Document:

Unassociated Document

    AMERICAN
      HOME MORTGAGE ASSETS LLC,

     

    DEPOSITOR

     

     

    WELLS
      FARGO BANK, N.A.,

     

    MASTER
      SERVICER AND SECURITIES ADMINISTRATOR

     

     

    AND

     

     

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

     

    TRUSTEE

     

     

    POOLING
      AND SERVICING AGREEMENT

     

    DATED
      AS
      OF OCTOBER 1, 2006

     

    ________________________

     

    MORTGAGE-BACKED
      PASS-THROUGH CERTIFICATES

     

    SERIES
      2006-6

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

     

     

    ARTICLE
      I

     

    DEFINITIONS

     

    
      	
              Section
                1.01

            	
              Defined
                Terms.

            	 

    

    Accepted
      Master Servicing Practices

    Accrual
      Period

    Accrued
      Certificate Interest

    Adjustable
      Rate Mortgage Loans

    Advance

    Affiliate

    Aggregate
      Stated Principal Balance

    Aggregate
      Subordinate Percentage

    Agreement

    Allocable
      Share

    Assignment

    Available
      Funds

    Bankruptcy
      Code

    Bankruptcy
      Loss

    Bankruptcy
      Loss Coverage Amount

    Book-Entry
      Certificate

    Business
      Day

    Cash
      Liquidation

    Certificate

    Certificateholder”
      or “Holder

    Certificate
      Owner

    Certificate
      Principal Balance

    Certificate
      Register

    Class

    Class
      1A1
      Certificates

    Class
      1A2
      Certificates

    Class
      1A3
      Certificates

    Class
      1A4
      Certificates

    Class
      2A1
      Certificates

    Class
      2A2
      Certificates

    Class
      2A3
      Certificates

    Class
      C-B-1 Certificates

    Class
      B-2
      Certificates

    Class
      B-3
      Certificates

    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
      R
      Certificate

    Class
      R

    Class
      Prepayment Distribution Trigger

    Closing
      Date

    Code

    Collateral
      Value

    Commission

    Company

    Compensating
      Interest

    Corporate
      Trust Office

    Curtailment

    Custodian

    Cut-off
      Date

    Cut-off
      Date Balance

    Debt
      Service Reduction

    Deficient
      Valuation

    Definitive
      Certificate

    Deleted
      Mortgage Loan

    Delinquent

    Depositor

    Depository

    Depository
      Participant

    Determination
      Date

    Disqualified
      Organization

    Distribution
      Date

    Due
      Date

    Due
      Period

    EDGAR

    Eligible
      Account

    Eligible
      Substitute Mortgage Loan

    ERISA
      Restricted Certificates

    Event
      of
      Default

    Exchange
      Act

    Excess
      Loss

    Fannie
      Mae

    FDIC

    Fitch
      Ratings

    Freddie
      Mac

    Fraud
      Loss

    Fraud
      Loss Coverage Amount

    Initial
      Certificate Principal Balance

    Insurance
      Policy

    Insurance
      Proceeds

    Interest
      Determination Date

    Late
      Collections

    LIBOR
      Business Day

    LIBOR
      Certificate

    Liquidated
      Mortgage Loan

    Liquidation
      Proceeds

    Loan-to-Value
      Ratio

    Lost
      Note
      Affidavit

    Margin

    Master
      Servicer

    MERS

    MERS®
      System

    MIN

    MOM
      Loan

    MOM
      Loan

    Monthly
      Payment

    Moody’s

    Mortgage

    Mortgage
      File

    Mortgage
      Loan

    Mortgage
      Loan Purchase Agreement

    Mortgage
      Loan Schedule

    Mortgage
      Note

    Mortgage
      Rate

    Mortgaged
      Property

    Mortgagor

    Net
      Liquidation Proceeds

    Net
      Mortgage Rate

    Net
      Prepayment Interest Shortfall

    Net
      WAC
      Rate

    Net
      WAC
      Shortfall

    Net
      WAC
      Shortfall Carry-Forward Amount

    Net
      WAC
      Shortfall Carry-Forward Reserve Fund

    Nonrecoverable
      Advance

    Non-United
      States Person

    Notional
      Amount

    Offered
      Certificates

    Officers’
      Certificate

    One-Month
      LIBOR

    Opinion
      of Counsel

    Optional
      Termination Date

    Original
      Subordinate Principal Balance

    OTS

    Outstanding
      Mortgage Loan

    Outstanding
      Principal Balance

    Ownership
      Interest

    Pass-Through
      Rate

    Permitted
      Investment

    Permitted
      Transferee

    Person

    Prepayment
      Assumption

    Prepayment
      Charge

    Prepayment
      Interest Shortfall

    Prepayment
      Period

    Primary
      Hazard Insurance Policy

    Primary
      Mortgage Insurance Policy

    Principal
      Prepayment

    Principal
      Prepayment in Full

    Prospectus
      Supplement

    Protected
      Account

    Purchase
      Price

    Qualified
      Insurer

    Rating
      Agency

    Realized
      Loss

    Record
      Date

    Reference
      Banks

    Regular
      Certificate

    Regular
      Interest

    Relief
      Act

    Relief
      Act Interest Shortfall

    REMIC

    REMIC
      1-A

    REMIC
      1-A
      Regular Interests

    REMIC
      1-B

    REMIC
      Provisions

    REMIC
      Regular Interest

    Remittance
      Report

    REO
      Acquisition

    REO
      Disposition

    REO
      Imputed Interest

    REO
      Proceeds

    REO
      Property

    Request
      for Release

    Request
      for Release

    Residual
      Certificates

    Residual
      Interest

    Responsible
      Officer

    Sarbanes
      Oxley Certification

    Securities
      Administrator

    Senior
      Certificates

    Servicer

    Servicer
      Remittance Date

    Servicing
      Advances

    Servicing
      Agreement

    Servicing
      Fee

    Servicing
      Fee Rate

    Servicing
      Officer

    Servicing
      Rights Pledgee

    Single
      Certificate

    Special
      Hazard Loss

    Special
      Hazard Loss Coverage Amount

    Standard
      & Poor’s

    Startup
      Day

    Stated
      Principal Balance

    Step-Up
      Date

    Subordinate
      Optimal Principal Amount

    Subordinate
      Percentage

    Subordinate
      Prepayment Percentage

    Subservicer

    Subsequent
      Recoveries

    Substitution
      Adjustment

    Tax
      Returns

    Transfer

    Transferor

    Trust
      Fund

    Trust
      REMIC

    Trustee

    Uncertificated
      Accrued Interest

    Uncertificated
      Principal Balance

    Uncertificated
      Pass-Through Rate

    Uncertificated
      REMIC 1-A Pass-Through Rate

    Uninsured
      Cause

    United
      States Person

    Voting
      Rights

    Weighted
      Average Net Mortgage Rate

     

    
      	
              Section
                1.02

            	
              Determination
                of LIBOR.

            	 

    

    
      	
              Section
                1.03

            	
              Allocation
                of Certain Interest Shortfalls.

            	 

    

     

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

     

    
      	
              Section
                2.01

            	
              Conveyance
                of Mortgage Loans.

            	 

    

    
      	
              Section
                2.02

            	
              Acceptance
                of the Trust Fund by the Trustee.

            	 

    

    
      	
              Section
                2.03

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

            	 

    

    
      	
              Section
                2.04

            	
              Assignment
                of Interest in the Mortgage Loan Purchase Agreement.

            	 

    

    
      	
              Section
                2.05

            	
              Issuance
                of Certificates; Conveyance of REMIC Regular Interests and Acceptance
                of
                REMIC 1 and REMIC 2 by the Trustee.

            	 

    

    
      	
              Section
                2.06

            	
              Negative
                Covenants of the Trustee and Master Servicer.

            	 

    

    
      	
              Section
                2.07

            	
              Purposes
                and Powers of the Trust.

            	 

    

     

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING OF THE TRUST FUND

     

    
      	
              Section
                3.01

            	
              Administration
                and Servicing of Mortgage Loans.

            	 

    

    
      	
              Section
                3.02

            	
              REMIC-Related
                Covenants.

            	 

    

    
      	
              Section
                3.03

            	
              Monitoring
                of Servicer.

            	 

    

    
      	
              Section
                3.04

            	
              Fidelity
                Bond.

            	 

    

    
      	
              Section
                3.05

            	
              Power
                to Act; Procedures.

            	 

    

    
      	
              Section
                3.06

            	
              Due-on-Sale
                Clauses; Assumption Agreements.

            	 

    

    
      	
              Section
                3.07

            	
              Release
                of Mortgage Files.

            	 

    

    
      	
              Section
                3.08

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

            	 

    

    
      	
              Section
                3.09

            	
              Standard
                Hazard Insurance and Flood Insurance Policies.

            	 

    

    
      	
              Section
                3.10

            	
              Presentment
                of Claims and Collection of Proceeds.

            	 

    

    
      	
              Section
                3.11

            	
              Maintenance
                of the Primary Mortgage Insurance Policies.

            	 

    

    
      	
              Section
                3.12

            	
              Trustee
                to Retain Possession of Certain Insurance Policies and
                Documents.

            	 

    

    
      	
              Section
                3.13

            	
              Realization
                Upon Defaulted Mortgage Loans.

            	 

    

    
      	
              Section
                3.14

            	
              Compensation
                for the Master Servicer.

            	 

    

    
      	
              Section
                3.15

            	
              REO
                Property.

            	 

    

    
      	
              Section
                3.16

            	
              Protected
                Accounts.

            	 

    

    
      	
              Section
                3.17

            	
              [Reserved].

            	 

    

    
      	
              Section
                3.18

            	
              [Reserved].

            	 

    

    
      	
              Section
                3.19

            	
              Distribution
                Account.

            	 

    

    
      	
              Section
                3.20

            	
              Permitted
                Withdrawals and Transfers from the Distribution Account.

            	 

    

    
      	
              Section
                3.21

            	
              Annual
                Statement as to Compliance.

            	 

    

    
      	
              Section
                3.22

            	
              Annual
                Assessments of Compliance and Attestation Reports.

            	 

    

    
      	
              Section
                3.23

            	
              Exchange
                Act Reporting.

            	 

    

    
      	
              Section
                3.24

            	
              Intention
                of the Parties and Interpretation.

            	 

    

    
      	
              Section
                3.25

            	
              Reserved.

            	 

    

    
      	
              Section
                3.26

            	
              Optional
                Purchase of Defaulted Mortgage Loans.

            	 

    

    
      	
              Section
                3.27

            	
              [reserved].

            	 

    

     

    ARTICLE
      IV

     

    PAYMENTS
      TO CERTIFICATEHOLDERS

     

    
      	
              Section
                4.01

            	
              Distributions.

            	 

    

    
      	
              Section
                4.02

            	
              Statements
                to Certificateholders.

            	 

    

    
      	
              Section
                4.03

            	
              Remittance
                Reports; Advances by the Master Servicer.

            	 

    

    
      	
              Section
                4.04

            	
              Distributions
                on the REMIC Regular Interests.

            	 

    

    
      	
              Section
                4.05

            	
              Allocation
                of Realized Losses.

            	 

    

    
      	
              Section
                4.06

            	
              Information
                Reports to Be Filed by the Servicer.

            	 

    

    
      	
              Section
                4.07

            	
              Compliance
                with Withholding Requirements.

            	 

    

    
      	
              Section
                4.08

            	
              Net
                WAC Shortfall Carry-Forward Reserve Fund.

            	 

    

    
      	
              Section
                4.09

            	
              Allocation
                of Net Deferred Interest.

            	 

    

     

    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

            	
              Rule
                144A Information.

            	 

    

     

    ARTICLE
      VI

     

    THE
      DEPOSITOR AND THE MASTER SERVICER

     

    
      	
              Section
                6.01

            	
              Liability
                of the Depositor and the Master Servicer.

            	 

    

    
      	
              Section
                6.02

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

            	 

    

    
      	
              Section
                6.03

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

            	 

    

    
      	
              Section
                6.04

            	
              Limitation
                on Resignation of the Master Servicer.

            	 

    

    
      	
              Section
                6.05

            	
              Sale
                and Assignment of Master Servicing.

            	 

    

     

    ARTICLE
      VII

     

    DEFAULT

     

    
      	
              Section
                7.01

            	
              Events
                of Default.

            	 

    

    
      	
              Section
                7.02

            	
              Trustee
                to Act; Appointment of Successor.

            	 

    

    
      	
              Section
                7.03

            	
              Notification
                to Certificateholders.

            	 

    

    
      	
              Section
                7.04

            	
              Waiver
                of Events of Default.

            	 

    

    
      	
              Section
                7.05

            	
              List
                of Certificateholders.

            	 

    

     

    ARTICLE
      VIII

     

    CONCERNING
      THE TRUSTEE AND SECURITIES ADMINISTRATOR

     

    
      	
              Section
                8.01

            	
              Duties
                of Trustee and the Securities Administrator.

            	 

    

    
      	
              Section
                8.02

            	
              Certain
                Matters Affecting the Trustee and the Securities
                Administrator.

            	 

    

    
      	
              Section
                8.03

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

            	 

    

    
      	
              Section
                8.04

            	
              Trustee
                and Securities Administrator May Own Certificates.

            	 

    

    
      	
              Section
                8.05

            	
              Trustee’s
                and Securities Administrator’s Fees.

            	 

    

    
      	
              Section
                8.06

            	
              Eligibility
                Requirements for Trustee and the Securities Administrator.

            	 

    

    
      	
              Section
                8.07

            	
              Resignation
                and Removal of the Trustee and the Securities
                Administrator.

            	 

    

    
      	
              Section
                8.08

            	
              Successor
                Trustee and Successor Securities Administrator.

            	 

    

    
      	
              Section
                8.09

            	
              Merger
                or Consolidation of Trustee or Securities Administrator.

            	 

    

    
      	
              Section
                8.10

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            	 

    

     

    ARTICLE
      IX

     

    TERMINATION

     

    
      	
              Section
                9.01

            	
              Termination
                Upon Repurchase or Liquidation of All Mortgage Loans or upon Purchase
                of
                Certificates.

            	 

    

    
      	
              Section
                9.02

            	
              Termination
                of REMIC 1 and REMIC 2.

            	 

    

    
      	
              Section
                9.03

            	
              Additional
                Termination Requirements.

            	 

    

     

    ARTICLE
      X

     

    REMIC
      PROVISIONS

     

    
      	
              Section
                10.01

            	
              REMIC
                Administration.

            	 

    

    
      	
              Section
                10.02

            	
              Prohibited
                Transactions and Activities.

            	 

    

    
      	
              Section
                10.03

            	
              Master
                Servicer, Securities Administrator 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

            	
              Successors
                and Assigns.

            	 

    

    
      	
              Section
                11.08

            	
              Article
                and Section Headings.

            	 

    

    
      	
              Section
                11.09

            	
              Notice
                to Rating Agencies.

            	 

    

    
      	
              Section
                11.10

            	
              Third
                Party Rights.

            	 

    

    

    

    
      	
              Signatures

            	 
	
              Acknowledgments

            	 

    

     

    
      	
              Exhibit
                A-1

            	
              Form
                of Class A Certificates

            
	
              Exhibit
                A-2

            	
              Form
                of Class M Certificates

            
	
              Exhibit
                B-1

            	
              Form
                of Class B Certificates

            
	
              Exhibit
                B-2

            	
              Form
                of Class X Certificates

            
	
              Exhibit
                B-3

            	
              Form
                of Class R Certificate

            
	
              Exhibit
                C

            	
              Form
                of Custodian Initial Certification

            
	
              Exhibit
                D

            	
              Form
                of Custodian Final Certification

            
	
              Exhibit
                E

            	
              Form
                of Remittance Report

            
	
              Exhibit
                F

            	
              Form
                of Request for Release

            
	
              Exhibit
                G-1

            	
              Form
                of Investor Representation Letter

            
	
              Exhibit
                G-2

            	
              Form
                of Transferor Representation Letter

            
	
              Exhibit
                G-3

            	
              Form
                of Rule 144A Investment Representation

            
	
              Exhibit
                G-4

            	
              Form
                of Transferor Certificate for Transfers of Residual
                Certificates

            
	
              Exhibit
                G-5

            	
              Form
                of Transfer Affidavit and Agreement for Transfers of Residual
                Certificates

            
	
              Exhibit
                H

            	
              Mortgage
                Loan Schedule

            
	
              Exhibit
                I

            	
              Form
                of Lost Note Affidavit

            
	
              Exhibit
                J

            	
              [Reserved]

            
	
              Exhibit
                K

            	
              [Reserved]

            
	
              Exhibit
                L

            	
              Servicing
                Criteria To Be Addressed In Assessment of Compliance

            
	
              Exhibit
                M

            	
              Form
                of Servicing Agreement

            
	
              Exhibit
                N

            	
              Form
                of Mortgage Loan Purchase Agreement

            
	
              Exhibit
                O

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

            
	
              Exhibit
                P

            	
              Form
                of Cap Contract

            
	
              Exhibit
                Q

            	
              [Reserved]

            
	
              Exhibit
                R

            	
              Form
                of Trustee’s Limited Power of Attorney

            
	
              Exhibit
                S

            	
              Form
                of Additional Disclosure
                Notification

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This
      Pooling and Servicing Agreement, dated and effective as of October 1, 2006,
      is
      entered into among American Home Mortgage Assets LLC, as depositor (the
“Depositor”), Wells Fargo Bank, N.A., as master servicer (in such capacity, the
“Master Servicer”) and as securities administrator (in such capacity, the
“Securities Administrator”), and Deutsche Bank National Trust Company, as
      trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT:

     

    The
      Depositor intends to sell pass-through certificates (collectively, the
“Certificates”), to be issued hereunder in multiple Classes, which in the
      aggregate will evidence the entire beneficial ownership interest in the Trust
      Fund created hereunder. The Certificates will consist of twenty Classes of
      Certificates, designated as Class A1-A, Class A1-B, Class A1-C, Class A2-A,
      Class A2-B, 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 X-P, Class R, Class B-1, Class B-2,
      Class
      B-3 and Class B-4 Certificates.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      1

     

    As
      provided herein, the Securities Administrator on behalf of the Trustee will
      make
      an election to treat the segregated pool of assets consisting of the Mortgage
      Loans as a REMIC for federal income tax purposes, and such segregated pool
      of
      assets will be designated as “REMIC 1”. The Class R Certificates will represent
      the sole Class of “residual interests” in REMIC 1 for purposes of the REMIC
      Provisions.

     

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

    

    
      	
              Designation

            	
              Uncertificated
                REMIC 1

              Pass-Through
                Rate

            	 	
              Initial
                Certificate

              Principal
                Balance

            	
              Assumed
                Final

              Maturity
                Date(1)

            
	
              LT-A1-A

            	
              (2)

            	
              $

            	
              603,242,000.00

            	
              December
                25, 2046

            
	
              LT-A1-B

            	
              (2)

            	
              $

            	
              251,350,000.00

            	
              December
                25, 2046

            
	
              LT-A1-C

            	
              (2)

            	
              $

            	
              150,810,000.00

            	
              December
                25, 2046

            
	
              LT-A2-A

            	
              (2)

            	
              $

            	
              117,623,000.00

            	
              December
                25, 2046

            
	
              LT-A2-B

            	
              (2)

            	
              $

            	
              29,406,000.00

            	
              December
                25, 2046

            
	
              LT-M1

            	
              (2)

            	
              $

            	
              23,237,000.00

            	
              December
                25, 2046

            
	
              LT-M2

            	
              (2)

            	
              $

            	
              20,097,000.00

            	
              December
                25, 2046

            
	
              LT-M3

            	
              (2)

            	
              $

            	
              6,908,000.00

            	
              December
                25, 2046

            
	
              LT-M4

            	
              (2)

            	
              $

            	
              8,164,000.00

            	
              December
                25, 2046

            
	
              LT-M5

            	
              (2)

            	
              $

            	
              6,280,000.00

            	
              December
                25, 2046

            
	
              LT-M6

            	
              (2)

            	
              $

            	
              5,024,000.00

            	
              December
                25, 2046

            
	
              LT-M7

            	
              (2)

            	
              $

            	
              3,768,000.00

            	
              December
                25, 2046

            
	
              LT-M8

            	
              (2)

            	
              $

            	
              3,768,000.00

            	
              December
                25, 2046

            
	
              LT-M9

            	
              (2)

            	
              $

            	
              1,884,000.00

            	
              December
                25, 2046

            
	
              LT-B1

            	
              (2)

            	
              $

            	
              7,536,000.00

            	
              December
                25, 2046

            
	
              LT-B2

            	
              (2)

            	
              $

            	
              1,884,000.00

            	
              December
                25, 2046

            
	
              LT-B3

            	
              (2)

            	
              $

            	
              8,792,000.00

            	
              December
                25, 2046

            
	
              LT-B4

            	
              (2)

            	
              $

            	
              6,282,265.00

            	
              December
                25, 2046

            
	
              LT-R

            	
              (2)

            	
              $

            	
              50.00

            	
              December
                25, 2046

            

    

    _________________ 

    
      	
              (1)

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

            

    

    
      	
              (2)

            	
              Calculated
                in accordance with the definition of “Uncertificated REMIC 1 Pass-Through
                Rate” herein.

            

    

     

    

     

    REMIC
      2

     

    As
      provided herein, the Securities Administrator on behalf of the Trustee will
      make
      an election to treat the segregated pool of assets consisting of the REMIC
      1
      Regular Interests as a REMIC for federal income tax purposes, and such
      segregated pool of assets will be designated as “REMIC 2”. The Class R
      Certificates will represent the sole Class of “residual interests” in REMIC 2
      for purposes of the REMIC Provisions.

     

    The
      following table irrevocably sets forth the Class designation, Pass-Through
      Rate
      and Initial Certificate Principal Balance for each Class of Certificates that
      represents ownership of one or more of the “regular interests” in REMIC 2
      created hereunder. 

    
      	
              Class
                Designation

            	
              Initial
                Certificate Principal
                Balance 

            	
              Pass-Through
                Rate 

            	 

              Assumed
                Final 

              Maturity
                Date(1)

            
	
              Class
                A1-A

            	
              $603,242,000.00

            	
              Adjustable(2)

            	
              December
                25, 2046

            
	
              Class
                A1-B

            	
              $251,350,000.00

            	
              Adjustable(2)

            	
              December
                25, 2046

            
	
              Class
                A1-C

            	
              $150,810,000.00

            	
              Adjustable(2)

            	
              December
                25, 2046

            
	
              Class
                A2-A

            	
              $117,623,000.00

            	
              Adjustable(2)

            	
              December
                25, 2046

            
	
              Class
                A2-B

            	
              $ 
                29,406,000.00

            	
              Adjustable(2)

            	
              December
                25, 2046

            
	
              Class
                X-P

            	
              N/A(4)

            	
              Variable(3)

            	
              December
                25, 2046

            
	
              Class
                M-1

            	
              $ 
                23,237,000.00

            	
              Adjustable(2)

            	
              December
                25, 2046

            
	
              Class
                M-2

            	
              $ 
                20,097,000.00

            	
              Adjustable(2)

            	
              December
                25, 2046

            
	
              Class
                M-3

            	
              $   
                6,908,000.00

            	
              Adjustable(2)

            	
              December
                25, 2046

            
	
              Class
                M-4

            	
              $   
                8,164,000.00

            	
              Adjustable(2)

            	
              December
                25, 2046

            
	
              Class
                M-5

            	
              $   
                6,280,000.00

            	
              Adjustable(2)

            	
              December
                25, 2046

            
	
              Class
                M-6

            	
              $   
                5,024,000.00

            	
              Adjustable(2)

            	
              December
                25, 2046

            
	
              Class
                M-7

            	
              $   
                3,768,000.00

            	
              Adjustable(2)

            	
              December
                25, 2046

            
	
              Class
                M-8

            	
              $   
                3,768,000.00

            	
              Adjustable(2)

            	
              December
                25, 2046

            
	
              Class
                M-9

            	
              $   
                1,884,000.00

            	
              Adjustable(2)

            	
              December
                25, 2046

            
	
              Class
                B-1

            	
              $   
                7,536,000.00

            	
              Adjustable(2)

            	
              December
                25, 2046

            
	
              Class
                B-2

            	
              $   
                1,884,000.00

            	
              Adjustable(2)

            	
              December
                25, 2046

            
	
              Class
                B-3

            	
              $   
                8,792,000.00

            	
              Adjustable(2)

            	
              December
                25, 2046

            
	
              Class
                B-4

            	
              $   
                6,282,265.00

            	
              Adjustable(2)

            	
              December
                25, 2046

            

    

    
    

    ______________ 

    
      	
              (1)

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

            

    

    
      	
              (2)

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

            

    

    
      	
              (3)

            	
              The
                Class X-P Certificates will accrue interest at their variable Pass-Through
                Rate on the Notional Amount of the Class X-IO-A Component and Class
                X-IO-B
                Component outstanding from time to time. For any Distribution Date
                the
                Notional Amount of the X-IO-A Component will equal the aggregate
                of the
                Certificate Principal Balances of the Class A Certificates and the
                Component Principal Balance of the X-PO-A Component as of the first
                day of
                the related accrual period. For any Distribution Date, the Pass-Through
                Rate for the X-IO-A Component will equal the excess, if any, of (i)
                the
                weighted average of the net mortgage rates for the Mortgage Loans
                as of
                the first day of the related Due Period over (ii) the quotient of
                (a) the
                product of (I) 12 multiplied by (II) the aggregate amount of interest
                accrued on the Class A Certificates for the related accrual period
                divided
                by (b) the Notional Amount of the X-IO-A Component for such Distribution
                Date. For any Distribution Date the notional amount of the X-IO-B
                Component will equal the aggregate of the Certificate Principal Balances
                of the Class M Certificates, the Class B Certificates, and the Component
                Principal Balance of the X-PO-B Component as of the first day of
                the
                related Accrual Period. For any Distribution Date, the Pass-Through
                Rate
                for the X-IO-B Component will equal the excess, if any, of (i) the
                weighted average of the net mortgage rates for the Mortgage Loans
                as of
                the first day of the related Due Period over (ii) the quotient of
                (a) the
                product of (I) 12 multiplied by (II) the aggregate amount of interest
                accrued on the Class M and Class B Certificates for the related Accrual
                Period divided by (b) the notional amount of the X-IO-B Component
                for such
                Distribution Date. For federal income tax purposes, the Class X-P
                Certificates will accrue interest on a notional amount equal to the
                Uncertificated Principal Balance of each REMIC I Regular Interest
                (other
                than REMIC I Regular Interest LT-R)

            

    

    (4) The
      Class
      X-P Certificates will consist of two interest-only components, the X-IO-A
      Component and the X-IO-B Component and two principal-only components, the X-PO-A
      Component and the X-PO-B Component. The Component Principal Balance of each
      of
      the X-PO-A and X-PO-B Components will initially equal zero. The Component
      Principal Balance of the X-PO-A Component will increase on any Distribution
      Date
      by the amount of net deferred interest allocated to the X-IO-A Component and
      the
      Component Principal Balance of the X-PO-B Component will increase on any
      Distribution Date by the amount of Net Deferred Interest allocated to the X-IO-B
      Component.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01  Defined
      Terms.

    

      Whenever
        used in this Agreement, the following words and phrases, unless the context
        otherwise requires, shall have the meanings specified in this Article.
Unless
        otherwise specified, all calculations in respect of interest on each Class
        of
        Class M Certificates and Class B Certificates and each Component of the Class
        A
        Certificates shall be made on the basis of a 360-day year consisting of the
        actual number of days in the related Accrual Period. All calculations of
        interest with regard to each Component of the Class X-P Certificates shall
        be on
        the basis of a 360-day year consisting of twelve 30-days months.

       

      “Accepted
        Master Servicing Practices”: With respect to any Mortgage Loan, as applicable,
        either (x) those customary mortgage master servicing practices of prudent
        mortgage master 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 this Agreement, to the extent applicable to the Master Servicer,
        but
        in no event below the standard set forth in clause (x).

       

      “Accrual
        Period”: With respect to any Distribution Date and each Class of Class A, Class
        M and Class B Certificates, the period commencing on the prior Distribution
        Date
        (or in the case of the first Distribution Date, the Closing Date) and ending
        on
        the day immediately preceding that Distribution Date. With respect to the
        Class
        R Certificates and each Component of the Class X-P Certificates, the prior
        calendar month.

       

      “Accrued
        Certificate Interest”: For any Distribution Date and each Class of Class A,
        Class M and Class B Certificates and the Class X-IO-A Component and the Class
        X-IO-B Component, interest accrued during the related Accrual Period at the
        then-applicable Pass-Through Rate on the related Certificate Principal Balance
        or Notional Amount thereof immediately prior to such Distribution Date, plus
        any
        Accrued Certificate Interest remaining unpaid from any prior Distribution
        Date
        with interest thereon at the related Pass-Through Rate. Accrued Certificate
        Interest for each Class of Class A, Class M Certificates and Class B
        Certificates shall be calculated on the basis of the number of days in the
        related Accrual Period and a 360-day year. Accrued Certificate Interest for
        the
        Class R Certificates and each Component of the Class X-P Certificates shall
        be
        calculated on the basis of a 360-day year consisting of twelve 30-day months.
        On
        each Distribution Date, Accrued Certificate Interest will be reduced by the
        following, which will be allocated to the related Certificates and Components
        on
        a pro rata basis, based on the amount of Accrued Certificate Interest that
        would
        have been payable from the Mortgage Loans absent these reductions: (a)
        Prepayment Interest Shortfalls on the Mortgage Loans, to the extent not covered
        by Compensating Interest paid by the Servicer or the Master Servicer, (b)
        interest shortfalls on the Mortgage Loans resulting from the application
        of the
        Relief Act or similar state law, (c) the interest portion of Realized Losses
        not
        allocated through subordination, and (d) the interest portion of any Advances
        that were made with respect to delinquencies on Mortgage Loans that were
        ultimately determined to be Excess Losses. In addition, Accrued Certificate
        Interest for any Class of Certificates will be reduced by (i) any Net Deferred
        Interest allocated thereto, (ii) any Realized Losses allocated thereto and
        (iii)
        in the case of any Class X-P Certificates only, after giving effect to any
        reduction in respect of any Net Deferred Interest allocated to the X-IO
        Component of such Class on such Distribution Date, any Net WAC Shortfall
        Carry-Forward Amounts allocated thereto.

       

      “Additional
        Disclosure Notification”: As defined in Section 3.23 hereof.

       

      “Additional
        Form 10-D Disclosure”: As defined in Section 3.23 hereof.

       

      “Additional
        Form 10-K Disclosure”: As defined in Section 4.23 hereof

       

      “Adjustable
        Rate Mortgage Loans”: The Mortgage Loans identified in the Mortgage Loan
        Schedule as having a Mortgage Rate which is adjustable at any point during
        the
        life of the related Mortgage, including any Mortgage Loans delivered in
        replacement thereof.

       

      “Adjusted
        Rate Cap”: With
        respect to any Distribution Date and any Class of Class A, Class M or Class
        B
        Certificates, the Adjusted Rate Cap will equal the Net WAC Rate for such
        Distribution Date, computed for this purpose by first reducing the Net WAC
        for
        such Distribution Date by a per annum rate equal to the quotient of (i) the
        product of (a) the Net Deferred Interest for such Distribution Date multiplied
        by (b) 12, divided by (ii) the aggregate of the Stated Principal Balances
        of the
        Mortgage Loans as of the first day of the related Due Period. 

       

      With
        respect to any Distribution Date and the X-IO-A Component, the Adjusted Rate
        Cap
        will equal the Pass-Through Rate for such Distribution Date, computed for
        this
        purposes by (i) reducing the Net WAC for such Distribution Date by a per
        annum
        rate equal to the quotient of (a) the product of (I) the Net Deferred Interest
        for such Distribution Date multiplied by (II) 12, divided by (b) the aggregate
        of the Stated Principal Balances of the Mortgage Loans as of the first day
        of
        the related Due Period, and (ii) computing the amount of interest accrued
        on
        each of the Class A Certificates for the related Accrual Period by substituting
        Adjusted Rate Cap for Net WAC Rate in the definition of Pass-Through Rate
        for
        each such Class.

       

      With
        respect to Distribution Date and the X-IO-B Component, the Adjusted Rate
        Cap
        will equal the Pass-Through Rate for such Distribution Date, computed for
        this
        purposes by (i) reducing the Net WAC for such Distribution Date by a per
        annum
        rate equal to the quotient of (a) the product of (I) the Net Deferred Interest
        for such Distribution Date multiplied by (II) 12, divided by (b) the aggregate
        of the Stated Principal Balances of the Mortgage Loans as of the first day
        of
        the related Due Period, and (ii) computing the amount of interest accrued
        on
        each of the Class M Certificates and Class B Certificates for the related
        Accrual Period by substituting Adjusted Rate Cap for Net WAC Rate in the
        definition of Pass-Through Rate for each such Class.

       

      “Advance”:
        As to any Mortgage Loan, any advance made by the Servicer or the Master Servicer
        on any Distribution Date pursuant to Section 4.03.

       

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

       

      “Aggregate
        Stated Principal Balance”: As of any date of determination, the Aggregate Stated
        Principal Balance of the Mortgage Loans.

       

      “Aggregate
        Subordinate Percentage”: For any Distribution Date, the percentage equivalent of
        a fraction, the numerator of which is the aggregate Certificate Principal
        Balance of the Class M Certificates and Class B Certificates immediately
        prior
        to such Distribution Date and the denominator of which is the Aggregate Stated
        Principal Balance of the Mortgage Loans as of the beginning of the related
        Due
        Period. The initial Aggregate Subordinate Percentage will be equal to
        8.25%.

       

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

       

      “Allocable
        Share”: With respect to any Class of Class M Certificates and Class B
        Certificates on any Distribution Date will generally equal such Class’s pro rata
        share (based on the Certificate Principal Balance of each Class entitled
        thereto) of the sum of each of the components of the definition of Subordinate
        Optimal Principal Amount; provided, that except as described in the succeeding
        sentence, no Class of Class of Class M Certificates and Class B Certificates
        (other than the most senior Class of Class B Certificates outstanding, or
        if the
        aggregate Certificate Principal Balance of the Class B Certificates has been
        reduced to zero, the most senior Class of Class M Certificates outstanding)
        shall be entitled on any Distribution Date to receive distributions pursuant
        to
        clauses (2) and (4) of the definition of Subordinate Optimal Principal Amount
        unless the Class Prepayment Distribution Trigger for the related Class is
        satisfied for such Distribution Date. If on any Distribution Date the
        Certificate Principal Balance of any Class of Class M Certificates and Class
        B
        Certificates for which the related Class Prepayment Distribution Trigger
        was
        satisfied on such Distribution Date is reduced to zero, any amounts
        distributable to such Class pursuant to clauses (2) and (4) of the definition
        of
        Subordinate Optimal Principal Amount, to the extent of such Class’s remaining
        Allocable Share, shall be distributed to the remaining Classes of Class M
        Certificates and Class B Certificates in reduction of their respective
        Certificate Principal Balances, sequentially, in the order of their numerical
        Class designations.

       

      “Annual
        Statement of Compliance”: As defined in Section 3.21 hereof.

       

      “Assessment
        of Compliance”: As defined in Section 3.22 hereof.

       

      “Assignment”:
        An assignment
        of Mortgage, notice of transfer or equivalent instrument, in recordable form,
        which is sufficient under the laws of the jurisdiction wherein the related
        Mortgaged Property is located to reflect a record the sale of the
        Mortgage.

       

      “Assumed
        Final Maturity Date”: The Distribution Date in December 25, 2046.

       

      “Available
        Funds”: For any Distribution Date, an amount equal to the amount received by the
        Securities Administrator and available in the Distribution Account on that
        Distribution Date in respect of the Mortgage Loans. The Available Funds
        generally includes: (1) all previously undistributed payments on account
        of
        principal (including the principal portion of Monthly Payments, Principal
        Prepayments (excluding Prepayment Charges) and the principal amount of Net
        Liquidation Proceeds) and all previously undistributed payments on account
        of
        interest received after the Cut-Off Date and on or prior to the related
        Determination Date from the Mortgage Loans and (2) any Monthly Advances and
        Compensating Interest Payments on the Mortgage Loans made by the Servicer
        or the
        Master Servicer, as applicable, for such Distribution Date, (3) any amount
        paid
        in connection with an optional termination, up to the amount of the par value
        for the Mortgage Loans, (4) any amounts reimbursed by the Servicer or the
        Securities Administrator in connection with losses on certain eligible
        investments in the Protected Account or Distribution Account, as applicable,
        related to the Mortgage Loans, (5) on the initial Distribution Date, amounts
        from the Closing Date Deposit Account needed to cover shortfalls of Accrued
        Certificate Interest on the Certificates, and is net of (6) fees payable
        to, and
        other amounts reimbursable to, the Trustee, the Custodian, the Master Servicer,
        the Servicer, the Modified Pool Insurer and the Securities Administrator
        and
        other amounts as provided in this Agreement allocable to the Mortgage Loans.
        

       

      “Bankruptcy
        Code”: The Bankruptcy Code of 1978, as amended.

       

      “Bankruptcy
        Loss”: Any loss
        resulting from a bankruptcy court, in connection with a personal bankruptcy
        of a
        mortgagor, (1) establishing the value of a mortgaged property at an amount
        less
        than the Outstanding Principal Balance of the mortgage loan secured by such
        mortgaged property or (2) reducing the amount of the Monthly Payment on the
        related Mortgage Loan.

       

      “Bankruptcy
        Loss Coverage Amount”: The aggregate amount of Bankruptcy Losses that are
        allocated solely to the Class
        M
        Certificates and Class B Certificates,
        initially, $433,000. The Bankruptcy Loss Coverage Amount will be reduced,
        from
        time to time, by the amount of Bankruptcy Losses allocated to the Class M
        Certificates and Class B Certificates.

       

      “Book-Entry
        Certificate”: Any Certificate registered in the name of the Depository or its
        nominee.

       

      “Business
        Day”: Any day other than (i) a Saturday or a Sunday, or (ii) a day on which the
        New York Stock Exchange or Federal Reserve is closed or on which banking
        institutions in the jurisdiction in which the Master Servicer, the Servicer,
        any
        Subservicer or the Corporate Trust Office of the Securities Administrator
        or the
        Trustee, respectively, is located are authorized or obligated by law or
        executive order to be closed.

       

      “Cash
        Liquidation”: As to any defaulted Mortgage Loan other than a Mortgage Loan as to
        which an REO Acquisition occurred, a determination by the Servicer that it
        has
        received all Insurance Proceeds, Liquidation Proceeds and other payments
        or cash
        recoveries which the Servicer reasonably and in good faith expects to be
        finally
        recoverable with respect to such Mortgage Loan.

       

      “Certificate”:
        Any Class A1-A, Class A1-B, Class A1-C, Class A2-A, Class A2-B, 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 X-P, Class R, Class B-1, Class B-2, Class B-3 or Class B-4
        Certificate.

       

      “Certificateholder”
        or “Holder”: The Person in whose name a Certificate is registered in the
        Certificate Register, except that only a Permitted Transferee shall 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 or the Master Servicer or any affiliate thereof
        shall
        be deemed not to be outstanding and the Voting Rights to which such Certificate
        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 10.01. The Trustee and
        the
        Securities Administrator shall be entitled to rely upon a certification of
        the
        Depositor or the Master Servicer in determining if any Certificates are
        registered in the name of the respective affiliate. All references herein
        to
“Holders” or “Certificateholders” shall reflect the rights of Certificate Owners
        as they may indirectly exercise such rights through the Depository and
        participating members thereof, except as otherwise specified herein;
provided,
        however,
        that
        the Trustee and the Securities Administrator shall be required to recognize
        as a
“Holder” or “Certificateholder” only the Person in whose name a Certificate is
        registered in the Certificate Register.

       

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

       

      “Certificate
        Principal Balance”: With respect to any Class A, Class M or Class B Certificate,
        as of any date of determination, an amount equal to the initial Certificate
        Principal Balance of that Certificate, reduced by the aggregate of (a) all
        amounts allocable to principal previously distributed with respect to that
        Certificate and (b) any reductions in the Certificate Principal Balance of
        that
        Certificate deemed to have occurred in connection with allocations of Realized
        Losses for that series, and increased by the amount of Net Deferred Interest
        allocated to such Class of Certificates; provided, however, that after the
        Certificate Principal Balance of any Certificate of the Class of Class A,
        Class
        M or Class B Certificates outstanding with the highest payment priority to
        which
        Realized Losses, other than Excess Special Hazard Losses, Excess Bankruptcy
        Losses, Excess Fraud Losses and Extraordinary Losses on the Mortgage Loans,
        have
        been allocated shall be increased by the percentage interest evidenced thereby
        multiplied by the amount of any Subsequent Recoveries not previously allocated,
        but not by more than the amount of Realized Losses previously allocated to
        reduce the Certificate Principal Balance of that Certificate, and the
        Certificate Principal Balance of the Class of Certificates, with a Certificate
        Principal Balance greater than zero with the lowest payment priority shall
        be
        further reduced by an amount equal to the percentage interest evidenced thereby
        multiplied by the excess, if any, of (i) the then-aggregate Certificate
        Principal Balance of all Classes of Certificates of that series then outstanding
        over (ii) the then-Aggregate Stated Principal Balance of all of the Mortgage
        Loans. The Class X-IO-A Component and the Class X-IO-B Component are
        interest-only components that will not have a Certificate Principal Balance
        but
        will accrue interest on their respective Notional Amounts. The Component
        Principal Balance of the X-PO-A Component will initially equal zero and will
        increase depending on the amount of Net Deferred Interest on the Mortgage
        Loans
        that is allocated to the Class X-IO-A Component, and will be reduced by all
        amounts actually distributed as principal of such Component and all Realized
        Losses applied in reduction of principal of such Component on all prior
        Distribution Dates. The Component Principal Balance of the X-PO-B Component
        will
        initially equal zero and will increase depending on the amount of Net Deferred
        Interest on the Mortgage Loans that is allocated to the Class X-IO-B Component,
        and will be reduced by all amounts actually distributed as principal of such
        Component and all Realized Losses applied in reduction of principal of such
        Component on all prior Distribution Dates. The Certificate Principal Balance,
        if
        any, of the Class X-P Certificates will equal the Component Principal Balance
        of
        the X-PO-A Component and X-PO-B Component. The Holders of the Class X-P
        Certificates will be entitled to receive principal and interest distributions
        on
        any Distribution Date to the extent of the amount of principal and interest
        distributed with respect to its Components on such Distribution
        Date.

       

      “Certificate
        Register”: The register maintained pursuant to Section 4.12.

       

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

       

      “Class
        A
        Certificates”: The Class A1-A, Class A1-B, Class A1-C, Class A2-A and Class A2-B
        Certificates.

       

      “Class
        A1
        Certificates”: The Class A1-A, Class A1-B and Class A1-C
        Certificates.

       

      “Class
        A1-A Certificates”: Any one of the Class A1-A Certificates as designated on the
        face thereof substantially in the form annexed hereto as Exhibit A-1, executed
        by the Securities Administrator and authenticated and delivered by the
        Securities Administrator, representing the right to distributions as set
        forth
        herein and therein and evidencing a REMIC Regular Interest in REMIC
        2.

       

      “Class
        A1-B Certificates”: Any one of the Class A1-B Certificates as designated on the
        face thereof substantially in the form annexed hereto as Exhibit A-1, executed
        by the Securities Administrator and authenticated and delivered by the
        Securities Administrator, representing the right to distributions as set
        forth
        herein and therein and evidencing a REMIC Regular Interest in REMIC
        2.

       

      “Class
        A1-C Certificates”: Any one of the Class A1-C Certificates as designated on the
        face thereof substantially in the form annexed hereto as Exhibit A-1, executed
        by the Securities Administrator and authenticated and delivered by the
        Securities Administrator, representing the right to distributions as set
        forth
        herein and therein and evidencing a REMIC Regular Interest in REMIC
        2.

       

      “Class
        A2-A Certificates”: Any one of the Class A2-A Certificates as designated on the
        face thereof substantially in the form annexed hereto as Exhibit A-1, executed
        by the Securities Administrator and authenticated and delivered by the
        Securities Administrator, representing the right to distributions as set
        forth
        herein and therein and evidencing a REMIC Regular Interest in REMIC
        2.

       

      “Class
        A2
        Certificates”: The Class A2-A Certificates and Class A2-B
        Certificates.

       

      “Class
        A2-A Certificates”: Any one of the Class A2-A Certificates as designated on the
        face thereof substantially in the form annexed hereto as Exhibit A-1, executed
        by the Securities Administrator and authenticated and delivered by the
        Securities Administrator, representing the right to distributions as set
        forth
        herein and therein and evidencing a REMIC Regular Interest in REMIC
        2.

       

      “Class
        A2-B Certificates”: Any one of the Class A2-B Certificates as designated on the
        face thereof substantially in the form annexed hereto as Exhibit A-1, executed
        by the Securities Administrator and authenticated and delivered by the
        Securities Administrator representing the right to distributions as set forth
        herein and therein and evidencing a REMIC Regular Interest in REMIC
        2.

       

      “Class
        B
        Certificates”: The
        Class
        B-1, Class B-2, Class B-3 and Class B-4 Certificates.

       

      “Class
        B-1 Certificates”: Any one of the Class B-1 Certificates as designated on the
        face thereof substantially in the form annexed hereto as Exhibit B-1, executed
        by the Securities Administrator and authenticated and delivered by the
        Securities Administrator, representing the right to distributions as set
        forth
        herein and therein and evidencing a REMIC Regular Interest in REMIC
        2.

       

      “Class
        B-2 Certificates”: Any one of the Class B-2 Certificates as designated on the
        face thereof substantially in the form annexed hereto as Exhibit B-1, executed
        by the Securities Administrator and authenticated and delivered by the
        Securities Administrator, representing the right to distributions as set
        forth
        herein and therein and evidencing a REMIC Regular Interest in REMIC
        2.

       

      “Class
        B-3 Certificates”: Any one of the Class B-3 Certificates as designated on the
        face thereof substantially in the form annexed hereto as Exhibit B-1, executed
        by the Securities Administrator and authenticated and delivered by the
        Securities Administrator, representing the right to distributions as set
        forth
        herein and therein and evidencing a REMIC Regular Interest in REMIC
        2.

       

      “Class
        B-4 Certificates”: Any one of the Class B-4 Certificates as designated on the
        face thereof substantially in the form annexed hereto as Exhibit B-1, executed
        by the Securities Administrator and authenticated and delivered by the
        Securities Administrator, representing the right to distributions as set
        forth
        herein and therein and evidencing a REMIC Regular Interest in REMIC
        2.

       

      “Class
        M
        Certificates”: 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
        and Class M-9 Certificates.

       

      “Class
        M-1 Certificates”: Any one of the Class M-1 Certificates as designated on the
        face thereof substantially in the form annexed hereto as Exhibit A-2, executed
        by the Securities Administrator and authenticated and delivered by the
        Securities Administrator representing the right to distributions as set forth
        herein and therein and evidencing a REMIC Regular Interest in REMIC
        2.

       

      “Class
        M-2 Certificates”: Any one of the Class M-2 Certificates as designated on the
        face thereof substantially in the form annexed hereto as Exhibit A-2, executed
        by the Securities Administrator and authenticated and delivered by the
        Securities Administrator, representing the right to distributions as set
        forth
        herein and therein and evidencing a REMIC Regular Interest in REMIC
        2.

       

      “Class
        M-3 Certificates”: Any one of the Class M-3 Certificates as designated on the
        face thereof substantially in the form annexed hereto as Exhibit A-2, executed
        by the Securities Administrator and authenticated and delivered by the
        Securities Administrator, representing the right to distributions as set
        forth
        herein and therein and evidencing a REMIC Regular Interest in REMIC
        2.

       

      “Class
        M-4 Certificates”: Any one of the Class M-4 Certificates as designated on the
        face thereof substantially in the form annexed hereto as Exhibit A-2, executed
        by the Securities Administrator and authenticated and delivered by the
        Securities Administrator, representing the right to distributions as set
        forth
        herein and therein and evidencing a REMIC Regular Interest in REMIC
        2.

       

      “Class
        M-5 Certificates”: Any one of the Class M-5 Certificates as designated on the
        face thereof substantially in the form annexed hereto as Exhibit A-2, executed
        by the Securities Administrator and authenticated and delivered by the
        Securities Administrator, representing the right to distributions as set
        forth
        herein and therein and evidencing a REMIC Regular Interest in REMIC
        2.

       

      “Class
        M-6 Certificates”: Any one of the Class M-6 Certificates as designated on the
        face thereof substantially in the form annexed hereto as Exhibit A-2, executed
        by the Securities Administrator and authenticated and delivered by the
        Securities Administrator, representing the right to distributions as set
        forth
        herein and therein and evidencing a REMIC Regular Interest in REMIC
        2.

       

      “Class
        M-7 Certificates”: Any one of the Class M-7 Certificates as designated on the
        face thereof substantially in the form annexed hereto as Exhibit A-2, executed
        by the Securities Administrator and authenticated and delivered by the
        Securities Administrator, representing the right to distributions as set
        forth
        herein and therein and evidencing a REMIC Regular Interest in REMIC
        2.

       

      “Class
        M-8 Certificates”: Any one of the Class M-8 Certificates as designated on the
        face thereof substantially in the form annexed hereto as Exhibit A-2, executed
        by the Securities Administrator and authenticated and delivered by the
        Securities Administrator, representing the right to distributions as set
        forth
        herein and therein and evidencing a REMIC Regular Interest in REMIC
        2.

       

      “Class
        M-9 Certificates”: Any one of the Class M-9 Certificates as designated on the
        face thereof substantially in the form annexed hereto as Exhibit A-2, executed
        by the Securities Administrator and authenticated and delivered by the
        Securities Administrator, representing the right to distributions as set
        forth
        herein and therein and evidencing a REMIC Regular Interest in REMIC
        2.

       

      “Class
        R
        Certificate”: Any one of the Class R Certificates as designated on the face
        thereof substantially in the form annexed hereto as Exhibit B-3, executed
        by the
        Securities Administrator and authenticated and delivered by the Securities
        Administrator, evidencing the Residual Interests in REMIC 1 and .REMIC
        2.

       

      “Class
        X-P Certificate”: Any one of the Class X-P Certificates as designated on the
        face thereof substantially in the form annexed hereto as Exhibit B-2, executed
        by the Securities Administrator and authenticated and delivered by the
        Securities Administrator, representing the right to distributions as set
        forth
        herein and therein and evidencing a REMIC Regular Interest in REMIC
        2.

       

      “Class
        Prepayment Distribution Trigger”: With respect to any Class of Class M
        Certificates and Class B Certificates and any Distribution Date, the Class
        Prepayment Distribution Trigger is satisfied if the fraction (expressed as
        a
        percentage), the numerator of which is the aggregate Certificate Principal
        Balance of such Class and each Class of Class M Certificates and Class B
        Certificates subordinate thereto, if any, and the denominator of which is
        the
        Stated Principal Balance of all the Mortgage Loans as of the related Due
        Date,
        equals or exceeds such percentage calculated as of the Closing Date.

       

      “Closing
        Date”: October 30, 2006.

       

      “Closing
        Date Deposit Account”: The account established and maintained by the Securities
        Administrator on behalf of the Trustee and for the benefit of the
        Certificateholders, pursuant to Section 4.10 hereof. The Closing Date Deposit
        Account shall be an Eligible Account and shall not be an asset of any
        REMIC.

       

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

       

      “Collateral
        Value”: The appraised value of a Mortgaged Property based upon the lesser of (i)
        the appraisal made at the time of the origination of the related Mortgage
        Loan,
        or (ii) the sales price of such Mortgaged Property at such time of origination.
        With respect to a Mortgage Loan the proceeds of which were used to refinance
        an
        existing mortgage loan, the appraised value of the Mortgaged Property based
        upon
        the appraisal obtained at the time of refinancing.

       

      “Commission”:
        The Securities and Exchange Commission.

       

      “Compensating
        Interest”: With respect to any Distribution Date, an amount equal to Prepayment
        Interest Shortfalls resulting from Principal Prepayments during the related
        Prepayment Period, but not more than the Servicing Fees for the immediately
        preceding Due Period.

       

      “Component”:
        The
        X-IO-A, X-IO-B, X-PO-A and X-PO-B Components.

       

      “Component
        Principal Balance”: With respect to the X-PO-A Component or X-PO-B Component, as
        of any Distribution Date, an amount equal to the initial Component Principal
        Balance of that Component, reduced by the aggregate of (a) all amounts allocable
        to principal previously distributed with respect to that Component and (b)
        any
        reductions in the Component Principal Balance of that Component deemed to
        have
        occurred in connection with allocations of Realized Losses for that series,
        and
        increased by the amount of Net Deferred Interest allocated to such Component
        (including any Net Deferred Interest allocated to the related X-IO Component).
        The initial Component Principal Balance of each of the X-PO-A Component and
        the
        X-PO-B Component is zero.

       

      “Cooperative”:
        A corporation that has been formed for the purpose of cooperative apartment
        ownership.

       

      “Cooperative
        Assets”: Shares issued by Cooperatives, the related Cooperative Lease and any
        other collateral securing the Cooperative Loans.

       

      “Cooperative
        Building”: The building and other property owned by a Cooperative.

       

      “Cooperative
        Lease”: With respect to a Cooperative Loan, the proprietary lease or occupancy
        agreement with respect to the Cooperative Apartment occupied by the Mortgagor
        and relating to the related Cooperative Assets, which lease or agreement
        confers
        an exclusive right to the holder of such Cooperative Assets to occupy such
        apartment.

       

      “Cooperative
        Loan”: The indebtedness of a Mortgagor evidenced by a Mortgage Note which is
        secured by Cooperative Assets and which is being sold to the Depositor pursuant
        to this Agreement, the Mortgage Loans so sold being identified in the Mortgage
        Loan Schedule.

       

      “Cooperative
        Unit”: A specific dwelling unit in a Cooperative Building as to which exclusive
        occupancy rights have been granted pursuant to a Lease. 

       

      “Corporate
        Trust Office”: With respect to the Trustee, the principal corporate trust office
        of the Trustee at which at any particular time its corporate trust business
        related to this Agreement shall be administered, which office at the date
        of the
        execution of this Agreement is located at 1761 East St. Andrew Place, Santa
        Ana,
        California 92705, Attention: Trust Administration - AH06A6, and with respect
        to
        the Securities Administrator, for Certificate transfer purposes, Wells Fargo
        Center, Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479,
        Attn:
        Corporate Trust Services - AHMA 2006-6, and for all other purposes, 9062
        Old
        Annapolis Road, Columbia, Maryland, 21045, Attn: Corporate Trust Services
        -
        American Home 2006-6.

       

      “Corresponding
        Certificate”: With respect to:

       

      
        
          	
                  REMIC
                    1 Regular Interest

                	
                  Certificate

                
	
                  LT-A1-A

                	
                  Class
                    A1-A

                
	
                  LT-A1-B

                	
                  Class
                    A1-B

                
	
                  LT-A1-C

                	
                  Class
                    A1-C

                
	
                  LT-A2-A

                	
                  Class
                    A2-A

                
	
                  LT-A2-B

                	
                  Class
                    A2-B

                
	
                  LT-M1

                	
                  Class
                    M-1

                
	
                  LT-M2

                	
                  Class
                    M-2

                
	
                  LT-M3

                	
                  Class
                    M-3

                
	
                  LT-M4

                	
                  Class
                    M-4

                
	
                  LT-M5

                	
                  Class
                    M-5

                
	
                  LT-M6

                	
                  Class
                    M-6

                
	
                  LT-M7

                	
                  Class
                    M-7

                
	
                  LT-M8

                	
                  Class
                    M-8

                
	
                  LT-M9

                	
                  Class
                    M-9

                
	
                  LT-B1

                	
                  Class
                    B-1

                
	
                  LT-B2

                	
                  Class
                    B-2

                
	
                  LT-B3

                	
                  Class
                    B-3

                
	
                  LT-B4

                	
                  Class
                    B-4

                
	
                  LT-R

                	
                  Class
                    R

                

        

      

       

      “Current
        Report”: The Current Report pursuant to Section 13 or 15(d) of the Exchange
        Act.

       

      “Curtailment”:
        Any Principal Prepayment made by a Mortgagor which is not a Principal Prepayment
        in Full.

       

      “Custodian”:
        Deutsche Bank National Trust Company, or any successor custodian appointed
        pursuant to the provisions hereof.

       

      “Cut-off
        Date”: With respect to the Mortgage Loans, October 1, 2006.

       

      “Cut-off
        Date Balance”: The Aggregate Stated Principal Balance of the Mortgage Loans as
        of the Cut-off Date.

       

      “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
        constituting a Deficient Valuation or any reduction that results in a permanent
        forgiveness of principal.

       

      “Deferred
        Interest”: The amount of interest which is deferred and added to the Stated
        Principal Balance of a Mortgage Loan due to the negative amortization feature
        of
        such Mortgage Loan.

       

      “Deficient
        Valuation”: With respect to any Mortgage Loan, a valuation by a court of
        competent jurisdiction of the Mortgaged Property in an amount less than the
        then
        outstanding indebtedness under the Mortgage Loan, or any reduction in the
        amount
        of principal to be paid in connection with any scheduled Monthly Payment
        that
        constitutes a permanent forgiveness of principal, which valuation or reduction
        results from a proceeding under the Bankruptcy Code.

       

      “Definitive
        Certificate”: Any definitive, fully registered Certificate.

       

      “Deleted
        Mortgage Loan”: A Mortgage Loan replaced or to be replaced with an Eligible
        Substitute Mortgage Loan.

       

      “Delinquent”:
        A mortgage loan is considered to be: “30 to 59 days” or “30 or more days”
delinquent when a payment due on any scheduled due date remains unpaid as
        of the
        close of business on the next following monthly scheduled due date; “60 to 89
        days” or “60 or more days” delinquent when a payment due on any scheduled due
        date remains unpaid as of the close of business on the second following monthly
        scheduled due date; and so on. The determination as to whether a mortgage
        loan
        falls into these categories is made as of the close of business on the last
        business day of each month. For example, a mortgage loan with a payment due
        on
        July 1 that remained unpaid as of the close of business on August 31 would
        then
        be considered to be 30 to 59 days delinquent.

       

      “Depositor”:
        American Home Mortgage Assets LLC.

       

      “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(5) 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 institutions 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”: The 15th day (or if such 15th day is not a Business Day, the Business Day
        immediately preceding such 15th day) of the month of the related Distribution
        Date.

       

      “Disqualified
        Organization”: Any organization defined as a “disqualified organization” under
        Section 860E(e)(5) of the Code, which includes 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 the Freddie Mac, a majority of its board of
        directors is not selected by such governmental unit), (ii) a 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 and (v) any other
        Person so designated by the Securities Administrator based upon an Opinion
        of
        Counsel that the holding of an Ownership Interest in a Residual Certificate
        by
        such Person may cause any 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 account established and maintained by the Securities Administrator
        on behalf of the Trustee and for the benefit of the Certificateholders, pursuant
        to Section 3.19 hereof. The Distribution Account shall 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 November
        2006.

       

      “Distribution
        Report”: The Asset-Backed Issuer Distribution Report pursuant to Section 13 or
        15(d) of the Exchange Act.

       

      “Due
        Date”: With respect to all of the Mortgage Loans, the date in each month on
        which its Monthly Payment is due, exclusive of any days of grace.

       

      “Due
        Period”: With respect to any Distribution Date, the period commencing on the
        second day of the month preceding the month of such Distribution Date (or,
        with
        respect to the first Due Period, the day following the Cut-off Date) and
        ending
        on the first day of the month of the related Distribution Date.

       

      “Depositor”:
        American Home Mortgage Assets LLC, or its successor in interest.

       

      “Depositor
        Information”: As defined in Section 3.23 hereof.

       

      “EDGAR”:
        The Electronic Data Gathering and Retrieval System of the
        Commission.

       

      “Eligible
        Account”: Any of (i) a segregated account maintained with a federal or state
        chartered depository institution (A) the short-term obligations of which
        are
        rated A-1+ or better by Standard & Poor’s, F-1 by Fitch Ratings and P-1 by
        Moody’s at the time of any deposit therein or (B) 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 (obtained
        by the Person requesting that the account be held pursuant to this clause
        (i))
        delivered to the Securities Administrator prior to the establishment of such
        account, the Certificateholders will have a claim with respect to the funds
        in
        such account and a perfected first priority security interest against any
        collateral (which shall be limited to Permitted Investments, each of which
        shall
        mature not later than the Business Day immediately preceding the Distribution
        Date next following the date of investment in such collateral or the
        Distribution Date if such Permitted Investment is an obligation of the
        institution that maintains the Distribution Account) securing such funds
        that is
        superior to claims of any other depositors or general creditors of the
        depository institution with which such account is maintained, (ii) a segregated
        trust account or accounts maintained with a federal or state chartered
        depository institution or trust company subject to regulations regarding
        fiduciary funds on deposit similar to Title 12 of the Code of Federal
        Regulations Section 9.10(b), which, in either case, has corporate trust powers,
        acting in its fiduciary capacity or (iii) a segregated account or accounts
        of a
        depository institution acceptable to the Rating Agencies (as evidenced in
        writing by a letter from the Rating Agencies to the Trustee and the Securities
        Administrator that use of any such account as the Distribution Account will
        not
        have an adverse effect on the then-current ratings assigned to the Classes
        of
        the Certificates then rated by the Rating Agencies). Eligible Accounts may
        bear
        interest.

