Document:

Kingdom Koncrete, Inc. Exhibit 4.1

Kingdom Koncrete, Inc.

SUBSCRIPTION AGREEMENT

________________, 2006

Kingdom Koncrete, Inc.

4232 E. Interstate 30

Rockwall, Texas 75087

Ladies and Gentlemen:

    1.   PURCHASE OF COMMON STOCK.   Intending to be legally bound , I hereby agree to purchase ________ shares of voting, $0.001 par value common stock (the "Shares") of Kingdom Koncrete, Inc. (the "Corporation") for  ______________ U.S. Dollars (number of Shares to be purchased multiplied by $0.50). This offer to purchase is submitted in accordance with and subject to the terms and conditions described in this Subscription Agreement (the "Agreement"). I acknowledge that the Corporation reserves the right, in its sole and absolute discretion, to accept or reject this subscription and the subscription will not be binding until accepted by the Corporation in writing.

    2.   PAYMENT.   I agree to deliver to the Corporation immediately available funds in the full amount due under this Agreement, by cash or by certified, personal or cashier's check payable to the "Kingdom Koncrete, Inc." The money we raise in this offering before the minimum amount, $75,000, is sold will be deposited in a separate non-interest bearing bank account where the funds will be held for the benefit of those subscribing for our shares, until the minimum amount is raised at which time we will deposit them in our bank account and retain the transfer agent who will then issue the shares. The funds will not be commingled with any other monies, and if the minimum amount is not raised by the end of the offering period, February 28, 2007, all funds will be refunded immediately, without interest.

    3.   ISSUANCE OF SHARES.   The Shares subscribed for herein will only be issued upon acceptance by the Corporation as evidenced by the Corporation returning to the investor an executed Agreement acknowledging acceptance and upon satisfaction of the terms and conditions of the offering.

 

    4. REPRESENTATION AND WARRANTIES. 

A.   I understand that the offering and sale of the Shares is registered under (i) the Securities Act of 1933, as amended (the "Securities Act"), and (ii) various States' Divisions of Securities in compliance with their administration and enforcement of the respective States' Blue Sky Laws and Regulations.  In accordance therewith and in furtherance thereof, I represent and warrant to and agree with the Corporation as follows:

         I am a resident of the State of ________________ as of the date of this Agreement and I have no present intention of becoming a resident of any other state or jurisdiction;

    5.   IRREVOCABILITY; BINDING EFFECT.   I hereby acknowledge and agree that the purchase hereunder is irrevocable, that I am not entitled to cancel, terminate or revoke this Agreement or any agreements of the undersigned hereunder and that this Agreement and such other agreements shall survive my death or disability and shall be binding upon and

inure to the benefit of the parties and their heirs, executor, administrators, successors, legal representatives and assigns. If the undersigned is more than one person, the obligations of the undersigned hereunder shall be joint and several, and the agreements, representations, warranties and acknowledgments herein contained shall be deemed to be made by and are binding upon each such person and his heirs, executors, administrators, successors, legal representatives and assigns.

    6.   MODIFICATION.   Neither this Agreement not any provisions hereof shall be waived, modified, discharged or terminated except by an instrument in writing signed by the party against whom any such waiver, modification, discharge or termination is sought.

    7.   NOTICES.   Any notice, demand or other communication which any party hereto may require, or may elect to give to anyone interested hereunder shall be sufficiently given if [a] deposited, postage prepaid, in a United States mail box, stamped registered or certified mail, return receipt requested addressed to such address as may be listed on the books of the Corporation, [b] delivered personally at such address, or [c] delivered (in person, or by a facsimile transmission, telex or similar telecommunications equipment) against receipt.

    8.   COUNTERPARTS.   This Agreement may be executed through the use of separate signature pages or in any number of counterparts, and each of such counterparts shall, for all purposes, constitute one agreement binding on all parties, notwithstanding that all parties are not signatories to the same counterpart.

    9.  ENTIRE AGREEMENT.   This Agreement contains the entire agreement of the parties with respect to the subject matter  hereof, and there are no representations, covenants or other agreements except as stated or referred to herein.

    10.  SEVERABILITY.   Each provision of the Agreement is intended to be severable from every other provision, and the invalidity or illegality of any portion hereof shall not affect the validity or legality of the remainder hereof.

    11.  ASSIGNABILITY.   This Agreement is not transferable or assignable by the undersigned except as may be provided herein.

    12.  APPLICABLE LAW.   This Agreement shall be governed by and construed in accordance with the laws of the State of Texas as applied to residents of that state executing contracts wholly to be performed in that state.

INDIVIDUAL(S) SUBSCRIBER

IN WITNESS WHEREOF, I have executed this Agreement as of the ____ day of  ___________, 2006.

Address:

___________________________________

______________________________

Signature of Purchaser       

   

______________________________

___________________________________

Name(s) of Purchaser  (Please print or type)

______________________________

Email address

______________________________

Telephone

ENTITY SUBSCRIBER

                                           

IN WITNESS WHEREOF, I have executed this Agreement as of the ______ day of  _________________, 2006.

Address:

____________________________

____________________________________

Entity

____________________________________

______________________________

Signed By

Its: ___________________________

______________________________

Date

PURCHASE ACCEPTED FOR _________ SHARES:

Kingdom Koncrete, Inc.

By: ________________________________

       Edward Stevens, President

Date: _______________________________Inkgdom Koncrete, Inc. Exhibit 10.1 on 10/25/06

The Hall Group

Certified Public Accountants

EXHIBIT 10.1

CONSENT OF CERTIFIED PUBLIC ACCOUNTANTS

We consent to the use of our reports dated September 28, 2006 on the financial statements of Kingdom Koncrete, Inc. Corporation as of December 31, 2004 2005 and August 31, 2006, and the related statements of operations, stockholders’ equity and cash flows for the years then ended, and the inclusion of our name under the heading “Experts” in the Form SB-1 Registration Statement filed with the Securities & Exchange Commission.

/s/  The Hall Group, CPA’s

The Hall Group, CPA’s

Dallas, Texas 

October 17, 2006ACE
        SECURITIES CORP.

      Depositor

       

      OCWEN
        LOAN SERVICING, LLC

      Servicer

       

      WELLS
        FARGO BANK, NATIONAL ASSOCIATION

      Master
        Servicer and Securities Administrator

      

      HSBC
        BANK
        USA, NATIONAL ASSOCIATION

      Trustee

      

      POOLING
        AND SERVICING AGREEMENT

      Dated
        as
        of September 1, 2006

       

      ACE
        Securities Corp. Home Equity Loan Trust, Series 2006-ASAP5

      Asset
        Backed Pass-Through Certificates

      
        
          
          

        

        
          
          

          
            

          

        

         

      

      TABLE
        OF
        CONTENTS

       

      
        	
                ARTICLE
                  I

              	 	
                DEFINITIONS

              	 	
                12

              
	
                SECTION
                  1.01.

              	 	
                Defined
                  Terms.

              	 	
                12

              
	
                SECTION
                  1.02.

              	 	
                Allocation
                  of Certain Interest Shortfalls.

              	 	
                103

              
	
                ARTICLE
                  II

              	 	
                CONVEYANCE
                  OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

              	 	
                106

              
	
                SECTION
                  2.01.

              	 	
                Conveyance
                  of the Mortgage Loans.

              	 	
                106

              
	
                SECTION
                  2.02.

              	 	
                Acceptance
                  of REMIC I by Trustee.

              	 	
                107

              
	
                SECTION
                  2.03.

              	 	
                Repurchase
                  or Substitution of Mortgage Loans.

              	 	
                107

              
	
                SECTION
                  2.04.

              	 	
                Representations
                  and Warranties of the Master Servicer.

              	 	
                110

              
	
                SECTION
                  2.05.

              	 	
                Representations,
                  Warranties and Covenants of the Servicer.

              	 	
                112

              
	
                SECTION
                  2.06.

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

              	 	
                114

              
	
                SECTION
                  2.07.

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

              	 	
                115

              
	
                SECTION
                  2.08.

              	 	
                Issuance
                  of the Residual Certificates.

              	 	
                115

              
	
                SECTION
                  2.09.

              	 	
                Establishment
                  of the Trust.

              	 	
                115

              
	
                SECTION
                  2.10.

              	 	
                Purpose
                  and Powers of the Trust.

              	 	
                115

              
	
                SECTION
                  2.11.

              	 	
                Representations
                  and Warranties of the Trustee.

              	 	
                116

              
	
                ARTICLE
                  III

              	 	
                ADMINISTRATION
                  AND SERVICING OF THE MORTGAGE LOANS; ACCOUNTS

              	 	
                117

              
	
                SECTION
                  3.01.

              	 	
                The
                  Servicer to Act as Servicer.

              	 	
                117

              
	
                SECTION
                  3.02.

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

              	 	
                120

              
	
                SECTION
                  3.03.

              	 	
                Successor
                  Sub-Servicers.

              	 	
                121

              
	
                SECTION
                  3.04.

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

              	 	
                122

              
	
                SECTION
                  3.05.

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

              	 	
                122

              
	
                SECTION
                  3.06.

              	 	
                Collection
                  of Certain Mortgage Loan Payments.

              	 	
                122

              
	
                SECTION
                  3.07.

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

              	 	
                123

              
	
                SECTION
                  3.08.

              	 	
                Collection
                  Account and Distribution Account.

              	 	
                124

              
	
                SECTION
                  3.09.

              	 	
                Withdrawals
                  from the Collection Account and Distribution Account.

              	 	
                126

              
	
                SECTION
                  3.10.

              	 	
                Investment
                  of Funds in the Investment Accounts.

              	 	
                129

              
	
                SECTION
                  3.11.

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

              	 	
                130

              
	
                SECTION
                  3.12.

              	 	
                Enforcement
                  of Due-on-Sale Clauses; Assumption Agreements

              	 	
                132

              
	
                SECTION
                  3.13.

              	 	
                Realization
                  Upon Defaulted Mortgage Loans.

              	 	
                133

              
	
                SECTION
                  3.14.

              	 	
                Trustee
                  to Cooperate; Release of Mortgage Files.

              	 	
                135

              
	
                SECTION
                  3.15.

              	 	
                Servicing
                  Compensation.

              	 	
                137

              
	
                SECTION
                  3.16.

              	 	
                Collection
                  Account Statements.

              	 	
                137

              
	
                SECTION
                  3.17.

              	 	
                Annual
                  Statement as to Compliance.

              	 	
                138

              

      

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

      
        	
                SECTION
                  3.18.

              	 	
                Assessments
                  of Compliance and Attestation Reports.

              	 	
                138

              
	
                SECTION
                  3.19.

              	 	
                [Reserved].

              	 	
                140

              
	
                SECTION
                  3.20.

              	 	
                Annual
                  Certification; Additional Information.

              	 	
                140

              
	
                SECTION
                  3.21.

              	 	
                Access
                  to Certain Documentation.

              	 	
                141

              
	
                SECTION
                  3.22.

              	 	
                Title,
                  Management and Disposition of REO Property.

              	 	
                142

              
	
                SECTION
                  3.23.

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

              	 	
                145

              
	
                SECTION
                  3.24.

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

              	 	
                145

              
	
                SECTION
                  3.25.

              	 	
                Reserve
                  Fund.

              	 	
                146

              
	
                SECTION
                  3.26.

              	 	
                Advance
                  Facility.

              	 	
                148

              
	
                SECTION
                  3.27.

              	 	
                Indemnification.

              	 	
                149

              
	
                ARTICLE
                  IV

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

              	 	
                150

              
	
                SECTION
                  4.01.

              	 	
                Master
                  Servicer.

              	 	
                150

              
	
                SECTION
                  4.02.

