or desirable, subject to the other provisions of this Section.
If the Issuer does not join in such appointment within 15 days after the receipt
by it of a request so to do, or in case an Event of Default has occurred and in
continuing, the Trustee alone shall have power to make such appointment.

         Should any written instrument from the Issuer be required by any
co-trustee or separate trustee so appointed for more fully confirming to such
co-trustee or separate trustee such property, title, right or power, any and all
such instruments shall, on request, be executed, acknowledged and delivered by
the Issuer.

         Every co-trustee or separate trustee shall, to the extent permitted by
law, but to such extent only, be appointed subject to the following terms:

                  (1) The Bonds shall be authenticated and delivered and all
         rights, powers, duties and obligations hereunder in respect to the
         custody of securities, cash and other personal property held by, or
         required to be deposited or pledged with, the Trustee hereunder, shall
         be exercised, solely by the Trustee.

                  (2) The rights, powers, duties and obligations hereby
         conferred or imposed upon the Trustee shall be conferred or imposed
         upon and exercised or performed by the Trustee or by the Trustee and
         such co-trustee or separate trustee jointly, as shall be provided in
         the instrument appointing such co-trustee or separate trustee, except
         to the extent that, under any law of any jurisdiction in which any
         particular act is to be performed, the Trustee shall be incompetent or
         unqualified to perform such act, in which event such rights, powers,
         duties and obligations shall be exercised and performed by such
         co-trustee or separate trustee.

                  (3) The Trustee at any time, by an instrument in writing
         executed by it, with the concurrence of the Issuer evidenced by an
         Issuer Order, may accept the resignation of or remove any co-trustee or
         separate trustee appointed under this Section, and, in case an Event of
         Default has occurred and is continuing, the Trustee shall have power to
         accept the resignation of, or remove, any such co-trustee or separate
         trustee without the concurrence of the Issuer. Upon the written request
         of the Trustee, the Issuer shall join with the Trustee in the
         execution, delivery and performance of all instruments and agreements
         necessary or proper to effectuate such resignation or removal. A
         successor to any co-trustee or separate trustee so resigned or removed
         may be appointed in the manner provided in this Section.

                  (4) No co-trustee or separate trustee hereunder shall be
         personally liable by reason of any act or omission of the Trustee, or
         any other such trustee hereunder and the Trustee shall not be
         personally liable by reason of any act or omission of any co-trustee or
         other such separate trustee hereunder.

                  (5) Any Act of Bondholders delivered to the Trustee shall be
         deemed to have been delivered to each such co-trustee and separate
         trustee.

<PAGE>

                                  ARTICLE VIII

                          BONDHOLDERS' LIST AND REPORTS

         SECTION 8.01 ISSUER TO FURNISH TRUSTEE NAMES AND ADDRESSES OF
BONDHOLDERS.

         The Issuer will furnish or cause to be furnished to the Trustee (i)
semiannually, not less than 45 days nor more than 60 days after each Interest
Payment Date, a list, in such form as the Trustee may reasonably require, of the
names and addresses of the Holders of Bonds as they appear on the Bond Register,
and (ii) at such other times, as the Trustee may request in writing, within 30
days after receipt by the Issuer of any such request, a list of similar form and
content as of a date not more than 10 days prior to the time such list is
furnished; provided, however, that so long as the Trustee is the Bond Registrar,
no such list shall be required to be furnished.

         SECTION 8.02 PRESERVATION OF INFORMATION; COMMUNICATIONS TO
BONDHOLDERS.

                  (a) The Trustee shall preserve, in as current a form as is
         reasonably practicable, the names and addresses of the Holders of Bonds
         contained in the most recent list, if any, furnished to the Trustee as
         provided in Section 8.01 and the names and addresses of the Holders of
         Bonds received by the Trustee in its capacity as Bond Registrar. The
         Trustee may destroy any list furnished to it as provided in Section
         8.01 upon receipt of a new list so furnished.

                  (b) Bondholders may communicate pursuant to TIA ss.312(b) with
         other Bondholders with respect to their rights under this Indenture or
         under the Bonds.

                  (c) The Issuer, the Trustee and the Bond Registrar shall have
         the protection of TIA ss.312(c).

         SECTION 8.03  REPORTS BY TRUSTEE.

                  (a) In addition to the Payment Date Statement pursuant to
         Section 3.05, within 60 days after December 31 of each year, (the
         "Reporting Date"), commencing with the year 1996, the Trustee shall
         mail to all Holders a brief report dated after the Reporting Date that
         complies with TIA ss.313(a). The Trustee shall also mail to all Holders
         a brief report that complies with TIA ss.313(b)(1), together with an
         Opinion of Counsel that complies with TIA ss.314(d)(1), if required, as
         to any release, or any release and substitution, of any portion of the
         Trust Estate, unless the fair value of the property then released is
         less than 10% of the Aggregate Current Principal Amount of the then
         Outstanding Bonds, within 90 days after such release. The Trustee shall
         mail to Holders of Bonds with respect to which it has made advances any
         reports with respect to such advances that are required by TIA
         ss.313(b)(2), any such report to be mailed within 90 days of any such
         advance. For purposes of the information required to be included in any
         such reports pursuant to TIA ss.313(a)(2) or ss.313(b), the principal
         amount of indenture securities outstanding on the date as of which such
         information is provided shall be the Aggregate Current Principal Amount
         of the then Outstanding Bonds.

                  (b) A copy of each report required under this Section shall,
         at the time of such transmission to Holders of Bonds be filed by the
         Trustee with the Commission and with each securities exchange upon
         which the Bonds are listed. The Issuer will notify the Trustee when the
         Bonds are listed on any securities exchange.

                  (c) The Issuer shall supply to the Trustee at least fifteen
         calendar days prior to any applicable filing prescribed by law or
         Internal Revenue Service regulation, and the Trustee, as agent for the
         Issuer, shall transmit by mail, to each Holder of Bonds, as his name
         and address appears in the Bond Register for and to the Internal
         Revenue Service, within the time limits prescribed by law, the amounts
         of interest and original issue discount (which original issue discount
         shall be calculated by the Issuer), if any, paid or accrued with
         respect to Bonds held by such Bondholder.

         SECTION 8.04  REPORTS BY ISSUER.

                  (a) The Issuer (i) shall file with the Trustee within 15 days
         after it files them with the Commission copies of the annual reports
         and of the information, documents, and other reports (or copies of such
         portions of any of the foregoing as the Commission may by rules and
         regulations prescribe) that the Issuer is required to file with the
         Commission pursuant to Section 13 or 15(d) of the Securities Exchange
         Act of 1934, as amended, and (ii) shall also comply with the other
         provisions of TIA ss.314(a).

                  (b) The Issuer shall promptly file, and exercise its
         reasonable best efforts to obtain a favorable response to, no-action
         requests to, or other appropriate exemptive relief from, the Commission
         seeking the usual and customary exemption from such reporting
         requirements granted to issuers of securities similar to the Bonds.

<PAGE>

                                   ARTICLE IX

                               COVENANTS OF ISSUER

         SECTION 9.01  MAINTENANCE OF OFFICE OR AGENCY.

         The Issuer will maintain an office or agency within the United States
of America where Bonds may be presented or surrendered for payment or may be
surrendered for registration of transfer or exchange, and where notices and
demands to or upon the Issuer in respect of the Bonds and this Indenture may be
served. The Issuer hereby initially appoints the Trustee to serve, and the
Trustee may appoint an agent to serve, as such office or agency. The Issuer will
give prompt written notice to the Trustee of the location and any change in the
location, of such office or agency. Until written notice of any change in the
location of such office or agency is delivered to the Trustee or if at any time
the Issuer shall fail to maintain any such required office or agency or shall
fail to furnish the Trustee with the address thereof, presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office and the
Issuer hereby appoints the Trustee as its agent for the foregoing purposes.

         SECTION 9.02  MONEY FOR BOND PAYMENTS TO BE HELD IN TRUST.

         Whenever the Issuer shall have one or more Paying Agents, the Trustee
will, on each Payment Date or Redemption Date, withdraw from the Collateral
Proceeds Account and deposit with such Paying Agent cash in an amount sufficient
to pay principal of or interest on the Bonds with respect to the related
Interest Accrual Period, such sum to be held in trust for the benefit of the
Persons entitled to such principal or interest, and (unless such Paying Agent is
the Trustee) the Issuer will promptly notify the Trustee of its action or
failure to so act.

         The initial Paying Agent shall be the Trustee. Any additional or
successor Paying Agent shall be appointed by Issuer Order. The Issuer shall not
appoint any Paying Agent that is not, at the time of such appointment, a
depository institution or trust company incorporated under the laws of the
United States of America or any state thereof and subject to supervision and
examination by federal or state banking authorities. The Issuer will cause each
Paying Agent, other than the Trustee, to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee, subject to
the provisions of this Section, that such Paying Agent will:

                  (1)      hold all amounts held by it for the payment of
                           principal of or interest on the Bonds in trust for
                           the benefit of the Persons entitled thereto until
                           such amounts shall be paid to such Persons or
                           otherwise disposed of as herein provided and pay such
                           amounts to such Persons as herein provided;

                  (2)      give the Trustee notice of any Default by the Issuer
                           (or any other obligor upon the Bonds) in the making
                           of any payment of principal or interest; and

                  (3)      at any time during the continuance of any such
                           Default, upon the written request of the Trustee,
                           forthwith pay to the Trustee all amounts so held in
                           trust by such Paying Agent.

         The Issuer may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, pay, or
by Issuer Order direct any Paying Agent to pay, to the Trustee all amounts held
in trust by the Issuer or such Paying Agent, such amounts to be held by the
Trustee upon the same trusts as those upon which such amounts were held by the
Issuer or such Paying Agent; and, upon such payment by any Paying Agent to the
Trustee, such Paying Agent shall be released from all further liability with
respect to such money.

         Any money deposited with the Trustee or any Paying Agent, or then held
by the Issuer, in trust for the payment of the principal of or interest on any
Bond and remaining unclaimed for six years after the related Payment Date shall
be paid to the Issuer on Issuer Request, or (if then held by the Issuer) shall
be discharged from such trust; and the Holder of such Bond shall thereafter, as
an unsecured general creditor, look only to the Issuer for payment thereof, and
all liability of the Trustee or such Paying Agent with respect to such trust
money (but only to the extent of the amounts so paid to the Issuer), and all
liability of the Issuer as trustee thereof, shall thereupon cease; provided,
however, that the Trustee or such Paying Agent, before being required to make
any such release of payment, may at the expense of the Issuer cause to be
published once, in a newspaper published in the English language, customarily
published on each Business Day and of general circulation in New York, New York
and in the city in which the Issuer's office is located pursuant to Section
9.01, notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication,
any unclaimed balance of such money then remaining will be repaid to the Issuer.
The Trustee may also adopt and employ, at the expense of the Issuer, any other
reasonable means of notification of such release of payment (including, but not
limited to, mailing notice of such release to Holders whose Bonds have been
called but have not been surrendered for redemption or whose right to or
interest in funds due and payable but not claimed is determinable from the
records of any Paying Agent, at the last address of record of each such Holder).

         SECTION 9.03  ISSUER'S EXISTENCE.

         The Issuer will keep in full effect its existence, rights and
franchises as a business trust under the laws of the state of its organization
and will obtain and preserve its qualification to do business as a foreign
business trust in each jurisdiction in which such qualification is or shall be
necessary to protect the validity and enforceability of this Indenture and the
Bonds.

         SECTION 9.04  PROTECTION OF TRUST ESTATE.

         The Issuer will from time to time execute and deliver all such
supplements and amendments hereto and all such financing statements,
continuation statements, instruments of further assurance, and other
instruments, and will take such other action as may be necessary or advisable
to:

                  (i) Grant more effectively all or any portion of the Trust
         Estate;

                  (ii) maintain or preserve the lien (and the priority thereof)
         of this Indenture or to carry out more effectively the purposes hereof;

                  (iii) perfect, publish notice of, or protect the validity of,
         any Grant made or to be made by this Indenture;

                  (iv) enforce any of the Student Loans; or

                  (v) preserve and defend title to the Trust Estate, and the
         rights of the Trustee and of the Bondholders secured thereby, against
         the claims of all persons and parties.

The Issuer hereby designates the Trustee its agent and attorney-in-fact to
execute any financing statement, continuation statement or other instrument
required pursuant to this Section.

         The Issuer shall pay or cause to be paid any taxes levied on the
account of the beneficial ownership by the Issuer or an Affiliate of the Issuer
of the Student Loan Collateral that secures the Bonds.

         SECTION 9.05  PERFORMANCE OF OBLIGATIONS.

                  (a) The Issuer will punctually perform and observe all of its
         obligations and covenants contained in the Trust Agreement, the
         Servicing Agreement, the Administration Agreement and the Origination
         Agreements.

                  (b) The Issuer will not knowingly take any action or permit
         any action to be taken by others which would release any Person from
         any of such Person's covenants or obligations under any instrument
         included in the Trust Estate, or which would result in the amendment,
         hypothecation, subordination, termination or discharge of, or impair
         the validity or effectiveness of, any such instrument, except as
         expressly provided in this Indenture or such other instrument.

                  (c) The Issuer may contract with other Persons to perform
         certain obligations of the Issuer hereunder, and performance by any
         such Persons identified to the Trustee in an Officer's Certificate of
         the Issuer shall be deemed to be performance of such obligations by the
         Issuer. Initially, the Issuer has contracted with the Administrator to
         assist the Issuer in performing its duties under this Indenture.

         SECTION 9.06  NEGATIVE COVENANTS.

         Until the conditions of Section 5.01 have been satisfied, the Issuer
will not:

                  (i) sell, transfer, exchange or otherwise dispose of, or
         pledge, mortgage, hypothecate, or otherwise encumber (or permit such to
         occur or suffer to exist) any part of the Trust Estate except as
         expressly permitted by this Indenture;

                  (ii) claim any credit on, or make any deduction from, the
         principal or interest payable in respect of the Bonds by reason of the
         payment of any taxes levied or assessed upon any portion of the Trust
         Estate; or

                  (iii) engage in any business or activity other than in
         connection with, or relating to, the issuance of Bonds and other than
         as permitted or contemplated by the Trust Agreement.

         SECTION 9.07  SERVICER'S ANNUAL STATEMENT AS TO COMPLIANCE.

         The Issuer shall cause the Servicer to deliver to the Trustee, on or
prior to March 31 of each year, commencing March 31, 1997, a written statement
signed by an officer of the Servicer stating that:

                  (1)      a review of the activities of the Servicer, and the
                           Servicer's performance under the Servicing Agreement
                           for the previous twelve months ending December 31,
                           has been made under such servicing officer's
                           supervision; and

                  (2)      to the best of such officer's knowledge, based on
                           such review, the Servicer has or has caused to be
                           performed all of its obligations under the Servicing
                           Agreement throughout such year and that no Default
                           has occurred, or, if such Default has occurred and is
                           continuing, specifying each such Default, the nature
                           and status thereof, and the steps necessary to remedy
                           such Default.

         SECTION 9.08  CORPORATE EXISTENCE OF OWNER TRUSTEE.

                  (a) Subject to Subsections (b) and (c) hereof, the Owner
         Trustee will keep in full effect its existence, rights and franchises
         as a banking corporation under the laws of the State of Delaware.

                  (b) Any corporation into which the Owner Trustee may be merged
         or with which it may be consolidated, or any corporation resulting from
         any merger or consolidation to which such Owner Trustee shall be a
         party, shall be the successor Owner Trustee under this Indenture
         without the execution or filing of any paper, instrument or further act
         to be done on the part of the parties hereto, anything herein, or in
         any agreement relating to such merger or consolidation, by which any
         such Owner Trustee may seek to retain certain powers, rights and
         privileges theretofore obtaining for any period of time following such
         merger or consolidation, to the contrary notwithstanding.

                  (c) Any successor to the Owner Trustee appointed pursuant to
         the Trust Agreement shall be the successor Owner Trustee under this
         Indenture without the execution or filing of any paper, instrument or
         further act to be done on the part of the parties hereto.

                  (d) Upon any consolidation or merger of or other succession to
         the Owner Trustee, the Person formed by or surviving such consolidation
         or merger (if other than the Owner Trustee) or the Person succeeding to
         the Owner Trustee under the Trust Agreement may exercise every right
         and power of, the Owner Trustee, on behalf of the Issuer under this
         Indenture with the same effect as if such Person had been named as the
         Owner Trustee herein.

         SECTION 9.09  NO OTHER BUSINESS.

         The Issuer shall not engage in any business other than financing,
purchasing, owning, selling and managing of Student Loans in the manner
contemplated by this Indenture and all activities incidental thereto.

         SECTION 9.10  NO BORROWING.

         The Issuer shall not issue, incur, assume, guarantee or otherwise
become liable, directly or indirectly, for any indebtedness except for the
Bonds.

         SECTION 9.11  OBLIGATIONS OF THE SERVICER.

         The Issuer shall cause the Servicer (a) to comply with the Servicing
Agreement and the Custodial Agreement and (b) to deliver to the Rating Agency
within 30 days following the end of each calendar quarter, the related Servicer
Remittance Reports for such calendar quarter.

         SECTION 9.12  SERVICER'S EVIDENCE AS TO COMPLIANCE.

         For such time as the Issuer is required to file reports or information
pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as
amended, the Issuer shall cause the Servicer on or before March 31 of each
calendar year, commencing with the year 1997, to cause a firm of Accountants to
furnish a report to the Trustee and the Issuer to the effect that such firm has
examined certain documents and records relating to the servicing of the Student
Loans, compared the information contained in the Servicer Remittance Reports
delivered during the period covered by the report with such documents and
records relating to the servicing of the Student Loans and that, on the basis of
such examination and comparison, nothing has come to the attention of such
accountants to indicate that such servicing was not in compliance with The
National Collegiate Trust's GATESM Policies and Procedures Manual and the
Servicing Agreement except for such exceptions or errors as such firm shall
believe to be immaterial and such other exceptions as shall be set forth in such
statements.

<PAGE>

                                    ARTICLE X

                       SUPPLEMENTAL INDENTURES; AMENDMENTS
                               TO OTHER DOCUMENTS

         SECTION 10.01 SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF BONDHOLDERS.

         Without the consent of the Holders of any Bonds, the Issuer and the
Trustee, by an Issuer Order, at any time and from time to time, may enter into
one or more indentures supplemental hereto, in form satisfactory to the Trustee,
for any of the following purposes:

                  (1)      to correct or amplify the description of any property
                           at any time subject to the lien of this Indenture, or
                           better to assure, convey and confirm unto the Trustee
                           any property subject or required to be subjected to
                           the lien of this Indenture, or to subject to the lien
                           of this Indenture additional property;

                  (2)      to add to the conditions, limitations and
                           restrictions on the authorized amount, terms and
                           purposes of issue, authentication and delivery of the
                           Bonds;

                  (3)      to evidence the succession of another Person to the
                           Issuer, and the assumption by any such successor of
                           the covenants of the Issuer herein and in the Bonds
                           contained;

                  (4)      to add to the covenants of the Issuer or the Trustee
                           for the benefit of the Holders of the Bonds or to
                           surrender any right or power herein conferred upon
                           the Issuer;

                  (5)      to convey, transfer, assign or pledge any property to
                           or with the Trustee;

                  (6)      to cure any ambiguity, to amend, correct or
                           supplement any provision herein or in any
                           supplemental indenture that may be defective,
                           ineffective or inconsistent with any other provision
                           herein or in any supplemental indenture, or to make
                           any other provisions with respect to matters or
                           questions relating to this Indenture or in any
                           supplemental indenture; provided that such action
                           shall not adversely affect the interests of the
                           Holders of Outstanding Bonds;

                  (7)      to provide for the issuance of Bonds in bearer form
                           with coupons ("Bearer Bonds") and for the
                           exchangeability of Bearer Bonds and Bonds issued in
                           registered form ("Registered Bonds"); any such
                           supplemental indenture may also contain any
                           provisions as may in the Issuer's judgment be
                           necessary, appropriate or convenient (a) to permit
                           the Bonds to be issued and sold to or held in bearer
                           form by non-United States Persons, (b) to establish
                           entitlement to an exemption from United States
                           withholding tax or reporting requirements with
                           respect to payments on the Bonds, (c) to comply, or
                           facilitate compliance, with other applicable laws or
                           regulations, (d) to provide for usual and customary
                           provisions for communication (by notice publication,
                           maintenance of lists of holders of Bearer Bonds who
                           have provided names and addresses for such purpose,
                           or otherwise) with holders of Bearer Bonds, or (e) to
                           otherwise effectuate provisions for the issuance of
                           Bearer Bonds and their exchangeability with
                           Registered Bonds;

                  (8)      to evidence and provide for the acceptance of
                           appointment hereunder by a successor Trustee and to
                           add to or change any of the provisions of this
                           Indenture as shall be necessary to facilitate the
                           administration of the Trust hereunder by more than
                           one Trustee, pursuant to the requirements of Section
                           7.11 or 7.12 hereof;

                  (9)      to modify, eliminate or add to the provisions of this
                           Indenture to such extent as shall be necessary to
                           effect the qualification of this Indenture under TIA,
                           or under any similar federal statute hereafter
                           enacted or to conform the provisions of this
                           Indenture to TIA, as amended from time to time, and
                           to add to this Indenture such other provisions as may
                           be expressly required by TIA;

                  (10)     to amend the provisions of Article XIII in accordance
                           with Section 13.03 thereof; or

                  (11)     to provide for the maintenance of the rating on the
                           Bonds, at the option of the Issuer.

         SECTION 10.02 SUPPLEMENTAL INDENTURES WITH CONSENT OF BONDHOLDERS.

         With the consent of the Holders of Bonds of each Class affected thereby
representing not less than 66 2/3% of Bonds of the Aggregate Current Principal
Amount of Outstanding Bonds, by Act of such Holders delivered to the Issuer and
the Trustee, the Issuer and the Trustee, by an Issuer Order, may enter into an
indenture or indentures supplemental hereto for the purpose of adding any
provisions to, or changing in any manner or eliminating any of the provisions
of, this Indenture or of modifying in any manner the rights of the Holders of
such Class of Bonds under this Indenture; provided, however, that no such
supplemental indenture shall, without the consent of the Holder of each
Outstanding Bond affected thereby:

                  (1)      change the Stated Maturity of, or the Interest
                           Payment Date for, any Bond or reduce the principal
                           amount thereof, the Bond Interest Rate thereon or the
                           Redemption Price with respect thereto, change the
                           provisions of this Indenture relating to the
                           application of proceeds of the Trust Estate to the
                           payment of principal of the Bonds or change any place
                           of payment where, or the coin or currency in which,
                           any Bond or any interest thereon is payable, or
                           impair the right to institute suit for the
                           enforcement of the payment of any installment of
                           interest due on any Bond on or after the related
                           Interest Payment Date or for the enforcement of the
                           payment of the entire remaining unpaid principal
                           amount of any Bond on or after Stated Maturity (or,
                           in the case of redemption, on or after the applicable
                           Redemption Date);

                  (2)      reduce the percentage of the Aggregate Current
                           Principal Amount of the Outstanding Bonds, the
                           consent of the Holders of which is required for any
                           such supplemental indenture, or the consent of the
                           Holders of which is required for any waiver of
                           compliance with provisions of this Indenture or
                           Defaults hereunder and their consequences provided
                           for in this Indenture;

                  (3)      modify any of the provisions of this Section or
                           Section 6.13, except to increase any percentage
                           specified therein or to provide that certain other
                           provisions of this Indenture cannot be modified or
                           waived without the consent of the Holder of each
                           Outstanding Bond affected thereby;

                  (4)      modify the definition of the term "Outstanding";

                  (5)      permit the creation of any lien ranking prior to or
                           on a parity with the lien of this Indenture with
                           respect to any part of the Trust Estate or terminate
                           the lien of this Indenture on any property at any
                           time subject hereto or deprive the Holder of any Bond
                           of the security afforded by the lien of this
                           Indenture;

                  (6)      modify any of the provisions of this Indenture in
                           such manner as to affect the calculation of principal
                           and interest payable on the Bonds on any Payment Date
                           (including the components of any such calculations),
                           adversely affect the rights of the Holders of Bonds
                           to the benefits of any provisions for the mandatory
                           redemption of Bonds contained herein, or to adversely
                           affect the rights of the Bondholders to any amounts
                           deposited in the Reserve Fund or the Interest Support
                           Account;

                  (7)      modify or alter any of the provisions of Section
                           6.16;

                  (8)      impair or adversely affect the Trust Estate except as
                           otherwise permitted herein; or

                  (9)      change the percentage required to declare an
                           acceleration of the Bonds pursuant to Section 6.02.

         The Trustee shall determine whether the interests of the Holders of the
Bonds would be adversely affected by any supplemental indenture and any such
determination shall be conclusive upon the Holders of all Bonds, whether
theretofore or thereafter authenticated and delivered hereunder. The Trustee
shall not be liable for any such determination made in good faith.

         It shall not be necessary for any Act of Bondholders under this Section
to approve the particular form of any proposed supplemental indenture, but it
shall be sufficient if such Act shall approve the substance thereof.

         Promptly after the execution by the Issuer and the Trustee of any
supplemental indenture pursuant to this Section, the Trustee shall mail to the
Holders of the Bonds as their names appear on the Bond Register, a notice
setting forth in general terms the substance of such supplemental indenture. Any
failure of the Trustee to mail such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such supplemental
indenture.

         SECTION 10.03 EXECUTION OF SUPPLEMENTAL INDENTURES.

         In executing or accepting the additional trusts created by any
supplemental indenture permitted by this Article or the modifications thereby of
the trusts created by this Indenture, the Trustee shall be entitled to receive,
and, subject to Section 7.01, shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee may, but shall not,
except to the extent required in the case of a supplemental indenture entered
into under Section 10.01(9), be obligated to, enter into any such supplemental
indenture that affects the Trustee's own rights, duties, liabilities or
immunities under this Indenture or otherwise except to the extent required by
law.

         SECTION 10.04 EFFECT OF SUPPLEMENTAL INDENTURES.

         Upon the execution of any supplemental indenture under this Article,
this Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every Holder
of Bonds theretofore or thereafter authenticated and delivered hereunder and
affected by such supplemental indenture shall be bound thereby.

         SECTION 10.05 CONFORMITY WITH TRUST INDENTURE ACT.

         Every supplemental indenture executed pursuant to this Article shall
conform to the requirements of TIA as then in effect.

         SECTION 10.06 REFERENCE IN BONDS TO SUPPLEMENTAL INDENTURES.

         Bonds authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and if required by the
Trustee shall, bear a notation in form approved by the Trustee as to any matter
provided for in such supplemental indenture. If the Issuer shall so determine,
new Bonds so modified as to conform, in the opinion of the Trustee and the
Issuer, to any such supplemental indenture may be prepared and executed by the
Issuer and authenticated and delivered by the Trustee in exchange for
Outstanding Bonds.

<PAGE>

                                   ARTICLE XI

                               REDEMPTION OF BONDS

        SECTION 11.01 REDEMPTION AT THE OPTION OF THE ISSUER; ELECTION TO
                                     REDEEM.

                  (a) The Class A Bonds shall be redeemable at the option of the
         Issuer at the Redemption Price and, upon retirement in full of all
         Class A Bonds, the Class B Bonds shall be redeemable at the option of
         the Issuer at the Redemption Price in each case in part, on any Payment
         Date prior to the first Principal Payment Date, in an amount equal to
         any Prepayments collected by the Servicer during the related Collection
         Period;

                  (b) The Class A Bonds and the Class B Bonds shall be
         redeemable, pro rata, at the option of the Issuer at the Redemption
         Price, in part, not to exceed five (5%) percent of the Aggregate
         Current Principal Amount of Bonds, upon Issuer Order delivered to the
         Trustee at any time during the 60 day period following the Closing
         Date.

                  (c) The Class B Bonds shall be redeemable at the option of the
         Issuer at the Redemption Price in whole, when the Aggregate Current
         Principal Amount of Bonds is ten percent (10%) or less of the Aggregate
         Current Principal Amount of Bonds as of the Closing Date;

                  (d) Interest due on or prior to a Redemption Date shall
         continue to be payable to the Holders of such Bonds as of the relevant
         Record Dates according to their terms and the provisions of Section
         3.02. The election of the Issuer to redeem any Bonds pursuant to this
         Section 11.01 shall be evidenced by an Issuer Order directing the
         Trustee to make the payment of the Redemption Price of all of the Bonds
         to be redeemed from funds in the Collateral Proceeds Account and the
         Reserve Fund and for funds deposited with the Trustee by the Issuer
         pursuant to Section 11.04.