       

      “Eligible
        Substitute Mortgage Loan”: A Mortgage Loan substituted by the
        Sponsor, for
        a
        Deleted Mortgage Loan which must, on the date of such substitution, as confirmed
        in an Officers’ Certificate of Sponsor, delivered to the Trustee, (i) have an
        outstanding principal balance, after deduction of the principal portion of
        the
        monthly payment due in the month of substitution (or in the case of a
        substitution of more than one Mortgage Loan for a Deleted Mortgage Loan,
        an
        aggregate outstanding principal balance, after such deduction), not in excess
        of
        the Stated Principal Balance of the Deleted Mortgage Loan (the amount of
        any
        shortfall to be paid to the Securities Administrator for deposit in the
        Distribution Account in the month of substitution); (ii) have a Mortgage
        Rate
        and a Net Mortgage Rate no lower than and not more than 1% per annum higher
        than
        the Mortgage Rate and Net Mortgage Rate, respectively, of the Deleted Mortgage
        Loan as of the date of substitution; (iii) have a Loan-to-Value Ratio at
        the
        time of substitution no higher than that of the Deleted Mortgage Loan at
        the
        time of substitution; (iv) have a remaining term to stated maturity not greater
        than (and not more than one year less than) that of the Deleted Mortgage
        Loan;
        (v) comply with each representation and warranty set forth in Section 2.04
        hereof; and, (vi) comply with each non-statistical representation and warranty
        set forth in the Mortgage Loan Purchase Agreement.

       

      “ERISA
        Restricted Certificates”: Any of the Class R Certificates.

       

      “Event
        of
        Default”: One or more of the events described in Section 6.01.

       

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

       

      “Exchange
        Act Reports”: Any reports required to be filed pursuant to this
        Agreement.

       

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

       

      “Fair
        Market Value Price”: The sum of the aggregate fair market value of all of the
        assets of the Trust as determined by the Securities Administrator in
        consultation with the Underwriter (or, if the Underwriter is unwilling or
        unable
        to serve in that capacity, a financial advisor selected by the Securities
        Administrator in a commercially reasonable manner, whose fees will be an
        expense
        of the Depositor (or other party causing the Terminating Purchase)), based
        upon
        the mean of bids from at least three recognized broker/dealers that deal
        in
        similar assets as of the close of business on the third Business Day preceding
        the date upon which notice of any such termination is furnished to
        Certificateholders pursuant to Section 8.01; provided,
        however,
        that in
        determining such aggregate fair market value, the Securities Administrator
        shall
        be entitled to conclusively rely on such bids or the opinion of a nationally
        recognized investment banker (the fees of which shall be an expense of the
        Trust). The fair market value of the assets in the Trust or the appraised
        value
        of any REO Property shall be based upon the inclusion of (i) accrued
        interest to the Due Date in the month in which the Termination Price is
        distributed to the Certificateholders, at the applicable Mortgage Rate (less
        the
        related Servicing Fee Rate) on the Stated Principal Balance of each Mortgage
        Loan (including any Mortgage Loan which became an REO Property as to which
        an
        REO Property Disposition has not occurred), (ii) the amount of outstanding
        Servicing Advances to the Due Date in the month in which the Termination
        Price
        is distributed to the Certificateholders, and (iii) the amount of any costs
        and damages incurred by the Trust as a result of any violation of any applicable
        federal, state, or local predatory or abusive lending law arising from or
        in
        connection with the origination of any Mortgage Loan remaining in the
        Trust.

       

      “Fannie
        Mae”: Federal National Mortgage Association or any successor.

       

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

       

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

       

      “Form
        8-K
        Disclosure Information”: Has the meaning set forth in Section 3.23
        hereof.

       

      “Form
        10-K Filing Deadline”: Has the meaning set forth in Section 3.23
        hereof.

       

      “Freddie
        Mac”: Federal Home Loan Mortgage Corporation or any successor.

       

      “Fraud
        Loss”: With respect to any Mortgage Loan, a Realized Loss sustained on a
        Liquidated Mortgage Loan by reason of a default arising from fraud, dishonesty
        or misrepresentation.

       

      “Fraud
        Loss Coverage Amount”: The aggregate amount of Fraud Losses that are allocated
        solely to the Class M Certificates and Class B Certificates, will be (i)
        3% of
        the Aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date on the first anniversary of the Cut-off Date, (ii) 2% of the Aggregate
        Stated Principal Balance of the Mortgage Loans as of the Cut-off Date on the
        second anniversary of the Cut-off Date, (iii) 1% of the Aggregate Stated
        Principal Balance of the Mortgage Loans as of the Cut-off Date on the third
        anniversary through the fifth anniversary of the Cut-off Date and (iv) zero
        percent of the Aggregate Stated Principal Balance of the Mortgage Loans as
        of
        the Cut-off Date on the sixth anniversary and thereafter.

       

      “Initial
        Certificate Principal Balance”: With respect to each Class of Regular
        Certificates, the Initial Certificate Principal Balance of such Class of
        Certificates as set forth in the Preliminary Statement hereto, or with respect
        to any single Certificate, the Initial Certificate Principal Balance as stated
        on the face thereof.

       

      “Insurance
        Policy”: With respect to any Mortgage Loan, any insurance policy (including the
        Modified
        Pool Insurance Policy)
        which
        is required to be maintained from time to time under this Agreement in respect
        of such Mortgage Loan.

       

      “Insurance
        Proceeds”: Proceeds paid in respect of the Mortgage Loans pursuant to any
        Insurance Policy, to the extent such proceeds are payable to the mortgagee
        under
        the Mortgage, any Subservicer, the Master Servicer or the Securities
        Administrator and are not applied to the restoration of the related Mortgaged
        Property or released to the Mortgagor in accordance with the procedures that
        the
        Master Servicer would follow in servicing Mortgage Loans held for its own
        account.

       

      “Interest
        Determination Date”: With respect to each Class of LIBOR Certificates and (i)
        the first Accrual Period, the second LIBOR Business Day preceding the Closing
        Date, and (ii) with respect to each Accrual Period thereafter, the second
        LIBOR
        Business Day preceding the related Distribution Date on which such Accrual
        Period commences.

       

      “Late
        Collections”: With respect to any Mortgage Loan, all amounts received during any
        Due Period, whether as late payments of Monthly Payments or as Insurance
        Proceeds, Liquidation Proceeds or otherwise, which represent late payments
        or
        collections of Monthly Payments due but delinquent for a previous Due Period
        and
        not previously recovered.

       

      “LIBOR
        Business Day”: A day on which banks are open for dealing in foreign currency and
        exchange in London and New York City.

       

      “LIBOR
        Certificate”: Each of the Class A, Class M and Class B
        Certificates.

       

      “Liquidated
        Mortgage Loan”: As to any Distribution Date, any Mortgage Loan in respect of
        which the Servicer has determined, in accordance with the servicing procedures
        specified in the Servicing Agreement, 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
        Proceeds”: Amounts (other than Insurance Proceeds) received by the Servicer or
        Master Servicer in connection with the taking of an entire Mortgaged Property
        by
        exercise of the power of eminent domain or condemnation or in connection
        with
        the liquidation of a defaulted Mortgage Loan through trustee’s sale, foreclosure
        sale or otherwise and any Subsequent Recoveries, other than amounts received
        in
        respect of any REO Property.

       

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

       

      “Lost
        Note Affidavit”: With respect to any Mortgage Loan as to which the original
        Mortgage Note has been permanently lost, misplaced or destroyed and has not
        been
        replaced, an affidavit from the Sponsor certifying that the original Mortgage
        Note has been lost, misplaced or destroyed (together with a copy of the related
        Mortgage Note) and indemnifying the Issuing Entity against any loss, cost
        or
        liability resulting from the failure to deliver the original Mortgage Note
        in
        the form of Exhibit I hereto.

       

      “Margin”:
        With respect to any Accrual Period and Class of Class A, Class M or Class
        B
        Certificates, the per annum rate indicated in the following table:

      

        
          	
                  Class

                	
                  Margin
                    (1)

                	
                  Margin
                    (2)

                
	
                  A1-A

                	
                  0.190%

                	
                  0.380%

                
	
                  A1-B

                	
                  0.240%

                	
                  0.480%

                
	
                  A1-C

                	
                  0.280%

                	
                  0.560%

                
	
                  A2-A

                	
                  0.210%

                	
                  0.420%

                
	
                  A2-B

                	
                  0.250%

                	
                  0.500%

                
	
                  M-1

                	
                  0.410%

                	
                  0.615%

                
	
                  M-2

                	
                  0.420%

                	
                  0.630%

                
	
                  M-3

                	
                  0.430%

                	
                  0.645%

                
	
                  M-4

                	
                  0.550%

                	
                  0.825%

                
	
                  M-5

                	
                  0.600%

                	
                  0.900%

                
	
                  M-6

                	
                  0.700%

                	
                  1.050%

                
	
                  M-7

                	
                  1.500%

                	
                  2.250%

                
	
                  M-8

                	
                  1.650%

                	
                  2.475%

                
	
                  M-9

                	
                  1.650%

                	
                  2.475%

                
	
                  B-1

                	
                  1.650%

                	
                  2.475%

                
	
                  B-2

                	
                  1.650%

                	
                  2.475%

                
	
                  B-3

                	
                  1.650%

                	
                  2.475%

                
	
                  B-4

                	
                  1.650%

                	
                  2.475%

                

        

      

       

      
        	 	
                (1)
                  

              	
                For
                  any Accrual Period relating to any Distribution Date occurring
                  prior to
                  the Step-Up Date.

              

      

      
        	 	
                (2)
                  

              	
                For
                  any Accrual Period relating to any Distribution Date occurring
                  on or after
                  the Step-Up Date.

              

      

       

      “Master
        Servicer”: Wells Fargo Bank, N.A., or any successor master servicer appointed as
        herein provided..

       

      “Master
        Servicer Information”: As defined in Section 3.23 hereof.

       

      “Master
        Servicing Compensation”: As defined in Section 3.14 hereof.

       

      “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.

       

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

       

      “Modified
        Pool Insurance Policy”: The
        modified
        pool insurance policy issued by the Modified Pool Insurer in favor of the
        Modified
        Pool Insured Loans.

       

      “Modified
        Pool Insured Loan”: Each
        Mortgage Loan covered by the Modified
        Pool Insurance Policy.

       

      “Modified
        Pool Insurer”: Radian Guaranty Inc.

       

      “Modified
        Pool Insurer Fee”: With respect to any Distribution Date and each Mortgage Loan
        covered by a modified pool insurance policy, the fee payable to the related
        insurer at a rate equal to 1/12th of the Modified Pool Insurer Fee Rate
        multiplied by the Stated Principal Balance of such Mortgage Loan as of the
        beginning of the related Due Period and adding the amount of any West Virginia
        and Kentucky state taxes associated with such Modified Pool Insurer
        Fees.

       

      “Modified
        Pool Insurer Fee Rate”: With respect to each Mortgage Loan covered by a modified
        pool insurance policy, the per annum rate payable to the related insurer
        under
        the related policy.

       

      “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
        Advance”: An Advance. 

       

      “Monthly
        Payment”: With respect to any Mortgage Loan, the scheduled monthly payment of
        principal and interest on such Mortgage Loan which is payable by a Mortgagor
        from time to time under the related Mortgage Note as originally executed
        (after
        adjustment, if any, for Deficient Valuations occurring prior to such Due
        Date,
        and after any adjustment by reason of any bankruptcy or similar proceeding
        or
        any moratorium or similar waiver or grace period).

       

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

       

      “Mortgage”:
        The mortgage, deed of trust or any other instrument securing the Mortgage
        Loan.

       

      “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; provided, that whenever the term “Mortgage
        File” is used to refer to documents actually received by the Custodian as agent
        for the Trustee, such term shall not be deemed to include such additional
        documents required to be added unless they are actually so added.

       

      “Mortgage
        Loan”: Each of the Mortgage Loans (including the Cooperative Loans), transferred
        and assigned to the Trustee pursuant to Section 2.01 or 2.04 and from time
        to
        time held in the Trust Fund (including any Eligible Substitute Mortgage Loans),
        the Mortgage Loans so transferred, assigned and held being identified in
        the
        Mortgage Loan Schedule. As used herein, the term “Mortgage Loan” includes the
        related Mortgage Note and Mortgage.

       

      “Mortgage
        Loan Purchase Agreement”: The Mortgage Loan Purchase Agreement dated as of
        October 30, 2006, between the Sponsor, as seller and the Depositor as purchaser,
        and all amendments thereof and supplements thereto, a
        form of
        which is attached hereto as Exhibit N.

       

      “Mortgage
        Loan Schedule”: As of any date of determination, the schedule of Mortgage Loans
        included in the Trust Fund. The initial schedule of Mortgage Loans with
        accompanying information transferred on the Closing Date to the Trustee as
        part
        of the Trust Fund for the Certificates, attached hereto as Exhibit H for
        the
        Certificates (in each case as amended from time to time to reflect the addition
        of Eligible Substitute Mortgage Loans) (and, for purposes of the Trustee
        pursuant to Section 2.02, in computer-readable form as delivered to the
        Custodian), which list shall set forth the following information with respect
        to
        each Mortgage Loan:

       

      
        	 	
                (i)

              	
                the
                  loan number;

              

      

       

      
        	 	
                (ii)

              	
                the
                  city, state and zip code of the Mortgaged
                  Property;

              

      

       

      
        	 	
                (iii)

              	
                the
                  original term to maturity;

              

      

       

      
        	 	
                (iv)

              	
                the
                  original principal balance and the original Mortgage
                  Rate;

              

      

       

      
        	 	
                (v)

              	
                the
                  first Distribution Date;

              

      

       

      
        	 	
                (vi)

              	
                the
                  type of Mortgaged Property;

              

      

       

      
        	 	
                (vii)

              	
                the
                  Monthly Payment in effect as of the Cut-off
                  Date;

              

      

       

      
        	 	
                (viii)

              	
                the
                  principal balance as of the Cut-off
                  Date;

              

      

       

      
        	 	
                (ix)

              	
                the
                  Mortgage Rate as of the Cut-off
                  Date;

              

      

       

      
        	 	
                (x)

              	
                the
                  occupancy status;

              

      

       

      
        	 	
                (xi)

              	
                the
                  purpose of the Mortgage Loan;

              

      

       

      
        	 	
                (xii)

              	
                the
                  Collateral Value of the Mortgaged
                  Property;

              

      

       

      
        	 	
                (xiii)

              	
                the
                  original term to maturity;

              

      

       

      
        	 	
                (xiv)

              	
                the
                  paid-through date of the Mortgage
                  Loan

              

      

       

      
        	 	
                (xv)

              	
                [Reserved];

              

      

       

      
        	 	
                (xvi)

              	
                the
                  Servicing Fee Rate;

              

      

       

      
        	 	
                (xvii)

              	
                the
                  Net Mortgage Rate for such Mortgage
                  Loan;

              

      

       

      
        	 	
                (xviii)

              	
                whether
                  the Mortgage Loan is covered by a private mortgage insurance policy
                  or an
                  original certificate of private mortgage
                  insurance;

              

      

       

      
        	 	
                (xix)

              	
                the
                  documentation type;

              

      

       

      
        	 	
                (xx)

              	
                the
                  type and term of the related Prepayment Charge, if
                  any;

              

      

       

      
        	 	
                (xxi)

              	
                whether
                  such Mortgage Loan is a Modified Pool Insured Loan and, if so,
                  the
                  Modified Pool Insurer Fee Rate;

              

      

       

      
        	 	
                (xxii)

              	
                with
                  respect to each Adjustable Rate Mortgage
                  Loan.

              

      

       

      
        	 	
                (a)

              	
                the
                  frequency of each adjustment date;

              

      

       

      
        	 	
                (b)

              	
                the
                  next adjustment date;

              

      

       

      
        	 	
                (c)

              	
                the
                  Maximum Mortgage Rate;

              

      

       

      
        	 	
                (d)

              	
                the
                  Minimum Mortgage Rate;

              

      

       

      
        	 	
                (e)

              	
                the
                  Mortgage Rate as of the Cut-off
                  Date;

              

      

       

      
        	 	
                (f)

              	
                the
                  related Periodic Rate Cap;

              

      

       

      
        	 	
                (g)

              	
                the
                  Gross Margin; and

              

      

       

      
        	 	
                (h)

              	
                the
                  purpose of the Mortgage Loan.

              

      

       

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

       

      “Mortgage
        Rate”: With respect to any Mortgage Loan, the annual rate at which interest
        accrues on such Mortgage Loan, as adjusted from time to time in accordance
        with
        the provisions of the Mortgage Note.

       

      “Mortgaged
        Property”: The underlying property securing a Mortgage Loan.

       

      “Mortgagor”:
        The obligor or obligors on a Mortgage Note.

       

      “Net
        Deferred Interest”: On any Distribution Date, Deferred Interest on the Mortgage
        Loans during the related Due Period net of Principal Prepayments in Full
        and
        Curtailments available to be distributed on the Certificates on that
        Distribution Date.

       

      “Net
        Liquidation Proceeds”: With respect to any Liquidated Mortgage Loan or any other
        disposition of related Mortgaged Property (including REO Property) the related
        Liquidation 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 Mortgaged Property.

       

      “Net
        Mortgage Rate”: With respect to each Mortgage Loan Due Date, a per annum rate of
        interest equal to the then-applicable Mortgage Rate on such Mortgage Loan
        less
        the Servicing Fee Rate and the Modified Pool Insurer Fee Rate.

       

      “Net
        Prepayment Interest Shortfall”: With respect to any Distribution Date, the
        excess, if any, of any Prepayment Interest Shortfalls for such date over
        the
        related Compensating Interest.

       

      “Net
        Principal Prepayment Amount”:
        With
        respect to any Distribution Date, the excess of (a) the sum of (i) the Stated
        Principal Balance of each Mortgage Loan which was the subject of a prepayment
        in
        full received by the Servicer during the applicable Prepayment Period and
        (ii)
        all partial prepayments of principal received during the applicable Prepayment
        Period for each Mortgage Loan, over (b) the aggregate amount of Deferred
        Interest accrued on the Mortgage Loans from the Due Date in the preceding
        Due
        Period related to that Distribution Date. 

       

      “Net
        WAC”: With respect to any Distribution Date, the weighted average of the Net
        Mortgage Rates on the Mortgage Loans, weighted on the basis of their Stated
        Principal Balances as of the first day of the related Due Period.

       

      “Net
        WAC
        Rate”: With respect to any Distribution Date and the Class A, Class M and Class
        B Certificates, the weighted average of the Net Mortgage Rates on the Mortgage
        Loans times a fraction equal to (x) 30 over (y) the number of days in the
        related Accrual Period. For federal income tax purposes, the equivalent of
        the
        above shall be expressed as the weighted average of the Uncertificated REMIC
        1
        Pass-Through Rates on each REMIC 1 Regular weighted on the basis of the
        Uncertificated Principal Balance of each such REMIC 1 Regular
        Interest.

       

      “Net
        WAC
        Shortfall”: With respect to any Distribution Date and any Class of Class A,
        Class M or Class B Certificates, the excess, if any, of (i) the interest
        that
        would have accrued on such Class for the related Accrual Period had its
        Pass-Through Rate been computed without regard to the Net WAC Rate over (ii)
        the
        amount of interest actually accrued on such Class for the related Accrual
        Period.

       

      “Net
        WAC
        Shortfall Carry-Forward Amount”: With respect to any Distribution Date and any
        Class of Class A Certificates or Class of Class M Certificates, as determined
        separately for each such Class of Certificates, an amount equal to the sum
        of
        (i) the Net WAC Shortfall for such Certificates on such Distribution Date,
        (ii)
        any unpaid Net WAC Shortfall for such Class of Certificates from prior
        Distribution Dates, and (iii) interest on the amount in clause (ii) at the
        related Pass-Through Rate for such Distribution Date determined without regard
        to the Net WAC Rate for such Class of Certificates for the related Accrual
        Period.

       

      “Net
        WAC
Shortfall
        Carry-Forward Reserve Fund”: A
        reserve
        fund established by the Securities Administrator on behalf of the Trustee
        for
        the benefit of the Holders of the Certificates. The Net WAC Shortfall
        Carry-Forward Reserve Fund is an “outside reserve fund” within the meaning of
        Treasury regulation Section 1.860G-2(h), which is not an asset of any REMIC,
        ownership of which is evidenced by the Holders of the Class X-P Certificates,
        and which is established and maintained pursuant to Section 4.08.

       

      “Nonrecoverable
        Advance”: Any Advance or Servicing Advance previously made or proposed to be
        made in respect of a Mortgage Loan which, in the good faith judgment of the
        Servicer or the Master Servicer, will not or, in the case of a proposed Advance
        or Servicing Advance, would not be ultimately recoverable from related Late
        Collections, Insurance Proceeds, Liquidation Proceeds or REO Proceeds. The
        determination by the Servicer or the Master Servicer that it has made a
        Nonrecoverable Advance or that any proposed Advance or Servicing Advance
        would
        constitute a Nonrecoverable Advance, shall be evidenced by a certificate
        of a
        Servicing Officer delivered, in the case of the Servicer, to the Depositor
        and
        the Master Servicer, and in the case of the Master Servicer, to the Depositor
        and the Securities Administrator.

       

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

       

      “Notional
        Amount”: For any Distribution Date and the X-IO-A Component, the sum of the
        aggregate Certificate Principal Balances of the Class A Certificates and
        the
        Component Principal Balance of the X-PO-A Component as of the first day of
        the
        related Accrual Period. For any Distribution Date and the X-IO-B Component,
        the
        sum of the aggregate Certificate Principal Balances of the Class M Certificates
        and Class B Certificates and the Component Principal Balance of the X-PO-B
        Component as of the first day of the related accrual period.

       

      For
        federal income tax purposes, the Notional Amount of (i) the Class X-P
        Certificates is equal to the sum of the Uncertificated Principal Balances
        of the
        REMIC 1 Regular Interests (other than REMIC 1 Regular Interest
        LT-R).

       

      “Notional
        Component”: With respect to each Class X-P Certificate, for federal income tax
        purposes, each Notional Component as provided in the definition of “Pass-Through
        Rate,” each of which has a notional amount equal to the Uncertificated Principal
        Balance of the REMIC 1 Regular Interest with the same designation.

       

      “Offered
        Certificates”: The Class A1, Class A2, Class M, Class R and Class X-P
        Certificates.

       

      “Officers’
        Certificate”: A certificate signed by the Chairman of the Board, the Vice
        Chairman of the Board, the President or a vice president and by the Treasurer,
        the Secretary, or one of the assistant treasurers or assistant secretaries
        of
        the Depositor, the Sponsor, the Master Servicer or of any Subservicer and
        delivered to the Depositor, Securities Administrator and Trustee.

       

      “One-Month
        LIBOR”: With respect to any Accrual Period, the rate determined by the
        Securities Administrator on the related Interest Determination Date on the
        basis
        of the London interbank offered rate for one-month United States dollar
        deposits, as such rates appear on the Telerate Screen Page 3750, as of 11:00
        a.m. (London time) on such Interest Determination Date pursuant to Section
        1.02.

       

      “Opinion
        of Counsel”: A written opinion of counsel, who may be counsel for the Depositor,
        the Sponsor, or the Master Servicer, reasonably acceptable to the Trustee
        and
        Securities Administrator; except that any opinion of counsel relating to
        (a) the
        qualification of any account required to be maintained pursuant to this
        Agreement as an Eligible Account, (b) the qualification of each REMIC as
        a
        REMIC, (c) compliance with the REMIC Provisions or (d) resignation of the
        Master
        Servicer pursuant to Section 5.04 must be an opinion of counsel who (i) is
        in
        fact independent of the Depositor and the Master Servicer, (ii) does not
        have
        any direct financial interest or any material indirect financial interest
        in the
        Depositor or the Master Servicer or in an affiliate of either and (iii) is
        not
        connected with the Depositor or the Master Servicer as an officer, employee,
        director or person performing similar functions.

       

      “Optional
        Termination Date”:
        The
        first Distribution Date on which the Aggregate Stated Principal Balance of
        the
        Mortgage Loans and properties acquired in respect thereof, remaining in the
        Trust Fund has been reduced to less than or equal to 1% of the Cut-off Date
        Balance. 

       

      “Original
        Subordinate Principal Balance”: The
        aggregate Certificate Principal Balance of the Class M Certificates and Class
        B
        Certificates as of the Closing Date.

       

      “OTS”:
        Office of Thrift Supervision or any successor.

       

      “Outstanding
        Mortgage Loan”: As to any Due Date, a Mortgage Loan (including an REO Property)
        which was not the subject of a Principal Prepayment in Full, Cash Liquidation
        or
        REO Disposition and which was not purchased prior to such Due Date pursuant
        to
        Sections 2.02, 2.04 or 3.14.

       

      “Outstanding
        Principal Balance”: With respect to a mortgage loan, the principal balance of
        such mortgage loan remaining to be paid by the mortgagor or, in the case
        of an
        REO Property, the principal balance of the related mortgage loan remaining
        to be
        paid by the mortgagor at the time such property was acquired by the
        trust.

       

      “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.

       

      “Par
        Price”:
        An
        amount equal to (i) 100% of the Stated Principal Balance of each Mortgage
        Loan remaining in the Trust on the day of such purchase, plus
        accrued
        interest thereon at the Mortgage Rate to the Due Date in the month in which
        the
        Termination Price is distributed to Certificateholders, plus
        the
        amount of outstanding Servicing Advances thereon to the Due Date in the month
        in
        which the Termination Price is distributed to Certificateholders, plus
        (ii) the lesser of (A) the Stated Principal Balance of any Mortgage
        Loan for any REO Property remaining in the Trust, plus
        accrued
        interest thereon at the Mortgage Rate (less the related Servicing Fee Rate)
        to
        the Due Date in the month in which the Termination Price is distributed to
        Certificateholders and (B) the current appraised value of any such REO
        Property, such appraisal to be conducted by an appraiser satisfactory to
        the
        Master Servicer, plus
        (iii)
        the amount of any costs and damages incurred by the Trust as a result of
        any
        violation of any applicable federal, state, or local predatory or abusive
        lending law arising from or in connection with the origination of any Mortgage
        Loan remaining in the Trust.

       

      “Pass-Through
        Rate”: The
        Pass-Through Rate of the Class R Certificates will
        equal the Net WAC Rate. For any Distribution Date and any Class of Class
        A,
        Class M or Class B Certificates, the lesser of (i) One-Month LIBOR plus the
        related Margin and (ii) the Net WAC Rate. For any Distribution Date and the
        X-IO-A Component, the excess, if any, of (i) the Net WAC for such Distribution
        Date over (ii) the quotient of (a) the product of (I) 12 multiplied by (II)
        the
        aggregate amount of interest accrued on the Class A Certificates for the
        related
        accrual period divided by (b) the Notional Amount of the X-IO-A Component
        for
        such Distribution Date. For any Distribution Date and the X-IO-B Component,
        the
        excess, if any, of (i) the Net WAC for such Distribution Date over (ii) the
        quotient of (a) the product of (I) 12 multiplied by (II) the aggregate amount
        of
        interest accrued on the Class M and Class B Certificates for the related
        accrual
        period divided by (b) the Notional Amount of the X-IO-B Component for such
        Distribution Date. For federal income tax purposes, the Class X-P Certificates
        will accrue interest on their respective Notional Amounts at the Pass-Through
        Rates indicated below:

       

      
        
          	
                  Notional
                    Component

                	
                  Pass-Through
                    Rate

                
	 	 
	
                  LT-A1-A

                	
                  (i)
                    Uncertificated REMIC 1 Pass-through Rate minus (ii) Pass-Through
                    Rate on
                    the Corresponding Certificate

                
	
                  LT-A1-B

                	
                  (i)
                    Uncertificated REMIC 1 Pass-through Rate minus (ii) Pass-Through
                    Rate on
                    the Corresponding Certificate

                
	
                  LT-A1-C

                	
                  (i)
                    Uncertificated REMIC 1 Pass-through Rate minus (ii) Pass-Through
                    Rate on
                    the Corresponding Certificate

                
	
                  LT-A2-A

                	
                  (i)
                    Uncertificated REMIC 1 Pass-through Rate minus (ii) Pass-Through
                    Rate on
                    the Corresponding Certificate

                
	
                  LT-A2-B

                	
                  (i)
                    Uncertificated REMIC 1 Pass-through Rate minus (ii) Pass-Through
                    Rate on
                    the Corresponding Certificate

                
	
                  LT-M1

                	
                  (i)
                    Uncertificated REMIC 1 Pass-through Rate minus (ii) Pass-Through
                    Rate on
                    the Corresponding Certificate

                
	
                  LT-M2

                	
                  (i)
                    Uncertificated REMIC 1 Pass-through Rate minus (ii) Pass-Through
                    Rate on
                    the Corresponding Certificate

                
	
                  LT-M3

                	
                  (i)
                    Uncertificated REMIC 1 Pass-through Rate minus (ii) Pass-Through
                    Rate on
                    the Corresponding Certificate

                
	
                  LT-M4

                	
                  (i)
                    Uncertificated REMIC 1 Pass-through Rate minus (ii) Pass-Through
                    Rate on
                    the Corresponding Certificate

                
	
                  LT-M5

                	
                  (i)
                    Uncertificated REMIC 1 Pass-through Rate minus (ii) Pass-Through
                    Rate on
                    the Corresponding Certificate

                
	
                  LT-M6

                	
                  (i)
                    Uncertificated REMIC 1 Pass-through Rate minus (ii) Pass-Through
                    Rate on
                    the Corresponding Certificate

                
	
                  LT-M7

                	
                  (i)
                    Uncertificated REMIC 1 Pass-through Rate minus (ii) Pass-Through
                    Rate on
                    the Corresponding Certificate

                
	
                  LT-M8

                	
                  (i)
                    Uncertificated REMIC 1 Pass-through Rate minus (ii) Pass-Through
                    Rate on
                    the Corresponding Certificate

                
	
                  LT-M9

                	
                  (i)
                    Uncertificated REMIC 1 Pass-through Rate minus (ii) Pass-Through
                    Rate on
                    the Corresponding Certificate

                
	
                  LT-B1

                	
                  (i)
                    Uncertificated REMIC 1 Pass-through Rate minus (ii) Pass-Through
                    Rate on
                    the Corresponding Certificate

                
	
                  LT-B2

                	
                  (i)
                    Uncertificated REMIC 1 Pass-through Rate minus (ii) Pass-Through
                    Rate on
                    the Corresponding Certificate

                
	
                  LT-B3

                	
                  (i)
                    Uncertificated REMIC 1 Pass-through Rate minus (ii) Pass-Through
                    Rate on
                    the Corresponding Certificate

                
	
                  LT-B4

                	
                  (i)
                    Uncertificated REMIC 1 Pass-through Rate minus (ii) Pass-Through
                    Rate on
                    the Corresponding Certificate

                
	 	
                  The
                    Class X-P Certificates will also be entitled to any Prepayment
                    Charges

                

        

      

       

      “PCAOB”:
        The Public Company Accounting Oversight Board.

       

      “Permitted
        Investment”: 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 each 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 (or, if the only Rating Agency is Standard & Poor’s, in the case of
        the principal depository institution in a depository institution holding
        company, debt obligations of the depository institution holding company)
        at the
        date of acquisition thereof have been rated by each Rating Agency in its
        highest
        short-term rating available; and provided further that, if the only Rating
        Agency is Standard & Poor’s or Fitch Ratings 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 Standard
        & Poor’s if Standard & Poor’s is 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 Moody’s, Fitch Ratings and Standard
& Poor’s in their highest short-term ratings available; provided that such
        commercial paper shall have a remaining maturity of not more than 30
        days;

       

      (v) a
        money
        market fund or a qualified investment fund rated by Moody’s and Fitch Ratings,
        if so rated, in its highest long-term ratings available and rated AAAm or
        AAAm-G
        by Standard & Poor’s, including any such funds for which Wells Fargo Bank,
        N.A. or any affiliate thereof serves as an investment advisor, manager,
        administrator, shareholder, servicing agent, and/or custodian or sub-custodian;
        and

       

      (vi) other
        obligations or securities that are acceptable to each Rating Agency as a
        Permitted Investment hereunder and will not reduce the rating assigned to
        any
        Class of Certificates by such Rating Agency below the lower of the then-current
        rating or the rating assigned to such Certificates as of the Closing Date
        by
        such Rating Agency, as evidenced in writing;

       

      provided,
        however,
        that no
        instrument shall be a Permitted 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 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.

       

      “Permitted
        Transferee”: Any transferee of a Residual Certificate other than a Disqualified
        Organization, a Non-United States Person or an “electing large partnership” (as
        defined in Section 775 of the Code).

       

      “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.

       

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

       

      “Prepayment
        Charge”: With respect to any Mortgage Loan, the charges, penalties or premiums,
        if any, due in connection with a full or partial prepayment of such Mortgage
        Loan in accordance with the terms of the related Mortgage Note (or any rider
        or
        annex thereto), or any amounts in respect thereof paid by the Sponsor in
        accordance with the Mortgage Loan Purchase Agreement or the Servicer in
        accordance with the Servicing Agreement.

       

      “Prepayment
        Interest Shortfall”: As to any Distribution Date and any Mortgage Loan (other
        than a Mortgage Loan relating to an REO Property) that was the subject of
        (a) a
        Principal Prepayment in Full during the related Prepayment Period, an amount
        equal to the excess of one month’s interest at the Net Mortgage Rate on the
        Stated Principal Balance of such Mortgage Loan over the amount of interest
        (adjusted to the Net Mortgage Rate) paid by the Mortgagor for such Prepayment
        Period to the date of such Principal Prepayment in Full or (b) a Curtailment
        during the prior calendar month, an amount equal to one month’s interest at the
        Mortgage Rate on the amount of such Curtailment.

       

      “Prepayment
        Period”: As to any Distribution Date, the calendar month preceding the month in
        which such Distribution Date occurs.

       

      “Primary
        Hazard Insurance Policy”: Each primary hazard insurance policy required to be
        maintained pursuant to Section 3.09.

       

      “Primary
        Mortgage Insurance Policy”: Any primary mortgage insurance policy of mortgage
        guaranty insurance including the Modified
        Pool Insurance Policy
        or any
        replacement policy therefor.

       

      “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 scheduled interest due
        on any
        date or dates in any month or months subsequent to the month of
        prepayment.

       

      “Principal
        Prepayment in Full”: Any Principal Prepayment made by a Mortgagor of the entire
        unpaid principal balance of the Mortgage Loan.

       

      “Prospectus
        Supplement”: That certain Prospectus Supplement dated May 24, 2006, relating to
        the public offering of the Offered Certificates.

       

      “Protected
        Account”: An account established and maintained for the benefit of
        Certificateholders by the Servicer with respect to the related Mortgage Loans
        and with respect to REO Property pursuant to the Servicing
        Agreement.

       

      “Purchase
        Price”: With respect to any Mortgage Loan (or REO Property) required to be
        purchased pursuant to Section 2.02, 2.04 or 3.06, an amount equal to the
        sum of
        (i) 100% of the Stated Principal Balance thereof, (ii) unpaid accrued interest
        (or REO Imputed Interest) at the applicable Net Mortgage Rate on the Stated
        Principal Balance thereof outstanding during each Due Period that such interest
        was not paid or advanced, from the date through which interest was last paid
        by
        the Mortgagor or advanced and distributed to Certificateholders together
        with
        unpaid Servicing Fees and, if such Mortgage Loan is a Modified Pool Insured
        Loan, the premium payable at the Modified Pool Insurer Fee Rate, from the
        date
        through which interest was last paid by the Mortgagor, in each case to the
        first
        day of the month in which such Purchase Price is to be distributed, plus
        (iii)
        the aggregate of all Advances and Servicing Advances made in respect thereof
        that were not previously reimbursed and (iv) costs and damages incurred by
        the
        Trust Fund in connection with a repurchase pursuant to Section 2.04 hereof
        that
        arises out of a violation of any anti-predatory lending law.

       

      “Qualified
        Insurer”: Any insurance company duly qualified as such under the laws of the
        state or states in which the related Mortgaged Property or Mortgaged Properties
        is or are located, duly authorized and licensed in such state or states to
        transact the type of insurance business in which it is engaged and approved
        as
        an insurer by the Master Servicer, so long as the claims paying ability of
        which
        is acceptable to the Rating Agencies for pass-through certificates having
        the
        same rating as the Certificates rated by the Rating Agencies as of the Closing
        Date.

       

      “Rating
        Agency”: Standard & Poor’s and Moody’s, and each of their successors. If
        such agencies and their successors are no longer in existence, “Rating Agency”
shall be such nationally recognized statistical rating agency, or other
        comparable Person, designated by the Depositor, notice of which designation
        shall be given to the Trustee, the Securities Administrator and Master Servicer.
        References herein to the two highest long term debt ratings of a Rating Agency
        shall mean “AA” or better in the case of Standard & Poor’s and Fitch Ratings
        and “Aa2” or better in the case of Moody’s and references herein to the two
        highest short-term debt ratings of a Rating Agency shall mean “A-1+” in the case
        of Standard & Poor’s, “F-1” in the case of Fitch Ratings and “P-1” in the
        case of Moody’s, and in the case of any other Rating Agency such references
        shall mean such rating categories without regard to any plus or
        minus.

       

      “Realized
        Loss”: With respect to each Mortgage Loan or REO Property as to which a Cash
        Liquidation or REO Disposition has occurred, an amount (not less than zero)
        equal to (i) the Stated Principal Balance of the Mortgage Loan as of the
        date of
        Cash Liquidation or REO Disposition, plus (ii) interest (and REO Imputed
        Interest, if any) at the Net Mortgage Rate from the Due Date as to which
        interest was last paid or advanced to Certificateholders up to the date of
        the
        Cash Liquidation or REO Disposition on the Stated Principal Balance of such
        Mortgage Loan outstanding during each Due Period that such interest was not
        paid
        or advanced, minus (iii) the proceeds, if any, received during the month
        in
        which such Cash Liquidation or REO Disposition occurred, to the extent applied
        as recoveries of interest at the Net Mortgage Rate and to principal of the
        Mortgage Loan, net of the portion thereof reimbursable to the Master Servicer
        or
        the Servicer with respect to related Advances or Servicing Advances not
        previously reimbursed. With respect to each Mortgage Loan which has become
        the
        subject of a Deficient Valuation, the difference between the principal balance
        of the Mortgage Loan outstanding immediately prior to such Deficient Valuation
        and the principal balance of the Mortgage Loan as reduced by the Deficient
        Valuation. In addition, to the extent the Servicer or Master 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 reduce the Certificate Principal Balance of
        any
        Class of Certificates on any Distribution Date.

       

      “Record
        Date”: With respect to Class of Certificates other than the Class X-P
        Certificates and the Class R Certificates and each Distribution Date, the
        close
        of business on the Business Day immediately preceding such Distribution Date;
        provided, however, if any such Certificate is no longer a Book-Entry
        Certificate, the Record Date for such Class of Certificates shall be the
        close
        of business on the last Business Day of the calendar month preceding such
        Distribution Date. For each the Class X-P Certificates and the Class R
        Certificates and each Distribution Date, the close of business on the last
        Business Day of the calendar month preceding such Distribution
        Date.

       

      “Reference
        Banks” Leading banks selected by the Securities Administrator after consultation
        with the Depositor and engaged in transactions in Eurodollar deposits in
        the
        international Eurocurrency market (i) with an established place of business
        in
        London, (ii) whose quotations appear on the Telerate Screen Page 3750 on
        the
        Interest Determination Date in question and (iii) which have been designated
        as
        such by the Securities Administrator and (iv) not controlling, controlled
        by, or
        under common control with, the Depositor, the Sponsor, the Master Servicer
        or
        the Servicer.

       

    

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

     

    “Relief
      Act”: The Servicemembers Civil Relief Act, f/k/a Soldiers’ and Sailors’ Civil
      Relief Act of 1940, as amended.

     

    “Relief
      Act Interest Shortfall”: With respect to any Distribution Date, for any Mortgage
      Loan with respect to which there has been a reduction in the amount of interest
      collectible thereon for the most recently ended Due Period as a result of the
      application of the Relief Act, the amount by which (i) interest collectible
      on
      such Mortgage Loan during such Due Period is less than (ii) one month’s interest
      on the Principal Balance of such Mortgage Loan at the Loan Rate for such
      Mortgage Loan before giving effect to the application of the Relief
      Act.

     

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

     

    “REMIC
      1”: The segregated pool of assets subject hereto (exclusive of the Net WAC
      Shortfall Carry-Forward Reserve Fund) with respect to which a REMIC election
      is
      to be made, conveyed in trust to the Trustee, for the benefit of the Holders
      of
      the REMIC 1 Regular Interests and the Holders of the Class R Certificates,
      consisting of: (i) each Mortgage Loan (exclusive of payments of principal and
      interest due on or before the Cut-off Date, if any, received by the Master
      Servicer which shall not constitute an asset of the Trust Fund) as from time
      to
      time are subject to this Agreement and all payments under and proceeds of such
      Mortgage Loans (exclusive of any prepayment fees and late payment charges
      received on the Mortgage Loans), together with all documents included in the
      related Mortgage File, subject to Section 2.01; (ii) such funds or assets as
      from time to time are deposited in the Distribution Account and belonging to
      the
      Trust Fund; (iii) any related REO Property; (iv) the Primary Hazard Insurance
      Policies, if any, the Primary Mortgage Insurance Policies, if any, and all
      other
      Insurance Policies with respect to the Mortgage Loans; and (v) the Depositor’s
      interest in respect of the (a) representations and warranties made by the
      Sponsor in the Mortgage Loan Purchase Agreement, as assigned to the Trustee
      pursuant to Section 2.04 hereof. REMIC 1 specifically does not include the
      Net
      WAC Shortfall Carry-Forward Reserve Fund.

     

    “REMIC
      1
      Regular Interests”: The REMIC 1 Regular Interests, as set forth in the
      Preliminary Statement.

     

    “REMIC
      2”: The segregated pool of assets consisting of all of the REMIC 1 Regular
      Interests conveyed in trust to the Trustee, for the benefit of the Holders
      of
      the Regular Certificates and the Holders of the Class R Certificates (in respect
      of the Class R-2 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 real estate
      mortgage investment conduits, which appear at Sections 860A through 860G of
      Subchapter M of Chapter 1 of the Code, and related provisions, and proposed,
      temporary and final regulations and published rulings, notices and announcements
      promulgated thereunder, as the foregoing may be in effect from time to
      time.

     

    “REMIC
      Regular Interest”: A REMIC 1 Regular Interest.

     

    “Remittance
      Report”: A report prepared by the Master Servicer (and delivered to the
      Securities Administrator) providing the information set forth in Exhibit E
      attached hereto.

     

    “REO
      Acquisition”: The acquisition by the Servicer on behalf of the Trust Fund for
      the benefit of the Certificateholders of any REO Property pursuant to Section
      3.15.

     

    “REO
      Disposition”: The receipt by the Servicer of Insurance Proceeds, Liquidation
      Proceeds, Subsequent Recoveries and other payments and recoveries (including
      proceeds of a final sale) which the Servicer expects to be finally recoverable
      from the sale or other disposition of the REO Property.

     

    “REO
      Imputed Interest”: As to any REO Property, for any period, an amount equivalent
      to interest (at the Mortgage Rate that would have been applicable to the related
      Mortgage Loan had it been outstanding) on the unpaid principal balance of the
      Mortgage Loan as of the date of acquisition thereof (as such balance is reduced
      pursuant to Section 3.15 by any income from the REO Property treated as a
      recovery of principal).

     

    “REO
      Proceeds”: Proceeds, net of directly related expenses, received in respect of
      any REO Property (including, without limitation, proceeds from the rental of
      the
      related Mortgaged Property and of any REO Disposition), which proceeds are
      required to be deposited into the Distribution Account as and when
      received.

     

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

     

    “Reportable
      Event”: Has the meaning set forth in Section 3.23 hereof.

     

    “Reporting
      Servicer”: Has the meaning set forth in Section 3.23 hereof.

     

    “Repurchase
      Price”: With respect to any Mortgage Loan required to be repurchased by the
      Sponsor, on any date pursuant to the Mortgage Loan Purchase Agreement, or
      purchased by the Servicer pursuant to the Servicing Agreement an amount equal
      to
      the sum, without duplication, of (i) 100% of the Stated Principal Balance
      thereof (without reduction for any amounts charged off) and (ii) unpaid accrued
      interest at the Mortgage Rate on the outstanding principal balance thereof
      from
      the Due Date to which interest was last paid by the Mortgagor to the first
      day
      of the month following the month of purchase plus (iii) the amount of
      unreimbursed Monthly Advances or unreimbursed Servicing Advances made with
      respect to such Mortgage Loan plus (iv) any other amounts owed to the Master
      Servicer or the Servicer as applicable, pursuant to the Agreement or Servicing
      Agreement and not included in clause (iii) of this definition plus (v) any
      costs
      and damages incurred by the Trust in connection with any violation by such
      loan
      of any predatory lending law.

     

    “Request
      for Release”: A release signed by a Servicing Officer, in the form of Exhibit F
      attached hereto.

     

    “Residual
      Certificates”: The Class R Certificates.

     

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

     

    “Responsible
      Officer”: When used with respect to the Trustee shall mean any officer within
      the Corporate Trust Office of the Trustee with direct responsibility for the
      administration of this Agreement and also, with respect to a particular matter,
      any other officer of the Trustee to whom such matter is referred because of
      such
      officer’s knowledge of and familiarity with the particular subject. When used
      with respect to the Securities Administrator shall mean any officer assigned
      with direct responsibility for the administration of this Agreement and also,
      with respect to a particular matter, any other officer of the Securities
      Administrator to whom such matter is referred because of such officer’s
      knowledge of and familiarity with the particular subject.

     

    “Sarbanes
      Oxley Certification”: A written certification covering servicing of the Mortgage
      Loans by the Servicer and signed by an officer of the Depositor that complies
      with (i) the Sarbanes-Oxley Act of 2002, as amended from time to time, and
      (ii)
      the February 21, 2003 Statement by the Staff of the Division of Corporation
      Finance of the Securities and Exchange Commission Regarding Compliance by
      Asset-Backed Issuers with Exchange Act Rules 13a-14 and 15d-14, as in effect
      from time to time. 

     

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

     

    “Securitites
      Administrator Information”: As defined in Section 3.23 hereof.

     

    “Security
      Agreement”: With respect to a Cooperative Loan, the agreement creating a
      security interest in favor of the originator in the related Cooperative
      Assets.

     

    “Senior
      Certificates”: The Class A, Class R and Class X-P Certificates.

     

    “Senior
      Optimal Principal Amount”: With respect to each Distribution Date will be an
      amount equal to the sum of the following (but in no event greater than the
      sum
      of the aggregate Certificate Principal Balance of the Class A Certificates
      and
      Class R Certificates, if any, and the aggregate Component Principal Balance
      of
      the X-PO-A Component and the X-PO-B Component immediately prior to such
      Distribution Date):

     

    (1) the
      Senior Percentage of the principal portion of all Monthly Payments due on the
      Mortgage Loans on the related Due Date, as specified in the amortization
      schedule at the time applicable thereto (after adjustment for previous principal
      prepayments but before any adjustment to such amortization schedule by reason
      of
      any bankruptcy or similar proceeding or any moratorium or similar waiver or
      grace period);

     

    (2) the
      Senior Prepayment Percentage of the Net Principal Prepayment
      Amount;

     

    (3) the
      lesser of (a) the Senior Prepayment Percentage of the sum of (i) all Net
      Liquidation Proceeds allocable to principal received in respect of each Mortgage
      Loan which became a Liquidated Mortgage Loan during the related Prepayment
      Period (other than Mortgage Loans described in the immediately following clause
      (ii)) and all Subsequent Recoveries received in respect of each Liquidated
      Mortgage Loan during the related Due Period and (ii) the Stated Principal
      Balance of each such Mortgage Loan purchased by an insurer from the Trustee
      during the related Prepayment Period pursuant to the related primary mortgage
      insurance policy, if any, or otherwise; and (b) the applicable Senior Percentage
      of the sum of (i) the Stated Principal Balance of each Mortgage Loan which
      became a Liquidated Mortgage Loan during the related Prepayment Period (other
      than the Mortgage Loans described in the immediately following clause (ii)
      and
      (ii) the Stated Principal Balance of each such Mortgage Loan that was purchased
      by an insurer from the Trustee during the related Prepayment Period pursuant
      to
      the related primary mortgage insurance policy, if any or otherwise;
      and

     

    (4) the
      applicable Senior Prepayment Percentage of the sum of (a) the Stated Principal
      Balance of each Mortgage Loan which was repurchased by the Sponsor in connection
      with such Distribution Date and (b) the excess, if any, of the Stated Principal
      Balance of each Mortgage Loan that has been replaced by the Sponsor with a
      Eligible Substitute Mortgage Loan pursuant to the Mortgage Loan Purchase
      Agreement, in connection with such Distribution Date over the Stated Principal
      Balance of each such Eligible Substitute Mortgage Loan.

     

    “Senior
      Percentage”: The lesser of (a) 100% and (b) the percentage (carried to six
      places rounded up) obtained by dividing the sum of the aggregate Certificate
      Principal Balance of the Class A Certificates and the aggregate Component
      Principal Balance of the X-PO Components, immediately prior to such Distribution
      Date, by the Aggregate Stated Principal Balance of the Mortgage Loans as of
      the
      beginning of the related Due Period. The initial Senior Percentage will be
      approximately 91.75%.

     

    “Senior
      Prepayment Percentage”: The Senior Prepayment Percentage on any Distribution
      Date occurring during the periods set forth below will be as
      follows:

     

    
      	
              Period
                (dates inclusive)

            	
              Senior
                Prepayment Percentage

            
	
              November
                25, 2006 - October 25, 2016

            	
              100%
                

            
	
              November
                25, 2016 - October 25, 2017

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

            
	
              November
                25, 2017 - October 25, 2018

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

            
	
              November
                25, 2018 - October 25, 2019

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

            
	
              November
                25, 2019 - October 25, 2020

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

            
	
              November
                25, 2020 and thereafter 

            	
              Senior
                Percentage for the Senior
                Certificates.

            

    

    

     

    Any
      scheduled reduction to the Senior Prepayment Percentage shall not be made as
      of
      any Distribution Date unless, as of the last day of the month preceding such
      Distribution Date (1) the Aggregate Stated Principal Balance of the Mortgage
      Loans delinquent 60 days or more (including for this purpose any such Mortgage
      Loans in foreclosure and bankruptcy and such Mortgage Loans with respect to
      which the related mortgaged property has been acquired by the Issuing Entity)
      averaged over the last six months, as a percentage of the aggregate Certificate
      Principal Balance of the Class M Certificates and Class B Certificates does
      not
      exceed 50% and (2) cumulative Realized Losses on the Mortgage Loans do not
      exceed (a) 30% of the aggregate Certificate Principal Balance of the Original
      Subordinate Principal Balance if such Distribution Date occurs between and
      including November 2016 and October 2017, (b) 35% of the Original Subordinate
      Principal Balance if such Distribution Date occurs between and including
      November 2017 and October 2018, (c) 40% of the Original Subordinate Principal
      Balance if such Distribution Date occurs between and including November 2018
      and
      October 2019, (d) 45% of the Original Subordinate Principal Balance if such
      Distribution Date occurs between and including November 2019 and October 2020,
      and (e) 50% of the Original Subordinate Principal Balance if such Distribution
      Date occurs during or after November 2020.

     

    In
      addition, if before the Distribution Date in November 2009, the Aggregate
      Subordinate Percentage for such Distribution Date is equal to or greater than
      two times the initial Aggregate Subordinate Percentage, and the Aggregate Stated
      Principal Balance of the Mortgage Loans delinquent 60 days or more (including
      for this purpose any such Mortgage Loans in foreclosure and bankruptcy and
      such
      Mortgage Loans with respect to which the related mortgaged property has been
      acquired by the Issuing Entity), averaged over the last six months, as a
      percentage of the aggregate Certificate Principal Balance of the Class M
      Certificates and Class B Certificates does not exceed 50% and cumulative
      Realized Losses on the Mortgage Loans as of the end of the related Prepayment
      Period do not exceed 20% of the Original Subordinate Principal Balance, then,
      in
      each case, the Senior Prepayment Percentages for such Distribution Date will
      equal the Senior Percentage plus 50% of the Subordinate Percentage on
      such Distribution Date. If on or after the Distribution Date in November
      2009, the Aggregate Subordinate Percentage is equal to or greater than two
      times
      the initial Aggregate Subordinate Percentage, and the Aggregate Stated Principal
      Balance of the Mortgage Loans delinquent 60 days or more (including for this
      purpose any such Mortgage Loans in foreclosure and bankruptcy and such mortgage
      loans with respect to which the related mortgaged property has been acquired
      by
      the Issuing Entity), averaged over the last six months, as a percentage of
      the
      aggregate Certificate Principal Balance of the Class M Certificates and Class
      B
      Certificates does not exceed 50% and the cumulative Realized Losses do not
      exceed 30% of the Original Subordinate Principal Balance, then the Senior
      Prepayment Percentages for such Distribution Date, will equal the Senior
      Percentage.

     

    Notwithstanding
      the foregoing, if on any Distribution Date, the percentage, the numerator of
      which is the aggregate Certificate Principal Balance of the Class A Certificates
      and the X-PO-A Component and X-PO-B Component of the Class X-P Certificates
      immediately preceding such Distribution Date, and the denominator of which
      is
      the Stated Principal Balance of the mortgage loans as of the beginning of the
      related Due Period, exceeds such percentage as of the Cut-off Date, then the
      Senior Prepayment Percentages for such Distribution Date will equal
      100%.

    

    “Servicer”:
      American Home Mortgage Servicing, Inc., or its successor in
      interest.

     

    “Servicer
      Remittance Date”: Four Business Days prior to the related Distribution Date. The
      first Servicer Remittance Date shall occur on November 20, 2006.

     

    “Servicing
      Advances”: All customary, reasonable and necessary “out of pocket” costs and
      expenses incurred in connection with a default, delinquency or other
      unanticipated event in the performance by the Master Servicer, the Servicer
      or
      any Subservicer of its servicing obligations, including, but not limited to,
      the
      cost of (i) the preservation, restoration and protection of a Mortgaged
      Property, (ii) any enforcement or judicial proceedings, including foreclosures,
      including any expenses incurred in relation to any such proceedings that result
      from the Mortgage Loan being registered on the MERS System, (iii) the management
      and liquidation of any REO Property, including reasonable fees paid to any
      independent contractor in connection therewith, and (iv) compliance with the
      obligations under the second paragraph of Section 3.01, Section 3.09 and Section
      3.13 (other than any deductible described in the last paragraph
      thereof).

     

    “Servicing
      Agreement”: The Servicing Agreement dated as of October 30, 2006 among the
      Servicer, the Master Servicer, the Trustee and the Sponsor, substantially in
      the
      form attached hereto as Exhibit M.

     

    “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, accrued interest at the Servicing Fee
      Rate with respect to the Mortgage Loan on the same principal balance on which
      interest on the Mortgage Loan accrues for the calendar month. The Servicing
      Fee
      consists of servicing and other related compensation payable to the Servicer
      or
      to the Master Servicer if the Master Servicer is directly servicing the loan,
      and includes any amount payable to any Subservicer by the Servicer.

     

    “Servicing
      Fee Rate”: 0.375% per annum.

     

    “Servicing
      Function Participant”: Means the Servicer, the Master Servicer and the
      Securities Administrator, any Subservicer, Subcontractor or affiliates of any
      of
      the foregoing, or any other Person, that is participating in the servicing
      function within the meaning of Item 1122 of Regulation AB performing activities
      addressed by the Servicing Criteria, unless such Person’s activities relate only
      to five percent (5%) or less of the Mortgage Loans.

     

    “Servicing
      Officer”: Any officer of the Master Servicer or the Servicer involved in, or
      responsible for, the administration and master servicing or servicing of the
      Mortgage Loans, as applicable, whose name and specimen signature appear on
      a
      list of servicing officers furnished to the Trustee by the Master Servicer
      and
      the Servicer, as such list may from time to time be amended.

     

    “Servicing
      Rights Pledgee”: One or more lenders, selected by the Servicer, to which the
      Servicer may pledge and assign all of its right, title and interest in, to
      and
      under the Servicing Agreement, including Bank of America, N.A., as the
      representative of certain lenders.

     

    “Single
      Certificate”: A Regular Certificate of any Class evidencing an initial
      Certificate Principal Balance or initial Notional Amount, as applicable, of
      $1,000.

     

    “Special
      Hazard Loss”: With respect to any Mortgage Loan, a Realized Loss attributable to
      damage or a direct physical loss suffered by a mortgaged property (including
      any
      Realized Loss due to the presence or suspected presence of hazardous wastes
      or
      substances on a mortgaged property) other than any such damage or loss covered
      by a hazard policy or a flood insurance policy required to be maintained in
      respect of such mortgaged property under the Agreement or any loss due to normal
      wear and tear or certain other causes.

     

    “Special
      Hazard Loss Coverage Amount” The aggregate amount of Special Hazard Losses that
      are allocated solely to the Class
      M
      Certificates and Class B Certificates,
      initially, $12,600,000. The Special Hazard Loss Coverage Amount will be reduced,
      from time to time, to an amount equal on any Distribution Date to the lesser
      of:

     

    (A) the
      greatest of:

     

    
      	·  	
              1.00%
                of the Aggregate Stated Principal Balances of the Certificates on
                such
                Distribution Date,

            

    

     

    
      	·  	
              twice
                the Stated Principal Balance of the largest Mortgage Loan,
                or

            

    

     

    
      	·  	
              the
                Aggregate Stated Principal Balance of the Mortgage Loans secured
                by
                mortgaged properties located in the single California postal zip
                code area
                having the highest Aggregate Stated Principal Balance of any such
                zip code
                area; and

            

    

     

    (B) the
      Special Hazard Loss Coverage Amount as of the Closing Date less the amount,
      if
      any, of Special Hazard Losses allocated to the Class M Certificates and Class
      B
      Certificates since the Closing Date.

     

    Sponsor:
      American Home Mortgage Corp.

     

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

     

    “Startup
      Day”: The day designated as such pursuant to Article X hereof.

     

    “Stated
      Principal Balance”: With respect to any Mortgage Loan or related REO Property at
      any given time, (i) the principal balance of the Mortgage Loan outstanding
      as of
      the Cut-off Date, after application of principal payments due on or before
      such
      date, whether or not received, minus (ii) the sum of (a) the principal portion
      of the Monthly Payments due with respect to such Mortgage Loan or REO Property
      during each Due Period ending prior to the most recent Distribution Date which
      were received or with respect to which an Advance was made, and (b) all
      Principal Prepayments with respect to such Mortgage Loan or REO Property, and
      all Insurance Proceeds, Liquidation Proceeds, Subsequent Recoveries and REO
      Proceeds to the extent applied by the Master Servicer as recoveries of principal
      in accordance with Section 3.15 with respect to such Mortgage Loan or REO
      Property, which were distributed pursuant to Section 4.01 on any previous
      Distribution Date, and (c) any Realized Loss with respect thereto allocated
      pursuant to Section 4.07 for any previous Distribution Date.

     

    “Step-Up
      Date”: With respect to the LIBOR Certificates, the Distribution Date following
      the Optional Termination Date.