              	 	
                REMIC-Related
                  Covenants.

              	 	
                151

              
	
                SECTION
                  4.03.

              	 	
                Monitoring
                  of Servicer.

              	 	
                151

              
	
                SECTION
                  4.04.

              	 	
                Fidelity
                  Bond.

              	 	
                152

              
	
                SECTION
                  4.05.

              	 	
                Power
                  to Act; Procedures.

              	 	
                152

              
	
                SECTION
                  4.06.

              	 	
                Due-on-Sale
                  Clauses; Assumption Agreements.

              	 	
                153

              
	
                SECTION
                  4.07.

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

              	 	
                153

              
	
                SECTION
                  4.08.

              	 	
                Standard
                  Hazard Insurance and Flood Insurance Policies.

              	 	
                154

              
	
                SECTION
                  4.09.

              	 	
                Presentment
                  of Claims and Collection of Proceeds.

              	 	
                154

              
	
                SECTION
                  4.10.

              	 	
                Maintenance
                  of Primary Mortgage Insurance Policies.

              	 	
                155

              
	
                SECTION
                  4.11.

              	 	
                Trustee
                  to Retain Possession of Certain Insurance Policies and
                  Documents.

              	 	
                155

              
	
                SECTION
                  4.12.

              	 	
                Realization
                  Upon Defaulted Mortgage Loans.

              	 	
                155

              
	
                SECTION
                  4.13.

              	 	
                Compensation
                  for the Master Servicer.

              	 	
                156

              
	
                SECTION
                  4.14.

              	 	
                REO
                  Property.

              	 	
                156

              
	
                SECTION
                  4.15.

              	 	
                Master
                  Servicer Annual Statement of Compliance.

              	 	
                156

              
	
                SECTION
                  4.16.

              	 	
                Master
                  Servicer Assessments of Compliance.

              	 	
                157

              
	
                SECTION
                  4.17.

              	 	
                Master
                  Servicer Attestation Reports.

              	 	
                159

              
	
                SECTION
                  4.18.

              	 	
                Annual
                  Certification.

              	 	
                160

              
	
                SECTION
                  4.19.

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

              	 	
                160

              
	
                SECTION
                  4.20.

              	 	
                Prepayment
                  Penalty Verification.

              	 	
                160

              
	
                ARTICLE
                  V

              	 	
                PAYMENTS
                  TO CERTIFICATEHOLDERS

              	 	
                162

              
	
                SECTION
                  5.01.

              	 	
                Distributions.

              	 	
                162

              
	
                SECTION
                  5.02.

              	 	
                Statements
                  to Certificateholders.

              	 	
                179

              
	
                SECTION
                  5.03.

              	 	
                Servicer
                  Reports; P&I Advances.

              	 	
                183

              
	
                SECTION
                  5.04.

              	 	
                Allocation
                  of Realized Losses.

              	 	
                184

              
	
                SECTION
                  5.05.

              	 	
                Compliance
                  with Withholding Requirements.

              	 	
                188

              
	
                SECTION
                  5.06.

              	 	
                Reports
                  Filed with Securities and Exchange Commission.

              	 	
                188

              

      

       

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

       

      
        	
                SECTION
                  5.07.

              	 	
                Supplemental
                  Interest Trust.

              	 	
                193

              
	
                SECTION
                  5.08.

              	 	
                Tax
                  Treatment of Swap Payments and Swap Termination Payments.

              	 	
                195

              
	
                ARTICLE
                  VI

              	 	
                THE
                  CERTIFICATES

              	 	
                197

              
	
                SECTION
                  6.01.

              	 	
                The
                  Certificates.

              	 	
                197

              
	
                SECTION
                  6.02.

              	 	
                Registration
                  of Transfer and Exchange of Certificates.

              	 	
                199

              
	
                SECTION
                  6.03.

              	 	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates.

              	 	
                204

              
	
                SECTION
                  6.04.

              	 	
                Persons
                  Deemed Owners.

              	 	
                204

              
	
                SECTION
                  6.05.

              	 	
                Certain
                  Available Information.

              	 	
                204

              
	
                ARTICLE
                  VII

              	 	
                THE
                  DEPOSITOR, THE SERVICER AND THE MASTER SERVICER

              	 	
                205

              
	
                SECTION
                  7.01.

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

              	 	
                205

              
	
                SECTION
                  7.02.

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

              	 	
                205

              
	
                SECTION
                  7.03.

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

              	 	
                205

              
	
                SECTION
                  7.04.

              	 	
                Limitation
                  on Resignation of the Servicer.

              	 	
                206

              
	
                SECTION
                  7.05.

              	 	
                Limitation
                  on Resignation of the Master Servicer.

              	 	
                208

              
	
                SECTION
                  7.06.

              	 	
                Assignment
                  of Master Servicing.

              	 	
                208

              
	
                SECTION
                  7.07.

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

              	 	
                209

              
	
                SECTION
                  7.08.

              	 	
                Duties
                  of the Credit Risk Manager.

              	 	
                210

              
	
                SECTION
                  7.09.

              	 	
                Limitation
                  Upon Liability of the Credit Risk Manager.

              	 	
                210

              
	
                SECTION
                  7.10.

              	 	
                Removal
                  of the Credit Risk Manager.

              	 	
                210

              
	
                ARTICLE
                  VIII

              	 	
                DEFAULT

              	 	
                211

              
	
                SECTION
                  8.01.

              	 	
                Servicer
                  Events of Default.

              	 	
                211

              
	
                SECTION
                  8.02.

              	 	
                Master
                  Servicer to Act; Appointment of Successor.

              	 	
                216

              
	
                SECTION
                  8.03.

              	 	
                Notification
                  to Certificateholders.

              	 	
                218

              
	
                SECTION
                  8.04.

              	 	
                Waiver
                  of Events of Default.

              	 	
                218

              
	
                ARTICLE
                  IX

              	 	
                CONCERNING
                  THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

              	 	
                219

              
	
                SECTION
                  9.01.

              	 	
                Duties
                  of Trustee and Securities Administrator.

              	 	
                219

              
	
                SECTION
                  9.02.

              	 	
                Certain
                  Matters Affecting Trustee and Securities Administrator.

              	 	
                220

              
	
                SECTION
                  9.03.

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

              	 	
                223

              
	
                SECTION
                  9.04.

              	 	
                Trustee
                  and Securities Administrator May Own Certificates.

              	 	
                223

              
	
                SECTION
                  9.05.

              	 	
                Fees
                  and Expenses of Trustee, Custodians and Securities
                  Administrator.

              	 	
                223

              
	
                SECTION
                  9.06.

              	 	
                Eligibility
                  Requirements for Trustee and Securities Administrator.

              	 	
                224

              
	
                SECTION
                  9.07.

              	 	
                Resignation
                  and Removal of Trustee and Securities Administrator.

              	 	
                225

              
	
                SECTION
                  9.08.

              	 	
                Successor
                  Trustee or Securities Administrator.

              	 	
                226

              
	
                SECTION
                  9.09.

              	 	
                Merger
                  or Consolidation of Trustee or Securities Administrator.

              	 	
                226

              
	
                SECTION
                  9.10.

              	 	
                Appointment
                  of Co-Trustee or Separate Trustee.

              	 	
                227

              

      

       

      
        
          
          

        

        
          iii

          
            

          

        

        
          
          

        

      

       

      
        	
                SECTION
                  9.11.

              	 	
                Appointment
                  of Office or Agency.

              	 	
                228

              
	
                SECTION
                  9.12.

              	 	
                Representations
                  and Warranties.

              	 	
                228

              
	
                ARTICLE
                  X

              	 	
                TERMINATION

              	 	
                229

              
	
                SECTION
                  10.01.

              	 	
                Termination
                  Upon Repurchase or Liquidation of All Mortgage Loans.

              	 	
                229

              
	
                SECTION
                  10.02.

              	 	
                Additional
                  Termination Requirements.

              	 	
                231

              
	
                ARTICLE
                  XI

              	 	
                REMIC
                  PROVISIONS

              	 	
                233

              
	
                SECTION
                  11.01.

              	 	
                REMIC
                  Administration.

              	 	
                233

              
	
                SECTION
                  11.02.

              	 	
                Prohibited
                  Transactions and Activities.

              	 	
                235

              
	
                SECTION
                  11.03.

              	 	
                Indemnification.

              	 	
                236

              
	
                ARTICLE
                  XII

              	 	
                MISCELLANEOUS
                  PROVISIONS

              	 	
                237

              
	
                SECTION
                  12.01.

              	 	
                Amendment.

              	 	
                237

              
	
                SECTION
                  12.02.

              	 	
                Recordation
                  of Agreement; Counterparts.

              	 	
                238

              
	
                SECTION
                  12.03.

              	 	
                Limitation
                  on Rights of Certificateholders.

              	 	
                238

              
	
                SECTION
                  12.04.

              	 	
                Governing
                  Law.

              	 	
                239

              
	
                SECTION
                  12.05.

              	 	
                Notices.

              	 	
                239

              
	
                SECTION
                  12.06.

              	 	
                Severability
                  of Provisions.

              	 	
                240

              
	
                SECTION
                  12.07.

              	 	
                Notice
                  to Rating Agencies.

              	 	
                240

              
	
                SECTION
                  12.08.

              	 	
                Article
                  and Section References.

              	 	
                241

              
	
                SECTION
                  12.09.

              	 	
                Grant
                  of Security Interest.

              	 	
                241

              
	
                SECTION
                  12.10.

              	 	
                Survival
                  of Indemnification.

              	 	
                242

              
	
                SECTION
                  12.11.

              	 	
                Intention
                  of the Parties and Interpretation.

              	 	
                242

              
	
                SECTION
                  12.12.

              	 	
                Indemnification.

              	 	
                242

              
	
                SECTION
                  12.13.

              	 	
                Swap
                  Provider as a Third Party Beneficiary.

              	 	
                243

              

      

       

      
        
          
          

        

        
          iv

          
            

          

        

        
          
          

        

      

       

      Exhibits

       

      
        	
                Exhibit
                  A-1

              	 	
                Form
                  of Class A Certificate

              
	
                Exhibit
                  A-2

              	 	
                Form
                  of Class M Certificate

              
	
                Exhibit
                  A-3

              	 	
                Form
                  of Class CE Certificate

              
	
                Exhibit
                  A-4

              	 	
                Form
                  of Class P Certificate

              
	
                Exhibit
                  A-5

              	 	
                Form
                  of Class R Certificate

              
	
                Exhibit
                  B-1

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

              
	
                Exhibit
                  B-2

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

              
	
                Exhibit
                  B-3

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

              
	
                Exhibit
                  C

              	 	
                Form
                  of Back-Up Certification

              
	
                Exhibit
                  D

              	 	
                Form
                  of Power of Attorney

              
	
                Exhibit
                  E

              	 	
                Servicing
                  Criteria

              
	
                Exhibit
                  F

              	 	
                Mortgage
                  Loan Purchase Agreement 

              
	
                Exhibit
                  G

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

              
	
                Exhibit
                  H

              	 	
                Additional
                  Disclosure Notification

              
	
                Exhibit
                  I

              	 	
                Swap
                  Agreement

              
	
                Exhibit
                  J

              	 	
                Cap
                  Contracts

              
	 	 	 
	
                Schedule
                  1

              	 	
                Mortgage
                  Loan Schedule

              
	
                Schedule
                  2

              	 	
                Prepayment
                  Charge Schedule

              
	
                Schedule
                  3

              	 	
                Reserved

              
	
                Schedule
                  4

              	 	
                Standard
                  File Layout - Delinquency Reporting

              
	
                Schedule
                  5

              	 	
                Standard
                  File Layout - Master Servicing

              
	