         The Issuer shall set the Redemption Date and the Record Date and give
notice thereof to the Trustee pursuant to Section 11.02.

         SECTION 11.02 NOTICE TO TRUSTEE.

         In case of any redemption pursuant to Section 11.01, the Issuer shall
at least 20 days prior to the Redemption Date (unless a shorter period shall be
satisfactory to the Trustee), notify the Trustee by an Officers' Certificate of
such Redemption Date, the Record Date and the principal amount of Bonds to be
redeemed on such Redemption Date.

         SECTION 11.03 NOTICE OF ISSUER REDEMPTION.

         Notice of redemption pursuant to Section 11.01 shall be given by
first-class mail, postage prepaid, mailed not less than fifteen days prior to
the applicable Redemption Date, to each Holder of Bonds to be redeemed (as of
the close of business of the Record Date) pursuant to Section 11.01 at its
address appearing in the Bond Register.

         All notices of redemption shall state:

                  (1)      the Redemption Date;

                  (2)      the Redemption Price;

                  (3)      the fact that the Bonds are to be redeemed in part or
                           in full, as the case may be, and that interest
                           thereon shall accrue up to the Business Day preceding
                           such Redemption Date; and

                  (4)      the address where such Bonds are to be surrendered
                           for payment of the Redemption Price, which shall be
                           the office or agency of the Issuer to be maintained
                           as provided in Section 9.01.

         Notice for redemption of Bonds shall be given by the Issuer or, at the
Issuer's request, by the Trustee in the name and at the expense of the Issuer.
Failure to give notice of redemption, or any defect therein, to any Holder of
any Bond selected for redemption shall not impair or affect the validity of the
redemption of any other Bond.

         SECTION 11.04 DEPOSIT OF REDEMPTION PRICE.

         In the case of all redemptions, on or before the Business Day
immediately preceding the related Redemption Date, the Issuer shall deposit in
the Collateral Proceeds Account with the Trustee or with a Paying Agent cash in
an amount sufficient to provide for payment of the Redemption Price of all of
the Bonds that are to be redeemed on such Redemption Date (unless such payment
is to be made solely from the Collateral Proceeds Account or the Reserve Fund),
plus any outstanding fees and expenses of the Trustee.

         SECTION 11.05 BONDS PAYABLE ON REDEMPTION DATE.

         Notice of redemption pursuant to Section 11.01 or having been given as
provided in Section 11.02, the Bonds to be so redeemed shall, on the applicable
Redemption Date, become due and payable at the Redemption Price and as of the
Business Day preceding such Redemption Date (unless the Issuer shall Default in
the payment of the Redemption Price) such Bonds shall cease to bear interest. On
or after the Redemption Date, such Bonds shall be paid by the Issuer at the
Redemption Price; provided, however, that payments due on a Payment Date on or
prior to the Redemption Date shall be payable to the Holders of such Bonds
registered as such on the relevant Record Dates according to their terms and the
provisions of Section 3.02.

         If Bonds are redeemed in part pursuant to Sections 11.01(a)(i) or
(a)(ii), the redemption shall be pro rata in respect of all Outstanding Bonds.
If any Bond called for redemption shall not be so paid upon surrender thereof
for redemption, the principal thereof shall, until paid, bear interest up to the
Business Day prior to the relevant Redemption Date at the Bond Interest Rate.

<PAGE>

                                   ARTICLE XII

                              BONDHOLDERS' MEETING

         SECTION 12.01 PURPOSES FOR WHICH MEETINGS MAY BE CALLED.

         A meeting of the Holders of Bonds may be called at any time and from
time to time pursuant to the provisions of this Article for any of the following
purposes:

                  (1)      to give any notice to the Issuer or to the Trustee,
                           or to give any directions to the Trustee, or to
                           consent to the waiver of any Default hereunder and
                           its consequences, or to take any other action
                           authorized to be taken by Bondholders pursuant to any
                           of the provisions of Article VI;

                  (2)      to remove the Trustee and appoint a successor Trustee
                           pursuant to the provisions of Article VII;

                  (3)      to consent to the execution of an indenture or
                           indentures supplemental hereto pursuant to the
                           provisions of Article X; or

                  (4)      to take any other action authorized to be taken by or
                           on behalf of the Holders of any specified aggregate
                           principal amount of the Bonds under any other
                           provision of this Indenture or under applicable law.

         SECTION 12.02 MANNER OF CALLING MEETINGS.

         The Trustee may at any time call a meeting of Bondholders to take any
action specified in Section 12.01, to be held at such time and at such place in
the United States of America as the Trustee shall determine. Notice of every
meeting of the Bondholders, setting forth the time and the place of such meeting
and in general terms the actions proposed to be taken at such meeting, shall be
mailed to such Bondholders not less than 20 nor more than 60 days prior to the
date fixed for the meeting as provided in Section 13.05. The Trustee may fix, in
advance of the giving of such notice, a date as the record date for determining
the Bondholders entitled to notice of or to vote at any such meeting not more
than 15 days prior to the date fixed for the giving of such notice.

         SECTION 12.03 CALL OF MEETING BY ISSUER OR BONDHOLDERS.

         In case at any time the Issuer, pursuant to a resolution of its Board
of Directors, or the Holders representing at least 10% of the Aggregate Current
Principal Amount of the Outstanding Bonds, shall have requested the Trustee to
call a meeting of Bondholders to take any action authorized in Section 12.01 by
written request setting forth in reasonable detail the action proposed to be
taken at the meeting, and the Trustee shall not have mailed notice of such
meeting within 20 days after receipt of such request, then the Issuer or the
Holders of Bonds in the amount above specified may determine the time and the
place for such meeting, the record date for determining the Bondholders entitled
to notice of or to vote at such meeting, and may call such meeting to take any
action authorized in Section 12.01, by mailing notice thereof as provided in
Section 12.02.

         SECTION 12.04 WHO MAY ATTEND AND VOTE AT MEETINGS.

         To be entitled to vote at any meeting of Bondholders a Person shall (a)
be a Holder, as of the record date set for such meeting, of one or more Bonds
will respect to which such meeting was called or, (b) be a Person appointed by
an instrument in writing as proxy by a Holder of one or more such Bonds. The
only Persons who shall be entitled to be present or to speak at any meeting of
Bondholders shall be the Persons entitled to vote at such meeting and their
counsel, any representatives of the Trustee and its counsel and any
representatives of the Issuer and its counsel.

         SECTION 12.05 REGULATIONS MAY BE MADE BY TRUSTEE.

         Notwithstanding any other provisions of this Indenture, the Trustee may
make such reasonable regulations as it may deem advisable for any meeting of
Bondholders, in regard to proof of the holding of Bonds and of the appointment
of proxies, and in regard to the appointment and duties of inspectors of votes,
the submission and examination of proxies, certificates and other evidence of
the right to vote, and such other matters concerning the conduct of the meeting.
Except as otherwise permitted or required by any such regulations, the holding
of Bonds shall be proved in the manner specified in Section 13.03(c) and the
appointment of any proxy shall be proved in the manner specified in Section
13.03; provided, however, that such regulations may provide that written
instruments appointing proxies regular on their face may be presumed valid and
genuine without the proof hereinabove or in Section 13.03 specified.

         The Trustee shall, by an instrument in writing, appoint a temporary
chairman of the meeting, unless the meeting shall have been called by the Issuer
or by Bondholders as provided in Section 12.03, in which case the Issuer or the
Bondholders calling the meeting, as the case may be, shall in like manner
appoint a temporary chairman. A permanent chairman and a permanent secretary of
the meeting shall be elected by vote of the Holders of a majority in principal
amount of the Bonds represented at the meeting.

         At any meeting each Holder of Bonds or any proxy shall be entitled to
one vote for each $25,000 principal amount of Outstanding Bonds held or
represented by him, provided, however, that no vote shall be cast or counted at
any meeting in respect of the principal amount of any Bond challenged as not
Outstanding and ruled by the chairman of the meeting to be not Outstanding. The
chairman of the meeting shall have no right to vote other than by virtue of
Bonds held by him or by virtue of instruments in writing as aforesaid duly
designating him as the person to vote on behalf of other Bondholders. Any
meeting of Bondholders duly called pursuant to the provisions of Section 12.02
or Section 12.03 may be adjourned from time to time, and the meeting so
adjourned may be held without further notice, except as given at the meeting.

         At any meeting of Bondholders, the presence of Persons holding or
representing Bonds in an aggregate principal amount sufficient to take action on
the business for the transactions of which such meeting was called shall
constitute a quorum, but, if less than a quorum is present, the Persons holding
or representing a majority in aggregate principal amount of the Bonds
represented at the meeting may adjourn such meeting with the same effect, for
all intents and purposes, as though a quorum had been present, and the meeting
may be held as so adjourned without further notice, except as given at the
meeting.

         SECTION 12.06 MANNER OF VOTING AT MEETINGS AND RECORDS TO BE KEPT.

         The vote upon any matter submitted to any meeting of Bondholders shall
be by written ballots on which shall be subscribed the signatures of the Holders
of Bonds or of their representatives by proxy and the serial number or numbers
of the Bonds held or represented by them. The permanent chairman of the meeting
shall appoint two inspectors of votes who shall count all votes cast at the
meeting for or against any resolution and who shall make and file with the
secretary of the meeting their verified written reports in duplicate of all
votes cast at the meeting. A record in duplicate of the proceedings of each
meeting of Bondholders shall be prepared by the secretary of the meeting and
there shall be attached to such record the original reports of the inspectors of
votes on any vote by ballot taken thereat and affidavits by one or more persons
having knowledge of the facts setting forth a copy of the notice of the meeting
and showing that such notice was mailed as provided in Section 12.02. The record
shall show the serial numbers of the Bonds voting in favor of and against any
resolution. The record shall be signed and verified by the affidavits of the
permanent chairman and secretary of the meeting and one of the duplicates shall
be delivered to the Issuer and the other to the Trustee to be preserved by the
Trustee.

         Any record so signed and verified shall be conclusive evidence of the
matters therein stated.

         SECTION 12.07 EXERCISE OF RIGHTS OF TRUSTEE AND BONDHOLDERS NOT TO BE
HINDERED OR DELAYED.

         Nothing in this Article shall be deemed or construed to authorize or
permit, by reason of any call of a meeting of Bondholders or any rights
expressly or impliedly conferred hereunder to make such call, any hindrance or
delay in the exercise of any right or rights conferred upon or reserved to the
Trustee or to the Bondholders under any of the provisions of this Indenture or
of the Bonds.

<PAGE>

                                  ARTICLE XIII

                                  MISCELLANEOUS

         SECTION 13.01 COMPLIANCE CERTIFICATES AND OPINIONS.

         Upon any application or request by the Issuer to the Trustee to take
any action under any provision of this Indenture, the Issuer shall furnish to
the Trustee an Officer's Certificate stating that all conditions precedent
(including any covenant with which compliance constitutes a condition
precedent), if any, provided for in this Indenture relating to the proposed
action have been complied with and an Opinion of Counsel stating that in the
opinion of such counsel all such conditions precedent, if any, have been
complied with, except that in the case of any such application or request as to
which the furnishing of such documents is specifically required by any provision
of this Indenture relating to such particular application or request, no
additional certificate or opinion need be furnished.

         Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include:

                  (a) a statement that each individual signing such certificate
         or opinion has read such covenant or condition and the definitions
         herein relating thereto;

                  (b) a brief statement as to the nature and scope of the
         examination or investigation upon which the statements or opinions
         contained in such certificate or opinion are based;

                  (c) a statement that, in the opinion of each such individual,
         he has made such examination or investigation as is necessary to enable
         him to express an informed opinion whether such covenant or condition
         has been complied with; and

                  (d) a statement whether, in the opinion of each such
         individual, such condition or covenant has been complied with.

         SECTION 13.02 FORM OF DOCUMENTS DELIVERED TO TRUSTEE.

         In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters, and any such Person may certify
or give an opinion as to such matters in one or several documents.

         Any certificate or opinion of an Authorized Officer may be based,
insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by counsel, unless such Authorized Officer knows, or in the
exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which his certificate or
opinion is based are erroneous. Any such certificate or opinion of an Authorized
Officer or any Opinion of Counsel may be based, insofar as it relates to factual
matters, upon a certificate or opinion of, or representations by, one or more
officers of the Issuer, the Owner Trustee or the Administrator, stating that the
information with respect to such factual matters is in the possession of the
Issuer, the Owner Trustee, or the Administrator unless such Authorized Officer
or counsel knows that the certificate or opinion or representations with respect
to such matters are erroneous. Any Opinion of Counsel may also be based, insofar
as it relates to factual matters, upon a certificate or opinion of, or
representations by, an Authorized Officer, stating that the information with
respect to such matters is in the possession of the Owner Trustee or the
Administrator, unless such counsel knows that the certificate or opinion or
representations with respect to such matters are erroneous. Any Opinion of
Counsel may be based on the written opinion of other counsel, in which event
such Opinion of Counsel shall be accompanied by a copy of such other counsel's
opinion and shall include a statement to the effect that such counsel believes
that such counsel and the Trustee may reasonably rely upon the opinion of such
other counsel.

         Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

         SECTION 13.03 ACTS OF BONDHOLDERS.

                  (a) Any request, demand, authorization, direction, notice,
         consent, waiver or other action provided by this Indenture to be given
         or taken by Bondholders may be embodied in and evidenced by one or more
         instruments of substantially similar tenor signed by such Bondholders
         in person or by agent duly appointed in writing; and, except as herein
         otherwise expressly provided, such action shall become effective when
         such instrument or instruments are delivered to the Trustee, and, where
         it is hereby expressly required, to the Issuer. Such instrument or
         instruments (and the action embodied therein and evidenced thereby) are
         herein sometimes referred to as the "Act" of the Bondholders signing
         such instrument or instruments. Proof of execution of any such
         instrument or of a writing appointing any such agent shall be
         sufficient for any purpose of this Indenture and (subject to Section
         6.01) conclusive in favor of the Trustee and the Issuer, if made in the
         manner provided in this Section.

                  (b) The fact and date of the execution by any Person or any
         such instrument or writing may be proved in any manner that the Trustee
         deems sufficient.

                  (c) The ownership of Bonds shall be proved by the Bond
         Register.

                  (d) Any request, demand, authorization, direction, notice,
         consent, waiver or other action by the Holder of any Bonds shall bind
         the Holder (and any transferee thereof) of every Bond issued upon the
         registration of, in respect of anything done, omitted or suffered to be
         done by the Trustee or the Issuer in reliance thereon, whether or not
         notation of such action is made upon such Bond.

                  (e) The Issuer and (during the continuance of any Event of
         Default) the Trustee shall fix, in advance, a date as the record date
         for determining, the Bondholders entitled to consent to or vote on any
         action required or permitted to be consented to or voted upon by or on
         behalf of the Bondholders of any specified Aggregate Current Principal
         Amount of the Bonds.

         SECTION 13.04 NOTICES.

         Any request, demand, authorization, direction, notice, consent, waiver
or Act of Bondholders or other documents provided or permitted by this Indenture
to be made upon, given or furnished to, or filed with:

                  (1)      the Trustee by any Bondholder or by the Issuer shall
                           be sufficient for every purpose hereunder if made,
                           given, furnished or filed in writing to or with the
                           Trustee at its Corporate Trust Office, or

                  (2)      the Issuer by the Trustee or by any Bondholder shall
                           be sufficient for every purpose hereunder if in
                           writing and mailed, first-class postage prepaid, to
                           the Issuer addressed to it at c/o Delaware Trust
                           Capital Management, Inc., 900 Market Street,
                           Wilmington, Delaware 19801, Attention: Richard N.
                           Smith, with a copy to the Administrator at First
                           Marblehead Data Services Inc., 237 Park Avenue, New
                           York, New York 10017, Attention: Stephen Anbinder, or
                           at any other address previously furnished in writing
                           to the Trustee by the Issuer or the Administrator.

         SECTION 13.05 NOTICES AND REPORTS TO BONDHOLDERS; WAIVER OF NOTICES.

         Where this Indenture provides for notice to Bondholders of any event or
the mailing of any report to Bondholders, such notice or report shall be
sufficiently given (unless otherwise herein expressly provided) if mailed,
first-class postage prepaid, to each Bondholder affected by such event or to
whom such report is required to be mailed, at the address of such Bondholder as
it appears on the Bond Register, not later than the latest date, and not earlier
than the earliest date, prescribed for the giving of such notice or the mailing
of such report. In any case where a notice or report to Bondholders is mailed in
the manner provided above, neither the failure to mail such notice or report,
nor any defect in any notice or report so mailed, to any particular Bondholder
shall affect the sufficiency of such notice or report with respect to other
Bondholders, and any notice or report which is mailed in the manner herein
provided shall be conclusively presumed to have been duly given or provided.

         Where this Indenture provides for notice in any manner, such notice may
be waived in writing by any Person entitled to receive such notice, either
before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by Bondholders shall be filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver.

         In the event that, by reason of the suspension of regular mail service
as a result of a strike, work stoppage or similar activity, it shall be
impractical to mail notice of any event to Bondholders when such notice is
required to be given pursuant to any provision of this Indenture, then any
manner of giving such notice as shall be satisfactory to the Trustee shall be
deemed to be a sufficient giving of such notice.

         SECTION 13.06 CONFLICT WITH TRUST INDENTURE ACT.

         If any provision hereof limits, qualifies or conflicts with another
provision hereof which is required to be included in this Indenture by any of
the provisions of TIA, such required provision shall control.

         SECTION 13.07 EFFECT OF HEADINGS AND TABLE OF CONTENTS.

         The Article and Section headings herein and the Table of Contents are
for convenience only and shall not affect the construction hereof.

         SECTION 13.08 SUCCESSORS AND ASSIGNS.

         All covenants and agreements in this Indenture by the Issuer shall bind
its successors and assigns, whether so expressed or not.

         SECTION 13.09 SEPARABILITY.

         In case any provision in this Indenture or in the Bonds shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

         SECTION 13.10 BENEFITS OF INDENTURE.

         Nothing in this Indenture or in the Bonds, expressed or implied, shall
give to any Person, other than the parties hereto and their successors
hereunder, any separate trustee or co-trustee appointed hereunder and the
Bondholders, any benefit or any legal or equitable right, remedy or claim under
this Indenture.

         SECTION 13.11 LEGAL HOLIDAYS.

         In the event that the date of any Payment Date, Redemption Date or any
other date on which principal of or interest on any Bond is proposed to be paid,
or any date on which mailing of notices by the Trustee to any Person is required
pursuant to any provision of the Indenture, shall not be a Business Day, then
(notwithstanding any other provision of the Bonds or this Indenture) payment or
mailing of such notice need not be made on such date, but may be made on the
next succeeding Business Day with the same force and effect as if made or mailed
on the nominal date of any such Payment Date, Redemption Date or other date for
the payment of principal of or interest on any Bond, or mailing of such notice,
as the case may be, and, in the case of payments, no interest shall accrue for
the period from and after any such nominal date, provided such payment is made
in full on such next succeeding Business Day.

         SECTION 13.12 GOVERNING LAW.

         This Indenture and each Bond shall be construed in accordance with and
governed by the laws of the State of New York applicable to agreements made and
to be performed therein.

         SECTION 13.13 COUNTERPARTS.

         This instrument may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

         SECTION 13.14 TRUST OBLIGATION.

         No recourse may be taken, directly or indirectly, against (i) the Trust
Company, (ii) the Administrator, (iii) the Trustee, (iv) any incorporator,
subscriber to the capital stock, stockholder, officer or director of the Trust
Company, the Administrator or the Trustee or of any predecessor or successor of
the Trust Company, the Administrator or the Trustee, (v) any Owner Participant,
or (vi) any partner, beneficiary, agent, officer, director, employee, or
successor or assign of any Owner Participant with respect to the Issuer's
obligations with respect to the Bonds or the obligations of the Issuer or the
Trustee under this Indenture or any certificate or other writing delivered in
connection herewith or therewith.

         SECTION 13.15 AUTHORITY OF THE ADMINISTRATOR.

         Each of the parties to this Indenture acknowledges that the Issuer and
the Owner Trustee have each appointed the Administrator to act as its agent to
perform the duties and obligations of the Issuer hereunder. Unless otherwise
instructed by the Issuer or the Owner Trustee, copies of all notices, requests,
demands and other documents to be delivered to the Issuer or the Owner Trustee
pursuant to the terms hereof shall be delivered to the Administrator. Unless
otherwise instructed by the Issuer or the Owner Trustee, all notices, requests,
demands and other documents to be executed or delivered, and any action to be
taken, by the Issuer or the Owner Trustee pursuant to the terms hereof may be
executed, delivered and/or taken by the Administrator pursuant to the
Administration Agreement.

<PAGE>

         IN WITNESS WHEREOF, the Issuer and the Trustee have caused this
Indenture to be duly executed by their respective officers thereunto duly
authorized, all as of the day and year first above written.

                                       THE NATIONAL COLLEGIATE TRUST 1996-S2, a
                                       trust acting through Delaware Trust
                                       Capital Management, Inc., not in its
                                       individual capacity but solely as Owner
                                       Trustee under a Trust Agreement dated as
                                       of November 7, 1996.

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

                                       STATE STREET BANK AND TRUST
                                       COMPANY, as Trustee

                                       By:    /s/ Karen R. Beard
                                              ------------------
                                       Name:  Karen R. Beard
                                       Title: Assistant Vice President

<PAGE>

                                   EXHIBIT A-1

                              FORM OF CLASS A BONDS

                      THE NATIONAL COLLEGIATE TRUST 1996-S2
                             a trust acting through
                     Delaware Trust Capital Management, Inc.
                    not in its Individual Capacity but solely
                                as Owner Trustee
            GATESM RECEIVABLE ASSET-BACKED DEBT SECURITIES (GRADSSM)
         7.30% CLASS A COLLATERALIZED STUDENT LOAN BONDS, SERIES 1996-S2
                             DUE: September 20, 2013
                         CLOSING DATE: November 26, 1996

THE PRINCIPAL AMOUNT OF THIS CLASS A BOND IS PAYABLE AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS BOND AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ON THE FACE HEREOF.

THIS CLASS A BOND REPRESENTS AN OBLIGATION OF THE ISSUER AND WILL NOT BE INSURED
OR GUARANTEED BY ANY GOVERNMENT AGENCY OR INSTRUMENTALITY, OR BY ANY EDUCATIONAL
INSTITUTION HAVING ANY INTEREST IN THE ISSUER, OR BY ANY OTHER PERSON OR ENTITY.

THIS CLASS A BOND IS ONE OF A DULY AUTHORIZED ISSUE OF THE ISSUER'S 7.30% CLASS
A COLLATERALIZED STUDENT LOAN BONDS, SERIES 1996-S2, DUE SEPTEMBER 20, 2013,
WHICH MAY NOT BE TRANSFERRED EXCEPT UPON COMPLIANCE WITH THE TERMS OF THE
WITHIN-REFERENCED INDENTURE.

[DTC LEGEND]

NO TRANSFER OF A CLASS A BOND OR ANY INTEREST THEREIN MAY BE MADE TO: (A)(1) ANY
EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING INDIVIDUAL
RETIREMENT ACCOUNTS AND ANNUITIES, KEOGH PLANS AND COLLECTIVE INVESTMENT FUNDS
AND SEPARATE ACCOUNTS IN WHICH SUCH PLANS, ACCOUNTS OR ARRANGEMENTS ARE INVESTED
(EACH, A "PLAN"), THAT IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED ("ERISA"), OR THE INTERNAL REVENUE CODE OF 1986 (THE
"CODE"), OR (2) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING SUCH BOND OR
INTEREST THEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF SUCH A PLAN, UNLESS THE PROSPECTIVE TRANSFEREE PROVIDES TO THE TRUSTEE
A CERTIFICATION OF FACTS AND AN OPINION OF COUNSEL THAT ESTABLISH TO THE
SATISFACTION OF THE TRUSTEE THAT SUCH TRANSFER WILL NOT RESULT IN A VIOLATION OF
SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR CAUSE THE SERVICER OR THE
TRUSTEE TO BE DEEMED A FIDUCIARY OF SUCH PLAN OR RESULT IN THE IMPOSITION OF AN
EXCISE TAX UNDER SECTION 4975 OF THE CODE; OR (B) ANY OTHER PERSON THAT DOES NOT
PROVIDE A CERTIFICATION TO THE TRUSTEE THAT (A)(1) AND (A)(2) DO NOT APPLY.

$___________________                                       CUSIP #______________

The National Collegiate Trust 1996-S2 (the "Issuer"), a trust duly organized and
existing under the laws of the State of Delaware acting through Delaware Trust
Capital Management, Inc., not in its individual capacity but solely as owner
trustee under a Trust Agreement, dated as of November 7, 1996, as amended and
restated from time to time (herein referred to as the "Owner Trustee"), for
value received, hereby promises to pay to __________________________ or
registered assigns, the principal amount of _________________________________
Dollars in semiannual payments on each March 20 and September 20 (the "Principal
Payment Dates"), commencing September 20, 2000 and ending on or before September
20, 2013 (the "Stated Maturity" of such final payment of principal), and to pay
interest (computed on the basis of a 360-day year of twelve 30-day months) on
each March 20 and September 20 (the "Interest Payment Dates"), commencing on
March 20, 1997, at the rate of 7.30% per annum, in an amount equal to the
interest accrued on the unpaid principal amount of this Class A Bond during the
six-month period (or, for the initial Interest Payment Date, the period
commencing on the Closing Date) ending on the last day preceding each such
Interest Payment Date (each such period, an "Interest Accrual Period"). All
terms used in this Class A Bond that are not defined herein shall have the
meanings assigned to them in the Indenture.

This Class A Bond is one of a duly authorized issue of Class A Bonds designated
as The National Collegiate Trust 1996-S2, 7.30% Class A Collateralized Student
Loan Bonds, Series 1996-S2 (herein called the "Class A Bonds"), issued under an
Indenture, dated as of November 1, 1996 (herein called the "Indenture"), between
the Issuer and State Street Bank and Trust Company, as Trustee (the "Trustee",
which term includes any successor Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights thereunder of the Issuer, the Owner Trustee,
the Trustee and the Holders of the Bonds and the terms upon which the Bonds are,
and are to be, authenticated and delivered. In addition, the Issuer has issued
subordinated bonds (the "Class B Bonds") in the aggregate principal amount of
$2,325,000 pursuant to the Indenture. Payments on the Class B Bonds are
subordinated to payments on the Class A Bonds to the extent set forth herein and
in the Indenture.

On each Payment Date, the Trustee will apply all amounts held in the Collateral
Proceeds Account and the Reserve Fund in excess of the Interest Reserve Amount,
FIRST to the Class A Bonds, pro rata, for payment of accrued interest at the
related Bond Interest Rate; SECOND, to the Class B Bonds, pro rata, for the
payment of accrued interest on the Class B Bonds at the related Bond Interest
Rate; THIRD, to the payment of any shortfall in the Interest Reserve Amount for
the related Interest Accrual Period; provided that, if after giving effect to
all payments of interest and principal on the Bonds on such Payment Date, the
Interest Reserve Amount equals or exceeds the Aggregate Current Principal Amount
of the Outstanding Bonds, then the Trustee shall declare all the Bonds to be
immediately due and payable by a notice in writing to the Issuer; FOURTH, to the
payment of any unpaid amount due the Trustee pursuant to the Indenture; FIFTH,
to the payment of any unpaid amount due any Accountants pursuant to the
Indenture; SIXTH, to the payment of any unpaid amount due the Owner Trustee of
the Issuer pursuant to the Trust Agreement between the Owner Trustee and the
Owner Participants; SEVENTH, to the payment of any unpaid amount due the
Administrator; EIGHTH, on each Principal Payment Date, to the Class A Bonds for
the payment, of any unpaid principal amount of the Class A Bonds; NINTH, on each
Principal Payment Date following payment in full of the Class A Bonds (which
initially may be the same Principal Payment Date on which the Class A Bonds are
paid in full), to the Class B Bonds for the payment of any unpaid principal
amount of the Class B Bonds; and TENTH, if such Payment Date is not a Principal
Payment Date, any remaining amounts in the Collateral Proceeds Account shall be
deposited in the Reserve Fund.