     

    “Subordinate
      Optimal Principal Amount”: With respect to the Class M Certificates and Class B
      Certificates and each Distribution Date will be an amount equal to the sum
      of
      the following (but in no event greater than the aggregate Certificate Principal
      Balance of the Class M Certificates and Class B Certificates immediately prior
      to such Distribution Date):

     

    
      	
              (1)

            	
              the
                applicable Subordinate Percentage of the principal portion of all
                Monthly
                Payments due on each mortgage loan on the related Due Date, as specified
                in the amortization schedule at the time applicable thereto (after
                adjustment for previous principal prepayments but before any adjustment
                to
                such amortization schedule by reason of any bankruptcy or similar
                proceeding or any moratorium or similar waiver or grace
                period);

            

    

     

    
      	
              (2)

            	
              the
                applicable Subordinate Prepayment Percentage of the Net Principal
                Prepayment Amount;

            

    

     

    
      	
              (3)

            	
              the
                excess, if any, of (a) the Net Liquidation Proceeds allocable to
                principal
                received during the related Prepayment Period in respect of each
                Liquidated Mortgage Loan and all Subsequent Recoveries received in
                respect
                of each Liquidated Mortgage Loan during the related Due Period over
                (b)
                the sum of the amounts distributable to the holders of the Related
                Senior
                Certificates pursuant to clause (3) of the definition of “Senior Optimal
                Principal Amount” on such Distribution
                Date;

            

    

     

    
      	
              (5)

            	
              the
                applicable Subordinate Prepayment Percentage of the sum of (a) the
                Stated
                Principal Balance of each mortgage loan which was repurchased by
                the
                Sponsor in connection with such Distribution Date and (b) the difference,
                if any, between the Stated Principal Balance of each Mortgage Loan
                that
                has been replaced by Sponsor with a substitute mortgage loan pursuant
                to
                the Mortgage Loan Purchase Agreement in connection with such Distribution
                Date and the Stated Principal Balance of each such substitute mortgage
                loan; and

            

    

     

    
      	
              (6)

            	
              on
                the Distribution Date on which the Certificate Principal Balances
                of the
                related Senior Certificates have all been reduced to zero, 100% of
                any
                applicable Senior Optimal Principal
                Amount.

            

    

     

    “Subordinate
      Percentage”: As of any Distribution Date and with respect to the Mortgage Loans,
      100% minus the related Senior Percentage. The initial Subordinate Percentage
      will be 8.25%.

     

    “Subordinate
      Prepayment Percentage”: As of any Distribution Date, 100% minus the Senior
      Prepayment Percentage, except that on any Distribution Date after the
      Certificate Principal Balance of each Class of Senior Certificates have each
      been reduced to zero, the Subordinate Prepayment Percentage for the Class M
      Certificates and Class B Certificates will equal 100%.

     

    “Subservicer”:
      Any Subservicer appointed by the Servicer pursuant to a Servicing
      Agreement.

     

    “Subsequent
      Recoveries”: As of any Distribution Date, amounts received by the Servicer or
      Master Servicer (net of any related expenses permitted to be reimbursed pursuant
      to Section 4.02) or surplus amounts held by the Servicer or Master Servicer
      to
      cover estimated expenses (including, but not limited to, recoveries in respect
      of the representations and warranties made by the Sponsor in the Mortgage Loan
      Purchase Agreement) specifically related to a Mortgage Loan that was the subject
      of a liquidation or final disposition of any REO Property prior to the related
      Prepayment Period that resulted in a Realized Loss.

     

    “Substitution
      Adjustment”: As defined in Section 2.04 hereof.

     

    “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 each REMIC due to their classification 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.

     

    “Termination
      Price”:
      An
      amount equal to (a) 100% of the unpaid principal balance of each Mortgage Loan
      (other than one as to which a REO Property was acquired) on the day of
      repurchase together with accrued interest on such unpaid principal balance
      at
      the Net Mortgage Rate to the first day of the month in which the proceeds of
      such repurchase are to be distributed, plus (b) the appraised value of any
      REO
      Property (but not more than the unpaid principal balance of the related Mortgage
      Loan, together with accrued interest on that balance at the Net Mortgage Rate
      to
      the first day of the month such repurchase price is distributed) less the good
      faith estimate of the Servicer of liquidation expenses to be incurred in
      connection with its disposal thereof, such appraisal to be conducted by an
      appraiser mutually agreed upon by the Servicer and the Master Servicer on behalf
      of the Trustee at the expense of the terminating party.

     

    “Terminating
      Purchase”:
      The
      purchase of all Mortgage Loans and each REO Property owned by a Trust pursuant
      to Section 8.01 hereof.

     

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

     

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

     

    “Trust
      Fund”: REMIC 1, REMIC 2 and the Net WAC Shortfall Carry-Forward Reserve
      Fund.

     

    “Trust
      REMIC”: Any of REMIC 1 or REMIC 2.

     

    “Trustee”:
      Deutsche Bank National Trust Company, or its successor in interest, or any
      successor trustee appointed as herein provided.

     

    “Uncertificated
      Accrued Interest”: With respect to each REMIC Regular Interest on each
      Distribution Date, an amount equal to one month’s interest at the related
      Uncertificated Pass-Through Rate on the Uncertificated Principal Balance, as
      applicable, of such REMIC Regular Interest. In each case, Uncertificated Accrued
      Interest will be reduced by any Net Prepayment Interest Shortfalls and Relief
      Act Interest Shortfalls (allocated to such REMIC Regular Interests as set forth
      in Section 1.04).

     

    “Uncertificated
      Principal Balance”: With respect to each REMIC Regular Interest, the principal
      amount of such REMIC Regular Interest outstanding as of any date of
      determination. As of the Closing Date, the Uncertificated Principal Balance
      of
      each such REMIC Regular Interest shall equal the amount set forth in the
      Preliminary Statement hereto as its initial Uncertificated Principal Balance.
      On
      each Distribution Date, the Uncertificated Principal Balance of each such REMIC
      Regular Interest shall be reduced by all distributions of principal made on
      such
      REMIC Regular Interest on such Distribution Date pursuant to Section 4.06 and,
      if and to the extent necessary and appropriate, shall be further reduced on
      such
      Distribution Date by Realized Losses as provided in Section 4.07. The
      Uncertificated Principal Balance of each REMIC Regular Interest shall never
      be
      less than zero.

     

    “Uncertificated
      Pass-Through Rate”: The Uncertificated REMIC 1 Pass-Through Rate.

     

    “Uncertificated
      REMIC 1 Pass-Through Rate”: With respect to each REMIC 1 Regular Interest, the
      weighted average of the Net Mortgage Rates on the Mortgage Loans, weighted
      based
      on their principal balances as of the first day of the related Due
      Period.

     

    “Uninsured
      Cause”: Any cause of damage to property subject to a Mortgage such that the
      complete restoration of such property is not fully reimbursable by the hazard
      insurance policies or flood insurance policies required to be maintained
      pursuant to Section 3.13.

     

    “United
      States Person”: A citizen or resident of the United States, a corporation or a
      partnership (including an entity treated as a corporation or partnership for
      United States federal income tax purposes) created or organized in, or under
      the
      laws of, the United States or any State thereof or the District of Columbia
      (except, in the case of a partnership, to the extent provided in regulations)
      provided that, 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 such 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.

     

    “Underwriter”:
      Countrywide Securities Corporation.

     

    “Voting
      Rights”: The portion of the voting rights of all of the Certificates which is
      allocated to any Certificate. At all times during the term of this Agreement,
      (i) 98% of all Voting Rights will be allocated among the Holders of the
      Certificates in proportion to the then outstanding Certificate Principal
      Balances of their respective Certificates, (ii) 1% of all Voting Rights will
      be
      allocated to the Holders of the Class X-P Certificates and (iii) 1% of all
      Voting Rights will be allocated to the Holders of the Class R Certificates.
      The
      Voting Rights allocated to any Class of Certificates shall be allocated among
      all Holders of the Certificates of such Class in proportion to the outstanding
      Percentage Interests in such Class represented thereby.

     

    “Weighted
      Average Net Mortgage Rate”: The weighted average of the Net Mortgage Rates of
      the Mortgage Loans, weighted on the basis of the Stated Principal Balances
      thereof as of the close of business on the first day of the calendar month
      preceding the month in which such Distribution Date occurs.

     

    “X-IO
      Component”: Either the Class X-IO-A Component or the X-IO-B Component of the
      Class X-P Certificates.

     

    “X-PO
      Component”: Either the X-PO-A or X-PO-B Component of the Class X-P
      Certificates.

     

    Section
      1.02  Determination
      of LIBOR.

     

    On
      each
      Interest Determination Date, the Securities
      Administrator will
      determine One-Month LIBOR and the related Pass-Through Rate for each Class
      of
      LIBOR Certificates for the next Accrual Period. 

     

    In
      the
      event that on any Interest Determination Date, Telerate Screen 3750 fails to
      indicate the London interbank offered rate for one-month United States dollar
      deposits, then One-Month LIBOR for the LIBOR Certificates for the related
      Accrual Period will be established by the Securities Administrator as
      follows:

     

    
      	 	
              (a)

            	
              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
                0.0625%).

            

    

     

    
      	 	
              (b)

            	
              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 (x) One-Month LIBOR as determined on the previous
                Interest Determination Date and (y) the Reserve Interest
                Rate.

            

    

     

    
      	 	
              (c)

            	
              If
                no such quotations can be obtained and no Reference Bank rate is
                available, One-Month LIBOR will be the One-Month LIBOR rate applicable
                to
                the preceding Accrual Period.

            

    

     

    The
      establishment of One-Month LIBOR by the Securities Administrator on any Interest
      Determination Date and the Securities Administrator’s calculation of the
      Pass-Through Rate applicable to the LIBOR Certificates for the relevant Accrual
      Period, in the absence of manifest error, will be final and binding. The
      Securities Administrator will supply to any Certificateholder so requesting
      by
      telephone the Pass-Through Rate on the LIBOR Certificates for the current and
      the immediately preceding Accrual Period.

     

    Section
      1.03  Allocation
      of Certain Interest Shortfalls.

     

    The
      aggregate amount of any Net Prepayment Interest Shortfalls and any Relief Act
      Interest Shortfalls incurred in respect of the Mortgage Loans for any
      Distribution Date shall be allocated to Uncertificated Accrued Interest payable
      to each REMIC 1 Regular Interest (other than REMIC 1 Regular Interest LT-R),
      pro
      rata,
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC 1 Pass-Through Rates on the respective Uncertificated
      Principal Balances of each such REMIC 1 Regular Interest.

     

     

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    Section
      2.01  Conveyance
      of Mortgage Loans.

     

    The
      Depositor, as of the Closing Date, and concurrently with the execution and
      delivery hereof, does hereby assign, transfer, sell, set over and otherwise
      convey to the Trustee without recourse all the right, title and interest of
      the
      Depositor in and to the Mortgage Loans identified on the Mortgage Loan Schedule
      (exclusive of any prepayment fees and late payment charges received thereon)
      and
      all other assets included or to be included in the Trust Fund for the benefit
      of
      the Certificateholders. Such assignment includes all principal and interest
      received by the Servicer on or with respect to the Mortgage Loans (other than
      payment of principal and interest due on or before the Cut-off
      Date).

     

    In
      connection with such transfer and assignment, the Depositor has caused the
      Sponsor with respect to each Mortgage Loan, to deliver to, and deposit to or
      at
      the direction of the Trustee, as described in the Mortgage Loan Purchase
      Agreement, with respect to each Mortgage Loan, the following documents or
      instruments:

     

    (a)  With
      respect to each Mortgage Loan, other than a Cooperative Loan:

     

    (i)  the
      original Mortgage Note endorsed without recourse to the order of the Trustee
      or
      in blank, and showing an unbroken chain of endorsements from the original payee
      thereof to the Person endorsing it to the Trustee or in blank or, with respect
      to any Mortgage Loan as to which the original Mortgage Note has been lost or
      destroyed and has not been replaced, a Lost Note Affidavit;

     

    (ii)  the
      original Mortgage with evidence of recording thereon, or, if the original
      Mortgage has not yet been returned from the public recording office, a copy
      of
      the original Mortgage certified by the Sponsor or the public recording office
      in
      which such original Mortgage has been recorded;

     

    (iii)  an
      assignment (which may be included in one or more blanket assignments if
      permitted by applicable law) of the Mortgage in blank or to the Trustee (or
      to
      MERS, if the Mortgage Loan is registered on the MERS® System and noting the
      presence of a MIN) and otherwise in recordable form;

     

    (iv)  originals
      of any intervening assignments of the Mortgage, with evidence of recording
      thereon, or, if the original of any such intervening assignment has not yet
      been
      returned from the public recording office, a copy of such original intervening
      assignment certified by the Sponsor or the public recording office in which
      such
      original intervening assignment has been recorded;

     

    (v)  the
      original policy of title insurance (or a preliminary title report commitment
      for
      title insurance, if the policy is being held by the title insurance company
      pending recordation of the Mortgage); and

     

    (vi)  the
      original or a true and correct copy of any assumption, modification,
      consolidation or substitution agreement, if any, relating to the Mortgage
      Loan.

     

    (b)  With
      respect to each Mortgage Loan that is a Cooperative Loan (as indicated on the
      Mortgage Loan Schedule):

     

    (c)  

     

    (i)  the
      original Mortgage Note endorsed without recourse to the order of the Trustee
      or
      in blank, and showing an unbroken chain of endorsements from the original payee
      thereof to the Person endorsing it to the Trustee or in blank or, with respect
      to any Mortgage Loan as to which the original Mortgage Note has been lost or
      destroyed and has not been replaced, a Lost Note Affidavit;

     

    (ii) the
      original duly executed assignment of Security Agreement to the
      Trustee;

     

    (iii) the
      acknowledgment copy of the original executed Form UCC-1 (or certified copy
      thereof) with respect to the Security Agreement, and any required continuation
      statements;

     

    (iv) the
      acknowledgment copy of the original executed Form UCC-3 with respect to the
      security agreement, indicating the Trustee as the assignee of the secured
      party;

     

    (v) the
      stock
      certificate representing the Cooperative Assets allocated to the cooperative
      unit, with a stock power in blank attached;

     

    (vi) the
      original collateral assignment of the proprietary lease by Mortgagor to the
      originator;

     

    (vii) a
      copy of
      the recognition agreement;

     

    (viii) if
      applicable and to the extent available, the original intervening assignments,
      including warehousing assignments, if any, showing, to the extent available,
      an
      unbroken chain of the related Mortgage Loan to the Trustee, together with a
      copy
      of the related Form UCC-3 with evidence of filing thereon; and

     

    (ix) the
      original or a true and correct copy of any assumption, modification,
      consolidation or substitution agreement, if any, relating to the Mortgage
      Loan.

     

    Within
      30
      days after the Closing Date, the Depositor shall complete or cause to be
      completed the Assignments of Mortgage in the name of “Deutsche Bank National
      Trust Company, as trustee under the Agreement relating to American Home Mortgage
      Assets LLC, Mortgaged-Backed Pass-Through Certificates, Series 2006-6” (or shall
      prepare or cause to be prepared new forms of Assignment of Mortgage so completed
      in the name of the Trustee) for each Mortgage Property in a state, if any,
      which
      is specifically excluded from the Opinion of Counsel delivered by the Depositor
      to the Trustee and the Custodian, each such assignment shall be recorded in
      the
      appropriate public office for real property records, and returned to the
      Custodian, at no expense to the Trustee or the Custodian.

     

    The
      Sponsor
      is
      obligated as described in the Mortgage Loan Purchase Agreement, with respect
      to
      the Mortgage Loans, to deliver to or at the direction of the Trustee: (a) either
      the original recorded Mortgage, or in the event such original cannot be
      delivered by the Sponsor, a copy of such Mortgage certified as true and complete
      by the appropriate recording office, in those instances where a copy thereof
      certified by the Sponsor was delivered to the Custodian as agent for the Trustee
      pursuant to clause (ii) above; and (b) either the original Assignment or
      Assignments of the Mortgage, with evidence of recording thereon, showing an
      unbroken chain of assignment from the originator to the Sponsor, or in the
      event
      such original cannot be delivered by the Sponsor, a copy of such Assignment
      or
      Assignments certified as true and complete by the appropriate recording office,
      in those instances where copies thereof certified by the Sponsor were delivered
      to the Custodian as agent for the Trustee pursuant to clause (iv) above.
      However, pursuant to the Mortgage Loan Purchase Agreement, the Sponsor need
      not
      cause to be recorded any assignment in any jurisdiction under the laws of which,
      as evidenced by an Opinion of Counsel delivered by the Sponsor to the Trustee,
      the Custodian and the Rating Agencies, the recordation of such assignment is
      not
      necessary to protect the Trustee’s interest in the related Mortgage Loan;
provided,
      however,
      notwithstanding the delivery of any Opinion of Counsel, each assignment shall
      be
      submitted for recording by the Sponsor in the manner described above, at no
      expense to the Issuing Entity, the Custodian or the Trustee, upon the earliest
      to occur of: (i) reasonable direction by the Holders of Certificates evidencing
      at least 25% of the Voting Rights, (ii) the occurrence of an Event of Default,
      (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to
      the
      Sponsor, (iv) the occurrence of a servicing transfer as described in Section
      6.02 hereof and (v) if the Sponsor is not the Master Servicer and with respect
      to any one assignment, the occurrence of a bankruptcy, insolvency or foreclosure
      relating to the Mortgagor under the related Mortgage.

     

    Notwithstanding
      anything to the contrary contained in this Section 2.01, in those instances
      where the public recording office retains the original Mortgage after it has
      been recorded, the Sponsor shall be deemed to have satisfied its obligations
      hereunder upon delivery to the Custodian as agent for the Trustee of a copy
      of
      such Mortgage certified by the public recording office to be a true and complete
      copy of the recorded original thereof.

     

    If
      any
      Assignment is lost or returned unrecorded to the Custodian as agent for the
      Trustee because of any defect therein, the Sponsor is required, as described
      in
      the Mortgage Loan Purchase Agreement, to prepare a substitute Assignment or
      cure
      such defect, as the case may be, and the Sponsor shall cause such Assignment
      to
      be recorded in accordance with this section.

     

    In
      connection with the assignment of any Mortgage Loan registered on the MERS®
System, the Sponsor
      further
      agrees that it will cause, at the Sponsor’s own expense, as of the Closing Date,
      the MERS® System to indicate that such Mortgage Loans have been assigned by the
      Sponsor 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 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.

     

    With
      respect to the Cooperative Loans, the Depositor will, promptly after the Closing
      Date, cause the related financing statements (if not yet filed) and an
      assignment thereof from the Depositor to the Trustee to be filed in the
      appropriate offices.

     

    Except
      as
      may otherwise expressly be provided herein, none of the Depositor, the
      Custodian, the Master Servicer, or the Trustee shall (and the Master Servicer
      shall ensure that no Servicer shall) assign, sell, dispose of or transfer any
      interest in the Trust Fund or any portion thereof, or cause the Trust Fund
      or
      any portion thereof to be subject to any lien, claim, mortgage, security
      interest, pledge or other encumbrance.

     

    It
      is
      intended that the conveyance of the Mortgage Loans by the Depositor to the
      Trustee as provided in this Section be, and be construed as, a sale of the
      Mortgage Loans as provided for in this Section 2.01 by the Depositor to the
      Trustee for the benefit of the Certificateholders. It is, further, not intended
      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. However,
      in the event that the Mortgage Loans are held to be property of the Depositor,
      or if for any reason this Agreement is held or deemed to create a security
      interest in the Mortgage Loans, then it is intended that, (a) this Agreement
      shall also be deemed to be a security agreement within the meaning of Articles
      8
      and 9 of the New York Uniform Commercial Code and the Uniform Commercial Code
      of
      any other applicable jurisdiction; (b) the conveyance provided for in this
      Section shall be deemed to be (1) a grant by the Depositor to the Trustee of
      a
      security interest in all of the Depositor’s right (including the power to convey
      title thereto), title and interest, whether now owned or hereafter acquired,
      in
      and to (A) the Mortgage Loans, including the Mortgage Notes, the Mortgages,
      any
      related Insurance Policies and all other documents in the related Mortgage
      Files, (B) all amounts payable to the holders of the Mortgage Loans in
      accordance with the terms thereof and (C) all proceeds of the conversion,
      voluntary or involuntary, of the foregoing into cash, instruments, securities
      or
      other property, including without limitation all amounts from time to time
      held
      or invested in the Distribution Account, whether in the form of cash,
      instruments, securities or other property and (2) an assignment by the Depositor
      to the Trustee of any security interest in any and all of the Sponsor’s right
      (including the power to convey title thereto), title and interest, whether
      now
      owned or hereafter acquired, in and to the property described in the foregoing
      clauses (1)(A) through (C); (c) the possession by the Custodian as agent for
      the
      Trustee or any other agent of the Trustee of Mortgage Notes and such other
      items
      of property as constitute instruments, money, negotiable documents or chattel
      paper shall be deemed to be “possession by the secured party” or possession by a
      purchaser or a person designated by such secured party, for purposes of
      perfecting the security interest pursuant to the New York Uniform Commercial
      Code and the Uniform Commercial Code of any other applicable jurisdiction
      (including, without limitation, Sections 9-115, 9-305, 8-102, 8-301, 8-501
      and
      8-503 thereof); and (d) notifications to persons holding such property, and
      acknowledgments, receipts or confirmations from persons holding such property,
      shall be deemed notifications to, or acknowledgments, receipts or confirmations
      from, financial intermediaries, bailees or agents (as applicable) of the Trustee
      for the purpose of perfecting such security interest under applicable law.
      The
      Depositor shall, to the extent consistent with this Agreement, take such actions
      as may be necessary to ensure that, if this Agreement were deemed to create
      a
      security interest in the Mortgage Loans and the REMIC 1 Regular Interests,
      such
      security interest would be deemed to be a perfected security interest of first
      priority under applicable law and will be maintained as such throughout the
      term
      of the Agreement.

     

    Section
      2.02  Acceptance
      of the Trust Fund by the Trustee.

     

    The
      Trustee acknowledges receipt (subject to any exceptions noted in the Initial
      Certification described below), of the documents referred to in Section 2.01
      above and all other assets included in the definition of “Trust Fund” and
      declares that it (or the Custodian on its behalf) holds and will hold such
      documents and the other documents delivered to Custodian as agent for the
      Trustee constituting the Mortgage Files, and that it holds or will hold such
      other assets included in the definition of “Trust Fund” (to the extent delivered
      or assigned to the Custodian as agent for the Trustee), in trust for the
      exclusive use and benefit of all present and future
      Certificateholders.

     

    The
      Trustee agrees to cause, for the benefit of the Certificateholders, the
      Custodian as agent for the Trustee to review each Mortgage File on or before
      the
      Closing Date to ascertain that all documents required to be delivered to it
      are
      in its possession, and the Custodian as agent for the Trustee agrees to execute
      and deliver, or cause to be executed and delivered, to the Depositor on the
      Closing Date, with respect to each Mortgage Loan, an Initial Certification
      in
      the form annexed hereto as Exhibit C to the effect 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 such certification as
      not
      covered by such certification), (i) all documents required to be delivered
      to it
      pursuant to this Agreement with respect to such Mortgage Loan are in its
      possession, and (ii) such documents have been reviewed by it and appear regular
      on their face and relate to such Mortgage Loan. Neither the Custodian, the
      Trustee or the Master Servicer shall be under any duty to determine whether
      any
      Mortgage File should include any of the documents specified in clauses (v)
      or
      (vi) of Section 2.01(a). Neither the Custodian, the Trustee or the Master
      Servicer shall be under any duty or obligation to inspect, review or examine
      said documents, instruments, certificates or other papers to determine that
      the
      same are genuine, valid, enforceable, appropriate for the represented purpose
      or
      that they have actually been recorded, or that they are in recordable form
      or
      that they are other than what they purport to be on their face.

     

    Within
      180 days of the Closing Date, with respect to the Mortgage Loans, the Custodian
      as agent for the Trustee shall deliver to the Depositor a Final Certification
      in
      the form annexed hereto as Exhibit D evidencing the completeness of the Mortgage
      Files, with any applicable exceptions noted thereon.

     

    If
      in the
      process of reviewing the Mortgage Files and preparing the certifications
      referred to above the Custodian as agent for the Trustee or the Master Servicer
      finds any document or documents constituting a part of a Mortgage File to be
      missing or not in compliance with the criteria as set forth herein, the
      Custodian as agent for the Trustee shall promptly notify the Trustee, the
      Sponsor, the Depositor and the Securities Administrator (which may be by an
      exception report). The Sponsor shall cure any such defect within 60 days from
      the date on which the Sponsor was notified of such defect, and if the Sponsor
      does not cure such defect in all material respects during such period, the
      Trustee shall request on behalf of the Certificateholders that the Sponsor
      purchase such Mortgage Loan from the Trust Fund at the Purchase Price within
      90
      days after the date on which the Sponsor was notified of such defect; provided
      that if such defect would cause the Mortgage Loan to be other than a “qualified
      mortgage” as defined in Section 860G(a)(3) of the Code, any such cure or
      repurchase must occur within 90 days from the date such breach was discovered.
      It is understood and agreed that the obligation of the Sponsor to cure a
      material defect in, or purchase any Mortgage Loan as to which a material defect
      in a constituent document exists shall constitute the sole remedy respecting
      such defect available to Certificateholders or the Trustee on behalf of
      Certificateholders. The Purchase Price for the purchased Mortgage Loan shall
      be
      deposited or caused to be deposited upon receipt by the Securities Administrator
      in the Distribution Account and, upon receipt by the Custodian as agent for
      the
      Trustee and the Securities Administrator of written notification of such deposit
      signed by a Servicing Officer, the Custodian as agent for the Trustee shall
      release or cause to be released to the Sponsor the related Mortgage File and
      the
      Trustee shall execute and deliver such instruments of transfer or assignment,
      in
      each case without recourse, as the Sponsor shall require as necessary to vest
      in
      the Sponsor ownership of any Mortgage Loan released pursuant hereto and at
      such
      time neither the Custodian nor the Trustee shall have any further responsibility
      with respect to the related Mortgage File. In furtherance of the foregoing,
      if
      the Sponsor is not a member of MERS and the Mortgage is registered on the MERS®
System, the Servicer, at the the Sponsor’s expense, shall cause MERS to execute
      and deliver an assignment of the Mortgage in recordable form to transfer the
      Mortgage from MERS to the the Sponsor and shall cause such Mortgage to be
      removed from registration on the MERS® System in accordance with MERS’ rules and
      regulations.

     

    In
      connection with any repurchase of a Mortgage Loan or the cure of a breach of
      a
      representation or warranty pursuant to this Section 2.02, the Sponsor shall
      promptly furnish to the Securities Administrator and the Trustee an officer’s
      certificate, signed by a duly authorized officer of the Sponsor to the effect
      that such repurchase or cure has been made in accordance with the terms and
      conditions of this Agreement and that all conditions precedent to such
      repurchase or cure have been satisfied, including the delivery to the Securities
      Administrator of the Purchase Price for deposit into the Distribution Account,
      together with copies of any Opinion of Counsel required to be delivered pursuant
      to this Agreement and the related Request for Release, in which the Securities
      Administrator, the Trustee and the Custodian may rely. Solely for purposes
      of
      the Securities Administrator providing an Assessment of Compliance, upon receipt
      of such documentation, the Securities Administrator shall approve such
      repurchase, substitution or cure, as applicable, and which approval shall
      consist solely of the Securities Administrator’s receipt of such documentation
      and deposits.

     

    Section
      2.03  Representations,
      Warranties and Covenants of the Master Servicer and the
      Depositor.

     

    (a)  The
      Master Servicer hereby represents and warrants to and covenants with the
      Depositor for the benefit of Certificateholders and the Trustee
      that:

     

    (i)  The
      Master Servicer is, and throughout the term hereof shall remain, a national
      banking association duly organized, validly existing and in good standing under
      the laws of the state of its incorporation, the Master Servicer is, and shall
      remain, in compliance with the laws of each state in which any Mortgaged
      Property is located to the extent necessary to perform its obligations under
      this Agreement, and the Master Servicer or an affiliate is, and shall remain,
      approved to service Mortgage Loans for Fannie Mae and Freddie Mac;

     

    (ii)  The
      execution and delivery of this Agreement by the Master Servicer, and the
      performance and compliance with the terms of this Agreement by the Master
      Servicer, will not violate the Master Servicer’s articles of incorporation 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)  The
      Master Servicer 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
Depositor
      and the
      Trustee, constitutes a valid, legal and binding obligation of the Master
      Servicer, enforceable against the Master Servicer in accordance with the terms
      hereof, subject to (A) applicable bankruptcy, insolvency, 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)  The
      Master Servicer 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 is likely to affect
      materially and adversely either the ability of the Master Servicer to perform
      its obligations under this Agreement or the financial condition of the Master
      Servicer;

     

    (vi)  No
      litigation is pending (other than litigation with respect to which pleadings
      or
      documents have been filed with a court, but not served on the Master Servicer)
      or, to the best of the Master Servicer’s knowledge, threatened against the
      Master Servicer which would prohibit its entering into this Agreement or
      performing its obligations under this Agreement or is likely to affect
      materially and adversely either the ability of the Master Servicer to perform
      its obligations under this Agreement or the financial condition of the Master
      Servicer;

     

    (vii)  The
      Master Servicer will comply in all material respects in the performance of
      this
      Agreement with all reasonable rules and requirements of each insurer under
      each
      Insurance Policy;

     

    (viii)  The
      execution of this Agreement and the performance of the Master Servicer’s
      obligations hereunder do not require any license, consent or approval of any
      state or federal court, agency, regulatory authority or other governmental
      body
      having jurisdiction over the Master Servicer, other than such as have been
      obtained; and

     

    (ix)  No
      information, certificate of an officer, statement furnished in writing or report
      delivered to the Depositor, any affiliate of the Depositor or the Trustee by
      the
      Master Servicer in its capacity as Master Servicer, will, to the knowledge
      of
      the Master Servicer, contain any untrue statement of a material
      fact.

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.03(a) shall survive the execution and delivery of this
      Agreement, and shall inure to the benefit of the Depositor, the Trustee and
      the
      Certificateholders. Upon discovery by any of the Depositor, the Trustee, the
      Securities Administrator or the Master Servicer of a breach of any of the
      foregoing representations, warranties and covenants that materially and
      adversely affects the interests of the Depositor or the Trustee or the value
      of
      any Mortgage Loan or Prepayment Charge, the party discovering such breach shall
      give prompt written notice to the other parties.

     

    (b)  The
      Depositor hereby represents and warrants to the Master Servicer, the Securities
      Administrator and the Trustee for the benefit of Certificateholders that as
      of
      the Closing Date

     

    (i)  the
      Depositor (a) is a limited liability company duly organized, validly existing
      and in good standing under the laws of the State of Delaware and (b) is
      qualified and in good standing as a foreign corporation to do business in each
      jurisdiction where such qualification is necessary, except where the failure
      so
      to qualify would not reasonably be expected to have a material adverse effect
      on
      the Depositor’s business as presently conducted or on the Depositor’s ability to
      enter into this Agreement and to consummate the transactions contemplated
      hereby;

     

    (ii)  the
      Depositor has full corporate power to own its property, to carry on its business
      as presently conducted and to enter into and perform its obligations under
      this
      Agreement;

     

    (iii)  the
      execution and delivery by the Depositor of this Agreement have been duly
      authorized by all necessary corporate action on the part of the Depositor;
      and
      neither the execution and delivery of this Agreement, nor the consummation
      of
      the transactions herein contemplated, nor compliance with the provisions hereof,
      will conflict with or result in a breach of, or constitute a default under,
      any
      of the provisions of any law, governmental rule, regulation, judgment, decree
      or
      order binding on the Depositor or its properties or the articles of
      incorporation or by-laws of the Depositor, except those conflicts, breaches
      or
      defaults which would not reasonably be expected to have a material adverse
      effect on the Depositor’s ability to enter into this Agreement and to consummate
      the transactions contemplated hereby;

     

    (iv)  the
      execution, delivery and performance by the Depositor of this Agreement and
      the
      consummation of the transactions contemplated hereby do not require the consent
      or approval of, the giving of notice to, the registration with, or the taking
      of
      any other action in respect of, any state, federal or other governmental
      authority or agency, except those consents, approvals, notices, registrations
      or
      other actions as have already been obtained, given or made;

     

    (v)  this
      Agreement has been duly executed and delivered by the Depositor and, assuming
      due authorization, execution and delivery by the other parties hereto,
      constitutes a valid and binding obligation of the Depositor enforceable against
      it in accordance with its terms (subject to applicable bankruptcy and insolvency
      laws and other similar laws affecting the enforcement of the rights of creditors
      generally);

     

    (vi)  there
      are
      no actions, suits or proceedings pending or, to the knowledge of the Depositor,
      threatened against the Depositor, before or by any court, administrative agency,
      arbitrator or governmental body (i) with respect to any of the transactions
      contemplated by this Agreement or (ii) with respect to any other matter which
      in
      the judgment of the Depositor will be determined adversely to the Depositor
      and
      will if determined adversely to the Depositor materially and adversely affect
      the Depositor’s ability to enter into this Agreement or perform its obligations
      under this Agreement; and the Depositor is not in default with respect to any
      order of any court, administrative agency, arbitrator or governmental body
      so as
      to materially and adversely affect the transactions contemplated by this
      Agreement;

     

    (vii)  The
      Depositor has filed all reports required to be filed by Section 13 or Section
      15(d) of the Exchange Act during the preceding 12 months (or for such shorter
      period that the Depositor was required to file such reports) and it has been
      subject to such filing requirements for the past 90 days; and

     

    (viii)  immediately
      prior to the transfer and assignment to the Trustee, each Mortgage Note and
      each
      Mortgage were not subject to an assignment or pledge, and the Depositor had
      good
      and marketable title to and was the sole owner thereof and had full right to
      transfer and sell such Mortgage Loan to the Trustee free and clear of any
      encumbrance, equity, lien, pledge, charge, claim or security
      interest.

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.03(b) shall survive the execution and delivery of this
      Agreement, and shall inure to the benefit of the Master Servicer, Securities
      Administrator, the Trustee and the Certificateholders. Upon discovery by either
      the Depositor, the Master Servicer, the Securities Administrator, the Custodian
      or the Trustee of a breach of any representation or warranty set forth in this
      Section 2.03 which materially and adversely affects the interests of the
      Certificateholders in any Mortgage Loan, the party discovering such breach
      shall
      give prompt written notice to the other parties.

     

    Section
      2.04  Assignment
      of Interest in the Mortgage Loan Purchase Agreement.

     

    The
      Depositor hereby assigns to the Trustee for the benefit of Certificateholders
      all of its rights (but none of its obligations) in, to and under the Mortgage
      Loan Purchase Agreement. Insofar as the Mortgage Loan Purchase Agreement relates
      to such representations and warranties and any remedies provided thereunder
      for
      any breach of such representations and warranties, such right, title and
      interest may be enforced by the Trustee on behalf of the Certificateholders.
      Upon the discovery by the Depositor, the Master Servicer, the Securities
      Administrator or the Trustee of a breach of any of the representations and
      warranties made in the Mortgage Loan Purchase Agreement in respect of any
      Mortgage Loan which materially and adversely affects the value of a Mortgage
      Loan or the interests of the Certificateholders in such Mortgage Loan, the
      party
      discovering such breach shall give prompt written notice to the other parties.
      The Trustee shall promptly notify the Sponsor
      of such
      breach and request that the Sponsor shall, within 90 days from the date that
      the
      Sponsor was notified or otherwise obtained knowledge of such breach, either
      (i)
      cure such breach in all material respects or (ii) purchase such Mortgage Loan
      from the Trust Fund at the Purchase Price and in the manner set forth in Section
      2.02; provided that if such breach would cause the Mortgage Loan to be other
      than a “qualified mortgage” as defined in Section 860G(a)(3) of the Code, any
      such cure or repurchase must occur within 90 days from the date such breach
      was
      discovered. However, in the case of a breach under the Mortgage Loan Purchase
      Agreement, subject to the approval of the Depositor, the Sponsor shall have
      the
      option to substitute a Eligible Substitute Mortgage Loan or Loans for such
      Mortgage Loan if such substitution occurs within two years following the Closing
      Date, except that if the breach would cause the Mortgage Loan to be other than
      a
“qualified mortgage” as defined in Section 860G(a)(3) of the Code, any such
      substitution must occur within 90 days from the date the breach was discovered
      if such 90 day period expires before two years following the Closing Date.
      In
      the event that Sponsor elects to substitute a Eligible Substitute Mortgage
      Loan
      or Loans for a Deleted Mortgage Loan pursuant to this Section 2.04, the Trustee
      shall enforce the obligation of the Sponsor, under the Mortgage Loan Purchase
      Agreement, to deliver to the Custodian as agent for the Trustee and the Master
      Servicer, as appropriate, with respect to such Eligible Substitute Mortgage
      Loan
      or Loans, the original Mortgage Note, the Mortgage, an Assignment of the
      Mortgage in recordable form, and such other documents and agreements as are
      required by Section 2.01, with the Mortgage Note endorsed as required by Section
      2.01. No substitution will be made in any calendar month after the Determination
      Date for such month. Monthly Payments due with respect to Eligible Substitute
      Mortgage Loans in the month of substitution, to the extent received by the
      Master Servicer or any Subservicer, shall not be part of the Trust Fund and
      will
      be retained by the Master Servicer and remitted by the Master Servicer to the
      Sponsor on the next succeeding Distribution Date. For the month of substitution,
      distributions to Certificateholders will include the Monthly Payment due on
      a
      Deleted Mortgage Loan for such month and thereafter the Sponsor shall be
      entitled to retain all amounts received in respect of such Deleted Mortgage
      Loan. The Depositor shall amend or cause to be amended the Mortgage Loan
      Schedule for the benefit of the Certificateholders to reflect the removal of
      such Deleted Mortgage Loan and the substitution of the Eligible Substitute
      Mortgage Loan or Loans and the Depositor shall deliver the amended Mortgage
      Loan
      Schedule to the Custodian as agent for the Trustee. Upon such substitution,
      the
      Eligible Substitute Mortgage Loan or Loans shall be subject to the terms of
      this
      Agreement in all respects, the Sponsor shall be deemed to have made the
      representations and warranties with respect to the Eligible Substitute Mortgage
      Loan contained in the Mortgage Loan Purchase Agreement as of the date of
      substitution, and the Depositor shall be deemed to have made with respect to
      any
      Eligible Substitute Mortgage Loan or Loans, as of the date of substitution,
      the
      representations and warranties set forth in the Mortgage Loan Purchase Agreement
      (other than any statistical representations set forth therein).

     

    In
      connection with the substitution of one or more Eligible Substitute Mortgage
      Loans for one or more Deleted Mortgage Loans, the Master Servicer will determine
      the amount (the “Substitution Adjustment”), if any, by which the aggregate
      principal balance of all such Eligible Substitute Mortgage Loans as of the
      date
      of substitution is less than the Aggregate Stated Principal Balance of all
      such
      Deleted Mortgage Loans (in each case after application of the principal portion
      of the Monthly Payments due in the month of substitution that are to be
      distributed to Certificateholders in the month of substitution). In accordance
      with the Mortgage Loan Purchase Agreement, the Sponsor shall give notice in
      writing to the Trustee, the Custodian and the Securities Administrator of such
      event, which notice shall be accompanied by an Officers’ Certificate as to the
      calculation of such shortfall (and that such shortfall, if any, has been
      Deposited into the Distribution Account) and by 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 portion of any Trust REMIC to fail to qualify as a REMIC at any time
      that any Certificate is outstanding. The costs of any substitution as described
      above, including any related assignments, opinions or other documentation in
      connection therewith shall be borne by the Sponsor.

     

    In
      connection with any repurchase of a Mortgage Loan, substitution or the cure
      of a
      breach of a representation or warranty pursuant to Section 2.02 and this Section
      2.04, the Sponsor shall promptly furnish to the Securities Administrator and
      the
      Trustee an officer’s certificate, signed by a duly authorized officer of the
      Sponsor to the effect that such repurchase, substitution or cure has been made
      in accordance with the terms and conditions of this Agreement and that all
      conditions precedent to such repurchase, substitution or cure have been
      satisfied, including the delivery to the Securities Administrator of the
      Purchase Price or Substitution Adjustment amount, as applicable, for deposit
      into the Distribution Account, together with copies of any Opinion of Counsel
      required to be delivered pursuant to this Agreement and the related Request
      for
      Release, in which the Securities Administrator, the Trustee and the Custodian
      may rely. Solely for purposes of the Securities Administrator providing an
      Assessment of Compliance, upon receipt of such documentation, the Securities
      Administrator shall approve such repurchase, substitution or cure, as
      applicable, and which approval shall consist solely of the Securities
      Administrator’s receipt of such documentation and deposits.

     

    Except
      as
      expressly set forth herein, none of the Trustee, the Custodian, the Securities
      Administrator or the Master Servicer is under any obligation to discover any
      breach of the above-mentioned representations and warranties. It is understood
      and agreed that the obligation of the Sponsor to cure such breach, purchase
      or
      to substitute for such Mortgage Loan as to which such a breach has occurred
      and
      is continuing shall constitute the sole remedy respecting such breach available
      to Certificateholders or the Trustee on behalf of Certificateholders.

     

    Section
      2.05  Issuance
      of Certificates; Conveyance of REMIC Regular Interests and Acceptance of REMIC
      1
      and REMIC 2 by the Trustee.

     

    (a)  The
      Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery
      to the Custodian as agent for the Trustee of the Mortgage Files, subject to
      the
      provisions of Sections 2.01 and 2.02, together with the assignment to it of
      all
      other assets included in the Trust Fund, receipt of which is hereby
      acknowledged. Concurrently with such assignment and delivery and in exchange
      therefor, the Securities Administrator, pursuant to the written request of
      the
      Depositor executed by an officer of the Depositor, has executed, authenticated
      and delivered to or upon the order of the Depositor, the Certificates in
      authorized denominations. The interests evidenced by the Certificates,
      constitute the entire beneficial ownership interest in the Trust
      Fund.

     

    (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 REMIC
      1
      for the benefit of the Holders of the REMIC 1 Regular Interests and Holders
      of
      the Class R Certificates (in respect of the Class R-1 Interest). The Trustee
      acknowledges receipt of REMIC 1 and declares that it holds and will hold the
      same in trust for the exclusive use and benefit of the Holders of the REMIC
      1
      Regular Interests and Holders of the Class R Certificates (in respect of the
      Class R-1 Interest). The interests evidenced by the Class R Certificates (in
      respect of the Class R-1 Interest), together with the REMIC 1 Regular Interests,
      constitute the entire beneficial ownership interest in REMIC 1.

     

    (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
      1 Regular Interests (which are uncertificated for the benefit of the Holders
      of
      the Regular Certificates and the Class R Certificates (in respect of the Class
      R-2 Interest). The Trustee acknowledges receipt of the REMIC 1 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 Regular Certificates and the Class R
      Certificates (in respect of the Class R-2 Interest). The interests evidenced
      by
      the Class R Certificates (in respect of the Class R-2 Interest), together with
      the Regular Certificates constitute the entire beneficial ownership interest
      in
      REMIC 2.

     

    (d)  Concurrently
      with (i) the assignment and delivery to the Trustee of REMIC 1 and the
      acceptance by the Trustee thereof, pursuant to Section 2.01, Section 2.02 and
      subsection (b), (ii) the assignment and delivery to the Trustee of REMIC 2
      and
      the acceptance by the Trustee thereof, pursuant to subsection (c), pursuant
      to
      the written request of the Depositor executed by an officer of the Depositor,
      the Securities Administrator has executed, authenticated and delivered to or
      upon the order of the Depositor and the Class R Certificates in authorized
      denominations.

     

    Section
      2.06  Negative
      Covenants of the Trustee and Master Servicer.

     

    Except
      as
      otherwise expressly permitted by this Agreement the Trustee, the Securities
      Administrator and Master Servicer shall not cause the Trust Fund
      to:

     

    (i)  sell,
      transfer, exchange or otherwise dispose of any of the assets of the Trust
      Fund;

     

    (ii)  dissolve
      or liquidate the Trust Fund in whole or in part;

     

    (iii)  engage,
      directly or indirectly, in any business other than that arising out of the
      issue
      of the Certificates, and the actions contemplated or required to be performed
      under this Agreement;

     

    (iv)  incur,
      create or assume any indebtedness for borrowed money;

     

    (v)  voluntarily
      file a petition for bankruptcy, reorganization, assignment for the benefit
      of
      creditors or similar proceeding; or

     

    (vi)  merge,
      convert or consolidate with any other Person.

     

    Section
      2.07  Purposes
      and Powers of the Issuing Entity.

     

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

     

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

     

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

     

    (c)  to
      make
      payments on the Certificates;

     

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

     

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

     

    The
      Issuing Entity is hereby authorized to engage in the foregoing activities.
      The
      Trustee shall not knowingly cause the Issuing Entity to engage in any activity
      other than in connection with the foregoing or other than as required or
      authorized by the terms of this Agreement while any Certificate is outstanding,
      and this Section 2.07 may not be amended, without the consent of the
      Certificateholders evidencing 51% or more of the aggregate voting rights of
      the
      Certificates.

     

     

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      TRUST FUND

     

    Section
      3.01  Administration
      and Servicing of Mortgage Loans.

     

    (a)  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 the Servicing Agreement and shall have full power and authority to
      do
      any and all things which it may deem necessary or desirable in connection with
      such master servicing and administration. In performing its obligations
      hereunder, the Master Servicer shall act in a manner consistent with Accepted
      Master Servicing Practices. Furthermore, the Master Servicer shall oversee
      and
      consult with the Servicer as necessary from time-to-time to carry out the Master
      Servicer’s obligations hereunder, shall receive, review and evaluate all
      reports, information and other data provided to the Master Servicer by the
      Servicer and shall cause the Servicer to perform and observe the covenants,
      obligations and conditions to be performed or observed by the Servicer under
      the
      Servicing Agreement. The Master Servicer shall independently and separately
      monitor the Servicer’s servicing activities with respect to each related
      Mortgage Loan, reconcile the results of such monitoring with such information
      provided in the previous sentence on a monthly basis and coordinate corrective
      adjustments to the Servicer’s and Master Servicer’s records, and based on such
      reconciled and corrected information, the Master Servicer shall provide such
      information to the Securities Administrator as shall be necessary in order
      for
      it to prepare the statements specified in Section 4.03, 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 Distribution
      Account pursuant to the Servicing Agreement.

     

    In
      addition to the foregoing, in connection with a modification of any Mortgage
      Loan by the Servicer, if the Master Servicer is unable to enforce the
      obligations of the Servicer with respect to such modification, the Master
      Servicer shall notify the Depositor of such Servicer’s failure to comply with
      the terms of the Servicing Agreement or this Agreement. If the Servicing
      Agreement requires the approval of the Master Servicer for a modification to
      a
      Mortgage Loan, the Master Servicer shall approve such modification if, based
      upon its receipt of written notification from the Servicer outlining the terms
      of such modification and appropriate supporting documentation, the Master
      Servicer determines that the modification is permitted under the terms of the
      Servicing Agreement and that any conditions to such modification set forth
      in
      the Servicing Agreement have been satisfied. Furthermore, if the Servicing
      Agreement requires the oversight and monitoring of loss mitigation measures
      with
      respect to the related Mortgage Loans, the Master Servicer will monitor any
      loss
      mitigation procedure or recovery action related to a defaulted Mortgage Loan
      (to
      the extent it receives notice of such from the Servicer) and confirm that such
      loss mitigation procedure or recovery action is initiated, conducted and
      concluded in accordance with any timeframes and any other requirements set
      forth
      in the Servicing Agreement, and the Master Servicer shall notify the Depositor
      in any case in which the Master Servicer believes that the Servicer is not
      complying with such timeframes and/or other requirements.

     

    The
      Trustee shall furnish the Servicer and the Master Servicer with a separate
      power
      of attorney in the standard form used by the Trustee in the form of Exhibit
      R to
      the extent necessary and appropriate to enable the Servicer and the Master
      Servicer to service and administer the Mortgage Loans and REO Property. The
      Trustee shall not be liable for the actions of any Servicer or the Master
      Servicer under such powers of attorney.

     

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

     

    The
      Trustee shall execute and deliver 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 security instrument or otherwise available at law or
      equity.

     

    (b)  Consistent
      with the terms of this Agreement, the Master Servicer may waive, modify or
      vary
      any term of any Mortgage Loan or consent to the postponement of strict
      compliance with any such term or in any manner grant indulgence to any Mortgagor
      if such waiver, modification, postponement or indulgence is in conformity with
      the Accepted Servicing Practices; provided, however, that:

     

    (A) the
      Master Servicer shall not make future advances (except as provided in Section
      4.03);

     

    (B) the
      Master Servicer shall not permit any modification with respect to any Mortgage
      Loan that would change the Mortgage Rate, defer or forgive the payment of any
      principal or interest payments, reduce the outstanding Stated Principal Balance
      (except for reductions resulting from actual payments of principal) or extend
      the final maturity date on such Mortgage Loan (unless (i) the Mortgagor is
      in
      default with respect to the Mortgage Loan or (ii) such default is, in the
      judgment of the Master Servicer, reasonably foreseeable); and

     

    (C) the
      Master Servicer shall not consent to (i) partial releases of Mortgages, (ii)
      alterations, (iii) removal, demolition or division of properties subject to
      Mortgages, (iv) modification or (v) second mortgage subordination agreements
      with respect to any Mortgage Loan that would: (i) affect adversely the status
      of
      any REMIC as a REMIC,(ii) cause any REMIC to be subject to a tax on “prohibited
      transactions” or “contributions” pursuant to the REMIC Provisions, or (iii) both
      (x) effect an exchange or reissuance of such Mortgage Loan under Section 1001
      of
      the Code (or Treasury regulations promulgated thereunder) and (y) cause any
      REMIC constituting part of the Trust Fund to fail to qualify as a REMIC under
      the Code or the imposition of any tax on “prohibited transactions” or
“contributions” after the Startup Day under the REMIC Provisions.

     

    The
      provisions of this Section 3.01(b) shall apply to the exercise of such waiver,
      modification, postponement or indulgence rights by the Master Servicer in its
      capacity as such and shall not apply to the exercise of any similar rights
      by
      the Servicer, who shall instead be subject to the provisions of the Servicing
      Agreement. Such waiver, modification, postponement and indulgence rights of
      the
      Master Servicer set forth in this Section shall not be construed as a
      duty.

     

    (c)  The
      Master Servicer shall enforce the obligation of the Servicer under the Servicing
      Agreement in connection with the waiver of Prepayment Charges in accordance
      with
      the criteria therein and to pay the amount of any waived Prepayment
      Charges.

     

    Section
      3.02  REMIC-Related
      Covenants.

     

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

     

    Section
      3.03  Monitoring
      of Servicer.

     

    (a)  The
      Master Servicer shall be responsible for reporting to the Trustee and the
      Depositor the non-compliance by the Servicer with its duties under the Servicing
      Agreement. In the review of the Servicer’s activities, the Master Servicer may
      rely upon an officer’s certificate of the Servicer (or similar document signed
      by an officer of the Servicer) with regard to the Servicer’s compliance with the
      terms of its Servicing Agreement. In the event that the Master Servicer, in
      its
      judgment, determines that the Servicer should be terminated in accordance with
      its Servicing Agreement, or that a notice should be sent pursuant to such
      Servicing Agreement with respect to the occurrence of an event that, unless
      cured, would constitute grounds for such termination, the Master Servicer shall
      notify the Depositor and the Trustee thereof and the Master Servicer shall
      issue
      such notice or take such other action as it deems appropriate.

     

    (b)  The
      Master Servicer, for the benefit of the Trustee and the Certificateholders,
      shall enforce the obligations of the Servicer under the Servicing Agreement,
      and
      shall, in the event that the Servicer fails to perform its obligations in
      accordance with the Servicing Agreement, subject to the preceding paragraph,
      terminate the rights and obligations of the Servicer thereunder and act as
      servicer of the related Mortgage Loans or to cause the Trustee to enter in
      to a
      new Servicing Agreement with a successor Servicer selected by the Master
      Servicer; provided, however, it is understood and acknowledged by the parties
      hereto that there will be a period of transition (not to exceed 100 days) before
      the actual servicing functions can be fully transferred to such successor
      Servicer. Such enforcement, including, without limitation, the legal prosecution
      of claims, termination of 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 Master Servicer, in its good faith business judgment,
      would require were it the owner of the related Mortgage Loans. The Master
      Servicer shall pay the costs of such enforcement at its own expense, provided
      that the Master Servicer shall not be required to prosecute or defend any legal
      action except to the extent that the Master Servicer shall have received
      reasonable indemnity for its costs and expenses in pursuing such
      action.

     

    (c)  To
      the
      extent that the costs and expenses of the Master Servicer related to any
      termination of the Servicer, appointment of a successor Servicer or the transfer
      and assumption of servicing by the Master Servicer with respect to any Servicing
      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 an event of default by
      the
      Servicer and (ii) all costs and expenses associated with the complete transfer
      of servicing, including all servicing files and all servicing data and the
      completion, correction or manipulation of such servicing data as may be required
      by the successor servicer to correct any errors or insufficiencies in the
      servicing data or otherwise to enable the successor service to service the
      Mortgage Loans in accordance with the Servicing Agreement) are not fully and
      timely reimbursed by the terminated Servicer, the Master Servicer shall be
      entitled to reimbursement of such costs and expenses from the Distribution
      Account.

     

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

     

    (e)  If
      the
      Master Servicer acts as Servicer, it will not assume liability for the
      representations and warranties of the Servicer, if any, that it
      replaces.

     

    Section
      3.04  Fidelity
      Bond.

     

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

     

    Section
      3.05  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,
      Liquidation Proceeds and Subsequent Recoveries, 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 and the Servicing Agreement, as applicable; provided, however,
      that the Master Servicer shall not (and, consistent with its responsibilities
      under Section 3.03, shall not permit the Servicer to) knowingly or intentionally
      take any action, or fail to take (or fail to cause to be taken) any action
      reasonably within its control and the scope of duties more specifically set
      forth herein, that, under the REMIC Provisions, if taken or not taken, as the
      case may be, would cause any REMIC to fail to qualify as a REMIC or result
      in
      the imposition of a tax upon the Trust Fund (including but not limited to the
      tax on prohibited transactions as defined in Section 860F(a)(2) of the Code
      and
      the tax on contributions to a REMIC set forth in Section 860G(d) of the Code)
      unless the Master Servicer has received an Opinion of Counsel (but not at the
      expense of the Master Servicer) to the effect that the contemplated action
      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, upon
      written request from a Servicing Officer, with the Trustee’s standard form of
      power of attorney in the form of Exhibit R 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 the Servicing Agreement and 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 the use 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 7.10 hereof. In the performance of its duties hereunder,
      the
      Master Servicer shall be an independent contractor and shall not be deemed
      to be
      the agent of the Trustee.

     

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

     

    To
      the
      extent provided in the Servicing Agreement, 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 the Servicing Agreement. If applicable
      law prohibits the enforcement of a due-on-sale clause or such clause is
      otherwise not enforced in accordance with the Servicing Agreement, and, as
      a
      consequence, a Mortgage Loan is assumed, the original Mortgagor may be released
      from liability in accordance with the Servicing Agreement.

     

    Section
      3.07  Release
      of Mortgage Files.

     

    (a)  Upon
      becoming aware of the payment in full of any Mortgage Loan, or the receipt
      by
      the Servicer of a notification that payment in full has been escrowed in a
      manner customary for such purposes for payment to Certificateholders on the
      next
      Distribution Date, the Servicer will, if required under the Servicing Agreement
      (or if the Servicer does not, the Master Servicer may), promptly furnish to
      the
      Custodian, on behalf of the Trustee, two copies of a certification substantially
      in the form of Exhibit F hereto signed by an officer of the Servicer or in
      a
      mutually agreeable electronic format which will, in lieu of a signature on
      its
      face, originate from a Servicing Officer (which certification shall include
      a
      statement to the effect that all amounts received in connection with such
      payment that are required to be deposited in the Protected Account maintained
      by
      the Servicer pursuant to Section 3.16 or by the Servicer pursuant to its
      Servicing Agreement have been or will be so deposited) and shall request that
      the Custodian, on behalf of the Trustee, deliver to the Servicer the related
      Mortgage File. Upon receipt of such certification and Request for Release,
      the
      Custodian, on behalf of the Trustee, shall release the related Mortgage File
      to
      the Servicer within five (5) Business Days and the Trustee and Custodian shall
      have no further responsibility with regard to such Mortgage File. Upon any
      such
      payment in full, the Servicer is authorized, to give as the mortgagee under
      the
      Mortgage that secured the Mortgage Loan, an instrument of satisfaction (or
      assignment of mortgage without recourse) regarding the Mortgaged Property
      subject to the Mortgage, which instrument of satisfaction or assignment, as
      the
      case may be, shall be delivered to the Person or Persons entitled thereto
      against receipt therefor of such payment, it being understood and agreed that
      no
      expenses incurred in connection with such instrument of satisfaction or
      assignment, as the case may be, shall be chargeable to the Protected
      Account.

     

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

     

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

     

    (a)  The
      Master Servicer shall transmit and the Servicer (to the extent required by
      the
      Servicing Agreement) shall transmit to 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, or in
      the
      case of the Servicer, the Servicing Agreement, to be delivered to the Trustee
      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, Insurance Proceeds or
      Subsequent Recoveries in respect of any Mortgage Loan shall be held for the
      benefit of the Trustee and the Certificateholders subject to the Master
      Servicer’s right to retain or withdraw from the Distribution Account the Master
      Servicing Compensation and other amounts provided in this Agreement, and to
      the
      right of the Servicer to retain its Servicing Fee and other amounts as provided
      in the Servicing Agreement. The Master Servicer shall, and (to the extent
      provided in the Servicing Agreement) shall cause the Servicer to, provide access
      to information and documentation regarding the Mortgage Loans to the Trustee,
      its agents and accountants at any time upon reasonable request in writing and
      during normal business hours, and to Certificateholders that are savings and
      loan associations, banks or insurance companies, the Office of Thrift
      Supervision, the FDIC and the supervisory agents and examiners of such Office
      and Corporation or examiners of any other federal or state banking or insurance
      regulatory authority if so required by applicable regulations of the Office
      of
      Thrift Supervision or other regulatory authority, such access to be afforded
      without charge but only upon reasonable request in writing and during normal
      business hours at the offices of the Master Servicer designated by it. In
      fulfilling such a request the Master Servicer shall not be responsible for
      determining the sufficiency of such information.

     

    (b)  All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer, in respect of any Mortgage Loans, whether from the collection
      of principal and interest payments or from Liquidation Proceeds, Insurance
      Proceeds or Subsequent Recoveries, shall be held by the Master Servicer for
      and
      on behalf of the Trustee and the Certificateholders and shall be and remain
      the
      sole and exclusive property of the Trustee; provided, however, that the Master
      Servicer and the Servicer shall be entitled to setoff against, and deduct from,
      any such funds any amounts that are properly due and payable to the Master
      Servicer or the Servicer under this Agreement or the Servicing
      Agreement.

     

    Section
      3.09  Standard
      Hazard Insurance and Flood Insurance Policies.

     

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

     

    (b)  Pursuant
      to Section 3.16 and 3.19, any amounts collected by the Servicer or the Master
      Servicer, under any insurance policies (other than amounts to be applied to
      the
      restoration or repair of the property subject to the related Mortgage or
      released to the Mortgagor in accordance with the Servicing Agreement) shall
      be
      deposited into the Distribution Account, subject to withdrawal pursuant to
      Section 3.16 and 3.20. Any cost incurred by the Master Servicer or the Servicer
      in maintaining any such insurance if the Mortgagor defaults in its obligation
      to
      do so shall be added to the amount owing under the Mortgage Loan where the
      terms
      of the Mortgage Loan so permit; provided, however, that the addition of any
      such
      cost shall not be taken into account for purposes of calculating the
      distributions to be made to Certificateholders and shall be recoverable by
      the
      Master Servicer or the Servicer pursuant to Section 3.16 and 3.20.

     

    Section
      3.10  Presentment
      of Claims and Collection of Proceeds.

     

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

     

    Section
      3.11  Maintenance
      of the Primary Mortgage Insurance Policies.

     

    (a)  The
      Master Servicer shall not take, or permit the Servicer (to the extent such
      action is prohibited under the Servicing Agreement) to take, any action that
      would result in noncoverage under any applicable Primary Mortgage Insurance
      Policy of any loss which, but for the actions of the Master Servicer or the
      Servicer, would have been covered thereunder. The Master Servicer shall use
      its
      best reasonable efforts to cause the Servicer (to the extent required under
      the
      Servicing Agreement) to keep in force and effect (to the extent that the
      Mortgage Loan requires the Mortgagor to maintain such insurance), primary
      mortgage insurance applicable to each Mortgage Loan in accordance with the
      provisions of this Agreement and the Servicing Agreement, as applicable. The
      Master Servicer shall not, and shall not permit the Servicer (to the extent
      required under the Servicing Agreement) to, cancel or refuse to renew any such
      Primary Mortgage Insurance Policy that is in effect at the date of the initial
      issuance of the Mortgage Note and is required to be kept in force hereunder
      except in accordance with the provisions of this Agreement and the Servicing
      Agreement, as applicable.