                Schedule
                  6

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

              

      

       

      
        
          
          

        

        
          v

          
            

          

        

         

      

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

       

      PRELIMINARY
        STATEMENT:

       

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

       

      REMIC
        I

       

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

       

      

        
          	
                  Designation

                	 	
                  REMIC
                    I Remittance
                    Rate

                	 	
                  Initial
                    Uncertificated
                    Balance

                	 	
                  Latest
                    Possible 

                  Maturity
                    Date(1)

                	 
	
                  IA

                	 	
                  Variable(2)

                	 	$	
                  28,109,508.25

                	 	
                  October
                    25, 2036

                	 
	
                  IA-1-A

                	 	
                  Variable(2)

                	 	$	
                  3,454,472.18

                	 	
                  October
                    25, 2036

                	 
	
                  IA-1-B

                	 	
                  Variable(2)

                	 	$	
                  3,454,472.18

                	 	
                  October
                    25, 2036

                	 
	
                  IA-2-A

                	 	
                  Variable(2)

                	 	$	
                  3,736,953.33

                	 	
                  October
                    25, 2036

                	 
	
                  IA-2-B

                	 	
                  Variable(2)

                	 	$	
                  3,736,953.33

                	 	
                  October
                    25, 2036

                	 
	
                  IA-3-A

                	 	
                  Variable(2)

                	 	$	
                  3,999,630.79

                	 	
                  October
                    25, 2036

                	 
	
                  IA-3-B

                	 	
                  Variable(2)

                	 	$	
                  3,999,630.79

                	 	
                  October
                    25, 2036

                	 
	
                  IA-4-A

                	 	
                  Variable(2)

                	 	$	
                  4,232,899.64

                	
                   

                	
                  October
                    25, 2036

                	 
	
                  IA-4-B

                	 	
                  Variable(2)

                	 	$	
                  4,232,899.64

                	 	
                  October
                    25, 2036

                	 
	
                  IA-5-A

                	 	
                  Variable(2)

                	 	$	
                  4,102,310.24

                	 	
                  October
                    25, 2036

                	 
	
                  IA-5-B

                	 	
                  Variable(2)

                	 	$	
                  4,102,310.24

                	 	
                  October
                    25, 2036

                	 
	
                  IA-6-A

                	 	
                  Variable(2)

                	 	$	
                  3,932,849.72

                	 	
                  October
                    25, 2036

                	 
	
                  IA-6-B

                	 	
                  Variable(2)

                	 	$	
                  3,932,849.72

                	 	
                  October
                    25, 2036

                	 
	
                  IA-7-A

                	 	
                  Variable(2)

                	 	$	
                  3,769,226.72

                	 	
                  October
                    25, 2036

                	 
	
                  IA-7-B

                	 	
                  Variable(2)

                	 	$	
                  3,769,226.72

                	 	
                  October
                    25, 2036

                	 
	
                  IA-8-A

                	 	
                  Variable(2)

                	 	$	
                  3,612,428.82

                	 	
                  October
                    25, 2036

                	 
	
                  IA-8-B

                	 	
                  Variable(2)

                	 	$	
                  3,612,428.82

                	 	
                  October
                    25, 2036

                	 
	
                  IA-9-A

                	 	
                  Variable(2)

                	 	$	
                  3,462,170.38

                	 	
                  October
                    25, 2036

                	 
	
                  IA-9-B

                	 	
                  Variable(2)

                	 	$	
                  3,462,170.38

                	 	
                  October
                    25, 2036

                	 
	
                  IA-10-A

                	 	
                  Variable(2)

                	 	$	
                  3,318,178.32

                	 	
                  October
                    25, 2036

                	 

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	
                   Designation

                	 	
                  REMIC
                    I Remittance
                    Rate

                	 	
                   Initial
                    Unecertificated
                    Balance

                	 	
                  Latest
                    Possible 

                  Maturity
                    Date(1)

                	 
	
                  IA-10-B

                	 	
                  Variable(2)

                	 	$	
                  3,318,178.32

                	
                   

                	
                  October
                    25, 2036

                	 
	
                  IA-11-A

                	 	
                  Variable(2)

                	 	$	
                  3,180,190.33

                	 	
                  October
                    25, 2036

                	 
	
                  IA-11-B

                	 	
                  Variable(2)

                	 	$	
                  3,180,190.33

                	 	
                  October
                    25, 2036

                	 
	
                  IA-12-A

                	 	
                  Variable(2)

                	 	$	
                  3,047,955.71

                	 	
                  October
                    25, 2036

                	 
	
                  IA-12-B

                	 	
                  Variable(2)

                	 	$	
                  3,047,955.71

                	 	
                  October
                    25, 2036

                	 
	
                  IA-13-A

                	 	
                  Variable(2)

                	 	$	
                  2,921,234.08

                	 	
                  October
                    25, 2036

                	 
	
                  IA-13-B

                	 	
                  Variable(2)

                	 	$	
                  2,921,234.08

                	 	
                  October
                    25, 2036

                	 
	
                  IA-14-A

                	 	
                  Variable(2)

                	 	$	
                  2,805,628.75

                	 	
                  October
                    25, 2036

                	 
	
                  IA-14-B

                	 	
                  Variable(2)

                	 	$	
                  2,805,628.75

                	 	
                  October
                    25, 2036

                	 
	
                  IA-15-A

                	 	
                  Variable(2)

                	 	$	
                  2,754,240.92

                	 	
                  October
                    25, 2036

                	 
	
                  IA-15-B

                	 	
                  Variable(2)

                	 	$	
                  2,754,240.92

                	 	
                  October
                    25, 2036

                	 
	
                  IA-16-A

                	 	
                  Variable(2)

                	 	$	
                  8,803,561.74

                	 	
                  October
                    25, 2036

                	 
	
                  IA-16-B

                	 	
                  Variable(2)

                	 	$	
                  8,803,561.74

                	 	
                  October
                    25, 2036

                	 
	
                  IA-17-A

                	 	
                  Variable(2)

                	 	$	
                  7,922,572.48

                	 	
                  October
                    25, 2036

                	 
	
                  IA-17-B

                	 	
                  Variable(2)

                	 	$	
                  7,922,572.48

                	 	
                  October
                    25, 2036

                	 
	
                  IA-18-A

                	 	
                  Variable(2)

                	 	$	
                  6,598,375.92

                	 	
                  October
                    25, 2036

                	 
	
                  IA-18-B

                	 	
                  Variable(2)

                	 	$	
                  6,598,375.92

                	 	
                  October
                    25, 2036

                	 
	
                  IA-19-A

                	 	
                  Variable(2)

                	 	$	
                  5,462,349.77

                	 	
                  October
                    25, 2036

                	 
	
                  IA-19-B

                	 	
                  Variable(2)

                	 	$	
                  5,462,349.77

                	 	
                  October
                    25, 2036

                	 
	
                  IA-20-A

                	 	
                  Variable(2)

                	 	$	
                  1,824,657.79

                	 	
                  October
                    25, 2036

                	 
	
                  IA-20-B

                	 	
                  Variable(2)

                	 	$	
                  1,824,657.79

                	 	
                  October
                    25, 2036

                	 
	
                  IA-21-A

                	 	
                  Variable(2)

                	 	$	
                  1,425,264.92

                	 	
                  October
                    25, 2036

                	 
	
                  IA-21-B

                	 	
                  Variable(2)

                	 	$	
                  1,425,264.92

                	 	
                  October
                    25, 2036

                	 
	
                  IA-22-A

                	 	
                  Variable(2)

                	 	$	
                  1,352,007.42

                	 	
                  October
                    25, 2036

                	 
	
                  IA-22-B

                	 	
                  Variable(2)

                	 	$	
                  1,352,007.42

                	 	
                  October
                    25, 2036

                	 
	
                  IA-23-A

                	 	
                  Variable(2)

                	 	$	
                  1,289,976.10

                	 	
                  October
                    25, 2036

                	 
	
                  IA-23-B

                	 	
                  Variable(2)

                	 	$	
                  1,289,976.10

                	
                   

                	
                  October
                    25, 2036

                	 
	
                  IA-24-A

                	 	
                  Variable(2)

                	 	$	
                  1,230,830.37

                	 	
                  October
                    25, 2036

                	 
	
                  IA-24-B

                	 	
                  Variable(2)

                	 	$	
                  1,230,830.37

                	 	
                  October
                    25, 2036

                	 
	
                  IA-25-A

                	 	
                  Variable(2)

                	 	$	
                  1,174,434.29

                	 	
                  October
                    25, 2036

                	 
	
                  IA-25-B

                	 	
                  Variable(2)

                	 	$	
                  1,174,434.29

                	 	
                  October
                    25, 2036

                	 
	
                  IA-26-A

                	 	
                  Variable(2)

                	 	$	
                  1,120,658.32

                	 	
                  October
                    25, 2036

                	 
	
                  IA-26-B

                	 	
                  Variable(2)

                	 	$	
                  1,120,658.32

                	 	
                  October
                    25, 2036

                	 
	
                  IA-27-A

                	 	
                  Variable(2)

                	 	$	
                  1,069,379.57

                	 	
                  October
                    25, 2036

                	 
	
                  IA-27-B

                	 	
                  Variable(2)

                	 	$	
                  1,069,379.57

                	 	
                  October
                    25, 2036

                	 
	
                  IA-28-A

                	 	
                  Variable(2)

                	 	$	
                  1,020,469.25

                	 	
                  October
                    25, 2036

                	 
	
                  IA-28-B

                	 	
                  Variable(2)

                	 	$	
                  1,020,469.25

                	 	
                  October
                    25, 2036

                	 
	
                  IA-29-A

                	 	
                  Variable(2)

                	 	$	
                  973,560.46

                	 	
                  October
                    25, 2036

                	 
	
                  IA-29-B

                	 	
                  Variable(2)

                	 	$	
                  973,560.46

                	 	
                  October
                    25, 2036

                	 
	
                  IA-30-A

                	 	
                  Variable(2)

                	 	$	
                  929,058.38

                	
                   

                	
                  October
                    25, 2036

                	 
	
                  IA-30-B

                	 	
                  Variable(2)

                	 	$	
                  929,058.38

                	 	
                  October
                    25, 2036

                	 
	
                  IA-31-A

                	 	
                  Variable(2)

                	 	$	
                  886,679.43

                	 	
                  October
                    25, 2036

                	 
	
                  IA-31-B

                	 	
                  Variable(2)

                	 	$	
                  886,679.43

                	 	
                  October
                    25, 2036

                	 
	
                  IA-32-A

                	 	
                  Variable(2)

                	 	$	
                  846,263.11

                	 	
                  October
                    25, 2036

                	 
	
                  IA-32-B

                	 	
                  Variable(2)

                	 	$	
                  846,263.11

                	 	
                  October
                    25, 2036

                	 
	
                  IA-33-A

                	 	
                  Variable(2)

                	 	$	
                  807,716.36

                	 	
                  October
                    25, 2036

                	 

        

         

        
          
            
            

          

          
            2

            
              

            

          

          
            
            

          

        

         

        
          	
                  Designation

                	 	
                  REMIC
                    I Remittance
                    Rate

                	 	
                   Initial
                    Unecertificated
                    Balance

                	 	
                  Latest
                    Possible 

                  Maturity
                    Date(1)

                	 
	
                  IA-33-B

                	 	
                  Variable(2)

                	 	$	
                  807,716.36

                	 	
                  October
                    25, 2036

                	 
	
                  IA-34-A

                	 	
                  Variable(2)

                	 	$	
                  770,951.70

                	 	
                  October
                    25, 2036

                	 
	
                  IA-34-B

                	 	
                  Variable(2)