The principal of, and interest on, this Class A Bond are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided that as long as the
Class A Bonds are registered in the name of the Depository or its nominee and
maintained in book-entry form, the interest on and principal of this Class A
Bond shall be payable to the Depository. In the event that the Class A Bonds are
no longer maintained as Book-Entry Bonds in accordance with the Indenture, the
interest on and principal of this Class A Bond shall be paid by check mailed to
the Person entitled thereto at his address as it appears on the Bond Register,
except that the final payment due on maturity or redemption in full of this
Class A Bond shall be made only upon presentation and surrender of this Class A
Bond at the office or agency of the Issuer maintained for such purpose.

(i) The Class A Bonds and the Class B Bonds shall be redeemable, pro rata, at
the option of the Issuer in part, not to exceed five percent (5%) of the
Aggregate Current Principal Amount of Outstanding Bonds, upon notice to the
Trustee by the Issuer at any time during the 60 day period following the Closing
Date, and (ii) The Class A Bonds and upon their retirement, the Class B Bonds,
shall be redeemable at the option of the Issuer in part on any Payment Date
prior to the first Principal Payment Date, in an amount equal to any Prepayments
collected by the Servicer during the related Prepayments Collection Period, at
the Redemption Price. Notice of any Issuer Redemption shall be mailed or
delivered by the Issuer or by the Trustee at least fifteen days prior to the
date set for such redemption.

Notwithstanding the foregoing the entire unpaid principal amount of the Class A
Bonds shall be due and payable, if not then previously paid, on the Stated
Maturity.

If an Event of Default as defined in the Indenture shall occur and be
continuing, the Class A Bonds may become or be declared due and payable in the
manner and with the effect provided in the Indenture. If any such acceleration
of maturity occurs prior to the Stated Maturity of this Class A Bond, the amount
payable to the Holder of this Class A Bond will be equal to the aggregate unpaid
principal amount of this Class A Bond on the date this Class A Bond becomes so
due and payable, together with the accrued interest on such unpaid principal
amount to such date. Following the acceleration of the maturity of the Class A
Bonds, all amounts collected as proceeds of the collateral securing the Class A
Bonds or otherwise shall be applied, after the reimbursement of certain expenses
of the Trustee, ratably among all Class A Bonds, without preference or priority,
first to the payment of interest and then to the payment of principal.

A Bond Owner of a Book-Entry Bond shall be entitled to transfer beneficial
ownership of such Book-Entry Bond only upon compliance with the procedures
established by such Bond Owner's brokerage firm and by the participating firms
acting as such brokerage firm's agent, if any. No Bond Owner shall be entitled
to receive a bond evidencing ownership of his Book-Entry Bond. In the event the
Class A Bonds are no longer maintained as Book-Entry Bonds, the transfer of
Class A Bonds shall be effected as provided for in the Indenture, subject to the
limitations therein set forth.

Prior to the due presentment for registration of transfer of this Class A Bond,
the Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the
Person in whose name this Class A Bond is registered (i) on any Record Date, for
purposes of making payments of interest and principal (other than a payment in
full of all unpaid principal of a Class A Bond), and (ii) on any date for any
other purpose, as the owner hereof, and neither the Issuer, the Trustee nor any
such agent shall be affected by notice to the contrary.

The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Bonds under the Indenture at any
time by the Issuer with the consent of the Holders of Bonds representing
two-thirds of the Aggregate Current Principal Amount of all Bonds by an Event of
Default at the time Outstanding. The Indenture also contains provisions
permitting the Holders of Bonds representing specified percentages of the
Aggregate Current Principal Amount of the Bonds at the time Outstanding on
behalf of the Holders of all the Bonds, to waive compliance by the Issuer with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder, at
the time of the giving thereof, of this Class A Bond (or any one or more
Predecessor Bonds) shall be conclusive and binding upon such Holder and upon all
future Holders of this Class A Bond and of any Class A Bond issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof whether
or not notation of such consent or waiver is made upon this Class A Bond. The
Indenture also permits the Issuer and the Trustee to amend or waive certain
terms and conditions set forth in the Indenture without the consent of Holders
of the Bonds issued thereunder.

The Class A Bonds are issuable only in registered form in denominations as
provided in the Indenture and subject to certain limitations therein set forth.
The Class A Bonds are exchangeable for a like aggregate initial principal amount
of Class A Bonds of different authorized denominations, as requested by the
Holder surrendering same.

Anything herein to the contrary notwithstanding, neither the Trust Company, any
Owner Participant, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees or successors or assigns nor any other person
shall be personally liable for, nor shall recourse be had to any of them for the
payment or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in this Class A Bond or in the
Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Owner Trustee for the sole purpose of
binding the respective interests of the Owner Participants and the Owner Trustee
in the assets of the Issuer. The Holder of this Class A Bond by the acceptance
hereof agrees that in the case of an Event of Default under the Indenture, the
Holder shall have no claim resulting against any of the foregoing for any
deficiency, loss or claim resulting therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse and enforcement solely
against the Trust Estate and the Issuer for any and all liabilities, obligations
and undertakings contained in the Indenture or in this Class A Bond.

The Owner Trustee has executed this Class A Bond on behalf of the Issuer not in
its individual capacity but solely as owner trustee under the Trust Agreement
and the Owner Trustee shall be liable hereunder only in respect of the assets of
the trust created by such Trust Agreement.

The remedies of the Holder hereof as provided herein, or in the Indenture, shall
be cumulative and concurrent and may be pursued solely against the assets of the
Issuer. No failure on the part of Holder in exercising any right or remedy
hereunder shall operate as waiver or release thereof, nor shall any single or
partial exercise of any such right or remedy preclude any other further exercise
thereof or the exercise of any other right or remedy hereunder.

AS PROVIDED IN THE INDENTURE, THIS CLASS A BOND AND THE INDENTURE SHALL BE
CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

No reference herein to the Indenture and no provision of this Class A Bond or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional to the extent permitted by applicable law, to pay the
principal of, and interest on, this Class A Bond at the times, place and rate,
and in the coin or currency, herein prescribed.

Unless the certificate of authentication hereon has been executed by the Trustee
by manual signature, this Class A Bond shall not be entitled to any benefit
under the Indenture, or be valid or obligatory for any purpose.

<PAGE>

IN WITNESS WHEREOF, the Issuer has executed this instrument through Delaware
Trust Capital Management, Inc., not in its individual capacity, but solely as
Owner Trustee under the Trust Agreement.

Dated:  November ___, 1996

                                       THE NATIONAL COLLEGIATE TRUST 1996-S2, a
                                       trust acting through Delaware Trust
                                       Capital Management, Inc., not in its
                                       individual capacity but solely as owner
                                       trustee under the Trust Agreement dated
                                       as of November 7, 1996

                                       By________________________________
                                         [Title]

Attest:

---------------------------
        [Title]

This is one of the Class A Bonds referred to in the within-mentioned Indenture.

STATE STREET BANK AND TRUST COMPANY,
  as Trustee

By_______________________________
Authorized Signatory

<PAGE>

FOR VALUE RECEIVED, __________________________ hereby sells, assigns and
transfers unto ______________________________ the within Class A Bond of The
National Collegiate Trust 1996-S2 standing in the name(s) of the undersigned in
the Bond Register of the Issuer with respect to such Class A Bond and does
hereby irrevocably constitute and appoint ________________ Attorney to transfer
such Class A Bond in such Bond Register, with full power of substitution in the
premises.

Please insert Social Security
or other identifying number of
assignee:_____________________

Dated: ___________________________________________________
[Signature]

-----------------------------
[Signature]

Signature Guarantee:             Notice:  The signature(s) to this assignment
                                 must correspond with the name(s) as written
-----------------------------    upon the face of this Bond in every
   Authorized Officer            particular without alteration or any change
                                 whatsoever. The signature(s) must be guaranteed
                                 by a commercial bank or trust
-----------------------------    company located, or having a correspondent
   Name of Institution           located, in the City of New York or the city
                                 in which the Corporate Trust Office is located,
                                 or by a member firm of a national securities
                                 exchange. Notarized or witnessed signatures are
                                 not acceptable as guaranteed signatures.

<PAGE>

                                   EXHIBIT A-2

                              FORM OF CLASS B BONDS

                      THE NATIONAL COLLEGIATE TRUST 1996-S2
                             a trust acting through
                     Delaware Trust Capital Management, Inc.
                    not in its Individual Capacity but solely
                                as Owner Trustee
            GATESM RECEIVABLE ASSET-BACKED DEBT SECURITIES (GRADSSM)
         8.15% CLASS B COLLATERALIZED STUDENT LOAN BONDS, SERIES 1996-S2
                             DUE: September 20, 2013
                         CLOSING DATE: November 26, 1996

THE PRINCIPAL AMOUNT OF THIS CLASS B BOND IS PAYABLE AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS BOND AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ON THE FACE HEREOF.

THIS CLASS B BOND REPRESENTS AN OBLIGATION OF THE ISSUER AND WILL NOT BE INSURED
OR GUARANTEED BY ANY GOVERNMENT AGENCY OR INSTRUMENTALITY, OR BY ANY EDUCATIONAL
INSTITUTION HAVING ANY INTEREST IN THE ISSUER, OR BY ANY OTHER PERSON OR ENTITY.

THIS CLASS B BOND IS ONE OF A DULY AUTHORIZED ISSUE OF THE ISSUER'S 8.15% CLASS
B COLLATERALIZED STUDENT LOAN BONDS, SERIES 1996-S2, DUE SEPTEMBER 20, 2013,
WHICH MAY NOT BE TRANSFERRED EXCEPT UPON COMPLIANCE WITH THE TERMS OF THE
WITHIN-REFERENCED INDENTURE.

[DTC LEGEND]

NO TRANSFER OF A CLASS B BOND OR ANY INTEREST THEREIN MAY BE MADE TO: (A)(1) ANY
EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING INDIVIDUAL
RETIREMENT ACCOUNTS AND ANNUITIES, KEOGH PLANS AND COLLECTIVE INVESTMENT FUNDS
AND SEPARATE ACCOUNTS IN WHICH SUCH PLANS, ACCOUNTS OR ARRANGEMENTS ARE INVESTED
(EACH, A "PLAN"), THAT IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED ("ERISA"), OR THE INTERNAL REVENUE CODE OF 1986 (THE
"CODE"), OR (2) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING SUCH BOND OR
INTEREST THEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF SUCH A PLAN, UNLESS THE PROSPECTIVE TRANSFEREE PROVIDES TO THE TRUSTEE
A CERTIFICATION OF FACTS AND AN OPINION OF COUNSEL THAT ESTABLISH TO THE
SATISFACTION OF THE TRUSTEE THAT SUCH TRANSFER WILL NOT RESULT IN A VIOLATION OF
SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR CAUSE THE SERVICER OR THE
TRUSTEE TO BE DEEMED A FIDUCIARY OF SUCH PLAN OR RESULT IN THE IMPOSITION OF AN
EXCISE TAX UNDER SECTION 4975 OF THE CODE; OR (B) ANY OTHER PERSON THAT DOES NOT
PROVIDE A CERTIFICATION TO THE TRUSTEE THAT (A)(1) AND (A)(2) DO NOT APPLY.

$___________________                                       CUSIP #______________

The National Collegiate Trust 1996-S2 (the "Issuer"), a trust duly organized and
existing under the laws of the State of Delaware acting through Delaware Trust
Capital Management, Inc., not in its individual capacity but solely as owner
trustee under a Trust Agreement, dated as of November 7, 1996, as amended and
restated from time to time (herein referred to as the "Owner Trustee"), for
value received, hereby promises to pay to __________________________ or
registered assigns, the principal amount of _________________________________
Dollars in semiannual payments on each March 20 and September 20 (the "Principal
Payment Dates"), commencing September 20, 2000 and ending on or before September
20, 2013 (the "Stated Maturity" of such final payment of principal), and to pay
interest (computed on the basis of a 360-day year of twelve 30-day months) on
each March 20 and September 20 (the "Interest Payment Dates"), commencing on
March 20, 1997, at the rate of 8.15% per annum, in an amount equal to the
interest accrued on the unpaid principal amount of this Class B Bond during the
six-month period (or, for the initial Interest Payment Date, the period
commencing on the Closing Date) ending on the last day preceding each such
Interest Payment Date (each such period, an "Interest Accrual Period"). All
terms used in this Class B Bond that are not defined herein shall have the
meanings assigned to them in the Indenture.

This Bond is one of a duly authorized issue of Class B Bonds designated as The
National Collegiate Trust 1996-S2, 8.15% Class B Collateralized Student Loan
Bonds, Series 1996-S2 (herein called the "Bonds"), issued under an Indenture,
dated as of November 1, 1996 (herein called the "Indenture"), between the Issuer
and State Street Bank and Trust Company, as Trustee (the "Trustee", which term
includes any successor Trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights thereunder of the Issuer, the Owner Trustee, the Trustee and
the Holders of the Bonds and the terms upon which the Bonds are, and are to be,
authenticated and delivered. In addition, the Issuer has issued senior bonds
(the "Class A Bonds") in the aggregate principal amount of $4,500,000 pursuant
to the Indenture. Payments on the Class B Bonds are subordinated to payments on
the Class A Bonds to the extent set forth herein and in the Indenture.

On each Payment Date, the Trustee will apply all amounts held in the Collateral
Proceeds Account and the Reserve Fund in excess of the Interest Reserve Amount,
FIRST to the Class A Bonds, pro rata, for payment of accrued interest on the
Class A Bonds at the related Bond Interest Rate; SECOND, to the Class B Bonds,
pro rata, for the payment of accrued interest on the Class B Bonds at the
related Bond Interest Rate; THIRD, to the payment of any shortfall in the
Interest Reserve Amount for the related Interest Accrual Period; provided that,
if after giving effect to all payments of interest and principal on the Bonds on
such Payment Date, the Interest Reserve Amount equals or exceeds the Aggregate
Current Principal Amount of the Outstanding Bonds, then the Trustee shall
declare all the Bonds to be immediately due and payable by a notice in writing
to the Issuer; FOURTH, to the payment of any unpaid amount due the Trustee
pursuant to the Indenture; FIFTH, to the payment of any unpaid amount due any
Accountants pursuant to the Indenture; SIXTH, to the payment of any unpaid
amount due the Owner Trustee of the Issuer pursuant to the Trust Agreement
between the Owner Trustee and the Owner Participants; SEVENTH, to the payment of
any unpaid amount due the Administrator; EIGHTH, on each Principal Payment Date,
to the Class A Bonds for the payment of any unpaid principal amount of the Class
A Bonds; NINTH, on each Principal Payment Date following payment in full of the
Class A Bonds (which initially may be the same Principal Payment Date on which
the Class A Bonds are paid in full), to the Class B Bonds for the payment of any
unpaid principal amount of the Class B Bonds; and TENTH, if such Payment Date is
not a Principal Payment Date, any remaining amounts in the Collateral Proceeds
Account shall be deposited in the Reserve Fund.

The principal of, and interest on, this Class B Bond are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided that as long as the
Class B Bonds are registered in the name of the Depository or its nominee and
maintained in book-entry form, the interest on and principal of this Class B
Bond shall be payable to the Depository. In the event that the Class B Bonds are
no longer maintained as Book-Entry Bonds in accordance with the Indenture, the
interest on and principal of this Class B Bond shall be paid by check mailed to
the Person entitled thereto at his address as it appears on the Bond Register,
except that the final payment due on maturity or redemption in full of this Bond
shall be made only upon presentation and surrender of this Bond at the office or
agency of the Issuer maintained for such purpose.

(i) The Class A Bonds and the Class B Bonds shall be redeemable, pro rata, at
the option of the Issuer in part, not to exceed five percent (5%) of the
Aggregate Current Principal Amount of Outstanding Bonds, upon notice to the
Trustee by the Issuer at any time during the 60 day period following the Closing
Date, (ii) Following payment in full of the Class A Bonds, the Class B Bonds
shall be redeemable at the option of the Issuer in part on any Payment Date
prior to the first Principal Payment Date, in an amount equal to any Prepayments
collected by the Servicer during the related Collection Period and (iii) the
Class B Bonds shall be redeemable in whole, when the Aggregate Current Principal
Amount of Outstanding Bonds is ten percent (10%) or less of the initial
outstanding principal amount of Outstanding Bonds at the Redemption Price.
Notice of any Issuer Redemption shall be mailed or delivered by the Issuer or by
the Trustee at least fifteen days prior to the date set for such redemption.

Notwithstanding the foregoing the entire unpaid principal amount of the Class B
Bonds shall be due and payable, if not then previously paid, on the Stated
Maturity.

If an Event of Default as defined in the Indenture shall occur and be
continuing, the Class B Bonds may become or be declared due and payable in the
manner and with the effect provided in the Indenture. If any such acceleration
of maturity occurs prior to the Stated Maturity of this Bond, the amount payable
to the Holder of this Class B Bond will be equal to the aggregate unpaid
principal amount of this Class B Bond on the date this Class B Bond becomes so
due and payable, together with the accrued interest on such unpaid principal
amount to such date. Following the acceleration of the maturity of the Class B
Bonds, all amounts collected as proceeds of the collateral securing the Bonds or
otherwise shall be applied, after the reimbursement of certain expenses of the
Trustee, ratably among all Class A Bonds, without preference or priority, first
to the payment of interest and then to the payment of principal and then ratably
among all Class B Bonds, without preference or priority, first to the payment of
interest and then to the payment of principal.

A Bond Owner of a Book-Entry Bond shall be entitled to transfer beneficial
ownership of such Book-Entry Bond only upon compliance with the procedures
established by such Bond Owner's brokerage firm and by the participating firms
acting as such brokerage firm's agent, if any. No Bond Owner shall be entitled
to receive a bond evidencing ownership of his Book-Entry Bond. In the event the
Class B Bonds are no longer maintained as Book-Entry Bonds, the transfer of
Class B Bonds shall be effected as provided for in the Indenture, subject to the
limitations therein set forth.

Prior to the due presentment for registration of transfer of this Class B Bond,
the Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the
Person in whose name this Class B Bond is registered (i) on any Record Date, for
purposes of making payments of interest and principal (other than a payment in
full of all unpaid principal of a Bond), and (ii) on any date for any other
purpose, as the owner hereof, and neither the Issuer, the Trustee nor any such
agent shall be affected by notice to the contrary.

The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Bonds under the Indenture at any
time by the Issuer with the consent of the Holders of Bonds representing
two-thirds of the Aggregate Current Principal Amount of all Class B Bonds at the
time Outstanding. The Indenture also contains provisions permitting the Holders
of Bonds representing specified percentages of the Aggregate Current Principal
Amount of the Bonds of each Class affected by an Event of Default at the time
Outstanding on behalf of the Holders of all the Bonds, to waive compliance by
the Issuer with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the
Holder, at the time of the giving thereof, of this Class B Bond (or any one or
more Predecessor Bonds) shall be conclusive and binding upon such Holder and
upon all future Holders of this Class B Bond and of any Class B Bond issued upon
the registration of transfer hereof or in exchange herefor or in lieu hereof
whether or not notation of such consent or waiver is made upon this Class B
Bond. The Indenture also permits the Issuer and the Trustee to amend or waive
certain terms and conditions set forth in the Indenture without the consent of
Holders of the Class B Bonds issued thereunder.

The Class B Bonds are issuable only in registered form in denominations as
provided in the Indenture and subject to certain limitations therein set forth.
The Class B Bonds are exchangeable for a like aggregate initial principal amount
of Class B Bonds of different authorized denominations, as requested by the
Holder surrendering same.

Anything herein to the contrary notwithstanding, neither the Trust Company, any
Owner Participant, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees or successors or assigns nor any other person
shall be personally liable for, nor shall recourse be had to any of them for the
payment or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in this Class B Bond or in the
Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Owner Trustee for the sole purpose of
binding the respective interests of the Owner Participants and the Owner Trustee
in the assets of the Issuer. The Holder of this Class B Bond by the acceptance
hereof agrees that in the case of an Event of Default under the Indenture, the
Holder shall have no claim resulting against any of the foregoing for any
deficiency, loss or claim resulting therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse and enforcement solely
against the Trust Estate and the Issuer for any and all liabilities, obligations
and undertakings contained in the Indenture or in this Bond.

The Owner Trustee has executed this Class B Bond on behalf of the Issuer not in
its individual capacity but solely as owner trustee under the Trust Agreement
and the Owner Trustee shall be liable hereunder only in respect of the assets of
the trust created by such Trust Agreement.

The remedies of the Holder hereof as provided herein, or in the Indenture, shall
be cumulative and concurrent and may be pursued solely against the assets of the
Issuer. No failure on the part of Holder in exercising any right or remedy
hereunder shall operate as waiver or release thereof, nor shall any single or
partial exercise of any such right or remedy preclude any other further exercise
thereof or the exercise of any other right or remedy hereunder.

AS PROVIDED IN THE INDENTURE, THIS BOND AND THE INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE
TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

No reference herein to the Indenture and no provision of this Class B Bond or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional to the extent permitted by applicable law, to pay the
principal of, and interest on, this Bond at the times, place and rate, and in
the coin or currency, herein prescribed.

Unless the certificate of authentication hereon has been executed by the Trustee
by manual signature, this Class B Bond shall not be entitled to any benefit
under the Indenture, or be valid or obligatory for any purpose.

<PAGE>

IN WITNESS WHEREOF, the Issuer has executed this instrument through Delaware
Trust Capital Management, Inc., not in its individual capacity, but solely as
Owner Trustee under the Trust Agreement.

Dated:  November ___, 1996

                                        THE NATIONAL COLLEGIATE TRUST 1996-S2, a
                                        trust acting through Delaware Trust
                                        Capital Management, Inc., not in its
                                        individual capacity but solely as owner
                                        trustee under the Trust Agreement dated
                                        as of November 7, 1996

                                        By________________________________
                                          [Title]

Attest:

---------------------------
        [Title]

This is one of the Class B Bonds referred to in the within-mentioned Indenture.

STATE STREET BANK AND TRUST COMPANY,
  as Trustee

By_______________________________
Authorized Signatory

<PAGE>

FOR VALUE RECEIVED, __________________________ hereby sells, assigns and
transfers unto ______________________________ the within Class B Bond of The
National Collegiate Trust 1996-S2 standing in the name(s) of the undersigned in
the Bond Register of the Issuer with respect to such Bond and does hereby
irrevocably constitute and appoint ________________ Attorney to transfer such
Bond in such Bond Register, with full power of substitution in the premises.

Please insert Social Security
or other identifying number of
assignee:_____________________

Dated: ___________________________________________________
[Signature]

-----------------------------
[Signature]

Signature Guarantee:             Notice:  The signature(s) to this assignment
                                 must correspond with the name(s) as written
----------------------------     upon the face of this Bond in every
   Authorized Officer            particular without alteration or any change
                                 whatsoever. The signature(s) must be guaranteed
                                 by a commercial bank or trust
----------------------------     company located, or having a correspondent
   Name of Institution           located, in the City of New York or the city
                                 in which the Corporate Trust Office is located,
                                 or by a member firm of a national securities
                                 exchange. Notarized or witnessed signatures are
                                 not acceptable as guaranteed signatures.

<PAGE>

                                    EXHIBIT B
                                    ---------

                               SERVICING AGREEMENT

<PAGE>

                                    EXHIBIT C
                                    ---------

                               CUSTODIAL AGREEMENT

<PAGE>

                        CUSTODIAL AGREEMENT (NCT 1996-S2)

                  CUSTODIAL AGREEMENT, dated as of November 1, 1996, among THE
NATIONAL COLLEGIATE TRUST 1996-S2 (the "Issuer"), STATE STREET BANK AND TRUST
COMPANY (the "Trustee") and the PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY
(the "Custodian").

                              W I T N E S S E T H:

                  WHEREAS, the Trustee and the Issuer have entered into an
Indenture, dated as of November 1, 1996 (the "Indenture"), pursuant to which the
Issuer has issued collateralized student loan bonds (the "Bonds"); and

                  WHEREAS, pursuant to the Indenture, the Issuer has granted to
the Trustee, its successors and assigns, a security interest in, among other
things, certain promissory notes set forth on Schedule I hereto (the "Student
Loan Notes") as security for (a) the payment of principal and interest on the
Bonds and (b) the performance and observance by the Issuer of all of the
covenants, terms and conditions in the Indenture; and

                  WHEREAS, the Indenture requires that the Student Loan Notes be
placed in the possession of the Trustee through its agent for the purpose of
perfecting the security interest of the Trustee in the Student Loan Notes; and

                  WHEREAS, the Pennsylvania Higher Education Assistance Agency
(the "Custodian") is the servicer of the Student Loan Notes pursuant to a
Servicing Agreement, dated January 6, 1995 (the "Servicing Agreement"), as
amended, between the Custodian and The National Collegiate Trust, and as such
the Custodian maintains possession of the Student Loan Notes.

                  NOW, THEREFORE, the Trustee and the Issuer hereby authorize
the Custodian so to hold the Student Loan Notes and authorize the Custodian to
perform its duties under Section 5.1 of the Servicing Agreement and the
following functions and duties, and the Custodian agrees to perform such
functions and duties:

                  (a) SAFEKEEPING OF THE STUDENT LOAN NOTES. The Custodian
         hereby agrees to perform the following services as agent for the
         Trustee with respect to the Student Loan Notes:

                           (i) To hold under its exclusive control the loan
                  documents in connection with the Student Loan Notes, which
                  shall include the enrollment form or a facsimile thereof, the
                  executed Student Loan Note and a copy of any signed disclosure
                  received by the Custodian from a Borrower in connection with a
                  Student Loan Note (the "Loan Documents");

                           (ii) Upon the written demand of the Trustee, to
                  deliver and immediately release to the Trustee any and all of
                  the Student Loan Notes at the time held by Custodian for the
                  benefit of the Trustee, as well as all related information and
                  documents required to be held with respect thereto; any such
                  delivery and release shall be accomplished with respect to any
                  Student Loan Note within five days of the request and at the
                  expense of the Issuer, and with respect to any other such
                  information and documents as soon as reasonably practicable
                  and at the expense of the Issuer;

                           (iii) To furnish the Trustee, upon the written
                  request of the Trustee, a list containing the names and
                  addresses of the obligors of the Student Loan Notes and the
                  unpaid principal balance of all such Student Loan Notes and
                  such other information with respect to such Student Loan Notes
                  that is reasonably requested by the Trustee, at the expense of
                  the Issuer; and

                           (iv) To permit inspection at all reasonable times by
                  the Trustee or its agents (including its auditors) of the
                  Student Loan Notes and the related Loan Documents.

                  The Custodian shall segregate and maintain continuous custody
and control of all Loan Documents received by it in secure and fire-protected
facilities in accordance with customary standards for such custody.

                  The parties hereto agree that the Custodian shall hold and
possess the Student Loan Notes pursuant to this Agreement and the Servicing
Agreement in the Custodian's capacity as agent for the Trustee under the
Indenture, and that the Custodian shall have no right to possession of the
Student Loan Notes except as specified herein and in the Servicing Agreement. In
holding and possessing the Student Loan Notes, the Custodian shall keep the
Student Loan Notes free of the claims and encumbrances of all persons claiming
by, through or under the Custodian.

                  (b) RELEASE OF COLLATERAL. The Custodian may only release
         Student Loan Notes and Loan Documents held for the Trustee under this
         Agreement and all related information and documentation held by the
         Custodian in the following circumstances:

                           (i) Student Loan Notes which have been paid in full,
                  (ii) Student Loan Notes over 150 days delinquent and which are
                  being turned over to a collection agency, (iii) upon written
                  direction of the Trustee received by the Custodian, to effect
                  a release of Student Loan Notes which the Trustee indicates in
                  writing is permitted by Article IV or Article V of the
                  Indenture or (iv) to satisfy any subpoena requesting such
                  documentation. Any Student Loan Notes with respect to which
                  the documentation may have been released for collection
                  purposes shall continue to be assigned and pledged to the
                  Trustee. Such Student Loan Notes shall be released from the
                  pledge to the Trustee upon payment.