     

    (b)  The
      Master Servicer agrees to present, or to cause the Servicer (to the extent
      required under the Servicing Agreement) to present, on behalf of the Trustee
      and
      the Certificateholders, claims to the insurer under any Primary Mortgage
      Insurance Policies and, in this regard, to take such reasonable action as shall
      be necessary to permit recovery under any Primary Mortgage Insurance Policies
      respecting defaulted Mortgage Loans. Pursuant to Section 3.19, any amounts
      collected by the Master Servicer or the Servicer under any Primary Mortgage
      Insurance Policies shall be deposited in the Distribution Account, subject
      to
      withdrawal pursuant to Section 3.20.

     

    Section
      3.12  Trustee
      to Retain Possession of Certain Insurance Policies and Documents.

     

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

     

    Section
      3.13  Realization
      Upon Defaulted Mortgage Loans.

     

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

     

    Section
      3.14  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 (the “Master Servicing
      Compensation”), pursuant to Article IV, for the performance of its activities
      hereunder. The Master Servicer shall be required to pay all expenses incurred
      by
      it in connection with its activities hereunder and shall not be entitled to
      reimbursement therefor except as provided in this Agreement.

     

    Section
      3.15  REO
      Property.

     

    (a)  In
      the
      event the Issuing Entity acquires ownership of any REO Property in respect
      of
      any related Mortgage Loan, the deed or certificate of sale shall be issued
      to
      the Trustee, or to its nominee, on behalf of the related Certificateholders.
      The
      Master Servicer shall, to the extent provided in the Servicing Agreement, cause
      the Servicer to sell any REO Property as expeditiously as possible and in
      accordance with the provisions of this Agreement and the Servicing Agreement,
      as
      applicable. Pursuant to its efforts to sell such REO Property, the Master
      Servicer shall cause the Servicer to protect and conserve, such REO Property
      in
      the manner and to the extent required by the Servicing Agreement, in accordance
      with the REMIC Provisions and in a manner that does not result in a tax on
“net
      income from foreclosure property” or cause such REO Property to fail to qualify
      as “foreclosure property” within the meaning of Section 860G(a)(8) of the
      Code.

     

    (b)  The
      Master Servicer shall, to the extent required by the Servicing Agreement, cause
      the Servicer to deposit all funds collected and received in connection with
      the
      operation of any REO Property in the Protected Account.

     

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

     

    (d)  To
      the
      extent provided in the Servicing Agreement, the Liquidation Proceeds from the
      final disposition of the REO Property, net of any payment to the Master Servicer
      and the Servicer as provided above shall be deposited in the Protected Account
      on or prior to the Determination Date in the month following receipt thereof
      and
      be remitted by wire transfer in immediately available funds to the Securities
      Administrator for deposit into the Distribution Account on the next succeeding
      Servicer Remittance Date.

     

    Section
      3.16  Protected
      Accounts.

     

    (a)  The
      Master Servicer shall enforce the obligation of the Servicer to establish and
      maintain a Protected Account in accordance with the Servicing Agreement, with
      records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan
      basis, into which accounts shall be deposited within 48 hours (or as of such
      other time specified in the Servicing Agreement) of receipt, all collections
      of
      principal and interest on any Mortgage Loan and any REO Property received by
      the
      Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation
      Proceeds, and advances made from the Servicer’s own funds (less servicing
      compensation as permitted by the Servicing Agreement in the case of the
      Servicer) and all other amounts to be deposited in the Protected Account. The
      Servicer is hereby authorized to make withdrawals from and deposits to the
      related Protected Account for purposes required or permitted by this Agreement.
      To the extent provided in the Servicing Agreement, the Protected Account shall
      be held by a Designated Depository Institution and segregated on the books
      of
      such institution in the name of the Securities Administrator on behalf of the
      Trustee for the benefit of Certificateholders.

     

    (b)  To
      the
      extent provided in the Servicing Agreement, amounts on deposit in a Protected
      Account may be invested in Permitted Investments in the name of the Securities
      Administrator on behalf of the Trustee for the benefit of Certificateholders
      and, except as provided in the preceding paragraph, not commingled with any
      other funds. Such Permitted Investments shall mature, or shall be subject to
      redemption or withdrawal, no later than the date on which such funds are
      required to be withdrawn for deposit in the Distribution Account, and shall
      be
      held until required for such deposit. The income earned from Permitted
      Investments made pursuant to this Section 3.16 shall be paid to the Servicer
      under the Servicing Agreement, and the risk of loss of moneys required to be
      distributed to the Certificateholders resulting from such investments shall
      be
      borne by and be the risk of the Servicer. The Servicer (to the extent provided
      in the Servicing Agreement) shall deposit the amount of any such loss in the
      Protected Account within two Business Days of receipt of notification of such
      loss but not later than the second Business Day prior to the Servicer Remittance
      Date on which the moneys so invested are required to be distributed to the
      Securities Administrator.

     

    (c)  To
      the
      extent provided in the Servicing Agreement and subject to this Article III,
      on
      or before each Servicer Remittance Date, the Servicer shall withdraw or shall
      cause to be withdrawn from its Protected Accounts and shall immediately deposit
      or cause to be deposited in the Distribution Account amounts representing the
      following collections and payments (other than with respect to principal of
      or
      interest on the Mortgage Loans due on or before the Cut-off Date):

     

    (1)  Scheduled
      payments on the Mortgage Loans received or any related portion thereof advanced
      by the Servicer pursuant to its Servicing Agreement which were due on or before
      the related Due Date, net of the amount thereof comprising its Servicing Fee
      or
      any fees with respect to any lender-paid primary mortgage insurance
      policy;

     

    (2)  Full
      Principal Prepayments and any Liquidation Proceeds received by the Servicer
      with
      respect to the Mortgage Loans in the related Prepayment Period, with interest
      to
      the date of prepayment or liquidation, net of the amount thereof comprising
      its
      Servicing Fee;

     

    (3)  Partial
      Principal Prepayments received by the Servicer for the Mortgage Loans in the
      related Prepayment Period; and

     

    (4)  Any
      amount to be used as a Monthly Advance.

     

    (d)  Withdrawals
      may be made from an Account only to make remittances as provided in the
      Servicing Agreement; to reimburse the Master Servicer or the Servicer for
      Monthly Advances which have been recovered by subsequent collections from the
      related Mortgagor; to remove amounts deposited in error; to remove fees, charges
      or other such amounts deposited on a temporary basis; or to clear and terminate
      the account at the termination of this Agreement in accordance with Section
      8.01. To the extent provided in the Servicing Agreement, certain amounts
      otherwise due to the Servicer may be retained by them and need not be deposited
      in the Distribution Account

     

    Section
      3.17  [Reserved].

     

    Section
      3.18  [Reserved].

     

    Section
      3.19  Distribution
      Account.

     

    (a)  The
      Securities Administrator shall establish and maintain on behalf of the Trustee,
      for the benefit of the Certificateholders, the Distribution Account as a
      segregated trust account or accounts. The Distribution Account shall be an
      Eligible Account. The Master Servicer or Servicer, as the case may be, will
      remit to the Securities Administrator for deposit in the Distribution Account,
      the following amounts:

     

    (1)  Any
      amounts withdrawn from a Protected Account;

     

    (2)  Any
      Monthly Advance and any payments of Compensating Interest;

     

    (3)  Any
      Insurance Proceeds, Net Liquidation Proceeds or Subsequent Recoveries received
      by or on behalf of the Servicer or Master Servicer or which were not deposited
      in a Protected Account;

     

    (4)  Any
      proceeds of any Mortgage Loan or REO Property repurchased or purchased in
      accordance with Sections 2.02, 2.04 and 8.01, and all amounts required to be
      deposited in connection with the substitution of an Eligible Substitute Mortgage
      Loan pursuant to Section 2.04;

     

    (5)  Any
      amounts required to be deposited with respect to losses on investments of
      deposits in an Account; and

     

    (6)  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.

     

    (b)  All
      amounts deposited to the Distribution Account shall be held by the Securities
      Administrator on behalf 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 (i) prepayment or late payment
      charges or assumption, tax service, statement account or payoff, substitution,
      satisfaction, release and other like fees and charges and (ii) the items
      enumerated in Subsection 3.20(a) need not be credited by the Master Servicer
      or
      the Servicer to the Distribution Account, as applicable. 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 Securities
      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.

     

    (c)  The
      Distribution Account shall constitute a trust account of the Issuing Entity
      segregated on the books of the Securities Administrator as being held on behalf
      of the Trustee, and the Distribution Account and the funds deposited therein
      shall not be subject to, and shall be protected from, all claims, liens, and
      encumbrances of any creditors or depositors of the Trustee, the Securities
      Administrator or the Master Servicer (whether made directly, or indirectly
      through a liquidator or receiver of the Trustee or the Master Servicer). The
      Distribution Account shall be an Eligible Account. The Distribution Account
      and
      deposits into the Distribution Account shall be deemed to have been made. The
      amount at any time credited to the Distribution Account shall be (i) held in
      cash and fully insured by the FDIC to the maximum coverage provided thereby
      or
      (ii) invested by the Securities Administrator on behalf of the Trustee, in
      such
      Permitted Investments selected by the Master Servicer or deposited in demand
      deposits with such depository institutions as selected by the Master Servicer,
      provided that time deposits of such depository institutions would be a Permitted
      Investment. All Permitted Investments shall mature or be subject to redemption
      or withdrawal on or before, and shall be held until, the next succeeding
      Distribution Date if the obligor, manager or advisor for such Permitted
      Investment is an affiliate of the Securities Administrator or, if such obligor
      is any other Person, the Business Day preceding such Distribution Date. All
      investment earnings on amounts on deposit in the Distribution Account or benefit
      from funds uninvested therein from time to time shall be for the account of
      the
      Master Servicer. The Securities Administrator shall withdraw and remit to the
      Master Servicer any and all investment earnings from the Distribution Account
      on
      each Distribution Date. If there is any loss on a Permitted Investment or demand
      deposit, the Master Servicer shall deposit the amount of the loss to the
      Distribution Account. With respect to the Distribution Account and the funds
      deposited therein, the Master Servicer shall take such action as may be
      necessary to ensure that the Certificateholders shall be entitled to the
      priorities afforded to such a trust account (in addition to a claim against
      the
      estate of the Trustee or the Securities Administrator) as provided by 12 U.S.C.
      § 92a(e), and applicable regulations pursuant thereto, if applicable, or any
      applicable comparable state statute applicable to state chartered banking
      corporations.

     

    Section
      3.20  Permitted
      Withdrawals and Transfers from the Distribution Account.

     

    (a)  The
      Securities Administrator will, from time to time, make or cause to be made
      such
      withdrawals or transfers from the Distribution Account as the Securities
      Administrator has designated for such transfer or withdrawal pursuant to this
      Agreement and the Servicing Agreements:

     

    (1)  to
      reimburse the Master Servicer or the Servicer for any Monthly Advance of its
      own
      funds, the right of the Master Servicer or the Servicer 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 and Liquidation Proceeds) which represent late payments
      or
      recoveries of the principal of or interest on such Mortgage Loan respecting
      which such Monthly Advance was made;

     

    (2)  to
      reimburse the Master Servicer or the Servicer from Insurance Proceeds or
      Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended
      by the Master Servicer or the Servicer in good faith in connection with the
      restoration of the related Mortgaged Property which was damaged by an Uninsured
      Cause or in connection with the liquidation of such Mortgage Loan;

     

    (3)  to
      reimburse the Master Servicer or the Servicer from Insurance Proceeds relating
      to a particular Mortgage Loan for insured expenses incurred with respect to
      such
      Mortgage Loan and to reimburse the Master Servicer or the Servicer from
      Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses
      incurred with respect to such Mortgage Loan; provided that the Master Servicer
      shall not be entitled to reimbursement for Liquidation Expenses with respect
      to
      a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage
      Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this
      Subsection 3.20(a) to the Master Servicer; and (ii) such Liquidation Expenses
      were not included in the computation of such Excess Liquidation
      Proceeds;

     

    (4)  to
      reimburse the Master Servicer or the Servicer for advances of funds (other
      than
      Monthly 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 and Liquidation Proceeds) which represent late
      recoveries of the payments for which such advances were made;

     

    (5)  to
      reimburse the Master Servicer or the Servicer for any Monthly Advance or
      advance, after a Realized Loss has been allocated with respect to the related
      Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant
      to clauses (1) and (4);

     

    (6)  to
      pay
      the Master Servicer as set forth in Section 3.14;

     

    (7)  to
      reimburse the Master Servicer for expenses, costs and liabilities incurred
      by
      and reimbursable to it pursuant to Sections 3.03 and 5.03;

     

    (8)  to
      pay to
      the Master Servicer, as additional servicing compensation, any Excess
      Liquidation Proceeds to the extent not retained by the Servicer;

     

    (9)  to
      reimburse or pay the Servicer any such amounts as are due thereto under the
      Servicing Agreement and have not been retained by or paid to the Servicer,
      to
      the extent provided in the Servicing Agreement;

     

    (10)  to
      reimburse the Trustee, the Securities Administrator or the Custodian for
      expenses, costs and liabilities incurred by or reimbursable to it pursuant
      to
      this Agreement;

     

    (11)  to
      remove
      amounts deposited in error; and

     

    (12)  to
      clear
      and terminate the Distribution Account pursuant to Section 8.01.

     

    (b)  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 subclauses (1) through (4) immediately
      above or with respect to any such amounts which would have been covered by
      such
      subclauses had the amounts not been retained by the Master
      Servicer.

     

    (c)  On
      each
      Distribution Date, the Securities Administrator shall distribute the amounts
      on
      deposit in the Distribution Account to the Holders of the Certificates pursuant
      to Section 4.01.

     

    Section
      3.21  Annual
      Statement as to Compliance.

     

    (a)  The
      Master Servicer and the Securities Administrator, each at its own expense,
      shall
      deliver (and the Master Servicer and Securities Administrator shall cause any
      Servicing Function Participant engaged by it to deliver) to the Sponsor, the
      Securities Administrator and the Depositor, on or before March 15 of each year,
      commencing in March 2007, an Officer’s Certificate (an “Annual Statement of
      Compliance”) stating, as to the signer thereof, that (A) a review of such
      party’s activities during the preceding calendar year or portion thereof and of
      such party’s performance under this Agreement or such other applicable agreement
      in the case of any Servicing Function Participant engaged by it, has been made
      under such officer’s supervision and (B) to the best of such officer’s
      knowledge, based on such review, such party has fulfilled all its obligations
      under this Agreement or such other applicable agreement in the case of any
      Servicing Function Participant engaged by it, in all material respects
      throughout such year or portion thereof, or, if there has been a failure to
      fulfill any such obligation in any material respect, specifying each such
      failure known to such officer and the nature and status thereof. Such Annual
      Statement of Compliance shall contain no restrictions or limitations on its
      use.

     

    (b)  The
      Master Servicer shall include all annual statements of compliance received
      by it
      with its own annual statement of compliance to be submitted to the Securities
      Administrator pursuant to this Section.

     

    (c)  For
      so
      long as the Issuing Entity is subject to Exchange Act reporting requirements,
      failure of the Master Servicer to comply timely with this Section 3.21 shall,
      upon written notice from the Trustee, constitute a Master Servicing Default
      (but
      subject to the Master Servicer’s rights to payment of any Master Servicing
      Compensation and reimbursement of amounts for which it is entitled to be
      reimbursed prior to the date of termination) and the Trustee shall, at the
      direction of the Sponsor, terminate all the rights and obligations of the Master
      Servicer under this Master Servicing Agreement and in and to the Mortgage Loans
      and the proceeds thereof without compensating the Master Servicer for the same.
      This paragraph shall supersede any other provision in this Agreement or any
      other agreement to the contrary.

     

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

     

    (e)  In
      the
      event the Master Servicer, the Securities Administrator or any Servicing
      Function Participant engaged by parties is terminated or resigns pursuant to
      the
      terms of this Agreement, or any applicable 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 3.21 with
      respect to the period of time it was subject to this Agreement or any other
      applicable agreement, as the case may be.

     

    Section
      3.22  Annual
      Assessments of Compliance and Attestation Reports.

     

    (a)  By
      March
      15 of each year, commencing in March 2007, the Master Servicer and the
      Securities Administrator, each at its own expense, shall furnish, and each
      such
      party shall cause any Servicing Function Participant engaged by it to furnish,
      each at its own expense, to the Securities Administrator, the Sponsor and the
      Depositor, a report on an assessment of compliance with the Relevant Servicing
      Criteria that contains (A) a statement by such party of its responsibility
      for
      assessing compliance with the Relevant Servicing Criteria, (B) a statement
      that
      such party used the Relevant Servicing Criteria to assess compliance with the
      Relevant Servicing Criteria, (C) such party’s assessment of compliance with the
      Relevant Servicing Criteria as of and for the fiscal year covered by the Form
      10-K required to be filed pursuant to Section 3.23(d), including, if there
      has
      been any material instance of noncompliance with the Relevant Servicing
      Criteria, a discussion of each such failure and the nature and status thereof,
      and (D) a statement that a registered public accounting firm has issued an
      attestation report on such party’s assessment of compliance with the Relevant
      Servicing Criteria as of and for such period. 

     

    (b)  No
      later
      than the end of each fiscal year for which a Form 10-K is required to be filed,
      the Master Servicer shall forward to the Securities Administrator the name
      of
      each Servicing Function Participant engaged by it and what Relevant Servicing
      Criteria will be addressed in the report on assessment of compliance prepared
      by
      such Servicing Function Participant. When the Master Servicer and the Securities
      Administrator (or any Servicing Function Participant engaged by them) submit
      their assessments to the Securities Administrator, such parties shall also
      at
      such time include the assessment (and attestation pursuant to Section 3.22)
      of
      each Servicing Function Participant engaged by it. 

     

    (c)  Promptly
      after receipt of such report on assessment of compliance from the Master
      Servicer, the Securities Administrator, the Servicer or any Servicing Function
      Participant engaged by such parties (i) the Depositor shall review each such
      report and, if applicable, consult with the Master Servicer, the Securities
      Administrator, the Servicer and any Servicing Function Participant engaged
      by
      such parties as to the nature of any material instance of noncompliance with
      the
      Relevant Servicing Criteria by each such party, and (ii) the Securities
      Administrator shall confirm that the assessments, taken as a whole, address
      all
      of the Servicing Criteria and taken individually address the Relevant Servicing
      Criteria for each party as set forth on Exhibit L and notify the Depositor
      of
      any exceptions.

     

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

     

    (e)  For
      so
      long as the Issuing Entity is subject to Exchange Act reporting requirements,
      failure of the Master Servicer to comply timely with this Section 3.22 shall
      upon written notice from the Trustee, constitute a Master Servicing Default
      (but
      subject to the Master Servicer’s rights to payment of any master Servicing
      Compensation and reimbursement of amounts for which it is entitled to be
      reimbursed prior to the date of termination) and
      the
      Trustee shall, at the direction of the Sponsor, terminate all the rights and
      obligations of the Master Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Master Servicer
      for the same. This paragraph shall supersede any other provision in this
      Agreement or any other agreement to the contrary.

     

    (f)  In
      the
      event the Master Servicer, the Securities Administrator or any Servicing
      Function Participant engaged by parties is terminated or resigns pursuant to
      the
      terms of this Agreement, or any other applicable agreement, as the case may
      be,
      such party shall provide a report on assessment of compliance pursuant to this
      Section 3.22 with respect to the period of time it was subject to this Agreement
      or any applicable sub-servicing agreement. as the case may be.

     

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

     

    (h)  Promptly
      after receipt of such report from the Master Servicer, the Securities
      Administrator, the Servicer or any Servicing Function Participant engaged by
      such parties, (i) the Sponsor shall review the report and, if applicable,
      consult with such parties as to the nature of any defaults by such parties,
      in
      the fulfillment of any of each such party’s obligations hereunder or under any
      other applicable agreement, and (ii) the Securities Administrator shall confirm
      that each assessment submitted pursuant to Section 3.22 is coupled with an
      attestation meeting the requirements of this Section and notify the Sponsor
      of
      any exceptions. 

     

    (i)  The
      Master Servicer shall include all attestations received by it with its own
      attestation to be submitted to the Securities Administrator pursuant to this
      Section.

     

    Section
      3.23  Exchange
      Act Reporting. 

     

    (a)  (i)Within
      15
      days after each Distribution Date (subject to permitted extensions under the
      Exchange Act), the Securities Administrator shall prepare and file on behalf
      of
      the Issuing Entity any Form 10-D required by the Exchange Act, in form and
      substance as required by the Exchange Act. The Securities Administrator shall
      file each Form 10-D with a copy of the Distribution Date Statement for the
      related Distribution Date attached thereto. Any disclosure in addition to the
      Distribution Date Statement that is required to be included on Form 10-D
      (“Additional Form 10-D Disclosure”) shall be determined and prepared by the
      entity that is indicated in Exhibit O as the party responsible for providing
      that information and the Securities Administrator will have no duty or liability
      for any failure hereunder to determine or prepare any Additional Form 10-D
      Disclosure, except as set forth in the next paragraph. 

     

    (ii) Within
      5
      calendar days after the related Distribution Date, (A) the Master Servicer,
      the
      Securities Administrator, the Issuing Entity and the Sponsor hereby agree to,
      and the other parties to the American Home Mortgage Assets Trust 2006-6
      transaction shall be required to, provide to the Securities Administrator and
      the Depositor, to the extent known by a responsible officer thereof, in
      EDGAR-compatible form, or in such other form as otherwise agreed upon by the
      Securities Administrator and such party, the form and substance of any
      Additional Form 10-D Disclosure for which such party is responsible as set
      forth
      on Exhibit O hereto, if applicable, together with an Additional Disclosure
      Notification in the form of Exhibit S hereto (an “Additional Disclosure
      Notification”) and (B) the Depositor will approve, as to form and substance, or
      disapprove, as the case may be, the inclusion of the Additional Form 10-D
      Disclosure on Form 10-D. The Depositor will be responsible for any reasonable
      fees and expenses assessed or incurred by the Securities Administrator in
      connection with including any Additional Form 10-D Disclosure on Form 10-D
      pursuant to this paragraph. 

     

    (iii) After
      preparing the Form 10-D, the Securities Administrator shall forward
      electronically a draft copy of the Form 10-D to the Depositor (provided that
      such Form 10-D includes any Additional Form 10-D Disclosure) and the Master
      Servicer for review. No later than the Business Day prior to the date specified
      in the sentence after the following sentence (provided that, the Securities
      Administrator forwards a copy of the Form 10-D no later than 2 Business Days
      prior to such Business Day), the Depositor and the Master Servicer shall notify
      the Securities Administrator of any changes to or approval of such Form 10-D.
      In
      the absence of any written changes or approval within the same time, the
      Securities Administrator shall be entitled to assume that such Form 10-D is
      in
      final form and the Securities Administrator may proceed with arrangements for
      the execution of, and the filing of the Form 10-D. No later than 2 Business
      Days
      prior to the 15th calendar day after the related Distribution Date, a duly
      authorized representative of the Master Servicer shall sign the Form 10-D.
      If a
      Form 10-D cannot be filed on time or if a previously filed Form 10-D needs
      to be
      amended, the Securities Administrator will follow the procedures set forth
      in
      Section 3.23(c)(ii). Promptly (but no later than 1 Business Day) after filing
      with the Commission, the Securities Administrator will make available on its
      internet website a final executed copy of each Form 10-D prepared and filed
      by
      the Securities Administrator. Form 10-D requires the registrant to indicate
      (by
      checking “yes” or “no”)
      that it
      (1) has filed all reports required to be filed by Section 13 or 15(d) of the
      Exchange Act during the preceding 12 months (or for such shorter period that
      the
      registrant was required to file such reports), and (2) has been subject to
      such
      filing requirements for the past 90 days. The Depositor shall notify the
      Securities Administrator in writing, no later than the fifth calendar day after
      the related Distribution Date with respect to the filing of a report on Form
      10-D if the answer to the questions should be “no”. The Securities Administrator
      shall be entitled to rely on the representations in Section 2.03(vi) or any
      such
      notice in preparing, executing and/or filing any such report. Each
      party to this Agreement acknowledges that the performance by the Master Servicer
      and Securities Administrator of its duties under this Section 3.23(a) related
      to
      the timely preparation, execution and filing of Form 10-D is contingent upon
      such parties strictly observing all applicable deadlines in the performance
      of
      their duties as set forth in this Agreement. Neither the Securities
      Administrator nor the Master Servicer shall have any liability for any loss,
      expense, damage, claim arising out of or with respect to any failure to properly
      prepare, execute and/or timely file such Form 10-D, where such failure results
      from the Securities Administrator’s inability or failure to obtain or receive,
      on a timely basis, any information from any other party hereto needed to
      prepare, arrange for execution or file such Form 10-D, not resulting from its
      own negligence, bad faith or willful misconduct. In addition, the Securities
      Administrator shall not have any liability for (i) the content of any
      information provided to the Securities Administrator for filing on a Form 10-D,
      (ii) determining what information is required to be filed on a Form 10-D, (iii)
      reformatting any information so that it is able to be filed on EDGAR, (iv)
      the
      failure to include any information if it is not provided to the Securities
      Administrator on a timely basis or (v) any late filing of a Form 10-D in the
      event that the relevant party does not deliver all information, data, signatures
      and exhibits required to be provided or filed on or prior to the second Business
      Day prior to the applicable filing deadline.

     

    (b)  (i)Within
      four (4) Business Days after the occurrence of an event requiring disclosure
      on
      Form 8-K (each such event, a “Reportable Event”), and if requested by the
      Depositor, the Securities Administrator shall prepare and file on behalf of
      the
      Issuing Entity any Form 8-K, as required by the Exchange Act, provided that
      the
      Depositor shall file the initial Form 8-K in connection with the issuance of
      the
      Certificates. Any disclosure or information related to a Reportable Event or
      that is otherwise required to be included on Form 8-K (“Form 8-K Disclosure
      Information”) shall be determined and prepared by the entity that is indicated
      in Exhibit O as the responsible party for providing that information and the
      Securities Administrator will have no duty or liability for any failure
      hereunder to determine or prepare any Form 8-K Disclosure Information or any
      Form 8-K, except as set forth in the next paragraph. 

     

    (ii) For
      so
      long as the Issuing Entity is subject to the Exchange Act reporting
      requirements, no later than 12:00 noon New York time on the 2nd Business Day
      after the occurrence of a Reportable Event (i) the Master Servicer, the
      Securities Administrator, the Issuing Entity and the Depositor hereby agree
      to,
      and the other parties to the American Home Mortgage Assets Trust 2006-6
      transaction shall be required to, provide to the Securities Administrator and
      the Depositor, to the extent known by a responsible officer thereof, in
      EDGAR-compatible form, or in such other form as otherwise agreed upon by the
      Securities Administrator and such party, the form and substance of any Form
      8-K
      Disclosure Information for which such party is responsible as set forth on
      Exhibit O hereto, if applicable, together with an Additional Disclosure
      Notification and (ii) the Depositor will approve, as to form and substance,
      or
      disapprove, as the case may be, the inclusion of the Form 8-K Disclosure
      Information. The Depositor will be responsible for any reasonable fees and
      expenses assessed or incurred by the Securities Administrator in connection
      with
      including any Form 8-K Disclosure Information on Form 8-K pursuant to this
      paragraph. 

     

    (iii) After
      preparing the Form 8-K, the Securities Administrator shall, upon request,
      forward electronically a draft copy of the Form 8-K to the Master Servicer
      and
      the Depositor for review. No later than the close of business New York City
      time
      on the third Business Day after the Reportable Event, the Depositor and the
      Master Servicer shall notify the Securities Administrator of any changes to
      or
      approval of such Form 8-K. In the absence of any written changes or approval
      within such timeframe, the Securities Administrator shall be entitled to assume
      that such Form 8-K is in final form and the Securities Administrator may proceed
      with arrangements for the execution of, and filing of, the Form 8-K. No later
      than 12:00 noon New York time on the 4th Business Day after the Reportable
      Event, a duly authorized representative of the Master Servicer shall sign the
      Form 8-K. If a Form 8-K cannot be filed on time or if a previously filed Form
      8-K needs to be amended, the Securities Administrator will follow the procedures
      set forth in Section 3.23(c)(ii). Promptly (but no later than 1 Business Day)
      after filing with the Commission, the Securities Administrator will, make
      available on its internet website a final executed copy of each Form 8-K that
      has been prepared and filed by the Securities Administrator. The parties to
      this
      Agreement acknowledge that the performance by the Master Servicer and the
      Securities Administrator of their respective duties under this Section 3.23(b)
      related to the timely preparation, execution and filing of Form 8-K is
      contingent upon such parties strictly observing all applicable deadlines in
      the
      performance of their duties under this Agreement. Neither the Master Servicer
      nor the Securities Administrator shall have any liability for any loss, expense,
      damage, claim arising out of or with respect to any failure to properly prepare,
      execute and/or timely file such Form 8-K, where such failure results from the
      Securities Administrator’s inability or failure to obtain or receive, on a
      timely basis, any information from any other party hereto needed to prepare,
      arrange for execution or file such Form 8-K, not resulting from its own
      negligence, bad faith or willful misconduct. In addition, the Securities
      Administrator shall not have any liability for (i) the content of any
      information provided to the Securities Administrator for filing on a Form 8-K,
      (ii) determining what information is required to be filed on a Form 8-K, (iii)
      reformatting any information so that it is able to be filed on EDGAR (iv) the
      failure to include any information if it is not provided to the Securities
      Administrator on a timely basis or (v) any late filing of a Form 8-K in the
      event that the relevant party does not deliver all information, data, signatures
      and exhibits required to be provided or filed on or prior to the second Business
      Day prior to the applicable filing deadline.

     

    (c)  (i)On
      or
      prior to January 30 of the first year in which the Securities Administrator
      is
      able to do so under applicable law, the Securities Administrator shall prepare
      and file a Form 15 relating to the automatic suspension of reporting in respect
      of the Issuing Entity under the Exchange Act. 

     

    (ii) In
      the
      event that the Securities Administrator is unable to timely file with the
      Commission all or any required portion of any Form 8-K, 10-D or 10-K required
      to
      be filed by this Agreement because required disclosure information was either
      not delivered to it or delivered to it after the delivery deadlines set forth
      in
      this Agreement or for any other reason, the Securities Administrator will
      promptly notify the Depositor. In the case of Form 10-D and 10-K, the parties
      to
      this Agreement and the Servicer will cooperate to prepare and file a Form 12b-25
      and a 10-DA and 10-KA as applicable, pursuant to Rule 12b-25 of the Exchange
      Act. In the case of Form 8-K, the Securities Administrator will, upon receipt
      of
      all required Form 8-K Disclosure Information and upon the approval and direction
      of the Depositor, include such disclosure information on the next Form 10-D.
      In
      the event that any previously filed Form 8-K, 10-D or 10-K needs to be amended
      and such amendment includes any Additional Form 10-D Disclosure, any Additional
      Form 10-K Disclosure or any Form 8-K Disclosure Information or any amendment
      to
      such disclosure, the Securities Administrator will notify the Depositor of
      the
      amendment pertaining to an additional reporting item on such form and the
      Depositor will cooperate with the Securities Administrator to prepare any
      necessary 8-KA, 10-DA or 10-KA. Any Form 15, Form 12b-25 or any amendment to
      Form 8-K or 10-D shall be signed by a senior officer of the Master Servicer
      and
      any amendment to Form 10-K shall be signed by an officer of the Depositor.
      The
      parties to this Agreement acknowledge that the performance by the Master
      Servicer and the Securities Administrator of their duties under this Section
      3.23(c) related to the timely preparation, execution and filing of Form 15,
      a
      Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K is contingent upon each
      such party performing its duties under this Agreement. Neither the Master
      Servicer nor the Securities Administrator shall have any liability for any
      loss,
      expense, damage, claim arising out of or with respect to any failure to properly
      prepare, execute and/or timely file any such Form 15, Form 12b-25 or any
      amendments to Forms 8-K, 10-D or 10-K, where such failure results from the
      Securities Administrator’s inability or failure to obtain or receive, on a
      timely basis, any information from any other party hereto needed to prepare,
      arrange for execution or file such Form 15, Form 12b-25 or any amendments to
      Forms 8-K, 10-D or 10-K, not resulting from its own negligence, bad faith or
      willful misconduct. In addition, the Securities Administrator shall not have
      any
      liability for (i) the content of any information provided to the Securities
      Administrator for filing on a Form 10-K, (ii) determining what information
      is
      required to be filed on a Form 10-K, (iii) reformatting any information so
      that
      it is able to be filed on EDGAR (iv) the failure to include any information
      if
      it is not provided to the Securities Administrator on a timely basis or (v)
      any
      late filing of a Form 10-K in the event that the relevant party does not deliver
      all information, data, signatures and exhibits required to be provided or filed
      on or prior to March 15 of each calendar year prior to the filing deadline
      for
      such Form 10-K.

     

    (d)  (i)Within
      90
      days after the end of each fiscal year of the Issuing Entity 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 Issuing Entity ends on December
      31st of each year), commencing in March 2007, the Securities Administrator
      shall
      prepare and file on behalf of the Issuing Entity a Form 10-K, in form and
      substance as required by the Exchange Act. Each such Form 10-K shall include
      the
      following items, in each case to the extent they have been delivered to the
      Securities Administrator within the applicable time frames set forth in this
      Agreement and the Servicing Agreement, (i) an annual compliance statement for
      the Servicer, the Master Servicer, the Securities Administrator and any
      Servicing Function Participant engaged by such parties (a “Reporting Servicer”)
      as described under the related servicing agreement and Section 3.21 hereof,
      (ii)(A) the annual reports on assessment of compliance with servicing criteria
      for each Reporting Servicer, as described in the servicing agreement and Section
      3.22 hereof, and (B) if each Reporting Servicer’s report on assessment of
      compliance with servicing criteria described under the servicing agreement
      and
      Section 3.22 hereof identifies any material instance of noncompliance,
      disclosure identifying such instance of noncompliance, or if any Reporting
      Servicer’s report on assessment of compliance with servicing criteria described
      thereunder is not included as an exhibit to such Form 10-K, disclosure that
      such
      report is not included and an explanation why such report is not included,
      (iii)(A) the registered public accounting firm attestation report for each
      Reporting Servicer, as described in the related servicing agreement or under
      Section 3.22 hereof, and (B) if any registered public accounting firm
      attestation report described in the related servicing agreement identifies
      any
      material instance of noncompliance, disclosure identifying such instance of
      noncompliance, or if any such registered public accounting firm attestation
      report is not included as an exhibit to such Form 10-K, disclosure that such
      report is not included and an explanation why such report is not included,
      and
      (iv) the Sarbanes-Oxley Certification as described in the Servicing Agreement.
      Any disclosure or information in addition to (i) through (iv) above that is
      required to be included on Form 10-K (“Additional Form 10-K Disclosure”) shall
      be determined and prepared by the entity that is indicated in Exhibit O as
      the
      responsible party for providing that information and the Securities
      Administrator will have no duty or liability for any failure hereunder to
      determine or prepare any Additional Form 10-K Disclosure, except as set forth
      in
      the next paragraph.

     

    (ii) No
      later
      than March 15 of each year that the Issuing Entity is subject to the Exchange
      Act reporting requirements, commencing in 2007, (i) the Master Servicer, the
      Securities Administrator, the Issuing Entity and the Sponsor hereby agree to,
      and the other parties to the American Home Mortgage Assets Trust 2006-6
      transaction shall be required to, provide to the Securities Administrator and
      the Sponsor, to the extent known to a responsible officer thereof, in
      EDGAR-compatible form, or in such other form as otherwise agreed upon by the
      Securities Administrator and such party, the form and substance of any
      Additional Form 10-K Disclosure for which such party is responsible as set
      forth
      on Exhibit O hereto, if applicable, together with an Additional Disclosure
      Notification and (ii) the Depositor will approve, as to form and substance,
      or
      disapprove, as the case may be, the inclusion of the Additional Form 10-K
      Disclosure on Form 10-K. The Depositor will be responsible for any reasonable
      fees and expenses assessed or incurred by the Securities Administrator in
      connection with including any Additional Form 10-K Disclosure on Form 10-K
      pursuant to this paragraph.

     

    (iii) After
      preparing the Form 10-K, the Securities Administrator shall forward
      electronically a draft copy of the Form 10-K to the Master Servicer and the
      Depositor for review. No later than the Business Day prior to the date specified
      in the sentence after the following sentence (provided that, the Securities
      Administrator forwards a copy of the Form 10-K no later than 2 Business Days
      prior to such Business Day), the Depositor and the Master Servicer shall notify
      the Securities Administrator of any changes to or approval of such Form 10-K.
      In
      the absence of receipt of any written changes or approval within such timeframe,
      the Securities Administrator shall be entitled to assume that such Form 10-K
      is
      in final form and the Securities Administrator may proceed with the execution
      of, and filing of, the Form 10-K. No later than the close of business on the
      4th
      Business Day prior to the 10-K Filing Deadline, a senior officer of the
      Depositor shall sign the Form 10-K and return an electronic or fax copy of
      such
      signed Form 10-K (with an original executed hard copy to follow by overnight
      mail) to the Securities Administrator. If a Form 10-K cannot be filed on time
      or
      if a previously filed Form 10-K needs to be amended, the Securities
      Administrator will follow the procedures set forth in Section 3.23(c)(ii).
      Promptly (but no later than 1 Business Day) after filing with the Commission,
      the Securities Administrator will make available on its internet website a
      final
      executed copy of each Form 10-K prepared and filed by the Securities
      Administrator. The parties to this Agreement acknowledge that the performance
      by
      the Master Servicer and the Securities Administrator of their respective duties
      under this Section 3.23(d) related to the timely preparation, execution and
      filing of Form 10-K is contingent upon such parties (and any Additional Servicer
      or Servicing Function Participant) strictly observing all applicable deadlines
      in the performance of their duties under this Section 3.23(d), Section 3.21
      and
      Section 3.22 hereof and Section 4.09 of the Servicing Agreement. Form 10-K
      requires the registrant to indicate (by checking “yes” or “no”) that it (1) has
      filed all reports required to be filed by Section 13 or 15(d) of the Exchange
      Act during the preceding 12 months (or for such shorter period that the
      registrant was required to file such reports), and (2) has been subject to
      such
      filing requirements for the past 90 days. The Depositor shall notify the
      Securities Administration in writing, no later than March 15th after the related
      Distribution Date with respect to the filing of a report on Form 10-K, if the
      answer to the questions should be “no”. The Securities Administrator shall be
      entitled to rely on the representations in Section 2.03(vi) or any such notice
      in preparing, executing and/or filing any such report. Neither the Master
      Servicer nor the Securities Administrator shall have any liability for any
      loss,
      expense, damage, claim arising out of or with respect to any failure to properly
      prepare , execute and/or timely file such Form 10-K, where such failure results
      from the Securities Administrator’s inability or failure to obtain or receive,
      on a timely basis, any information from any other party hereto needed to
      prepare, arrange for execution or file such Form 10-K, not resulting from its
      own negligence, bad faith or willful misconduct.

     

    So
      long
      as the Depositor is subject to the filing requirements of the Exchange Act
      with
      respect to the Issuing Entity, the Trustee shall notify the Securities
      Administrator, the Sponsor and the Depositor of any bankruptcy or receivership
      with respect to the Trustee or of any proceedings of the type described under
      Item 1117 of Regulation AB that have occurred since the Trustee’s last
      notification, together with a description thereof, no later than the date on
      which such information is required of other parties hereto as set forth under
      this Section 3.23. In addition, the Trustee shall notify the Securities
      Administrator, the Sponsor and the Depositor of any affiliations that develop
      after the Closing Date between the Trustee and the Depositor, the Sponsor,
      the
      Securities Administrator, the Master Servicer or the Servicer of the type
      described under Item 1119(a) of Regulation AB, together with a description
      thereof, no later than the date on which such information is required of other
      parties hereto as set forth under this Section 3.23. Should the identification
      of any of the Depositor, the Sponsor, the Securities Administrator, the Master
      Servicer or the Servicer change, the Depositor shall promptly notify the
      Trustee.

     

    The
      Securities Administrator shall indemnify and hold harmless the Depositor and
      the
      Master Servicer and each of 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 a breach of the Securities Administrator’s
      obligations under Sections 3.21, 3.22 and 3.23 or the Securities Administrator’s
      negligence, bad faith or willful misconduct in connection therewith. In
      addition, the Securities Administrator shall indemnify and hold harmless the
      Depositor and the Master Servicer and each of 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) any untrue
      statement or alleged untrue statement of any material fact contained in any
      Back-Up Certification, any Annual Statement of Compliance, any Assessment of
      Compliance or any Additional Disclosure provided by the Securities Administrator
      on its behalf or on behalf of any subservicer or subcontractor pursuant to
      Sections 3.21, 3.22 and 3.23 (the “Securities Administrator Information”), or
      (ii) any omission or alleged omission to state therein a material fact required
      to be stated therein or necessary to make the statements therein, in light
      of
      the circumstances in which they were made, not misleading; provided, by way
      of
      clarification, that this paragraph shall be construed solely by reference to
      the
      Securities Administrator Information and not to any other information
      communicated in connection with the Certificates, without regard to whether
      the
      Securities Administrator Information or any portion thereof is presented
      together with or separately from such other information.

     

    The
      Depositor shall indemnify and hold harmless the Securities Administrator and
      the
      Master Servicer and each of 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 a breach of the obligations of the Depositor under
      Sections 3.21, 3.22 and 3.23 or the Depositor’s negligence, bad faith or willful
      misconduct in connection therewith. In addition, the Depositor shall indemnify
      and hold harmless the Master Servicer, the Securities Administrator and each
      of
      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 any untrue statement or alleged untrue statement of any material fact
      contained in any Additional Disclosure provided by the Depositor that is
      required to be filed pursuant to Section 3.23 (the “Depositor Information”), or
      (ii) any omission or alleged omission to state therein a material fact required
      to be stated therein or necessary to make the statements therein, in light
      of
      the circumstances in which they were made, not misleading; provided, by way
      of
      clarification, that this paragraph shall be construed solely by reference to
      the
      Depositor Information that is required to be filed and not to any other
      information communicated in connection with the Certificates, without regard
      to
      whether the Depositor Information or any portion thereof is presented together
      with or separately from such other information.

     

    The
      Master Servicer shall indemnify and hold harmless the Securities Administrator
      and the Depositor and each of its 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 Master
      Servicer under Sections 3.21, 3.22 and 3.23 or the Master Servicer’s negligence,
      bad faith or willful misconduct in connection therewith. In addition, the Master
      Servicer shall indemnify and hold harmless the Depositor and each of 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)
      any untrue statement or alleged untrue statement of any material fact contained
      in any Annual Statement of Compliance, any Assessment of Compliance or any
      Additional Disclosure provided by the Master Servicer on its behalf or on behalf
      of any subservicer or subcontractor pursuant to Sections 3.21, 3.22 and 3.23
      (the “Master Servicer Information”), or (ii) any omission or alleged omission to
      state therein a material fact required to be stated therein or necessary to
      make
      the statements therein, in light of the circumstances in which they were made,
      not misleading; provided, by way of clarification, that this paragraph shall
      be
      construed solely by reference to the Master Servicer Information and not to
      any
      other information communicated in connection with the Certificates, without
      regard to whether the Master Servicer Information or any portion thereof is
      presented together with or separately from such other information.

     

    If
      the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless the Depositor, the Securities Administrator or the Master Servicer,
      as
      applicable, then the defaulting party, in connection with any conduct for which
      it is providing indemnification under this Section 3.23(b), 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.

     

    Notwithstanding
      the provisions
      of
      Section 10.01, this Section 3.23 may be amended without the consent of the
      Certificateholders.

     

    Any
      notice or notification required to be delivered by the Securities Administrator
      or Master Servicer to the Depositor pursuant to this Section 3.23, may be
      delivered via email at alan.horn@americanhm.com (or other e-mail address as
      specified by the Depositor) with a follow-up telephone call to the Depositor’s
      Legal Department at (800) 209-7276.

     

    Failure
      of the Securities Administrator to comply with this Section 3.23 (including
      with
      respect to the timeframes required in this Section) which failure results in
      a
      failure to timely file the related Form 10-K, shall be deemed a default and
      the
      Trustee at the written direction of the Depositor shall, in addition to whatever
      rights the Trustee may have under this Agreement and at law or equity or to
      damages, including injunctive relief and specific performance, upon notice
      immediately terminate all of the rights and obligations of the Securities
      Administrator under this Agreement and in and to the Mortgage Loans and the
      proceeds thereof without compensating the Securities Administrator for the
      same.
      This paragraph shall supersede any other provision in this Agreement or any
      other agreement to the contrary.

     

    Notwithstanding
      anything to the contrary in this Agreement, no default by the Securities
      Administrator shall have occurred with respect to any failure to properly
      prepare, execute and/or timely file any report on Form 8-K, Form 10-D or Form
      10-K, any Form 15 or Form 12b-25 or any amendments to Form 8-K, 10-D or 10-K,
      where such failure results from any party’s failure to deliver, on a timely
      basis, any information from such party needed to prepare, arrange for execution
      or file any such report, Form or amendment, and does not result from its own
      negligence, bad faith or willful misconduct.

     

    Section
      3.24  Intention
      of the Parties and Interpretation. 

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.21, 3.22
      and
      3.23 of this Agreement is to facilitate compliance by the Sponsor, the Master
      Servicer, the Securities Administrator and the Depositor with the provisions
      of
      Regulation AB. Therefore, each of the parties agrees that (a) the obligations
      of
      the parties hereunder shall be interpreted in such a manner as to accomplish
      that purpose, (b) the parties’ obligations hereunder will be supplemented and
      modified as necessary to be consistent with any such amendments, interpretive
      advice or guidance, convention or consensus among active participants in the
      asset-backed securities markets, advice of counsel, or otherwise in respect
      of
      the requirements of Regulation AB, (c) the parties shall comply with reasonable
      requests made by the Sponsor or the Depositor for delivery of additional or
      different information as the Sponsor or the Depositor may determine in good
      faith is necessary to comply with the provisions of Regulation AB, 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.

     

    Section
      3.25  Reserved.

     

    Section
      3.26  Optional
      Purchase of Defaulted Mortgage Loans.

    

      (a)  During
        the first full calendar month (but excluding the last Business Day thereof)
        following a Mortgage Loan or related REO Property becoming 90 days or more
        delinquent, the Servicer shall have the option, but not the obligation to
        purchase from the Trust Fund any such Mortgage Loan or related REO Property
        that
        is then still 90 days or more delinquent, which the Servicer determines in
        good
        faith will otherwise become subject to foreclosure proceedings (evidence
        of such
        determination to be delivered in writing to the Master Servicer prior to
        purchase), at a price equal to the Purchase Price. The Purchase Price for
        any
        Mortgage Loan or related REO Property purchased hereunder shall be deposited
        in
        the Distribution Account, and, upon receipt of written certification of such
        deposit from the Servicer in the Request for Release, as provided in the
        Custodial Agreement, the Custodian shall release to the Servicer the related
        Mortgage File and the Trustee shall execute and deliver such instruments
        of
        transfer or assignment, in each case without recourse, as the Servicer shall
        furnish and as shall be necessary to vest in the Servicer title to any Mortgage
        Loan or related REO Property released pursuant hereto.

       

    

    If
      with
      respect to any delinquent Mortgage Loan or related REO Property, the option
      of
      the Servicer set forth in the preceding paragraph shall have arisen but the
      Servicer shall have failed to exercise such option on or before the Business
      Day
      preceding the last Business Day of the calendar month following the calendar
      month during which such Mortgage Loan or related REO Property first became
      90
      days or more delinquent, then such option shall automatically expire; provided,
      however, that if any such Mortgage Loan or related REO Property shall cease
      to
      be 90 days or more delinquent but then subsequently shall again become 90 days
      or more delinquent, then the Servicer shall be entitled to another repurchase
      option with respect to such Mortgage Loan or REO Property as provided in the
      preceding paragraph.

     

     

     

    ARTICLE
      IV

     

    PAYMENTS
      TO CERTIFICATEHOLDERS

     

    Section
      4.01  Distributions.

     

    (a)  On
      each
      Distribution Date the Securities Administrator shall distribute to each
      Certificateholder of record as of the next preceding Record Date (other than
      as
      provided in Section 8.01 respecting the final distribution) either in
      immediately available funds (by wire transfer or otherwise) to the account
      of
      such Certificateholder at a bank or other entity having appropriate facilities
      therefor, if such Certificateholder has so notified the Securities Administrator
      at least 5 Business Days prior to the related Record Date, or otherwise by
      check
      mailed to such Certificateholder at the address of such Holder appearing in
      the
      Certificate Register, such Certificateholder’s share (based on the aggregate of
      the Percentage Interests represented by Certificates of the applicable Class
      held by such Holder) of the amounts required to be distributed to such Holder
      pursuant to this Section 4.01.

     

    (b)  Distributions
      to holders of each Class of Certificates will be made on each Distribution
      Date
      from the related Available Funds as follows:

     

    first,
      to the
      Class R Certificates, the X-IO-A Component, the X-IO-B Component and the Class
      A
      Certificates, on a pro rata basis, the Accrued Certificate Interest on such
      Certificates and Components for such Distribution Date, provided however, that
      any amounts payable to the X-IO-A Component and the X-IO-B Component will be
      used, first to cover Net WAC Shortfall Carry-Forward Amounts as provided under
      Section 4.01(c) below;

     

    second,
      to the
      Class R Certificates, the X-IO-A Component, the X-IO-B Component and the Class
      A
      Certificates, on a pro rata basis, any Accrued Certificate Interest thereon
      remaining undistributed from previous Distribution Dates, provided however,
      that
      any amounts payable to the X-IO-A Component and the X-IO-B Component will be
      used, first, to cover Net WAC Shortfall Carry-Forward Amounts as provided under
      Section 4.01(c) below;

     

    third,
      to the
      Class R Certificates, in reduction of the Certificate Principal Balance thereof,
      the related Senior Optimal Principal Amount for such Distribution Date, until
      the Certificate Principal Balance of such Certificate has been reduced to
      zero;

     

    fourth,
      to the
      X-PO-A Component, the X-PO-B Component and the Class A Certificates, on a pro
      rata basis, in reduction of the Certificate Principal Balances or Component
      Principal Balance thereof, the Senior Optimal Principal Amount for such
      Distribution Date, less amounts distributed pursuant to clause third
      above,
      until the Certificate Principal Balance or Component Principal Balance of each
      such Certificate or Component has been reduced to zero; and

    

      fifth,
        sequentially in the following order: 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 B-1,
        Class B-2, Class B-3 and Class B-4 Certificates, in each case up to an amount
        equal to and in the following order: (a) the Accrued Certificate Interest
        thereon for such Distribution Date, (b) any Accrued Certificate Interest
        thereon
        remaining undistributed from previous Distribution Dates and (c) such Class’s
        Allocable Share for such Distribution Date, in each case, to the extent of
        the
        remaining Available Funds. Distributions of the Allocable Share will be made
        in
        reduction of the Certificate Principal Balance of such Class of Class M
        Certificates or Class B Certificates, until reduced to zero.

       

    

    (c)  If,
      after
      distributions have been made pursuant to priorities first
      and
second
      above on
      any Distribution Date, the remaining Available Funds is less than the Senior
      Optimal Principal Amount, the Senior Optimal Principal Amount for the Senior
      Certificates shall be reduced, and such remaining Available Funds will be
      distributed among the Senior Certificates on a pro rata basis on the basis
      of
      such reduced amount.

     

    (d)  On
      each
      Distribution Date, any Available Funds remaining after payment of interest
      and
      principal to the Classes of certificates entitled thereto, as described above,
      will be distributed to the Class R Certificates. It is not anticipated that
      there will be any significant amounts remaining for such
      distribution.

     

    (e)  On
      each
      Distribution Date, all prepayment charges on the Mortgage Loans will be
      distributed to the holders of the Class X-P Certificates.

     

    (f)  [reserved]

     

    (g)  [reserved]

     

    (h)  In
      addition to the foregoing distributions, with respect to any Subsequent
      Recoveries, the Master Servicer or Servicer, as the case may be, shall deposit
      such funds into the Distribution Account pursuant to Section 3.19. If, after
      taking into account such Subsequent Recoveries, the amount of a Realized Loss
      is
      reduced, the amount of such Subsequent Recoveries will be applied to increase
      the Certificate Principal Balance of the Class of Certificates with the highest
      payment priority to which Realized Losses have been allocated, but not by more
      than the amount of Realized Losses previously allocated to that Class of
      Certificates. The amount of any remaining Subsequent Recoveries will be applied
      to increase the Certificate Principal Balance of the Class of Certificates
      with
      the next highest payment priority, up to the amount of such Realized Losses
      previously allocated to that Class of Certificates, and so on. Holders of such
      Certificates will not be entitled to any payment in respect of Accrued
      Certificate 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.

     

    (i)  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 Securities
      Administrator, the Depositor or the Master Servicer shall have any
      responsibility therefor except as otherwise provided by this
      Agreement.

     

    (j)  Except
      as
      otherwise provided in Section 8.01, if the Securities Administrator anticipates
      that a final distribution with respect to any Class of Certificates will be
      made
      on the next Distribution Date, the Securities Administrator shall, no later
      than
      two Business Days after the Determination Date in the month of such final
      distribution, mail on such date to each Holder of such Class of Certificates
      a
      notice to the effect that: (i) the Securities Administrator anticipates that
      the
      final distribution with respect to such Class of Certificates will be made
      on
      such Distribution Date but only upon presentation and surrender of such
      Certificates at the office of the Securities Administrator or as otherwise
      specified therein, and (ii) no interest shall accrue on such Certificates from
      and after the end of the prior calendar month.

     

    (k)  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 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(n) shall not have been surrendered for cancellation within six months
      after
      the time specified in such notice, the Securities Administrator shall mail
      a
      second notice to the remaining non-tendering Certificateholders to surrender
      their Certificates for cancellation in order to receive the final distribution
      with respect thereto. If within six months after the second notice all such
      Certificates shall not have been surrendered for cancellation, the Securities
      Administrator shall take reasonable steps as directed by the Depositor, or
      appoint an agent to take reasonable steps, to contact 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 nine months after the second notice any such Certificates shall not
      have been surrendered for cancellation, the Class R Certificateholders shall
      be
      entitled to all unclaimed funds and other assets which remain subject hereto.
      No
      interest shall accrue or be payable to any Certificateholder on any amount
      held
      in trust as a result of such Certificateholder’s failure to surrender its
      Certificate(s) for final payment thereof in accordance with this Section
      4.01(n).

     

    (l)  On
      each
      Distribution Date, any Net WAC Shortfall Carry-Forward Amounts all amounts
      distributable as interest to the X-IO Components of the Class X-P Certificates
      will be deposited in the Net WAC Shortfall Carry-Forward Reserve Fund and
      distributed as indicated under Section 4.08(a).

    

      (m)  On
        each
        Distribution Date, other than the final Distribution Date, the Securities
        Administrator shall distribute to each Certificateholder of record as of
        the
        immediately preceding Record Date the Certificateholder’s pro rata share of its
        Class (based on the aggregate Percentage Interest represented by such Holder’s
        Certificates) of all amounts required to be distributed on such Distribution
        Date to such Class. The Securities Administrator shall calculate the amount
        to
        be distributed to each Class and, based on such amounts, the Securities
        Administrator shall determine the amount to be distributed to each
        Certificateholder. All of the Securities Administrator’s calculations of
        payments shall be based solely on information provided to the Securities
        Administrator by the Master Servicer. The Securities Administrator shall
        not be
        required to confirm, verify or recompute any such information but shall be
        entitled to rely conclusively on such information.

       

      (n)  On
        each
        Distribution Date, prior to distributions being made on the Certificates
        in
        accordance with the priorities set forth in this Section 4.01, the Securities
        Administrator shall withdraw from the Distribution Account and remit to the
        Modified Pool Insurer the Modified Pool Insurer Fee due on such Distribution
        Date.

       

    

    Section
      4.02  Statements
      to Certificateholders.

     

    (a)  On
      each
      Distribution Date, based, as applicable, on information provided to it by the
      Master Servicer, the Securities Administrator shall prepare and make available
      on the Securities Administrator’s website as set forth below, to each Holder of
      the Regular Certificates, the Trustee, the Master Servicer and the Rating
      Agencies, a statement as to the distributions made on such Distribution Date
      setting forth:

     

    (i)  the
      amount of the related distribution to Holders of each Class allocable to
      principal, separately identifying (A) the aggregate amount of any Principal
      Prepayments included therein and (B) the aggregate of all scheduled payments
      of
      principal included therein; 

     

    (ii)  the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Regular Certificates allocable to interest, separately
      identified;

     

    (iii)  the
      applicable accrual periods for calculating distributions and general
      Distribution Dates;

     

    (iv)  the
      total
      cash flows received and the general sources thereof;

     

    (v)  the
      Pass-Through Rate on each Class of Regular Certificates for such Distribution
      Date;

     

    (vi)  the
      Pass-Through Rate for each Class of Certificates with respect to the current
      Accrual Period, and, if applicable, whether such Pass-Through Rate was limited
      by the Net WAC Rate;

     

    (vii)  the
      aggregate amount of Advances included in the distribution on such Distribution
      Date (including the general purpose of such Advances), the aggregate amount
      of
      unreimbursed Advances at the close of business on the Distribution Date, and
      the
      general source of funds for reimbursements;

     

    (viii)  the
      number and Aggregate Stated Principal Balance of, and Realized Loss on, the
      Mortgage Loans as of the end of the related Due Period;

     

    (ix)  the
      Certificate Principal Balance or Certificate Notional Amount, as applicable,
      of
      each Class before and after giving effect (i) to all distributions allocable
      to
      principal on such Distribution Date and (ii) the allocation of any Applied
      Realized Loss Amounts for such Distribution Date;

     

    (x)  the
      number and Aggregate Stated Principal Balance of Mortgage Loans, using the
      OTS
      method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90
      days, 91 or more days, respectively, (b) in foreclosure and (c) that have become
      REO Property, in each case as of the end of the preceding calendar month,
      determined in the aggregate;

     

    (xi)  the
      number, aggregate principal balance and book value of any REO Properties as
      of
      the close of business on the last day of the calendar month preceding the month
      in which such Distribution Date occurs;

     

    (xii)  the
      aggregate amount of Principal Prepayments made during the related Prepayment
      Period;

     

    (xiii)  the
      aggregate amount of Realized Losses incurred during the related Prepayment
      Period and the cumulative amount of Realized Losses;

     

    (xiv)  the
      amount, if any, of fees or expenses accrued and paid, with an identification
      of
      the payee and the general purpose of such fees including the related amount
      of
      the Servicing Fees paid to or retained by the Servicer for the related Due
      Period;

     

    (xv)  the
      aggregate amount of extraordinary Trust Fund expenses withdrawn from the
      Distribution Account for such Distribution Date;

     

    (xvi)  the
      aggregate amount of any Prepayment Interest Shortfalls for such Distribution
      Date, to the extent not covered by payments by the Servicer or Master Servicer
      pursuant to Section 1.03, and the aggregate amount of Relief Act Interest
      Shortfalls for such Distribution Date;

     

    (xvii)  the
      Accrued Certificate Interest in respect of each Class of Certificates for such
      Distribution Date;

     

    (xviii)  the
      aggregate of any deposits to and withdrawals from the Net WAC Shortfall
      Carry-Forward Reserve Fund for such Distribution Date and the remaining amount
      on deposit in the Net WAC Shortfall Carry-Forward Reserve Fund after such
      deposits and withdrawals; 

     

    (xix)  
      the
      Senior Percentage, the Senior Prepayment Percentage, the Subordinate Percentage
      and the Subordinate Prepayment Percentage for the Mortgage Loans; 

     

    (xx)  the
      Available Funds for such Distribution Date; 

     

    (xxi)  [reserved];

     

    (xxii)  the
      amount of the Prepayment Charges remitted by the Servicer;

     

    (xxiii)  [reserved];

     

    (xxiv)  [reserved];

     

    (xxv)  unless
      otherwise set forth in the Form 10-D relating to such Distribution Date and
      if
      applicable, 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;

     

    (xxvi)  with
      respect to any Mortgage Loan that was liquidated during the preceding calendar
      month, the loan number and Stated Principal Balance of, and Realized Loss on,
      such Mortgage Loan as of the close of business on the Determination Date
      preceding such Distribution Date;

     

    (xxvii)  whether
      the loss or delinquency or tests contained in the definitions of “Senior
      Prepayment Percentage” and “Subordinate Prepayment Percentage” were
      met;

     

    (xxviii)  updated
      pool composition data including the following: weighted average Mortgage Rate,
      weighted average remaining term to maturity and weighted average Net Mortgage
      Rate of the Mortgage Loans as of the close of business on the first day of
      the
      calendar month in which such Distribution Date occurs;

     

    (xxix)  unless
      otherwise set forth in the Form 10-D relating to such Distribution Date material
      breaches of Mortgage Loan representations or warranties or transaction
      covenants; and

     

    (xxx)  the
      Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount as of the close
      of business on any Distribution Date.