                	 	$	
                  770,951.70

                	 	
                  October
                    25, 2036

                	 
	
                  IA-35-A

                	 	
                  Variable(2)

                	 	$	
                  735,884.50

                	 	
                  October
                    25, 2036

                	 
	
                  IA-35-B

                	 	
                  Variable(2)

                	 	$	
                  735,884.50

                	 	
                  October
                    25, 2036

                	 
	
                  IA-36-A

                	 	
                  Variable(2)

                	 	$	
                  702,434.90

                	 	
                  October
                    25, 2036

                	 
	
                  IA-36-B

                	 	
                  Variable(2)

                	 	$	
                  702,434.90

                	 	
                  October
                    25, 2036

                	 
	
                  IA-37-A

                	 	
                  Variable(2)

                	 	$	
                  670,531.93

                	 	
                  October
                    25, 2036

                	 
	
                  IA-37-B

                	 	
                  Variable(2)

                	 	$	
                  670,531.93

                	 	
                  October
                    25, 2036

                	 
	
                  IA-38-A

                	 	
                  Variable(2)

                	 	$	
                  640,100.32

                	 	
                  October
                    25, 2036

                	 
	
                  IA-38-B

                	 	
                  Variable(2)

                	 	$	
                  640,100.32

                	 	
                  October
                    25, 2036

                	 
	
                  IA-39-A

                	 	
                  Variable(2)

                	 	$	
                  611,071.34

                	 	
                  October
                    25, 2036

                	 
	
                  IA-39-B

                	 	
                  Variable(2)

                	 	$	
                  611,071.34

                	 	
                  October
                    25, 2036

                	 
	
                  IA-40-A

                	 	
                  Variable(2)

                	 	$	
                  583,379.40

                	 	
                  October
                    25, 2036

                	 
	
                  IA-40-B

                	 	
                  Variable(2)

                	 	$	
                  583,379.40

                	 	
                  October
                    25, 2036

                	 
	
                  IA-41-A

                	 	
                  Variable(2)

                	 	$	
                  556,962.26

                	 	
                  October
                    25, 2036

                	 
	
                  IA-41-B

                	 	
                  Variable(2)

                	 	$	
                  556,962.26

                	 	
                  October
                    25, 2036

                	 
	
                  IA-42-A

                	 	
                  Variable(2)

                	 	$	
                  531,760.54

                	 	
                  October
                    25, 2036

                	 
	
                  IA-42-B

                	 	
                  Variable(2)

                	 	$	
                  531,760.54

                	 	
                  October
                    25, 2036

                	 
	
                  IA-43-A

                	 	
                  Variable(2)

                	 	$	
                  507,717.09

                	 	
                  October
                    25, 2036

                	 
	
                  IA-43-B

                	 	
                  Variable(2)

                	 	$	
                  507,717.09

                	 	
                  October
                    25, 2036

                	 
	
                  IA-44-A

                	 	
                  Variable(2)

                	 	$	
                  484,778.71

                	 	
                  October
                    25, 2036

                	 
	
                  IA-44-B

                	 	
                  Variable(2)

                	 	$	
                  484,778.71

                	 	
                  October
                    25, 2036

                	 
	
                  IA-45-A

                	 	
                  Variable(2)

                	 	$	
                  462,893.33

                	 	
                  October
                    25, 2036

                	 
	
                  IA-45-B

                	 	
                  Variable(2)

                	 	$	
                  462,893.33

                	 	
                  October
                    25, 2036

                	 
	
                  IA-46-A

                	 	
                  Variable(2)

                	 	$	
                  442,012.20

                	 	
                  October
                    25, 2036

                	 
	
                  IA-46-B

                	 	
                  Variable(2)

                	 	$	
                  442,012.20

                	 	
                  October
                    25, 2036

                	 
	
                  IA-47-A

                	 	
                  Variable(2)

                	 	$	
                  422,088.48

                	 	
                  October
                    25, 2036

                	 
	
                  IA-47-B

                	 	
                  Variable(2)

                	 	$	
                  422,088.48

                	 	
                  October
                    25, 2036

                	 
	
                  IA-48-A

                	 	
                  Variable(2)

                	 	$	
                  403,077.72

                	 	
                  October
                    25, 2036

                	 
	
                  IA-48-B

                	 	
                  Variable(2)

                	 	$	
                  403,077.72

                	 	
                  October
                    25, 2036

                	 
	
                  IA-49-A

                	 	
                  Variable(2)

                	 	$	
                  384,937.84

                	 	
                  October
                    25, 2036

                	 
	
                  IA-49-B

                	 	
                  Variable(2)

                	 	$	
                  384,937.84

                	 	
                  October
                    25, 2036

                	 
	
                  IA-50-A

                	 	
                  Variable(2)

                	 	$	
                  367,627.72

                	 	
                  October
                    25, 2036

                	 
	
                  IA-50-B

                	 	
                  Variable(2)

                	 	$	
                  367,627.72

                	 	
                  October
                    25, 2036

                	 
	
                  IA-51-A

                	 	
                  Variable(2)

                	 	$	
                  351,109.24

                	 	
                  October
                    25, 2036

                	 
	
                  IA-51-B

                	 	
                  Variable(2)

                	 	$	
                  351,109.24

                	 	
                  October
                    25, 2036

                	 
	
                  IA-52-A

                	 	
                  Variable(2)

                	 	$	
                  335,360.67

                	 	
                  October
                    25, 2036

                	 
	
                  IA-52-B

                	 	
                  Variable(2)

                	 	$	
                  335,360.67

                	 	
                  October
                    25, 2036

                	 
	
                  IA-53-A

                	 	
                  Variable(2)

                	 	$	
                  321,712.38

                	 	
                  October
                    25, 2036

                	 
	
                  IA-53-B

                	 	
                  Variable(2)

                	 	$	
                  321,712.38

                	 	
                  October
                    25, 2036

                	 
	
                  IA-54-A

                	 	
                  Variable(2)

                	 	$	
                  307,338.16

                	 	
                  October
                    25, 2036

                	 
	
                  IA-54-B

                	 	
                  Variable(2)

                	 	$	
                  307,338.16

                	 	
                  October
                    25, 2036

                	 
	
                  IA-55-A

                	 	
                  Variable(2)

                	 	$	
                  293,512.67

                	 	
                  October
                    25, 2036

                	 
	
                  IA-55-B

                	 	
                  Variable(2)

                	 	$	
                  293,512.67

                	 	
                  October
                    25, 2036

                	 
	
                  IA-56-A

                	 	
                  Variable(2)

                	 	$	
                  280,316.89

                	 	
                  October
                    25, 2036

                	 

        

         

        
          
            
            

          

          
            3

            
              

            

          

          
            
            

          

        

         

        
          	
                   Designation

                	 	
                   REMIC
                    I Remittance
                    Rate

                	 	
                    Initial
                    Unecertificated
                    Balance

                	 	
                   Latest
                    Possible 

                  Maturity
                    Date(1)

                	 
	
                  IA-56-B

                	 	
                  Variable(2)

                	 	$	
                  280,316.89

                	 	
                  October
                    25, 2036

                	 
	
                  IA-57-A

                	 	
                  Variable(2)

                	 	$	
                  6,079,939.30

                	 	
                  October
                    25, 2036

                	 
	
                  IA-57-B

                	 	
                  Variable(2)

                	 	$	
                  6,079,939.30

                	 	
                  October
                    25, 2036

                	 
	
                  IB

                	 	
                  Variable(2)

                	 	$	
                  17,198,720.85

                	 	
                  October
                    25, 2036

                	 
	
                  IB-1-A

                	 	
                  Variable(2)

                	 	$	
                  2,113,601.24

                	 	
                  October
                    25, 2036

                	 
	
                  IB-1-B

                	 	
                  Variable(2)

                	 	$	
                  2,113,601.24

                	 	
                  October
                    25, 2036

                	 
	
                  IB-2-A

                	 	
                  Variable(2)

                	 	$	
                  2,286,435.89

                	 	
                  October
                    25, 2036

                	 
	
                  IB-2-B

                	 	
                  Variable(2)

                	 	$	
                  2,286,435.89

                	 	
                  October
                    25, 2036

                	 
	
                  IB-3-A

                	 	
                  Variable(2)

                	 	$	
                  2,447,153.76

                	 	
                  October
                    25, 2036

                	 
	
                  IB-3-B

                	 	
                  Variable(2)

                	 	$	
                  2,447,153.76

                	 	
                  October
                    25, 2036

                	 
	
                  IB-4-A

                	 	
                  Variable(2)

                	 	$	
                  2,589,878.12

                	 	
                  October
                    25, 2036

                	 
	
                  IB-4-B

                	 	
                  Variable(2)

                	 	$	
                  2,589,878.12

                	 	
                  October
                    25, 2036

                	 
	
                  IB-5-A

                	 	
                  Variable(2)

                	 	$	
                  2,509,977.66

                	 	
                  October
                    25, 2036

                	 
	
                  IB-5-B

                	 	
                  Variable(2)

                	 	$	
                  2,509,977.66

                	 	
                  October
                    25, 2036

                	 
	
                  IB-6-A

                	 	
                  Variable(2)

                	 	$	
                  2,406,294.10

                	 	
                  October
                    25, 2036

                	 
	
                  IB-6-B

                	 	
                  Variable(2)

                	 	$	
                  2,406,294.10

                	 	
                  October
                    25, 2036

                	 
	
                  IB-7-A

                	 	
                  Variable(2)

                	 	$	
                  2,306,182.20

                	 	
                  October
                    25, 2036

                	 
	
                  IB-7-B

                	 	
                  Variable(2)

                	 	$	
                  2,306,182.20

                	 	
                  October
                    25, 2036

                	 
	
                  IB-8-A

                	 	
                  Variable(2)

                	 	$	
                  2,210,246.20

                	 	
                  October
                    25, 2036

                	 
	
                  IB-8-B

                	 	
                  Variable(2)

                	 	$ 	
                  2,210,246.20

                	 	
                  October
                    25, 2036

                	 
	
                  IB-9-A

                	 	
                  Variable(2)

                	 	$	
                  2,118,311.34

                	 	
                  October
                    25, 2036

                	 
	
                  IB-9-B

                	 	
                  Variable(2)

                	 	$	
                  2,118,311.34

                	 	
                  October
                    25, 2036

                	 
	
                  IB-10-A

                	 	
                  Variable(2)

                	 	$	
                  2,030,210.53

                	 	
                  October
                    25, 2036

                	 
	
                  IB-10-B

                	 	
                  Variable(2)

                	 	$	
                  2,030,210.53

                	 	
                  October
                    25, 2036

                	 
	
                  IB-11-A

                	 	
                  Variable(2)

                	 	$	
                  1,945,783.28

                	 	
                  October
                    25, 2036

                	 
	
                  IB-11-B

                	 	
                  Variable(2)

                	 	$	
                  1,945,783.28

                	 	
                  October
                    25, 2036

                	 
	
                  IB-12-A

                	 	
                  Variable(2)

                	 	$	
                  1,864,876.20

                	 	
                  October
                    25, 2036

                	 
	
                  IB-12-B

                	 	
                  Variable(2)

                	 	$	
                  1,864,876.20

                	 	
                  October
                    25, 2036

                	 
	
                  IB-13-A

                	 	
                  Variable(2)

                	 	$	
                  1,787,342.21

                	 	
                  October
                    25, 2036

                	 
	
                  IB-13-B

                	 	
                  Variable(2)

                	 	$	
                  1,787,342.21

                	 	
                  October
                    25, 2036

                	 
	
                  IB-14-A

                	 	
                  Variable(2)

                	 	$	
                  1,716,609.69

                	 	
                  October
                    25, 2036

                	 
	