Except under the above-described circumstances, no Student Loan Notes or Loan
Documents may be released unless the Custodian is in receipt of a written
authorization from the Trustee which identifies the specific Student Loan Notes
or Loan Documents to be released from the lien of the Indenture. The parties
hereto acknowledge that the release of Student Loan Notes referred to in (iii)
above shall be initiated by the Trustee only upon the written request of the
Issuer given to the Trustee, and that the Trustee shall be entitled to rely on
the Issuer's representation that the conditions for such release contained in
the Indenture have been satisfied. However, the Custodian shall be entitled to
rely on the Trustee's written direction referred to in (iii) above, without
further investigation.

                  (c) COMPENSATION. The Issuer has, on the date of execution of
         this Agreement, paid to the Custodian the sum of one dollar and other
         good and valuable consideration, receipt of which is hereby
         acknowledged by the Custodian, for performing the functions of
         Custodian hereunder. All other reasonable costs and expenses hereunder
         shall be paid by the Issuer upon request of the Custodian or the
         Trustee, as the case may be.

                  (d) INSURANCE AND INDEMNIFICATION. The Custodian shall
         maintain such insurance as is required under the Servicing Agreement.

                  (e) WAIVER OF CERTAIN RIGHTS. To the extent permissible by
         law, the Custodian hereby waives, relinquishes and releases any rights
         which it may have by way of contract or law, whether through exercise
         of a right of set-off, security interest, counterclaim or otherwise, to
         obtain any property or payment from or under the Student Loan Notes
         held hereunder.

                  (f) NO LIABILITY. The Trustee shall have no responsibility for
         loss or damage suffered by the Issuer with respect to any Student Loan
         Notes held by the Custodian pursuant to this Agreement.

                  (g) TERMINATION OF AGREEMENT. This Agreement (i) may be
         terminated as to any Student Loan Note or Student Loan Notes by the
         Trustee or the Issuer for cause, (ii) may be terminated at any time by
         the mutual agreement of the Trustee and the Issuer, and (iii) shall be
         terminated upon termination of the Servicing Agreement with respect to
         the Student Loan Notes, but no such termination shall be effective
         until alternative safekeeping arrangements satisfactory to the Trustee
         and the Issuer have been effected. Upon such termination, the Issuer
         shall use its best efforts to appoint a successor custodian. This
         Agreement shall terminate forthwith as to the Trustee and any Student
         Loan Notes upon the discharge of the Indenture under which it is held
         in accordance therewith. Upon termination of this Agreement for any
         reason other than the discharge of the Indenture in accordance
         therewith, the Student Loan Notes then held by the Custodian shall be
         forthwith delivered, as directed by the Trustee in writing, to either
         the Trustee or such other parties designated by the Trustee. Upon
         termination of this Agreement following discharge of the Indenture, as
         described above, all Student Loan Notes and materials relating thereto
         in the possession of the Custodian shall be held as provided in the
         Servicing Agreement but free and clear from the provisions of this
         Agreement.

                  (h) AUTHORIZATIONS. Any authorized officer of the Trustee or
         the Issuer is authorized to act for the Trustee or the Issuer, as the
         case may be, whenever written directions or requests are required under
         this Agreement.

                  (i) EXECUTION IN COUNTERPARTS. This Agreement may be
         simultaneously executed in several counterparts, each of which shall be
         an original and all of which shall constitute but one and the same
         instrument.

                  (j) APPLICABLE LAW. This Agreement shall be governed by and
         construed in accordance with the law of the Commonwealth of
         Pennsylvania.

                  (k) BINDING EFFECT. To the extent provided herein, this
         Agreement shall be binding upon the Trustee, the Custodian and the
         Issuer and shall inure to the benefit of the Trustee, the Custodian,
         the Issuer, and their respective successors and assigns; provided,
         however, that the Custodian shall not assign its rights and obligations
         under this Agreement without the prior written consent of the Issuer
         and the Trustee.

                  (l) SEVERABILITY. In the event any provision of this Agreement
         shall be held invalid or unenforceable by any court of competent
         jurisdiction, such holding shall not invalidate or render unenforceable
         any other provision hereof.

                  (m) AMENDMENTS, CHANGES AND MODIFICATIONS. This Agreement may
         be amended by the written consent of the parties hereto.

                  (n) ADDRESSES FOR NOTICES. Any notice required or permitted to
         be given under or in connection with this Agreement shall be in writing
         and shall be mailed by first-class mail, express mail or overnight
         courier service, postage prepaid, or sent by telex, telegram, telecopy
         or other similar form of rapid transmission confirmed by mailing (by
         first-class mail) at substantially the same time as such rapid
         transmission, or personally delivered to an officer of the receiving
         party. All such communications shall be mailed, sent or delivered,

                  If to the Issuer:

                           The National Collegiate Trust 1996-S2
                           c/o Delaware Trust Capital Management, Inc.
                           900 Market Street
                           Wilmington, DE 19801
                           Attention:       Richard N. Smith
                           Telephone:       (302) 421-7339
                           Telecopier:      (302) 421-7387

                  If to the Trustee:

                           State Street Bank and Trust Company
                           225 Franklin Street
                           Boston, MA 02110
                           Attention:       Corporate Trust Department
                           Telephone:       (617) 664-5472
                           Telecopier:      (617) 664-5367

<PAGE>

                  If to the Custodian:

                           Pennsylvania Higher Education Assistance Agency
                           1200 North Seventh Street
                           Harrisburg, Pennsylvania  17102
                           Attention:       Marketing and Client Affairs
                           Telephone:       (717) 720-2750
                           Telecopier:      (717) 720-3905

or as to each party at such other address or numbers as shall be designated by
such party in written notice to the other party.

                  (o) TRUST RECEIPT. The Custodian shall execute and deliver to
         the Trustee and the Issuer a trust receipt substantially in the form of
         Exhibit A to evidence its possession of the Loan Documents.

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused their names
to be signed hereto by their respective authorized officers thereunto duly
authorized, all as of the date first written above.

                                        STATE STREET BANK AND TRUST COMPANY, as
                                        Trustee

                                        By:_____________________________
                                        Name:___________________________
                                        Title:__________________________

                                        THE NATIONAL COLLEGIATE TRUST 1996-S2,
                                        as Issuer, a trust acting through
                                        Delaware Trust Capital Management, Inc.,
                                        not in its individual capacity but
                                        solely as Owner Trustee under a Trust
                                        Agreement dated as of November 7, 1996.

                                        By:___________________________
                                        Name:_________________________
                                        Title:________________________

                                        PENNSYLVANIA HIGHER EDUCATION
                                        ASSISTANCE AGENCY, as Custodian

                                        By:____________________________
                                        Name:__________________________
                                        Title:_________________________

<PAGE>

                                    EXHIBIT A
                              FORM OF TRUST RECEIPT

                                                                          [DATE]

                  The undersigned, an authorized officer of Pennsylvania Higher
Education Assistance Agency ("PHEAA"), as Custodian under the Custodial
Agreement, dated as of November 1, 1996 (the "Agreement"), among PHEAA, The
National Collegiate Trust 1996-S2 (the "Issuer") and State Street Bank and Trust
Company, as trustee (the "Trustee"), hereby acknowledges receipt and possession
of the Loan Documents pertaining to the Student Loan Notes listed on Schedule I
attached hereto. Capitalized terms used but not defined herein shall have the
same meaning that is assigned to them in the Agreement.

                                PENNSYLVANIA HIGHER EDUCATION ASSISTANCE
                                AGENCY, Custodian

                                By______________________________________
                                Title___________________________________
                                Date____________________________________

<PAGE>

                                  TRUST RECEIPT

                                                         November ___, 1996

                  The undersigned, an authorized officer of Pennsylvania Higher
Education Assistance Agency ("PHEAA"), as Custodian under the Custodial
Agreement, dated as of November 1, 1996 (the "Agreement"), among PHEAA, The
National Collegiate Trust 1996-S2 (the "Issuer") and State Street Bank and Trust
Company, as trustee (the "Trustee"), hereby acknowledges receipt and possession
of the Loan Documents pertaining to the Student Loan Notes listed on Schedule I
attached hereto. Capitalized terms used but not defined herein shall have the
same meaning that is assigned to them in the Agreement.

                                PENNSYLVANIA HIGHER EDUCATION ASSISTANCE
                                AGENCY, Custodian

                                By________________________________
                                Title_____________________________
                                Date______________________________

<PAGE>

                                    EXHIBIT D
                                    ---------

                            ADMINISTRATION AGREEMENT

<PAGE>

                                    EXHIBIT E
                                    ---------

                              DTC LETTER AGREEMENT

<PAGE>

                                   SCHEDULE I

                            Schedule of Student Loans

<PAGE>

<TABLE>
<CAPTION>
ALBRIGHT COLLEGE                                     GATE LOAN DISBURSEMENT ROSTER                 NATIONAL COLLEGIATE TRUST
1621 NORTH 13TH STREET                               DISBURSEMENT DATE - 01/15/96                  7 Tuckers Wharf
READING, PA 19612                                   POOL/PROCESSING DATE - 06/13/96                MARBLEHEAD, MA 01945
PAUL GAZZERRO                                            INTEREST RATE - 08.75                     MULTIPLIER 0405
SCHOOL CODE - 003229                                           POOL - 02
                                                         BOND POOL - 1996-S2
                          BORROWER                EGD            LOAN AMT             DISB AMT              COS
---------------------------------------------     ---            --------             --------              ---
<S>                  <C>               <C>       <C>            <C>                   <C>                   <C>
                                                 05/99          $1,620.00                $656.10
                                                 05/99          $2,927.00              $1,185.44
                                                 05197          $3,146.00              $1,274.13
                                                 05199          $2,007.00                $812.84
                                                 05196          $1,000.00                $405.00
                                                 05196          $5,400.00              $2,187.00
                                                 05196         $17,024.00              $6,894.72             C
                                                 05/98         $12,161.00              $4,925.21
                                                 05198          $1,035.00                $419.18
                                                 05/99          $1,661.00                $672.71
                                                 05/99          $7,300.00              $2,956.50
                                                 05/99          $4,710.00              $1,907.55
                                                 05/99          51,197.00                $484.79
                                                 05/96          54,262.00              $1,726.11
                                                 05/99          $2,346.00                $950.13
                                                 05/98          51,000.00                $405.00
                                                 05/98          $2,095.00                $848.48
                                                 05/97          $4,543.00              $1,839.92
                                                 05/96          52,800.00              $1,134.00
                                                 05/97          $3,124.00              $1,265.22
                                                 05/99          $4,103.00              51,661.72
                                                 05196          $2,740.00              $1,109.70
                                                 05/99          $4,470.00              $1,810.35             C
                                                 05/06          $3,662.00              $1,483.11
                                                 05/96          $3,000.00              $1,215.00             C
                                                                                                TOTAL LOAN AMOUNT         $99,333.00
                                                                                                TOTAL DISB. AMOUNT        $40,229.87
                                                                                                TOTAL DISBURSEMENTS               25
</TABLE>

<TABLE>
<CAPTION>

Albright College                                  GATE LOAN DISBURSEMENT ROSTER              NATIONAL COLLEGIATE TRUST
13th and Exeter                                      NOTE DATE: - 11/05/1996                 7 Tuckers Wharf
                                                      INTEREST RATE: - 9.25                  MARBLEHEAD, MA 01945
Reading, PA 19612                                DISBURSEMENT DATE: - 11/08/1996             MULTIPLIER: .4750
Paul Gazzerro
SCHOOL CODE - 003229
----------------------------------------------------------------------------------------------------------------
LAST NAME          FIRST NAME           MI           EGD         LOAN AMOUNT       RM-STATUS      RM-NOTEDA
----------------------------------------------------------------------------------------------------------------
<S>                <C>                  <C>      <C>             <C>               <C>            <C>
                                                 05/30/1998       $5,642.00            D            9/5/96
                                                 05/30/1999       $3,698.00            D            9/5/96
                                                 05/30/1998       $1,370.00            D            9/5/96
                                                 05/30/2000       $1,000.00            D            9/5/96
                                                 05/30/2000       $1,000.00            D            9/5/96
                                                 05/30/1999       $1,924.00            D            9/5/96
                                                 05/30/1997       $6,678.00            D            9/5/96
                                                 05/30/1999       $1,000.00            D            9/5/96
                                                 05/30/1999       $3,574.00            D            9/5/96
                                                 05/30/1997       $3,000.00            D            9/5/96
                                                 05/30/1997       $1,867.00            D            9/5/96
                                                 05/30/2000       $2,821.00            D            9/5/96
                                                 05/30/1999       $9,651.00            D            9/5/96
                                                 05/30/1999       $1,750.00            D            9/5/96
                                                 05/30/2000       $4,100.00            D            9/5/96
                                                 05/30/1998       $3,979.00            D            9/5/96
                                                 05/30/1999       $5,757.00            D            9/5/96
                                                 05/01/2000       $5,913.00            D            9/5/96
                                                 05/30/1998       $2,523.00            D            9/5/96
                                                 05/30/1999       $2,589.00            D            9/5/96
                                                 05/30/2000       $5,688.00            D            9/5/96
                                                 05/30/2000       $2,100.00            D            9/5/96
                                                 05/30/1999       $1,040.00            D            9/5/96
                                                 05/30/2000       $3,827.00            D            9/5/96
                                                 05/30/2000       $3,343.00            D            9/5/96
                                                 05/30/2000       $3,343.00            D            9/5/96
                                                 05/30/2000       $2,857.00            D            9/5/96
                                                 05/30/2000       $3,126.00            D            9/5/96
                                                 05/30/1997       $5,183.00            D            9/5/96
                                                 05/30/2000       $2,041.00            D            9/5/96
                                                 05/30/1999       $4,686.00            D            9/5/96

<CAPTION>

Albright College                                  GATE LOAN DISBURSEMENT ROSTER              NATIONAL COLLEGIATE TRUST
13th and Exeter                                      NOTE DATE: - 11/05/1996                 7 Tuckers Wharf
                                                      INTEREST RATE: - 9.25                  MARBLEHEAD, MA 01945
Reading, PA 19612                                DISBURSEMENT DATE: - 11/08/1996             MULTIPLIER: .4750
Paul Gazzerro
SCHOOL CODE - 003229
----------------------------------------------------------------------------------------------------------------
LAST NAME          FIRST NAME           MI           EGD         LOAN AMOUNT       RM-STATUS      RM-NOTEDA
----------------------------------------------------------------------------------------------------------------
<S>                <C>                  <C>      <C>             <C>               <C>            <C>
                                                 05/30/2000       $2,830.00            D            9/5/96
                                                 05/30/2000       $4,107.00            D            9/5/96
                                                 05/30/1999       $1,695.00            D            9/5/96
                                                 05/30/1999       $4,212.00            D            9/5/96
                                                 05/30/2000       $6,067.00            D            9/5/96
                                                 05/30/2000       $5,200.00            D            9/5/96
                                                 05/30/2000       $5,027.00            D            9/5/96
                                                 05/30/2000       $4,878.00            D            9/5/96
                                                 05/30/1999       $2,953.00            D            9/5/96
                                                 05/30/2000       $3,358.00            D            9/5/96
                                                 05/30/1998       $3,837.00            D            9/5/96
                                                 05/30/2000       $2,648.00            D            9/5/96
                                                 05/30/2000       $1,290.00            D            9/5/96
                                                 05/30/1999       $3,380.00            D            9/5/96
                                                 05/30/1997       $2,280.00            D            9/5/96
                                                 05/30/1998       $3,758.00            D            9/5/96
                                                 05/30/2000       $4,094.00            D            9/5/96
                                                 05/30/2000       $1,654.00            D            9/5/96
                                                 05/30/1999       $3,500.00            D           11/5/96
                                                 05/01/2000       $1,171.00            D           11/5/96
                                                 05/01/1999      $10,323.00            D           11/5/96
                                                 05/30/1997       $2,475.00            D           11/5/96
                                                 05/30/1997       $1,569.00            D           11/5/96
                                                 05/01/1999       $4,108.00            D           11/5/96
                                                 05/01/1997       $3,753.00            D           11/5/96
                                                 05/01/1999       $2,900.00            D           11/5/96
                                                 05/30/1997       $2,797.00            D           11/5/96
                                                 05/01/2000       $2,496.00            D           11/5/96
                                                 05/30/1999       $3,758.00            D           11/5/96

<CAPTION>

Albright College                                  GATE LOAN DISBURSEMENT ROSTER              NATIONAL COLLEGIATE TRUST
13th and Exeter                                      NOTE DATE: - 11/05/1996                 7 Tuckers Wharf
                                                      INTEREST RATE: - 9.25                  MARBLEHEAD, MA 01945
Reading, PA 19612                                DISBURSEMENT DATE: - 11/08/1996             MULTIPLIER: .4750
Paul Gazzerro
SCHOOL CODE - 003229
----------------------------------------------------------------------------------------------------------------
LAST NAME          FIRST NAME           MI           EGD         LOAN AMOUNT       RM-STATUS      RM-NOTEDA
----------------------------------------------------------------------------------------------------------------
<S>                <C>                  <C>      <C>             <C>               <C>            <C>

                                                                  TOTAL LOAN AMOUNT:                  $208,188.00
                                                                  TOTAL DISBURSEMENT AMOUNT:                $98,889.17
                                                                  TOTAL NUMBER OF BORROWERS:              60
                                                                  TOTAL NUMBER OF COSIGNERS:               9
</TABLE>

<TABLE>
<CAPTION>

Babson College                                       GATE LOAN DISBURSEMENT ROSTER                  NATIONAL COLLEGIATE TRUST
                                                        NOTE DATE: - 10/05/1996                     7 Tuckers Wharf
Babson Park, MA 021570310                                INTEREST RATE: - 9.25                      MARBLEHEAD, MA 01945
Melissa Shaak                                       DISBURSEMENT DATE: - 11/15/1996                 MULTIPLIER 0405
SCHOOL CODE - 002121

--------------------------------------------------------------------------------------------------------------------
LAST NAME       FIRST NAME         MI           EGD                  LOAN AMOUNT      RM-STATUS       RM-NOTEDA
--------------------------------------------------------------------------------------------------------------------
<S>             <C>                <C>          <C>              <C>                  <C>             <C>

                                                 05/20/1997       $2,700.00                  D         10/5/96
                                                 05/20/1997       $3,000.00                  D         10/5/96
                                                 05/20/1997       $2,400.00                  D         10/5/96
                                                 05/20/1997       $2,400.00                  D         10/5/96
                                                 05/20/1997       $4,000.00                  D         10/5/96
                                                 05/20/1997       $2,400.00                  D         10/5/96
                                                 05/20/1997       $3,000.00                  D         10/5/96
                                                 05/20/1997       $4,000.00                  D         10/5/96
                                                 05/20/1997       $4,000.00                  D         10/5/96

                                                                                 TOTAL LOAN AMOUNT:              $27,900.00

                                                                                 TOTAL DISBURSEMENT AMOUNT:      $14,856.75

                                                                                 TOTAL NUMBER OF BORROWERS:          9

                                                                                 TOTAL NOMBER OF COSIGNERS:          9
</TABLE>

<TABLE>
<CAPTION>

BEAVER COLLEGE                                       GATE LOAN DISBURSEMENT ROSTER                 NATIONAL COLLEGIATE TRUST
450 SOUTH EASTON ROAD                                DISBURSEMENT DATE - 01/15/96                  7 Tuckers Wharf
GLENSIDE, PA, 19038                                 POOL/PROCESSING DATE - 06/13/96                MARBLEHEAD, MA 01945
LIZ RIHL                                                 INTEREST RATE - 08.25                     MULTIPLIER 0405
SCHOOL CODE - 003235                                           POOL - 02
                                                          BOND POOL - 1996-S2

                           BORROWER               EGD            LOAN AMT           DISB AMT             COS
----------------------------------------------    ---            --------           --------             ---
<S>                <C>                           <C>             <C>                <C>                  <C>
                                                 05/98           $3,100.00          $1,511.10             C
                                                 05/98           $2,400.00          $1,170.00
                                                 05/98           $1,000.00            $487.50
                                                 05/99           $1,000.00            $487.50
                                                 05/98           $1,40D.00            $682.50
                                                 05/98           $1,0D0.00            $487.50
                                                 05/98           $1,000.00            $487.50
                                                 05/99           $1,000.00            $487.50             C
                                                 05/00           $1,660.00            $804.38
                                                 05/98           $2,300.00          $1,121.25
                                                                                         TOTAL LOAN AMOUNT       $15,850.00
                                                                                         TOTAL DISB. AMOUNT       $7,726.88
                                                                                         TOTAL DISBURSEMENTS             10
</TABLE>

<TABLE>
<CAPTION>

Beaver College                                       GATE LOAN DISBURSEMENT ROSTER                 NATIONAL COLLEGIATE TRUST
_50 South Easton Road                                   NOTE DATE: - 10/05/1996                    7 Tuckers Wharf
                                                         INTEREST RATE: - 9.25                     MARBLEHEAD, MA 01945
Glenside, PA 19038                                  DISBURSEMENT DATE: - 11/15/1996                MULTIPLIER 0405
___enna Selander
SCHOOL CODE - 002121
----------------------------------------------------------------------------------------------------------------
LAST NAME          FIRST NAME        MI       EGD            LOAN AMOUNT           RM-STATUS      RM-NOTEDA
----------------------------------------------------------------------------------------------------------------
<S>                 <C>              <C>      <C>            <C>                   <C>            <C>
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96
                                             05/20/2000     $1,000 00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1998     $1,000 00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1998     $1,000 00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000 00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000 00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96

<CAPTION>

Beaver College                                       GATE LOAN DISBURSEMENT ROSTER                 NATIONAL COLLEGIATE TRUST
_50 South Easton Road                                   NOTE DATE: - 10/05/1996                    7 Tuckers Wharf
                                                         INTEREST RATE: - 9.25                     MARBLEHEAD, MA 01945
Glenside, PA 19038                                  DISBURSEMENT DATE: - 11/15/1996                MULTIPLIER 0405
___enna Selander
SCHOOL CODE - 002121
----------------------------------------------------------------------------------------------------------------
LAST NAME          FIRST NAME        MI       EGD            LOAN AMOUNT           RM-STATUS      RM-NOTEDA
----------------------------------------------------------------------------------------------------------------
<S>                 <C>              <C>      <C>            <C>                   <C>            <C>
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1997     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96
                                             05/20/1997     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1997     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1998     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,500.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,500.00                 D          11/5/96
                                             05/20/1999     $1,500.00                 D          11/5/96
                                             05/20/1999     $1,000 00                 D          11/5/96
                                             05/20/2000     $1,000 00                 D          11/5/96

<CAPTION>

Beaver College                                       GATE LOAN DISBURSEMENT ROSTER                 NATIONAL COLLEGIATE TRUST
_50 South Easton Road                                   NOTE DATE: - 10/05/1996                    7 Tuckers Wharf
                                                         INTEREST RATE: - 9.25                     MARBLEHEAD, MA 01945
Glenside, PA 19038                                  DISBURSEMENT DATE: - 11/15/1996                MULTIPLIER 0405
___enna Selander
SCHOOL CODE - 002121
----------------------------------------------------------------------------------------------------------------
LAST NAME          FIRST NAME        MI       EGD            LOAN AMOUNT           RM-STATUS      RM-NOTEDA
----------------------------------------------------------------------------------------------------------------
<S>                 <C>              <C>      <C>            <C>                   <C>            <C>
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1999     $2,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,500 00                 D          11/5/96
                                             05/20/2000     $1,500 00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,250.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1998     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1998     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,500.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,500.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96

<CAPTION>

Beaver College                                       GATE LOAN DISBURSEMENT ROSTER                 NATIONAL COLLEGIATE TRUST
_50 South Easton Road                                   NOTE DATE: - 10/05/1996                    7 Tuckers Wharf
                                                         INTEREST RATE: - 9.25                     MARBLEHEAD, MA 01945
Glenside, PA 19038                                  DISBURSEMENT DATE: - 11/15/1996                MULTIPLIER 0405
___enna Selander
SCHOOL CODE - 002121
----------------------------------------------------------------------------------------------------------------
LAST NAME          FIRST NAME        MI       EGD            LOAN AMOUNT           RM-STATUS      RM-NOTEDA
----------------------------------------------------------------------------------------------------------------
<S>                 <C>              <C>      <C>            <C>                   <C>            <C>
                                             05/20/1999     $1,250.00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96
                                             05/20/1998     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,500.00                 D          11/5/96
                                             05/20/1998     $1,000.00                 D          11/5/96
                                             05/20/1997     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1998     $1,000.00                 D          11/5/96
                                             05/20/1997     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96

<CAPTION>

Beaver College                                       GATE LOAN DISBURSEMENT ROSTER                 NATIONAL COLLEGIATE TRUST
_50 South Easton Road                                   NOTE DATE: - 10/05/1996                    7 Tuckers Wharf
                                                         INTEREST RATE: - 9.25                     MARBLEHEAD, MA 01945
Glenside, PA 19038                                  DISBURSEMENT DATE: - 11/15/1996                MULTIPLIER 0405
___enna Selander
SCHOOL CODE - 002121
----------------------------------------------------------------------------------------------------------------
LAST NAME          FIRST NAME        MI       EGD            LOAN AMOUNT           RM-STATUS      RM-NOTEDA
----------------------------------------------------------------------------------------------------------------
<S>                 <C>              <C>      <C>            <C>                   <C>            <C>
                                             05/20/2000     $1,250.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1998     $1,000.00                 D          11/5/96
                                             05/20/1997     $1,500.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,500.00                 D          11/5/96
                                             05/20/2000     $1500.00                  D          11/5/96
                                             05/20/2000     $2,000.00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,500.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,500.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1997     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,500.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1998     $1,500.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1997     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1997     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96

<CAPTION>

Beaver College                                       GATE LOAN DISBURSEMENT ROSTER                 NATIONAL COLLEGIATE TRUST
_50 South Easton Road                                   NOTE DATE: - 10/05/1996                    7 Tuckers Wharf
                                                         INTEREST RATE: - 9.25                     MARBLEHEAD, MA 01945
Glenside, PA 19038                                  DISBURSEMENT DATE: - 11/15/1996                MULTIPLIER 0405
___enna Selander
SCHOOL CODE - 002121
----------------------------------------------------------------------------------------------------------------
LAST NAME          FIRST NAME        MI       EGD            LOAN AMOUNT           RM-STATUS      RM-NOTEDA
----------------------------------------------------------------------------------------------------------------
<S>                 <C>              <C>      <C>            <C>                   <C>            <C>
                                             05/20/1998     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1997     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,250.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96
                                             05/20/1998     $1,000.00                 D          11/5/96
                                             05/20/2000     $1,500.00                 D          11/5/96

<CAPTION>

Beaver College                                       GATE LOAN DISBURSEMENT ROSTER                 NATIONAL COLLEGIATE TRUST
_50 South Easton Road                                   NOTE DATE: - 10/05/1996                    7 Tuckers Wharf
                                                         INTEREST RATE: - 9.25                     MARBLEHEAD, MA 01945
Glenside, PA 19038                                  DISBURSEMENT DATE: - 11/15/1996                MULTIPLIER 0405
___enna Selander
SCHOOL CODE - 002121
----------------------------------------------------------------------------------------------------------------
LAST NAME          FIRST NAME        MI       EGD            LOAN AMOUNT           RM-STATUS      RM-NOTEDA
----------------------------------------------------------------------------------------------------------------
<S>                 <C>              <C>      <C>            <C>                   <C>            <C>
                                             05/20/2000     $1,000.00                 D          11/5/96
                                             05/20/1999     $1,000.00                 D          11/5/96