     

    On
      each
      Distribution Date, the Securities Administrator shall provide Bloomberg
      Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of
      Certificates as of such Distribution Date, using a format and media mutually
      acceptable to the Securities Administrator and Bloomberg.

     

    The
      information set forth above shall be calculated or reported, as the case may
      be,
      by the Securities Administrator, based solely on, and to the extent of,
      information provided to the Securities Administrator by the Master Servicer.
      The
      Securities Administrator may conclusively rely on such information and shall
      not
      be required to confirm, verify or recalculate any such information.

     

    The
      Securities Administrator may make available each month, to any interested party,
      the monthly statement to Certificateholders via the Securities Administrator’s
      website initially located at “www.ctslink.com.” Assistance in using the website
      can be obtained by calling the Securities Administrator’s customer service desk
      at (301) 815-6600. Parties that are unable to use the above distribution option
      are entitled to have a paper copy mailed to them via first class mail by calling
      the Securities Administrator’s customer service desk and indicating such. The
      Securities Administrator shall have the right to change the way such reports
      are
      distributed in order to make such distribution more convenient and/or more
      accessible to the parties, and the Securities Administrator shall provide timely
      and adequate notification to all parties regarding any such change.

     

    Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator shall prepare and forward, to each Person who at any time during
      the calendar year was a Holder of a Certificate, a statement containing the
      information set forth in subclauses (i) and (ii) above, aggregated for such
      calendar year or applicable portion thereof during which such person was a
      Certificateholder. Such obligation of the Securities Administrator shall be
      deemed to have been satisfied to the extent that substantially comparable
      information shall be provided by the Securities Administrator pursuant to any
      requirements of the Code and regulations thereunder as from time to time are
      in
      force.

     

    Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator shall prepare and forward, to each Person who at any time during
      the calendar year was a Holder of a Class R Certificate a statement containing
      the information provided pursuant to the previous paragraph aggregated for
      such
      calendar year or applicable portion thereof during which such Person was a
      Certificateholder. Such obligation of the Securities Administrator shall be
      deemed to have been satisfied to the extent that substantially comparable
      information shall be provided by the Securities Administrator pursuant to any
      requirements of the Code as from time to time are in force.

     

    Section
      4.03  Remittance
      Reports; Advances by the Master Servicer.

     

    (a)  On
      the
      Business Day following each Determination Date but in no event later than the
      20th
      day of
      each month (or if such 20th
      day is
      not a Business Day, the preceding Business Day), the Master Servicer shall
      deliver to the Securities Administrator a report, prepared as of the close
      of
      business on the Determination Date (the “Remittance Report”), in the form of an
      electronic format mutually acceptable to each party. The Remittance Report
      and
      any written information supplemental thereto shall include such information
      with
      respect to the Mortgage Loans that is required by the Securities Administrator
      for purposes of making the calculations and preparing the statement described
      in
      Sections 4.01 and 4.02, as set forth in written specifications or guidelines
      issued by the Securities Administrator from time to time. 

     

    (b)  If
      the
      scheduled payment on a Mortgage Loan that was due on a related Due Date is
      delinquent, other than as a result of application of the Relief Act, and for
      which the Servicer was required to make an advance pursuant to the Servicing
      Agreement exceeds the amount deposited in the Distribution Account which will
      be
      used for an advance with respect to such Mortgage Loan, the Master Servicer
      will
      deposit in the Distribution Account not later than the Business Day immediately
      preceding the related Distribution Date an amount equal to such deficiency,
      net
      of the Servicing Fee for such Mortgage Loan except to the extent the Master
      Servicer determines any such advance to be a Nonrecoverable Advance. Subject
      to
      the foregoing, the Master Servicer shall continue to make such advances through
      the date that the Servicer is required to do so under its Servicing Agreement.
      If the Master Servicer deems an advance to be a Nonrecoverable Advance, on
      the
      Business Day immediately preceding the related Distribution Date, the Master
      Servicer shall present an Officer’s Certificate to the Securities Administrator
      (i) stating that the Master Servicer elects not to make a Monthly Advance in
      a
      stated amount and (ii) detailing the reason it deems the advance to be a
      Nonrecoverable Advance.

     

    (c)  The
      Master Servicer shall deposit in the Distribution Account not later than each
      Business Day immediately preceding the related Distribution Date an amount
      equal
      to the sum of the aggregate amounts required to be paid by the Servicer under
      the Servicing Agreements with respect to subclauses (a) and (b) of the
      definition of Interest Shortfall with respect to the Mortgage Loans for the
      related Distribution Date, and not so paid by the Servicer (such amount, the
      “Compensating Interest Payment”). The Master Servicer shall not be entitled to
      any reimbursement of any Compensating Interest Payment.

     

    Section
      4.04  Distributions
      on the REMIC Regular Interests. 

     

    On
      each
      Distribution Date, the following amounts, in the following order of priority,
      shall be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular
      Interests or withdrawn from the Distribution Account and distributed to the
      Holders of the Class R Certificates, as the case may be:

     

    (1) Interest
      shall be payable to the REMIC 1 Regular Interests at the Uncertificated REMIC
      1
      Pass-Through Rate for each such REMIC 1 Regular Interest on the related
      Uncertificated Principal Balance; provided however, to the extent that any
      Net
      Deferred Interest is allocated to the Corresponding Certificates, the
      Uncertificated Principal Balances of the REMIC 1 Regular Interests shall be
      increased by such amount.

     

    (2) Distributions
      of principal shall be deemed to be made from amounts received on the Mortgage
      Loans to the REMIC 1 Regular Interests in the same manner and priority as
      payments are made to the Corresponding Certificates; and

     

    (3) Any
      remaining amounts shall be distributed to the Class R Certificates (in respect
      of the Class R-1 Interest).

     

    Section
      4.05  Allocation
      of Realized Losses.

     

    (a)  Class
      M
      Certificates and Class B Certificates:

     

    Any
      Realized Losses on the Mortgage Loans, except for Excess Losses, on the Mortgage
      Loans will be allocated on any Distribution Date, first, to the Class B-4
      Certificates, in reduction of the Certificate Principal Balances thereof, until
      reduced to zero, second, to the Class B-3 Certificates, in reduction of the
      Certificate Principal Balances thereof, until reduced to zero, third, to the
      Class B-2 Certificates, in reduction of the Certificate Principal Balances
      thereof, until reduced to zero, fourth, to the Class B-1 Certificates, in
      reduction of the Certificate Principal Balances thereof, until reduced to zero,
      fifth, to the Class M-9 Certificates, in reduction of the Certificate Principal
      Balance thereof, until reduced to zero, sixth, to the Class M-8 Certificates,
      in
      reduction of the Certificate Principal Balance thereof, until reduced to zero,
      seventh, to the Class M-7 Certificates, in reduction of the Certificate
      Principal Balance thereof, until reduced to zero, eighth, to the Class M-6
      Certificates, in reduction of the Certificate Principal Balance thereof, until
      reduced to zero, ninth, to the Class M-5 Certificates, in reduction of the
      Certificate Principal Balance thereof, until reduced to zero, tenth, to the
      Class M-4 Certificates, in reduction of the Certificate Principal Balance
      thereof, until reduced to zero, eleventh, to the Class M-3 Certificates, in
      reduction of the Certificate Principal Balance thereof, until reduced to zero,
      twelfth, to the Class M-2 Certificates, in reduction of the Certificate
      Principal Balance thereof, until reduced to zero, and thirteenth, to the Class
      M-1 Certificates, in reduction of the Certificate Principal Balance thereof,
      until reduced to zero. 

     

    Thereafter,
      any Realized Losses on the Mortgage Loans will be allocated concurrently, on
      a
      pro rata basis, to the Class A Certificates and the X-PO-A Component and X-PO-B
      Component, provided however that (a) any realized losses on the Mortgage Loans
      that would have been allocable to the Class A1-A Certificates will be allocated
      to the Class A1-B Certificates and Class A1-C Certificates on a pro rata basis
      until their Certificate Principal Balances have been reduced to zero, (b) any
      realized losses on the Mortgage Loans that would have been allocable to the
      Class A1-B Certificates will be allocated to the Class A1-C Certificates until
      its Certificate Principal Balance has been reduced to zero and (c) any realized
      losses on the Mortgage Loans that would have been allocable to the Class A2-A
      Certificates will be allocated to the Class A2-B Certificates until its
      Certificate Principal Balance has been reduced to zero.

     

    Any
      allocation of a Realized Loss to a Certificate or Component will be made by
      reducing the Certificate Principal Balance or Component Principal Balance
      thereof by the amount so allocated as of the Distribution Date in the month
      following the calendar month in which such Realized Loss was
      incurred.

     

    
      If,
        after
        taking into account Subsequent Recoveries, the amount of a Realized Loss
        is
        reduced, the amount of such Subsequent Recoveries will be applied (i) first,
        to
        increase the Certificate Principal Balance of the Class A Certificates with
        the
        highest payment priority to which Realized Losses have been allocated, (ii)
        second, to increase the Component Principal Balance of the related X-PO
        Component of the Class X-P Certificates with the highest payment priority
        to
        which Realized Losses have been allocated, and then (iii) third, to Class
        M
        Certificates and Class B Certificates with the highest payment priority to
        which
        Realized Losses have been allocated, but in each case, not by more than the
        amount of Realized Losses previously allocated to that Class of Certificates
        or
        Component. The amount of any remaining Subsequent Recoveries will be applied
        to
        increase the Certificate Principal Balance or Component Principal Balance
        of the
        Class of Certificates or Component with the next highest payment priority,
        up to
        the amount of such Realized Losses previously allocated to that Class of
        Certificates or Component, and so on. Holders of the Certificates will not
        be
        entitled to any payment in respect of any Accrued Certificate 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
        Component Principal Balance or Certificate Principal Balance of each certificate
        of such Class in accordance with its respective percentage interest

       

    

    The
      Class
      M Certificates and Class B Certificates will provide limited protection to
      the
      Classes of Certificates of higher relative
      priority against (i) Special Hazard Losses in an initial amount equal to the
      Special
      Hazard Loss Coverage Amount, (ii) Bankruptcy Losses in an initial amount equal
      to the Bankruptcy Loss Coverage Amount and (iii) Fraud Losses in an initial
      amount equal to the Fraud Loss Coverage Amount.

     

    The
      Fraud
      Loss Coverage Amount will be reduced, from time to time, by the amount of Fraud
      Losses allocated to the Certificates. In addition, (a) on each anniversary
      prior to the fifth anniversary of the Cut-off Date, the Fraud Loss Coverage
      Amount will be reduced to an amount equal to the lesser of (A) (i)
3%
      of the
      Aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date
      on the first anniversary of the Cut-off Date, (ii) 2%
      of the
      Aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date
      on the second anniversary of the Cut-off Date, (iii) 1%
      of the
      Aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date
      on the third anniversary through the fifth anniversary of the Cut-off Date
      and
      (B) the excess of the Fraud Loss Coverage Amount as of the preceding
      anniversary of the Cut-off Date over the cumulative amount of Fraud Losses
      allocated to the Class M Certificates and Class B Certificates since such
      preceding anniversary, and (b) on the sixth anniversary of the Cut-off
      Date, zero. 

     

    The
      Bankruptcy Loss Coverage Amount will be reduced, from time to time, by the
      amount of Bankruptcy Losses allocated to the Class M Certificates and Class
      B
      Certificates.

     

    The
      Special Hazard Loss Coverage Amount will be reduced, from time to time, to
      an
      amount equal on any Distribution Date to the lesser of:

     

    (A) the
      greatest of:

     

    
      	·  	
              1.00%
                of the Aggregate Stated Principal Balance of the Mortgage Loans on
                such
                Distribution Date,

            

    

     

    
      	·  	
              twice
                the Stated Principal Balance of the largest Mortgage Loan,
                or

            

    

     

    
      	·  	
              the
                Aggregate Stated Principal Balance of the Mortgage Loans secured
                by
                mortgaged properties located in the single California postal zip
                code area
                having the highest Aggregate Stated Principal Balance of any such
                zip code
                area; and

            

    

     

    (B) the
      Special Hazard Loss Coverage Amount as of the Closing Date less the amount,
      if
      any, of Special Hazard Losses allocated to the Class M Certificates and Class
      B
      Certificates since the Closing Date.

     

    With
      respect to the REMIC 1 Regular Interests, all Realized Losses on the Mortgage
      Loans shall be allocated by the Securities Administrator on each Distribution
      Date in the same manner and priority that such Realized Losses are allocated
      to
      the Corresponding Certificate.

     

    Section
      4.06  Information
      Reports to Be Filed by the Servicer.

     

    The
      Servicer shall file information reports with respect, to the extent set forth
      in
      the Servicing Agreements, to the receipt of mortgage interest received in a
      trade or business, foreclosures and abandonments of any Mortgaged Property
      and
      the information returns relating to cancellation of indebtedness income with
      respect to any Mortgaged Property required by Sections 6050H, 6050J and 6050P
      of
      the Code, respectively, and deliver to the Securities Administrator an Officers’
Certificate stating that such reports have been filed. 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
      4.07  Compliance
      with Withholding Requirements.

     

    Notwithstanding
      any other provision of this Agreement the Securities Administrator shall comply
      with all federal withholding requirements respecting payments to
      Certificateholders of interest or original issue discount on the Mortgage Loans,
      that the Securities Administrator reasonably believes are applicable under
      the
      Code. The consent of Certificateholders shall not be required for such
      withholding. In the event the Securities Administrator withholds any amount
      from
      interest or original issue discount payments or advances thereof to any
      Certificateholder pursuant to federal withholding requirements, the Securities
      Administrator shall, together with its monthly report to such Certificateholders
      pursuant to Section 4.02 hereof, indicate such amount withheld.

     

    Section
      4.08  Net
      WAC Shortfall Carry-Forward Reserve Fund.

     

    (a)  On
      the
      Closing Date, the Securities Administrator shall establish and maintain in
      its
      name, in trust for the benefit of the Class A, Class M and Class B Certificates,
      the Net WAC Shortfall Carry-Forward Reserve Fund.

     

    On
      each
      Distribution Date, the Securities Administrator shall transfer from the
      Distribution Account to the Net WAC Shortfall Carry-Forward Reserve Fund the
      amounts specified pursuant to Sections 4.01(l). On each Distribution Date,
      to
      the extent required, the Securities Administrator shall make withdrawals from
      the Net WAC Shortfall Carry-Forward Reserve Fund and use the amounts in the
      Net
      WAC Shortfall Carry-Forward Reserve Fund to make distributions as follows:
      

     

    
      On
        each
        Distribution Date, the interest that would otherwise be distributable to
        the
        X-IO-A Component based on its Pass-Through Rate (after giving effect to any
        reduction in respect of Net Deferred Interest allocated to the X-IO-A Component
        on such Distribution Date), will be reduced by the amount, if any, that is
        necessary to pay any Net WAC Shortfall Carry-Forward Amounts to the Class
        A
        Certificates. For federal income tax purposes, such amounts will be deemed
        paid
        to the Class X-IO-A Component and paid by the Class X-IO-A Component to the
        Net
        WAC Shortfall Carry-Forward Reserve Fund and from the Net WAC Shortfall
        Carry-Forward Reserve Fund to the applicable Class of Certificates as Net
        WAC
        Shortfall Carry-Forward Amounts. The amount of such reduction will be allocated
        among the Class A Certificates to pay Net WAC Shortfall Carry-Forward Amounts
        in
        the following order of priority: (i) first, pro rata to each Class based
        in
        proportion to the aggregate Certificate Principal Balance for such Class,
        and
        (ii) second, to the extent any Class A Certificate has a remaining unpaid
        Net
        WAC Shortfall Carry-Forward Amount, pro rata to each such Class in proportion
        to
        the amount of unpaid Net WAC Shortfall Carry-Forward Amount for each such
        Class.

       

      
        On
          each
          Distribution Date, the interest that would otherwise be distributable to
          the
          X-IO-B Component based on its Pass-Through Rate (after giving effect to
          any
          reduction in respect of Net Deferred Interest allocated to the X-IO-B Component
          on such Distribution Date), will be reduced by the amount, if any, that
          is
          necessary to pay any Net WAC Shortfall Carry-Forward Amounts to the Class
          M
          Certificates and Class B Certificates. For federal income tax purposes,
          such
          amounts will be deemed paid to the Class X-IO-B Component and paid by the
          Class
          X-IO-B Component to the Net WAC Shortfall Carry-Forward Reserve Fund and
          from
          the Net WAC Shortfall Carry-Forward Reserve Fund to the applicable Class
          of
          Certificates as Net WAC Shortfall Carry-Forward Amounts. The amount of
          such
          reduction will be allocated among the Class M Certificates and Class B
          Certificates to pay Net WAC Shortfall Carry-Forward Amounts in the following
          order of priority: (i) first, pro rata to each Class based in proportion
          to the
          aggregate Certificate Principal Balance for such Class, and (ii) second,
          to the
          extent any Class M Certificate has a remaining unpaid Net WAC Shortfall
          Carry-Forward Amount, pro rata to each such Class in proportion to the
          amount of
          unpaid Net WAC Shortfall Carry-Forward Amount for each such Class. The
          Class X-P
          Certificates will not be entitled to any reimbursement for any amounts
          that are
          reduced to pay any Net WAC Shortfall Carry-Forward Amount to any Class
          or
          Component of Certificates. 

         

      

    

    (b) The
      Net
      WAC Shortfall Carry-Forward Reserve Fund shall be an Eligible Account. Amounts
      held in the Net WAC Shortfall Carry-Forward Reserve Fund from time to time
      shall
      continue to constitute assets of the Trust Fund, but not of the REMICs, until
      released from the Net WAC Shortfall Carry-Forward Reserve Fund pursuant to
      this
      Section 4.08. The Net WAC Shortfall Carry-Forward Reserve Fund constitutes
      an
“outside reserve fund” within the meaning of Treasury Regulation § 1.860G-2(h)
      and is not an asset of any REMIC. The Holders of the Class X-P Certificates
      shall be the owner of the Net WAC Shortfall Carry-Forward Reserve Fund. The
      Securities Administrator shall keep records that accurately reflect the funds
      on
      deposit in the Net WAC Shortfall Carry-Forward Reserve Fund. Funds
      in
      the Net WAC Shortfall Carry-Forward Reserve Fund will be invested by the
      Securities Administrator in the Wells Fargo Advantage Prime Investment Money
      Market Fund. All such investments shall be made in the name of the Trustee,
      for
      the benefit of the Holders of the Offered Certificates.
      On each
      Distribution Date, the Securities Administrator shall distribute, not in respect
      of any REMIC, any interest earned on the Net WAC Shortfall Carry-Forward Reserve
      Fund to the Holders of the Class X-P Certificates, on a pro rata basis, based
      on
      the initial Notional Amount of each such Class.

     

    (c) For
      federal tax return and information reporting, the right of the Holders of the
      Class A, Class M and Class B Certificates to receive payments from the Net
      WAC
      Shortfall Carry-Forward Reserve Fund in respect of any Net WAC Shortfall
      Carry-Forward Amount will have a value of zero.

     

    (d) The
      Securities Administrator shall treat the rights of the Class X-P
      Certificateholders to receive amounts from the Net WAC Shortfall Carry-Forward
      Reserve Fund (subject to the obligation to pay Net WAC Shortfall Carry-Forward
      Amounts) and the rights of the LIBOR Certificateholders to receive Net WAC
      Shortfall Carry-Forward Amounts as the beneficial ownership of interests in
      a
      grantor trust and not as obligations any REMIC created hereunder, for federal
      income tax purposes.

     

    (e) Upon
      the
      earlier of (i) the final payment or other liquidation (or any Advance with
      respect thereto) of the last Mortgage Loan remaining in the Trust Fund (or
      the
      disposition of all REO Property in respect thereof) or (ii) the Master Servicer,
      at its option, makeing or causing a Person to make a Terminating Purchase for
      the Termination Price at the time and on the terms and conditions specified
      in
      this Agreement, after the distributions described in above, the Securities
      Administrator shall withdraw from the Net WAC Shortfall Carry-Forward Reserve
      Fund (to the extent of funds available on deposit therein) any remaining amounts
      and distribute them to the Holders of the Class X-P Certificates, on a pro
      rata
      basis, based on the initial Notional Amount of each such Class.

     

    Section
      4.09  Allocation
      of Net Deferred Interest.

     

    (a)  On
      each
      Distribution Date, any Net Deferred Interest on the Mortgage Loans will be
      allocated to each Class of Certificates, other than the Class X-P Certificates,
      and to the X-PO-A Component and X-PO-B Component to an amount equal to the
      excess, if any, of (1) the interest accrued during the related Accrual
      Period at the applicable Pass-Through Rate on the for such Class or Component
      over (2) the amount of interest that would have accrued during the related
      Accrual Period on the related Component Principal Balance on such Distribution
      Date if the Pass-Through Rate for such Class or Component were equal to the
      related Adjusted Rate Cap.

     

    On
      each
      Distribution Date, the Senior Percentage of Net Deferred Interest will be
      allocated among the Senior Certificates and the Subordinate Percentage of the
      Net Deferred Interest will be allocated among the Subordinate
      Certificates.

     

    Section
      4.10  Closing
      Date Deposit Account.

     

    (a)  On
      the
      Closing Date the Underwriter will deposit $131,000 into an account established
      in the name of and maintained by the Securities Administrator, in trust for
      the
      benefit of the Class A, Class M and Class B Certificates, the Closing Date
      Deposit Account. The Closing Date Deposit Account may be a subaccount of the
      Distribution Account.

     

    (b)  Any
      amounts on deposit in the Closing Date Deposit Account that are not distributed
      to Certificateholders on the initial Distribution Date shall be returned to
      the
      Underwriter by the Securities Administrator within five Business Days following
      the initial Distribution Date. The Closing Date Deposit Account will not be
      an
      asset of any REMIC.

     

    Section
      4.11  The
      Certificates.

     

    (a)  The
      Certificates will be substantially in the respective forms annexed hereto as
      Exhibits A and B. The Certificates will be issuable in registered form only.
      The
      Class A certificates will be issued in minimum denominations of a $100,000
      principal balance and integral multiples of $1 in excess thereof. The Class
      X
      certificates will be issued in minimum denominations of a $2,000,000 notional
      balance and integral multiples of $1 in excess thereof. The Class M Certificates
      and Class B Certificates will be issued in minimum denominations of a $250,000
      principal balance and integral multiples of $1 in excess thereof. The
      Class R Certificates will be issued in minimum percentage interests of
      20%.

     

    Upon
      original issue, the Certificates shall, upon the written request of the
      Depositor executed by an officer of the Depositor, be executed and delivered
      by
      the Securities Administrator, authenticated by the Securities Administrator
      and
      delivered to or upon the order of the Depositor upon receipt by the Securities
      Administrator of the documents specified in Section 2.01. The Certificates
      shall
      be executed by manual or facsimile signature on behalf of the Securities
      Administrator by a Responsible Officer. Certificates bearing the manual or
      facsimile signatures of individuals who were at the time they signed the proper
      officers of the Securities Administrator shall bind the Securities
      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 for herein executed by the
      Securities Administrator by manual signature, and such Certificate shall be
      conclusive evidence, and the only evidence, that such Certificate has been
      duly
      authenticated and delivered hereunder. All Certificates issued on the Closing
      Date shall be dated the Closing Date and any Certificates delivered thereafter
      shall be dated the date of their authentication.

     

    (b)  The
      Certificates shall initially be issued as one or more Certificates registered
      in
      the name of the Depository or its nominee and, except as provided below,
      registration of such Certificates may not be transferred by the Securities
      Administrator except to another Depository that agrees to hold such Certificates
      for the respective Certificate Owners with Ownership Interests therein. The
      Certificate Owners shall hold their respective Ownership Interests in and to
      each of such Book-Entry Certificates through the book-entry facilities of the
      Depository and, except as provided below, shall not be entitled to 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 transfer the Ownership Interests only in
      the
      Book-Entry Certificates of Certificate Owners it represents or of brokerage
      firms for which it acts as agent in accordance with the Depositor’s normal
      procedures. The Securities Administrator shall not be required to monitor,
      determine or inquire as to compliance with the transfer restrictions with
      respect to the Book-Entry Certificates, and the Securities Administrator shall
      have no liability for transfers of Ownership Interests in the Book-Entry
      Certificates made through the book-entry facilities of the Depositary or between
      or among Depositary Participants or Certificate Owners, made in violation of
      the
      applicable restrictions.

     

    The
      Trustee, the Securities Administrator, the Master Servicer and the Depositor
      may
      for all purposes (including the making of payments due on the respective Classes
      of Book-Entry Certificates) deal with the Depository as the authorized
      representative of the Certificate Owners with respect to the respective Classes
      of Book-Entry Certificates for the purposes of exercising the rights of
      Certificateholders hereunder. The rights of Certificate Owners with respect
      to
      the respective Classes of 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 Certificate
      Owners as Holder of any Class of 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 Securities Administrator may establish
      a
      reasonable record date in connection with solicitations of consents from or
      voting by Certificateholders and shall give notice to the Depository of such
      record date.

     

    If
      (i)(A)
      the Depositor advises the Securities Administrator in writing that the
      Depository is no longer willing or able to properly discharge its
      responsibilities as Depository and (B) the Depositor is unable to locate a
      qualified successor or (ii) the Depositor, with the consent of Certificate
      Owners, advises the Securities Administrator in writing that it elects to
      terminate the book-entry system through the Depository, the Securities
      Administrator shall notify all Certificate Owners, through the Depository,
      of
      the occurrence of any such event and of the availability of Definitive
      Certificates to Certificate Owners requesting the same. Upon surrender to the
      Securities Administrator of the Book-Entry Certificates by the Depository,
      accompanied by registration instructions from the Depository for registration
      of
      transfer, the Securities Administrator shall, at the expense of the Depositor,
      issue the Definitive Certificates. Neither the Depositor, the Master Servicer
      nor the Securities Administrator shall be liable for any actions taken by the
      Depository or its nominee, including, without limitation, any delay in delivery
      of such instructions and may conclusively rely on, and shall be protected in
      relying on, such instructions. Upon the issuance of Definitive Certificates
      the
      Trustee, the Securities Administrator and the Master Servicer shall recognize
      the Holders of the Definitive Certificates as Certificateholders
      hereunder.

     

    (c)  Each
      Certificate is intended to be a “security” governed by Article 8 of the Uniform
      Commercial Code as in effect in the State of New York and any other applicable
      jurisdiction, to the extent that any of such laws may be
      applicable.

     

    Section
      4.12  Registration
      of Transfer and Exchange of Certificates.

     

    (a)  The
      Securities Administrator shall maintain a Certificate Register in which, subject
      to such reasonable regulations as it may prescribe, the Securities Administrator
      shall provide for the registration of Certificates and of transfers and
      exchanges of Certificates as herein provided.

     

    (b)  Except
      as
      provided in Section 4.12(c), no transfer, sale, pledge or other disposition
      of a
Class
      B
      Certificate shall
      be
      made unless such transfer, sale, pledge or other disposition is exempt from
      the
      registration requirements of the Securities Act of 1933, as amended (the “Act”),
      and any applicable state securities laws or is made in accordance with said
      Act
      and laws. In the event that a transfer of a Class B Certificate is to be made
      under this Section 4.12(b), (i) the Securities Administrator shall require
      an
      Opinion of Counsel acceptable to and in form and substance satisfactory to
      the
      Securities Administrator that such transfer shall be made pursuant to an
      exemption, describing the applicable exemption and the basis therefor, from
      said
      Act and laws or is being made pursuant to said Act and laws, which Opinion
      of
      Counsel shall not be an expense of the Securities Administrator, the Trustee,
      the Depositor or the Master Servicer, provided that such Opinion of Counsel
      will
      not be required in connection with the initial transfer of any such Certificate
      by the Depositor or any affiliate thereof, to a non-affiliate of the Depositor
      and (ii) the Securities Administrator shall require the transferee to execute
      a
      representation letter, substantially in the form of Exhibit G-1 hereto, and
      the
      Securities Administrator shall require the transferor to execute a
      representation letter, substantially in the form of Exhibit G-2 hereto, each
      acceptable to and in form and substance satisfactory to the Securities
      Administrator certifying to the Depositor and the Securities Administrator
      the
      facts surrounding such transfer, which representation letters shall not be
      an
      expense of the Securities Administrator, the Trustee, the Depositor or the
      Master Servicer; provided,
      however,
      that
      such representation letters will not be required in connection with any transfer
      of any such Certificate by the Depositor to an affiliate of the Depositor and
      the Securities Administrator shall be entitled to conclusively rely upon a
      representation (which, upon the request of the Securities Administrator, shall
      be a written representation) from the Depositor of the status of such transferee
      as an affiliate of the Depositor. Any such Certificateholder desiring to effect
      such transfer shall, and does hereby agree to, indemnify the Securities
      Administrator, the Trustee, 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 applicable federal and state laws.

     

    (c)  Notwithstanding
      the requirements of Section 4.12(b), transfers of Class B Certificates may
      be
      made in accordance with this Section 4.12(c) if the prospective transferee
      of a
      Certificate provides the Securities Administrator and the Depositor with an
      investment letter substantially in the form of Exhibit G-3 attached hereto,
      which investment letter shall not be an expense of the Securities Administrator,
      the Trustee, the Depositor or the Master Servicer, and which investment letter
      states that, among other things, such transferee is a “qualified institutional
      buyer” as defined under Rule 144A, provided that, in the case of any Book-Entry
      Certificate, such transferee shall be deemed to have made such representations
      and warranties contained in such investment letter. Such transfers shall be
      deemed to have complied with the requirements of Section 4.12(b) hereof. Any
      such Certificateholder desiring to effect such transfer shall, and does hereby
      agree to, indemnify the Securities Administrator, the Trustee, 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 applicable federal and state
      laws.

     

    The
      Securities Administrator shall require an Opinion of Counsel, on which the
      Securities Administrator, the Trustee, the Depositor and the Master Servicer
      may
      rely, from a prospective transferee prior to the transfer of any ERISA
      Restricted Certificate to any employee benefit plan or other retirement
      arrangement, including an individual retirement account or Keogh plan, that
      is
      subject to the Employee Retirement Income Security Act of 1974, as amended
      (“ERISA”), or Section 4975 of the Code (any of the foregoing, a “Plan”), to a
      trustee or other Person acting on behalf of any Plan, or to any other person
      who
      is using “plan assets” of any Plan to effect such acquisition (including any
      insurance company using funds in its general or separate accounts that may
      constitute “plan assets”). Such Opinion of Counsel must establish to the
      satisfaction of the Securities Administrator that such transfer is permissible
      under applicable law, will not constitute or result in a prohibited transaction
      under Section 406 of ERISA or Section 4975 of the Code, and will not subject
      the
      Securities Administrator, the Trustee, the Master Servicer or the Depositor
      to
      any obligation in addition to those undertaken in this Agreement. None of the
      Depositor, the Master Servicer, the Securities Administrator or the Trustee
      will
      be required to obtain such Opinion of Counsel on behalf of any prospective
      transferee. A purchaser of an ERISA Restricted Certificate shall be deemed
      to
      represent to the Securities Administrator, the Trustee, the Master Servicer
      and
      the Depositor that it is not a Plan or using assets of a Plan if it does not
      provide such an Opinion of Counsel.

     

    Each
      beneficial owner of a Class A Certificate (other than a Class A1-A or Class
      A2-A
      Certificate), Class M, Class X-P or Class B 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 a
      trustee or other Person acting on behalf of a Plan or using “plan assets” of a
      Plan to effect such acquisition (including any insurance company using funds
      in
      its general or separate accounts that may constitute “plan assets”) or (ii) (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 PTCE 95-60, and (3) the conditions in Sections I and
      III
      of PTCE 95-60 have been satisfied.

     

    If
      any
      Certificate, or any interest therein, is acquired or held in violation of this
      section 4.12(c), the next preceding permitted beneficial owner will be treated
      as the beneficial owner of that Certificate, retroactive to the date of transfer
      to the purported beneficial owner. Any purported beneficial owner whose
      acquisition or holding of a Certificate, or interest therein, was effected
      in
      violation of this section shall indemnify to the extent permitted by law and
      hold harmless the Depositor, the Sponsor, the Master Servicer, any servicer,
      any
      Underwriter and the Trustee from and against any and all liabilities, claims,
      costs or expenses incurred by such parties as a result of such acquisition
      or
      holding.

     

    (d)  [Reserved]

     

    (e)  (i)
      Each
      Person who has or who acquires any Ownership Interest in a Residual Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions and to have irrevocably
      authorized the Securities Administrator or its designee under clause (iii)(A)
      below to deliver payments to a Person other than such Person and to negotiate
      the terms of any mandatory sale under clause (iii)(B) below and to execute
      all
      instruments of transfer and to do all other things necessary in connection
      with
      any such sale. The rights of each Person acquiring any Ownership Interest in
      a
      Residual Certificate are expressly subject to the following
      provisions:

     

    
      	 	
              (A)

            	
              Each
                Person holding or acquiring any Ownership Interest in a Residual
                Certificate shall be a Permitted Transferee and shall promptly notify
                the
                Securities Administrator of any change or impending change in its
                status
                as a Permitted Transferee.

            

    

     

    
      	 	
              (B)

            	
              In
                connection with any proposed Transfer of any Ownership Interest in
                a
                Residual Certificate, the Securities Administrator shall require
                delivery
                to it, and shall not register the Transfer of any Residual Certificate
                until its receipt of (I) an affidavit and agreement (a “Transfer Affidavit
                and Agreement” in the form attached hereto as Exhibit G-5) from the
                proposed Transferee, in form and substance satisfactory to the Securities
                Administrator representing and warranting, among other things, that
                it 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 who 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 4.12 and
                agrees to
                be bound by them, and (II) a certificate, in the form attached hereto
                as
                Exhibit G-4, from the Holder wishing to transfer the Residual Certificate,
                in form and substance satisfactory to the Securities Administrator
                representing and warranting, among other things, that no purpose
                of the
                proposed Transfer is to impede the assessment or collection of
                tax.

            

    

     

    
      	 	
              (C)

            	
              Notwithstanding
                the delivery of a Transfer Affidavit and Agreement by a proposed
                Transferee under clause (B) above, if a Responsible Officer of the
                Securities Administrator assigned to this transaction has actual
                knowledge
                that the proposed Transferee is not a Permitted Transferee, no Transfer
                of
                an Ownership Interest in a Residual Certificate to such proposed
                Transferee shall be effected.

            

    

     

    
      	 	
              (D)

            	
              Each
                Person holding or acquiring any Ownership Interest in a Residual
                Certificate shall agree (x) to require a Transfer Affidavit and Agreement
                from any other Person to whom such Person attempts to transfer its
                Ownership Interest in a Residual Certificate and (y) not to transfer
                its
                Ownership Interest unless it provides a certificate to the Securities
                Administrator in the form attached hereto as Exhibit
                G-4.

            

    

     

    
      	 	
              (E)

            	
              Each
                Person holding or acquiring an Ownership Interest in a Residual
                Certificate, by purchasing an Ownership Interest in such Certificate,
                agrees to give the Securities Administrator written notice that it
                is a
                “pass-through interest holder” within the meaning of Temporary Treasury
                Regulations Section 1.67-3T(a)(2)(i)(A) immediately upon acquiring
                an
                Ownership Interest in a Residual Certificate, if it is “a pass-through
                interest holder”, or is holding an Ownership Interest in a Residual
                Certificate on behalf of a “pass-through interest
                holder.”

            

    

     

    (ii)  The
      Securities Administrator will register the Transfer of any Residual Certificate
      only if it shall have received the Transfer Affidavit and Agreement in the
      form
      attached hereto as Exhibit G-5, a certificate of the Holder requesting such
      transfer in the form attached hereto as Exhibit G-4 and all of such other
      documents as shall have been reasonably required by the Securities Administrator
      as a condition to such registration. Transfers of the Residual Certificates
      other than to Permitted Transferees are prohibited.

     

    (iii)  (A)
      If
      any
      Person other than a Permitted Transferee shall become a Holder of a Residual
      Certificate, then the last preceding Permitted Transferee shall be restored,
      to
      the extent permitted by law, to all rights and obligations as Holder thereof
      retroactive to the date of registration of such Transfer of such Residual
      Certificate. If a Non-United States Person shall become a Holder of a Residual
      Certificate, then the last preceding Permitted Transferee shall be restored,
      to
      the extent permitted by law, to all rights and obligations as Holder thereof
      retroactive to the date of registration of such Transfer of such Residual
      Certificate. If a transfer of a Residual Certificate is disregarded pursuant
      to
      the provisions of Treasury Regulations Section 1.860E-1 or Section 1.860G-3,
      then the last preceding Permitted Transferee shall be restored, to the extent
      permitted by law, to all rights and obligations as Holder thereof retroactive
      to
      the date of registration of such transfer of such Residual Certificate. The
      prior Holder shall be entitled to recover from any purported Holder of a
      Residual Certificate that was in fact not a Permitted Transferee under this
      Section 4.15(b) at the time it became a Holder all payments made on such
      Residual Certificate. Each Holder of a Residual Certificate, by acceptance
      thereof, shall be deemed for all purposes to have consented to the provisions
      of
      this clause (b) and to any amendment of this Agreement deemed necessary (whether
      as a result of new legislation or otherwise) by counsel of the Depositor to
      ensure that the Residual Certificates are not transferred to any Person who
      is
      not a Permitted Transferee and that any transfer of such Residual Certificates
      will not cause the imposition of a tax upon the Issuing Entity or cause any
      such
      REMIC to fail to qualify as a REMIC. The Securities Administrator shall be
      under
      no liability to any Person for any registration of Transfer of a Residual
      Certificate that is in fact not permitted by this Section 4.12 or for making
      any
      payments due on such Certificate to the Holder thereof or for taking any other
      action with respect to such Holder under the provisions of this
      Agreement.

     

    (B)
       If
      any
      purported Transferee shall become a Holder of a Residual Certificate in
      violation of the restrictions in this Section 4.12 and to the extent that the
      retroactive restoration of the rights of the Holder of such Residual Certificate
      as described in clause (iii)(A) above shall be invalid, illegal or
      unenforceable, then the Securities Administrator shall have the right, without
      notice to the Holder or any prior Holder of such Residual Certificate, to sell
      such Residual Certificate to a purchaser selected by the Securities
      Administrator on such terms as the Securities Administrator may choose. Such
      purported Transferee shall promptly endorse and deliver each Residual
      Certificate in accordance with the instructions of the Securities Administrator.
      Such purchaser may be the Securities Administrator itself. The proceeds of
      such
      sale, net of the commissions (which may include commissions payable to the
      Securities Administrator), expenses and taxes due, if any, will be remitted
      by
      the Securities Administrator to such purported Transferee. The terms and
      conditions of any sale under this clause (iii)(B) shall be determined in the
      sole discretion of the Securities Administrator, and the Securities
      Administrator shall not be liable to any Person having an Ownership Interest
      in
      a Residual Certificate as a result of its exercise of such
      discretion.

     

    (iv) The
      Securities Administrator shall make available to the Internal Revenue Service
      and those Persons specified by the REMIC Provisions, all information necessary
      to compute any tax imposed (A) as a result of the transfer of an ownership
      interest in a Residual Certificate to any Person who is a Disqualified
      Organization, including the information regarding “excess inclusions” of such
      Residual Certificates required to be provided to the Internal Revenue Service
      and certain Persons as described in Treasury Regulations Sections 1.860D-1(b)(5)
      and 1.860E-2(a)(5), and (B) as a result of any regulated investment company,
      real estate investment trust, common trust fund, partnership, trust, estate
      or
      organization described in Section 1381 of the Code that holds an Ownership
      Interest in a Residual Certificate having as among its record Holders at any
      time any Person who is a Disqualified Organization. The Securities Administrator
      may charge and shall be entitled to reasonable compensation for providing such
      information as may be required from those Persons which may have had a tax
      imposed upon them as specified in clauses (A) and (B) of this paragraph for
      providing such information.

     

    (v) Subject
      to the preceding paragraphs, upon surrender for registration of transfer of
      any
      Certificate at the office of the Securities Administrator maintained for such
      purpose, the Securities Administrator shall execute, authenticate and deliver,
      in the name of the designated transferee or transferees, one or more new
      Certificates of the same Class of a like aggregate Percentage Interest. Every
      Certificate surrendered for transfer shall be accompanied by notification of
      the
      account of the designated transferee or transferees for the purpose of receiving
      distributions pursuant to Section 4.01 by wire transfer, if any such transferee
      desires and is eligible for distribution by wire transfer.

     

    (vi) At
      the
      option of the Certificateholders, Certificates may be exchanged for other
      Certificates of authorized denominations of the same Class of a like aggregate
      Percentage Interest, upon surrender of the Certificates to be exchanged at
      the
      office of the Securities Administrator. Whenever any Certificates are so
      surrendered for exchange the Securities Administrator shall execute,
      authenticate and deliver the Certificates which the Certificateholder making
      the
      exchange is entitled to receive. Every Certificate presented or surrendered
      for
      transfer or exchange shall (if so required by the Securities Administrator)
      be
      duly endorsed by, or be accompanied by a written instrument of transfer in
      the
      form satisfactory to the Securities Administrator duly executed by, the Holder
      thereof or his attorney duly authorized in writing. 

     

    (vii) No
      service charge shall be made to the Certificateholders for any transfer or
      exchange of Certificates, but the Securities Administrator may require payment
      of a sum sufficient to cover any tax or governmental charge that may be imposed
      in connection with any transfer or exchange of Certificates.

     

    (viii) All
      Certificates surrendered for transfer and exchange shall be canceled and
      retained by the Securities Administrator in accordance with the Securities
      Administrator’s standard procedures.

     

    Section
      4.13  Mutilated,
      Destroyed, Lost or Stolen Certificates.

     

    If
      (i)
      any mutilated Certificate is surrendered to the Securities Administrator and
      the
      Securities Administrator receives evidence to its satisfaction of the
      destruction, loss or theft of any Certificate, and (ii) there is delivered
      to
      the Securities Administrator such security or indemnity as may be required
      by it
      to save it harmless, then, in the absence of notice to the Securities
      Administrator that such Certificate has been acquired by a bona fide purchaser,
      the Securities Administrator shall execute, authenticate and deliver, in
      exchange for or in lieu of any such mutilated, destroyed, lost or stolen
      Certificate, a new Certificate of the same Class and Percentage Interest. Upon
      the issuance of any new Certificate under this Section 4.13, the Securities
      Administrator may require the payment of a sum sufficient to cover any tax
      or
      other governmental charge that may be imposed in relation thereto and any other
      expenses (including the fees and expenses of the Securities Administrator)
      connected therewith. Any replacement Certificate issued pursuant to this Section
      shall constitute complete and indefeasible evidence of ownership in the Trust
      Fund, as if originally issued, whether or not the lost, stolen or destroyed
      Certificate shall be found at any time.

     

    Section
      4.14  Persons
      Deemed Owners.

     

    The
      Depositor, the Master Servicer, Securities 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 neither the Depositor, the Master Servicer, the Trustee nor any agent of
      any
      of them shall be affected by notice to the contrary.

     

    Section
      4.15  Rule
      144A Information.

     

    For
      so
      long as any Class B Certificates are outstanding and are “restricted securities”
within the meaning of Rule 144(a)(3) of the Securities Act, (1) the Depositor
      will provide or cause to be provided to any Holder of such Certificates and
      any
      prospective purchaser thereof designated by such a Holder, upon the request
      of
      such Holder or prospective purchaser, the information required to be provided
      to
      such Holder or prospective purchaser by Rule 144A(d)(4) under the Securities
      Act; and (2) the Depositor shall update such information from time to time
      in
      order to prevent such information from becoming false and misleading and will
      take such other actions as are necessary to ensure that the safe harbor
      exemption from the registration requirements of the Securities Act under Rule
      144A is and will be available for resales of such Certificates conducted in
      accordance with Rule 144A. The Master Servicer shall cooperate with the
      Depositor and furnish the Depositor such information in the Master Servicer’s
      possession as the Depositor may reasonably request.

     

     

    ARTICLE
      V

     

    THE
      DEPOSITOR AND THE MASTER SERVICER

     

    Section
      5.01  Liability
      of the Depositor and the Master Servicer.

     

    The
      Depositor and the Master Servicer each shall be liable in accordance herewith
      only to the extent of the obligations specifically imposed upon and undertaken
      by the Depositor and the Master Servicer herein. Only the Master Servicer,
      any
      successor master servicer or the Trustee acting as successor master servicer
      shall be liable with respect to the master servicing of the Mortgage Loans
      and
      the REO Property for actions taken by any such Person in contravention of the
      Master Servicer’s duties hereunder.

     

    The
      Master Servicer shall indemnify the Depositor, the Trustee and any director,
      officer, employee or agent of the Depositor or the Trustee against any such
      claim or legal action (including any pending or threatened claim or legal
      action), loss, liability, fee or expense that may be sustained in connection
      with this Agreement related to the willful misfeasance, bad faith, or negligence
      in the performance of the Master Servicer’s duties hereunder.

     

    Section
      5.02  Merger,
      Consolidation or Conversion of the Depositor or the Master
      Servicer.

     

    The
      Depositor and the Master Servicer each will keep in full effect its existence,
      rights and franchises as a corporation under the laws of the state of its
      incorporation, and 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.

     

    Any
      Person into which the Depositor or the Master Servicer may be merged,
      consolidated or converted, or any corporation resulting from any merger or
      consolidation to which the Depositor or the Master Servicer shall be a party,
      or
      any Person succeeding to the business of the Depositor 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 Master Servicer or an affiliate thereof shall be qualified to service
      Mortgage Loans for Fannie Mae or Freddie Mac.

     

    Section
      5.03  Limitation
      on Liability of the Depositor, the Master Servicer, the Securities Administrator
      and Others.

     

    Neither
      the Depositor, the Master Servicer nor any of the directors, officers, employees
      or agents of the Depositor or the Master Servicer shall be under any liability
      to the Trust Fund or the Certificateholders for any action taken or for
      refraining from the taking of any action in good faith pursuant to this
      Agreement, or for errors in judgment; provided, however, that this provision
      shall not protect the Depositor or the Master Servicer (but this provision
      shall
      protect the above described persons) against any breach of warranties or
      representations made herein, or against any specific liability imposed on the
      Master Servicer pursuant to Section 3.01 or any other Section hereof; and
      provided further that this provision shall not protect the Depositor, the Master
      Servicer or any such person, against any liability which would otherwise be
      imposed by reason of willful misfeasance, bad faith or gross negligence in
      the
      performance of such person’s duties or by reason of reckless disregard of such
      person’s obligations and duties hereunder. The Depositor, the Master Servicer
      and any director, officer, employee or agent of the Depositor or the Master
      Servicer may rely in good faith on any document of any kind prima
      facie
      properly
      executed and submitted by any Person respecting any matters arising hereunder.
      The Depositor, the Custodian, the Master Servicer, the Securities Administrator
      and any director, officer, employee or agent of the Depositor, the Custodian,
      the Master Servicer or the Securities Administrator shall be indemnified and
      held harmless by the Trust Fund, against any loss, liability or expense incurred
      in connection with this Agreement or the Certificates or the Mortgage Loans
      (including, without limitation, reasonable legal fees and disbursements of
      counsel), other than (a) solely with respect to the Master Servicer, any loss,
      liability or expense related to the Master Servicer’s failure to perform its
      master servicing obligations with respect 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 related to the Master Servicer’s
      obligations under Section 3.01, or solely with respect to the Custodian, to
      the
      Custodian’s failure to perform its duties under the this Agreement,
      respectively, or (b) with respect to any of the foregoing entities, any loss,
      liability or expense incurred by reason of its willful misfeasance, bad faith
      or
      gross negligence in the performance of its duties hereunder or by reason of
      its
      reckless disregard of obligations and duties hereunder. None of the Depositor,
      the Master Servicer or the Securities Administrator shall be under any
      obligation to appear in, prosecute or defend any legal action which is not
      incidental to its respective duties under this Agreement and which in its
      opinion may involve it in any expense or liability; provided,
      however,
      that
      the Depositor, the Master Servicer or the Securities Administrator may in its
      sole 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 action or liability related to the Master Servicer’s
      obligations under Section 3.01) shall be expenses, costs and liabilities of
      the
      Trust Fund, and the Depositor, the Custodian, the Master Servicer and the
      Securities Administrator shall be entitled to be reimbursed therefor from the
      Distribution Account as provided in Section 3.20, any such right of
      reimbursement being prior to the rights of Certificateholders to receive any
      amount in the Distribution Account.

     

    Section
      5.04  Limitation
      on Resignation of the Master Servicer.

     

    The
      Master Servicer shall not resign from the obligations and duties hereby imposed
      on it except (a) upon appointment of a successor master servicer reasonably
      acceptable to the Trustee upon receipt by the Trustee of a letter from each
      Rating Agency (obtained by the Master Servicer and at its expense) that such
      a
      resignation and appointment will not, in and of itself, result in a downgrading
      of the Certificates or (b) upon determination that its duties hereunder are
      no
      longer permissible under applicable law. Any such determination described in
      (b)
      above permitting the resignation of the Master Servicer shall be evidenced
      by an
      Opinion of Counsel (at the expense of the resigning Master Servicer) to such
      effect delivered to the Trustee. No such resignation shall become effective
      until the Trustee or another successor master servicer shall have assumed the
      Master Servicer’s responsibilities, duties, liabilities and obligations
      hereunder. Any resignation of the Master Servicer shall result in the automatic
      resignation of the Securities Administrator.

     

    If
      at any
      time the Master Servicer shall fail to resign after written request therefor
      by
      the Depositor, or if at any time the Master Servicer shall become incapable
      of
      acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Master
      Servicer or of its property shall be appointed, or any public officer shall
      take
      charge or control of the Master Servicer or of its property or affairs for
      the
      purpose of rehabilitation, conservation or liquidation, the Depositor may remove
      the Master Servicer (with a copy to the Trustee), and appoint a successor master
      servicer who meets the eligibility requirements of Section 6.02 by written
      instrument, in triplicate, which instrument shall be delivered to the Master
      Servicer so removed and to the successor master servicer. If no successor shall
      have been so appointed and accepted appointment within thirty (30) days after
      such event, the retiring master servicer may petition a court of competent
      jurisdiction to appoint a successor.

     

    Section
      5.05  Sale
      and Assignment of Master Servicing.

     

    The
      Master Servicer may sell and assign its rights and delegate its duties and
      obligations in their entirety as Master Servicer under this Agreement;
provided,
      however,
      that:
      (i) the purchaser or transferee accepting such assignment and delegation (a)
      shall be a Person which shall be qualified to service Mortgage Loans for Fannie
      Mae or Freddie Mac; (b) shall, in the case of successor master servicers only,
      have a net worth of not less than $10,000,000 (unless otherwise approved by
      each
      Rating Agency pursuant to clause (ii) below); (c) shall execute and deliver
      to
      the Trustee an agreement, in form and substance reasonably satisfactory to
      the
      Trustee, which contains an assumption by such Person of the due and punctual
      performance and observance of each covenant and condition to be performed or
      observed by it as master servicer under this Agreement and any custodial
      agreement, from and after the effective date of such agreement; (ii) each Rating
      Agency shall be given prior written notice of the identity of the proposed
      successor to the Master Servicer and each Rating Agency’s rating of the
      Certificates in effect immediately prior to such assignment, sale and delegation
      will not be downgraded or withdrawn as a result of such assignment, sale and
      delegation, as evidenced by a letter to such effect obtained by the Master
      Servicer at its expense and delivered to the Trustee; and (iii) the Master
      Servicer assigning and selling the master servicing shall deliver to the Trustee
      an Officer’s Certificate and an Opinion of Counsel (at the expense of the Master
      Servicer), each stating that all conditions precedent to such action under
      this
      Agreement have been completed and such action is permitted by and complies
      with
      the terms of this Agreement. No such assignment or delegation shall affect
      any
      liability of the Master Servicer arising prior to the effective date
      thereof.

     

     

    ARTICLE
      VI

     

    DEFAULT

     

    Section
      6.01  Events
      of Default.

     

    “Event
      of
      Default”, wherever used herein, means any one of the following
      events:

     

    (i)  any
      failure by the Master Servicer to deposit into the Distribution Account on
      each
      Business Day immediately preceding the related Distribution Date the amounts
      required to be deposited therein (other than an Advance) under the terms of
      this
      Agreement which continues unremedied for one (1) Business Day after such amount
      was required to be remitted; or

     

    (ii)  any
      failure on the part of the Master Servicer duly to observe or perform in any
      material respect any other of the covenants or agreements on the part of the
      Master Servicer contained in the Certificates or in this Agreement (including
      any breach of the Master Servicer’s representations and warranties pursuant to
      Section 2.03(a) which materially and adversely affects the interests of the
      Certificateholders) which continues unremedied for a period of 60 days after
      the
      date on which written notice of such failure, requiring the same to be remedied,
      shall have been given to the Master Servicer by the Trustee or to the Master
      Servicer and the Trustee by the Holders of Certificates entitled to at least
      25%
      of the Voting Rights; or

     

    (iii)  a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      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, marshaling of assets and
      liabilities or similar proceedings, or for the winding-up or liquidation of
      its
      affairs, shall have been entered against the Master Servicer and such decree
      or
      order shall have remained in force undischarged or unstayed for a period of
      60
      consecutive days; or

     

    (iv)  the
      Master Servicer shall consent 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
      of
      or relating to all or substantially all of its property; or

     

    (v)  the
      Master Servicer shall admit in writing its inability to pay its debts generally
      as they become due, file a petition to take advantage of or otherwise
      voluntarily commence a case or proceeding under any applicable bankruptcy,
      insolvency, reorganization or other similar statute, make an assignment for
      the
      benefit of its creditors, or voluntarily suspend payment of its obligations;
      or

     

    (vi)  the
      Master Servicer shall fail to deposit in the Distribution Account on any
      Business Day immediately preceding the related Distribution Date an amount
      equal
      to any required Advance which continues unremedied for a period of one (1)
      Business Day after the Business Day immediately preceding the related
      Distribution Date.

     

    If
      an
      Event of Default described in clauses (i) - (vi) of this Section shall occur,
      then, and in each and every such case, so long as such Event of Default shall
      not have been remedied, the Trustee or the Holders of Certificates entitled
      to
      at least 51% of the Voting Rights, by notice in writing to the Master Servicer
      (and to the Trustee if given by such Holders of Certificates), with a copy
      to
      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
      Trust Fund, other than its rights as a Certificateholder hereunder; provided,
      however,
      that
      the successor to the Master Servicer appointed pursuant to Section 6.02 shall
      have accepted the duties of Master Servicer effective upon the resignation
      or
      termination of the Master Servicer. On or after the deliver to the Master
      Servicer of such notice, all authority and power of the Master Servicer under
      this Agreement, whether with respect to the Certificates (other than as a Holder
      thereof) or the Mortgage Loans or otherwise, shall pass to and be vested in
      the
      Trustee pursuant to and under this Section, and, without limitation, the Trustee
      is hereby authorized and empowered 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 at the expense of the Master Servicer. The
      Master Servicer agrees to cooperate with (and pay any related costs and expenses
      of) the Trustee in effecting the termination of the Master Servicer’s
      responsibilities and rights hereunder, including, without limitation, the
      transfer to the Trustee or another successor master servicer for administration
      by it 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; (ii) originals
      or
      copies of all documents of the Master Servicer reasonably requested by the
      Trustee to enable a successor to assume the Master Servicer’s duties thereunder;
      (iii) the rights and obligations of the Master Servicer under the Subservicing
      Agreements with respect to the Mortgage Loans; and (iv) all cash amounts which
      shall at the time be deposited by the Master Servicer or should have been
      deposited to the Distribution Account or thereafter be received with respect
      to
      the Mortgage Loans. The Trustee shall not be deemed to have breached any
      obligation hereunder as a result of a failure to make or delay in making any
      distribution as and when required hereunder caused by the failure of the Master
      Servicer to remit any amounts received by it or to deliver any documents held
      by
      it with respect to the Mortgage Loans. For purposes of this Article VII, the
      Trustee shall not be deemed to have knowledge of an Event of Default unless
      a
      Responsible Officer of the Trustee has actual knowledge thereof or unless
      written notice of any event which is in fact such an Event of Default is
      received by the Trustee as provided in Section 10.05 and such notice references
      the Certificates, the Trust Fund or this Agreement.

     

    Section
      6.02  Trustee
      to Act; Appointment of Successor.

     

    Within
      90
      days of the time the Master Servicer receives a notice of termination pursuant
      to Section 6.01(i) - (vi), the Trustee or another successor appointed as set
      forth herein shall be the successor in all respects to the Master Servicer
      in
      its capacity as Master Servicer under this Agreement and the transactions set
      forth or provided for herein and shall be subject thereafter to all the
      responsibilities, duties and liabilities relating thereto placed on the Master
      Servicer including the obligation to make Advances which have been or will
      be
      required to be made (except for the responsibilities, duties and liabilities
      contained in Section 2.03 and its obligations to deposit amounts in respect
      of
      losses pursuant to 4.01(i)) by the terms and provisions hereof; and provided
      further, that any failure to perform such duties or responsibilities caused
      by
      the Master Servicer’s failure to provide information required by Section 4.03
      shall not be considered a default by the successor master servicer. As
      compensation therefor, the Trustee or another successor master servicer shall
      be
      entitled to all funds relating to the Mortgage Loans which the Master Servicer
      would have been entitled to charge to the Distribution Account if the Master
      Servicer had continued to act hereunder. If the Trustee has become the successor
      to the Master Servicer in accordance with Section 5.04 or Section 6.02, then
      notwithstanding the above, if the Trustee shall be unwilling to so act, or
      shall
      be unable to so act, the Trustee may appoint, or petition a court of competent
      jurisdiction to appoint, any established housing and home finance institution,
      which is also a Fannie Mae- or Freddie Mac-approved mortgage servicing
      institution, having a net worth of not less than $10,000,000 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.
      Pending appointment of a successor to the Master Servicer hereunder, the Trustee
      shall act in such capacity as herein above provided. In connection with such
      appointment and assumption, the Trustee 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 Master Servicer hereunder. Each of the Depositor,
      the Trustee and such successor shall take such action, consistent with this
      Agreement, as shall be necessary to effectuate any such succession. In no event
      shall the successor master servicer be liable for the acts or omissions of
      the
      predecessor Master Servicer.

     

    Any
      successor, including the Trustee, to the Master Servicer shall maintain in
      force
      during its term as master servicer hereunder policies and fidelity bonds to
      the
      same extent as the Master Servicer is so required pursuant to Section
      3.04.

     

    Section
      6.03  Notification
      to Certificateholders.

     

    (a)  Upon
      any
      such termination or appointment of a successor to the Master Servicer, the
      Trustee shall give prompt notice thereof to Certificateholders and to the Rating
      Agencies.

     

    (b)  Within
      60
      days after the occurrence of any Event of Default, the Trustee shall transmit
      by
      mail to all Holders of Certificates notice of each such Event of Default
      hereunder known to the Trustee, unless such Event of Default shall have been
      cured or waived.

     

    Section
      6.04  Waiver
      of Events of Default.

     

    The
      Holders representing at least 51% of the Voting Rights of Certificates affected
      by a default or Event of Default hereunder, may waive such default or Event
      of
      Default (other than an Event of Default set forth in Section 6.01(vi));
provided,
      however,
      that
      (a) a default or Event of Default under clause (i) of Section 6.01 may be waived
      only by all of the Holders of Certificates affected by such default or Event
      of
      Default and (b) no waiver pursuant to this Section 6.04 shall affect the Holders
      of Certificates in the manner set forth in the second paragraph of Section
      10.01
      or materially adversely affect any non-consenting Certificateholder. Upon any
      such waiver of a default or Event of Default by the Holders representing the
      requisite percentage of Voting Rights of Certificates affected by such default
      or Event of Default, such default or 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 or Event of Default
      or
      impair any right consequent thereon except to the extent expressly so waived.
      The Master Servicer shall give notice of any such waiver to the Rating
      Agencies.

     

    Section
      6.05  List
      of Certificateholders.

     

    Upon
      written request of three or more Certificateholders of record, for purposes
      of
      communicating with other Certificateholders with respect to their rights under
      this Agreement, the Securities Administrator will afford such Certificateholders
      access during business hours to the most recent list of Certificateholders
      held
      by the Securities Administrator.

     

     

    ARTICLE
      VII

     

    CONCERNING
      THE TRUSTEE AND SECURITIES ADMINISTRATOR

     

    Section
      7.01  Duties
      of Trustee and the Securities Administrator.

     

    The
      Trustee, prior to the occurrence of an Event of Default and after the curing
      or
      waiver of all Events of Default which may have occurred, and the Securities
      Administrator each undertake to perform such duties and only such duties as
      are
      specifically set forth in this Agreement as duties of the Trustee and the
      Securities Administrator, respectively. If an Event of Default occurs, is
      continuing and has not been waived, the Trustee shall exercise such of the
      rights and powers vested in it by this Agreement, and use the same degree of
      care and skill in their exercise as a prudent man would exercise or use under
      the circumstances in the conduct of his own affairs. Any permissive right of
      the
      Trustee enumerated in this Agreement shall not be construed as a
      duty.