                  IB-14-B

                	 	
                  Variable(2)

                	 	$	
                  1,716,609.69

                	 	
                  October
                    25, 2036

                	 
	
                  IB-15-A

                	 	
                  Variable(2)

                	 	$	
                  1,685,168.30

                	 	
                  October
                    25, 2036

                	 
	
                  IB-15-B

                	 	
                  Variable(2)

                	 	$	
                  1,685,168.30

                	 	
                  October
                    25, 2036

                	 
	
                  IB-16-A

                	 	
                  Variable(2)

                	 	$	
                  5,386,414.48

                	 	
                  October
                    25, 2036

                	 
	
                  IB-16-B

                	 	
                  Variable(2)

                	 	$	
                  5,386,414.48

                	 	
                  October
                    25, 2036

                	 
	
                  IB-17-A

                	 	
                  Variable(2)

                	 	$	
                  4,847,385.68

                	 	
                  October
                    25, 2036

                	 
	
                  IB-17-B

                	 	
                  Variable(2)

                	 	$	
                  4,847,385.68

                	 	
                  October
                    25, 2036

                	 
	
                  IB-18-A

                	 	
                  Variable(2)

                	 	$	
                  4,037,182.75

                	 	
                  October
                    25, 2036

                	 
	
                  IB-18-B

                	 	
                  Variable(2)

                	 	$	
                  4,037,182.75

                	 	
                  October
                    25, 2036

                	 
	
                  IB-19-A

                	 	
                  Variable(2)

                	 	$	
                  3,342,110.93

                	 	
                  October
                    25, 2036

                	 
	
                  IB-19-B

                	 	
                  Variable(2)

                	 	$	
                  3,342,110.93

                	 	
                  October
                    25, 2036

                	 
	
                  IB-20-A

                	 	
                  Variable(2)

                	 	$	
                  1,116,407.59

                	 	
                  October
                    25, 2036

                	 
	
                  IB-20-B

                	 	
                  Variable(2)

                	 	$	
                  1,116,407.59

                	 	
                  October
                    25, 2036

                	 
	
                  IB-21-A

                	 	
                  Variable(2)

                	 	$	
                  872,041.09

                	 	
                  October
                    25, 2036

                	 
	
                  IB-21-B

                	 	
                  Variable(2)

                	 	$	
                  872,041.09

                	 	
                  October
                    25, 2036

                	 

        

         

        
          
            
            

          

          
            4

            
              

            

          

          
            
            

          

        

         

        
          	
                  Designation

                	 	
                  REMIC
                    I Remittance
                    Rate

                	 	
                    Initial
                    Unecertificated
                    Balance

                	 	
                  Latest
                    Possible 

                  Maturity
                    Date(1)

                	 
	
                  IB-22-A

                	 	
                  Variable(2)

                	 	$	
                  827,218.86

                	 	
                  October
                    25, 2036

                	 
	
                  IB-22-B

                	 	
                  Variable(2)

                	 	$	
                  827,218.86

                	 	
                  October
                    25, 2036

                	 
	
                  IB-23-A

                	 	
                  Variable(2)

                	 	$	
                  789,265.32

                	 	
                  October
                    25, 2036

                	 
	
                  IB-23-B

                	 	
                  Variable(2)

                	 	$	
                  789,265.32

                	 	
                  October
                    25, 2036

                	 
	
                  IB-24-A

                	 	
                  Variable(2)

                	 	$	
                  753,077.30

                	 	
                  October
                    25, 2036

                	 
	
                  IB-24-B

                	 	
                  Variable(2)

                	 	$	
                  753,077.30

                	 	
                  October
                    25, 2036

                	 
	
                  IB-25-A

                	 	
                  Variable(2)

                	 	$	
                  718,571.65

                	 	
                  October
                    25, 2036

                	 
	
                  IB-25-B

                	 	
                  Variable(2)

                	 	$	
                  718,571.65

                	 	
                  October
                    25, 2036

                	 
	
                  IB-26-A

                	 	
                  Variable(2)

                	 	$	
                  685,669.10

                	 	
                  October
                    25, 2036

                	 
	
                  IB-26-B

                	 	
                  Variable(2)

                	 	$	
                  685,669.10

                	 	
                  October
                    25, 2036

                	 
	
                  IB-27-A

                	 	
                  Variable(2)

                	 	$	
                  654,294.45

                	 	
                  October
                    25, 2036

                	 
	
                  IB-27-B

                	 	
                  Variable(2)

                	 	$	
                  654,294.45

                	 	
                  October
                    25, 2036

                	 
	
                  IB-28-A

                	 	
                  Variable(2)

                	 	$	
                  624,368.92

                	 	
                  October
                    25, 2036

                	 
	
                  IB-28-B

                	 	
                  Variable(2)

                	 	$	
                  624,368.92

                	 	
                  October
                    25, 2036

                	 
	
                  IB-29-A

                	 	
                  Variable(2)

                	 	$	
                  595,668.02

                	 	
                  October
                    25, 2036

                	 
	
                  IB-29-B

                	 	
                  Variable(2)

                	 	$	
                  595,668.02

                	 	
                  October
                    25, 2036

                	 
	
                  IB-30-A

                	 	
                  Variable(2)

                	 	$	
                  568,439.64

                	 	
                  October
                    25, 2036

                	 
	
                  IB-30-B

                	 	
                  Variable(2)

                	 	$	
                  568,439.64

                	 	
                  October
                    25, 2036

                	 
	
                  IB-31-A

                	 	
                  Variable(2)

                	 	$	
                  542,510.30

                	 	
                  October
                    25, 2036

                	 
	
                  IB-31-B

                	 	
                  Variable(2)

                	 	$	
                  542,510.30

                	 	
                  October
                    25, 2036

                	 
	
                  IB-32-A

                	 	
                  Variable(2)

                	 	$	
                  517,781.78

                	 	
                  October
                    25, 2036

                	 
	
                  IB-32-B

                	 	
                  Variable(2)

                	 	$	
                  517,781.78

                	 	
                  October
                    25, 2036

                	 
	
                  IB-33-A

                	 	
                  Variable(2)

                	 	$	
                  494,197.15

                	 	
                  October
                    25, 2036

                	 
	
                  IB-33-B

                	 	
                  Variable(2)

                	 	$	
                  494,197.15

                	 	
                  October
                    25, 2036

                	 
	
                  IB-34-A

                	 	
                  Variable(2)

                	 	$	
                  471,702.87

                	 	
                  October
                    25, 2036

                	 
	
                  IB-34-B

                	 	
                  Variable(2)

                	 	$	
                  471,702.87

                	 	
                  October
                    25, 2036

                	 
	
                  IB-35-A

                	 	
                  Variable(2)

                	 	$	
                  450,247.19

                	 	
                  October
                    25, 2036

                	 
	
                  IB-35-B

                	 	
                  Variable(2)

                	 	$	
                  450,247.19

                	 	
                  October
                    25, 2036

                	 
	
                  IB-36-A

                	 	
                  Variable(2)

                	 	$	
                  429,781.22

                	 	
                  October
                    25, 2036

                	 
	
                  IB-36-B

                	 	
                  Variable(2)

                	 	$	
                  429,781.22

                	 	
                  October
                    25, 2036

                	 
	
                  IB-37-A

                	 	
                  Variable(2)

                	 	$	
                  410,261.55

                	 	
                  October
                    25, 2036

                	 
	
                  IB-37-B

                	 	
                  Variable(2)

                	 	$	
                  410,261.55

                	 	
                  October
                    25, 2036

                	 
	
                  IB-38-A

                	 	
                  Variable(2)

                	 	$	
                  391,642.13

                	 	
                  October
                    25, 2036

                	 
	
                  IB-38-B

                	 	
                  Variable(2)

                	 	$	
                  391,642.13

                	 	
                  October
                    25, 2036

                	 
	
                  IB-39-A

                	 	
                  Variable(2)

                	 	$	
                  373,880.89

                	 	
                  October
                    25, 2036

                	 
	
                  IB-39-B

                	 	
                  Variable(2)

                	 	$	
                  373,880.89

                	 	
                  October
                    25, 2036

                	 
	
                  IB-40-A

                	 	
                  Variable(2)

                	 	$	
                  356,937.72

                	 	
                  October
                    25, 2036

                	 
	
                  IB-40-B

                	 	
                  Variable(2)

                	 	$	
                  356,937.72

                	 	
                  October
                    25, 2036

                	 
	
                  IB-41-A

                	 	
                  Variable(2)

                	 	$	
                  340,774.53

                	 	
                  October
                    25, 2036

                	 
	
                  IB-41-B

                	 	
                  Variable(2)

                	 	$	
                  340,774.53

                	 	
                  October
                    25, 2036

                	 
	
                  IB-42-A

                	 	
                  Variable(2)

                	 	$	
                  325,354.98

                	 	
                  October
                    25, 2036

                	 
	
                  IB-42-B

                	 	
                  Variable(2)

                	 	$	
                  325,354.98

                	 	
                  October
                    25, 2036

                	 
	
                  IB-43-A

                	 	
                  Variable(2)

                	 	$ 	
                  310,644.12

                	 	
                  October
                    25, 2036

                	 
	
                  IB-43-B

                	 	
                  Variable(2)

                	 	$	
                  310,644.12

                	 	
                  October
                    25, 2036

                	 
	
                  IB-44-A

                	 	
                  Variable(2)

                	 	$ 	
                  296,609.39

                	 	
                  October
                    25, 2036

                	 
	
                  IB-44-B

                	 	
                  Variable(2)

                	 	$	
                  296,609.39

                	 	
                  October
                    25, 2036

                	 

        

         

        
          
            
            

          

          
            5

            
              

            

          

          
            
            

          

        

         

        
          	
                   Designation

                	 	
                   REMIC
                    I Remittance
                    Rate

                	 	
                   Initial
Unecertificated
                    Balance

                	 	
                   Latest
                    Possible
                    

                  Maturity
                    Date(1)

                	 
	
                  IB-45-A

                	 	
                  Variable(2)

                	 	$	
                  283,218.93

                	 	
                  October
                    25, 2036

                	 
	
                  IB-45-B

                	 	
                  Variable(2)

                	 	$	
                  283,218.93

                	 	
                  October
                    25, 2036

                	 
	
                  IB-46-A

                	 	
                  Variable(2)

                	 	$	
                  270,442.92

                	 	
                  October
                    25, 2036

                	 
	
                  IB-46-B

                	 	
                  Variable(2)

                	 	$	
                  270,442.92

                	 	
                  October
                    25, 2036

                	 
	
                  IB-47-A

                	 	
                  Variable(2)

                	 	$	
                  258,252.69

                	 	
                  October
                    25, 2036

                	 
	
                  IB-47-B

                	 	
                  Variable(2)

                	 	$	
                  258,252.69

                	 	
                  October
                    25, 2036

                	 
	
                  IB-48-A

                	 	
                  Variable(2)

                	 	$	
                  246,621.05

                	 	
                  October
                    25, 2036

                	 
	
                  IB-48-B

                	 	
                  Variable(2)

                	 	$	
                  246,621.05

                	 	
                  October
                    25, 2036

                	 
	
                  IB-49-A

                	 	
                  Variable(2)

                	 	$	
                  235,522.26

                	 	
                  October
                    25, 2036

                	 
	
                  IB-49-B

                	 	
                  Variable(2)

                	 	$	
                  235,522.26

                	 	
                  October
                    25, 2036

                	 
	
                  IB-50-A

                	 	
                  Variable(2)

                	 	$	
                  224,931.15

                	 	
                  October
                    25, 2036

                	 
	
                  IB-50-B

                	 	
                  Variable(2)