                                                                                 TOTAL LOAN AMOUNT:                      $19O,000.00

                                                                                 TOTAL DISBURSEMENT AMOUNT:               $90,724.98

                                                                                 TOTAL NUMBER OF BORROWERS:                      167

                                                                                 TOTAL NOMBER OF COSIGNERS:                        1
</TABLE>

<TABLE>
<CAPTION>

Bennington College                                   GATE LOAN DISBURSEMENT ROSTER                 NATIONAL COLLEGIATE TRUST
                                                        NOTE DATE: - 09/05/1996                    7 Tuckers Wharf
                                                         INTEREST RATE: - 9.25                     MARBLEHEAD, MA 01945
Bennington, VT 05201                                DISBURSEMENT DATE: - 10/15/1996                MULTIPLIER 0405
Meg Woolmington
SCHOOL CODE - 003682
----------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST           MI      EGD              LOAN AMOUNT      RM-STATUS         RM-NOTEDA
                    NAME
----------------------------------------------------------------------------------------------------------------
<S>                 <C>             <C>     <C>           <C>                 <C>               <C>
                                             06/05/2000    $2,375 00                  D          9/5/96
                                             06/30/2000    $2,375.00                  D          9/5/96
                                             06/30/2000    $1,875.00                  D          9/5/96
                                             06/30/2000    $1,875.00                  D          9/5/96
                                             06/30/2000    $2,375 00                  D          9/5/96
                                             06/30/2000    $2,375.00                  D          9/5/96
                                             06/30/1999    $1,500.00                  D          9/5/96
                                             06/30/2000    $1,375.00                  D          9/5/96
                                             06/30/2000    $2,375 00                  D          9/5/96
                                             06/30/2000    $1,875.00                  D          9/5/96
                                             06/30/2000    $1,825 00                  D          9/5/96
                                             06/30/2000    $1,875.00                  D          9/5/96
                                             06/30/2000    $2,375 00                  D          9/5/96
                                             06/30/2000    $1,875.00                  D          9/5/96
                                             06/30/2000    $1,875.00                  D          9/5/96
                                             06/30/2000    $2,375.00                  D          9/5/96
                                             06/03/2000    $1,875.00                  D          9/5/96
                                             06/30/2000    $1,375.00                  D          9/5/96
                                             06/30/1999    $1,000.00                  D          9/5/96
                                             06/30/2000    $2,375.00                  D          9/5/96
                                             06/30/2000    $2,375.00                  D          9/5/96
                                             06/30/2000    $2,375 00                  D          9/5/96
                                             06/30/2000    $2,375.00                  D          9/5/96
                                             06/30/2000    $1,875.00                  D          9/5/96
                                             06/30/2000    $2,375.00                  D          9/5/96
                                             06/30/2000    $2,375.00                  D          9/5/96
                                             06/30/2000    $1,875 00                  D          9/5/96

<CAPTION>

Bennington College                                   GATE LOAN DISBURSEMENT ROSTER                 NATIONAL COLLEGIATE TRUST
                                                        NOTE DATE: - 09/05/1996                    7 Tuckers Wharf
                                                         INTEREST RATE: - 9.25                     MARBLEHEAD, MA 01945
Bennington, VT 05201                                DISBURSEMENT DATE: - 10/15/1996                MULTIPLIER 0405
Meg Woolmington
SCHOOL CODE - 003682
----------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST           MI      EGD              LOAN AMOUNT      RM-STATUS         RM-NOTEDA
                    NAME
----------------------------------------------------------------------------------------------------------------
<S>                 <C>             <C>     <C>           <C>                 <C>               <C>
                                             06/30/2000    $1,875.00                  D          9/5/96
                                             06/30/2000    $2,375.00                  D          9/5/96
                                             06/30/2000    $1,875.00                  D          9/5/96
                                             06/30/2000    $2,375.00                  D          9/5/96
                                             06/30/2000    $1,375.00                  D          9/5/96
                                             06/30/2000    $2,375.00                  D          9/5/96
                                             06/30/2000    $2,375.00                  D          9/5/96
                                             06/30/2000    $1,375.00                  D          9/5/96
                                             06/30/2000    $1,875.00                  D          9/5/96
                                             06/30/2000    $2,375.00                  D          9/5/96
                                             06/30/2000    $2,375.00                  D          9/5/96
                                             06/30/2000    $2,375.00                  D          9/5/96
                                             06/30/2000    $2,375.00                  D          9/5/96
                                             06/30/2000    $2,375.00                  D          9/5/96
                                             06/30/2000    $1,875.00                  D          9/5/96
                                             06/30/2000    $1,875.00                  D          9/5/96
                                             06/30/2000    $2,375.00                  D          9/5/96
                                             06/30/2000    $2,375.00                  D          9/5/96
                                             06/30/2000    $2,375.00                  D          9/5/96
                                             06/30/2000    $2,375.00                  D          9/5/96
                                             06/30/2000    $1,875.00                  D          9/5/96
                                             06/30/2000    $1,875.00                  D          9/5/96
                                             06/30/2000    $1,875.00                  D          9/5/96
                                             06/30/2000    $1,375.00                  D          9/5/96
                                             06/30/2000    $1,875.00                  D          9/5/96
                                             06/30/2000    $1,875.00                  D          9/5/96
                                             06/30/2000    $2,375.00                  D          9/5/96
                                             06/30/2000    $1,375.00                  D          9/5/96
                                             06/30/2000    $1,875.00                  D          9/5/96
                                             06/30/2000    $2,375.00                  D          9/5/96

<CAPTION>

Bennington College                                   GATE LOAN DISBURSEMENT ROSTER                 NATIONAL COLLEGIATE TRUST
                                                        NOTE DATE: - 09/05/1996                    7 Tuckers Wharf
                                                         INTEREST RATE: - 9.25                     MARBLEHEAD, MA 01945
Bennington, VT 05201                                DISBURSEMENT DATE: - 10/15/1996                MULTIPLIER 0405
Meg Woolmington
SCHOOL CODE - 003682
----------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST           MI      EGD              LOAN AMOUNT      RM-STATUS         RM-NOTEDA
                    NAME
----------------------------------------------------------------------------------------------------------------
<S>                 <C>             <C>     <C>           <C>                 <C>               <C>
                                            06/30/2000    $1,375.00                  D          9/5/96
                                                                              TOTAL LOAN AMOUNT:      $117,950.00
                                                                              TOTAL DISBURSEMENT AMOUNT:    $58,384.97
                                                                              TOTAL NUMBER OF BORROWERS:    58
                                                                              TOTAL NOMBER OF COSIGNERS:    6
</TABLE>

<TABLE>
<CAPTION>

CATHOLIC UNIVERSITY                                 GATE LOAN DISBURSEMENT ROSTER                  NATIONAL COLLEGIATE TRUST
PO BOX 667 CARDINAL STATION                       DISBURSEMENT DATE - KATHY JEWETT                 7 Tuckers Wharf
WASHINGTON, DC 20064                               POOL/PROCESSING DATE - 01/15/96                 MARBLEHEAD, MA 01945
SCHOOL CODE - 001437                                     INTEREST RATE - 02                        MULTIPLIER 0405
                                                           POOL - 03/07/96
                                                        BOND POOL - 1996 S-1

                          BORROWER          EGD         LOAN AMT                           COS
- ----------------------------------------- ---         --------                           ---

<S>              <C>           <C>         <C>          <C>                                <C>
                                           05/97        $10,900.00                          C
                                                                                            TOTAL LOAN AMOUNT             $10,900.00

                                                                                            TOTAL DISBURSEMENTS                    1

</TABLE>

<TABLE>
<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/16/1999      $2,000.00                D         9/5/96
                                                   05/17/1997      $5,000.00                D         9/5/96
                                                   05/17/1998      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/17/1997      $1,500.00                D         9/5/96
                                                   05/17/1998      $1,300.00                D         9/5/96
                                                   05/17/1998      $1,000 00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/16/1998      $5,000.00                D         9/5/96
                                                   05/17/1998      $4,200.00                D         9/5/96
                                                   12/21/1996      $3,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/14/2000      $4,960.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/17/1998      $2,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/17/1998      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/17/1998      $1,500.00                D         9/5/96
                                                   05/16/1998      $4,306.00                D         9/5/96
                                                   05/14/2000      $1,240.00                D         9/5/96
                                                   05/14/2000      $2,460.00                D         9/5/96
                                                   05/17/1997      $1,750.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/17/1998      $1,000.00                D         9/5/96
                                                   05/14/2000      $5,278.00                D         9/5/96
                                                   05/17/1998      $4,888.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/18/1997      $3,200.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1999      $4,008.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1999      S1.000.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/17/1998      $1,250.00                D         9/5/96
                                                   05/14/2000      $2,888.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/14/2000      $5,437.00                D         9/5/96
                                                   05/17/1997      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/14/2000      $3,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   12/21/1997      $1,500.00                D         9/5/96
                                                   05/14/2000      $4,752.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/18/1998      $3,000.00                D         9/5/96
                                                   05/17/1998      $3,000.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/12/1997      $3,470.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/17/1998      $1,500.00                D         9/5/96
                                                   05/17/1998      $2,500.00                D         9/5/96
                                                   09/15/1998      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,750.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/17/1997      $1,500.00                D         9/5/96
                                                   05/17/1998      $1,150.00                D         9/5/96
                                                   05/16/1998      $1,250.00                D         9/5/96
                                                   05/16/1999      $1,500 00                D         9/5/96
                                                   05/17/1998      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,650.00                D         9/5/96
                                                   05/17/1998      $2,000.00                D         9/5/96
                                                   05/17/1997      $2,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/17/1998      $1,000.00                D         9/5/96
                                                   12/21/1996      $1,500.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/17/1998      $1,500.00                D         9/5/96
                                                   05/17/1997      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,250.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,250.00                D         9/5/96

                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/17/1997      $1,000.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/16/1999      $2,000.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/18/1999      $1,750.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/17/1998      $1,250.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,250.00                D         9/5/96
                                                   05/17/1997      $1,000.00                D         9/5/96
                                                   05/14/2000      $4,934.00                D         9/5/96
                                                   05/16/1999      $2,000.00                D         9/5/96
                                                   05/14/2000      $5,284.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/17/1998      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $5,891.00                D         9/5/96
                                                   05/14/2000      $1,250.00                D         915i96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,250.00                D         9/5/96
                                                   05/14/2000      $5,206.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/18/1997      $1,750.00                D         9/5/96
                                                   12/21/1997      $4,000.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1998      $2,250.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/1999      $1,250.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   12/21/1997      $3,470.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/17/1998      $2,500.00                D         9/5/96
                                                   05/18/1997      $2,000.00                D         9/5/96
                                                   05/18/1997      $1,250.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $5,897.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/17/1998      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/17/1998      $1,000.00                D         9/5/96
                                                   05/16/1998      $4,000.00                D         9/5/96
                                                   05/16/1999      $1,250.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/18/1997      $1,750.00                D         9/5/96
                                                   05/16/1998      $2,000.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,750.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/18/1997      $1,600.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/17/1998      $1,000.00                D         9/5/96
                                                   05/17/1998      $2,500.00                D         9/5/96
                                                   05/17/1998      $1,000.00                D         9/5/96
                                                   05/17/1998      $2,000.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/18/1998      $1,500.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/17/1998      $2,500.00                D         9/5/96
                                                   05/17/1998      $3,100.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/18/1997      $1,250.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,250.00                D         9/5/96
                                                   05/16/1998      $4,000.00                D         9/5/96
                                                   05/14/2000      $5,891.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/17/1997      $2,500.00                D         9/5/96
                                                   05/18/2000      $2,000.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/18/1997      $1,500.00                D         9/5/96
                                                   05/17/1998      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/14/2000      $3,434.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/17/1998      $1,000.00                D         9/5/96
                                                   05/18/1997      $1,500.00                D         9/5/96
                                                   05/14/1999      $3,920.00                D         9/5/96
                                                   05/18/1997      $1,500.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   12/21/1997      $2,000.00                D         9/5/96
                                                   12/21/1997      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/18/1998      $1,000.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/16/1998      $2,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1998      $5,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,000 00                D         9/5/96
                                                   05/18/1997      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/16/1998      $5,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   12/20/1996      $2,300.00                D         9/5/96
                                                   05/14/2000      $2,O00.00                D         9/5/96
                                                   05/14/2000      $2,500 00                D         9/5/96
                                                   05/17/1998      $2,O00.00                D         9/5/96
                                                   05/17/1998      $1,000.00                D         9/5/96
                                                   05/17/1999      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,250.00                D         9/5/96
                                                   05/17/1998      $1,000.00                D         9/5/96
                                                   05/17/1998      $4,206.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/18/1997      $1,000 00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/18/1997      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,750.00                D         9/5/96
                                                   05/14/2000      $1,250.00                D         9/5/96
                                                   05/16/1998      $2,500.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/16/1998      $2,500.00                D         9/5/96
                                                   12/19/1998      $1,500.00                D         9/5/96
                                                   05/18/1997      $2,O00.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,750.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/18/1997      $1,250.00                D         9/5/96
                                                   05/17/1998      $1,250.00                D         9/5/96
                                                   05/16/1999      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,139.00                D         9/5/96
                                                   05/17/1998      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1998      $1,700.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,100.00                D         9/5/96
                                                   05/17/1998      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1999      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/18/1997      $1,250.0C                D         9/5/96
                                                   05/18/1997      $2,000.00                D         9/5/96
                                                   05/14/2000      $4,278.00                D         9/5/96
                                                   12/19/1998      $1,250.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $5,000.00                D         9/5/96
                                                   05/17/1998      $2,000.00                D         9/5/96
                                                   12/21/1996      $1,500.00                D         9/5/96
                                                   12/21/1996      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,200.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/18/1997      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/18/1997      $2,000.00                D         9/5/96
                                                   05/14/2000      $5,212.00                D         9/5/96
                                                   05/17/1998      $1,000.00                D         9/5/96
                                                   12/21/1996      $2,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $3,778.00                D         9/5/96
                                                   05/16/1999      $2,000.00                D         9/5/96
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,250.00                D         9/5/96
                                                   05/18/1997      $1,250.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $4,696.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/16/1998      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,400.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/18/1997      $3,500.00                D         9/5/96
                                                   12/20/1997      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $4,388.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1998      $2,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/1999      $1,750 00                D         9/5/96
                                                   05/16/1998      $2,000.00                D         9/5/96
                                                   05/17/1999      $1,000 00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,752.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $5,388.00                D         9/5/96
                                                   05/17/1998      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/17/1999      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/17/1998      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/17/1998      $1,500.00                D         9/5/96
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   05/18/1997      $1,750.00                D         9/5/96
                                                   05/17/1999      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,600.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/16/1999      $5,000.00                D         9/5/96
                                                   05/14/2000      $3,460.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/17/1999      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/16/1999      $3,000.00                D         9/5/96
                                                   05/16/1999      $2,000.00                D         9/5/96
                                                   05/17/1998      $2,000.00                D         9/5/96
                                                   05/18/1997      $2,000.00                D         9/5/96
                                                   05/14/2000      $2,318.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/16/1999      $2,500.00                D         9/5/96
                                                   05/16/1999      $2,000.00                D         9/5/96
                                                   05/14/2000      $1,750.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/18/1997      $1,200.00                D         9/5/96
                                                   05/16/1999      $1,000 00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/18/1997      $1,250.00                D         9/5/96
                                                   05/16/1998      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $3,888.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/16/1999      $2,000.00                D         9/5/96
                                                   05/16/1998      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/16/1998      $2,460.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,400.00                D         9/5/96
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/16/1998      $2,500.00                D         9/5/96
                                                   05/17/1998      $1,250.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/17/1997      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,100.00                D         9/5/96
                                                   05/17/1998      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/12/1999      $1,000.00                D         9/5/96
                                                   05/16/1998      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,750.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,250.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,950.00                D         9/5/96
                                                   05/16/1999      $2,000.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,250.00                D         9/5/96
                                                   05/16/1999      $4,934.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/17/1998      $5,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   12/19/1998      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/12/1999      $2,000.00                D         9/5/96
                                                   05/16/1998      $2,500.00                D         9/5/96
                                                   05/16/1998      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1998      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/17/1998      $1,000.00                D         9/5/96
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/14/2000      $1,250.00                D         9/5/96
                                                   05/16/1999      $1,850.00                D         9/5/96
                                                   05/17/1998      $1,500.00                D         9/5/96
                                                   05/18/1997      $1,250.00                D         9/5/96
                                                   05/18/1997      $1,250.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/17/1998      $1,500.00                D         9/5/96
                                                   05/16/1998      $1,250.00                D         9/5/96
                                                   05/14/2000      $1,200.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/17/1999      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1998      $2,500.00                D         9/5/96
                                                   05/14/2000      $4,459.00                D         9/5/96
                                                   05/12/1998      $2,784.00                D         9/5/96
                                                   05/16/1998      $2,500.00                D         9/5/96
                                                   05/16/1999      $2,500.00                D         9/5/96
                                                   12/21/1997      $1,000.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/16/1999      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/14/2000      $4,038.00                D         9/5/96
                                                   05/14/2000      $4,538.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/14/2000      $4,960.00                D         9/5/96
                                                   05/16/1999      $1,250.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $4,221.00                D         9/5/96
                                                   05/17/1998      $2,500.00                D         9/5/96
                                                   05/18/1997      $2,000.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,250.00                D         9/5/96
                                                   05/16/1999      $2,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/18/1997      $1,750.00                D         9/5/96
                                                   05/18/1997      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/18/1997      $1,500.00                D         9/5/96
                                                   09/14/2000      $4,706.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/16/1999      $2,000.00                D         9/5/96
                                                   05/18/1997      $2,O00.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/18/1997      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,750.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/16/1999      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/17/1998      $3,428.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/14/2000      $4,960.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/16/1999      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/18/1997      $1,250.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,250.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,500 00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/16/1998      $2,000.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/16/1999      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   12/20/1997      $2,000.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/18/1997      $1,500.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1998      $2,500.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/16/1998      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   12/21/1998      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1998      $1,250.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/14/2000      $3,960.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $3,678.00                D         9/5/96
                                                   05/18/1997      $1,750.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1998      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1998      $2,O00.00                D         9/5/96
                                                   05/14/2000      $2,O00.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,250.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   12/21/1997      $2,O00.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,250.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/18/1998      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1998      $1,250.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/18/1997      $2,000.00                D         9/5/96
                                                   05/1412000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/16/1999      $1,250.00                D         9/5/96
                                                   05/16/1999      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1999      $2,000.00                D         9/5/96
                                                   05/16/1998      $2,500.00                D         9/5/96
                                                   05/12/1998      $4,105.00                D         9/5/96
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   12/21/1996      $1,500.00                D         9/5/96
                                                   05/16/1999      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/18/1997      $1,250.00                D         9/5/96
                                                   05/16/1999      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,200.00                D         9/5/96
                                                   05/16/1999      $2,500.00                D         9/5/96
                                                   05/16/1999      $2,O00.00                D         9/5/96
                                                   05/14/2000      $5,388.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/16/1998      $1,250.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $4,605.00                D         9/5/96
                                                   12/20/1998      $1,750.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1998      $2,O00.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/18/1997      $1,700.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/16/1998      $2,O00.00                D         9/5/96
                                                   05/14/2000      $3,934.00                D         9/5/96
                                                   05/16/1999      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/14/2000      $4,960.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   12/21/1996      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1998      $2,500.00                D         9/5/96
                                                   05/14/1999      $5,891.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/18/1997      $2,752.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/16/1999      $5,000.00                D         9/5/96
                                                   05/14/2000      $4,210.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $5,891.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1999      $2,500.00                D         9/5/96
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1998      $5,000.00                D         9/5/96
                                                   05/16/1998      $2,O00.00                D         9/5/96
                                                   05/18/1997      $5,000.00                D         9/5/96
                                                   05/12/2000      $2,500.00                D         9/5/96
                                                   05/18/1997      $5,000.00                D         9/5/96
                                                   05/16/1999      $1,375.00                D         9/5/96
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   05/16/1998      $5,000.00                D         9/5/96
                                                   05/14/2000      $4,781.00                D         9/5/96
                                                   05/18/1999      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/12/2000      $2,O00.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/17/1999      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1998      $2,000.00                D         9/5/96
                                                   05/18/1997      $2,000.00                D         9/5/96
                                                   05116/1998      $1,000.00                D         9/5/96
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1998      $3,105.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/18/1997      $2,O00.00                D         9/5/96
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   12/20/1997      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/14/2000      $4,258.00                D         9/5/96
                                                   05/18/1997      $1,250.00                D         9/5/96
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/12/2000      $3,212.00                D         9/5/96
                                                   05/12/2000      $2,888.00                D         9/5/96
                                                   05/14/2000      $3,096.00                D         9/5/96
                                                   05/16/1999      $2,500.00                D         9/5/96
                                                   05/12/2000      $4,605.00                D         9/5/96
                                                   05/16/1998      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500 00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $4,560.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   12/15/1997      $2,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1998      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/16/1999      $2,500.00                D         9/5/96
                                                   05/16/1999      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $4,196.00                D         9/5/96
                                                   05/16/1999      $1,250.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/14/2000      $5,O28.00                D         9/5/96
                                                   05116/1999      $2,000.00                D         9/5/96
                                                   05/16/1998      $2,000.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/14/2000      $5,388.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/16/1998      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/16/1998      $5,000.00                D         9/5/96
                                                   05/16/1999      $2,000.00                D         9/5/96
                                                   05/16/1998      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1998      $2,000.00                D         9/5/96
                                                   05/12/2000      $3,781.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/12/2000      $3,784.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1999      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/16/1998      $2,000.00                D         9/5/96
                                                   05/16/1999      $2,500.00                D         9/5/96
                                                   05/16/1998      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/12/1999      $5,897.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/17/1997      $2,434.00                D         9/5/96
                                                   05/18/1997      $2,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/14/2000      $4,220.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/14/2000      $4,252.00                D         9/5/96
                                                   05/16/1998      $1,000.00                D         9/5/96
                                                   05/15/2000      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1998      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/16/1998      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/16/1998      $5,000.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/18/1997      $1,250.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/12/1998      $2,500.00                D         9/5/96
                                                   05/12/1998      $4,784.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/16/1998      $2,O00.00                D         9/5/96
                                                   05/14/2000      $2,O00.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/18/1997      $2,O00.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/12/1998      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/18/1997      $2,O00.00                D         9/5/96
                                                   05/16/1999      $2,O00.00                D         9/5/96
                                                   05/16/1999      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1998      $1,750.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/18/1997      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/16/1999      $2,500.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/16/1998      $2,000.00                D         9/5/96
                                                   05/16/1998      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/14/2000      $3,752.00                D         9/5/96
                                                   05/14/2000      $3,391.00                D         9/5/96
                                                   05/16/1998      $1,000.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/30/1998      $2,500.00                D         9/5/96
                                                   05/16/1999      $2,O00.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,100.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   05/18/1997      $1,500.00                D         9/5/96
                                                   05/14/2000      $3,710.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,220.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1999      $5,000.00                D         9/5/96
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   12/21/1997      $1,500.00                D         9/5/96
                                                   05/17/1997      $2,784.00                D         9/5/96
                                                   12/21/1996      $1,500.00                D         9/5/96
                                                   05/16/1998      $1,000.00                D         9/5/96
                                                   05/17/1999      $2,500.00                D         9/5/96
                                                   05/12/2000      $3,784.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,250.00                D         9/5/96
                                                   05/18/1997      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1999      $2,O00.00                D         9/5/96
                                                   05/14/2000      $2,250.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1998      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,700.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/16/1998      $2,500.00                D         9/5/96
                                                   05/16/1998      $1,250.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1998      $5,000.00                D         9/5/96
                                                   12/21/1997      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,250.00                D         9/5/96
                                                   05/12/1999      $2,500.00                D         9/5/96

                                                   05/18/1997      $1,500.00                D         9/5/96
                                                   05/16/1998      $2,500.00                D         9/5/96
                                                   05/18/1997      $3,000.00                D         9/5/96
                                                   05/16/1998      $5,000.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/16/1998      $1,000 00                D         9/5/96
                                                   05/14/2000      $4,960.00                D         9/5/96
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   12/21/1997      $1,500 00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/16/1998      $2,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,000 00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/16/1998      $2,000.00                D         9/5/96
                                                   05/12/2000      $4,255.00                D         9/5/96
                                                   05/14/2000      $1,000 00                D         9/5/96
                                                   05/16/1999      $1,250 00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/14/2000      $4,278.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   12/21/1997      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,250.00                D         9/5/96
                                                   05/16/1998      $2,000.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,750.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $4,886.00                D         9/5/96
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   05/16/1998      $2,000.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/18/1997      $1,800.00                D         9/5/96
                                                   05/16/1998      $2,000.00                D         9/5/96
                                                   05/16/1999      $2,500.00                D         9/5/96
                                                   05/16/1998      $1,000.00                D         9/5/96
                                                   05/14/2000      $5,105.00                D         9/5/96
                                                   05/16/1998      $2,O00.00                D         9/5/96
                                                   05/14/2000      $3,720.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1998      $2,500.00                D         9/5/96
                                                   05/16/1998      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/16/1998      $5,000.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,775.00                D         9/5/96
                                                   05/16/1998      $1,000.00                D         9/5/96
                                                   12/12/1998      $4,784.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/18/1997      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/16/1999      $2,O00.00                D         9/5/96
                                                   05/16/1998      $5,000.00                D         9/5/96
                                                   05/14/2000      $2,O00.00                D         9/5/96
                                                   05/18/1997      $2,000.00                D         9/5/96
                                                   05/16/1999      $2,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/18/1997      $3,000.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/14/2000      $3,781.00                D         9/5/96
                                                   12/21/1998      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16t1999      $1,500.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/16/1999      $4,000.00                D         9/5/96
                                                   05/16/1998      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/16/1998      $1,000.00                D         9/5/96
                                                   12/21/1997      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1998      $2,000.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/14/2000      $4,039.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/18/1997      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/14/2000      $4,752.00                D         9/5/96
                                                   05/16/1999      $2,000.00                D         9/5/96
                                                   05/16/1998      $1,000.00                D         9/5/96
                                                   05118/1997      $2,000.00                D         9/5/96
                                                   05/16/1999      $1,600 00                D         9/5/96
                                                   05/18/1997      $1,750.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/16/1999      $2,000.00                D         9/5/96
                                                   05/16/1998      $5,000.00                D         9/5/96
                                                   05/18/1997      $1,500.00                D         9/5/96
                                                   05/12/2000      $4,605.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/16/1998      $2,000.00                D         9/5/96
                                                   05/16/1999      $2,000.00                D         9/5/96
                                                   05/18/1997      $2,000 00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/14/2000      $4,934.00                D         9/5/96
                                                   05/16/1998      $2,500.00                D         9/5/96
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/16/1998      $2,500.00                D         9/5/96
                                                   12/21/1996      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/18/1997      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,600.00                D         9/5/96
                                                   05/16/1998      $1,000.00                D         9/5/96
                                                   05/18/1997      $1,500.00                D         9/5/96
                                                   05/16/1998      $2,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/12/2000      $4,372.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/16/1998      $1,000.00                D         9/5/96
                                                   05/16/1999      $2,500.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/18/1997      $2,500.00                D         9/5/96
                                                   05/14/2000      $4,778.00                D         9/5/96
                                                   05/14/2000      $3,206.00                D         9/5/96
                                                   05/14/2000      $4,372.00                D         9/5/96
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1998      $5,000.00                D         9/5/96
                                                   05/18/1997      $2,000.00                D         9/5/96
                                                   05/18/1997      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/14/2000      $3,538.00                D         9/5/96
                                                   05/16/1998      $1,000.00                D         9/5/96
                                                   05/18/1997      $1,000.00                D         9/5/96
                                                   05/16/1998      $1,000.00                D         9/5/96
                                                   05/18/1997      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/16/1998      $1,500.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/14/2000      $2,100.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96

<CAPTION>

Clarkson University                                  GATE LOAN DISBURSEMENT ROSTER                NATIONAL COLLEGIATE TRUST
Box 5615                                                NOTE DATE: - 11/05/1996                   7 Tuckers Wharf
Lewis House                                              INTEREST RATE: - 9.25                    MARBLEHEAD, MA 01945
Potsdam, NY 136995615                               DISBURSEMENT DATE: - 11/15/1996               MULTIPLIER 0405
Anne Kinnear
SCHOOL CODE - 002699
-------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME            MI       EGD             LOAN AMOUNT          RM-STATUS     RM-NOTEDA
-------------------------------------------------------------------------------------------------------------------
<S>                 <C>                   <C>      <C>             <C>                  <C>           <C>
                                                   05/14/2000      $4,783.00                D         9/5/96
                                                   05/16/1999      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,250.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,750.00                D         9/5/96
                                                   05/14/2000      $2,000.00                D         9/5/96
                                                   05/14/2000      $2,500.00                D         9/5/96
                                                   05/14/2000      $2,250.00                D         9/5/96
                                                   12/20/1998      $2,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/16/1998      $1,000.00                D         9/5/96
                                                   05/16/1999      $1,500.00                D         9/5/96
                                                   05/14/2000      $1,000.00                D         9/5/96
                                                   05/14/2000      $1,750.00                D         9/5/96
                                                   05/14/2000      $3,928.00                D         9/5/96
                                                   05/30/1999      $1,500.00                D         11/5/96
                                                   05/16/1999      $2,500.00                D         11/5/96
                                                   05/14/2000      $2,500.00                D         11/5/96
                                                   05/12/1999      $1,500.00                D         11/5/96
                                                   05/01/1999      $1,000.00                D         11/5/96
                                                   05/14/2000      $2,000.00                D         11/5/96