     

    The
      Trustee and the Securities Administrator, upon receipt of all resolutions,
      certificates, statements, opinions, reports, documents, orders or other
      instruments furnished to the Trustee and the Securities Administrator which
      are
      specifically required to be furnished pursuant to any provision of this
      Agreement to the Trustee and the Securities Administrator, respectively, shall
      examine them in accordance with the requirements of this Agreement. If any
      such
      instrument is found not to conform on its face to the requirements of this
      Agreement, the Trustee or the Securities Administrator, as applicable, shall
      take such action as it deems appropriate to request that the instrument be
      corrected, and if the instrument is not corrected to the Trustee’s or the
      Securities Administrator’s, as applicable, satisfaction, the Trustee or the
      Securities Administrator, as applicable, will provide notice thereof to the
      Certificateholders (provided in the case of the Trustee that it is provided
      a
      certified list of the Holders’ names and addresses by that Securities
      Administrator). Notwithstanding the foregoing, neither the Trustee nor the
      Securities Administrator shall be responsible for the accuracy or content of
      any
      resolution, certificate, statement, opinion, report, document, order or other
      instrument furnished by the Master Servicer hereunder or any Opinion of Counsel
      required hereunder. 

     

    The
      Securities Administrator shall prepare and file or cause to be filed on behalf
      of the Issuing Entity any tax return that is required with respect to any Trust
      REMIC pursuant to applicable federal, state or local tax laws.

     

    The
      Securities Administrator covenants and agrees that it shall perform its
      obligations hereunder in a manner so as to maintain the status of any Trust
      REMIC under the REMIC Provisions and to prevent the imposition of any federal,
      state or local income, prohibited transaction, contribution or other tax on
      any
      of any Trust REMIC to the extent that maintaining such status and avoiding
      such
      taxes are within the control of the Securities Administrator and are reasonably
      within the scope of its duties under this Agreement.

     

    No
      provision of this Agreement shall be construed to relieve the Trustee or the
      Securities Administrator from liability for its own negligent action, its own
      negligent failure to act or its own willful misconduct; provided, however,
      that:

     

    (i)  The
      duties and obligations of the Trustee prior to the occurrence of an Event of
      Default, and after the curing or waiver of all such Events of Default which
      may
      have occurred and of the Securities Administrator, at all times, shall be
      determined solely by the express provisions of this Agreement. Neither the
      Trustee nor the Securities Administrator shall be liable except for the
      performance of such duties and obligations as are specifically set forth in
      this
      Agreement, no implied covenants or obligations shall be read into this Agreement
      against the Trustee or the Securities Administrator and, in the absence of
      bad
      faith on the part of the Trustee or the Securities Administrator, respectively,
      the Trustee or the Securities Administrator may conclusively rely, as to the
      truth of the statements and the correctness of the opinions expressed therein,
      upon any certificates or opinions furnished to the Trustee or the Securities
      Administrator and conforming to the requirements of this Agreement;

     

    (ii)  Neither
      the Trustee nor the Securities Administrator shall be liable for an error of
      judgment made in good faith by a Responsible Officer or Responsible Officers
      of
      the Trustee or of the Securities Administrator, as applicable, unless it shall
      be proved that the Trustee or Securities Administrator, respectively, was
      negligent in ascertaining the pertinent facts; and

     

    (iii)  Neither
      the Trustee nor the Securities Administrator shall be liable with respect to
      any
      action taken, suffered or omitted to be taken by it in good faith in accordance
      with the direction of the Holders of Certificates entitled to at least 25%
      of
      the Voting Rights relating to the time, method and place of conducting any
      proceeding for any remedy available to the Trustee or the Securities
      Administrator, respectively, or exercising any trust or power conferred upon
      the
      Trustee or the Securities Administrator, respectively, under this
      Agreement.

     

    Section
      7.02  Certain
      Matters Affecting the Trustee and the Securities Administrator.

     

    Except
      as
      otherwise provided in Section 7.01:

     

    (a)  The
      Trustee and the Securities Administrator may conclusively rely upon and shall
      be
      fully protected in acting or refraining from acting in reliance 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;

     

    (b)  The
      Trustee and the Securities Administrator may consult with counsel and any
      written advice or 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 therewith;

     

    (c)  Neither
      the Trustee nor the Securities Administrator shall be under any obligation
      to
      exercise any of the trusts or powers vested in it by this Agreement, other
      than
      its obligation to give notice pursuant to this Agreement, or to institute,
      conduct or defend any litigation hereunder or in relation hereto at the request,
      order or direction of any of the Certificateholders, pursuant to the provisions
      of this Agreement, unless such Certificateholders shall have offered to the
      Trustee or Securities Administrator security or indemnity satisfactory to it
      against the costs, expenses and liabilities which may be incurred therein or
      thereby; 

     

    (d)  Nothing
      contained herein shall, however, relieve the Trustee of the obligation, upon
      the
      occurrence of an Event of Default of which a Responsible Officer of the
      Trustee’s corporate trust office has actual knowledge (which has not been waived
      or cured), 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 man would exercise or use under the circumstances in the conduct of
      his
      own affairs;

     

    (e)  Neither
      the Trustee nor the Securities Administrator shall be liable for any action
      taken, suffered or omitted by it in good faith and believed by it to be
      authorized or within the discretion or rights or powers conferred upon it by
      this Agreement;

     

    (f)  Neither
      the Trustee prior to the occurrence of an Event of Default hereunder and after
      the curing or waiver of all Events of Default which may have occurred, nor
      the
      Securities Administrator, at any time, shall be bound to make any investigation
      into the facts or matters stated in any resolution, certificate, statement,
      instrument, opinion, report, notice, request, consent, order, approval, bond
      or
      other paper or document, unless requested in writing to do so by the Holders
      of
      Certificates entitled to at least 25% of the Voting Rights; provided, however,
      that if the payment within a reasonable time to the Trustee or Securities
      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 Securities Administrator, as applicable, reasonably assured to the
      Trustee or the Securities Administrator, as applicable, by the security afforded
      to it by the terms of this Agreement reasonable expense of every such
      examination shall be paid by the Certificateholders requesting the
      investigation;

     

    (g)  The
      Trustee and the Securities Administrator may execute any of the trusts or powers
      hereunder or perform any duties hereunder either directly or by or through
      agents, nominees, custodians or attorneys appointed with due care, and shall
      not
      be responsible for any willful misconduct or negligence on the part of any
      agent, attorney, custodian or nominee so appointed;

     

    (h)  Neither
      the Trustee nor the Securities Administrator shall be required to give any
      bond
      or surety with respect to the execution of the trust created hereby or the
      powers granted hereunder; 

     

    (i)  Whenever
      in the administration of the provisions of this Agreement the Trustee and the
      Securities Administrator shall deem it necessary or desirable that a matter
      be
      proved or established prior to taking or suffering any action to be taken
      hereunder, such matter (unless other evidence in respect thereof be herein
      specifically prescribed) may, in the absence of gross negligence or bad faith
      on
      the part of the Trustee or the Securities Administrator, as applicable, be
      deemed to be conclusively proved and established by a certificate signed and
      delivered to the Trustee or Securities Administrator, as applicable, and such
      certificate, in the absence of gross negligence or bad faith on the part of
      the
      Trustee or Securities Administrator, as applicable, shall be full warrant to
      the
      Trustee or Securities Administrator, as applicable, for any action taken,
      suffered or omitted by it under the provisions of this Agreement upon the faith
      thereof;

     

    (j)  The
      Securities Administrator shall have no obligation to invest and reinvest any
      cash held. The Securities Administrator shall have no liability in respect
      of
      losses incurred as a result of the liquidation of any investment incurred as
      a
      result of the liquidation of any investment prior to its stated maturity;

     

    (k)  In
      order
      to comply with laws, rules and regulations applicable to banking institutions,
      including those relating to the funding of terrorist activities and money
      laundering, the Trustee is required to obtain, verify and record certain
      information relating to individuals and entities which maintain a business
      relationship with the Trustee. Accordingly, each of the parties agrees to
      provide to the Trustee upon its request from time to time such party’s complete
      name, address, tax identification number and such other identifying information
      together with copies of such party’s constituting documentation, securities
      disclosure documentation and such other identifying documentation as may be
      available for such party.

     

    (l)  Neither
      the Trustee (including the Custodian) nor, except as otherwise expressly
      provided herein, the Securities Administrator shall have any duty (A) to see
      to
      any recording, filing, or depositing of this Agreement or any agreement referred
      to herein or any financing statement or continuation statement evidencing a
      security interest, or to see to the maintenance of any such recording or filing
      or depositing or to any rerecording, refiling or redepositing of any thereof,
      (B) to see to any insurance, (C) to see to the payment or discharge of any
      tax,
      assessment, or other governmental charge or any lien or encumbrance of any
      kind
      owing with respect to, assessed or levied against, any part of the Trust Fund
      other than from funds available in the Distribution Account, or (D) to confirm
      or verify the contents of any reports or certificates of the Master Servicer
      or
      any Servicer delivered to the Trustee or the Securities Administrator pursuant
      to this Agreement believed by the Trustee or the Securities Administrator,
      as
      applicable, to be genuine and to have been signed or presented by the proper
      party or parties;

     

    (m)  Notwithstanding
      anything in this Agreement to the contrary, neither the Securities Administrator
      nor the Trustee shall be liable for special, indirect or consequential losses
      or
      damages of any kind whatsoever (including, but not limited to, lost profits),
      even if the Trustee or the Securities Administrator, as applicable, has been
      advised of the likelihood of such loss or damage and regardless of the form
      of
      action; and

     

    (n)  Neither
      the Securities Administrator nor the Trustee shall be responsible for the acts
      or omissions of the other, it being understood that this Agreement shall not
      be
      construed to render them agents of one another, or of any Servicer.

     

    Section
      7.03  Trustee
      and Securities Administrator Not Liable for Certificates or Mortgage
      Loans.

     

    The
      recitals contained herein and in the Certificates (other than the signature
      of
      the Securities Administrator, the authentication of the Securities Administrator
      on the Certificates, the acknowledgments of the Securities Administrator
      contained in Article II) shall be taken as the statements of the Depositor
      and
      neither the Trustee nor the Securities Administrator assumes any responsibility
      for their correctness. Neither the Trustee nor the Securities Administrator
      makes any representations or warranties as to the validity or sufficiency of
      this Agreement or of the Certificates (other than with respect to the Securities
      Administrator, the signature and authentication of the Securities Administrator
      on the Certificates) or of any Mortgage Loan or related document, or of MERS
      or
      the MERS® System. Neither the Trustee nor the Securities 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 or the Master Servicer in respect
      of the Mortgage Loans or deposited in the Distribution Account by the Master
      Servicer.

     

    Section
      7.04  Trustee
      and Securities Administrator May Own Certificates.

     

    Each
      of
      the Trustee and the Securities Administrator in its individual or any other
      capacity (other than as Trustee hereunder) may become the owner or pledgee
      of
      Certificates with the same rights it would have if it were not Trustee or the
      Securities Administrator, as applicable, and may otherwise deal with the parties
      hereto.

     

    Section
      7.05  Trustee’s
      and Securities Administrator’s Fees.

     

    Each
      of
      the Trustee and Securities Administrator shall be compensated by the Master
      Servicer. Such compensation (which shall not be limited by any provision of
      law
      in regard to the compensation of a trustee of an express trust) shall be paid
      to
      each of the Trustee and the Securities Administrator for all services rendered
      by it in the execution of the trusts hereby created and in the exercise and
      performance of any of the powers and duties hereunder or of the Trustee and
      the
      Securities Administrator. The Trustee and any director, officer, employee or
      agent of the Trustee shall be indemnified and held harmless by the Trust Fund
      against any claim, loss, liability, fee or expense incurred in connection with
      any Event of Default, any breach of this Agreement or any claim or legal action
      (including any pending or threatened claim or legal action) relating to its
      acceptance or administration of the trusts hereunder, other than any claim,
      loss, liability or expense incurred in connection with a breach constituting
      willful misfeasance, bad faith or negligence of the Trustee in the performance
      of its duties hereunder or by reason of reckless disregard of its obligations
      and duties hereunder.

     

    The
      Master Servicer shall indemnify the Depositor, the Trustee and the Securities
      Administrator and any director, officer, employee or agent of the Depositor,
      the
      Trustee or the Securities Administrator against any such claim or legal action
      (including any pending or threatened claim or legal action), loss, liability,
      fee or expense that may be sustained in connection with this Agreement related
      to the willful misfeasance, bad faith, or negligence in the performance of
      the
      Master Servicer’s duties hereunder.

     

    The
      Securities Administrator shall indemnify the Depositor, the Master Servicer
      and
      the Trustee and any director, officer, employee or agent of the Depositor,
      the
      Master Servicer or the Trustee against any such claim or legal action (including
      any pending or threatened claim or legal action), loss, liability, fee or
      expense that may be sustained in connection with this Agreement related to
      the
      willful misfeasance, bad faith, or negligence in the performance of the
      Securitites Administrator’s duties hereunder.

     

    The
      provisions of this Section 7.05 shall survive the resignation or removal of
      the
      Trustee or the Securities Administrator or the termination of this
      Agreement.

     

    Section
      7.06  Eligibility
      Requirements for Trustee and the Securities Administrator.

     

    The
      Trustee and the Securities Administrator hereunder shall at all times be a
      corporation or a national banking association organized and doing business
      under
      the laws of any state or the United States of America or the District of
      Columbia, 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. In addition, the
      Trustee and the Securities Administrator shall at all times be acceptable to
      the
      Rating Agency rating the Certificates (which shall be deemed unless notified
      in
      writing to the contrary). If such corporation 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 the
      combined capital and surplus of such corporation shall be deemed to be its
      combined capital and surplus as set forth in its most recent report of condition
      so published. In case at any time the Trustee or the Securities Administrator
      shall cease to be eligible in accordance with the provisions of this Section,
      the Trustee or the Securities Administrator, as applicable, shall resign
      immediately in the manner and with the effect specified in Section 7.07. The
      corporation or national banking association serving as Trustee or Securities
      Administrator may have normal banking and trust relationships with the Sponsor
      and their affiliates or the Master Servicer and its affiliates.

     

    Section
      7.07  Resignation
      and Removal of the Trustee and the Securities Administrator.

     

    The
      Trustee and the Securities Administrator may at any time resign and be
      discharged from the trusts hereby created by giving written notice thereof
      to
      the Master Servicer; with a copy to the Rating Agencies; provided,
      that
      such resignation shall not be effective until a successor trustee is appointed
      and accepts appointment in accordance with the following provisions;
provided,
      however,
      that
      the resigning Trustee or Securities Administrator, as applicable, shall not
      resign and be discharged from the trusts hereby created until such time as
      the
      Rating Agency rating the Certificates approves the successor trustee or
      successor securities administrator. Any resignation or removal of the Securities
      Administrator shall result in the automatic removal of the Master Servicer
      to
      the extent that Wells Fargo Bank, N.A. is both the Securities Administrator
      and
      the Master Servicer. Upon receiving such notice of resignation of the Trustee,
      the Master Servicer shall promptly appoint a successor trustee who meets the
      eligibility requirements of Section 7.06 by written instrument, in triplicate,
      one copy of which instrument shall be delivered to the resigning Trustee, and
      to
      the successor trustee. Upon receiving notice of the resignation of the
      Securities Administrator, the Depositor shall promptly appoint a successor
      securities administrator who meets the eligibility requirements of Section
      7.06
      by written instrument, in triplicate, copies of which instrument shall be
      delivered to the resigning securities administrator and the successor securities
      administrator. If no successor trustee or successor securities administrator
      shall have been so appointed and have accepted appointment within 30 days after
      the giving of such notice of resignation, the resigning Trustee or resigning
      Securities Administrator, as applicable may petition any court of competent
      jurisdiction for the appointment of a successor trustee or successor securities
      administrator, as applicable.

     

    If
      at any
      time the Trustee or the Securities Administrator shall cease to be eligible
      in
      accordance with the provisions of Section 7.06 and shall fail to resign after
      written request therefor by the Master Servicer, or if at any time the Trustee
      or the Securities Administrator shall become incapable of acting, or shall
      be
      adjudged bankrupt or insolvent, or a receiver of the Trustee or Securities
      Administrator, as applicable, or of its property shall be appointed, or any
      public officer shall take charge or control of the Trustee or Securities
      Administrator, as applicable, or of its property or affairs for the purpose
      of
      rehabilitation, conservation or liquidation, the Master Servicer may remove
      the
      Trustee, or the Depositor shall remove the Securities Administrator, as
      applicable, and appoint a successor trustee or successor securities
      administrator, as applicable, who meets the eligibility requirements of Section
      7.06 by written instrument, in triplicate, which instrument shall be delivered
      to the Trustee or Securities Administrator, as applicable, so removed and to
      the
      successor trustee or successor securities administrator, as applicable. If
      no
      successor shall have been so appointed and accepted appointment within thirty
      (30) days after such event, the retiring trustee or securities administrator,
      as
      applicable, may petition a court of competent jurisdiction to appoint a
      successor.

     

    The
      Holders of Certificates entitled to at least 51% of the Voting Rights may at
      any
      time remove the Trustee or Securities Administrator and appoint a successor
      trustee or successor securities administrator by written instrument or
      instruments, in triplicate, signed by such Holders or their attorneys-in-fact
      duly authorized, one complete set of which instruments shall be delivered to
      the
      Master Servicer (if the Trustee is removed), the Securities Administrator (if
      the Trustee is removed), and the Trustee (if the Securities Administrator is
      removed), one complete set to the Trustee or Securities Administrator so removed
      and one complete set to the successor so appointed. A copy of such instrument
      shall be delivered to the Certificateholders and the Depositor by the Master
      Servicer (if the Trustee is removed) and by the Trustee (if the Securities
      Administrator is removed).

     

    Any
      resignation or removal of the Trustee or Securities Administrator and
      appointment of a successor trustee or successor securities administrator
      pursuant to any of the provisions of this Section shall not become effective
      until acceptance of appointment by the successor trustee or successor securities
      administrator as provided in Section 7.08.

     

    Section
      7.08  Successor
      Trustee and Successor Securities Administrator.

     

    Any
      successor trustee or successor securities administrator appointed as provided
      in
      Section 7.07 shall execute, acknowledge and deliver to the Master Servicer
      and
      to its predecessor trustee or predecessor securities administrator an instrument
      accepting such appointment hereunder, and thereupon the resignation or removal
      of the predecessor trustee or predecessor securities administrator shall become
      effective and such successor trustee or successor securities administrator,
      without any further act, deed or conveyance, shall become fully vested with
      all
      the rights, powers, duties and obligations of its predecessor hereunder, with
      the like effect as if originally named as trustee herein. The predecessor
      trustee or predecessor securities administrator shall after payment of its
      outstanding fees and expenses, promptly deliver to the successor trustee or
      successor securities administrator all assets and records of the Trust Fund
      held
      by it hereunder, and the Master Servicer and the predecessor trustee or
      predecessor securities administrator shall execute and deliver all such
      instruments and do such other things as may reasonably be required for more
      fully and certainly vesting and confirming in the successor trustee or successor
      securities administrator all such rights, powers, duties and obligations.

     

    No
      successor trustee or successor securities administrator shall accept appointment
      as provided in this Section unless at the time of such acceptance such successor
      trustee or successor securities administrator shall be eligible under the
      provisions of Section 7.06.

     

    Upon
      acceptance of appointment by a successor trustee or successor securities
      administrator as provided in this Section, the Master Servicer (in the case
      of a
      successor trustee) and the Trustee (in the case of a successor securities
      administrator) shall mail notice of the succession of such trustee or securities
      administrator hereunder to all Holders of Certificates at their addresses as
      shown in the Certificate Register. If the Master Servicer (in the case of a
      successor trustee) and the Trustee (in the case of a successor securities
      administrator) fails to mail such notice within ten days after acceptance of
      appointment by the successor trustee or a successor securities administrator,
      as
      the case may be, such successor shall cause such notice to be mailed at the
      expense of the Master Servicer or the Depositor, as the case may
      be.

     

    Section
      7.09  Merger
      or Consolidation of Trustee or Securities Administrator.

     

    Any
      state
      bank or trust company or corporation or national banking association into which
      the Trustee or Securities Administrator may be merged or converted or with
      which
      it may be consolidated or any state bank or trust company or national banking
      association resulting from any merger, conversion or consolidation to which
      the
      Trustee or Securities Administrator shall be a party, or any state bank or
      trust
      company or corporation or national banking association succeeding to all or
      substantially all of the corporate trust business of the Trustee or Securities
      Administrator, shall be the successor of the Trustee or Securities Administrator
      hereunder, as applicable, provided such state bank or trust company or
      corporation or national banking association shall be eligible under the
      provisions of Section 7.06 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
      7.10  Appointment
      of Co-Trustee or Separate Trustee.

     

    Notwithstanding
      any other provisions hereof, at any time, for the purpose of meeting any legal
      requirements of any jurisdiction in which any part of the Trust Fund or property
      securing the same may at the time be located, the Master Servicer and the
      Trustee acting jointly shall have the power and shall execute and deliver all
      instruments to appoint one or more Persons approved by the Trustee to act as
      co-trustee or co-trustees, jointly with the Trustee, or separate trustee or
      separate trustees, of all or any part of the Trust Fund, and to vest in such
      Person or Persons, in such capacity, such title to the Trust Fund, or any part
      thereof, and, subject to the other provisions of this Section 7.10, such powers,
      duties, obligations, rights and trusts as the Master Servicer and the Trustee
      may consider necessary or desirable. If the Master Servicer shall not have
      joined in such appointment within 15 days after the receipt by it of a request
      so to do, or in case an Event of Default shall have occurred and be continuing,
      the Trustee alone shall have the power to make such appointment without the
      Master Servicer. No co-trustee or separate trustee hereunder shall be required
      to meet the terms of eligibility as a successor trustee under Section 7.06
      hereunder and no notice to Holders of Certificates of the appointment of
      co-trustee(s) or separate trustee(s) shall be required under Section 7.08
      hereof.

     

    In
      the
      case of any appointment of a co-trustee or separate trustee pursuant to this
      Section 7.10, all rights, powers, duties and obligations conferred or imposed
      upon the Trustee and required to be conferred or such co-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
      (whether as Trustee hereunder or as successor to the 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 the Trust Fund 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 trusts
      conferred, shall be vested with the estates or property specified in its
      instrument of appointment, either jointly with the Trustee or separately, as
      may
      be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee.

     

    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.

     

     

    ARTICLE
      VIII

     

    TERMINATION

     

    Section
      8.01  Termination
      Upon Repurchase or Liquidation of All Mortgage Loans or upon Purchase of
      Certificates.

     

    Subject
      to Section 8.03, the respective obligations and responsibilities of the
      Depositor, the Master Servicer, the Securities Administrator and the Trustee
      created hereby (other than the obligations of the Master Servicer to the Trustee
      pursuant to Section 7.05 and of the Master Servicer to provide for and the
      Securities Administrator to make payments to the related Certificateholders
      as
      hereafter set forth) shall terminate as to the Trust Fund, upon the earlier
      of:

     

    
      	(I)  	
              the
                final payment or other liquidation (or any Advance with respect thereto)
                of the last Mortgage Loan remaining in the Trust Fund (or the disposition
                of all REO Property in respect thereof); or

            

    

     

    
      	(II)  	
              the
                Servicer, at its option, makes
                or causes a Person to make a Terminating Purchase for the Termination
                Price at
                the time and on the terms and conditions specified in this Agreement.
                

            

    

     

    provided,
      however,
      that in
      no event shall the Issuing Entity created hereby continue beyond 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 provided further,
      that
      the purchase price set forth above shall be increased as is necessary, as
      determined by the Servicer to avoid disqualification of any Trust REMIC as
      a
      REMIC. 

     

    The
      Servicer or its designee shall advise the Securities Administrator in writing
      of
      its election to cause a Terminating Purchase no later than the Distribution
      Date
      in the month preceding the Distribution Date on which such Terminating Purchase
      will occur.

     

    Upon
      any
      purchase of the Mortgage Loans pursuant to this Section 8.01, the Sponsor shall
      have the right, but not the obligation, to purchase from the Servicer such
      Mortgage Loans, at a price equal to the Termination Price, before the Master
      shall offer such Mortgage Loans for sale to any bidder or any other
      party.

     

    The
      right
      of the Servicer or its designee to
      make
      or cause a Person to make a Terminating Purchase for the Termination Price
      as
      described in clause (II) above shall be conditioned upon the Aggregate Stated
      Principal Balance of such Mortgage Loans at the time of any such purchase
      aggregating an amount equal to or less than 1% of the Cut-off Date Balance.
      

     

    Written
      notice of any termination, specifying the Distribution Date upon which the
      Certificateholders may surrender their Certificates to the Securities
      Administrator for payment of the final distribution and cancellation, shall
      be
      given promptly by the Securities Administrator by letter to the
      Certificateholders mailed (a) in the event such notice is given in connection
      with the Servicer’s or its designee’s election to repurchase, not earlier than
      the 15th day and not later than the 25th day of the month next preceding the
      month of such final distribution 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 final payment of the
      Certificates will be made upon presentation and surrender of Certificates at
      the
      office of the Securities Administrator therein designated, (ii) the amount
      of
      any such final payment and (iii) that the Record Date otherwise applicable
      to
      such Distribution Date is not applicable, payments being made only upon
      presentation and surrender of the Certificates at the office of the Securities
      Administrator therein specified. In the event such notice is given in connection
      with the Servicer or its designee’s election to repurchase, the Servicer or its
      designee shall deliver to the Securities Administrator for deposit in the
      Distribution Account on the Business Day immediately preceding the Distribution
      Date specified in such notice an amount equal to the above-described repurchase
      price payable out of its own funds. Upon presentation and surrender of the
      Certificates by the Certificateholders, the Securities Administrator shall
      first
      pay any amounts owing to the Trustee, Master Servicer, Custodian, Servicer
      and
      Securities Administrator, as applicable, under this Agreement, and second,
      distribute to the Certificateholders (i) the amount otherwise distributable
      on
      such Distribution Date, if not in connection with the Servicer’s or its
      designee’s election to repurchase, or (ii) if the Servicer or its designee
      elected to so repurchase, an amount determined as follows: with respect to
      each
      Regular Certificate, the outstanding Certificate Principal Balance thereof,
      plus
      with respect to each Certificate, one month’s interest thereon at the applicable
      Pass-Through Rate, plus any previously accrued but unpaid Accrued Certificate
      Interest and with respect to each Class R Certificate, the Percentage Interest
      evidenced thereby multiplied by the difference, if any, between the above
      described repurchase price and the aggregate amount to be distributed to the
      Holders of the Regular Certificates, subject to the priorities set forth in
      Section 4.01. Upon certification to the Custodian by a Servicing Officer,
      following such final deposit, the Custodian shall promptly release the Mortgage
      Files as directed by the Servicer for the remaining Mortgage Loans, and the
      Trustee shall execute all assignments, endorsements and other instruments
      required and provided by the Servicer as being necessary to effectuate such
      transfer.

     

    In
      the
      event that all of the Certificateholders shall not surrender their Certificates
      for cancellation within six months after the time specified in the
      above-mentioned notice, the Securities Administrator shall give a second notice
      to the remaining Certificateholders to surrender their Certificates for
      cancellation and receive the final distribution with respect thereto. If within
      six months after the second notice all of the Certificates shall not have been
      surrendered for cancellation, the Securities Administrator shall take reasonable
      steps as directed by the Depositor in writing, or appoint an agent to take
      reasonable steps, to contact the remaining Certificateholders concerning
      surrender of their Certificates, and the cost thereof shall be paid out of
      the
      funds and other assets which remain subject hereto. If within nine months after
      the second notice all the Certificates shall not have been surrendered for
      cancellation, the Class R Certificateholders shall be entitled to all unclaimed
      funds and other assets which remain subject hereto.

     

    Section
      8.02  Termination
      of REMIC 1 and REMIC 2.

     

    REMIC
      2
      shall be terminated on the earlier of the Final Distribution Date and the date
      on which it is deemed to receive the last deemed distributions on the REMIC
      1
      Regular Interests and the last distribution due on the Regular and the Class
      R
      Certificates.

     

    Section
      8.03  Additional
      Termination Requirements.

     

    (a)  As
      provided in Sections 8.01 and 8.02, REMIC 1 and REMIC 2 shall be terminated
      in
      accordance with the following additional requirements, unless the Master
      Servicer at its own expense, obtains for the Trustee and the Securities
      Administrator an Opinion of Counsel to the effect that the failure of the
      Issuing Entity to comply with the requirements of this Section 8.03 will not
      (i)
      result in the imposition on the Issuing Entity of taxes on “prohibited
      transactions,” as described in Section 860F of the Code, or (ii) cause either
      any Trust REMIC to fail to qualify as a REMIC at any time that any Certificate
      is outstanding:

     

    (i)  The
      Securities Administrator shall establish a 90-day liquidation period for each
      Trust REMIC that is being liquidated, as the case may be, and specify the first
      day of such period in a statement attached to the each such Trust REMIC’s final
      Tax Return pursuant to Treasury regulations Section 1.860F-1. The Securities
      Administrator also shall satisfy all of the requirements of a qualified
      liquidation for each such Trust REMIC, as the case may be, under Section 860F
      of
      the Code and regulations thereunder; and

     

    (ii)  The
      Servicer shall notify the Trustee and the Securities Administrator at the
      commencement of such 90-day liquidation period and, at or prior to the time
      of
      making of the final payment on the related Certificates, the Trustee shall,
      as
      directed, sell or otherwise dispose of all of the remaining related assets
      of
      the Trust Fund in accordance with the terms hereof.

     

    (b)  Each
      Holder of a Certificate irrevocably appoints and directs the Trustee to hereby
      approve and appoint the Securities Administrator as attorney-in-fact and on
      behalf of the related Trust REMICs to adopt a plan of complete liquidation
      for
      each such Trust REMIC at the expense of the Trust Fund in accordance with the
      terms and conditions of this Agreement.

     

     

    ARTICLE
      IX

     

    REMIC
      PROVISIONS

     

    Section
      9.01  REMIC
      Administration. 

     

    (a)  The
      Securities Administrator shall make an election to treat the Trust Fund as
      two
      REMICs under the Code and, if necessary, under applicable state law. Each such
      election will be made on Form 1066 or other appropriate federal tax or
      information return (including Form 8811) 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 elections in respect
      of
      the Trust Fund, (i) the REMIC 1 Regular Interests will represent the “regular
      interests” in REMIC 1, the Class R-1 Interest will constitute the sole
      class of “residual interests” in REMIC 1 and (ii) the Class A Certificates,
      Class M Certificates and Class B Certificates (exclusive of the right to receive
      payments from the Net WAC Carryover Reserve Fund) and the Class X Certificates
      will represent the “regular interests” in REMIC 2, the Class
      R-2 Interest will constitute the sole Class of “residual interests” in
      REMIC 2. The Securities Administrator shall not permit the creation of any
“interests” (within the meaning of Section 860G of the Code) in any REMIC
      created hereunder other than the REMIC 1 Regular Interests and the Certificates.
      The Securities Administrator will apply for an Employee Identification Number
      from the IRS via form SS-4 or any other acceptable method for each Trust
      REMIC.

     

    (b)  The
      Closing Date is hereby designated as the “startup day” of the Trust Fund within
      the meaning of Section 860G(a)(9) of the Code.

     

    (c)  The
      Securities Administrator shall pay out of its own funds, without any right
      of
      reimbursement, any and all expenses relating to any tax audit of the REMICs
      (including, but not limited to, any professional fees or any administrative
      or
      judicial proceedings with respect to the REMICs that involve the Internal
      Revenue Service or state tax authorities), other than the expense of obtaining
      any tax-related Opinion of Counsel except as specified herein. The Securities
      Administrator, as agent for the REMICs’ tax matters person, shall (i) act on
      behalf of the REMICs in relation to any tax matter or controversy involving
      the
      Trust Fund 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. By their acceptance thereof, the Holder of
      the
      largest Percentage Interest of the Class R Certificate hereby agrees to
      irrevocably appoint the Securities Administrator or an Affiliate as its agent
      to
      perform all of the duties of the tax matters person for the REMICs.

     

    (d)  The
      Securities Administrator shall prepare and file or cause to be filed, and the
      Trustee shall sign (as necessary) upon its receipt, all of the Tax Returns
      (including Form 8811, which must be filed within 30 days of the Closing Date)
      in
      respect of the REMICs created hereunder. The expenses of preparing and filing
      such returns shall be borne by the Securities Administrator without any right
      of
      reimbursement therefor. The Master Servicer shall provide on a timely basis
      to
      the Securities Administrator or its designee such information with respect
      to
      the assets of the REMICs as is in its possession and reasonably required by
      the
      Securities Administrator to enable it to perform its obligations under this
      Article X.

     

    (e)  The
      Securities Administrator shall perform on behalf of the REMICs all reporting
      and
      other tax compliance duties that are the responsibility of the REMICs under
      the
      Code, the REMIC Provisions or other compliance guidance issued by the Internal
      Revenue Service or any state or local taxing authority. Among its other duties,
      as required by the Code, the REMIC Provisions or other such compliance guidance,
      the Securities Administrator shall provide (i) to any Transferor of a Class
      R
      Certificate such information as is necessary for the application of any tax
      relating to the transfer of a Class R 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 the REMICs. The Master Servicer shall provide on a timely
      basis to the Securities Administrator such information with respect to the
      assets of the REMICs, including, without limitation, the Mortgage Loans, as
      is
      in its possession and reasonably required by the Securities Administrator to
      enable it to perform its obligations under this subsection. In addition, the
      Depositor shall provide or cause to be provided to the Securities Administrator,
      within ten (10) days after the Closing Date, all information or data that the
      Securities Administrator reasonably determines to be relevant for tax purposes
      as to the valuations and issue prices of the Certificates, including, without
      limitation, the price, yield, prepayment assumption and projected cash flow
      of
      the Certificates.

     

    (f)  The
      Securities Administrator shall take such action and shall cause the REMICs
      created hereunder to take such action as shall be necessary to create or
      maintain the status thereof as REMICs under the REMIC Provisions (and the Master
      Servicer shall assist it, to the extent reasonably requested by it). The
      Securities Administrator shall not take any action, cause the Issuing Entity
      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 REMICs or (ii) result in the
      imposition of a tax upon the REMICs (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 Securities Administrator has
      received an Opinion of Counsel, addressed to the Securities Administrator (at
      the expense of the party seeking to take such action but in no event at the
      expense of the Securities Administrator) to the effect that the contemplated
      action will not, with respect to the REMICs created hereunder, endanger such
      status or result in the imposition of such a tax, nor shall the Master Servicer
      take or fail to take any action (whether or not authorized hereunder) as to
      which the Securities Administrator has advised it in writing that each has
      received an Opinion of Counsel to the effect that an Adverse REMIC Event could
      occur with respect to such action. In addition, prior to taking any action
      with
      respect to the REMICs or the assets of the REMICs, or causing the REMICs to
      take
      any action, which is not contemplated under the terms of this Agreement, the
      Master Servicer will consult with the Securities Administrator or its designee,
      in writing, with respect to whether such action could cause an Adverse REMIC
      Event to occur with respect to the Trust Fund, and the Master Servicer shall
      not
      take any such action or cause the Issuing Entity to take any such action as
      to
      which the Securities Administrator has advised it in writing that an Adverse
      REMIC Event could occur. The Securities Administrator 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 Securities Administrator. At all times
      as
      may be required by the Code, the Securities Administrator will ensure that
      substantially all of the assets of the REMICs created hereunder 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.

     

    (g)  In
      the
      event that any tax is imposed on “prohibited transactions” of the REMICs created
      hereunder as defined in Section 860F(a)(2) of the Code, on the “net income from
      foreclosure property” of the REMICs as defined in Section 860G(c) of the Code,
      on any contributions to the REMICs 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 Securities Administrator pursuant to Section 9.03 hereof, if such tax
      arises out of or results from a breach by the Securities Administrator of any
      of
      its obligations under this Article X, (ii) to the Master Servicer pursuant
      to
      Section 9.03 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 otherwise, (iii) to the Master Servicer as provided in Section 3.05, if
      applicable, (iv) a Class R Certificateholder to the extent of any funds
      distributed to such Certificateholder, (v) otherwise against amounts on deposit
      in the Distribution Account and shall be paid by withdrawal therefrom to the
      extent not required to be paid by the Master Servicer, the Securities
      Administrator or a Class R Certificateholder pursuant to another provision
      of
      this Agreement.

     

    (h)  On
      or
      before April 15 of each calendar year, commencing April 15, 2007, the Securities
      Administrator shall deliver to the Master Servicer and the Rating Agency a
      Certificate from a Responsible Officer of the Securities Administrator stating
      the Securities Administrator’s compliance with its obligations under this
      Article X.

     

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

     

    (j)  Following
      the Startup Day, the Securities Administrator shall not accept any contributions
      of assets to the REMICs other than in connection with any Eligible Substitute
      Mortgage Loan delivered in accordance with Section 2.04 unless it shall have
      received an Opinion of Counsel to the effect that the inclusion of such assets
      in the REMICs will not cause any Trust REMIC to fail to qualify as REMICs at
      any
      time that any Certificates are outstanding or subject any Trust REMIC to any
      tax
      under the REMIC Provisions or other applicable provisions of federal, state
      and
      local law or ordinances.

     

    (k)  Neither
      the Securities Administrator nor the Master Servicer shall enter into any
      arrangement by which the REMICs will receive a fee or other compensation for
      services nor permit the REMICs to receive any income from assets other than
      “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
      investments” as defined in Section 860G(a)(5) of the Code.

     

    (l)  The
      Securities Administrator shall treat the rights of the LIBOR
      Certificateholders to receive payments from the Net WAC Shortfall Carry-Forward
      Reserve Fund as a notional principal contract between the Holders of the Class
      X-P Certificates and the Holders of the LIBOR Certificates.
      For
      federal tax return and information reporting, the right of the Holders of the
      LIBOR Certificates to receive payments from the Net WAC Shortfall Carry-Forward
      Reserve Fund in respect of any Basis Risk Carry-Forward Amount may be obtained
      from the Securities Administrator upon request.

     

    Section
      9.02  Prohibited
      Transactions and Activities.

     

    None
      of
      the Depositor, the Master Servicer, the Securities 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 the Trust Fund, (iii) the
      termination of any Trust REMIC 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 the Trust Fund (other than REO Property acquired in respect of a
      defaulted Mortgage Loan), nor sell or dispose of any investments in the
      Distribution Account for gain, nor accept any contributions to the REMICs after
      the Closing Date (other than a Eligible Substitute Mortgage Loan delivered
      in
      accordance with Section 2.04), unless each such party has received an Opinion
      of
      Counsel, addressed to the Trustee and Securities Administrator (at the expense
      of the party seeking to cause such sale, disposition, substitution, acquisition
      or contribution but in no event at the expense of the Trustee) that such sale,
      disposition, substitution, acquisition or contribution will not (a) affect
      adversely the status of any Trust REMIC as REMICs or (b) cause the Trust Fund
      to
      be subject to a tax on “prohibited transactions” or “contributions” pursuant to
      the REMIC Provisions.

     

    Section
      9.03  Master
      Servicer, Securities Administrator and Sponsor Indemnification.

     

    (a)  The
      Securities Administrator agrees to indemnify the Issuing Entity, the Depositor
      and the Master Servicer for any taxes and costs including, without limitation,
      any reasonable attorneys’ fees imposed on or incurred by the Issuing Entity, the
      Depositor or the Master Servicer, as a result of (i) a breach of the Securities
      Administrator’s covenants set forth in this Article X or (ii) any state, local
      or franchise taxes imposed upon the Issuing Entity as a result of the location
      of the Securities Administrator.

     

    (b)  The
      Master Servicer agrees to indemnify the Issuing Entity, the Depositor and the
      Trustee for any taxes and costs including, without limitation, any reasonable
      attorneys’ fees imposed on or incurred by the Issuing Entity, the Depositor or
      the Trustee, as a result of (i) a breach of the Master Servicer’s covenants set
      forth in Article III or this Article X with respect to compliance with the
      REMIC
      Provisions or (ii) any state, local or franchise taxes imposed upon the Issuing
      Entity as a result of the location of the Master Servicer.

     

    (c)  The
      Sponsor agrees to indemnify the Issuing Entity and the Depositor for any taxes
      and costs including, without limitation, any reasonable attorneys’ fees imposed
      on or incurred by the Issuing Entity or the Depositor, as a result of any state,
      local or franchise taxes imposed upon the Issuing Entity as a result of the
      location of the Trustee, the Servicer or the Subservicer.

     

     

    ARTICLE
      X

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      10.01  Amendment.

     

    This
      Agreement may be amended from time to time by the Depositor, the Master
      Servicer, the Securities Administrator and the Trustee, without the consent
      of
      any of the Certificateholders, (i) to cure any ambiguity, (ii) to correct or
      supplement any provisions herein which may be defective or inconsistent with
      any
      other provisions herein or to correct any error, (iii) to amend this Agreement
      in any respect subject to the provisions in clauses (A) and (B) below, or (iv)
      if such amendment, as evidenced by an Opinion of Counsel (provided by the Person
      requesting such amendment) delivered to the Trustee and the Securities
      Administrator, is reasonably necessary to comply with any requirements imposed
      by the Code or any successor or amendatory statute or any temporary or final
      regulation, revenue ruling, revenue procedure or other written official
      announcement or interpretation relating to federal income tax laws or any
      proposed such action which, if made effective, would apply retroactively to
      the
      Issuing Entity at least from the effective date of such amendment; provided
      that
      such action (except any amendment described in (iv) above) shall not adversely
      affect in any material respect the interests of any Certificateholder (other
      than Certificateholders who shall consent to such amendment), as evidenced
      by
      (A) an Opinion of Counsel (provided by the Person requesting such amendment)
      delivered to the Trustee and the Securities Administrator, and (B) a letter
      from
      each Rating Agency, confirming that such amendment shall not cause it to lower
      its rating on any of the Certificates.

     

    This
      Agreement may also be amended from time to time by the Depositor, the Master
      Servicer, the Securities Administrator and the Trustee with the consent of
      the
      Holders of Certificates entitled to at least 66-2/3% of the Voting Rights for
      the purpose of adding any provisions to or changing in any manner or eliminating
      any of the provisions of this Agreement or of modifying in any manner the rights
      of the Holders of Certificates; provided,
      however,
      that no
      such amendment shall (i) reduce in any manner the amount of, or delay the timing
      of, payments received on Mortgage Loans which are required to be distributed
      on
      any Certificate without the consent of the Holder of such Certificate, (ii)
      adversely affect in any material respect the interests of the Holders of any
      Class of Certificates in a manner other than as described in (i), without the
      consent of the Holders of Certificates of such Class evidencing at least 66-2/3%
      of the Voting Rights of such Class, or (iii) reduce the aforesaid percentage
      of
      Certificates the Holders of which are required to consent to any such amendment,
      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 10.01, Certificates
      registered in the name of the Sponsor, the Trustee, the Securities Administrator
      or the Master Servicer or any affiliate thereof shall be entitled to Voting
      Rights with respect to matters described in (i), (ii) and (iii) of this
      paragraph.

     

    Notwithstanding
      any contrary provision of this Agreement, the Trustee shall not consent to
      any
      amendment to this Agreement unless it shall have first received an Opinion
      of
      Counsel (provided by the Person requesting such amendment) and addressed to
      the
      Trustee and the Securities Administrator 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.

     

    Promptly
      after the execution of any such amendment the Securities Administrator shall
      furnish a copy of such amendment or a written statement describing the amendment
      to each Certificateholder, with a copy to the Rating Agencies.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section 10.01
      to approve the particular form of any proposed amendment, but it shall be
      sufficient if such consent shall approve the substance thereof. The manner
      of
      obtaining such consents and of evidencing the authorization of the execution
      thereof by Certificateholders shall be subject to such reasonable regulations
      as
      the Trustee may prescribe.

     

    Prior
      to
      executing any amendment pursuant to this Section, the Trustee shall be entitled
      to receive an Opinion of Counsel (provided by the Person requesting such
      amendment) to the effect that such amendment is authorized or permitted by
      this
      Agreement. The cost of any Opinion of Counsel delivered pursuant to this Section
      10.01 shall be an expense of the party requesting such amendment, but in any
      case shall not be an expense of the Trustee.

     

    Each
      of
      the Trustee and the Securities Administrator may, but shall not be obligated
      to,
      enter into any amendment pursuant to this Section that affects its rights,
      duties and immunities under this Agreement or otherwise.

     

    Section
      10.02  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 Securities Administrator
      at
      the expense of the Certificateholders, but only upon direction of the Depositor
      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
      10.03  Limitation
      on Rights of Certificateholders.

     

    The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or the Issuing Entity, 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 Issuing Entity,
      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
      Issuing Entity, or the obligations of the parties hereto, nor shall anything
      herein set forth, or contained in the terms of the Certificates, be construed
      so
      as to constitute the Certificateholders from time to time as partners or members
      of an association; nor shall any Certificateholder be under any liability to
      any
      third party by reason of any action taken by the parties to this Agreement
      pursuant to any provision hereof.

     

    No
      Certificateholder shall have any right by virtue 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 notice of an Event of Default, or of a default
      by
      the Sponsor or the Trustee in the performance of any obligation hereunder,
      and
      of the continuance thereof, as hereinbefore provided, and unless also the
      Holders of Certificates entitled to at least 51% 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 indemnity as it may reasonably require against the costs, expenses
      and liabilities to be incurred therein or thereby, and the Trustee, for 60
      days
      after its receipt of such notice, request and offer of indemnity, shall have
      neglected or refused to institute any such action, suit or proceeding. It 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 whatever 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
      10.04  Governing
      Law.

     

    This
      Agreement and the Certificates shall be construed in accordance with the laws
      of
      the State of New York without reference to its conflict of law provisions except
      sections 5-1401 and 5-1402 of New York General Obligations Laws and the
      obligations, rights and remedies of the parties hereunder shall be determined
      in
      accordance with such laws.

     

    Section
      10.05  Notices.

     

    All
      demands, notices and direction hereunder shall be in writing and shall be deemed
      effective upon receipt when delivered to (a) in the case of the Depositor,
      American Home Mortgage Assets LLC, 538 Broadhollow Road, Melville, New York,
      New
      York 11747, Attention: General Counsel, or such other address as may hereafter
      be furnished to the other parties hereto in writing; (b) in the case of Master
      Servicer, Wells Fargo Bank, N.A., P.O. Box 98, Columbia Maryland 21046 (or,
      in
      the case of overnight deliveries, 9062 Old Annapolis Road, Columbia, Maryland
      21045) (Attention: Corporate Trust Services - American Home 2006-6), facsimile
      no.: (410) 715-2380, or such other address as may hereafter be furnished to
      the
      other parties hereto in writing; (c) in the case of the securities
      administrator, the Corporate Trust Office; (d) in the case of the Trustee,
      to
      its Corporate Trust Office, or such other address as may hereafter be furnished
      to the other parties hereto in writing; (e) in the case of the Rating Agencies,
      Standard & Poor’s, 55 Water Street, 41st
      Floor,
      New York, New York 10041, Attention: Asset Backed Surveillance Department;
      Moody’s, Moody’s Investors Service, Inc., Residential Mortgage Monitoring
      Department, 99 Church Street, New York, New York 10007. Any notice required
      or
      permitted to be mailed 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, whether or not the
      Certificateholder receives such notice. 

    

    Section
      10.06  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
      10.07  Successors
      and Assigns.

     

    The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the respective successors and assigns of the parties hereto, and all such
      provisions shall inure to the benefit of the Trustee and the
      Certificateholders.

     

    Section
      10.08  Article
      and Section Headings.

     

    The
      article and Section headings herein are for convenience of reference only,
      and
      shall not limit or otherwise affect the meaning hereof.

     

    Section
      10.09  Notice
      to Rating Agencies.

     

    The
      Securities Administrator shall use its best efforts to promptly provide notice
      to each Rating Agency referred to below 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 Event of Default that has not been cured;

     

    3. The
      resignation or termination of the Master Servicer, the Securities Administrator
      or the Trustee;

     

    4. The
      repurchase or substitution of Mortgage Loans pursuant to Section
      2.04;

     

    5. The
      final
      payment to Certificateholders; and

     

    6. Any
      change in the location of the Protected Account or the Distribution
      Account.

     

    In
      addition, the Securities Administrator shall promptly make available to the
      Rating Agency copies of each report to Certificateholders described in Section
      4.02; and the Master Servicer shall promptly furnish to the Rating Agency copies
      of each annual independent public accountants’ servicing report received as
      described in Section 3.20.

     

    Any
      such
      notice pursuant to this Section 10.09 shall be in writing and shall be deemed
      to
      have been duly given if personally delivered or mailed by first class mail,
      postage prepaid, or by express delivery service to (i) in the case of Standard
      & Poor’s, 55 Water Street, 41st
      Floor,
      New York, New York 10041, Attention: Asset Backed Surveillance Department and
      (ii) in the case of Moody’s, Residential Mortgage Monitoring Department, 99
      Church Street, New York, New York 10007, or, in each case, such other address
      as
      either such Rating Agency may designate in writing to the parties
      thereto.

     

    Section
      10.10  Third
      Party Rights.

     

    The
      Servicer shall be deemed a third-party beneficiary of Section 3.26 and Article
      IX of this Agreement to the same extent as if it were a party hereto, and shall
      have the right to enforce the provisions of such Section and
      Article.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Depositor, the Master Servicer and the Trustee have caused
      their names to be signed hereto by their respective officers thereunto duly
      authorized all as of the day and year first above written.

    
      	 	 	 
	 	
              AMERICAN
                HOME
                MORTGAGE ASSETS LLC,

              Depositor

            
	 
 	 
 	 
 
	 	 	By: 
              /s/ Alan B. Horn
	 	
              
                

              

            
	 	
              Name:
                Alan B. Horn

              Title: Executive Vice
                President

            

    

     

     

    
      
        	 	 	 
	 	
                
                  WELLS
                    FARGO BANK, N.A.,

                  Master
                    Servicer and Securities Administrator

                

              
	 
 	 
 	 
 
	 	 	By: 
                /s/ Sandra Whalen
	 	
                
                  

                

              
	 	
                Name:
                  Sandra Whalen

                Title: Vice
                  President

              

      

       

       

    

    
      	
            	 	 
	 	
              
                DEUTSCHE
                  BANK
                  NATIONAL TRUST COMPANY,

                Trustee

              

            
	 
 	 
 	 
 
	 	 	By: 
              /s/ Barbara Campbell
	 	
              
                

              

            
	 	
              Name:
                Barbara Campbell

              Title: Vice
                President

            

    

    
      	
            	 	 
	 	
              
                 

              

            
	 
 	 
 	 
 
	 	 	By: 
              /s/ Karlene Benvuto
	 	
              
                

              

            
	 	
              Name:
                Karlene Benvuto

              Title: Authorized
                Signatory

            

    

                

      

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF SUFFOLK

            	
              )

            	 

    

    

    On
      the
      _____ day of ________________, 2006, before me, a notary public in and for
      said
      State, personally appeared __________________, known to me to be the
      _____________ of American Home Mortgage Assets LLC, one of the corporations
      that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of 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 _____________, 2006, before me, a notary public in and for said
      State, personally appeared ________________, known to me to be a _____________
      of Wells Fargo Bank, N.A., the entity that executed the within instrument,
      and
      also known to me to be the person who executed it on behalf of said entity,
      and
      acknowledged to me that such entity executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    ______________________________

    Notary
      Public

     

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF ORANGE

            	
              )

            	 

    

    

     

    On
      the
      _____ day of ________________, 2006, before me, a notary public in and for
      said
      State, personally appeared _____________________, known to me to be a
      ________________ of Deutsche Bank National Trust Company, the entity that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said entity, and acknowledged to me that such entity
      executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    ______________________________

    Notary
      Public

     

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF ORANGE

            	
              )

            	 

    

    

    On
      the
      _____ day of ________________, 2006, before me, a notary public in and for
      said
      State, personally appeared _____________________, known to me to be a
      ________________ of Deutsche Bank National Trust Company, the entity that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said entity, and acknowledged to me that such entity
      executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    ______________________________

    Notary
      Public

     

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF MARYLAND

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF HOWARD

            	
              )

            	 

    

    

     

    On
      the
      _______ day of _______________, 2006, before me, a notary public in and for
      said
      State, personally appeared ______________, known to me to be a _____________
      of
      Wells Fargo Bank, N.A., the entity that executed the within instrument, and
      also
      known to me to be the person who executed it on behalf of said entity, and
      acknowledged to me that such entity executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    ______________________________

    Notary
      Public

     

    [Notarial
      Seal]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

       

      
 

      EXHIBIT
        A

       

      CLASS
        A[_] [-[_]] CERTIFICATE

       

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

       

      THIS
        CERTIFICATE SHALL INITIALLY BE ISSUED AS ONE OR MORE CERTIFICATES REGISTERED
        IN
        THE NAME OF THE DEPOSITORY OR ITS NOMINEE AND, EXCEPT AS PROVIDED BELOW,
        REGISTRATION OF SUCH CERTIFICATES MAY NOT BE TRANSFERRED BY THE SECURITIES
        ADMINISTRATOR EXCEPT TO ANOTHER DEPOSITORY THAT AGREES TO HOLD SUCH CERTIFICATES
        FOR THE RESPECTIVE CERTIFICATE OWNERS WITH OWNERSHIP INTERESTS THEREIN. THE
        CERTIFICATE OWNERS SHALL HOLD THEIR RESPECTIVE OWNERSHIP INTERESTS IN AND
        TO
        EACH OF SUCH BOOK-ENTRY CERTIFICATES THROUGH THE BOOK-ENTRY FACILITIES OF
        THE
        DEPOSITORY AND, EXCEPT AS PROVIDED BELOW, SHALL NOT BE ENTITLED TO DEFINITIVE
        CERTIFICATES IN RESPECT OF SUCH OWNERSHIP INTERESTS. ALL TRANSFERS BY
        CERTIFICATE OWNERS OF THEIR RESPECTIVE OWNERSHIP 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 TRANSFER THE OWNERSHIP INTERESTS ONLY IN THE
        BOOK-ENTRY CERTIFICATES OF CERTIFICATE OWNERS IT REPRESENTS OR OF BROKERAGE
        FIRMS FOR WHICH IT ACTS AS AGENT IN ACCORDANCE WITH THE DEPOSITORY’S NORMAL
        PROCEDURES. THE SECURITIES ADMINISTRATOR SHALL NOT BE REQUIRED TO MONITOR,
        DETERMINE OR INQUIRE AS TO COMPLIANCE WITH THE TRANSFER RESTRICTIONS WITH
        RESPECT TO THE BOOK-ENTRY CERTIFICATES, AND THE SECURITIES ADMINISTRATOR
        SHALL
        HAVE NO LIABILITY FOR TRANSFERS OF OWNERSHIP INTERESTS IN THE BOOK-ENTRY
        CERTIFICATES MADE THROUGH THE BOOK-ENTRY FACILITIES OF THE DEPOSITORY OR
        BETWEEN
        OR AMONG DEPOSITORY PARTICIPANTS OR CERTIFICATE OWNERS, MADE IN VIOLATION
        OF THE
        APPLICABLE RESTRICTIONS.

       

      [FOR
        CLASS A1-B, CLASS A1-C AND CLASS A2-B] [NO TRANSFER OF THIS CERTIFICATE MAY
        BE
        MADE TO AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
        SECURITY ACT OF 1974, AS AMENDED, OR A PLAN SUBJECT TO SECTION 4975 OF THE
        INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR A PERSON USING PLAN ASSETS
        OF
        EITHER EXCEPT IN ACCORDANCE WITH SECTION 5.02 OF THE POOLING AND SERVICING
        AGREEMENT.]

       

      
        
          	
                  Certificate
                    No. 1

                  Class
                    A[_][-[_]]

                	
                  Adjustable
                    Pass-Through Rate

                
	
                  Date
                    of Pooling and Servicing

                  Agreement
                    and Cut-off Date:

                  October
                    1, 2006

                	
                  Percentage
                    Interest: 100%

                
	
                  First
                    Distribution Date:

                  November
                    27, 2006

                	
                  Aggregate
                    Initial Certificate Principal Balance

                  of
                    the Class A[_][-[_]] Certificates: $[_________]

                
	
                  Master
                    Servicer:

                  Wells
                    Fargo Bank, N.A.

                	
                  Initial
                    Certificate Principal Balance of this Certificate:

                  $[_____________]

                
	
                  Assumed
                    Final Distribution Date:

                  October
                    25, 2037

                	
                  CUSIP:
                    [__________]

                

        

      

       

      MORTGAGE-BACKED
        PASS-THROUGH CERTIFICATE

      SERIES
        2006-6

       

      evidencing
        a percentage interest in the distributions allocable to the Class A[_][-[_]]
        Certificates with respect to a Trust Fund consisting primarily of a pool
        of
        one-to four-family adjustable-rate first lien mortgage loans formed and sold
        by
        AMERICAN HOME MORTGAGE ASSETS LLC.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in American Home Mortgage Assets LLC,
        the
        Master Servicer, the Securities Administrator or the Trustee referred to
        below
        or any of their affiliates. Neither this Certificate nor the underlying Mortgage
        Loans are guaranteed or insured by any governmental agency or instrumentality
        or
        by American Home Mortgage Assets LLC, the Master Servicer, the Securities
        Administrator, the Trustee or any of their affiliates. None of the Company,
        the
        Master Servicer, the Securities Administrator or any of their affiliates
        will
        have any obligation with respect to any certificate or other obligation secured
        by or payable from payments on the Certificates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Certificate (obtained by dividing the Initial Certificate
        Principal Balance of this Certificate by the aggregate Initial Certificate
        Principal Balance of all Class A[_][-[_]] Certificates, both as specified
        above)
        in certain distributions with respect to the Trust Fund consisting primarily
        of
        an interest in a pool of one- to four-family adjustable-rate first lien mortgage
        loans (the “Mortgage Loans”), sold by American Home Mortgage Assets LLC
        (hereinafter called the “Company,” which term includes any successor entity
        under the Agreement referred to below). The Trust Fund was created pursuant
        to a
        Pooling and Servicing Agreement, dated as specified above (the “Agreement”),
        among the Company, the Master Servicer, the Securities Administrator and
        Deutsche Bank National Trust Company, as trustee (the “Trustee”), a summary of
        certain of the pertinent provisions of which is set forth hereafter. To the
        extent not defined herein, the capitalized terms used herein have the meanings
        assigned in the Agreement. This Certificate is issued under and is subject
        to
        the terms, provisions and conditions of the Agreement, to which Agreement
        the
        Holder of this Certificate by virtue of the acceptance hereof assents and
        by
        which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, a distribution 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 (the “Distribution Date”), commencing as described in the
        Agreement, to the Person in whose name this Certificate is registered, so
        long
        as this Certificate is a Book-Entry Certificate, at the close of business
        on the
        Business Day immediately prior to such Distribution Date, but if this
        Certificate is no longer a Book-Entry Certificate, then to the Person in
        whose
        name this Certificate is registered at the close of business on the last
        Business Day of the calendar month preceding such Distribution Date (the
“Record
        Date”), from the related Available Funds in an amount equal to the product of
        the Percentage Interest evidenced by this Certificate and the amount of interest
        and principal, if any, required to be distributed to Holders of Class A[_][-[_]]
        Certificates on such Distribution Date.

       

      Distributions
        on this Certificate will be made by the Securities Administrator either in
        immediately available funds (by wire transfer or otherwise) for the account
        of
        the Person entitled thereto if such Person shall have so notified the Securities
        Administrator at least 5 Business Days prior to the related Record Date,
        or by
        check mailed to the address of the Person entitled thereto, as such name
        and
        address shall appear on the Certificate Register.

       

      [For
        Class A1-B, Class A1-C and Class A2-B][No transfer of this Certificate shall
        be
        made except in accordance with Section 5.02 of the Agreement.]

       

      Notwithstanding
        the above, the final distribution on this Certificate will be made after
        due
        notice of the pendency of such distribution and only upon presentation and
        surrender of this Certificate at the office or agency appointed by the
        Securities Administrator for that purpose in the City of Minneapolis and
        State
        of Minnesota. The Initial Certificate Principal Balance of this Certificate
        is
        set forth above. The Certificate Principal Balance hereof will be reduced
        to the
        extent of distributions allocable to principal.

       

      This
        Certificate is one of a duly authorized issue of Certificates issued in several
        Classes designated as Mortgage-Backed Pass-Through Certificates of the Series
        specified hereon (herein collectively called the “Certificates”).