                	 	$	
                  224,931.15

                	 	
                  October
                    25, 2036

                	 
	
                  IB-51-A

                	 	
                  Variable(2)

                	 	$	
                  214,824.41

                	 	
                  October
                    25, 2036

                	 
	
                  IB-51-B

                	 	
                  Variable(2)

                	 	$	
                  214,824.41

                	 	
                  October
                    25, 2036

                	 
	
                  IB-52-A

                	 	
                  Variable(2)

                	 	$	
                  205,188.72

                	 	
                  October
                    25, 2036

                	 
	
                  IB-52-B

                	 	
                  Variable(2)

                	 	$	
                  205,188.72

                	 	
                  October
                    25, 2036

                	 
	
                  IB-53-A

                	 	
                  Variable(2)

                	 	$	
                  196,838.08

                	 	
                  October
                    25, 2036

                	 
	
                  IB-53-B

                	 	
                  Variable(2)

                	 	$	
                  196,838.08

                	 	
                  October
                    25, 2036

                	 
	
                  IB-54-A

                	 	
                  Variable(2)

                	 	$	
                  188,043.29

                	 	
                  October
                    25, 2036

                	 
	
                  IB-54-B

                	 	
                  Variable(2)

                	 	$	
                  188,043.29

                	 	
                  October
                    25, 2036

                	 
	
                  IB-55-A

                	 	
                  Variable(2)

                	 	$	
                  179,584.24

                	 	
                  October
                    25, 2036

                	 
	
                  IB-55-B

                	 	
                  Variable(2)

                	 	$	
                  179,584.24

                	 	
                  October
                    25, 2036

                	 
	
                  IB-56-A

                	 	
                  Variable(2)

                	 	$ 	
                  171,510.46

                	 	
                  October
                    25, 2036

                	 
	
                  IB-56-B

                	 	
                  Variable(2)

                	 	$	
                  171,510.46

                	 	
                  October
                    25, 2036

                	 
	
                  IB-57-A

                	 	
                  Variable(2)

                	 	$	
                  3,719,979.94

                	 	
                  October
                    25, 2036

                	 
	
                  IB-57-B

                	 	
                  Variable(2)

                	 	$	
                  3,719,979.94

                	 	
                  October
                    25, 2036

                	 
	
                  II

                	 	
                  Variable(2)

                	 	
                  $

                	
                  43,211,948.71

                	 	
                  October
                    25, 2036

                	 
	
                  II-1-A

                	 	
                  Variable(2)

                	 	$	
                  5,310,443.08

                	 	
                  October
                    25, 2036

                	 
	
                  II-1-B

                	 	
                  Variable(2)

                	 	$	
                  5,310,443.08

                	 	
                  October
                    25, 2036

                	 
	
                  II-2-A

                	 	
                  Variable(2)

                	 	$	
                  5,744,691.78

                	 	
                  October
                    25, 2036

                	 
	
                  II-2-B

                	 	
                  Variable(2)

                	 	$	
                  5,744,691.78

                	 	
                  October
                    25, 2036

                	 
	
                  II-3-A

                	 	
                  Variable(2)

                	 	$	
                  6,148,496.95

                	 	
                  October
                    25, 2036

                	 
	
                  II-3-B

                	 	
                  Variable(2)

                	 	$	
                  6,148,496.95

                	 	
                  October
                    25, 2036

                	 
	
                  II-4-A

                	 	
                  Variable(2)

                	 	$	
                  6,507,093.25

                	 	
                  October
                    25, 2036

                	 
	
                  II-4-B

                	 	
                  Variable(2)

                	 	$	
                  6,507,093.25

                	 	
                  October
                    25, 2036

                	 
	
                  II-5-A

                	 	
                  Variable(2)

                	 	$	
                  6,306,342.60

                	 	
                  October
                    25, 2036

                	 
	
                  II-5-B

                	 	
                  Variable(2)

                	 	$	
                  6,306,342.60

                	 	
                  October
                    25, 2036

                	 
	
                  II-6-A

                	 	
                  Variable(2)

                	 	$	
                  6,045,836.68

                	 	
                  October
                    25, 2036

                	 
	
                  II-6-B

                	 	
                  Variable(2)

                	 	$	
                  6,045,836.68

                	 	
                  October
                    25, 2036

                	 
	
                  II-7-A

                	 	
                  Variable(2)

                	 	$	
                  5,794,304.58

                	 	
                  October
                    25, 2036

                	 
	
                  II-7-B

                	 	
                  Variable(2)

                	 	$	
                  5,794,304.58

                	 	
                  October
                    25, 2036

                	 
	
                  II-8-A

                	 	
                  Variable(2)

                	 	$	
                  5,553,264.48

                	 	
                  October
                    25, 2036

                	 
	
                  II-8-B

                	 	
                  Variable(2)

                	 	$	
                  5,553,264.48

                	 	
                  October
                    25, 2036

                	 
	
                  II-9-A

                	 	
                  Variable(2)

                	 	$	
                  5,322,277.27

                	 	
                  October
                    25, 2036

                	 
	
                  II-9-B

                	 	
                  Variable(2)

                	 	$	
                  5,322,277.27

                	 	
                  October
                    25, 2036

                	 
	
                  II-10-A

                	 	
                  Variable(2)

                	 	$	
                  5,100,923.15

                	 	
                  October
                    25, 2036

                	 

        

         

        
          
            
            

          

          
            6

            
              

            

          

          
            
            

          

        

          

        
          	
                  Designation

                	 	
                   REMIC
                    I Remittance
                    Rate

                	 	
                    Initial
                    Uncertificated
                    Balance

                	 	
                   Latest
                    Possible 

                  Maturity
                    Date(1)

                	 
	
                  II-10-B

                	 	
                  Variable(2)

                	 	$	
                  5,100,923.15

                	 	
                  October
                    25, 2036

                	 
	
                  II-11-A

                	 	
                  Variable(2)

                	 	$	
                  4,888,798.89

                	 	
                  October
                    25, 2036

                	 
	
                  II-11-B

                	 	
                  Variable(2)

                	 	$	
                  4,888,798.89

                	 	
                  October
                    25, 2036

                	 
	
                  II-12-A

                	 	
                  Variable(2)

                	 	$	
                  4,685,519.09

                	 	
                  October
                    25, 2036

                	 
	
                  II-12-B

                	 	
                  Variable(2)

                	 	$	
                  4,685,519.09

                	 	
                  October
                    25, 2036

                	 
	
                  II-13-A

                	 	
                  Variable(2)

                	 	$	
                  4,490,714.21

                	 	
                  October
                    25, 2036

                	 
	
                  II-13-B

                	 	
                  Variable(2)

                	 	$	
                  4,490,714.21

                	 	
                  October
                    25, 2036

                	 
	
                  II-14-A

                	 	
                  Variable(2)

                	 	$	
                  4,312,998.06

                	 	
                  October
                    25, 2036

                	 
	
                  II-14-B

                	 	
                  Variable(2)

                	 	$	
                  4,312,998.06

                	 	
                  October
                    25, 2036

                	 
	
                  II-15-A

                	 	
                  Variable(2)

                	 	$	
                  4,234,001.28

                	 	
                  October
                    25, 2036

                	 
	
                  II-15-B

                	 	
                  Variable(2)

                	 	$	
                  4,234,001.28

                	 	
                  October
                    25, 2036

                	 
	
                  II-16-A

                	 	
                  Variable(2)

                	 	$	
                  13,533,417.29

                	 	
                  October
                    25, 2036

                	 
	
                  II-16-B

                	 	
                  Variable(2)

                	 	$	
                  13,533,417.29

                	 	
                  October
                    25, 2036

                	 
	
                  II-17-A

                	 	
                  Variable(2)

                	 	$	
                  12,179,102.34

                	 	
                  October
                    25, 2036

                	 
	
                  II-17-B

                	 	
                  Variable(2)

                	 	$	
                  12,179,102.34

                	 	
                  October
                    25, 2036

                	 
	
                  II-18-A

                	 	
                  Variable(2)

                	 	$	
                  10,143,459.83

                	 	
                  October
                    25, 2036

                	 
	
                  II-18-B

                	 	
                  Variable(2)

                	 	$	
                  10,143,459.83

                	 	
                  October
                    25, 2036

                	 
	
                  II-19-A

                	 	
                  Variable(2)

                	 	$	
                  8,397,085.30

                	 	
                  October
                    25, 2036

                	 
	
                  II-19-B

                	 	
                  Variable(2)

                	 	$	
                  8,397,085.30

                	 	
                  October
                    25, 2036

                	 
	
                  II-20-A

                	 	
                  Variable(2)

                	 	$	
                  2,804,984.62

                	 	
                  October
                    25, 2036

                	 
	
                  II-20-B

                	 	
                  Variable(2)

                	 	$	
                  2,804,984.62

                	 	
                  October
                    25, 2036

                	 
	
                  II-21-A

                	 	
                  Variable(2)

                	 	$	
                  2,191,011.49

                	 	
                  October
                    25, 2036

                	 
	
                  II-21-B

                	 	
                  Variable(2)

                	 	$	
                  2,191,011.49

                	 	
                  October
                    25, 2036

                	 
	
                  II-22-A

                	 	
                  Variable(2)

                	 	$	
                  2,078,395.22

                	 	
                  October
                    25, 2036

                	 
	
                  II-22-B

                	 	
                  Variable(2)

                	 	$	
                  2,078,395.22

                	 	
                  October
                    25, 2036

                	 
	
                  II-23-A

                	 	
                  Variable(2)

                	 	$	
                  1,983,036.58

                	 	
                  October
                    25, 2036

                	 
	
                  II-23-B

                	 	
                  Variable(2)

                	 	$	
                  1,983,036.58

                	 	
                  October
                    25, 2036

                	 
	
                  II-24-A

                	 	
                  Variable(2)

                	 	$	
                  1,892,113.83

                	 	
                  October
                    25, 2036

                	 
	
                  II-24-B

                	 	
                  Variable(2)

                	 	$ 	
                  1,892,113.83

                	 	
                  October
                    25, 2036

                	 
	
                  II-25-A

                	 	
                  Variable(2)

                	 	$	
                  1,805,418.06

                	 	
                  October
                    25, 2036

                	 
	
                  II-25-B

                	 	
                  Variable(2)

                	 	$	
                  1,805,418.06

                	 	
                  October
                    25, 2036

                	 
	
                  II-26-A

                	 	
                  Variable(2)

                	 	$	
                  1,722,750.08

                	 	
                  October
                    25, 2036

                	 
	
                  II-26-B

                	 	
                  Variable(2)

                	 	$	
                  1,722,750.08

                	 	
                  October
                    25, 2036

                	 
	
                  II-27-A

                	 	
                  Variable(2)

                	 	$	
                  1,643,920.99

                	 	
                  October
                    25, 2036

                	 
	
                  II-27-B

                	 	
                  Variable(2)

                	 	$	
                  1,643,920.99

                	 	
                  October
                    25, 2036

                	 
	
                  II-28-A

                	 	
                  Variable(2)

                	 	$	
                  1,568,732.82

                	 	
                  October
                    25, 2036

                	 
	
                  II-28-B

                	 	
                  Variable(2)

                	 	$	
                  1,568,732.82

                	 	
                  October
                    25, 2036

                	 
	
                  II-29-A

                	 	
                  Variable(2)

                	 	$	
                  1,496,621.52

                	 	
                  October
                    25, 2036

                	 
	
                  II-29-B

                	 	
                  Variable(2)

                	 	$	
                  1,496,621.52

                	 	
                  October
                    25, 2036

                	 
	
                  II-30-A

                	 	
                  Variable(2)