                                                                    TOTAL LOAN AMOUNT:      $2,092,365.00
                                                                    TOTAL DISBURSEMENT AMOUNT:          $1,098,491.75
                                                                    TOTAL NUMBER OF BORROWERS:    1,011
                                                                    TOTAL NOMBER OF COSIGNERS:    78
</TABLE>

<TABLE>
<CAPTION>

Franklin Pierce College                             GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
College Road - PO Box 60                               NOTE DATE: - 11/05/1996            7 TUCKERS WHARF
                                                        INTEREST RATE: - 9.50             MARBLEHEAD, MA 01945
Rindge, NH  034610060                              DISBURSEMENT DATE: - 11/22/1996        MULTIPLIER  .4400
Bruce Palmer
SCHOOL CODE - 002575
--------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME      MI       EGD           LOAN           RM-         RM-NOTEDA
                                                           AMOUNT         STATUS
--------------------------------------------------------------------------------------------------------------
<S>                 <C>             <C>      <C>           <C>            <C>         <C>

                                             05/15/1999    $1,400.00      D           9/5/96
                                             05/15/1999    $1,050.00      D           9/5/96
                                             05/15/2000    $1,200.00      D           9/5/96
                                             05/13/1997    $1,000.00      D           9/5/96
                                             05/15/1999    $1,100.00      D           9/5/96
                                             12/15/1997    $1,100.00      D           9/5/96
                                             05/15/1999    $1,100.00      D           9/5/96
                                             05/15/1998    $1,000.00      D           9/5/96
                                             05/15/1998    $1,400.00      D           9/5/96
                                             05/15/2000    $1,000.00      D           9/5/96
                                             05/15/2000    $1,150.00      D           9/5/96
                                             05/15/1999    $1,200.00      D           9/5/96
                                             05/15/1998    $1,000.00      D           9/5/96
                                             05/15/2000    $1,700.00      D           9/5/96
                                             05/15/1998    $1,000 00      D           9/5/96
                                             05/15/1999    $1,800.00      D           9/5/96
                                             05/15/1997    $1,750.00      D           9/5/96
                                             05/15/1997    $2,000.00      D           9/5/96
                                             05/13/1997    $1,000.00      D           9/5/96
                                             05/15/1997    $1,250.00      D           9/5/96
                                             05/15/2000    $1,600.00      D           9/5/96
                                             05/15/1997    $1,100.00      D           9/5/96
                                             05/15/2000    $1,200.00      D           9/5/96
                                             05/15/2000    $1,800.00      D           9/5/96
                                             05/15/2000    $1,000 00      D           9/5/96
                                             05/15/2000    $1,700.00      D           9/5/96
                                             05/15/1999    $1,200.00      D           9/5/96
                                             05/15/1999    $1,000.00      D           9/5/96
                                             05/15/2000    $1,000.00      D           9/5/96

<CAPTION>

Franklin Pierce College                             GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
College Road - PO Box 60                               NOTE DATE: - 11/05/1996            7 TUCKERS WHARF
                                                        INTEREST RATE: - 9.50             MARBLEHEAD, MA 01945
Rindge, NH  034610060                              DISBURSEMENT DATE: - 11/22/1996        MULTIPLIER  .4400
Bruce Palmer
SCHOOL CODE - 002575
--------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME      MI       EGD           LOAN           RM-         RM-NOTEDA
                                                           AMOUNT         STATUS
--------------------------------------------------------------------------------------------------------------
<S>                 <C>             <C>      <C>           <C>            <C>         <C>
                                             05/15/1999    $1,600.00      D           9/5/96
                                             05/15/1998    $1,100.00      D           9/5/96
                                             05/15/2000    $1,400.00      D           9/5/96
                                             05/15/1998    $3,400.00      D           9/5/96
                                             05/15/1999    $1,000.00      D           9/5/96
                                             05/15/2000    $1,900.00      D           9/5/96
                                             05/15/1999    $1,200.00      D           9/5/96
                                             05/15/1997    $2,500.00      D           9/5/96
                                             05/15/1999    $1,200.00      D           9/5/96
                                             05/15/1999    $1,500.00      D           9/5/96
                                             05115/1998    $1,300.00      D           915/96

                                             05/15/2000    $2,450.00      D           9/5/96
                                             05/15/1998    $2,000.00      D           915196

                                             05/15/1999    $1,100.00      D           915196
                                             05/15/2000    $1,350.00      D           9/5/96
                                             05/1511998    $2,000.00      D           9/5/96
                                             0511511997    $1,000.00      D           9/5/96
                                             0511512000    $1,150.00      D           915196
                                             05113/1997    $1,000.00      D           9/5/96
                                             05/15/1997    $1,000.00      D           9/5/96
                                             05/13/1997    $1,500.00      D           9/5/96
                                             05/15/1998    $1,500.00      D           9/5/96
                                             05/15/1999    $1,500.00      D           9/5/96
                                             05/15/1999    $1,500.00      D           9/5/96
                                             05/15/1999    $2,503.00      D           9/5/96
                                             05/15/1999    $1,500.00      D           9/5/96
                                             05/15/2000    $1,800.00      D           9/5/96
                                             05/15/1999    $1,500.00      D           9/5/96

<CAPTION>

Franklin Pierce College                             GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
College Road - PO Box 60                               NOTE DATE: - 11/05/1996            7 TUCKERS WHARF
                                                        INTEREST RATE: - 9.50             MARBLEHEAD, MA 01945
Rindge, NH  034610060                              DISBURSEMENT DATE: - 11/22/1996        MULTIPLIER  .4400
Bruce Palmer
SCHOOL CODE - 002575
--------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME      MI       EGD           LOAN           RM-         RM-NOTEDA
                                                           AMOUNT         STATUS
--------------------------------------------------------------------------------------------------------------
<S>                 <C>             <C>      <C>           <C>            <C>         <C>
                                             05/15/1997    $2,000.00      D           9/5/96
                                             05/15/1999    $1,300.00      D           9/5/96
                                             05/15/1998    $1,100.00      D           9/5/96
                                             05/15/1998    $1,500.00      D           9/5/96
                                             05/15/1999    $1,000.00      D           9/5/96
                                             05/15/1998    $1,100.00      D           9/5/96
                                             05/15/1998    $1,300.00      D           9/5/96
                                             05/15/1999    $1,000.00      D           9/5/96
                                             05/15/2000    $1,000.00      D           9/5/96
                                             05/15/2000    $1,000.00      D           9/5/96
                                             05/15/1997    $1,000.00      D           9/5/96
                                             05/15/1998    $1,000.00      D           9/5/96
                                             05/15/1997    $1,000.00      D           9/5/96
                                             05/15/2000    $1,200.00      D           9/5/96
                                             05/15/1998    $1,500.00      D           9/5/96
                                             05/15/1998    $1,500.00      D           9/5/96
                                             05/15/2000    $1,400.00      D           9/5/96
                                             05/15/2000    $1,300.00      D           9/5/96
                                             05/15/1997    $1,500.00      D           9/5/96
                                             05/15/1999    $1,800.00      D           9/5/96
                                             05/15/1998    $2,000.00      D           9/5/96
                                             05/15/1998    $1,500.00      D           9/5/96
                                             05/15/1997    $1,000.00      D           9/5/96
                                             05/15/2000    $1,700.00      D           9/5/96
                                             05/15/1998    $1,150.00      D           9/5/96
                                             05/15/1999    $1,400.00      D           9/5/96
                                             05/15/1998    $1,000.00      D           9/5/96
                                             05/15/2000    $1,600.00      D           9/5/96
                                             05/15/1998    $1,000.00      D           9/5/96
                                             05/15/1998    $1,250.00      D           9/5/96

<CAPTION>

Franklin Pierce College                             GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
College Road - PO Box 60                               NOTE DATE: - 11/05/1996            7 TUCKERS WHARF
                                                        INTEREST RATE: - 9.50             MARBLEHEAD, MA 01945
Rindge, NH  034610060                              DISBURSEMENT DATE: - 11/22/1996        MULTIPLIER  .4400
Bruce Palmer
SCHOOL CODE - 002575
--------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME      MI       EGD           LOAN           RM-         RM-NOTEDA
                                                           AMOUNT         STATUS
--------------------------------------------------------------------------------------------------------------
<S>                 <C>             <C>      <C>           <C>            <C>         <C>
                                             05/15/2000    $1,150.00      D           9/5/96
                                             05/15/2000    $1,700.00      D           9/5/96
                                             05/15/2000    $1,000.00      D           9/5/96
                                             05/15/2000    $1,250.00      D           9/5/96
                                             05/15/1999    $1,000.00      D           9/5/96
                                             05/15/2000    $1,200.00      D           9/5/96
                                             05/15/1999    $1,500.00      D           9/5/96
                                             05/15/1999    $1,000.00      D           9/5/96
                                             05/15/1997    $1,500.00      D           9/5/96
                                             05/15/1999    $1,100.00      D           9/5/96
                                             05/15/1998    $1,000.00      D           9/5/96
                                             05/15/1998    $1,100.00      D           9/5/96
                                             05/15/1998    $2,000.00      D           9/5/96
                                             05/15/2000    $1,100.00      D           9/5/96
                                             05/15/2000    $1,300.00      D           9/5/96
                                             05/15/1998    $1,250.00      D           9/5/96
                                             05/15/2000    $1,600.00      D           9/5/96
                                             05/15/2000    $1,050.00      D           9/5/96
                                             05/15/2000    $1,000.00      D           9/5/96
                                             05/15/2000    $1,000.00      D           9/5/96
                                             05/15/2000    $1,200.00      D           9/5/96
                                             05/15/2000    $1,100.00      D           9/5/96
                                             05/15/2000    $1,000.00      D           9/5/96
                                             05/15/2000    $1,300.00      D           9/5/96
                                             05/15/1998    $1,750.00      D           9/5/96
                                             05/15/1998    $1,100.00      D           9/5/96
                                             05/15/1999    $1,100.00      D           9/5/96
                                             05/15/1997    $1,800.00      D           11/5/96
                                             05/15/1997    $1,200.00      D           11/5/96
                                             05/15/2000    $1,700.00      D           11/5/96

<CAPTION>

Franklin Pierce College                             GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
College Road - PO Box 60                               NOTE DATE: - 11/05/1996            7 TUCKERS WHARF
                                                        INTEREST RATE: - 9.50             MARBLEHEAD, MA 01945
Rindge, NH  034610060                              DISBURSEMENT DATE: - 11/22/1996        MULTIPLIER  .4400
Bruce Palmer
SCHOOL CODE - 002575
--------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME      MI       EGD           LOAN           RM-         RM-NOTEDA
                                                           AMOUNT         STATUS
--------------------------------------------------------------------------------------------------------------
<S>                 <C>             <C>      <C>           <C>            <C>         <C>
                                             05/15/1999    $1,700.00      D           11/5/96
                                             05/15/2000    $1,200.00      D           11/5/96
                                             05/15/1998    $1,850.00      D           11/5/96
                                             05/15/1999    $1,000.00      D           11/5/96
                                             05/15/2000    $1,000.00      D           11/5/96
                                             05/15/1999    $1,000.00      D           11/5/96
                                             05/15/1997    $1,000.00      D           11/5/96
                                             05/15/2000    $1,200.00      D           11/5/96
                                             05/15/2000    $1,400.00      D           11/5/96
                                             05/15/1999    $1,000.00      D           11/5/96
                                             05/15/1999    $2,400.00      D           11/5/96
                                             05/15/2000    $1,400.00      D           11/5/96
                                             05/15/2000    $1,200.00      D           11/5/96
                                             05/15/2000    $1,900.00      D           11/5/96
                                             05/15/1998    $5,300.00      D           11/5/96
                                             05/15/2000    $1,800.00      D           11/5/96
                                             05/15/2000    $1,250.00      D           11/5/96
                                             05/15/2000    $1,200.00      D           11/5/96
                                             05/15/2000    $1,000.00      D           11/5/96

                                                                                 TOTAL LOAN AMOUNT:            $188,203.00
                                                                                 TOTAL DISBURSEMENT AMOUNT:    $82,809.32
                                                                                 TOTAL NUMBER OF BORROWERS:    136
                                                                                 TOTAL NOMBER OF COSIGNERS:    0
</TABLE>

<TABLE>
<CAPTION>

GENEVA COLLEGE                                       GATE LOAN DISBURSEMENT ROSTER           NATIONAL COLLEGIATE TRUST
3200 COLLEGE AVENUE                                      DISBURSEMENT DATE -                 7 Tuckers Wharf
BEAVER FALLS, PA 15010                              POOL/PROCESSING DATE - 01/15/96          MARBLEHEAD, MA 01945
MIKE FOX                                                  INTEREST RATE - 02                 MULTIPLIER .445
SCHOOL CODE - 003267                                        POOL - 03/07/96
                                                         BOND POOL - 1996 S-1

                           BORROWER                EGD            LOAN AMT           DISB AMT             COS
----------------------------------------------     ---            --------           --------             ---
<S>                <C>                            <C>             <C>                <C>                  <C>
                                                  05/99           $1,400.00                $               C
                                                                                                    TOTAL LOAN AMOUNT      $1,400.00

                                                                                                    TOTAL DISBURSEMENTS            1
</TABLE>

<TABLE>
<CAPTION>

Geneva College                                      GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
                                                       NOTE DATE: - 09/05/1996            7 TUCKERS WHARF
                                                        INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Beaver Falls, PA  15010                            DISBURSEMENT DATE: - 11/22/1996        MULTIPLIER  .4000
Bruce Palmer
SCHOOL CODE - 003267
--------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME      MI       EGD           LOAN           RM-         RM-NOTEDA
                                                           AMOUNT         STATUS
--------------------------------------------------------------------------------------------------------------
<S>                 <C>             <C>      <C>           <C>            <C>         <C>
                                             05/15/2001    $18,632.00     D           9/5/96
                                             05/15/1999    $2,100.00      D           9/5/96

                                                                                 TOTAL LOAN AMOUNT:            $20,732.00
                                                                                 TOTAL DISBURSEMENT AMOUNT:    $8,292.80
                                                                                 TOTAL NUMBER OF BORROWERS:    2
                                                                                 TOTAL NOMBER OF COSIGNERS:    2
</TABLE>

<TABLE>
<CAPTION>

Hartwick College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
                                                        NOTE DATE: - 09/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Oneonta, NY  13820                                  DISBURSEMENT DATE: - 11/01/1996        MULTIPLIER  .5325
Ellen Miller
SCHOOL CODE - 002729
----------------------------------------------------------------------------------------------------------------------
LAST NAME            FIRST NAME       MI       EGD           LOAN           RM STATUS       RM-NOTEDA
                                                             AMOUNT
----------------------------------------------------------------------------------------------------------------------
<S>                  <C>              <C>      <C>           <C>            <C>             <C>
                                               05/31/1999    $2,500.00      D               9/5/96
                                               05/31/1998    $2,O00.00      D               9/5/96
                                               05/31/2000    $1,000.00      D               9/5/96
                                               05/31/1999    $1,600.00      D               9/5/96
                                               05/31/2000    $1,650.00      D               9/5/96
                                               05/31/1999    $1,100.00      D               9/5/96
                                               05/31/2000    $4,000.00      D               9/5/96
                                               05/31/2000    $2,700.00      D               9/5/96
                                               05/31/1998    $2,600.00      D               9/5/96
                                               05/31/2000    $3,000.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/2000    $2,350.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/2000    $3,250.00      D               9/5/96
                                               12/31/1999    $1,480.00      D               9/5/96
                                               05/31/1999    $3,900.00      D               9/5/96
                                               05/31/2000    $1,650.00      D               9/5/96
                                               05/31/2000    $1,000.00      D               9/5/96
                                               05/31/1999    $1,425.00      D               9/5/96
                                               05/31/2000    $2,850.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/1999    $1,000.00      D               9/5/96
                                               05/31/2000    $2,750.00      D               9/5/96
                                               05/31/1997    $1,000.00      D               9/5/96
                                               05/31/1997    $1,900.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96

<CAPTION>

Hartwick College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
                                                        NOTE DATE: - 09/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Oneonta, NY  13820                                  DISBURSEMENT DATE: - 11/01/1996        MULTIPLIER  .5325
Ellen Miller
SCHOOL CODE - 002729
----------------------------------------------------------------------------------------------------------------------
LAST NAME            FIRST NAME       MI       EGD           LOAN           RM STATUS       RM-NOTEDA
                                                             AMOUNT
----------------------------------------------------------------------------------------------------------------------
<S>                  <C>              <C>      <C>           <C>            <C>             <C>
                                               05/31/1999    $4,750.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               9/5/96
                                               05/31/2000    $2,500.00      D               9/5/96
                                               05/31/1998    $2,825.00      D               9/5/96
                                               05/31/1999    $4,225 00      D               9/5/96
                                               05/31/1998    $4,750.00      D               9/5/96
                                               05/21/2000    $1,500.00      D               9/5/96
                                               05/31/2000    $1,250.00      D               9/5/96
                                               05/31/2000    $3,250.00      D               9/5/96
                                               05/31/2000    $4,450.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/1998    $2,850.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/1999    $1,250.00      D               9/5/96
                                               05/31/2000    $3,500.00      D               9/5/96
                                               05/31/2000    $4,250.00      D               9/5/96
                                               05/31/1999    $3,250.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               9/5/96
                                               05/31/2000    $2,400.00      D               9/5/96
                                               05/31/2000    $1,125.00      D               9/5/96
                                               05/31/1998    $1,500.00      D               9/5/96
                                               05/31/2000    $2,200.00      D               9/5/96
                                               05/31/1998    $1,500.00      D               9/5/96
                                               05/31/2000    $4,850.00      D               9/5/96
                                               05/31/2000    $3,075.00      D               9/5/96
                                               05/31/1997    $3,250.00      D               9/5/96

<CAPTION>

Hartwick College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
                                                        NOTE DATE: - 09/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Oneonta, NY  13820                                  DISBURSEMENT DATE: - 11/01/1996        MULTIPLIER  .5325
Ellen Miller
SCHOOL CODE - 002729
----------------------------------------------------------------------------------------------------------------------
LAST NAME            FIRST NAME       MI       EGD           LOAN           RM STATUS       RM-NOTEDA
                                                             AMOUNT
----------------------------------------------------------------------------------------------------------------------
<S>                  <C>              <C>      <C>           <C>            <C>             <C>
                                               05/31/1997    $3,150.00      D               9/5/96
                                               05/31/1998    $1,150.00      D               9/5/96
                                               05/31/1997    $5,700.00      D               9/5/96
                                               05/31/2000    $1,155.00      D               9/5/96
                                               05/31/1997    $1,500.00      D               9/5/96
                                               05/31/1997    $1,900.00      D               9/5/96
                                               05/31/1997    $1,450.00      D               9/5/96
                                               05/31/1999    $3,000.00      D               9/5/96
                                               05/31/2000    $4,300.00      D               9/5/96
                                               05/31/1999    $3,250.00      D               9/5/96
                                               05/31/2000    $3,000.00      D               9/5/96
                                               05/31/2000    $1,000.00      D               9/5/96
                                               05/31/1997    $1,500.00      D               9/5/96
                                               05/31/1999    $1,900.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               9/5/96
                                               05/31/1998    $1,750.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/1999    $3,500.00      D               9/5/96
                                               05/31/2000    $3,750.00      D               9/5/96
                                               05/31/2000    $2,900.00      D               9/5/96
                                               05/31/2000    $3,825.00      D               9/5/96
                                               05/31/1999    $3,250.00      D               9/5/96
                                               05/31/1998    $1,800.00      D               9/5/96
                                               05/31/1999    $1,680.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/2000    $1,000.00      D               9/5/96
                                               05/31/1999    $2,700.00      D               9/5/96

<CAPTION>

Hartwick College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
                                                        NOTE DATE: - 09/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Oneonta, NY  13820                                  DISBURSEMENT DATE: - 11/01/1996        MULTIPLIER  .5325
Ellen Miller
SCHOOL CODE - 002729
----------------------------------------------------------------------------------------------------------------------
LAST NAME            FIRST NAME       MI       EGD           LOAN           RM STATUS       RM-NOTEDA
                                                             AMOUNT
----------------------------------------------------------------------------------------------------------------------
<S>                  <C>              <C>      <C>           <C>            <C>             <C>
                                               05/31/1999    $1,450.00      D               9/5/96
                                               05/31/2000    $1,075.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               9/5/96
                                               05/31/2000    $2,700.00      D               9/5/96
                                               05/31/2000    $1,725.00      D               9/5/96
                                               05/31/1997    $1,800.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               9/5/96
                                               05/31/1999    $2,500.00      D               9/5/96
                                               05/31/1999    $1,000.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5196
                                               05/31/1997    $1,400.00      D               9/5/96
                                               05/31/1997    $2,375.00      D               9/5/96
                                               05/31/2000    $2,375.00      D               9/5/96
                                               05/31/1999    $1,700.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/1999    $3,900.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/1999    $3,250.00      D               9/5/96
                                               05/31/1997    $1,400.00      D               9/5/96
                                               05/31/1998    $3,250.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/1999    $4,450.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/1999    $1,000.00      D               9/5/96
                                               05/31/2000    $2,850.00      D               9/5/96

<CAPTION>

Hartwick College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
                                                        NOTE DATE: - 09/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Oneonta, NY  13820                                  DISBURSEMENT DATE: - 11/01/1996        MULTIPLIER  .5325
Ellen Miller
SCHOOL CODE - 002729
---------------------------------------------------------------------------------------------------------------------
AST NAME            FIRST NAME       MI       EGD           LOAN           RM STATUS       RM-NOTEDA
                                                            AMOUNT
---------------------------------------------------------------------------------------------------------------------
<S>                 <C>              <C>      <C>           <C>            <C>             <C>
                                               05/31/1998    $2,O00.00      D               9/5/96
                                               05/31/2000    $1,250.00      D               9/5/96
                                               05/31/1998    $2,150.00      D               9/5/96
                                               05/31/1998    $3,665.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/2000    $1,215.00      D               9/5/96
                                               05/31/1999    $4,000.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/2000    $1,900.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/1998    $3,600.00      D               9/5/96
                                               05/31/2000    $1,250.00      D               9/5/96
                                               05/31/1997    $3,250.00      D               9/5/96
                                               05/31/2000    $1,000.00      D               9/5/96
                                               05/31/1997    $1,000.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/1998    $1,550.00      D               9/5/96
                                               05/31/2000    $4,550.00      D               9/5/96
                                               05/31/1997    $2,250.00      D               9/5/96
                                               05/31/1998    $1,100.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/2000    $1,300.00      D               9/5/96
                                               05/31/2000    $2,750.00      D               9/5/96

<CAPTION>

Hartwick College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
                                                        NOTE DATE: - 09/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Oneonta, NY  13820                                  DISBURSEMENT DATE: - 11/01/1996        MULTIPLIER  .5325
Ellen Miller
SCHOOL CODE - 002729
----------------------------------------------------------------------------------------------------------------------
LAST NAME            FIRST NAME       MI       EGD           LOAN           RM STATUS       RM-NOTEDA
                                                             AMOUNT
----------------------------------------------------------------------------------------------------------------------
<S>                  <C>              <C>      <C>           <C>            <C>             <C>
                                               05/31/1999    $4,750.00      D               9/5/96
                                               05/31/1997    $3,850.00      D               9/5/96
                                               05/31/1999    $4,500.00      D               9/5/96
                                               05/31/2000    $1,300.00      D               9/5/96
                                               05/31/2000    $1,100.00      D               9/5/96
                                               05/31/2000    $2,100.00      D               9/5/96
                                               05/31/1998    $1,000.00      D               9/5/96
                                               05/31/1997    $1,000.00      D               9/5/96
                                               05/31/1998    $1,500.00      D               9/5/96
                                               05/31/2000    $2,400.00      D               9/5/96
                                               05/31/2000    $1,415.00      D               9/5/96
                                               05/31/1998    $1,800.00      D               9/5/96
                                               05/31/1998    $2,900.00      D               9/5/96
                                               05/31/2000    $3,400.00      D               9/5/96
                                               05/31/1999    $4,750.00      D               9/5/96
                                               05/31/1999    $1,000.00      D               9/5/96
                                               05/31/1998    $2,400.00      D               9/5/96
                                               05/31/1999    $2,100.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/1999    $3,250.00      D               9/5/96
                                               05/31/1999    $3,350.00      D               9/5/96
                                               05/31/1998    $2,500.00      D               9/5/96
                                               05/31/2000    $1,065.00      D               9/5/96
                                               05/31/2000    $2,750.00      D               9/5/96
                                               05/31/1999    $3,250.00      D               9/5/96
                                               05/31/2000    $4,050.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/2000    $2,O00.00      D               9/5/96

<CAPTION>

Hartwick College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
                                                        NOTE DATE: - 09/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Oneonta, NY  13820                                  DISBURSEMENT DATE: - 11/01/1996        MULTIPLIER  .5325
Ellen Miller
SCHOOL CODE - 002729
----------------------------------------------------------------------------------------------------------------------
LAST NAME            FIRST NAME       MI       EGD           LOAN           RM STATUS       RM-NOTEDA
                                                             AMOUNT
----------------------------------------------------------------------------------------------------------------------
<S>                  <C>              <C>      <C>           <C>            <C>             <C>
                                               05/31/1997    $2,400.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               9/5/96
                                               05/31/1997    $2,000.00      D               9/5/96
                                               05/31/2000    $4,250.00      D               9/5/96
                                               05/31/1998    $4,400.00      D               9/5/96
                                               05/31/1998    $1,500.00      D               9/5/96
                                               05/31/2000    $1,250.00      D               9/5/96
                                               05/31/2000    $2,275.00      D               9/5/96
                                               05/31/2000    $4,000.00      D               9/5/96
                                               05/31/1999    $1,000.00      D               9/5/96
                                               05/31/1999    $3,175.00      D               9/5/96
                                               05/31/2000    $1,925.00      D               9/5/96
                                               05/31/1999    $3,250.00      D               9/5/96
                                               05/31/2000    $3,375.00      D               9/5/96
                                               05/31/2000    $3,250.00      D               9/5/96
                                               05/31/1998    $1,975.00      D               9/5/96
                                               05/31/1997    $1,050.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               9/5/96
                                               05/31/2000    $4,450.00      D               9/5/96
                                               05/31/1998    $1,850.00      D               9/5/96
                                               05/31/2000    $4,000.00      D               9/5/96
                                               05/31/2000    $4,125.00      D               9/5/96
                                               05/31/1998    $1,700.00      D               9/5/96
                                               05/31/1997    $2,950.00      D               9/5/96
                                               05/31/2000    $3,250.00      D               9/5/96
                                               05/31/1999    $1,750.00      D               9/5/96
                                               05/31/2000    $3,250.00      D               9/5/96
                                               05/31/2000    $4,375.00      D               9/5/96

<CAPTION>

Hartwick College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
                                                        NOTE DATE: - 09/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Oneonta, NY  13820                                  DISBURSEMENT DATE: - 11/01/1996        MULTIPLIER  .5325
Ellen Miller
SCHOOL CODE - 002729
----------------------------------------------------------------------------------------------------------------------
LAST NAME            FIRST NAME       MI       EGD           LOAN           RM STATUS       RM-NOTEDA
                                                             AMOUNT
----------------------------------------------------------------------------------------------------------------------
<S>                  <C>              <C>      <C>           <C>            <C>             <C>
                                               05/31/1997    $2,550.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/1999    $1,000.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/2000    $3,250.00      D               9/5/96
                                               05/31/2000    $3,250.00      D               9/5/96
                                               05/31/1997    $1,950.00      D               9/5/96
                                               05/31/1999    $1,400.00      D               9/5/96
                                               05/31/2000    $4,850.00      D               9/5/96
                                               05/31/1997    $2,625.00      D               9/5/96
                                               05/31/1997    $2,400.00      D               9/5/96
                                               05/31/2000    $3,825.00      D               9/5/96
                                               05/31/1999    $3,000 00      D               9/5/96
                                               05/31/1998    $3,150.00      D               9/5/96
                                               05/31/2000    $1,000.00      D               9/5/96
                                               05/31/1999    $3,000.00      D               9/5/96
                                               05/31/1998    $2,500.00      D               9/5/96
                                               05/31/2000    $2,400.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/2000    $1,000.00      D               9/5/96
                                               05/31/1998    $1,800.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/1997    $1,400.00      D               9/5/96
                                               05/31/1997    $1,600.00      D               9/5/96
                                               05/31/1998    $3,200.00      D               9/5196
                                               05/31/1998    $2,800.00      D               9/5/96
                                               05/31/1999    $1,595.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5196