       

      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. In the event Master Servicer funds are advanced
        with respect to any Mortgage Loan, such advance is reimbursable to the Master
        Servicer, to the extent provided in the Agreement, from related recoveries
        on
        such Mortgage Loan or from other cash that would have been distributable
        to
        Certificateholders.

       

      As
        provided in the Agreement, withdrawals from the Distribution Account created
        for
        the benefit of Certificateholders may be made by the Master Servicer from
        time
        to time for purposes other than distributions to Certificateholders, such
        purposes including without limitation reimbursement to the Trustee, the Company
        and the Master Servicer of advances made, or certain expenses incurred, by
        either of them.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        of
        the Agreement and the modification of the rights and obligations of the Company,
        the Master Servicer, the Securities Administrator, the Trustee and the rights
        of
        the Certificateholders under the Agreement at any time by the Company, the
        Master Servicer, the Securities Administrator and the Trustee with the consent
        of the Holders of Certificates evidencing in the aggregate not less than
        66-2/3%
        of the Percentage Interests of each Class of Certificates affected thereby.
        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 the Certificate.
        The
        Agreement also permits the amendment thereof in certain circumstances without
        the consent of the Holders of any of the Certificates and, in certain additional
        circumstances, without the consent of the Holders of certain Classes of
        Certificates.

       

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

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        Classes and in denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, Certificates
        are
        exchangeable for new Certificates of authorized denominations evidencing
        the
        same Class and 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,
        but the Securities Administrator may require payment of a sum sufficient
        to
        cover any tax or other governmental charge payable in connection
        therewith.

       

      The
        Company, the Master Servicer, the Securities Administrator, the Servicer
        and the
        Trustee and any agent of the Company, the Master Servicer, the Securities
        Administrator, the Servicer or the Trustee may treat the Person in whose
        name
        this Certificate is registered as the owner hereof for all purposes, and
        neither
        the Company, the Master Servicer, the Securities Administrator, the Servicer,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      This
        Certificate shall be governed by and construed in accordance with the laws
        of
        the State of New York.

       

      The
        Mortgage Loans are subject to optional termination in whole, but not in part,
        by
        the Servicer or its designee on or after the first Distribution Date on which
        the aggregate outstanding Stated Principal Balance of the Mortgage Loans
        is less
        than or equal to 1% of the Aggregate Stated Principal Balance of the Mortgage
        Loans as of the Cut-off Date.

       

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

       

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

      
        	 	 	 
	
                Dated: October
                  30, 2006

              	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Securities Administrator

              
	 
 	 
 	
                 

                 

                
 

              
	
                 

              	 	By: 
	 	
                
                  

                

              
	 	
                Authorized
                  Signatory

              

      

       

      

      

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Class A[_][-[_]] Certificates referred to in the within-mentioned
        Agreement.

      
        	 	 	 
	 	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Securities Administrator

              
	 
 	 
 	
                
 

                 

                 

              
	 	 	By: 
	 	
                
                  

                

              
	 	
                Authorized
                  Signatory

              

      

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _____________________________________ (Please print or typewrite name and
        address including postal zip code of assignee) a Percentage Interest evidenced
        by the within Mortgage-Backed Pass-Through Certificate and hereby authorizes
        the
        transfer of registration of such interest to assignee on the Certificate
        Register of the Trust Fund.

       

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      
        	
                 

                 

              
	
                 

                 

              

      

       

       

      
        	
                Dated:

              	 	 
	 	
                Signature
                  by or on behalf of assignor

              	 
	 	 	 
	 	 	 	 
	 	 	
                Signature
                  Guaranteed

              	 

      

       

      DISTRIBUTION
        INSTRUCTIONS

       

      
        	 	
                The
                  assignee should include the following for purposes of
                  distribution:

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

              	 
	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                .

              
	
                Applicable
                  statements should be mailed to

              	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      
 

      EXHIBIT
        B-1 

       

      CLASS
        M-[__] CERTIFICATE

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR CERTIFICATES
        [AND]
        [CLASS M[_] [,] [AND] [CLASS M [_] ] [,] [AND] [CLASS M [_]] [,]
[AND]
        [CLASS [_]] [AND] [,] [CLASS [_]] [,][AND] [CLASS [_]] [,][AND] [CLASS
        [_]][,][AND] [CLASS [_]] [,] AS DESCRIBED IN THE AGREEMENT (AS DEFINED
        BELOW).

       

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

       

      THIS
        CERTIFICATE SHALL INITIALLY BE ISSUED AS ONE OR MORE CERTIFICATES REGISTERED
        IN
        THE NAME OF THE DEPOSITORY OR ITS NOMINEE AND, EXCEPT AS PROVIDED BELOW,
        REGISTRATION OF SUCH CERTIFICATES MAY NOT BE TRANSFERRED BY THE SECURITIES
        ADMINISTRATOR EXCEPT TO ANOTHER DEPOSITORY THAT AGREES TO HOLD SUCH CERTIFICATES
        FOR THE RESPECTIVE CERTIFICATE OWNERS WITH OWNERSHIP INTERESTS THEREIN. THE
        CERTIFICATE OWNERS SHALL HOLD THEIR RESPECTIVE OWNERSHIP INTERESTS IN AND
        TO
        EACH OF SUCH BOOK-ENTRY CERTIFICATES THROUGH THE BOOK-ENTRY FACILITIES OF
        THE
        DEPOSITORY AND, EXCEPT AS PROVIDED BELOW, SHALL NOT BE ENTITLED TO DEFINITIVE
        CERTIFICATES IN RESPECT OF SUCH OWNERSHIP INTERESTS. ALL TRANSFERS BY
        CERTIFICATE OWNERS OF THEIR RESPECTIVE OWNERSHIP 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 TRANSFER THE OWNERSHIP INTERESTS ONLY IN THE
        BOOK-ENTRY CERTIFICATES OF CERTIFICATE OWNERS IT REPRESENTS OR OF BROKERAGE
        FIRMS FOR WHICH IT ACTS AS AGENT IN ACCORDANCE WITH THE DEPOSITORY’S NORMAL
        PROCEDURES. THE SECURITIES ADMINISTRATOR SHALL NOT BE REQUIRED TO MONITOR,
        DETERMINE OR INQUIRE AS TO COMPLIANCE WITH THE TRANSFER RESTRICTIONS WITH
        RESPECT TO THE BOOK-ENTRY CERTIFICATES, AND THE SECURITIES ADMINISTRATOR
        SHALL
        HAVE NO LIABILITY FOR TRANSFERS OF OWNERSHIP INTERESTS IN THE BOOK-ENTRY
        CERTIFICATES MADE THROUGH THE BOOK-ENTRY FACILITIES OF THE DEPOSITORY OR
        BETWEEN
        OR AMONG DEPOSITORY PARTICIPANTS OR CERTIFICATE OWNERS, MADE IN VIOLATION
        OF THE
        APPLICABLE RESTRICTIONS.

       

      NO
        TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT PLAN SUBJECT
        TO
        THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR A PLAN
        SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED,
        OR A
        PERSON USING PLAN ASSETS OF EITHER EXCEPT IN ACCORDANCE WITH SECTION 5.02
        OF THE
        POOLING AND SERVICING AGREEMENT.

      

        
          	
                  Certificate
                    No. 1

                	
                  Adjustable
                    Pass-Through Rate

                
	
                  Class
                    M-[_] Subordinate

                	
                  Aggregate
                    Initial Certificate Principal

                  Balance
                    of the Class M-[_]

                  Certificates:
                    $[____________]

                
	
                  Date
                    of Pooling and Servicing

                  Agreement
                    and Cut-off Date:

                  October
                    1, 2006

                	
                  Initial
                    Certificate Principal Balance of this Certificate:

                  $

                
	
                  First
                    Distribution Date:

                  October
                    25, 2006

                	
                  CUSIP:
                    [________________]

                
	
                  Master
                    Servicer:

                  Wells
                    Fargo Bank, N.A.

                	 
	
                  Assumed
                    Final Distribution Date:

                  October
                    25, 2037

                	 

        

      

       

      MORTGAGE-BACKED
        PASS-THROUGH CERTIFICATE

      SERIES
        2006-6

       

      evidencing
        a percentage interest in any distributions allocable to the Class M-[_]
        Certificates with respect to a Trust Fund consisting primarily of a pool
        of
        one-to four-family adjustable-rate first lien mortgage loans formed and sold
        by
        AMERICAN HOME MORTGAGE ASSETS LLC

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in American Home Mortgage Assets LLC,
        the
        Master Servicer, the Servicer, the Seller, the Securities Administrator or
        the
        Trustee referred to below or any of their affiliates. Neither this Certificate
        nor the underlying Mortgage Loans are guaranteed or insured by any governmental
        agency or instrumentality or by American Home Mortgage Assets LLC, the Master
        Servicer, the Servicer, the Seller, the Securities Administrator, the Trustee
        or
        any of their affiliates. None of American Home Mortgage Assets LLC, the Master
        Servicer, the Servicer, the Seller, the Securities Administrator or any of
        their
        affiliates will have any obligation with respect to any certificate or other
        obligation secured by or payable from payments on the Certificates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Certificate (obtained by dividing the Initial Certificate
        Principal Balance of this Certificate by the aggregate Initial Certificate
        Principal Balance of all Class M-[__] Certificates, both as specified above)
        in
        certain distributions with respect to the Trust Fund consisting primarily
        of an
        interest in a pool of one- to four-family adjustable-rate first lien mortgage
        loans (the “Mortgage Loans”), sold by American Home Mortgage Assets LLC
        (hereinafter called the “Company,” which term includes any successor entity
        under the Agreement referred to below). The Trust Fund was created pursuant
        to a
        Pooling and Servicing Agreement, dated as specified above (the “Agreement”),
        among the Company, the Master Servicer, the Securities Administrator and
        Deutsche Bank National Trust Company, as trustee (the “Trustee”), a summary of
        certain of the pertinent provisions of which is set forth hereafter. To the
        extent not defined herein, the capitalized terms used herein have the meanings
        assigned in the Agreement. This Certificate is issued under and is subject
        to
        the terms, provisions and conditions of the Agreement, to which Agreement
        the
        Holder of this Certificate by virtue of the acceptance hereof assents and
        by
        which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, a distribution 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 (the “Distribution Date”), commencing as described in the
        Agreement, to the Person in whose name this Certificate is registered, so
        long
        as this Certificate is a Book-Entry Certificate, at the close of business
        on the
        Business Day immediately prior to such Distribution Date, but if this
        Certificate is no longer a Book-Entry Certificate, then to the Person in
        whose
        name this Certificate is registered at the close of business on the last
        Business Day of the calendar month preceding such Distribution Date (the
“Record
        Date”), from the related Available Funds in an amount equal to the product of
        the Percentage Interest evidenced by this Certificate and the amount of interest
        and principal, if any, required to be distributed to Holders of Class M-[_]
        Certificates on such Distribution Date.

       

      Distributions
        on this Certificate will be made by the Securities Administrator either in
        immediately available funds (by wire transfer or otherwise) for the account
        of
        the Person entitled thereto if such Person shall have so notified the Securities
        Administrator at least 5 Business Days prior to the related Record Date,
        or by
        check mailed to the address of the Person entitled thereto, as such name
        and
        address shall appear on the Certificate Register.

       

      No
        transfer of this Certificate shall be made except in accordance with Section
        5.02 of the Agreement.

       

      Notwithstanding
        the above, the final distribution on this Certificate will be made after
        due
        notice of the pendency of such distribution and only upon presentation and
        surrender of this Certificate at the office or agency appointed by the
        Securities Administrator for that purpose in the City of Minneapolis and
        State
        of Minnesota. The Initial Certificate Principal Balance of this Certificate
        is
        set forth above. The Certificate Principal Balance hereof will be reduced
        to the
        extent of distributions allocable to principal.

       

      This
        Certificate is one of a duly authorized issue of Certificates issued in several
        Classes designated as Mortgage-Backed Pass-Through Certificates of the Series
        specified hereon (herein collectively called the “Certificates”).

       

      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. In the event Master Servicer funds are advanced
        with respect to any Mortgage Loan, such advance is reimbursable to the Master
        Servicer, to the extent provided in the Agreement, from related recoveries
        on
        such Mortgage Loan or from other cash that would have been distributable
        to
        Certificateholders.

       

      As
        provided in the Agreement, withdrawals from the Distribution Account created
        for
        the benefit of Certificateholders may be made by the Master Servicer from
        time
        to time for purposes other than distributions to Certificateholders, such
        purposes including without limitation reimbursement to the Trustee, the Company
        and the Master Servicer of advances made, or certain expenses incurred, by
        either of them.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        of
        the Agreement and the modification of the rights and obligations of the Company,
        the Master Servicer, the Securities Administrator, the Trustee and the rights
        of
        the Certificateholders under the Agreement at any time by the Company, the
        Master Servicer, the Securities Administrator and the Trustee with the consent
        of the Holders of Certificates evidencing in the aggregate not less than
        66-2/3%
        of the Percentage Interests of each Class of Certificates affected thereby.
        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 the Certificate.
        The
        Agreement also permits the amendment thereof in certain circumstances without
        the consent of the Holders of any of the Certificates and, in certain additional
        circumstances, without the consent of the Holders of certain Classes of
        Certificates.

       

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

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        Classes and in denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, Certificates
        are
        exchangeable for new Certificates of authorized denominations evidencing
        the
        same Class and 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,
        but the Securities Administrator may require payment of a sum sufficient
        to
        cover any tax or other governmental charge payable in connection
        therewith.

       

      The
        Company, the Master Servicer, the Securities Administrator, the Servicer
        and the
        Trustee and any agent of the Company, the Master Servicer, the Securities
        Administrator, the Servicer or the Trustee may treat the Person in whose
        name
        this Certificate is registered as the owner hereof for all purposes, and
        neither
        the Company, the Master Servicer, the Securities Administrator, the Servicer,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      This
        Certificate shall be governed by and construed in accordance with the laws
        of
        the State of New York.

       

      The
        Mortgage Loans are subject to optional termination in whole, but not in part,
        by
        the Servicer or its designee on or after the first Distribution Date on which
        the aggregate outstanding Stated Principal Balance of the Mortgage Loans
        is less
        than or equal to 1% of the Aggregate Stated Principal Balance of the Mortgage
        Loans as of the Cut-off Date.

       

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

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

      
        	 	 	 
	
                Dated: October
                  30, 2006

              	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Securities Administrator

              
	 
 	 
 	
                 

                 

                
 

              
	
                 

              	 	By: 
	 	
                
                  

                

              
	 	
                Authorized
                  Signatory

              

      

       

       

      

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Class M-[_] Certificates referred to in the within-mentioned
        Agreement.

      
        
          	 	 	 
	
                   

                	
                  WELLS
                    FARGO BANK, N.A.,

                  as
                    Securities Administrator

                
	 
 	 
 	
                   

                   

                  
 

                
	
                   

                	 	By: 
	 	
                  
                    

                  

                
	 	
                  Authorized
                    Signatory

                

        

         

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _____________________________________ (Please print or typewrite name and
        address including postal zip code of assignee) a Percentage Interest evidenced
        by the within Mortgage-Backed Pass-Through Certificate and hereby authorizes
        the
        transfer of registration of such interest to assignee on the Certificate
        Register of the Trust Fund.

       

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      
        
          	
                   

                   

                
	
                   

                   

                

        

         

         

        
          	
                  Dated:

                	 	 
	 	
                  Signature
                    by or on behalf of assignor

                	 
	 	 	 
	 	 	 	 
	 	 	
                  Signature
                    Guaranteed

                	 

        

         

        DISTRIBUTION
          INSTRUCTIONS

         

        
          	 	
                  The
                    assignee should include the following for purposes of
                    distribution:

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

                	 
	
                  to

                	 	
                  ,

                
	
                  for
                    the account of

                	 	
                  ,

                
	
                  account
                    number___________, or, if mailed by check, to

                	 	
                  .

                
	
                  Applicable
                    statements should be mailed to

                	 	
                  .

                

        

        

        
          	
                  This
                    information is provided by

                	 	
                  ,

                
	
                  the
                    assignee named above, or

                	 	
                  ,

                
	
                  as
                    its agent.

                	 	 

        

         

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _____________________________________ (Please print or typewrite name and
        address including postal zip code of assignee) a Percentage Interest evidenced
        by the within Mortgage-Backed Pass-Through Certificate and hereby authorizes
        the
        transfer of registration of such interest to assignee on the Certificate
        Register of the Trust Fund.

       

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      
        
          	
                   

                   

                
	
                   

                   

                

        

         

         

        
          	
                  Dated:

                	 	 
	 	
                  Signature
                    by or on behalf of assignor

                	 
	 	 	 
	 	 	 	 
	 	 	
                  Signature
                    Guaranteed

                	 

        

         

        DISTRIBUTION
          INSTRUCTIONS

         

        
          	 	
                  The
                    assignee should include the following for purposes of
                    distribution:

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

                	 
	
                  to

                	 	
                  ,

                
	
                  for
                    the account of

                	 	
                  ,

                
	
                  account
                    number___________, or, if mailed by check, to

                	 	
                  .

                
	
                  Applicable
                    statements should be mailed to

                	 	
                  .

                

        

        

        
          	
                  This
                    information is provided by

                	 	
                  ,

                
	
                  the
                    assignee named above, or

                	 	
                  ,

                
	
                  as
                    its agent.

                	 	 

        

         

         

      

      EXHIBIT
        B-2 

       

      CLASS
        R CERTIFICATE

       

      THIS
        CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
        OR A
        DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

       

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

       

      NO
        TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
        PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02 OF THE AGREEMENT
        OR AN
        OPINION OF COUNSEL SATISFACTORY TO THE SECURITIES ADMINISTRATOR THAT THE
        PURCHASE OF THIS CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT
        CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION
        406 OF
        THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR
        SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE MASTER SERVICER, THE
        SECURITIES ADMINISTRATOR, THE COMPANY OR THE TRUSTEE TO ANY OBLIGATION OR
        LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AND SERVICING AGREEMENT
        (THE “AGREEMENT”).

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IF
        THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER SERVICER,
        THE SECURITIES ADMINISTRATOR AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS
        NOT (A)
        THE UNITED STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN
        GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY
        OF
        ANY OF THE FOREGOING, (B) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED
        IN SECTION 521 OF THE CODE) WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER
        1 OF
        THE CODE UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION
        511
        OF THE CODE, (C) ANY, ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF
        THE
        CODE, (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B) OR (C)
        BEING
        HEREIN REFERRED TO AS A “DISQUALIFIED ORGANIZATION”) OR (D) AN AGENT OF A
        DISQUALIFIED ORGANIZATION, (2) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE
        ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH TRANSFEREE SATISFIES CERTAIN
        ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED
        TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER
        OR ANY
        TRANSFER, SALE OR, OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED
        ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION
        SHALL
        BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL
        NOT, BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING,
        BUT NOT, LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH
        HOLDER OF THIS CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED
        TO
        HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.

      

        
          	
                  Certificate
                    No. 1

                	
                  Percentage
                    Interest: 100%

                
	
                  Class
                    R

                	 
	
                  Date
                    of Pooling and Servicing

                  Agreement
                    and Cut-off Date:

                  October
                    1, 2006

                	 
	
                  First
                    Distribution Date:

                  November
                    27, 2006

                	
                  CUSIP:
                    [__________]

                
	
                  Master
                    Servicer:

                  Wells
                    Fargo Bank, N.A.

                	 
	
                  Assumed
                    Final Distribution Date:

                  October
                    25, 2037

                	 

        

      

       

      MORTGAGE-BACKED
        PASS-THROUGH CERTIFICATE,

      SERIES
        2006-6

       

      evidencing
        a percentage interest in any distributions allocable to the Class R Certificates
        with respect to a Trust Fund consisting primarily of a pool of one-to
        four-family adjustable-rate first lien mortgage loans formed and sold by
        AMERICAN HOME MORTGAGE ASSETS LLC

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in American Home Mortgage Assets LLC,
        the
        Master Servicer, the Servicer, the Seller, the Securities Administrator,
        the
        Trustee referred to below or any of their affiliates. Neither this Certificate
        nor the underlying Mortgage Loans are guaranteed or insured by any governmental
        agency or instrumentality or by American Home Mortgage Assets LLC, the Master
        Servicer, the Servicer, the Seller, the Securities Administrator, the Trustee
        or
        any of their affiliates. None of American Home Mortgage Assets LLC, the Master
        Servicer, the Servicer, the Seller, the Securities Administrator or any of
        their
        affiliates will have any obligation with respect to any certificate or other
        obligation secured by or payable from payments on the Certificates.

       

      This
        certifies that [________] is the registered owner of the Percentage Interest
        evidenced by this Certificate in certain distributions with respect to the
        Trust
        Fund consisting primarily of an interest in a pool of one-to four-family
        adjustable-rate first lien mortgage loans (the “Mortgage Loans”), sold by
        American Home Mortgage Assets LLC (hereinafter called the “Company,” which term
        includes any successor entity under the Agreement referred to below). The
        Trust
        Fund was created pursuant to a Pooling and Servicing Agreement dated as
        specified above (the “Agreement”) among the Company, the Master Servicer, the
        Securities Administrator and Deutsche Bank National Trust Company as trustee
        (the “Trustee”), a summary of certain of the pertinent provisions of which is
        set forth hereafter. To the extent not defined herein, the capitalized terms
        used herein have the meanings assigned in the Agreement. This Certificate
        is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Certificate by virtue of
        the
        acceptance hereof assents and by which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, a distribution 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 (the “Distribution Date”), commencing as described in the
        Agreement, to the Person in whose name this Certificate is registered at
        the
        close of business on the last Business Day of the month immediately preceding
        the month of such Distribution Date (the “Record Date”), from the related
        Available Funds in an amount equal to the product of the Percentage Interest
        evidenced by this Certificate and the amount of interest and principal, if
        any,
        required to be distributed to Holders of Class R Certificates on such
        Distribution Date.

       

      Each
        Holder of this Certificate will be deemed to have agreed to be bound by the
        restrictions set forth in the Agreement to the effect that (i) each person
        holding or acquiring any Ownership Interest in this Certificate must be a
        United
        States Person and a Permitted Transferee, (ii) the transfer of any Ownership
        Interest in this Certificate will be conditioned upon the delivery to the
        Securities Administrator of, among other things, an affidavit to the effect
        that
        it is a United States Person and Permitted Transferee, (iii) any attempted
        or
        purported transfer of any Ownership Interest in this Certificate in violation
        of
        such restrictions will be absolutely null and void and will vest no rights
        in
        the purported transferee, and (iv) if any person other than a United States
        Person and a Permitted Transferee acquires any Ownership Interest in this
        Certificate in violation of such restrictions, then the Company will have
        the
        right, in its sole discretion and without notice to the Holder of this
        Certificate, to sell this Certificate to a purchaser selected by the Company,
        which purchaser may be the Company, or any affiliate of the Company, on such
        terms and conditions as the Company may choose.

       

      Notwithstanding
        the above, the final distribution on this Certificate will be made after
        due
        notice of the pendency of such distribution and only upon presentation and
        surrender of this Certificate at the office or agency appointed by the
        Securities Administrator for that purpose in the City of Minneapolis and
        State
        of Minnesota.

       

      In
        connection with any transfer of this Certificate, the Securities Administrator
        will also require either (i) an opinion of counsel acceptable to and in form
        and
        substance satisfactory to the Securities Administrator with respect to the
        permissibility of such transfer under the Employee Retirement Income Security
        Act of 1974, as amended (“ERISA”) and Section 4975 of the Internal Revenue Code
        (the “Code”) and stating, among other things, that the transferee’s acquisition
        of a Class R Certificate will not constitute or result in a non-exempt
        prohibited transaction under Section 406 of ERISA or Section 4975 of the
        Code or
        (ii) a representation letter, in the form as described by the Agreement,
        stating
        that the transferee is not an employee benefit or other plan subject to the
        prohibited transaction provisions of ERISA or Section 4975 of the Code (a
        “Plan”), or any other person (including an investment manager, a named fiduciary
        or a trustee of any Plan) acting, directly or indirectly, on behalf of or
        purchasing any Certificate with “plan assets” of any Plan.

       

      This
        Certificate is one of a duly authorized issue of Certificates issued in several
        Classes designated as Mortgage-Backed Pass Through Certificates of the Series
        specified hereon (herein collectively called the “Certificates”).

       

      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. In the event Master Servicer funds are advanced
        with respect to any Mortgage Loan, such advance is reimbursable to the Master
        Servicer, to the extent provided in the Agreement, from related recoveries
        on
        such Mortgage Loan or from other cash that would have been distributable
        to
        Certificateholders.

       

      As
        provided in the Agreement, withdrawals from the Distribution Account created
        for
        the benefit of Certificateholders may be made by the Master Servicer from
        time
        to time for purposes other than distributions to Certificateholders, such
        purposes including without limitation reimbursement to the Trustee, the Company
        and the Master Servicer of advances made, or certain expenses incurred, by
        either of them.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        of
        the Agreement and the modification of the rights and obligations of the Company,
        the Master Servicer, the Securities Administrator, the Trustee and the rights
        of
        the Certificateholders under the Agreement at any time by the Company, the
        Master Servicer, the Securities Administrator and the Trustee with the consent
        of the Holders of Certificates evidencing in the aggregate not less than
        66-2/3%
        of the Percentage Interests of each Class of Certificates affected thereby.
        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 the Certificate.
        The
        Agreement also permits the amendment thereof in certain circumstances without
        the consent of the Holders of any of the Certificates and, in certain additional
        circumstances, without the consent of the Holders of certain Classes of
        Certificates.

       

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

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        Classes and in denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, Certificates
        are
        exchangeable for new Certificates of authorized denominations evidencing
        the
        same Class and 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,
        but the Securities Administrator may require payment of a sum sufficient
        to
        cover any tax or other governmental charge payable in connection
        therewith.

       

      The
        Company, the Master Servicer, the Securities Administrator, the Servicer
        and the
        Trustee and any agent of the Company, the Master Servicer, the Securities
        Administrator, the Servicer or the Trustee may treat the Person in whose
        name
        this Certificate is registered as the owner hereof for all purposes, and
        neither
        the Company, the Master Servicer, the Securities Administrator, the Servicer,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      This
        Certificate shall be governed by and construed in accordance with the laws
        of
        the State of New York.

       

      The
        Mortgage Loans are subject to optional termination in whole, but not in part,
        by
        the Servicer or its designee on or after the first Distribution Date on which
        the aggregate outstanding Stated Principal Balance of the Mortgage Loans
        is less
        than or equal to 1% of the Aggregate Stated Principal Balance of the Mortgage
        Loans as of the Cut-off Date.

       

      Reference
        is hereby made to the further provisions of this Certificate set forth on
        the
        reverse hereof, which further provisions shall for all purpose have the same
        effect as if set forth at this place.

       

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

       

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

      
        
          	 	 	 
	
                  Dated: October
                    30, 2006

                	
                  WELLS
                    FARGO BANK, N.A.,

                  as
                    Securities Administrator

                
	 
 	 
 	
                   

                   

                  
 

                
	
                   

                	 	By: 
	 	
                  
                    

                  

                
	 	
                  Authorized
                    Signatory

                

        

         

         

        

        CERTIFICATE
          OF AUTHENTICATION

         

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

        
          
            	 	 	 
	
                     

                  	
                    WELLS
                      FARGO BANK, N.A.,

                    as
                      Securities Administrator

                  
	 
 	 
 	
                     

                     

                    
 

                  
	
                     

                  	 	By: 
	 	
                    
                      

                    

                  
	 	
                    Authorized
                      Signatory

                  

          

           

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _____________________________________ (Please print or typewrite name and
        address including postal zip code of assignee) a Percentage Interest evidenced
        by the within Mortgage-Backed Pass-Through Certificate and hereby authorizes
        the
        transfer of registration of such interest to assignee on the Certificate
        Register of the Trust Fund.

       

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      
        
          
            	
                     

                     

                  
	
                     

                     

                  

          

           

           

          
            	
                    Dated:

                  	 	 
	 	
                    Signature
                      by or on behalf of assignor

                  	 
	 	 	 
	 	 	 	 
	 	 	
                    Signature
                      Guaranteed

                  	 

          

           

          DISTRIBUTION
            INSTRUCTIONS

           

        

      

      
        	 	
                The
                  assignee should include the following for purposes of
                  distribution:

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

              	 
	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                .

              
	
                Applicable
                  statements should be mailed to

              	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      
 

      EXHIBIT
        B-3 

       

      CLASS
        X-P CERTIFICATE

       

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

       

      THIS
        CERTIFICATE SHALL INITIALLY BE ISSUED AS ONE OR MORE CERTIFICATES REGISTERED
        IN
        THE NAME OF THE DEPOSITORY OR ITS NOMINEE AND, EXCEPT AS PROVIDED BELOW,
        REGISTRATION OF SUCH CERTIFICATES MAY NOT BE TRANSFERRED BY THE SECURITIES
        ADMINISTRATOR EXCEPT TO ANOTHER DEPOSITORY THAT AGREES TO HOLD SUCH CERTIFICATES
        FOR THE RESPECTIVE CERTIFICATE OWNERS WITH OWNERSHIP INTERESTS THEREIN. THE
        CERTIFICATE OWNERS SHALL HOLD THEIR RESPECTIVE OWNERSHIP INTERESTS IN AND
        TO
        EACH OF SUCH BOOK-ENTRY CERTIFICATES THROUGH THE BOOK-ENTRY FACILITIES OF
        THE
        DEPOSITORY AND, EXCEPT AS PROVIDED BELOW, SHALL NOT BE ENTITLED TO DEFINITIVE
        CERTIFICATES IN RESPECT OF SUCH OWNERSHIP INTERESTS. ALL TRANSFERS BY
        CERTIFICATE OWNERS OF THEIR RESPECTIVE OWNERSHIP 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 TRANSFER THE OWNERSHIP INTERESTS ONLY IN THE
        BOOK-ENTRY CERTIFICATES OF CERTIFICATE OWNERS IT REPRESENTS OR OF BROKERAGE
        FIRMS FOR WHICH IT ACTS AS AGENT IN ACCORDANCE WITH THE DEPOSITORY’S NORMAL
        PROCEDURES. THE SECURITIES ADMINISTRATOR SHALL NOT BE REQUIRED TO MONITOR,
        DETERMINE OR INQUIRE AS TO COMPLIANCE WITH THE TRANSFER RESTRICTIONS WITH
        RESPECT TO THE BOOK-ENTRY CERTIFICATES, AND THE SECURITIES ADMINISTRATOR
        SHALL
        HAVE NO LIABILITY FOR TRANSFERS OF OWNERSHIP INTERESTS IN THE BOOK-ENTRY
        CERTIFICATES MADE THROUGH THE BOOK-ENTRY FACILITIES OF THE DEPOSITORY OR
        BETWEEN
        OR AMONG DEPOSITORY PARTICIPANTS OR CERTIFICATE OWNERS, MADE IN VIOLATION
        OF THE
        APPLICABLE RESTRICTIONS.

       

      NO
        TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT PLAN SUBJECT
        TO
        THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR A PLAN
        SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED,
        OR A
        PERSON USING PLAN ASSETS OF EITHER EXCEPT IN ACCORDANCE WITH SECTION 5.02
        OF THE
        POOLING AND SERVICING AGREEMENT.

       

      
        
          	
                  Certificate
                    No. 1

                  Class
                    X-P 

                	
                  Adjustable
                    Pass-Through Rate

                
	
                  Date
                    of Pooling and Servicing

                  Agreement
                    and Cut-off Date:

                  October
                    1, 2006

                	
                  Percentage
                    Interest: 100%

                
	
                  First
                    Distribution Date:

                  November
                    27, 2006

                	
                  Aggregate
                    Initial Certificate Notional Balance

                  of
                    the Class X-P Certificates: $[______]

                
	
                  Master
                    Servicer:

                  Wells
                    Fargo Bank, N.A.

                	
                  Initial
                    Certificate Notional

                  Balance
                    of this Certificate:

                  $[______]

                
	
                  Assumed
                    Final Distribution Date:

                  October
                    25, 2037

                	
                  CUSIP:
                    [________]

                

        

      

       

      MORTGAGE-BACKED
        PASS-THROUGH CERTIFICATE

      SERIES
        2006-4

       

      evidencing
        a percentage interest in the distributions allocable to the Class X-P
        Certificates with respect to a Trust Fund consisting primarily of a pool
        of
        one-to four-family adjustable-rate first lien mortgage loans formed and sold
        by
        AMERICAN HOME MORTGAGE ASSETS LLC.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in American Home Mortgage Assets LLC,
        the
        Master Servicer, the Securities Administrator or the Trustee referred to
        below
        or any of their affiliates. Neither this Certificate nor the underlying Mortgage
        Loans are guaranteed or insured by any governmental agency or instrumentality
        or
        by American Home Mortgage Assets LLC, the Master Servicer, the Securities
        Administrator, the Trustee or any of their affiliates. None of the Company,
        the
        Master Servicer, the Securities Administrator or any of their affiliates
        will
        have any obligation with respect to any certificate or other obligation secured
        by or payable from payments on the Certificates.

       

      The
        Components of the Class X-P Certificates are not separately
        transferable.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Certificate (obtained by dividing the Initial Certificate
        Notional Balance of this Certificate by the aggregate Initial Certificate
        Notional Balance of all Class X-P Certificates, both as specified above)
        in
        certain distributions with respect to the Trust Fund consisting primarily
        of an
        interest in a pool of one- to four-family adjustable-rate first lien mortgage
        loans (the “Mortgage Loans”), sold by American Home Mortgage Assets LLC
        (hereinafter called the “Company,” which term includes any successor entity
        under the Agreement referred to below). The Trust Fund was created pursuant
        to a
        Pooling and Servicing Agreement dated as specified above (the “Agreement”) among
        the Company, the Master Servicer, the Securities Administrator and Deutsche
        Bank
        National Trust Company, as trustee (the “Trustee”), a summary of certain of the
        pertinent provisions of which is set forth hereafter. To the extent not defined
        herein, the capitalized terms used herein have the meanings assigned in the
        Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, a distribution 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 (the “Distribution Date”), commencing as described in the
        Agreement, to the Person in whose name this Certificate is registered at
        the
        close of business on the last Business Day of the month immediately preceding
        the month of such Distribution Date (the “Record Date”), from the related
        Available Funds in an amount equal to the product of the Percentage Interest
        evidenced by this Certificate and the amount of interest and principal, if
        any,
        required to be distributed to Holders of Class X-P Certificates on such
        Distribution Date.

       

      Distributions
        on this Certificate will be made by the Securities Administrator either in
        immediately available funds (by wire transfer or otherwise) for the account
        of
        the Person entitled thereto if such Person shall have so notified the Securities
        Administrator at least 5 Business Days prior to the related Record Date,
        or by
        check mailed to the address of the Person entitled thereto, as such name
        and
        address shall appear on the Certificate Register.

       

      No
        transfer of this Certificate shall be made except in accordance with Section
        5.02 of the Agreement.

       

      Notwithstanding
        the above, the final distribution on this Certificate will be made after
        due
        notice of the pendency of such distribution and only upon presentation and
        surrender of this Certificate at the office or agency appointed by the
        Securities Administrator for that purpose in the City of Minneapolis and
        State
        of Minnesota. The Initial Certificate Principal Balance of this Certificate
        is
        set forth above. The Certificate Principal Balance hereof will be reduced
        to the
        extent of distributions allocable to principal.

       

      This
        Certificate is one of a duly authorized issue of Certificates issued in several
        Classes designated as Mortgage-Backed Pass-Through Certificates of the Series
        specified hereon (herein collectively called the “Certificates”).

       

      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. In the event Master Servicer funds are advanced
        with respect to any Mortgage Loan, such advance is reimbursable to the Master
        Servicer, to the extent provided in the Agreement, from related recoveries
        on
        such Mortgage Loan or from other cash that would have been distributable
        to
        Certificateholders.

       

      As
        provided in the Agreement, withdrawals from the Distribution Account created
        for
        the benefit of Certificateholders may be made by the Master Servicer from
        time
        to time for purposes other than distributions to Certificateholders, such
        purposes including without limitation reimbursement to the Trustee, the Company
        and the Master Servicer of advances made, or certain expenses incurred, by
        either of them.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        of
        the Agreement and the modification of the rights and obligations of the Company,
        the Master Servicer, the Securities Administrator, the Trustee and the rights
        of
        the Certificateholders under the Agreement at any time by the Company, the
        Master Servicer, the Securities Administrator and the Trustee with the consent
        of the Holders of Certificates evidencing in the aggregate not less than
        66-2/3%
        of the Percentage Interests of each Class of Certificates affected thereby.
        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 the Certificate.
        The
        Agreement also permits the amendment thereof in certain circumstances without
        the consent of the Holders of any of the Certificates and, in certain additional
        circumstances, without the consent of the Holders of certain Classes of
        Certificates.

       

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

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        Classes and in denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, Certificates
        are
        exchangeable for new Certificates of authorized denominations evidencing
        the
        same Class and 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,
        but the Securities Administrator may require payment of a sum sufficient
        to
        cover any tax or other governmental charge payable in connection
        therewith.

       

      The
        Company, the Master Servicer, the Securities Administrator, the Servicer
        and the
        Trustee and any agent of the Company, the Master Servicer, the Securities
        Administrator, the Servicer or the Trustee may treat the Person in whose
        name
        this Certificate is registered as the owner hereof for all purposes, and
        neither
        the Company, the Master Servicer, the Securities Administrator, the Servicer,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      This
        Certificate shall be governed by and construed in accordance with the laws
        of
        the State of New York.

       

      The
        Mortgage Loans are subject to optional termination in whole, but not in part,
        by
        the Servicer or its designee on or after the first Distribution Date on which
        the aggregate outstanding Stated Principal Balance of the Mortgage Loans
        is less
        than or equal to 1% of the Aggregate Stated Principal Balance of the Mortgage
        Loans as of the Cut-off Date.

       

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

       

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

      
        
          
            	 	 	 
	
                    
                      Dated: May
                        25, 2006

                    

                  	
                    WELLS
                      FARGO BANK, N.A.,

                    as
                      Securities Administrator

                  
	 
 	 
 	
                     

                     

                    
 

                  
	
                     

                  	 	By: 
	 	
                    
                      

                    

                  
	 	
                    Authorized
                      Signatory

                  

          

           

           

          

          CERTIFICATE
            OF AUTHENTICATION

           

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

          
            
              	 	 	 
	
                       

                    	
                      WELLS
                        FARGO BANK, N.A.,

                      as
                        Securities Administrator

                    
	 
 	 
 	
                       

                       

                      
 

                    
	
                       

                    	 	By: 
	 	
                      
                        

                      

                    
	 	
                      Authorized
                        Signatory

                    

            

             

          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _____________________________________ (Please print or typewrite name and
        address including postal zip code of assignee) a Percentage Interest evidenced
        by the within Mortgage-Backed Pass-Through Certificate and hereby authorizes
        the
        transfer of registration of such interest to assignee on the Certificate
        Register of the Trust Fund.

       

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      
        
          
            
              	
                       

                       

                    
	
                       

                       

                    

            

             

             

            
              	
                      Dated:

                    	 	 
	 	
                      Signature
                        by or on behalf of assignor

                    	 
	 	 	 
	 	 	 	 
	 	 	
                      Signature
                        Guaranteed

                    	 

            

             

            DISTRIBUTION
              INSTRUCTIONS

             

          

        

      

      
        	 	
                The
                  assignee should include the following for purposes of
                  distribution:

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

              	 
	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                .

              
	
                Applicable
                  statements should be mailed to

              	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      
 

      EXHIBIT
        B-4

       

      CLASS
        B-[_] CERTIFICATE

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR CERTIFICATES,
        CLASS M CERTIFICATES [AND] [CLASS B [_] [,] [AND] [CLASS B [_] ] [,] [AND]
        [CLASS B [_]] [,] CERTIFICATES AS DESCRIBED IN THE AGREEMENT (AS DEFINED
        BELOW).

       

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

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
        HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY
        BE
        REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
        THE
        ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE
        ACT
        (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED
        INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR
        ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER
        HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
        IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM
        REGISTRATION PROVIDED BY RULE 144 UNDER THE ACT (IF AVAILABLE) OR (3) IN
        CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING
        THEREOF IN RULE 501(a)(1), (2),(3) OR (7) (OR ANY ENTITY IN WHICH ALL OF
        THE
        EQUITY HOLDERS COME WITHIN SUCH PARAGRAPHS) OF REGULATION D UNDER THE ACT
        PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE ACT, SUBJECT TO (A) THE
        RECEIPT BY THE SECURITIES ADMINISTRATOR OF A LETTER SUBSTANTIALLY IN THE
        FORM
        PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY THE SECURITIES ADMINISTRATOR
        OF
        AN OPINION OF COUNSEL AS TO COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS
        OF
        THE UNITED STATES. THIS CERTIFICATE MAY NOT BE ACQUIRED DIRECTLY OR INDIRECTLY
        BY, OR ON BEHALF OF, AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
        WHICH IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
        OF
        1974, AS AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
        AMENDED, UNLESS THE TRANSFEREE CERTIFIES OR REPRESENTS THAT THE PROPOSED
        TRANSFER AND HOLDING OF A CERTIFICATE AND THE SERVICING, MANAGEMENT AND
        OPERATION OF THE TRUST AND ITS ASSETS: (I) WILL NOT RESULT IN ANY PROHIBITED
        TRANSACTION WHICH IS NOT COVERED UNDER AN INDIVIDUAL OR CLASS PROHIBITED
        TRANSACTION EXEMPTION, INCLUDING, BUT NOT LIMITED TO, PROHIBITED TRANSACTION
        EXEMPTION (“PTE”) 84-14, PTE 91-38, PTE 90-1, PTE 95-60 OR PTE 96-23 AND (II)
        WILL NOT GIVE RISE TO ANY ADDITIONAL OBLIGATIONS ON THE PART OF THE DEPOSITOR,
        THE SECURITIES ADMINISTRATOR, THE MASTER SERVICER OR THE TRUSTEE, WHICH WILL
        BE
        DEEMED REPRESENTED BY AN OWNER OF A BOOK-ENTRY CERTIFICATE OR A GLOBAL
        CERTIFICATE, OR PROVIDES AN OPINION OF COUNSEL TO SUCH
        EFFECT.

      

        
          	
                  Certificate
                    No. 1

                	
                  Adjustable
                    Pass-Through Rate

                
	
                  Class
                    B-[_] Subordinate

                	
                  Aggregate
                    Initial Certificate Principal

                  Balance
                    of the Class B-[_]

                  Certificates:
                    $[______]

                
	
                  Date
                    of Pooling and Servicing

                  Agreement
                    and Cut-off Date:

                  October
                    1, 2006

                	
                  Initial
                    Certificate Principal Balance of this Certificate:

                  $[______]

                
	
                  First
                    Distribution Date:

                  November
                    27, 2006

                	
                  CUSIP:
                    [________]

                
	
                  Master
                    Servicer:

                  Wells
                    Fargo Bank, N.A.

                	 
	
                  Assumed
                    Final Distribution Date:

                  October
                    25, 2037

                	 

        

         

      

      MORTGAGE-BACKED
        PASS-THROUGH CERTIFICATE

      SERIES
        2006-4

       

      evidencing
        a percentage interest in any distributions allocable to the Class B-[_]
        Certificates with respect to a Trust Fund consisting primarily of a pool
        of
        one-to four-family adjustable-rate first lien mortgage loans formed and sold
        by
        AMERICAN HOME MORTGAGE ASSETS LLC

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in American Home Mortgage Assets LLC,
        the
        Master Servicer, the Servicer, the Seller, the Securities Administrator or
        the
        Trustee referred to below or any of their affiliates. Neither this Certificate
        nor the underlying Mortgage Loans are guaranteed or insured by any governmental
        agency or instrumentality or by American Home Mortgage Assets LLC, the Master
        Servicer, the Servicer, the Seller, the Securities Administrator, the Trustee
        or
        any of their affiliates. None of American Home Mortgage Assets LLC, the Master
        Servicer, the Servicer, the Seller, the Securities Administrator or any of
        their
        affiliates will have any obligation with respect to any certificate or other
        obligation secured by or payable from payments on the Certificates.

       

      This
        certifies that [_________] is the registered owner of the Percentage Interest
        evidenced by this Certificate (obtained by dividing the Initial Certificate
        Principal Balance of this Certificate by the aggregate Initial Certificate
        Principal Balance of all Class B-[_] Certificates, both as specified above)
        in
        certain distributions with respect to the Trust Fund consisting primarily
        of an
        interest in a pool of one- to four-family adjustable-rate first lien mortgage
        loans (the “Mortgage Loans”), sold by American Home Mortgage Assets LLC
        (hereinafter called the “Company,” which term includes any successor entity
        under the Agreement referred to below). The Trust Fund was created pursuant
        to a
        Pooling and Servicing Agreement dated as specified above (the “Agreement”) among
        the Company, the Master Servicer, the Securities Administrator and Deutsche
        Bank
        National Trust Company, as trustee (the “Trustee”), a summary of certain of the
        pertinent provisions of which is set forth hereafter. To the extent not defined
        herein, the capitalized terms used herein have the meanings assigned in the
        Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, a distribution 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 (the “Distribution Date”), commencing as described in the
        Agreement, to the Person in whose name this Certificate is registered, so
        long
        as this Certificate is a Book-Entry Certificate, at the close of business
        on the
        Business Day immediately prior to such Distribution Date, but if this
        Certificate is no longer a Book-Entry Certificate, then to the Person in
        whose
        name this Certificate is registered at the close of business on the last
        Business Day of the calendar month preceding such Distribution Date (the
“Record
        Date”), from the related Available Funds in an amount equal to the product of
        the Percentage Interest evidenced by this Certificate and the amount of interest
        and principal, if any, required to be distributed to Holders of Class B-[_]
        Certificates on such Distribution Date.

       

      Distributions
        on this Certificate will be made by the Securities Administrator either in
        immediately available funds (by wire transfer or otherwise) for the account
        of
        the Person entitled thereto if such Person shall have so notified the Securities
        Administrator and the Trustee at least 5 Business Days prior to the related
        Record Date, or by check mailed to the address of the Person entitled thereto,
        as such name and address shall appear on the Certificate Register.

       

      Any
        transferee shall be deemed to have made the representation set forth in Section
        5.02 of the Agreement.

       

      Notwithstanding
        the above, the final distribution on this Certificate will be made after
        due
        notice of the pendency of such distribution and only upon presentation and
        surrender of this Certificate at the office or agency appointed by the
        Securities Administrator for that purpose in the City of Minneapolis and
        State
        of Minnesota. The Initial Certificate Principal Balance of this Certificate
        is
        set forth above. The Certificate Principal Balance hereof will be reduced
        to the
        extent of distributions allocable to principal.

       

      No
        transfer of this Class B-[_] Certificate will be made unless such transfer
        is
        (i) exempt from the registration requirements of the Securities Act of 1933,
        as
        amended, and any applicable state securities laws or is made in accordance
        with
        said Act and laws and (ii) made in accordance with Section 5.02 of the
        Agreement. In the event that such transfer is to be made the Securities
        Administrator shall register such transfer if, (i) made to a transferee who
        has
        provided the Securities Administrator with evidence as to its QIB status;
        or
        (ii) (A) the transferor has advised the Securities Administrator in writing
        that
        the Certificate is being transferred to an Institutional Accredited Investor
        and
        (B) prior to such transfer the transferee furnishes to the Securities
        Administrator an Investment Letter; provided that if based upon an Opinion
        of
        Counsel to the effect that (A) and (B) above are not sufficient to confirm
        that
        such transfer is being made pursuant to an exemption from, or in a transaction
        not subject to, the registration requirements of the Securities Act and other
        applicable laws, the Securities Administrator shall as a condition of the
        registration of any such transfer require the transferor to furnish such
        other
        certifications, legal opinions or other information prior to registering
        the
        transfer of this Certificate as shall be set forth in such Opinion of
        Counsel.

       

      This
        Certificate is one of a duly authorized issue of Certificates issued in several
        Classes designated as Mortgage-Backed Pass-Through Certificates of the Series
        specified hereon (herein collectively called the “Certificates”).

       

      This
        Certificate may not be acquired directly or indirectly by, or on behalf of,
        an
        employee benefit plan or other retirement arrangement which is subject to
        Title
        I of the Employee Retirement Income Security Act of 1974, as amended, or
        Section
        4975 of the Internal Revenue Code of 1986, as amended, unless the transferee
        certifies or represents that the proposed transfer and holding of a Certificate
        and the servicing, management and operation of the trust and its assets:
        (i)
        will not result in any prohibited transaction which is not covered under
        an
        individual or class prohibited transaction exemption, including, but not
        limited
        to, Prohibited Transaction Exemption (“PTE”) 84-14, PTE 91-38, PTE 90-1, PTE
        95-60 or PTE 96-23 and (ii) will not give rise to any additional obligations
        on
        the part of the Depositor, the Master Servicer, the Securities Administrator
        or
        the Trustee, which will be deemed represented by an owner of a Book-Entry
        Certificate or a Global Certificate, or an Opinion of Counsel specified in
        section 5.02 of the Agreement is provided. This Certificate is one of a duly
        authorized issue of Certificates designated as set forth on the face hereof
        (the
“Certificates”).

       

      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. In the event Master Servicer funds are advanced
        with respect to any Mortgage Loan, such advance is reimbursable to the Master
        Servicer, to the extent provided in the Agreement, from related recoveries
        on
        such Mortgage Loan or from other cash that would have been distributable
        to
        Certificateholders.

       

      As
        provided in the Agreement, withdrawals from the Distribution Account created
        for
        the benefit of Certificateholders may be made by the Master Servicer from
        time
        to time for purposes other than distributions to Certificateholders, such
        purposes including without limitation reimbursement to the Trustee, the Company
        and the Master Servicer of advances made, or certain expenses incurred, by
        either of them.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        of
        the Agreement and the modification of the rights and obligations of the Company,
        the Master Servicer, the Securities Administrator, the Trustee and the rights
        of
        the Certificateholders under the Agreement at any time by the Company, the
        Master Servicer, the Securities Administrator and the Trustee with the consent
        of the Holders of Certificates evidencing in the aggregate not less than
        66-2/3%
        of the Percentage Interests of each Class of Certificates affected thereby.
        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 the Certificate.
        The
        Agreement also permits the amendment thereof in certain circumstances without
        the consent of the Holders of any of the Certificates and, in certain additional
        circumstances, without the consent of the Holders of certain Classes of
        Certificates.

       

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

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        Classes and in denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, Certificates
        are
        exchangeable for new Certificates of authorized denominations evidencing
        the
        same Class and 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,
        but the Securities Administrator may require payment of a sum sufficient
        to
        cover any tax or other governmental charge payable in connection
        therewith.

       

      The
        Company, the Master Servicer, the Securities Administrator, the Servicer
        and the
        Trustee and any agent of the Company, the Master Servicer, the Securities
        Administrator, the Servicer or the Trustee may treat the Person in whose
        name
        this Certificate is registered as the owner hereof for all purposes, and
        neither
        the Company, the Master Servicer, the Securities Administrator, the Servicer,
        the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      This
        Certificate shall be governed by and construed in accordance with the laws
        of
        the State of New York.

       

      The
        Mortgage Loans are subject to optional termination in whole, but not in part,
        by
        the Servicer or its designee on or after the first Distribution Date on which
        the aggregate outstanding Stated Principal Balance of the Mortgage Loans
        is less
        than or equal to 1% of the Aggregate Stated Principal Balance of the Mortgage
        Loans as of the Cut-off Date.

       

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

       

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

      
        
          
            
              	 	 	 
	
                      
                        
                          Dated: October
                            30, 2006

                        

                      

                    	
                      WELLS
                        FARGO BANK, N.A.,

                      as
                        Securities Administrator

                    
	 
 	 
 	
                       

                       

                      
 

                    
	
                       

                    	 	By: 
	 	
                      
                        

                      

                    
	 	
                      Authorized
                        Signatory

                    

            

             

             

            

            CERTIFICATE
              OF AUTHENTICATION

             

            This
              is
              one of the Class B-[_] Certificates referred to in the within-mentioned
              Agreement.

            
              
                	 	 	 
	
                         

                      	
                        WELLS
                          FARGO BANK, N.A.,

                        as
                          Securities Administrator

                      
	 
 	 
 	
                         

                         

                        
 

                      
	
                         

                      	 	By: 
	 	
                        
                          

                        

                      
	 	
                        Authorized
                          Signatory

                      

              

               

            

          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _____________________________________ (Please print or typewrite name and
        address including postal zip code of assignee) a Percentage Interest evidenced
        by the within Mortgage-Backed Pass-Through Certificate and hereby authorizes
        the
        transfer of registration of such interest to assignee on the Certificate
        Register of the Trust Fund.

       

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      
        
          
            
              
                	
                         

                         

                      
	
                         

                         

                      

              

               

               

              
                	
                        Dated:

                      	 	 
	 	
                        Signature
                          by or on behalf of assignor

                      	 
	 	 	 
	 	 	 	 
	 	 	
                        Signature
                          Guaranteed

                      	 

              

               

              DISTRIBUTION
                INSTRUCTIONS

               

            

          

        

      

      
        	 	
                The
                  assignee should include the following for purposes of
                  distribution:

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

              	 
	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                .

              
	
                Applicable
                  statements should be mailed to

              	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

       

      EXHIBIT
        C

       

      FORM
        OF
        INITIAL CERTIFICATION

       

      October
        30, 2006

       

      
        	
                Deutsche
                  Bank National Trust Company 

                1761
                  East St. Andrew Place

                Santa
                  Ana, California 92705

              	
                American
                  Home Mortgage Assets LLC

                538
                  Broadhollow Road

                Melville,
                  New York 11747

                 

              

      

      
 

      
        	
              	Attention:	
                American
                  Home Mortgage Assets LLC,

                
                  American
                    Home Mortgage Assets Trust 2006-6,

                  Mortgage-Backed
                    Pass-Through Certificates, Series
                    2006-6

                

              

      

       

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of October 30, 2006, by and among 

                Deutsche
                  Bank National Trust Company, American Home Mortgage 

                Assets
                  LLC and Wells Fargo Bank, N.A., relating to American Home 

                Mortgage
                  Assets Trust 2006-6, Mortgage-Backed Pass-Through

                Certificates,
                  Series 2006-6

              	 

      

      

      Ladies
        and Gentlemen:

       

      In
        accordance with the Pooling and Servicing Agreement, dated as of October
        1, 2006
        among American Home Mortgage Assets LLC, Wells Fargo Bank, N.A. and Deutsche
        Bank National Trust Company (the “Pooling and Servicing Agreement”) and Schedule
        I of the Custodial Agreement (the “Custodial Agreement”, and together with the
        Pooling and Servicing Agreement, the “Agreements”) the undersigned, as custodian
        (the “Custodian”), hereby certifies that as to each Mortgage Loan listed in the
        Mortgage Loan Schedule (other than any Mortgage Loan paid in full or listed
        on
        the attachment hereto) it has reviewed the Mortgage File, and has determined
        that: (i) all documents required to be included in the Mortgage File pursuant
        to
        Schedule I of the Custodial 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 examination by it, and only as to such
        documents, the information set forth in item (iv) of the definition or
        description of “Mortgage Loan Schedule” is correct.

       

      The
        Custodian has made no independent examination of any documents contained
        in each
        Mortgage File beyond the review specifically required in the above

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement.

      
        	 	 	 
	 	
                DEUTSCHE
                  BANK
                  NATIONAL TRUST 

                COMPANY,
                  as
                  Custodian

              
	 
 	 
 	 
 
	 	  	By:
	 	
                
                  

                

              
	 	
                Name:

                Title:

              

      

       

      EXHIBIT
        D

       

      FORM
        OF
        CUSTODIAN FINAL CERTIFICATION

       

      _____________,
        20__

       

      FORM
        OF
        FINAL CERTIFICATION

       

      ________
        __, 200_

       

      

      
        	
                Deutsche
                  Bank National Trust Company 

                1761
                  East St. Andrew Place

                Santa
                  Ana, California 92705

                 

              	
                American
                  Home Mortgage Assets LLC

                538
                  Broadhollow Road

                Melville,
                  New York 11747

                 

              

      

       

       

      
        	
              	Attention:	
                American
                  Home Mortgage Assets LLC,

                
                  American
                    Home Mortgage Assets Trust 2006-6,

                  Mortgage-Backed
                    Pass-Through Certificates, Series
                    2006-6

                

              

      

       

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of October 30, 2006, by and among 

                Deutsche
                  Bank National Trust Company, American Home Mortgage 

                Assets
                  LLC and Wells Fargo Bank, N.A., relating to American Home 

                Mortgage
                  Assets Trust 2006-6, Mortgage-Backed Pass-Through
                  

                Certificates,
                  Series 2006-6

              	 

      

      

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.3(b) of the above-captioned Custodial Agreement
        and
        subject to Section 2.02 of Pooling and Servicing Agreement, dated as of October
        1, 2006, among Deutsche Bank National Trust Company, American Home Mortgage
        Assets LLC and Wells Fargo Bank, N.A., the undersigned, as Custodian, hereby
        certifies that it has received a Mortgage File with respect to each Mortgage
        Loan listed in the Mortgage Loan Schedule containing with respect to each
        Mortgage Loan:

       

      (i) the
        original Mortgage Note (including all riders thereto) bearing all intervening
        endorsements necessary to show a complete chain of endorsements from the
        original payee, endorsed “Pay to the order of _____without recourse”, via
        original signature, and, if previously endorsed, signed in the name of the
        last
        endorsee by a duly qualified officer of the last endorsee or, with respect
        to
        any Mortgage Loan as to which the original Mortgage Note has been permanently
        lost or destroyed and has not been replaced, a Lost Note Affidavit. If the
        Mortgage Loan was acquired by the last endorsee in a merger, the endorsement
        must be by “[name of last endorsee], successor by merger to [name of the
        predecessor].” If the Mortgage Loan was acquired or originated by the last
        endorsee while doing business under another name, the endorsement must be
        by
“[name of last endorsee], formerly known as [previous name]”;

       

      (ii) The
        original recorded Mortgage, noting the presence of the MIN of the Mortgage
        Loan
        and either language indicating that the Mortgage Loan is a MOM loan or if
        the
        Mortgage Loan was not a MOM loan at origination, the original Mortgage and
        the
        assignment thereof to MERS, with evidence of recording indicated thereon;
        provided that if such document is not included because of a delay by the
        public
        recording office where such document has been delivered for recordation or
        such
        office as a matter of policy does not return the original of such document
        or if
        such original Mortgage has been lost, the Seller shall include or cause to
        be
        included a copy thereof certified by the appropriate recording office, if
        available;

       

      (iii) the
        original Assignment of Mortgage in blank, in form and substance acceptable
        for
        recordation in the jurisdiction in which the related mortgage property is
        located and signed in the name of the Last Endorsee by an authorized officer;
        unless the Mortgage Loan is registered on the MERS system;

       

      (iv) The
        original intervening Assignments, if any and if available, with evidence
        of
        recording thereon, showing an unbroken chain of title to the Mortgage from
        the
        originator thereof to Person assigning it to the Trustee (or to MERS, if
        the
        Mortgage Loan is registered on the MERS® System); provided that if such document
        is not included because of a delay by the public recording office where such
        document has been delivered for recordation or such office as a matter of
        policy
        does not return the original of such document, the Seller shall include or
        cause
        to be included a copy thereof certified by the appropriate recording office,
        if
        available;

       

      (v) The
        originals of each assumption, modification or substitution agreement, if
        any and
        if available, relating to the Mortgage Loan; and

       

      (vi) the
        original or photocopy title insurance policy (or a preliminary title report,
        title binder or title commitment on the Mortgaged Property with the original
        policy of the insurance to be delivered promptly following the receipt
        thereof);

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the above-captioned Custodial Agreement or in the Pooling and Servicing
        Agreement, as applicable.

      
        	
              	 	 
	 	
                DEUTSCHE
                  BANK
                  NATIONAL 

                TRUST
                  COMPANY,
                  as Custodian

              
	 
 	 
 	 
 
	 	  	By:
	 	
                
                  

                

              
	 	
                Name:

                Title:

              

      

      
        
 

      

      EXHIBIT
        E

       

      FORM
        OF
        REMITTANCE REPORT

       

      (PROVIDED
        UPON REQUEST)

      
 

      EXHIBIT
        F

       

      FORM
        OF
        REQUEST FOR RELEASE

       

      
        	To:	
                Deutsche
                  Bank National Trust Company

                
                  1761
                    East St. Andrew Place

                  Santa
                    Ana, California 92705

                

              

      

      
      

      
        	
                Re:     
                  

              	
                Pooling
                  and Servicing Agreement, dated as of October 1, 2006, by and among
                  Deutsche Bank National Trust Company, American Home Mortgage Assets
                  LLC
                  and Wells Fargo Bank, N.A., relating to American Home Mortgage
                  Assets
                  Trust 2006-6, Mortgage-Backed Pass-Through Certificates, Series
                  2006-6

              

      

       

      In
        connection with the administration of the Mortgage Loans held by you pursuant
        to
        the above-captioned Pooling and Servicing Agreement, we request the release,
        and
        hereby acknowledge receipt, of the Mortgage File for the Mortgage Loan described
        below, for the reason indicated.