                	 	$	
                  1,428,209.98

                	 	
                  October
                    25, 2036

                	 
	
                  II-30-B

                	 	
                  Variable(2)

                	 	$	
                  1,428,209.98

                	 	
                  October
                    25, 2036

                	 
	
                  II-31-A

                	 	
                  Variable(2)

                	 	$	
                  1,363,062.26

                	 	
                  October
                    25, 2036

                	 
	
                  II-31-B

                	 	
                  Variable(2)

                	 	$	
                  1,363,062.26

                	 	
                  October
                    25, 2036

                	 
	
                  II-32-A

                	 	
                  Variable(2)

                	 	$	
                  1,300,931.61

                	 	
                  October
                    25, 2036

                	 
	
                  II-32-B

                	 	
                  Variable(2)

                	 	$	
                  1,300,931.61

                	 	
                  October
                    25, 2036

                	 
	
                  II-33-A

                	 	
                  Variable(2)

                	 	$	
                  1,241,675.00

                	 	
                  October
                    25, 2036

                	 

        

         

        
          
            
            

          

          
            7

            
              

            

          

          
            
            

          

        

          

        
          	
                   Designation

                	 	
                   REMIC
                    I Remittance
                    Rate

                	 	
                    Initial
                    Uncertificated
                    Balance

                	 	
                   Latest
                    Possible 

                  Maturity
                    Date(1)

                	 
	
                  II-33-B

                	 	
                  Variable(2)

                	 	$	
                  1,241,675.00

                	 	
                  October
                    25, 2036

                	 
	
                  II-34-A

                	 	
                  Variable(2)

                	 	$	
                  1,185,157.93

                	 	
                  October
                    25, 2036

                	 
	
                  II-34-B

                	 	
                  Variable(2)

                	 	$	
                  1,185,157.93

                	 	
                  October
                    25, 2036

                	 
	
                  II-35-A

                	 	
                  Variable(2)

                	 	$	
                  1,131,250.31

                	 	
                  October
                    25, 2036

                	 
	
                  II-35-B

                	 	
                  Variable(2)

                	 	$	
                  1,131,250.31

                	 	
                  October
                    25, 2036

                	 
	
                  II-36-A

                	 	
                  Variable(2)

                	 	$	
                  1,079,829.38

                	 	
                  October
                    25, 2036

                	 
	
                  II-36-B

                	 	
                  Variable(2)

                	 	$	
                  1,079,829.38

                	 	
                  October
                    25, 2036

                	 
	
                  II-37-A

                	 	
                  Variable(2)

                	 	$	
                  1,030,786.02

                	 	
                  October
                    25, 2036

                	 
	
                  II-37-B

                	 	
                  Variable(2)

                	 	$	
                  1,030,786.02

                	 	
                  October
                    25, 2036

                	 
	
                  II-38-A

                	 	
                  Variable(2)

                	 	$	
                  984,004.55

                	 	
                  October
                    25, 2036

                	 
	
                  II-38-B

                	 	
                  Variable(2)

                	 	$	
                  984,004.55

                	 	
                  October
                    25, 2036

                	 
	
                  II-39-A

                	 	
                  Variable(2)

                	 	$	
                  939,379.27

                	 	
                  October
                    25, 2036

                	 
	
                  II-39-B

                	 	
                  Variable(2)

                	 	$	
                  939,379.27

                	 	
                  October
                    25, 2036

                	 
	
                  II-40-A

                	 	
                  Variable(2)

                	 	$	
                  896,809.39

                	 	
                  October
                    25, 2036

                	 
	
                  II-40-B

                	 	
                  Variable(2)

                	 	$	
                  896,809.39

                	 	
                  October
                    25, 2036

                	 
	
                  II-41-A

                	 	
                  Variable(2)

                	 	$	
                  856,199.22

                	 	
                  October
                    25, 2036

                	 
	
                  II-41-B

                	 	
                  Variable(2)

                	 	$	
                  856,199.22

                	 	
                  October
                    25, 2036

                	 
	
                  II-42-A

                	 	
                  Variable(2)

                	 	$	
                  817,457.47

                	 	
                  October
                    25, 2036

                	 
	
                  II-42-B

                	 	
                  Variable(2)

                	 	$	
                  817,457.47

                	 	
                  October
                    25, 2036

                	 
	
                  II-43-A

                	 	
                  Variable(2)

                	 	$	
                  780,496.29

                	 	
                  October
                    25, 2036

                	 
	
                  II-43-B

                	 	
                  Variable(2)

                	 	$	
                  780,496.29

                	 	
                  October
                    25, 2036

                	 
	
                  II-44-A

                	 	
                  Variable(2)

                	 	$	
                  745,233.90

                	 	
                  October
                    25, 2036

                	 
	
                  II-44-B

                	 	
                  Variable(2)

                	 	$	
                  745,233.90

                	 	
                  October
                    25, 2036

                	 
	
                  II-45-A

                	 	
                  Variable(2)

                	 	$	
                  711,590.24

                	 	
                  October
                    25, 2036

                	 
	
                  II-45-B

                	 	
                  Variable(2)

                	 	$	
                  711,590.24

                	 	
                  October
                    25, 2036

                	 
	
                  II-46-A

                	 	
                  Variable(2)

                	 	$	
                  679,490.38

                	 	
                  October
                    25, 2036

                	 
	
                  II-46-B

                	 	
                  Variable(2)

                	 	$	
                  679,490.38

                	 	
                  October
                    25, 2036

                	 
	
                  II-47-A

                	 	
                  Variable(2)

                	 	$	
                  648,862.33

                	 	
                  October
                    25, 2036

                	 
	
                  II-47-B

                	 	
                  Variable(2)

                	 	$	
                  648,862.33

                	 	
                  October
                    25, 2036

                	 
	
                  II-48-A

                	 	
                  Variable(2)

                	 	$	
                  619,637.73

                	 	
                  October
                    25, 2036

                	 
	
                  II-48-B

                	 	
                  Variable(2)

                	 	$	
                  619,637.73

                	 	
                  October
                    25, 2036

                	 
	
                  II-49-A

                	 	
                  Variable(2)

                	 	$	
                  591,751.90

                	 	
                  October
                    25, 2036

                	 
	
                  II-49-B

                	 	
                  Variable(2)

                	 	$	
                  591,751.90

                	 	
                  October
                    25, 2036

                	 
	
                  II-50-A

                	 	
                  Variable(2)

                	 	$	
                  565,141.64

                	 	
                  October
                    25, 2036

                	 
	
                  II-50-B

                	 	
                  Variable(2)

                	 	$	
                  565,141.64

                	 	
                  October
                    25, 2036

                	 
	
                  II-51-A

                	 	
                  Variable(2)

                	 	$	
                  539,748.35

                	 	
                  October
                    25, 2036

                	 
	
                  II-51-B

                	 	
                  Variable(2)

                	 	$	
                  539,748.35

                	 	
                  October
                    25, 2036

                	 
	
                  II-52-A

                	 	
                  Variable(2)

                	 	$	
                  515,538.60

                	 	
                  October
                    25, 2036

                	 
	
                  II-52-B

                	 	
                  Variable(2)

                	 	$	
                  515,538.60

                	 	
                  October
                    25, 2036

                	 
	
                  II-53-A

                	 	
                  Variable(2)

                	 	$	
                  494,557.54

                	 	
                  October
                    25, 2036

                	 
	
                  II-53-B

                	 	
                  Variable(2)

                	 	$	
                  494,557.54

                	 	
                  October
                    25, 2036

                	 
	
                  II-54-A

                	 	
                  Variable(2)

                	 	$	
                  472,460.55

                	 	
                  October
                    25, 2036

                	 
	
                  II-54-B

                	 	
                  Variable(2)

                	 	$	
                  472,460.55

                	 	
                  October
                    25, 2036

                	 
	
                  II-55-A

                	 	
                  Variable(2)

                	 	$	
                  451,207.09

                	 	
                  October
                    25, 2036

                	 
	
                  II-55-B

                	 	
                  Variable(2)

                	 	$	
                  451,207.09

                	 	
                  October
                    25, 2036

                	 
	
                  II-56-A

                	 	
                  Variable(2)

                	 	$	
                  430,921.65

                	 	
                  October
                    25, 2036

                	 

        

         

        
          
            
            

          

          
            8

            
              

            

          

          
            
            

          

        

         

        
          
            	
                    Designation

                  	 	
                    REMIC
                      I Remittance
                      Rate

                  	 	
                    Initial
                      Uncertificated
                      Balance

                  	 	
                    Latest
                      Possible 

                    Maturity
                      Date(1)

                  	 

          

        

        
          	
                  II-56-B

                	 	
                  Variable(2)

                	 	$	
                  430,921.65

                	 	
                  October
                    25, 2036

                	 
	
                  II-57-A

                	 	
                  Variable(2)

                	 	$	
                  9,346,484.76

                	 	
                  October
                    25, 2036

                	 
	
                  II-57-B

                	 	
                  Variable(2)

                	 	$	
                  9,346,484.76

                	 	
                  October
                    25, 2036

                	 

        

      

      
         

        
          

        

      

      
        	
                (1)

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

              

      

      
        	
                (2)

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

              

      

       

      
        
          
          

        

        
          9

          
            

          

        

         

      

      

      REMIC
        II

       

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

       

      
        	
                Designation

              	 	
                REMIC
                  II 

                Remittance
                  Rate

              	 	
                Initial

                Uncertificated
                  Balance

              	 	 	
                Latest
                  Possible

                Maturity
                  Date (1)

              
	
                AA

              	 	
                Variable(2)

              	 	$	
                396,167,817.41

              	 	 	
                October
                  25, 2036

              
	
                A-1A

              	 	
                Variable(2)

              	 	$	
                1,020,545.00

              	 	 	
                October
                  25, 2036

              
	
                A-1B

              	 	
                Variable(2)

              	 	$	
                624,415.00

              	
                 

              	 	
                October
                  25, 2036

              
	
                A-2A

              	 	
                Variable(2)

              	 	$	
                733,435.00

              	 	 	
                October
                  25, 2036

              
	
                A-2B

              	 	
                Variable(2)

              	 	$	
                332,920.00

              	 	 	
                October
                  25, 2036

              
	
                A-2C

              	 	
                Variable(2)

              	 	$	
                337,620.00

              	 	 	
                October
                  25, 2036

              
	
                A-2D

              	 	
                Variable(2)

              	 	$	
                164,880.00

              	 	 	
                October
                  25, 2036

              
	
                M-1

              	 	
                Variable(2)

              	 	$	
                149,575.00

              	 	 	
                October
                  25, 2036

              
	
                M-2

              	 	
                Variable(2)

              	 	$	
                131,380.00

              	 	 	
                October
                  25, 2036

              
	
                M-3

              	 	
                Variable(2)

              	 	$	
                76,810.00

              	 	 	
                October
                  25, 2036

              
	
                M-4

              	 	
                Variable(2)

              	 	$	
                70,745.00

              	 	 	
                October
                  25, 2036

              
	
                M-5

              	 	
                Variable(2)

              	 	$	
                68,725.00

              	 	 	
                October
                  25, 2036

              
	
                M-6

              	 	
                Variable(2)

              	 	$	
                62,660.00

              	 	 	
                October
                  25, 2036

              
	
                M-7

              	 	
                Variable(2)

              	 	$	
                60,640.00

              	 	 	
                October
                  25, 2036

              
	
                M-8

              	 	
                Variable(2)

              	 	$	
                42,445.00

              	 	 	
                October
                  25, 2036

              
	
                M-9

              	 	
                Variable(2)

              	 	$	
                40,425.00

              	 	 	
                October
                  25, 2036

              
	
                M-10

              	 	
                Variable(2)