<CAPTION>

Hartwick College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
                                                        NOTE DATE: - 09/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Oneonta, NY  13820                                  DISBURSEMENT DATE: - 11/01/1996        MULTIPLIER  .5325
Ellen Miller
SCHOOL CODE - 002729
----------------------------------------------------------------------------------------------------------------------
LAST NAME            FIRST NAME       MI       EGD           LOAN           RM STATUS       RM-NOTEDA
                                                             AMOUNT
----------------------------------------------------------------------------------------------------------------------
<S>                  <C>              <C>      <C>           <C>            <C>             <C>
                                               05/31/1998    $2,450.00      D               9/5/96
                                               05/31/1997    $1,700.00      D               9/5/96
                                               05/31/1998    $2,700.00      D               9/5/96
                                               05/31/2000    $2,600.00      D               9/5/96
                                               05/31/1997    $2,900.00      D               9/5/96
                                               05/31/1999    $3,250.00      D               9/5/96
                                               05/31/1999    $4,750.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               9/5/96
                                               05/31/1999    $3,200.00      D               9/5/96
                                               05/31/2000    $3,350.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/2000    $2,500.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               9/5/96
                                               05/31/2000    $1,075.00      D               9/5/96
                                               05/31/2000    $3,050.00      D               9/5/96
                                               05/31/1999    $3,250.00      D               9/5/96
                                               05/31/1998    $2,800.00      D               9/5/96
                                               05/31/1999    $3,600.00      D               9/5/96
                                               05/31/1997    $2,500.00      D               9/5/96
                                               05/31/2000    $2,750.00      D               9/5/96
                                               05/31/2000    $1,200.00      D               9/5/96
                                               05/31/1999    $2,250.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/2000    $3,050.00      D               9/5/96
                                               05/31/1997    $1,000.00      D               9/5/96
                                               05/25/1997    $1,600.00      D               9/5/96
                                               05/31/2000    $4,600.00      D               9/5/96
                                               05/31/1997    $3,650.00      D               9/5/96

<CAPTION>

Hartwick College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
                                                        NOTE DATE: - 09/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Oneonta, NY  13820                                  DISBURSEMENT DATE: - 11/01/1996        MULTIPLIER  .5325
Ellen Miller
SCHOOL CODE - 002729
----------------------------------------------------------------------------------------------------------------------
LAST NAME            FIRST NAME       MI       EGD           LOAN           RM STATUS       RM-NOTEDA
                                                             AMOUNT
----------------------------------------------------------------------------------------------------------------------
<S>                  <C>              <C>      <C>           <C>            <C>             <C>
                                               05/31/1999    $2,150.00      D               9/5/96
                                               05/31/1999    $3,100.00      D               9/5/96
                                               05/31/1999    $1,550.00      D               9/5/96
                                               05/31/2000    $3,250.00      D               9/5/96
                                               05/31/1998    $2,400.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/1998    $3,850.00      D               9/5/96
                                               05/31/1998    $3,990.00      D               9/5/96
                                               05/31/1998    $2,400.00      D               9/5/96
                                               05/31/2000    $4,550.00      D               9/5/96
                                               05/31/1999    $2,500.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/2000    $3,250.00      D               9/5/96
                                               05/31/1998    $1,500.00      D               9/5/96
                                               05/31/1998    S1,750.00      D               9/5/96
                                               05/31/2000    $2,175.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/2000    $1,600.00      D               9/5/96
                                               05/31/1999    $2,950.00      D               9/5/96
                                               05/31/1998    $1,250.00      D               9/5/96
                                               05/31/2000    $1,050.00      D               9/5/96
                                               05/31/1998    $2,375.00      D               9/5/96
                                               05/31/2000    $4,450.00      D               9/5/96
                                               05/31/2000    $2,500.00      D               9/5/96
                                               05/31/1998    $2,128.00      D               9/5/96
                                               05/31/2000    $4,375.00      D               9/5/96
                                               05/31/1997    $1,450.00      D               9/5/96
                                               05/31/1999    $1,250.00      D               9/5/96

<CAPTION>

Hartwick College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
                                                        NOTE DATE: - 09/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Oneonta, NY  13820                                  DISBURSEMENT DATE: - 11/01/1996        MULTIPLIER  .5325
Ellen Miller
SCHOOL CODE - 002729
----------------------------------------------------------------------------------------------------------------------
LAST NAME            FIRST NAME       MI       EGD           LOAN           RM STATUS       RM-NOTEDA
                                                             AMOUNT
----------------------------------------------------------------------------------------------------------------------
<S>                  <C>              <C>      <C>           <C>            <C>             <C>
                                               05/31/1998    $1,200.00      D               9/5/96
                                               05/31/2000    $1,850.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/1998    $2,550.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               9/5/96
                                               05/31/2000    $2,800.00      D               9/5/96
                                               05/31/1999    $3,250.00      D               9/5/96
                                               05/31/1999    $4,750.00      D               9/5/96
                                               05/31/2000    $3,600.00      D               9/5/96
                                               05/31/2000    $3,000.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/1997    $2,425.00      D               9/5/96
                                               05/31/2000    $2,375.00      D               9/5/96
                                               05/30/1999    $4,150.00      D               9/5/96
                                               05/31/1998    $2,700.00      D               9/5/96
                                               05/31/1998    $1,400.00      D               9/5/96
                                               05/31/1999    $3,000.00      D               9/5/96
                                               05/31/2000    $1,000.00      D               9/5/96
                                               05/31/1998    $2,000.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               9/5/96
                                               05/31/2000    $2,500.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               9/5/96
                                               05/31/1999    $2,650.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/1998    $1,600.00      D               9/5/96
                                               05/31/1998    $1,700.00      D               9/5/96
                                               05/31/1999    $2,000.00      D               9/5/96

<CAPTION>

Hartwick College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
                                                        NOTE DATE: - 09/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Oneonta, NY  13820                                  DISBURSEMENT DATE: - 11/01/1996        MULTIPLIER  .5325
Ellen Miller
SCHOOL CODE - 002729
----------------------------------------------------------------------------------------------------------------------
LAST NAME            FIRST NAME       MI       EGD           LOAN           RM STATUS       RM-NOTEDA
                                                             AMOUNT
----------------------------------------------------------------------------------------------------------------------
<S>                  <C>              <C>      <C>           <C>            <C>             <C>
                                               05/31/2000    $3,000.00      D               9/5/96
                                               05/31/2000    $2,250.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/2000    $1,250.00      D               9/5/96
                                               05/31/1999    $3,250.00      D               9/5/96
                                               05/31/2000    $1,250.00      D               9/5/96
                                               05/31/1999    $1,900.00      D               9/5/96
                                               05/31/1998    $2,650.00      D               9/5/96
                                               05/31/1998    $2,100.00      D               9/5/96
                                               05/31/1998    $2,500.00      D               9/5/96
                                               05/31/1997    $3,000.00      D               9/5/96
                                               05/31/2000    $2,450.00      D               9/5/96
                                               05/31/2000    $3,300.00      D               9/5/96
                                               05/31/1998    $3,525.00      D               9/5/96
                                               05/31/2000    $1,135.00      D               9/5/96
                                               05/31/1998    $1,000.00      D               9/5/96
                                               05/31/1999    $1,250.00      D               9/5/96
                                               05/31/1999    $2,250.00      D               9/5/96
                                               05/31/2000    $1,700.00      D               9/5/96
                                               05/31/1999    $1,000.00      D               9/5/96
                                               05/31/2000    $1,550.00      D               9/5/96
                                               05/31/2000    $1,000.00      D               9/5/96
                                               05/31/1999    $3,250.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/2000    $3,000.00      D               9/5/96
                                               05/31/1998    $1,000.00      D               9/5/96
                                               05/31/2000    $1,900.00      D               9/5/96

<CAPTION>

Hartwick College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
                                                        NOTE DATE: - 09/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Oneonta, NY  13820                                  DISBURSEMENT DATE: - 11/01/1996        MULTIPLIER  .5325
Ellen Miller
SCHOOL CODE - 002729
----------------------------------------------------------------------------------------------------------------------
LAST NAME            FIRST NAME       MI       EGD           LOAN           RM STATUS       RM-NOTEDA
                                                             AMOUNT
----------------------------------------------------------------------------------------------------------------------
<S>                  <C>              <C>      <C>           <C>            <C>             <C>
                                               05/31/1998    $1,000.00      D               9/5/96
                                               05/31/1998    $1,850.00      D               9/5/96
                                               05/31/1997    $1,200.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/2000    $4,550.00      D               9/5/96
                                               05/31/2000    $2,500.00      D               9/5/96
                                               05/31/1998    $2,900.00      D               9/5/96
                                               05/31/2000    $4,600.00      D               9/5/96
                                               05/31/2000    $3,750.00      D               9/5/96
                                               05/31/2000    $2,875.00      D               9/5/96
                                               05/31/2000    $3,500.00      D               9/5/96
                                               05/31/1997    $1,050.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/1997    $3,250.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               95/96
                                               05/31/2000    $3,250.00      D               9/5/96
                                               05/31/2000    $3,500.00      D               9/5/96
                                               05/31/2000    $2,750.00      D               9/5/96
                                               05/31/1999    S3,150.00      D               9/5/96
                                               05/31/1998    $1,500.00      D               9/5/96
                                               05/31/1998    $1,750.00      D               9/5/96
                                               05/31/2000    $2,O50.00      D               9/5/96
                                               05/31/1999    $2,200.00      D               9/5/96
                                               05/31/2000    $3,300.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/2000    $4,850.00      D               9/5/96
                                               05/31/1999    $1,000.00      D               9/5/96
                                               05/31/2000    $2,550.00      D               9/5/96

<CAPTION>

Hartwick College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
                                                        NOTE DATE: - 09/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Oneonta, NY  13820                                  DISBURSEMENT DATE: - 11/01/1996        MULTIPLIER  .5325
Ellen Miller
SCHOOL CODE - 002729
----------------------------------------------------------------------------------------------------------------------
LAST NAME            FIRST NAME       MI       EGD           LOAN           RM STATUS       RM-NOTEDA
                                                             AMOUNT
----------------------------------------------------------------------------------------------------------------------
<S>                  <C>              <C>      <C>           <C>            <C>             <C>
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/1998    $1,950.00      D               9/5/96
                                               05/31/2000    $2,000.00      D               9/5/96
                                               05/31/1999    $2,435.00      D               9/5/96
                                               05/31/1999    $2,400.00      D               9/5/96
                                               05/31/1999    $1,000.00      D               9/5/96
                                               05/31/1998    $1,500.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/1999    $1,750.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/1998    $1,500.00      D               9/5/96
                                               05/31/2000    $3,500 00      D               9/5/96
                                               05/31/2000    $3,100.00      D               9/5/96
                                               05/31/2000    $4,750 00      D               9/5/96
                                               05/31/1998    $1,250.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/2000    $3,250.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               9/5/96
                                               05/31/1999    $4,700.00      D               9/5/96
                                               05/31/1998    $2,750.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/1999    $1,300.00      D               9/5/96
                                               05/31/1998    $2,238.00      D               9/5/96

<CAPTION>

Hartwick College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
                                                        NOTE DATE: - 09/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Oneonta, NY  13820                                  DISBURSEMENT DATE: - 11/01/1996        MULTIPLIER  .5325
Ellen Miller
SCHOOL CODE - 002729
----------------------------------------------------------------------------------------------------------------------
LAST NAME            FIRST NAME       MI       EGD           LOAN           RM STATUS       RM-NOTEDA
                                                             AMOUNT
----------------------------------------------------------------------------------------------------------------------
<S>                  <C>              <C>      <C>           <C>            <C>             <C>
                                               05/31/2000    $3,250.00      D               9/5/96
                                               05/31/1998    $1,350.00      D               9/5/96
                                               05/31/1997    $1,100.00      D               9/5/96
                                               05/31/1999    $1,250.00      D               9/5/96
                                               05/31/1998    $2,000.00      D               9/5/96
                                               05/31/1999    $1,000.00      D               9/5/96
                                               05/31/2000    $2,750.00      D               9/5/96
                                               05/31/1998    $1,000.00      D               9/5/96
                                               05/31/1997    $1,350.00      D               9/5/96
                                               05/31/1997    $1,500.00      D               9/5/96
                                               05/31/2000    $3,550.00      D               9/5/96
                                               05/31/1999    $4,750.00      D               9/5/96
                                               05/31/1998    $3,250.00      D               915/96
                                               05/31/1998    $2,O00.00      D               9/5/96
                                               05/31/1998    $1,750.00      D               9/5/96
                                               05/31/1997    $1,000.00      D               9/5/96
                                               05/31/1997    $2,650.00      D               9/5/96
                                               05/31/2000    $1,850.00      D               9/5/96
                                               05/31/1199    $1,150.00      D               915196
                                               05131/199     $1,200.00      D               915196
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/1999    $2,850.00      D               9/5/96
                                               05/31/1999    $1,350.00      D               9/5/96
                                               05/31/1999    $2,400.00      D               915196
                                               05/31/1998    $2,900.00      D               915196
                                               05/31/2000    $2,300.00      D               9/5/96
                                               05/31/1998    $2,000.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               9/5/96

<CAPTION>

Hartwick College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
                                                        NOTE DATE: - 09/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Oneonta, NY  13820                                  DISBURSEMENT DATE: - 11/01/1996        MULTIPLIER  .5325
Ellen Miller
SCHOOL CODE - 002729
----------------------------------------------------------------------------------------------------------------------
LAST NAME            FIRST NAME       MI       EGD           LOAN           RM STATUS       RM-NOTEDA
                                                             AMOUNT
----------------------------------------------------------------------------------------------------------------------
<S>                  <C>              <C>      <C>           <C>            <C>             <C>
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/2000    $2,750.00      D               9/5/96
                                               05/31/2000    $4,000.00      D               9/5/96
                                               05/31/2000    $3,250.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/2000    $3,500.00      D               9/5/96
                                               05/31/1999    $3,100.00      D               9/5/96
                                               05/31/1999    $3,100.00      D               9/5/96
                                               05/31/1998    $1,600.00      D               9/5/96
                                               05/31/1998    $1,000.00      D               9/5/96
                                               05/31/2000    $1,475.00      D               9/5/96
                                               05/31/2000    $3,975.00      D               9/5/96
                                               05/31/2000    $3,250.00      D               9/5/96
                                               05/25/1997    $1,500.00      D               9/5/96
                                               05/31/1998    $2,430.00      D               9/5/96
                                               05/31/2000    $4,650.00      D               9/5/96
                                               05/31/2000    $2,500.00      D               9/5/96
                                               05/31/1999    $3,800.00      D               9/5/96
                                               05/31/1998    $1,600.00      D               9/5/96
                                               05/25/1997    $3,250.00      D               9/5/96
                                               05/31/1998    $1,000.00      D               9/5/96
                                               05/31/1998    $2,800.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               915196
                                               05/31/2000    $1,500.00      D               915196
                                               05/31/1999    $1,500.00      D               915196
                                               05/31/1999    $1,300.00      D               915/96

<CAPTION>

Hartwick College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
                                                        NOTE DATE: - 09/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Oneonta, NY  13820                                  DISBURSEMENT DATE: - 11/01/1996        MULTIPLIER  .5325
Ellen Miller
SCHOOL CODE - 002729
----------------------------------------------------------------------------------------------------------------------
LAST NAME            FIRST NAME       MI       EGD           LOAN           RM STATUS       RM-NOTEDA
                                                             AMOUNT
----------------------------------------------------------------------------------------------------------------------
<S>                  <C>              <C>      <C>           <C>            <C>             <C>
                                               05/31/2000    $2,500.00      D               915196
                                               05/31/1999    $2,150.00      D               915196
                                               05/31/1999    $2,250.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               9/5/96
                                               05/31/1999    $3,250.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/1998    $3,700.00      D               9/5/96
                                               05/31/1999    $1,250.00      D               9/5/96
                                               05/31/1998    $2,250.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/2000    $2,100.00      D               9/5/96
                                               05/31/2000    $3,900.00      D               9/5/96
                                               05/31/2000    $4,250.00      D               9/5/96
                                               05/31/1999    $3,250.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/2000    $1,850.00      D               9/5/96
                                               05/31/1998    $2,175.00      D               9/5/96
                                               05/31/2000    $4,250.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/2000    $4,250.00      D               9/5/96
                                               05/31/1997    $3,500.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/2000    $2,050.00      D               9/5/96
                                               05/31/1999    $1,000.00      D               9/5/96
                                               05/31/1999    $1,550.00      U               9/5/96
                                               05/31/1999    $4,750.00      D               9/5/96

<CAPTION>

Hartwick College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
                                                        NOTE DATE: - 09/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Oneonta, NY  13820                                  DISBURSEMENT DATE: - 11/01/1996        MULTIPLIER  .5325
Ellen Miller
SCHOOL CODE - 002729
----------------------------------------------------------------------------------------------------------------------
LAST NAME            FIRST NAME       MI       EGD           LOAN           RM STATUS       RM-NOTEDA
                                                             AMOUNT
----------------------------------------------------------------------------------------------------------------------
<S>                  <C>              <C>      <C>           <C>            <C>             <C>
                                               05/31/2000    $3,000.00      D               9/5/96
                                               05/31/2000    $4,500.00      D               9/5/96
                                               05/31/1999    $2,725.00      D               9/5/96
                                               05/25/1997    $1,250.00      D               9/5/96
                                               05/31/1997    $1,500.00      D               9/5/96
                                               05/31/2000    $3,650.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/1998    $2,200.00      D               9/5/96
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/2000    $1,250.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               9/5/96
                                               05/31/1999    $1,500.00      D               9/5/96
                                               05/31/2000    $4,500.00      D               9/5/96
                                               05/31/2000    $2,525.00      D               9/5/96
                                               05/31/1997    $3,140.00      D               9/5/96
                                               05/31/2000    $3,950.00      D               9/5/96
                                               05/31/1999    $2,150.00      D               9/5/96
                                               05/31/1997    $2,O00.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/2000    $3,425.00      D               9/5/96
                                               05/31/1999    $1,650.00      D               9/5/96
                                               05/31/1999    $3,000.00      D               9/5/96
                                               05/31/1999    $2,750.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/1999    $4,050.00      D               9/5/96
                                               05/31/2000    $3,475.00      D               9/5/96
                                               05/25/1997    $3,000.00      D               9/5/96

<CAPTION>

Hartwick College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
                                                        NOTE DATE: - 09/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Oneonta, NY  13820                                  DISBURSEMENT DATE: - 11/01/1996        MULTIPLIER  .5325
Ellen Miller
SCHOOL CODE - 002729
----------------------------------------------------------------------------------------------------------------------
LAST NAME            FIRST NAME       MI       EGD           LOAN           RM STATUS       RM-NOTEDA
                                                             AMOUNT
----------------------------------------------------------------------------------------------------------------------
<S>                  <C>              <C>      <C>           <C>            <C>             <C>
                                               05/31/2000    $4,750.00      D               9/5/96
                                               05/31/2000    $1,500.00      D               9/5/96
                                               05/31/2000    $1,750.00      D               9/5/96
                                               05/31/2000    $2,O00.00      D               9/5/96
                                               05/31/2000    $3,300.00      D               9/5/96
                                               05/31/1997    $1,100.00      D               9/5/96
                                               05/31/1998    $2,250.00      D               9/5/96
                                               05/31/1999    $2,750.00      D               9/5/96

                                                                   TOTAL LOAN AMOUNT:            $1,291,516.00
                                                                   TOTAL DISBURSEMENT AMOUNT:    $687,731.29
                                                                   TOTAL NUMBER OF BORROWERS:    513
                                                                   TOTAL NUMBER OF COSIGNERS:    37

</TABLE>

<TABLE>
<CAPTION>

Kings College                                       GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
                                                       NOTE DATE: - 10/05/1996            7 TUCKERS WHARF
                                                        INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Wilkes-Barre, PA  18711                            DISBURSEMENT DATE: - 11/15/1996        MULTIPLIER  .5100
Henry Chance
SCHOOL CODE - 003282
--------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME      MI       EGD           LOAN           RM-         RM-NOTEDA
                                                           AMOUNT         STATUS
--------------------------------------------------------------------------------------------------------------
<S>                 <C>             <C>      <C>           <C>            <C>         <C>
                                             08/15/2000    $2,000.00      D           10/5/96
                                             05/15/1998    $1,000.00      D           10/5/96

                                                                                 TOTAL LOAN AMOUNT:            $3,000.00
                                                                                 TOTAL DISBURSEMENT AMOUNT:    $1,530.00
                                                                                 TOTAL NUMBER OF BORROWERS:    2
                                                                                 TOTAL NUMBER OF COSIGNERS:    1
</TABLE>

<TABLE>
<CAPTION>

Linfield College                                     GATE LOAN DISBURSEMENT ROSTER        NATIONAL COLLEGIATE TRUST
2255 N.W. Northrup                                      NOTE DATE: - 10/05/1996           7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25            MARBLEHEAD, MA 01945
Portland, OR  972102952                             DISBURSEMENT DATE: - 11/08/1996       MULTIPLIER  .5050
Laura Mathewson
SCHOOL CODE - 319801
--------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME      MI       EGD           LOAN           DISBURSEMENT       COSIGNER
                                                           AMOUNT         AMOUNT
--------------------------------------------------------------------------------------------------------------
<S>                 <C>             <C>      <C>           <C>            <C>                <C>
                                             05/30/1997    $4,000.00      $2,020.00          C
                                             05/30/1998    $8,000.00      $4,040.00          C
                                             05/30/1997    $5,000.00      $2,525.00          C
                                             05/30/1998    $8,000.00      $4,040.00          C
                                             05/30/1997    $5,000.00      $2,525.00          C

                                                                                 TOTAL LOAN AMOUNT:            $30,000.00
                                                                                 TOTAL DISBURSEMENT AMOUNT:    $15,150.00
                                                                                 TOTAL NUMBER OF BORROWERS:    5
                                                                                 TOTAL NUMBER OF COSIGNERS:    5
</TABLE>

                                         Page 78

<PAGE>

<TABLE>
<CAPTION>

Lycoming College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
Box 155 700 College Place                               NOTE DATE: - 09/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Williamsport, PA  17701                             DISBURSEMENT DATE: - 11/08/1996        MULTIPLIER  .4925
Ben Confort
SCHOOL CODE - 003293
---------------------------------------------------------------------------------------------------------------------
LAST NAME          FIRST NAME          MI      EGD              LOAN AMOUNT        RM_STATUS       RM_NOTEDA
---------------------------------------------------------------------------------------------------------------------
<S>                <C>                 <C>     <C>              <C>                <C>             <C>
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000 00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96

                                         Page 79

<PAGE>

<CAPTION>

Lycoming College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
Box 155 700 College Place                               NOTE DATE: - 09/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Williamsport, PA  17701                             DISBURSEMENT DATE: - 11/08/1996        MULTIPLIER  .4925
Ben Confort
SCHOOL CODE - 003293
---------------------------------------------------------------------------------------------------------------------
LAST NAME          FIRST NAME          MI      EGD              LOAN AMOUNT        RM_STATUS       RM_NOTEDA
---------------------------------------------------------------------------------------------------------------------
<S>                <C>                 <C>     <C>              <C>                <C>             <C>
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000 00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000 00          D               9/5/96

                                         Page 80

<PAGE>

<CAPTION>

Lycoming College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
Box 155 700 College Place                               NOTE DATE: - 09/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Williamsport, PA  17701                             DISBURSEMENT DATE: - 11/08/1996        MULTIPLIER  .4925
Ben Confort
SCHOOL CODE - 003293
---------------------------------------------------------------------------------------------------------------------
LAST NAME          FIRST NAME          MI      EGD              LOAN AMOUNT        RM_STATUS       RM_NOTEDA
---------------------------------------------------------------------------------------------------------------------
<S>                <C>                 <C>     <C>              <C>                <C>             <C>
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000 00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96
                                               05/07/2000       $1,000.00          D               9/5/96

                                                                          TOTAL LOAN AMOUNT:            $74,000.00
                                                                          TOTAL DISBURSEMENT AMOUNT:    $36,445.00
                                                                          TOTAL NUMBER OF BORROWERS:    74
                                                                          TOTAL NUMBER OF COSIGNERS:    4

</TABLE>

                                         Page 81

<PAGE>

<TABLE>
<CAPTION>

MOUNT IDA COLLEGE                                    GATE LOAN DISBURSEMENT ROSTER                 NATIONAL COLLEGIATE TRUST
777 DEDHAM STREET                                    DISBURSEMENT DATE - 01/15/96                  7 Tuckers Wharf
NEWTON CENTRE, MA 02159                             POOL/PROCESSING DATE - 06/13/96                MARBLEHEAD, MA 01945
BEVERLY GUERIN                                           INTEREST RATE - 8.75                      MULTIPLIER 0.285
SCHOOL CODE - 002193                                           POOL - 02
                                                          BOND POOL - 1996-S2

                            BORROWER              EGD            LOAN AMT          DISB AMT             COS
- ---------------------------------------------   ---            --------          --------             ---

<S>                <C>           <C>           <C>            <C>                <C>                   <C>
                                               05/97          $2,000.00          $570.00               C
                                               05/97          $2,337.00          $666.05
                                               05/96          $2,200.00          $627.00
                                               05/97          $3,000.00          $855.00               C
                                               05/97          $2,500.00          $712.50               C
                                               12/96          $4,740.00          $1,350.90
                                               05/98          $1,440.00          $410.40               C
                                               05/97          $1,535.00          $437.48               C
                                               05/96          $8,100.00          $2,308.50
                                               05/96          $2,670.00          $760.95
                                               05/97          $1,000.00          $285.00

                                                                                                    TOTAL LOAN AMOUNT     $31,522.00
                                                                                                    TOTAL DISB. AMOUNT    $ 8,983.77
                                                                                                    TOTAL DISBURSEMENTS           11

</TABLE>

                                         Page 82

<PAGE>

<TABLE>
<CAPTION>

Mount Ida College                                    GATE LOAN DISBURSEMENT ROSTER        NATIONAL COLLEGIATE TRUST
777 Dedham Street                                       NOTE DATE: - 11/05/1996           7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25            MARBLEHEAD, MA 01945
Newton Centre, MA  02159                            DISBURSEMENT DATE: - 11/15/1996       MULTIPLIER  .3775
Beverly Guerin
SCHOOL CODE - 02193
---------------------------------------------------------------------------------------------------------------------
LAST NAME          FIRST NAME          MI      EGD              LOAN AMOUNT        RM_STATUS       RM_NOTEDA
---------------------------------------------------------------------------------------------------------------------
<S>                <C>                 <C>     <C>              <C>                <C>             <C>
                                               05/07/1997       $6,700.00          D               9/5/96
                                               05/07/1998       $5,015.00          D               9/5/96
                                               05/07/1997       $3,000.00          D               9/5/96
                                               05/07/1997       $4,000.00          D               9/5/96
                                               05/07/1997       $4,290.00          D               9/5/96
                                               05/07/1998       $4,000.00          D               9/5/96
                                               05/07/1997       $4,000.00          D               9/5/96
                                               05/07/1997       $1,751.00          D               11/5/96
                                               05/24/1997       $2,000.00          D               11/5/96
                                               12/24/1997       $3,000.00          D               11/5/96
                                               05/24/1997       $2,390.00          D               11/5/96
                                               05/24/1998       $1,000.00          D               11/5/96
                                               05/24/1997       $2,008.00          D               11/5/96
                                               05/24/1997       $3,000.00          D               11/5/96