       

      Mortgage
        Loan Number:

       

      Mortgagor
        Name, Address & Zip Code:

       

      Reason
        for Requesting Documents (check one):

      

      
        	
                _____

              	
                1.

              	
                Mortgage
                  Paid in Full and proceeds have been deposited into the Custodial
                  Account

              
	
                _____

              	
                2.

              	
                Foreclosure

              
	
                _____

              	
                3.

              	
                Substitution

              
	
                _____

              	
                4.

              	
                Other
                  Liquidation

              
	
                _____

              	
                5.

              	
                Nonliquidation

              	
                Reason:
                  ________________________

              
	
                _____

              	
                6.

              	
                California
                  Mortgage Loan paid in full

              

      

      

      
        	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                (authorized
                  signer)

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Issuer:
                  

              	 
	 	 	 	 	 	 	 	
                Address:
                  

              	 
	 	 	 	 	 	 	 	
                Date:

              	 

      

      

       

      EXHIBIT
        G-1

      

      FORM
        OF
        INVESTOR REPRESENTATION LETTER

       

      _____________,
        200__

       

      American
        Home Mortgage Assets LLC

      538
        Broadhollow Road

      Melville,
        New York 11747

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

       

      
        	
              	Re:	
                American
                  Home Mortgage Assets Trust 2006-6

                Mortgage-Backed Pass-Through
                  Certificates Series 2006-6,
                  Class[___]

              

      

       

      Ladies
        and Gentlemen:

       

      [______________]
        (the “Purchaser”) intends to purchase from [______________] (the “Seller”)
        $[_________] Initial Certificate Principal Balance of Mortgage-Backed
        Pass-Through Certificates, Series 2006-6, Class [_____] (the “Certificates”),
        issued pursuant to the Pooling and Servicing Agreement, dated as of October
        1,
        2006 (the “Pooling and Servicing Agreement”), among American Home Mortgage
        Assets LLC, as company (the “Company”), Wells Fargo Bank, National Association,
        as master servicer (in such capacity, the “Master Servicer”) and as securities
        administrator (in such capacity, the “Securities Administrator”) and Deutsche
        Bank National Trust Company, as trustee (the “Trustee”). All terms used herein
        and not otherwise defined shall have the meanings set forth in the Pooling
        and
        Servicing Agreement. The Purchaser hereby certifies, represents and warrants
        to,
        and covenants with, the Company and the Securities Administrator
        that:

       

      1. The
        Purchaser understands that (a) the Certificates have not been and will not
        be
        registered or qualified under the Securities Act of 1933, as amended (the
“Act”)
        or any state securities law, (b) the Company is not required to so register
        or
        qualify the Certificates, (c) the Certificates may be resold only if registered
        and qualified pursuant to the provisions of the Act or any state securities
        law,
        or if an exemption from such registration and qualification is available,
        (d)
        the Pooling and Servicing Agreement contains restrictions regarding the transfer
        of the Certificates and (e) the Certificates will bear a legend to the foregoing
        effect.

       

      2. The
        Purchaser is acquiring the Certificates for its own account for investment
        only
        and not with a view to or for sale in connection with any distribution thereof
        in any manner that would violate the Act or any applicable state securities
        laws.

       

      3. The
        Purchaser is (a) a substantial, sophisticated institutional investor having
        such
        knowledge and experience in financial and business matters, and, in particular,
        in such matters related to securities similar to the Certificates, such that
        it
        is capable of evaluating the merits and risks of investment in the Certificates,
        (b) able to bear the economic risks of such an investment and (c) an “accredited
        investor” within the meaning of Rule 501 (a) promulgated pursuant to the
        Act.

       

      4. The
        Purchaser has been furnished with, and has had an opportunity to review a
        copy
        of the Pooling and Servicing Agreement and such other information concerning
        the
        Certificates, the Mortgage Loans and the Company as has been requested by
        the
        Purchaser from the Company or the Seller and is relevant to the Purchaser’s
        decision to purchase the Certificates. The Purchaser has had any questions
        arising from such review answered by the Company or the Seller to the
        satisfaction of the Purchaser.

       

      5. The
        Purchaser has not and will not nor has it authorized or will it authorize
        any
        person to (a) offer, pledge, sell, dispose of or otherwise transfer any
        Certificate, any interest in any Certificate or any other similar security
        to
        any person in any manner, (b) solicit any offer to buy or to accept a pledge,
        disposition of other transfer of any Certificate, any interest in any
        Certificate or any other similar security from any person in any manner,
        (c)
        otherwise approach or negotiate with respect to any Certificate, any interest
        in
        any Certificate or any other similar security with any person in any manner,
        (d)
        make any general solicitation by means of general advertising or in any other
        manner or (e) take any other action, that (as to any of (a) through (e) above)
        would constitute a distribution of any Certificate under the Act, that would
        render the disposition of any Certificate a violation of Section 5 of the
        Act or
        any state securities law, or that would require registration or qualification
        pursuant thereto. The Purchaser will not sell or otherwise transfer any of
        the
        Certificates, except in compliance with the provisions of the Pooling and
        Servicing Agreement.

      

      
        	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	
                (Purchaser)

              
	 	 	 	 	 	 
	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	
                Title:

              	 

      

      
 

      EXHIBIT
        G-2

      

      FORM
        OF
        TRANSFEROR REPRESENTATION LETTER

       

      ______________,
        200___

       

      American
        Home Mortgage Assets LLC

      538
        Broadhollow Road

      Melville,
        New York 11747

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

       

      
        	
              	Re:	
                American
                  Home Mortgage Assets Trust 2006-6

                Mortgage-Backed Pass-Through
                  Certificates, Series 2006-6, Class[__]

              

      

      
      

      Ladies
        and Gentlemen:

       

      In
        connection with the sale by [___________] (the “Seller”) to [________] (the
“Purchaser”) of $[_________] Initial Certificate Principal Balance of
        Mortgage-Backed Pass-Through Certificates, Series 2006-6, Class [_____] (the
        “Certificates”), issued pursuant to the Pooling and Servicing Agreement (the
“Pooling and Servicing Agreement”), dated as of October 1, 2006 among American
        Home Mortgage Assets LLC, as company (the “Company”), Wells Fargo Bank, N.A., as
        master servicer (in such capacity, the “Master Servicer”) and as securities
        administrator (in such capacity, the “Securities Administrator”) and Deutsche
        Bank National Trust Company, as trustee (the “Trustee”). The Seller hereby
        certifies, represents and warrants to, and covenants with, the Company and
        the
        Securities Administrator that:

       

      Neither
        the Seller nor anyone acting on its behalf has (a) offered, pledged, sold,
        disposed of or otherwise transferred any Certificate, any interest in any
        Certificate or any other similar security to any person in any manner, (b)
        has
        solicited any offer to buy or to accept a pledge, disposition or other transfer
        of any Certificate, any interest in any Certificate or any other similar
        security from any person in any manner, (c) has otherwise approached or
        negotiated with respect to any Certificate, any interest in any Certificate
        or
        any other similar security with any person in any manner, (d) has made any
        general solicitation by means of general advertising or in any other manner,
        or
        (e) has taken any other action, that (as to any of (a) through (e) above)
        would
        constitute a distribution of the Certificates under the Securities Act of
        1933
        (the “Act”), that would render the disposition of any Certificate a violation of
        Section 5 of the Act or any state securities law, or that would require
        registration or qualification pursuant thereto. The Seller will not act in
        any
        manner set forth in the foregoing sentence with respect to any Certificate.
        The
        Seller has not and will not sell or otherwise transfer any of the Certificates,
        except in compliance with the provisions of the Pooling and Servicing
        Agreement.

       

      
        
          	 	 	 	 	 	
                  Very
                    truly yours,

                
	 	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	
                  (Purchaser)

                
	 	 	 	 	 	 
	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	
                  Title:

                	 

        

        
 

      

      EXHIBIT
        G-3

      

      FORM
        OF
        RULE 144A INVESTMENT REPRESENTATION

       

      DESCRIPTION
        OF RULE 144A SECURITIES, INCLUDING NUMBERS:

       

      American
        Home Mortgage Assets Trust 2006-6

      Mortgage-Backed
        Pass-Through Certificates

      SERIES
        2006-6, CLASS ____, NO. ____

       

      The
        undersigned seller, as registered holder (the “Transferor”), intends to transfer
        the Rule 144A Securities described above to the undersigned buyer (the
“Buyer”).

       

      1.
        In
        connection with such transfer and in accordance with the agreements pursuant
        to
        which the Rule 144A Securities were issued, the Transferor hereby certifies
        the
        following facts: Neither the Transferor nor anyone acting on its behalf has
        offered, transferred, pledged, sold or otherwise disposed of the Rule 144A
        Securities, any interest in the Rule 144A Securities or any other similar
        security to, or solicited any offer to buy or accept a transfer, pledge or
        other
        disposition of the Rule 144A Securities, or otherwise approached or negotiated
        with respect to the Rule 144A Securities, any interest in the Rule 144A
        Securities or any other similar security with, any person in any manner,
        or made
        any general solicitation by means of general advertising or in any other
        manner,
        or taken any other action, which would constitute a distribution of the Rule
        144A Securities under the Securities Act of 1933, as amended (the “1933 Act”),
        or which would render the disposition of the Rule 144A Securities a violation
        of
        Section 5 of the 1933 Act or require registration pursuant thereto, and that
        the
        Transferor has not offered the Rule 144A Securities to any person other than
        the
        Buyer or another “qualified institutional buyer” as defined in Rule 144A under
        the 1933 Act.

       

      2.
        The
        Buyer warrants and represents to, and covenants with, the Transferor, the
        Securities Administrator and the Master Servicer pursuant to Section 5.02
        of the
        Pooling and Servicing Agreement as follows:

       

      a.
        The
        Buyer understands that the Rule 144A Securities have not been registered
        under
        the 1933 Act or the securities laws of any state.

       

      b.
        The
        Buyer considers itself a substantial, sophisticated institutional investor
        having such knowledge and experience in financial and business matters that
        it
        is capable of evaluating the merits and risks of investment in the Rule 144A
        Securities.

       

      c.
        The
        Buyer has been furnished with all information regarding the Rule 144A Securities
        that it has requested from the Transferor, the Securities Administrator or
        the
        Master Servicer.

       

      d.
        Neither the Buyer nor anyone acting on its behalf has offered, transferred,
        pledged, sold or otherwise disposed of the Rule 144A Securities, any interest
        in
        the Rule 144A Securities or any other similar security to, or solicited any
        offer to buy or accept a transfer, pledge or other disposition of the Rule
        144A
        Securities, any interest in the Rule 144A Securities or any other similar
        security from, or otherwise approached or negotiated with respect to the
        Rule
        144A Securities, any interest in the Rule 144A Securities or any other similar
        security with, any person in any manner, or made any general solicitation
        by
        means of general advertising or in any other manner, or taken any other action,
        that would constitute a distribution of the Rule 144A Securities under the
        1933
        Act or that would render the disposition of the Rule 144A Securities a violation
        of Section 5 of the 1933 Act or require registration pursuant thereto, nor
        will
        it act, nor has it authorized or will it authorize any person to act, in
        such
        manner with respect to the Rule 144A Securities.

       

      e.
        The
        Buyer is a “qualified institutional buyer” as that term is defined in Rule 144
        under the 1933 Act and has completed either of the forms of certification
        to
        that effect attached hereto as Annex 1 or Annex 2. The Buyer is aware that
        the
        sale to it is being made in reliance on Rule 144A. The Buyer is acquiring
        the
        Rule 144A Securities for its own account or the account of other qualified
        institutional buyers, understands that such Rule 144 Securities 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.

       

      3.
        The
        Buyer warrants and represents to, and covenants with, the Transferor, the
        Servicer and the Company that either (1) the Buyer is not an employee benefit
        plan within the meaning of Section 3(3) of the Employee Retirement Income
        Security Act of 1974, as amended (“ERISA”) (“Plan”), or a plan within the
        meaning of Section 4975(e)(1) of the Internal Revenue Code of 1986 (the “Code”)
        (also a “Plan”), and the Buyer is not directly or indirectly purchasing the Rule
        144A Securities on behalf of, as investment manager of, as named fiduciary
        of,
        as trustee of, or with assets of a Plan, or (2) the Buyer has made the
        representation or has provided the Securities Administrator with the opinion
        letter required by section 5.02(c) of the Pooling and Servicing Agreement,
        or
        (3) [for the Class B Certificates] (A) it is an insurance company, (B) 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 PTCE 95-60,
        and (C) the conditions in Sections I and III of PTCE 95-60 have been
        satisfied.

       

      4.
        This
        document may be executed in one or more counterparts and by the different
        parties hereto on separate counterparts, each of which, when so executed,
        shall
        be deemed to be an original; such counterparts, together, shall constitute
        one
        and the same document.

      IN
        WITNESS WHEREOF, each of the parties has executed this document as of the
        date
        set forth below.

       

      

      
        	 	 
	
                Print
                  Name of Transferor

              	
                Print
                  Name of Buyer

              
	 	 
	
                By:

              	 	
                By:

              	 
	
                Name:

              	 	
                Name:

              	 
	
                Title:

              	 	
                Title:

              	 
	 	 
	
                Taxpayer
                  Identification: 

              	
                Taxpayer
                  Identification:

              
	
                No.

              	 	
                No.

              	 
	 	 
	
                Date:

              	 	
                Date:

              	 

      

      

      ANNEX
        1 TO EXHIBIT G-3

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [FOR
        BUYERS OTHER THAN REGISTERED INVESTMENT COMPANIES]

       

      The
        undersigned hereby certifies as follows in connection with the Rule 144A
        Investment Representation to which this Certification is attached:

       

      1.
        As
        indicated below, the undersigned is the President, Chief Financial Officer,
        Senior Vice President or other executive officer of the Buyer.

       

      2.
        In
        connection with purchases by the Buyer, the Buyer is a “qualified institutional
        buyer” as that term is defined in Rule 144A under the Securities Act of 1933
        (“Rule 144A”) because (i) the Buyer 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 Buyer’s most recent fiscal year (such amount being calculated in
        accordance with Rule 144A) and (ii) the Buyer satisfies the criteria in the
        category marked below.

       

      
        	
                ____

              	
                Corporation,
                  etc.
                  The Buyer is a corporation (other than a bank, savings and loan
                  association or similar institution), Massachusetts or similar business
                  trust, partnership, or charitable organization described in Section
                  501(c)(3) of the Internal Revenue
                  Code.

              

      

       

      
        	
                ____

              	
                Bank.
                  The Buyer (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
                  statement, a copy of which is attached
                  hereto.

              

      

       

      
        	
                ____

              	
                Savings
                  and Loan.
                  The Buyer (a) is a savings and loan association, building and loan
                  association, cooperative bank, homestead association or similar
                  institution, which is supervised and examined by a State or Federal
                  authority having supervision over any such institutions or is a
                  foreign
                  savings and loan association or equivalent institution and (b)
                  has an
                  audited net worth of at least $25,000,000 as demonstrated in its
                  latest
                  annual financial statements.

              

      

       

      
        	
                ____

              	
                Broker-dealer.
                  The Buyer is a dealer registered pursuant to Section 15 of the
                  Securities
                  Exchange Act of 1934.

              

      

       

      
        	
                ____

              	
                Insurance
                  Company.
                  The Buyer 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 Buyer 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 Buyer is an employee benefit plan within the meaning of Title
                  I of the
                  Employee Retirement Income Security Act of 1974, as
                  amended.

              

      

       

      
        	
                ____

              	
                Investment
                  Adviser.
                  The Buyer is an investment adviser registered under the Investment
                  Advisers Act of 1940.

              

      

       

      
        	
                ____

              	
                SBIC.
                  The Buyer is a Small Business Investment Company licensed by the
                  U.S.
                  Small Business Administration under Section 301(c) or (d) of the
                  Small
                  Business Investment Act of 1958.

              

      

       

      
        	
                ____

              	
                Business
                  Development Company.
                  The Buyer is a business development company as defined in Section
                  202(a)(22) of the Investment Advisers Act of
                  1940.

              

      

       

      
        	
                ____

              	
                Trust
                  Fund.
                  The Buyer is a trust fund whose trustee is a bank or trust company
                  and
                  whose participants are exclusively (a) plans 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,
                  or (b) employee benefit plans within the meaning of Title I of
                  the
                  Employee Retirement Income Security Act of 1974, but is not a trust
                  fund
                  that includes as participants individual retirement accounts or
                  H.R. 10
                  plans.

              

      

       

      3.
        The
        term “securities”
        as used
        herein does
        not include
        (i)
        securities of issuers that are affiliated with the Buyer, (ii) securities
        that
        are part of an unsold allotment to or subscription by the Buyer, if the Buyer
        is
        a dealer, (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.

       

      4.
        For
        purposes of determining the aggregate amount of securities owned and/or invested
        on a discretionary basis by the Buyer, the Buyer used the cost of such
        securities to the Buyer and did not include any of the securities referred
        to in
        the preceding paragraph. Further, in determining such aggregate amount, the
        Buyer may have included securities owned by subsidiaries of the Buyer, but
        only
        if such subsidiaries are consolidated with the Buyer in its financial statements
        prepared in accordance with generally accepted accounting principles and
        if the
        investments of such subsidiaries are managed under the Buyer’s direction.
        However, such securities were not included if the Buyer is a majority-owned,
        consolidated subsidiary of another enterprise and the Buyer is not itself
        a
        reporting company under the Securities Exchange Act of 1934.

       

      5.
        The
        Buyer acknowledges that it is familiar with Rule 144A and understands that
        the
        seller to it 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
        Buyer may be in reliance on Rule 144A.

       

      
        	
                ___

              	
                ___

              	
                 

              	
                Will
                  the Buyer be purchasing the Rule 144A

              
	
                Yes

              	
                No

              	
                 

              	
                Securities
                  only for the Buyer’s own account?

              

      

       

      6.
        If the
        answer to the foregoing question is “no”, the Buyer agrees that, in connection
        with any purchase of securities sold to the Buyer for the account of a third
        party (including any separate account) in reliance on Rule 144A, the Buyer
        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 Buyer
        agrees that the Buyer will not purchase securities for a third party unless
        the
        Buyer 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
        Buyer 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 Buyer’s purchase of Rule 144A Securities will constitute a reaffirmation of
        this certification as of the date of such purchase.

      

      
        	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Print
                  Name of Buyer

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Date:

              	 

      

      
 

      ANNEX
        2 TO EXHIBIT G-3

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [FOR
        BUYERS THAT ARE REGISTERED INVESTMENT COMPANIES]

       

      The
        undersigned hereby certifies as follows in connection with the Rule 144A
        Investment Representation to which this Certification is attached:

       

      1.
        As
        indicated below, the undersigned is the President, Chief Financial Officer
        or
        Senior Vice President of the Buyer or, if the Buyer is a “qualified
        institutional buyer” as that term is defined in Rule 144A under the Securities
        Act of 1933 (“Rule 144A”) because Buyer is part of a Family of Investment
        Companies (as defined below), is such an officer of the Adviser.

       

      2.
        In
        connection with purchases by Buyer, the Buyer is a “qualified institutional
        buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
        company registered under the Investment Company Act of 1940, and (ii) as
        marked
        below, the Buyer alone, or the Buyer’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 Buyer’s most recent fiscal year. For purposes of
        determining the amount of securities owned by the Buyer or the Buyer’s Family of
        Investment Companies, the cost of such securities was used.

       

      
        	
                ____

              	 	
                The
                  Buyer owned $_______________ in securities (other than the excluded
                  securities referred to below) as of the end of the Buyer’s most recent
                  fiscal year (such amount being calculated in accordance with Rule
                  144A).

              

      

       

      
        	
                ____

              	 	
                The
                  Buyer 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 Buyer’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
        Buyer or are part of the Buyer’s Family of Investment Companies, (ii) bank
        deposit notes and certificates of deposit, (iii) loan participations, (iv)
        repurchase agreements, (v) securities owned but subject to a repurchase
        agreement and (vi) currency, interest rate and commodity swaps.

       

      5.
        The
        Buyer is familiar with Rule 144A and understands that each of the parties
        to
        which this certification is made are relying and will continue to rely on
        the
        statements made herein because one or more sales to the Buyer will be in
        reliance on Rule 144A. In addition, the Buyer will only purchase for the
        Buyer’s
        own account.

       

      6.
        The
        undersigned will notify each of the parties to which this certification is
        made
        of any changes in the information and conclusions herein. Until such notice,
        the
        Buyer’s purchase of Rule 144A Securities will constitute a reaffirmation of this
        certification by the undersigned as of the date of such purchase.

      

      
        	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Print
                  Name of Buyer

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                IF
                  AN ADVISER:

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Print
                  Name of Buyer

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Date:

              	 

      

      

      
_____________________________

       

      
        
          1 Buyer
            must own and/or invest on a discretionary basis at least $100,000,000
            in
            securities unless Buyer is a dealer, and, in that case, Buyer must own
            and/or
            invest on a discretionary basis at least $10,000,000 in
            securities.

        

      

      EXHIBIT
        G-4

       

      FORM
        OF
        TRANSFEROR CERTIFICATE FOR TRANSFERS OF RESIDUAL CERTIFICATES

       

      ____________,
        20__

       

      American
        Home Mortgage Assets LLC

      538
        Broadhollow Road

      Melville,
        New York 11747

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

       

      Attention:
        American Home Mortgage Assets Trust, Series 2006-6

       

      
        	 	
                Re:

              	
                American
                  Home Mortgage Assets LLC

                
                  Mortgage-Backed
                    Pass-Through Certificates

                  Series
                    2006-6, Class
                    R                           

                

              

      

      
      

      Ladies
        and Gentlemen:

       

      This
        letter is delivered to you in connection with the sale by [____________]
        (the
“Seller”) to [____________] (the “Purchaser”) of a 100% Percentage Interest in
        the Mortgage-Backed Pass-Through Certificates, Series 2006-6, Class R
        Certificates (the “Certificates”), issued pursuant to Section 5.01 of the
        Pooling and Servicing Agreement, dated as of October 1, 2006 (the “Pooling and
        Servicing Agreement”), among American Home Mortgage Assets LLC, as company (the
“Company”), Wells Fargo Bank, N.A., as master servicer and securities
        administrator (the “Securities Administrator”) and Deutsche Bank National Trust
        Company, as trustee. All terms used herein and not otherwise defined shall
        have
        the meaning set forth in the Pooling and Servicing Agreement. The Seller
        hereby
        certifies, represents and warrants to, and covenants with, the Company and
        the
        Securities Administrator that:

       

      1. No
        purpose of the Seller relating to the sale of the Certificates by the Seller
        to
        the Purchaser is or will be to impede the assessment or collection of any
        tax.

       

      2. The
        Seller understands that the Purchaser has delivered to the Securities
        Administrator and the Master Servicer a transfer affidavit and agreement
        in the
        form attached to the Pooling and Servicing Agreement as Exhibit G-5. The
        Seller
        does not know or believe that any representation contained therein is
        false.

       

      3. The
        Seller has at the time of the transfer 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 Seller
        has
        determined that the Purchaser has historically paid its debts as they have
        become 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
        Seller
        understands that the transfer of the Certificates may not be respected for
        United States income tax purposes (and the Seller may continue to be liable
        for
        United States income taxes associated therewith) unless the Seller has conducted
        such an investigation.

       

      4. The
        Seller has no actual knowledge that the proposed Transferee is a Disqualified
        Organization, an agent of a Disqualified Organization or a Non-United States
        Person.

       

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                [____________],
                  as Seller

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

      

       

      EXHIBIT
        G-5

       

      FORM
        OF
        TRANSFER AFFIDAVIT AND AGREEMENT FOR TRANSFERS OF RESIDUAL
        CERTIFICATES

       

      
        	
                STATE
                  OF 

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

       

      [____________________],
        being first duly sworn, deposes, represents and warrants:

       

      1. That
        [Title of Officer] of [Name of Owner], a [savings institution] [corporation]
        duly organized and existing under the laws of [the State of __________] [the
        United States] (record or beneficial owner of the Mortgage-Backed Pass-Through
        Certificates, Series 2006-6, Class R Certificates (the “Class R Certificates”),
        evidencing a 100% Percentage Interest in such class) (the “Owner”), a [Delaware
        corporation], on behalf of which he makes this affidavit and agreement. The
        Class R Certificates were issued pursuant to the Pooling and Servicing
        Agreement, dated as of October 1, 2006 (the “Pooling and Servicing Agreement”),
        among American Home Mortgage Assets LLC, as company (the “Company”), Wells Fargo
        Bank, N.A., as master servicer (in that capacity, the “Master Servicer”) and
        securities administrator (in that capacity, the “Securities Administrator”) and
        Deutsche Bank National Trust Company, as trustee (the “Trustee”).

       

      2. That
        the
        Owner (i) is and will be a “Permitted Transferee” as of [date of transfer], and
        (ii) is acquiring the Class R Certificates for its own account or for the
        account of another owner from which it has received an affidavit in
        substantially the same form as this affidavit. A “Permitted Transferee” is any
        person other than a “disqualified organization” or a Non-United States Person.
        For this purpose, a “disqualified organization” means 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 the FHLMC, a majority of its board of
        directors is not selected by such governmental unit), (ii) a 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 (unless such organization is subject to the tax imposed
        by
        Section 511 of the Code on unrelated business taxable income), (iv) rural
        electric and telephone cooperatives described in Section 138 1(a)(2)(C) of
        the
        Code and (v) any other Person so designated by the Securities Administrator
        based upon an Opinion of Counsel that the holding of an Ownership Interest
        in a
        Class R Certificate by such Person may cause the related real estate mortgage
        investment conduit 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 Class R 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.

       

      3. That
        the
        Owner is aware (i) of the tax that would be imposed on transfers of any Class
        R
        Certificates to disqualified organizations under the Internal Revenue Code
        of
        1986 that applies to all transfers of any of the Class R Certificates after
        March 31, 1988; (ii) that such tax would be on the transferor, or, if such
        transfer is through an agent (which person includes a broker, nominee or
        middleman) for a disqualified organization, on the agent; (iii) that the
        person
        otherwise liable for the tax shall be relieved of liability for the tax if
        the
        transferee furnishes to such person an affidavit that the transferee is not
        a
        disqualified organization and, at the time of transfer, such person does
        not
        have actual knowledge that the affidavit is false and; (iv) that the Class
        R
        Certificates may be “noneconomic residual interests” within the meaning of
        Treasury regulation section 1.860E-1(c)(2) and that the transferor of a
“noneconomic residual interest” will remain liable for any taxes due with
        respect to the income on such residual interest, unless no significant purpose
        of the transfer is to enable the transferor to impede the assessment or
        collection of tax.

       

      4. That
        the
        Owner is aware of the tax imposed on a “pass-through entity” holding any Class R
        Certificates if at any time during the taxable year of the pass-through entity
        a
        non-Permitted Transferee is the record holder of an interest in such entity.
        For
        this purpose, a “pass through entity” includes a regulated investment company, a
        real estate investment trust or common trust fund, a partnership, trust or
        estate, and certain cooperatives.

       

      5. That
        the
        Owner is aware that the Securities Administrator will not register the transfer
        of any Class R Certificates unless the transferee, or the transferee’s agent,
        delivers to the Securities Administrator, among other things, an affidavit
        in
        substantially the same form as this affidavit. The Owner expressly agrees
        that
        it will not consummate any such transfer if it knows or believes that any
        of the
        representations contained in such affidavit and agreement are
        false.

       

      6. That
        the
        Owner consents to any additional restrictions or arrangements that shall
        be
        deemed necessary upon advice of counsel to constitute a reasonable arrangement
        to ensure that the Class R Certificates will only be owned, directly or
        indirectly, by Owners that are Permitted Transferees.

       

      7. That
        the
        Owner’s taxpayer identification number is #[__-_______].

       

      8. That
        the
        Owner has reviewed the restrictions set forth on the face of the Class R
        Certificates and the provisions of Section 5.02 of the Pooling and Servicing
        Agreement under which the Class R Certificates were issued (and, in particular,
        the Owner is aware that such Section authorizes the Securities Administrator
        to
        deliver payments to a person other than the Owner and negotiate a mandatory
        sale
        by the Securities Administrator in the event that the Owner holds such
        Certificate in violation of Section 5.02); and that the Owner expressly agrees
        to be bound by and to comply with such restrictions and provisions.

       

      9. That
        the
        Owner is not acquiring and will not transfer any Class R Certificates in
        order
        to impede the assessment or collection of any tax.

       

      10. That
        the
        Owner anticipates that it will, so long as it holds any Class R Certificates,
        have sufficient assets to pay any taxes owed by the holder of such Class
        R
        Certificates.

       

      11. That
        the
        Owner has no present knowledge that it may become insolvent or subject to
        a
        bankruptcy proceeding for so long as it holds any Class R
        Certificates.

       

      12. That
        the
        Owner has no present knowledge or expectation that it will be unable to pay
        any
        United States taxes owed by it so long as any of the Certificates remain
        outstanding. In this regard, the Owner hereby represents to and for the benefit
        of the Person from whom it acquired the Class R Certificates that the Owner
        intends to pay taxes associated with holding the Class R Certificates as
        they
        become due, fully understanding that it may incur tax liabilities in excess
        of
        any cash flows generated by the Class R Certificates.

       

      13. That
        the
        Owner is not acquiring the Class R Certificates with the intent to transfer
        the
        Class R Certificates to any person or entity that will not have sufficient
        assets to pay any taxes owed by the holder of any such Class R Certificates,
        or
        that may become insolvent or subject to a bankruptcy proceeding, for so long
        as
        the Class R Certificates remain outstanding.

       

      14. That
        the
        Owner will, in connection with any transfer that it makes of the Class R
        Certificates, obtain from its transferee the representations required by
        Section
        5.02(e) of the Pooling and Servicing Agreement under which the Class R
        Certificates were issued and will not consummate any such transfer if it
        knows,
        or knows facts that should lead it to believe, that any such representations
        are
        false.

       

      15. That
        the
        Owner will, in connection with any Transfer that it makes of any Class R
        Certificates, deliver to the Securities Administrator an affidavit, which
        represents and warrants that it is not transferring any such Class R
        Certificates to impede the assessment or collection of any tax and that it
        has
        no actual knowledge that the proposed transferee: (i) has insufficient assets
        to
        pay any taxes owed by such transferee as holder of any Class R Certificates;
        (ii) may become insolvent or subject to a bankruptcy proceeding, for so long
        as
        any Class R Certificates remain outstanding and; (iii) is not a “Permitted
        Transferee”.

       

      16. The
        Owner
        is a citizen or resident of the United States, a corporation, partnership
        or
        other entity created or organized in, or under the laws of, the United States
        or
        any political subdivision thereof, provided that with respect to any partnership
        or other entity treated as a partnership for United States federal income
        tax
        purposes, 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 or trust whose income from sources without the
        United States is includible in gross income for United States federal income
        tax
        purposes regardless of its connection with the conduct of a trade or business
        within the United States.

      

      [Signature
        Page Follows]

      IN
        WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
        behalf, by its _________________, this 30th
        day of
        October, 2006. 

      
        	 	 	 
	 	
                [TRANSFEREE]

              
	 
 	 
 	 
 
	 	 	By:  
	 	
                
                  

                

              
	 	
                Name:

                
                  Title:

                

              

      

      ATTEST:

       

       

      
        	 	 

      

       

      
        	
                STATE
                  OF 

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

       

      

       

      On
        __________, 2006 personally appeared before me the above-named person, known
        or
        proved to me to be the same person who executed the foregoing instrument
        and to
        be the __________________ of the Owner, and acknowledged to me that he executed
        the same as his free act and deed and the free act and deed of the
        Owner.

       

      Subscribed
        and sworn before me this ____ day of __________, 2006.

      
        	 	 
	 	
                NOTARY
                  PUBLIC

              
	 	 
	 	
                COUNTY
                  OF ________________________

              
	 	
                STATE
                  OF __________________________

              
	 	 
	 	
                My
                  Commission expires the ___ day of

                __________,
                  20__.

              

      

      
 

      EXHIBIT
        H

       

      MORTGAGE
        LOAN SCHEDULE

      

      (To
        be
        inserted for filing)

      EXHIBIT
        I

       

      FORM
        OF
        LOST NOTE AFFIDAVIT

       

      Loan
        Number __________

       

      LOST
        NOTE
        AFFIDAVIT

       

      
        	
                STATE
                  OF 

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

       

      _____________________________,
        of the
        lawful age, who declared that he/she is an employee of
        __________________________________________, organized and existing under
        the
        laws of the United States of America, being by me first duly sworn according
        to
        law, deposes and says to the best of his/her knowledge and belief that the
        Note
        herein below described was lost and has not been paid, satisfied, assigned,
        pledged, transferred or hypothecated in any way;

       

      THAT
        the
        unpaid balance is still due and owing on that certain Note dated ____________________
        , which
        Note was executed by ____________________ ,
        in the
        original principal sum of $______________________________.

       

      EXECUTED
        this _____
        day of
_________________,
        _____.

       

       

      
        	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 

      

      

       

      Subscribed
        and sworn before me this ___ day of _________________,
        20____.

       

       

      
        	 	 
	 	 
	
                Notary
                  Public in and for the State of

              	 
	 	 

      

      
 

      EXHIBIT
        J

       

      [Reserved]

      

      EXHIBIT
        K

       

      [Reserved]

      

 

      EXHIBIT
        L

      

      SERVICING
        CRITERIA TO BE ADDRESSED

      IN
        ASSESSMENT OF COMPLIANCE

       

      Key:

      X
        -
        obligation

      

      

      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.

       

      
        	
                 

                Reg
                  AB Reference

              	
                 

                Servicing
                  Criteria

              	
                 

                Servicer

              	
                 

                Master
                  Servicer

              	
                 

                Securities
                  Administrator

              	
                 

                Trustee

                (Nominal)

              	
                 

                Custodian

              
	
                 

                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

                 

              	
                 

                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

                 

              	 	 	 
	
                 

                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

                 

              	
                 

                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

                 

              	
                 

                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

                 

              	
                 

                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

                 

              	
                 

                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

                 

              	
                 

                X

                 

              	 	 
	
                 

                1122(d)(2)(vi)

                 

              	
                 

                Unissued
                  checks are safeguarded so as to prevent unauthorized access.

                 

              	
                 

                X

                 

              	
                 

                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

                 

              	
                 

                X

                 

              	 	 
	
                 

                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

                 

              	
                 

                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

                 

              	
                 

                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

              	
                 

                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

              	
                 

                X

                 

              	 	 
	
                 

                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

                 

              	 	
                 

                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

                 

              	
                 

                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

                 

              	
                 

                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

                 

              	
                 

                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

                 

              	 	
                 

                X

                 

                (Only
                  if transaction has external enhancement or other support)

                 

              	 	 

      

      
 

      EXHIBIT
        M

       

      SERVICING
        AGREEMENT

       

      [To
        Be
        Inserted For Filing]

       

       

      EXHIBIT
        N

       

      MORTGAGE
        LOAN PURCHASE AGREEMENT

       

      [To
        Be
        Inserted For Filing]

      
 

      
        EXHIBIT
          O

         

        FORM
          10-D, FORM 8-K AND FORM 10-K

        REPORTING
          RESPONSIBILITY

        

        As
          to
          each item described below, the entity indicated as the Responsible Party
          shall
          be primarily responsible for reporting the information to the party identified
          as responsible for preparing the Securities Exchange Act Reports pursuant
          to
          Section 3.23.

        

        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
          of the
          Pooling and Servicing Agreement, provided by the Securities Administrator
          based
          on information received from the Master Servicer; and b) items marked “Form 10-D
          report” are required to be in the Form 10-D report but not the 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

                	
                  Servicer

                	
                  Master
                    Servicer

                	
                  Securities
                    Administrator

                	
                  Trustee

                  (Nominal)

                	
                  Depositor

                	
                  Sponsor

                
	
                  10-D

                	
                  Must
                    be filed within 15 days of the distribution date for the asset-backed
                    securities.

                	 	 	 
	
                  1

                	
                  Distribution
                    and Pool Performance Information

                	 	 	 	 	 	 
	
                  Item
                    1121(a) - Distribution and Pool Performance
                    Information

                	 	 	 	 	 	 
	
                  (1)
                    Any applicable record dates, accrual dates, determination dates
                    for
                    calculating distributions and actual distribution dates for the
                    distribution period.

                	 	 	
                  X

                  (4.02
                    Statement)

                	 	 	 
	
                  (2)
                    Cash flows received and the sources thereof for distributions,
                    fees and
                    expenses.

                	 	 	
                  X

                  (4.02
                    Statement)

                	 	 	 
	
                  (3)
                    Calculated amounts and distribution of the flow of funds for
                    the period
                    itemized by type and priority of payment, including:

                	 	 	
                  X

                  (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.

                	 	 	
                  X

                  (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.

                	 	 	
                  X

                  (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.

                	 	 	
                  X

                  (4.02
                    Statement)

                	 	 	 
	
                  (iv)
                    The amount of excess cash flow or excess spread and the disposition
                    of
                    excess cash flow.

                	 	 	
                  X

                  (4.02
                    Statement)

                	 	 	 
	
                  (4)
                    Beginning and ending principal balances of the asset-backed
                    securities.

                	 	 	
                  X

                  (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.

                	 	 	
                  X

                  (4.02
                    Statement)

                	 	 	 
	
                  (6)
                    Beginning and ending balances of transaction accounts, such as
                    reserve
                    accounts, and material account activity during the period.

                	 	 	
                  X

                  (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.

                	 	 	
                  X

                  (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.

                	 	 	
                  X

                  (4.02
                    Statement)

                	 	 	 
	
                  (9)
                    Delinquency and loss information for the period.

                	
                  X

                	
                  X

                	
                  X

                  (4.02
                    Statement)

                	 	 	 
	
                  In
                    addition, describe any material changes to the information specified
                    in
                    Item 1100(b)(5) of Regulation AB regarding the pool assets.
                    (methodology)

                	
                  X

                	
                  X

                	 	 	 	 
	
                  (10)
                    Information on the amount, terms and general purpose of any advances
                    made
                    or reimbursed during the period, including the general use of
                    funds
                    advanced and the general source of funds for
                    reimbursements.

                	
                  X

                	
                  X

                	
                  X

                  (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.

                	
                  X

                	
                  X

                	
                  X

                  (4.02
                    Statement)

                	 	 	 
	
                  (12)
                    Material breaches of pool asset representations or warranties
                    or
                    transaction covenants.

                	
                  X

                	
                  X

                	 	 	
                  X

                	 
	
                  (13)
                    Information on ratio, coverage or other tests used for determining
                    any
                    early amortization, liquidation or other performance trigger
                    and whether
                    the trigger was met.

                	 	 	
                  X

                  (4.02
                    Statement)

                	 	 	 
	
                  (14)
                    Information regarding any new issuance of asset-backed securities
                    backed
                    by the same asset pool, 

                	 	 	 	 	
                  X

                	 
	
                  any
                    pool asset changes (other than in connection with a pool asset
                    converting
                    into cash in accordance with its terms), such as additions or
                    removals in
                    connection with a prefunding or revolving period and pool asset
                    substitutions and repurchases (and purchase rates, if applicable),
                    and
                    cash flows available for future purchases, such as the balances
                    of any
                    prefunding or revolving accounts, if applicable.

                	
                  X

                	
                  X

                	
                  X

                	 	
                  X

                	 
	
                  Disclose
                    any material changes in the solicitation, credit-granting, underwriting,
                    origination, acquisition or pool selection criteria or procedures,
                    as
                    applicable, used to originate, acquire or select the new pool
                    assets.

                	 	 	 	 	
                  X

                	
                  X

                
	
                  Item
                    1121(b) - Pre-Funding or Revolving Period Information

                  Updated
                    pool information as required under Item 1121(b).

                	 	 	 	 	
                  X

                	 
	
                  2

                	
                  Legal
                    Proceedings

                	 	 	 	 	 	 
	
                  Item
                    1117 - Legal proceedings pending against the following entities,
                    or their
                    respective property, that is material to Certificateholders,
                    including
                    proceedings known to be contemplated by governmental
                    authorities:

                	 	 	 	 	 	 
	
                  Sponsor
                    (Seller)

                	 	 	 	 	 	
                  X

                
	
                  Depositor

                	 	 	 	 	
                  X

                	 
	
                  Trustee

                	 	 	 	 	 	 
	
                  Issuing
                    entity

                	 	 	 	 	
                  X

                	 
	
                  Master
                    Servicer, affiliated Servicer, other Servicer servicing 20% or
                    more of
                    pool assets at time of report, other material servicers

                	
                  X

                	
                  X

                	 	 	 	 
	
                  Securities
                    Administrator

                	 	 	
                  X

                	 	 	 
	
                  Originator
                    of 20% or more of pool assets as of the Cut-off Date

                	 	 	 	 	
                  X

                	 
	
                  Custodian

                	 	 	 	 	 	 
	
                  3

                	
                  Sales
                    of Securities and Use of Proceeds

                	 	 	 	 	 	 
	
                  Information
                    from Item 2(a) of Part II of Form 10-Q:

                  With
                    respect to any sale of securities by the sponsor, depositor or
                    issuing
                    entity, that are backed by the same asset pool or are otherwise
                    issued by
                    the issuing entity, whether or not registered, provide the sales
                    and use
                    of proceeds information in Item 701 of Regulation S-K. Pricing
                    information
                    can be omitted if securities were not registered.

                	 	 	 	 	
                  X

                	 
	
                  4

                	
                  Defaults
                    Upon Senior Securities

                	 	 	 	 	 	 
	
                  Information
                    from Item 3 of Part II of Form 10-Q:

                  Report
                    the occurrence of any Event of Default (after expiration of any
                    grace
                    period and provision of any required notice)

                	 	 	
                  X

                	 	 	 
	
                  5

                	
                  Submission
                    of Matters to a Vote of Security Holders

                	 	 	 	 	 	 
	
                  Information
                    from Item 4 of Part II of Form 10-Q

                	 	 	
                  X

                	 	 	 
	
                  6

                	
                  Significant
                    Obligors of Pool Assets

                	 	 	 	 	 	 
	
                  Item
                    1112(b) - Significant
                    Obligor Financial Information*

                	 	 	 	 	
                  X

                	
                  X

                
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Item.

                	 	 	 	 	 	 
	
                  7

                	
                  Significant
                    Enhancement Provider Information

                	 	 	 	 	 	 
	
                  Item
                    1114(b)(2) - Credit Enhancement Provider Financial
                    Information*

                	 	 	 	 	 	 
	
                  Determining
                    applicable disclosure threshold

                	 	 	
                   

                	 	
                  X

                  (Only
                    if transaction has a Credit Enhance-ment Provider)

                	 
	
                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	 	 	 	 	
                  X

                  (Only
                    if transaction has a Credit Enhance-ment Provider)

                	 
	
                  Item
                    1115(b) - Derivative Counterparty Financial
                    Information*

                	 	 	 	 	 	 
	
                  Determining
                    current maximum probable exposure

                	 	 	 	 	
                  X

                	 
	
                  Determining
                    current significance percentage

                	 	 	
                  X

                  (Only
                    if transaction has a Derivative Counterparty)

                	 	 	 
	
                  Notifying
                    derivative counterparty of significance percentage and requesting
                    required
                    financial information

                	 	 	
                  X

                  (Only
                    if transaction has a Derivative Counterparty)

                	 	 	 
	
                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	 	 	 	 	
                  X

                  (Only
                    if transaction has a Derivative Counter-party)

                	 
	
                  *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

                
	
                  9

                	
                  Exhibits

                	 	 	 	 	 	 
	
                  Distribution
                    report

                	 	 	
                  X

                	 	 	 
	
                  Exhibits
                    required by Item 601 of Regulation S-K, such as material
                    agreements

                	 	 	 	 	
                  X

                	 
	
                  8-K

                	
                  Must
                    be filed within four business days of an event reportable on
                    Form
                    8-K.

                	 	 	 
	
                  1.01

                	
                  Entry
                    into a Material Definitive Agreement

                	 	 	 	 	 	 
	
                  Disclosure
                    is required regarding entry into or amendment of any definitive
                    agreement
                    that is material to the securitization, even if depositor is
                    not a party.
                    

                  Examples:
                    servicing agreement, custodial agreement.

                  Note:
                    disclosure not required as to definitive agreements that are
                    fully
                    disclosed in the prospectus

                	
                  X

                	
                  X(if
                    Servicer is not a party)

                	
                  X
                    (if Servicer is not a party)

                	 	
                  X
                    (if Master is not a party)

                	
                  X
                    (if Servicer is not a party)

                
	
                  1.02

                	
                  Termination
                    of a Material Definitive Agreement

                	
                  X

                	
                  X(if
                    Servicer is not a party)

                	
                  X 

                  (if
                    Servicer is not a party)

                	 	
                  X 

                  (if
                    Master is not a party)

                	
                  X 

                  (if
                    Servicer is not a party)

                
	
                  Disclosure
                    is required regarding termination of any definitive agreement
                    that is
                    material to the securitization (other than expiration in accordance
                    with
                    its terms), even if depositor is not a party. 

                  Examples:
                    servicing agreement, custodial agreement.

                	 	 	 	 	 	 
	
                  1.03

                	
                  Bankruptcy
                    or Receivership

                	 	 	 	 	 	 
	
                  Disclosure
                    is required regarding the bankruptcy or receivership, if known
                    to the
                    Master Servicer, with respect to any of the following: 

                  Sponsor
                    (Seller), Depositor, Master Servicer, affiliated Servicer, other
                    Servicer
                    servicing 20% or more of pool assets at time of report, other
                    material
                    servicers, Certificate Administrator, Trustee, significant obligor,
                    credit
                    enhancer (10% or more), derivatives counterparty,
                    Custodian

                	
                  X

                	
                  X

                	
                  X

                	 	
                  X

                	
                  X

                
	
                  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

                	 	
                  X

                	
                  X

                	 	 	 
	
                  3.03

                	
                  Material
                    Modification to Rights of Security Holders

                	 	 	 	 	 	 
	
                  Disclosure
                    is required of any material modification to documents defining
                    the rights
                    of Certificateholders, including the Pooling and Servicing
                    Agreement

                	
                  X

                	
                  X

                	
                  X

                	 	
                  X

                	 
	
                  5.03

                	
                  Amendments
                    to Articles of Incorporation or Bylaws; Change in Fiscal
                    Year

                	 	 	 	 	 	 
	
                  Disclosure
                    is required of any amendment “to the governing documents of the issuing
                    entity”

                	 	 	 	 	
                  X

                	 
	
                  5.06

                	
                  Change
                    in Shell Company Status

                	 	 	 	 	 	 
	
                  [Not
                    applicable to ABS issuers]

                	 	 	 	 	
                  X

                	 
	
                  6.01

                	
                  ABS
                    Informational and Computational Material

                	 	 	 	 	 	 
	
                  [Not
                    included in reports to be filed under Section 3.23]

                	 	 	 	 	
                  X

                	 
	
                  6.02

                	
                  Change
                    of Servicer, or Trustee

                	 	 	 	 	 	 
	
                  Requires
                    disclosure of any removal, replacement, substitution or addition
                    of any
                    master servicer, affiliated servicer, other servicer servicing
                    10% or more
                    of pool assets at time of report, other material servicers, certificate
                    administrator or trustee. 

                	
                  X

                	
                  X

                	
                  X

                	
                  X
                    

                  (successor
                    of trustee)

                	
                  X

                	 
	 	
                  Reg
                    AB disclosure about any new servicer (from entity appointing
                    new servicer)
                    or trustee (from Depositor) is also required.

                	 	 	 	 	
                  X

                	 
	
                  6.03

                	
                  Change
                    in Credit Enhancement or Other External Support

                	 	 	 	 	 	 
	
                  Covers
                    termination of any enhancement in manner other than by its terms,
                    the
                    addition of an enhancement, or a material change in the enhancement
                    provided. Applies to external credit enhancements as well as
                    derivatives.
                    

                	 	 	
                  X

                	 	
                  X

                	 
	 	
                  Reg
                    AB disclosure about any new enhancement provider is also
                    required.

                	 	 	 	 	
                  X

                	 
	
                  6.04

                	
                  Failure
                    to Make a Required Distribution

                	 	 	
                  X

                	 	 	 
	
                  6.05

                	
                  Securities
                    Act Updating Disclosure

                	 	 	 	 	 	 
	
                  If
                    any material pool characteristic differs by 5% or more at the
                    time of
                    issuance of the securities from the description in the final
                    prospectus,
                    provide updated Reg AB disclosure about the actual asset
                    pool.

                	 	 	 	 	
                  X

                	 
	
                  If
                    there are any new servicers or originators required to be disclosed
                    under
                    Regulation AB as a result of the foregoing, provide the information
                    called
                    for in Items 1108 and 1110 respectively.

                	 	 	 	 	
                  X

                	 
	
                  7.01

                	
                  Regulation
                    FD Disclosure

                	
                  X

                	
                  X

                	
                  X

                	 	
                  X

                	
                  X

                
	
                  8.01

                	
                  Other
                    Events

                	 	 	 	 	 	 
	
                  Any
                    event, with respect to which information is not otherwise called
                    for in
                    Form 8-K, that the registrant deems of importance to security
                    holders.

                	 	 	 	 	
                  X

                	 
	
                  9.01

                	
                  Financial
                    Statements and Exhibits

                
	
                  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

                
	 	
                  15

                	
                  Exhibits
                    and Financial Statement Schedules

                	 	 	 	 	 	 
	
                  Item
                    1112(b) - Significant
                    Obligor Financial Information

                	 	 	 	 	
                  X

                	
                  X

                
	
                  Item
                    1114(b)(2) - Credit Enhancement Provider Financial
                    Information

                	 	 	 	 	 	 
	
                  Determining
                    applicable disclosure threshold

                	 	 	 	 	
                  X

                  (Only
                    if transaction has a Credit Enhance-ment Provider)

                	 
	
                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	 	 	 	 	
                  X

                  (Only
                    if transaction has a Credit Enhance-ment Provider)

                	 
	
                  Item
                    1115(b) - Derivative Counterparty Financial
                    Information

                	 	 	 	 	 	 
	
                  Determining
                    current maximum probable exposure

                	 	 	 	 	
                  X

                	 
	 	 	
                  Determining
                    current significance percentage

                	 	 	
                  X

                  (Only
                    if transaction has a Derivative Counterparty)

                	 	 	 
	
                  Notifying
                    derivative counterparty of significance percentage and requesting
                    required
                    financial information

                	 	 	
                  X

                  (Only
                    if transaction has a Derivative Counterparty)

                	 	 	 
	
                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	 	 	 	 	
                  X

                  (Only
                    if transaction has a Derivative Counterparty)

                	 
	
                  Item
                    1117 - Legal proceedings pending against the following entities,
                    or their
                    respective property, that is material to Certificateholders,
                    including
                    proceedings known to be contemplated by governmental
                    authorities:

                	 	 	 	 	 	 
	
                  Sponsor
                    (Seller)

                	 	 	 	 	 	
                  X

                
	
                  Depositor

                	 	 	 	 	
                  X

                	 
	
                  Trustee

                	 	 	 	 	 	 
	
                  Issuing
                    entity

                	 	 	 	 	
                  X

                	 
	
                  Master
                    Servicer, affiliated Servicer, other Servicer servicing 20% or
                    more of
                    pool assets at time of report, other material servicers

                	
                  X

                	
                  X

                	 	 	 	 
	
                  Securities
                    Administrator

                	 	 	
                  X

                	 	 	 
	
                  Originator
                    of 20% or more of pool assets as of the Cut-off Date

                	 	 	 	 	
                  X

                	
                  X

                
	
                  Custodian

                	 	 	 	 	 	 
	
                  Item
                    1119 - Affiliations and relationships between the following entities,
                    or
                    their respective affiliates, that are material to
                    Certificateholders:

                	 	 	 	 	 	 
	
                  Sponsor
                    (Seller)

                	 	 	 	 	 	
                  X

                
	
                  Depositor

                	 	 	 	 	
                  X

                	 
	
                  Trustee

                	 	 	 	 	 	 
	
                  Master
                    Servicer, affiliated Servicer, other Servicer servicing 20% or
                    more of
                    pool assets at time of report, other material servicers

                	
                  X

                	
                  X

                	 	 	 	 
	
                  Securities
                    Administrator

                	 	 	
                  X

                	 	 	 
	
                  Originator

                	 	 	 	 	
                  X

                	
                  X

                
	
                  Custodian

                	 	 	 	 	 	 
	
                  Credit
                    Enhancer/Support Provider

                	 	 	 	 	
                  X

                	
                  X

                
	
                  Significant
                    Obligor

                	 	 	 	 	
                  X

                	
                  X

                
	
                  Item
                    1122 - Assessment of Compliance with Servicing
                    Criteria

                	
                  X

                	
                  X

                	
                  X

                	 	 	 
	
                  Item
                    1123 - Servicer Compliance Statement

                	
                  X

                	
                  X

                	 	 	 	 

        

        
 

        EXHIBIT
          P

         

        [RESERVED]

        
 

        

        EXHIBIT
          Q

         

        

        [RESERVED]

         

         

        

        EXHIBIT
          R

        

        FORM
          OF
          LIMITED POWER OF ATTORNEY

        

        [Provided
          Upon Request]

        
 

         

        EXHIBIT
          S

        

        Additional
          Disclosure Notification

        

        Wells
          Fargo Bank, N.A.

        9062
          Old
          Annapolis Road

        Columbia,
          Maryland 21045

        

        Attention:
          American Home Mortgage Assets Trust, Series 2006-6

        

        RE:
          **Additional Form [  ] Disclosure**Required

        

        Ladies
          and Gentlemen:

        

        In
          accordance with Section 3.23 of the Pooling and Servicing Agreement, dated
          as of
          October 1, 2006, among American Home Mortgage Assets LLC, as Company, Wells
          Fargo Bank, National Association, as Master Servicer and Securities
          Administrator and Deutsche Bank National Trust Company as Trustee. The
          undersigned hereby notifies you that certain events have come to our attention
          that [will][may] need to be disclosed on Form [   ].

        

        Description
          of Additional Form [   ] Disclosure:

        

        

        

        List
          of
          Any Attachments hereto to be included in the Additional Form [   ]
          Disclosure:

         

        
          	Any
                  inquiries
                  related to this notification should be directed to [   ], phone
                  number: [   ]; email address: [   ].	 	 
	 	
                  [NAME
                    OF PARTY]

                  as
                    [role]

                
	 
 	 
 	
                  
 

                
	 	  	By:
                  
	 	
                  
                    

                  

                
	 	
                  Name:

                  Title:<PAGE>
                                                                    EXHIBIT 10.1

                               AMENDMENT NO. 2 TO
                            SECOND WAIVER AND CONSENT

        This Amendment No. 2 to Second Waiver and Consent (this "AMENDMENT") is
entered into as of this 21st day of November, 2006, by and between The Canopy
Group, Inc., a Utah corporation ("CANOPY"), and MTI Technology Corporation, a
Delaware corporation ("MTI").

        MTI is currently a party to that certain Loan and Security Agreement,
dated as of November 13, 2002, as amended, with Comerica Bank (as amended to
date and as may be further amended, the "COMERICA AGREEMENT"). On December 28,
2004, MTI and Canopy entered into that certain Second Waiver and Consent (as
amended, the "WAIVER") with respect to certain matters relating to the Comerica
Agreement. On June 30, 2006, MTI and Canopy entered into that certain Amendment
to Second Waiver and Consent to, among other things, provide that Canopy would
guarantee MTI's standby letter of credit under the Comerica Agreement through
November 30, 2006.

        Canopy remains a major stockholder of MTI and agrees that it is in the
best interest of MTI and its stockholders that it further amend the Waiver as
set forth herein to, among other things, extend its guarantee of MTI's line of
credit under the Comerica Agreement through June 30, 2007. All terms not
otherwise defined shall have the meaning set forth in the Waiver.

        Whereas, in order to induce Canopy to amend the Waiver as set forth
herein, MTI desires to grant a warrant to Canopy to purchase shares of MTI's
common stock on the terms set forth herein.

        Now, therefore, in consideration of the promises, covenants and
agreements set forth below, the mutual benefits to be derived from the
transactions described above and other good and valuable consideration, and
intending to be legally bound, the parties hereby agree as follows:

                1. MTI agrees to grant to Canopy, on the date hereof, a warrant
        (the "WARRANT") to purchase 125,000 shares of MTI's common stock, at a
        per share price equal to the closing price of the Company's common stock
        on the Nasdaq Capital Market on the date the warrant is issued, and
        subject to the additional terms and conditions set forth in the form of
        warrant attached as Exhibit A.

                2. Canopy consents to MTI's extending the line of credit
        maturity date under the Comerica Agreement and agrees to guarantee MTI's
        line of credit under the Comerica Agreement through June 30, 2007.

                3. Canopy hereby represents, warrants and covenants to MTI as
        follows:

                3.1 Purchase for Own Account. Canopy represents that it is
        acquiring the Warrant, and the common stock issuable upon exercise of
        the Warrant (collectively, the "SECURITIES") solely for investment for
        Canopy's own account not as a nominee or agent,

                                       1
<PAGE>
        and not with a view to the resale or distribution of any part thereof,
        and that Canopy has no present intention of selling, granting any
        participation in, or otherwise distributing the same. The acquisition by
        Canopy of any of the Securities shall constitute confirmation of the
        representation by Canopy that Canopy does not have any contract,
        undertaking, agreement or arrangement with any person to sell, transfer
        or grant participations to such person or to any third person, with
        respect to any of the Securities, other than the potential assignment of
        the Warrant to Canopy Ventures I, L.P. (a Utah limited partnership of
        which Canopy is the sole limited partner).

                3.2 Accredited Investor. Canopy represents that it is an
        "accredited investor" within the meaning of Securities and Exchange
        Commission Rule 501 of Regulation D, as presently in effect and, for the
        purpose of Section 25102(f) of the California Corporations Code, it is
        excluded from the count of "purchasers" pursuant to Rule 260.102.13
        thereunder.

                3.3 Restrictions on Transfer. Canopy understands that the
        Securities are characterized as "restricted securities" under the
        federal securities laws inasmuch as they are being acquired from MTI in
        a transaction not involving a public offering and that under such laws
        and applicable regulations such securities may be resold without
        registration under the Securities Act of 1933, as amended (the "ACT"),
        only in certain limited circumstances. In this connection Canopy
        represents that it is familiar with Rule 144, promulgated under the Act
        as presently in effect, and understands the resale limitations imposed
        thereby and by the Act. CANOPY UNDERSTANDS AND ACKNOWLEDGES HEREIN THAT
        AN INVESTMENT IN MTI'S SECURITIES INVOLVES AN EXTREMELY HIGH DEGREE OF
        RISK AND MAY RESULT IN A COMPLETE LOSS OF ITS INVESTMENT. Canopy
        understands that the Securities have not been and will not be registered
        under the Act and have not been and will not be registered or qualified
        in any state in which they are offered, and thus Canopy will not be able
        to resell or otherwise transfer its Securities unless they are
        registered under the Act and registered or qualified under applicable
        state securities laws, or an exemption from such registration or
        qualification is available. Canopy has no immediate need for liquidity
        in connection with this investment and does not anticipate that it will
        need to sell its Securities in the foreseeable future.

        THE SALE OF THE SECURITIES THAT ARE THE SUBJECT OF THIS AGREEMENT HAS
NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF
CALIFORNIA, AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT OR RECEIPT OF ANY
PART OF THE CONSIDERATION THEREFOR PRIOR TO THE QUALIFICATION IS UNLAWFUL,
UNLESS THE SALE OF SECURITIES IS EXEMPT FROM THE QUALIFICATION BY SECTION 25100,
25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO
THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED,
UNLESS THE SALE IS SO EXEMPT.

                                       2
<PAGE>
        In witness whereof, the undersigned has executed this Amendment as of
the date first set forth above.

                                 THE CANOPY GROUP, INC.,
                                 a Utah corporation

                                 By: /s/ E. Bart Hopkin
                                    ----------------------------------
                                 Name: E. Bart Hopkin
                                 Title: VP/Treasurer

                                 MTI TECHNOLOGY CORPORATION,
                                 a Delaware corporation

                                 By: /s/ Todd Williams
                                    ----------------------------------
                                 Name: Todd Williams
                                 Title: Vice President and Corporate Controller

                                       3
<PAGE>
                                    EXHIBIT A

                                 FORM OF WARRANT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]