                                                                          TOTAL LOAN AMOUNT:            $46,154.00
                                                                          TOTAL DISBURSEMENT AMOUNT:    $17,423.14
                                                                          TOTAL NUMBER OF BORROWERS:    14
                                                                          TOTAL NUMBER OF COSIGNERS:    6

</TABLE>

                                         Page 83

<PAGE>

<TABLE>
<CAPTION>

Oglethorpe University                                GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
4484 Peach Tree Rd NE                                   NOTE DATE: - 11/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.00             MARBLEHEAD, MA 01945
Atlanta, GA  30319                                  DISBURSEMENT DATE: - 11/22/1996        MULTIPLIER  .4275
Pamela Beard
SCHOOL CODE - 001586
-------------------------------------------------------------------------------------------------------------------
LAST NAME         FIRST NAME          MI        EGD              LOAN                RM_STATUS       RM_NOTEDA
                                                                 AMOUNT
-------------------------------------------------------------------------------------------------------------------
<S>               <C>                 <C>       <C>              <C>                 <C>             <C>
                                               12/17/1997       $3,000.00           D               11/5/96
                                               05/07/1997       $1,200.00           D               11/5/96
                                               05/07/1997       $1,000.00           D               11/5/96
                                               05/07/1997       $4,400.00           D               11/5/96

                                                                             TOTAL LOAN AMOUNT:            $9,600.00
                                                                             TOTAL DISBURSEMENT AMOUNT:    $4,104.00
                                                                             TOTAL NUMBER OF BORROWERS:    4
                                                                             TOTAL NUMBER OF COSIGNERS:    0

</TABLE>

                                         Page 84

<PAGE>

<TABLE>
<CAPTION>

Saint Anselm College                                 GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
100 St. Anselm's Drive                                  NOTE DATE: - 11/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Manchester, NH  131021310                           DISBURSEMENT DATE: - 11/15/1996        MULTIPLIER  .5325
Linda Morgan
SCHOOL CODE - 002587
--------------------------------------------------------------------------------------------------------------------
LAST NAME           FIRST NAME        MI       EGD            LOAN             RM_STATUS      RM_NOTEDA
                                                              AMOUNT
--------------------------------------------------------------------------------------------------------------------
<S>                 <C>               <C>      <C>            <C>              <C>            <C>
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,000.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/10/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,000.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/10/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,000.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,000.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96

                                         Page 85

<PAGE>

<CAPTION>

Saint Anselm College                                 GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
100 St. Anselm's Drive                                  NOTE DATE: - 11/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Manchester, NH  131021310                           DISBURSEMENT DATE: - 11/15/1996        MULTIPLIER  .5325
Linda Morgan
SCHOOL CODE - 002587
--------------------------------------------------------------------------------------------------------------------

LAST NAME           FIRST NAME        MI       EGD            LOAN             RM_STATUS      RM_NOTEDA
                                                              AMOUNT
--------------------------------------------------------------------------------------------------------------------
<S>                 <C>               <C>      <C>            <C>              <C>            <C>
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,000.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,000.00        D              9/5/96
                                               05/1812000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,000.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,000.00        D              9/5/96
                                               05/18/2000     $1,000.00        D              9/5/96
                                               05/10/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/10/2000     $1,000.00        D              9/5/96
                                               05/10/2000     $1,000.00        D              9/5/96

                                         Page 86

<PAGE>

<CAPTION>

Saint Anselm College                                 GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
100 St. Anselm's Drive                                  NOTE DATE: - 11/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Manchester, NH  131021310                           DISBURSEMENT DATE: - 11/15/1996        MULTIPLIER  .5325
Linda Morgan
SCHOOL CODE - 002587
--------------------------------------------------------------------------------------------------------------------

LAST NAME           FIRST NAME        MI       EGD            LOAN             RM_STATUS      RM_NOTEDA
                                                              AMOUNT
--------------------------------------------------------------------------------------------------------------------
<S>                 <C>               <C>      <C>            <C>              <C>            <C>
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/10/2000     $1,125.00        D              9/5/96
                                               05/10/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,000.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,000 00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/10/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,000.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,000.00        D              9/5/96
                                               05/10/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,000.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/10/2000     $1,125.00        D              9/5/96
                                               05/10/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96

                                         Page 87

<PAGE>

<CAPTION>

Saint Anselm College                                 GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
100 St. Anselm's Drive                                  NOTE DATE: - 11/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Manchester, NH  131021310                           DISBURSEMENT DATE: - 11/15/1996        MULTIPLIER  .5325
Linda Morgan
SCHOOL CODE - 002587
--------------------------------------------------------------------------------------------------------------------

LAST NAME           FIRST NAME        MI       EGD            LOAN             RM_STATUS      RM_NOTEDA
                                                              AMOUNT
--------------------------------------------------------------------------------------------------------------------
<S>                 <C>               <C>      <C>            <C>              <C>            <C>
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,000.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/10/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,000.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/10/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,000.00        D              9/5/96
                                               05/20/2000     $1,000.00        D              9/5/96
                                               05/18/2000     $1,000.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              915t96
                                               05/18/2000     $1,000.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,000.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96

                                         Page 88

<PAGE>

<CAPTION>

Saint Anselm College                                 GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
100 St. Anselm's Drive                                  NOTE DATE: - 11/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Manchester, NH  131021310                           DISBURSEMENT DATE: - 11/15/1996        MULTIPLIER  .5325
Linda Morgan
SCHOOL CODE - 002587
--------------------------------------------------------------------------------------------------------------------

LAST NAME           FIRST NAME        MI       EGD            LOAN             RM_STATUS      RM_NOTEDA
                                                              AMOUNT
--------------------------------------------------------------------------------------------------------------------
<S>                 <C>               <C>      <C>            <C>              <C>            <C>
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,000.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/18/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,000.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9t5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,000.00        D              9/5196
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              9/5/96
                                               05/20/2000     $1,125.00        D              11/5/96
                                               05/20/2000     $1,125.00        D              11/5/96
                                               05/20/2000     $1,125.00        D              11/5/96
                                               05/20/2000     $1,125.00        D              11/5/96
                                               05/20/2000     $1,125.00        D              11/5/96
                                               05/20/2000     $1,000.00        D              11/5/96

                                         Page 89

<PAGE>

<CAPTION>

Saint Anselm College                                 GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
100 St. Anselm's Drive                                  NOTE DATE: - 11/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.25             MARBLEHEAD, MA 01945
Manchester, NH  131021310                           DISBURSEMENT DATE: - 11/15/1996        MULTIPLIER  .5325
Linda Morgan
SCHOOL CODE - 002587
--------------------------------------------------------------------------------------------------------------------

LAST NAME           FIRST NAME        MI       EGD            LOAN             RM_STATUS      RM_NOTEDA
                                                              AMOUNT
--------------------------------------------------------------------------------------------------------------------
<S>                 <C>               <C>      <C>            <C>              <C>            <C>
                                               05/20/2000     $1,125.00        D              11/5/96
                                               05/20/2000     $1,125.00        D              11/5/96
                                               05/20/2000     $1,125.00        D              11/5/96
                                               05/20/2000     $1,125.00        D              11/5/96
                                               05/20/2000     $1,125.00        D              11/5/96
                                               05/20/2000     $1,125.00        D              11/5/96
                                               05/20/2000     $1,125.00        D              11/5/96
                                               05/20/2000     $1,125.00        D              11/5/96

                                                                           TOTAL LOAN AMOUNT:            $163,125.00
                                                                           TOTAL DISBURSEMENT AMOUNT:    $86,863.76
                                                                           TOTAL NUMBER OF BORROWERS:    148
                                                                           TOTAL NUMBER OF COSIGNERS:    0

</TABLE>

                                         Page 90

<PAGE>

<TABLE>
<CAPTION>

SANTA CLARA UNIVERSITY                              GATE LOAN DISBURSEMENT ROSTER                  NATIONAL COLLEGIATE TRUST
                                                    DISBURSEMENT DATE - 05/06/96                   7 Tuckers Wharf
SANTA CLARA, CA 95053-0001                         POOL/PROCESSING DATE - 08/29/96                 MARBLEHEAD, MA 01945
JOEL PUTNAM                                             INTEREST RATE - 8.75                       MULTIPLIER 0.495
SCHOOL CODE - 001326                                          POOL - 02
                                                        BOND POOL - 1996-S2

           BORROWER                 EGD           LOAN AMT          DISB AMT            COS
--------------------------------      ---           --------          --------            ---
<S>               <C>              <C>           <C>                <C>                 <C>

                                   08/98         $1,886.00          $824.67
                                   06/96         $1,666.00          $824.67
                                   06/99         $1,666.00          $824.67
                                   05/97         $1,334.00          $660.33
                                   08/96         $1,500.00          $742.60
                                   06/96         $1,666.00          $824.67
                                   06/97         $1,666.00          $824.67
                                   06/97         $1,834.00          $907.83
                                   06/97         $1,666.00          $824.67
                                   05/99         $1,666.00          $824.67
                                   06/97         $1,000.00          $495.00
                                   06/97         $1,000.00          $495.00
                                   06/96         $1,666.00          $824.67
                                   06/99         $1,284.00          $635.58
                                   06/96         $1,686.00          $824.67
                                   12/97         $1,334.00          $660.33
                                   05/97         $1,666.00          $824.67
                                   12/96         $1,866.00          $824.67
                                   06/99         $1,666.00          $824.67

                                                                                                    TOTAL LOAN AMOUNT     $29,278.00
                                                                                                    TOTAL DISB. AMOUNT    $14,492.61
                                                                                                    TOTAL DISBURSEMENTS           19

</TABLE>

                                         Page 91

<PAGE>

<TABLE>
<CAPTION>

Tulane University                            GATE LOAN DISBURSEMENT ROSTER                    NATIONAL COLLEGIATE TRUST
McAlister Drive - 105 Phelps                    NOTE DATE: 10/05/1996                         7 TUCKERS WHARF
                                                    INTEREST RATE:                            MARBLEHEAD, MA 01945
New Orleans                                 DISBURSEMENT DATE: - 11/01/1996                   MULTIPLIER  .4000
Ray Ergeron
SCHOOL CODE - 002029
-------------------------------------------------------------------------------------------------------------------

LAST NAME         FIRST NAME          MI        EGD              LOAN                RM_STATUS       RM_NOTEDA
                                                                 AMOUNT
-------------------------------------------------------------------------------------------------------------------
<S>               <C>                 <C>       <C>              <C>                 <C>             <C>
                                               06/01/1998       $5,700.00           D               10/5/96
                                               06/01/1997       $7,000.00           D               10/5/96
                                               06/01/1997       $2,700.00           D               10/5/96
                                               06/01/1997       $4,900.00           D               10/5/96
                                               06/01/1997       $2,750.00           D               10/5/96
                                               06/01/1998       $5,700.00           D               10/5/96
                                               06/01/1997       $6,000.00           D               10/5/96
                                               06/01/2000       $1,200.00           D               10/5/96
                                               05/01/1997       $5,000.00           D               10/5/96
                                               06/01/1998       $5,000.00           D               10/5/96
                                               06/01/1997       $2,500.00           D               10/5/96
                                               05/01/1998       $6,000.00           D               10/5/96
                                               05/01/1998       $1,900.00           D               10/5/96
                                               06/01/1997       $3,500.00           D               10/5/96
                                               06/01/1997       $3 000.00           D               10/5/96

                                                                             TOTAL LOAN AMOUNT:               $62,850.00
                                                                             TOTAL DISBURSEMENT AMOUNT:       $25,140.00
                                                                             TOTAL NUMBER OF BORROWERS:       15
                                                                             TOTAL NUMBER OF COSIGNERS:       0

</TABLE>

                                         Page 92

<PAGE>

<TABLE>
<CAPTION>

Utica College of Syracuse Univ                       GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
1600 Burrstone Road                                     NOTE DATE: - 11/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.00             MARBLEHEAD, MA 01945
Utica, NY  13502                                    DISBURSEMENT DATE: - 11/15/1996        MULTIPLIER  .4775
Ed Lewandrowski
SCHOOL CODE - 002883
--------------------------------------------------------------------------------------------------------------------

LAST NAME          FIRST NAME           MI      EGD             LOAN          RM_STATUS      RM_NOTEDA
                                                                AMOUNT
--------------------------------------------------------------------------------------------------------------------

<S>                <C>                  <C>     <C>             <C>           <C>            <C>

                                               08/01/1997      $7,300.00     D              9/5/96
                                               05/31/1998      $1,500.00     D              9/5/96
                                               05/31/1999      $6,200.00     D              9/5/96
                                               05/31/1997      $4,000 00     D              9/5/96
                                               05/01/1997      $1,350.00     D              9/5/96
                                               12/01/1997      $2,600.00     D              9/5/96
                                               08/31/1997      $3,500.00     D              9/5/96
                                               12/31/1996      $1,100.00     D              9/5/96
                                               05/31/1997      $5,000.00     D              9/5/96
                                               05/31/1997      $7,000.00     D              9/5/96
                                               05/31/1997      $7,000.00     D              9/5/96
                                               12/01/1997      $7,400.00     D              9/5/96
                                               05/31/1997      $2,400.00     D              9/5/96
                                               08/31/1997      $2,000.00     D              9/5/96
                                               05/31/1998      $4,500.00     D              9/5/96
                                               05/30/1997      $7,000.00     D              9/5/96
                                               01/01/1997      $3,300.00     D              9/5/96
                                               05/01/1997      $4,300.00     D              9/5/96
                                               08/31/1997      $8,500.00     D              9/5/96
                                               06/30/1999      $5,900.00     D              9/5/96
                                               05/31/1998      $5,000.00     D              9/5/96
                                               12/31/1997      $3,296.00     D              9/5/96
                                               01/01/1997      $5,000.00     D              9/5/96
                                               08/31/1997      $3,500.00     D              9/5/96
                                               12/31/1997      $4,500.00     D              9/5/96
                                               08/31/1999      $3,500.00     D              9/5/96
                                               12/31/1998      $4,000.00     D              9/5/96

                                         Page 93

<PAGE>

<CAPTION>

Utica College of Syracuse Univ                       GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
1600 Burrstone Road                                     NOTE DATE: - 11/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 9.00             MARBLEHEAD, MA 01945
Utica, NY  13502                                    DISBURSEMENT DATE: - 11/15/1996        MULTIPLIER  .4775
Ed Lewandrowski
SCHOOL CODE - 002883
--------------------------------------------------------------------------------------------------------------------

LAST NAME          FIRST NAME           MI      EGD             LOAN          RM_STATUS      RM_NOTEDA
                                                                AMOUNT
--------------------------------------------------------------------------------------------------------------------

<S>                <C>                  <C>     <C>             <C>           <C>            <C>
                                               12/01/1996      $2,000.00     D              9/5/96
                                               12/31/1996      $2,500.00     D              9/5/96
                                               05/31/1998      $6,500.00     D              9/5/96
                                               08/01/1998      $4,800.00     D              9/5/96
                                               08/31/1997      $6,400.00     D              9/5/96
                                               01/31/1998      $3,000.00     D              9/5/96
                                               01/01/1997      $1,000.00     D              11/5/96
                                               05/31/1997      $3,500.00     D              11/5/96

                                                                     TOTAL LOAN AMOUNT:             $150,346.00
                                                                     TOTAL DISBURSEMENT AMOUNT:     $71,790.21
                                                                     TOTAL NUMBER OF BORROWERS:     35
                                                                     TOTAL NUMBER OF COSIGNERS:     0

                                         Page 94

<PAGE>

             TOTAL LOAN AMOUNT:           $150,346.00
TOTAL DISBURSEMENT AMOUNT:                $71,790.21
TOTAL NUMBER OF BORROWERS:                35
TOTAL NOMBER OF COSIGNERS:                0

</TABLE>

                                         Page 95

<PAGE>

<TABLE>
<CAPTION>

WESLEYAN COLLEGE                                     GATE LOAN DISBURSEMENT ROSTER                 NATIONAL COLLEGIATE TRUST
4760 FORSYTH ROAD                                    DISBURSEMENT DATE - 06/05/96                  7 Tuckers Wharf
MACON, PA 31297                                     POOL/PROCESSING DATE - 11/08/96                MARBLEHEAD, MA 01945
MELVA LORD                                               INTEREST RATE - 08.75                     MULTIPLIER 0.3525
SCHOOL CODE - 001600                                           POOL - 02
                                                          BOND POOL - 1996-S2

                            BORROWER            EGD            LOAN AMT            DISB AMT           COS
- ---------------------------------------------   ---            --------            --------           ---
<S>                <C>                         <C>            <C>                  <C>                <C>

                                               08/99          $2,580.00            $909.45
                                               08/99          $1,290.00            $454.73

                                                                                                    TOTAL LOAN AMOUNT      $3,870.00
                                                                                                    TOTAL DISB. AMOUNT     $1,364.00
                                                                                                    TOTAL DISBURSEMENTS            2
</TABLE>

                                         Page 96

<PAGE>

<TABLE>
<CAPTION>

WESLEYAN COLLEGE                                     GATE LOAN DISBURSEMENT ROSTER                 NATIONAL COLLEGIATE TRUST
4760 FORSYTH ROAD                                    DISBURSEMENT DATE - 01/15/96                  7 Tuckers Wharf
MACON, PA 31297                                     POOL/PROCESSING DATE - 06/13/96                MARBLEHEAD, MA 01945
MELVA LORD                                               INTEREST RATE - 08.75                     MULTIPLIER 0.3525
SCHOOL CODE - 001600                                           POOL - 02
                                                          BOND POOL - 1996-S2

                            BORROWER              EGD            LOAN AMT            DISB AMT           COS
- ---------------------------------------------     ---            --------            --------           ---
<S>                <C>                           <C>            <C>                  <C>                <C>

                                                 05/99          $1,000.00            $352.50

                                                                                                    TOTAL LOAN AMOUNT      $1,000.00
                                                                                                    TOTAL DISB. AMOUNT     $  352.50
                                                                                                    TOTAL DISBURSEMENTS            1

</TABLE>

                                         Page 97

<PAGE>

<TABLE>
<CAPTION>

Wesleyan College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
4760 Forsyth Road                                       NOTE DATE: - 10/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 8.75             MARBLEHEAD, MA 01945
Macon, GA  31297                                    DISBURSEMENT DATE: - 11/08/1996        MULTIPLIER  .3875
Melva B. Lord
SCHOOL CODE - 001600
---------------------------------------------------------------------------------------------------------------------

LAST NAME         FIRST NAME        MI       EGD             LOAN          RM_STATUS       RM_NOTEDA
                                                             AMOUNT
---------------------------------------------------------------------------------------------------------------------
<S>               <C>               <C>      <C>             <C>           <C>             <C>

                                             05/01/1999      $2,515.00     D               10/5/96
                                             05/01/1999      $4,170.00     D               10/5/96
                                             05/01/2000      $4,171.00     D               10/5/96
                                             05/01/2000      $1,843.00     D               10/5/96
                                             05/01/1999      $2,O60.00     D               10/5/96
                                             05/01/2000      $1,696.00     D               10/5/96
                                             05/01/1998      $3,750.00     D               10/5/96
                                             05/01/1997      $1,529.00     D               10/5/96
                                             05/01/1999      $1,604.00     D               10/5/96
                                             05/01/2000      $2,488.00     D               10/5/96
                                             05/01/2000      $2,128.00     D               10/5/96
                                             05/01/2000      $1,642.00     D               10/5/96
                                             05/01/1999      $1,000.00     D               10/5/96
                                             05/01/1999      $1,000.00     D               10/5/96
                                             05/01/1999      $3,939 00     D               10/5/96
                                             05/01/1997      $1,200.00     D               10/5/96
                                             05/01/2000      $2,160.00     D               10/5/96
                                             05/01/2000      $5,432.00     D               10/5/96
                                             05/01/2000      $2,068.00     D               10/5/96
                                             05/01/2000      $2,385.00     D               10/5/96
                                             05/01/1999      $3,000.00     D               10/5/96
                                             05/01/1999      $1,000.00     D               10/5/96
                                             05/01/2000      $4,040.00     D               10/5/96
                                             05/01/1999      $1,900.00     D               10/5/96
                                             05/01/2000      $3,705.00     D               10/5/96
                                             05/01/1999      $2,061.00     D               10/5/96
                                             05/01/1999      $4,000.00     D               10/5/96
                                             05/01/2000      $2,524.00     D               10/5/96
                                             05/01/1999      $1,083.00     D               10/5/96
                                             05/01/2000      $3,400.00     D               10/5/96

                                         Page 98

<PAGE>

<CAPTION>

Wesleyan College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
4760 Forsyth Road                                       NOTE DATE: - 10/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 8.75             MARBLEHEAD, MA 01945
Macon, GA  31297                                    DISBURSEMENT DATE: - 11/08/1996        MULTIPLIER  .3875
Melva B. Lord
SCHOOL CODE - 001600
---------------------------------------------------------------------------------------------------------------------

LAST NAME         FIRST NAME        MI       EGD             LOAN          RM_STATUS       RM_NOTEDA
                                                             AMOUNT
---------------------------------------------------------------------------------------------------------------------
<S>               <C>               <C>      <C>             <C>           <C>             <C>
                                             05/01/2000      $1,519.00     D               10/5/96
                                             05/01/1999      $1,000.00     D               10/5/96
                                             05/01/1998      $1,186.00     D               10/5/96
                                             05/01/1998      $2,915.00     D               10/5/96
                                             05/01/1997      $1,362.00     D               10/5/96
                                             05/01/1999      $1,259.00     D               10/5/96
                                             05/01/2000      $1,000.00     D               10/5/96
                                             05/01/1998      $1,000.00     D               10/5/96
                                             05/01/2000      $3,774.00     D               10/5/96
                                             05/01/2000      $1,880.00     D               10/5/96
                                             05/01/2000      $1,750.00     D               10/5/96
                                             05/01/1998      $2,450.00     D               10/5/96
                                             05/01/1999      $6,450.00     D               10/5/96
                                             05/01/1999      $2,886.00     D               10/5/96
                                             05/01/1998      $1,000.00     D               10/5/96
                                             05/01/1998      $6,961.00     D               10/5/96
                                             05/01/1998      $3,160.00     D               10/5/96
                                             05/01/1999      $1,000.00     D               10/5/96
                                             05/01/1999      $4,336.00     D               10/5/96
                                             05/01/1999      $2,640.00     D               10/5/96
                                             05/01/1998      $1,302.00     D               10/5/96
                                             05/01/1999      $1,555.00     D               10/5/96
                                             05/01/1999      $3,573.00     D               10/5/96
                                             05/01/1998      $1,500.00     D               10/5/96
                                             05/01/1998      $1,825.00     D               10/5/96
                                             05/01/1999      $2,O75.00     D               10/5/96
                                             05/01/1997      $5,013.00     D               10/5/96
                                             05/01/1998      $1,125.00     D               10/5/96
                                             05/01/1999      $5,744.00     D               10/5/96
                                             05/01/2000      $3,O85.00     D               10/5/96

                                         Page 99

<PAGE>

<CAPTION>

Wesleyan College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
4760 Forsyth Road                                       NOTE DATE: - 10/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 8.75             MARBLEHEAD, MA 01945
Macon, GA  31297                                    DISBURSEMENT DATE: - 11/08/1996        MULTIPLIER  .3875
Melva B. Lord
SCHOOL CODE - 001600
---------------------------------------------------------------------------------------------------------------------

LAST NAME         FIRST NAME        MI       EGD             LOAN          RM_STATUS       RM_NOTEDA
                                                             AMOUNT
---------------------------------------------------------------------------------------------------------------------
<S>               <C>               <C>      <C>             <C>           <C>             <C>
                                             05/01/1999      $5,883.00     D               10/5/96
                                             05/01/1999      $1,168.00     D               10/5/96
                                             05/01/1999      $2,500.00     D               10/5/96
                                             05/01/1999      $2,471.00     D               10/5/96
                                             05/01/1997      $1,660.00     D               10/5/96
                                             05/01/1998      $2,042.00     D               10/5/96
                                             05/01/1999      $2,785.00     D               10/5/96
                                             05/01/1998      $2,040.00     D               10/5/96
                                             05/01/2000      $1,696.00     D               10/5/96
                                             05/01/1999      $2,340.00     D               10/5/96
                                             12/16/1996      $4,000.00     D               10/5/96
                                             05/01/1998      $2,140.00     D               10/5/96
                                             05/01/1997      $1,682.00     D               10/5/96
                                             05/01/1999      $1,404.00     D               10/5/96
                                             05/01/1999      $3,833.00     D               10/5/96
                                             05/01/2000      $1,000.00     D               10/5/96
                                             05/01/1999      $1,060.00     D               10/5/96
                                             05/01/1999      $2,290.00     D               10/5/96
                                             05/01/1999      $1,500.00     D               10/5/96
                                             05/01/2000      $3,214.00     D               10/5/96
                                             05/01/1998      $1,940.00     D               10/5/96
                                             05/01/2000      $3,248.00     D               10/5/96
                                             05/01/2000      $1,681.00     D               10/5/96
                                             05/01/2000      $2,821.00     D               10/5/96
                                             05/01/1997      $1,580.00     D               10/5/96
                                             05/01/2000      $2,403.00     D               10/5/96
                                             05/01/2000      $2,668.00     D               10/5/96
                                             05/01/2000      $3,672.00     D               10/5/96
                                             05/10/1999      $3,910.00     D               10/5/96
                                             05/01/2000      $1,514.00     D               10/5/96

                                         Page 100

<PAGE>

<CAPTION>

Wesleyan College                                     GATE LOAN DISBURSEMENT ROSTER         NATIONAL COLLEGIATE TRUST
4760 Forsyth Road                                       NOTE DATE: - 10/05/1996            7 TUCKERS WHARF
                                                         INTEREST RATE: - 8.75             MARBLEHEAD, MA 01945
Macon, GA  31297                                    DISBURSEMENT DATE: - 11/08/1996        MULTIPLIER  .3875
Melva B. Lord
SCHOOL CODE - 001600
---------------------------------------------------------------------------------------------------------------------

LAST NAME         FIRST NAME        MI       EGD             LOAN          RM_STATUS       RM_NOTEDA
                                                             AMOUNT
---------------------------------------------------------------------------------------------------------------------
<S>               <C>               <C>      <C>             <C>           <C>             <C>
                                             05/01/2000      $1,528.00     D               10/5/96
                                             05/01/1999      $3,104.00     D               10/5/96
                                             05/01/2000      $5,442.00     D               10/5/96
                                             05/01/2000      $1,817.00     D               10/5/96
                                             05/01/2000      $1,750.00     D               10/5/96
                                             05/01/1998      $2,935.00     D               10/5/96
                                             05/01/1998      $5,700.00     D               10/5/96
                                             05/01/2000      $4,000.00     D               10/5/96
                                             05/01/1997      $2,373.00     D               10/5/96
                                             05/01/1999      $1,125.00     D               10/5/96
                                             05/01/2000      $2,997.00     D               10/5/96
                                             05/01/2000      $1,923.00     D               10/5/96
                                             05/01/1999      $1,000.00     D               10/5/96
                                             05/01/1998      $3,200.00     D               10/5/96
                                             05/01/2000      $2,585.00     D               10/5/96
                                             05/01/1999      $1,987.00     D               10/5/96
                                             05/01/1998      $5,000.00     D               10/5/96
                                             05/01/1997      $2,762.00     D               10/5/96
                                             05/30/1999      $1 000.00     D               10/5/96

                                                                        TOTAL LOAN AMOUNT:            $276,191.00
                                                                        TOTAL DISBURSEMENT AMOUNT:    $107,024.12
                                                                        TOTAL NUMBER OF BORROWERS:    109
                                                                        TOTAL NUMBER OF COSIGNERS:    0

</TABLE>

                                         Page 101

<PAGE>

                                    TOTAL OF ALL LOAN AMOUNTS :   $5,144,273.00

                                    TOTAL OF ALL BORROWERS  :     2431

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

                                         Page 102

<PAGE>

                                   SCHEDULE II
                                   -----------

                          Calculation of Servicing Fee

         The Servicer will be entitled to a monthly fee for its services (the
"Servicing Fee") in an amount based upon the aggregate principal balance of the
Student Loans serviced at the end of each month, multiplied by the applicable
Servicing Fee divided by twelve, equal to the following:

                  TIME PERIOD                             SERVICING FEE

Through September 2000                                         0.46%

October 2000 through September 2005                            0.66%

October 2005 through September 2009                            0.86%

October 2009 through September 2013                            1.00%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]