              	 	$	
                20,215.00

              	 	 	
                October
                  25, 2036

              
	
                M-11

              	 	
                Variable(2)

              	 	$	
                40,425.00

              	 	 	
                October
                  25, 2036

              
	
                ZZ

              	 	
                Variable(2)

              	 	$	
                4,107,197.50

              	 	 	
                October
                  25, 2036

              
	
                P

              	 	
                Variable(2)

              	 	$	
                100.00

              	 	 	
                October
                  25, 2036

              
	
                IO

              	 	
                Variable(2)

              	 	$	
                (3

              	)	 	
                October
                  25, 2036

              
	
                IA-SUB

              	 	
                Variable(2)

              	 	$	
                5,263.20

              	 	 	
                October
                  25, 2036

              
	
                IA-GRP

              	 	
                Variable(2)

              	 	$	
                25,674.10

              	 	 	
                October
                  25, 2036

              
	
                IB-SUB

              	 	
                Variable(2)

              	 	$	
                3,220.27

              	 	 	
                October
                  25, 2036

              
	
                IB-GRP

              	 	
                Variable(2)

              	 	$	
                15,708.57

              	 	 	
                October
                  25, 2036

              
	
                II-SUB

              	 	
                Variable(2)

              	 	$	
                8,090.82

              	 	 	
                October
                  25, 2036

              
	
                II-GRP

              	 	
                Variable(2)

              	 	$	
                39,467.92

              	 	 	
                October
                  25, 2036

              
	
                XX

              	 	
                Variable(2)

              	 	$	
                404,155,450.04

              	 	 	
                October
                  25, 2036

              

      

      
         

        
          

        

      

      
        	
                (1)

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

              

      

      
        	
                (2)

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

              

      

      
        	
                (3)

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

              

      

      
        	
                (4)

              	
                REMIC
                  II Regular Interest P will be entitled to 100% of the Prepayment
                  Charges.

              

      

       

      
        
          
          

        

        
          10

          
            

          

        

         

      

       

      REMIC
        III

       

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

       

      
        	
                Designation

              	 	
                Pass-Through
                  Rate

              	 	 	
                Initial
                  Aggregate Certificate Principal Balance

              	 	
                Latest
                  Possible

                Maturity
                  Date (1)

              
	
                Class
                  A-1A

              	 	
                Variable(2)

              	 	$	
                204,109,000.00

              	 	
                October
                  25, 2036

              
	
                Class
                  A-1B

              	 	
                Variable(2)

              	 	$	
                124,883,000.00

              	 	
                October
                  25, 2036

              
	
                Class
                  A-2A

              	 	
                Variable(2)

              	 	$	
                146,687,000.00

              	 	
                October
                  25, 2036

              
	
                Class
                  A-2B

              	 	
                Variable(2)

              	 	$	
                66,584,000.00

              	 	
                October
                  25, 2036

              
	
                Class
                  A-2C

              	 	
                Variable(2)

              	 	$	
                67,524,000.00

              	 	
                October
                  25, 2036

              
	
                Class
                  A-2D

              	 	
                Variable(2)

              	 	$	
                32,976,000.00

              	 	
                October
                  25, 2036

              
	
                Class
                  M-1

              	 	
                Variable(2)

              	 	$	
                29,915,000.00

              	 	
                October
                  25, 2036

              
	
                Class
                  M-2

              	 	
                Variable(2)

              	 	$	
                26,276,000.00

              	 	
                October
                  25, 2036

              
	
                Class
                  M-3

              	 	
                Variable(2)

              	 	$	
                15,362,000.00

              	 	
                October
                  25, 2036

              
	
                Class
                  M-4

              	 	
                Variable(2)

              	 	$	
                14,149,000.00

              	 	
                October
                  25, 2036

              
	
                Class
                  M-5

              	 	
                Variable(2)

              	 	$	
                13,745,000.00

              	 	
                October
                  25, 2036

              
	
                Class
                  M-6

              	 	
                Variable(2)

              	 	$	
                12,532,000.00

              	 	
                October
                  25, 2036

              
	
                Class
                  M-7 

              	 	
                Variable(2)

              	 	$	
                12,128,000.00

              	 	
                October
                  25, 2036

              
	
                Class
                  M-8 

              	 	
                Variable(2)

              	 	$	
                8,489,000.00

              	 	
                October
                  25, 2036

              
	
                Class
                  M-9 

              	 	
                Variable(2)

              	 	$	
                8,085,000.00

              	 	
                October
                  25, 2036

              
	
                Class
                  M-10

              	 	
                Variable(2)

              	 	$	
                4,043,000.00

              	 	
                October
                  25, 2036

              
	
                Class
                  M-11

              	 	
                Variable(2)

              	 	$	
                8,085,000.00

              	 	
                October
                  25, 2036

              
	
                Class
                  P 

              	 	
                N/A(3)

              	 	$	
                100.00

              	
                 

              	
                October
                  25, 2036

              
	
                Class
                  CE

              	 	
                N/A(4)

              	 	$	
                12,933,749.81

              	 	
                October
                  25, 2036

              
	
                Class
                  IO Interest 

              	 	
                N/A(5)

              	 	 	
                (5

              	) 	
                October
                  25, 2036

              

      

      

      
        
          

        

      

      
        	
                (1)

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

              

      

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

              

      

      
        	(3)	
                The
                  Class P Certificates will not accrue
                  interest.

              

      

      
        	(4)	
                The
                  Class CE Certificates will accrue interest at their variable Pass-Through
                  Rate on the Notional Amount of the Class CE Certificates outstanding
                  from
                  time to time which shall equal the Uncertificated Balance of the
                  REMIC II
                  Regular Interests (other than REMIC II Regular Interest P). The
                  Class CE
                  Certificates will not accrue interest on their Certificate Principal
                  Balance.

              

      

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

              

      

       

      The
        Mortgage Loans had an aggregate Scheduled Principal Balance as of the Cut-off
        Date, after deducting all Monthly Payments due on or before the Cut-off Date,
        of
        $808,505,849.81. As of the Cut-off Date, the Group IA Mortgage Loans had
        an
        aggregate Scheduled Principal Balance equal to $256,740,978.05, the Group
        IB
        Mortgage Loans had an aggregate Scheduled Principal Balance equal to
        $157,085,661.76 and the Group II Mortgage Loans had an aggregate Scheduled
        Principal Balance equal to $394,679,210.00.

      
        
          
          

        

        
          11

          
            

          

        

         

      

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

       

      ARTICLE
        I

       

      DEFINITIONS

       

      SECTION
        1.01. Defined
        Terms.

       

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

       

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

       

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

       

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

       

      “Accrued
        Certificate Interest”:
        With
        respect to any Class A Certificate, Mezzanine Certificate or Class CE
        Certificate and each Distribution Date, interest accrued during the related
        Interest Accrual Period at the Pass-Through Rate for such Certificate for
        such
        Distribution Date on the Certificate Principal Balance, in the case of the
        Class
        A Certificates and the Mezzanine Certificates, or on the Notional Amount
        in the
        case of the Class CE Certificates, of such Certificate immediately prior
        to such
        Distribution Date. The Class P Certificates are not entitled to distributions
        in
        respect of interest and, accordingly, will not accrue interest. All
        distributions of interest on the Class A Certificates and the Mezzanine
        Certificates will be calculated on the basis of a 360-day year and the actual
        number of days in the applicable Interest Accrual Period. All distributions
        of
        interest on the Class CE Certificates will be based on a 360-day year consisting
        of twelve 30-day months. Accrued Certificate Interest with respect to each
        Distribution Date, as to any Class A Certificate, Mezzanine Certificate or
        Class
        CE Certificate shall be reduced by an amount equal to the portion allocable
        to
        such Certificate pursuant to Section 1.02 hereof, if any, of the sum of (a)
        the
        aggregate Prepayment Interest Shortfall, if any, for such Distribution Date
        to
        the extent not covered by payments pursuant to Section 3.23 or Section 4.19
        of
        this Agreement and (b) the aggregate amount of any Relief Act Interest
        Shortfall, if any, for such Distribution Date. In addition, Accrued Certificate
        Interest with respect to each Distribution Date, as to any Class CE Certificate,
        shall be reduced by an amount equal to the portion allocable to such Class
        CE
        Certificate of Realized Losses, if any, pursuant to Section 1.02 and Section
        5.04 hereof.

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Advance
        Facility”:
        As
        defined in Section 3.26(a).

       

      “Advance
        Financing Person”:
        As
        defined in Section 3.26(a).

       

      “Advance
        Reimbursement Amounts”:
        As
        defined in Section 3.26(b).

       

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

       

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

       

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

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

      “Available
        Distribution Amount”:
        With
        respect to any Distribution Date, an amount equal to (1) the sum of (a) the
        aggregate of the amounts on deposit in the Collection Account and the
        Distribution Account as of the close of business on the Servicer Remittance
        Date, (b) the aggregate of any amounts deposited in the Distribution Account
        by
        the Servicer or the Master Servicer in respect of Prepayment Interest Shortfalls
        for such Distribution Date pursuant to Section 3.23 or Section 4.19 of this
        Agreement, (c) the aggregate of any P&I Advances for such Distribution Date
        made by the Servicer pursuant to Section 5.03 of this Agreement and (d) the
        aggregate of any P&I Advances made by a successor Servicer (including the
        Master Servicer) for such Distribution Date pursuant to Section 8.02 of this
        Agreement, reduced (to not less than zero) by (2) the portion of the amount
        described in clause (1)(a) above that represents (i) Amounts Held for Future
        Distribution, (ii) Principal Prepayments on the Mortgage Loans received after
        the related Prepayment Period (together with any interest payments received
        with
        such Principal Prepayments to the extent they represent the payment of interest
        accrued on the Mortgage Loans during a period subsequent to the related
        Prepayment Period), (iii) Liquidation Proceeds, Insurance Proceeds and
        Subsequent Recoveries received in respect of the Mortgage Loans after the
        related Prepayment Period, (iv) amounts reimbursable or payable to the
        Depositor, the Servicer, the Trustee, the Master Servicer, the Securities
        Administrator, the Credit Risk Manager or the Custodians pursuant to Section
        3.09 or 9.05 of this Agreement or otherwise payable in respect of Extraordinary
        Trust Fund Expenses, (v) the Credit Risk Management Fee, (vi) amounts deposited
        in the Collection Account or the Distribution Account in error, (vii) the
        amount
        of any Prepayment Charges collected by the Servicer in connection with the
        Principal Prepayment of any of the Mortgage Loans and (viii) amounts
        reimbursable to a successor Servicer (including the Master Servicer) pursuant
        to
        Section 8.02 of this Agreement. 

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Cap
        Contracts”:
        Shall
        mean the Group IA Cap Contract, Group IB Cap Contract and Group II Cap
        Contract.

       

      “Cap
        Counterparty”:
        The
        counterparty under each Cap Contract, and any successor in interest or assign.
        Initially, the Cap Counterparty shall be The Royal Bank of Scotland
        plc.

       

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

       

      “Certificate”:
        Any
        one of ACE Securities Corp., Asset Backed Pass-Through Certificates, Series
        2006-ASAP5, Class A-1A, Class A-1B, Class A-2A, Class A-2B, Class A-2C, Class
        A-2D, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
        M-7, Class M-8, Class M-9, Class M-10, Class M-11, Class P, Class CE and
        Class R
        Certificates issued under this Agreement. 

       

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

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      “Certificate
        Margin”:
        With
        respect to the Class A-1A Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest A-1A, 0.140% in the case of each
        Distribution Date through and including the Optional Termination Date and
        0.280%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class A-1B Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest A-1B, 0.140% in the case of each
        Distribution Date through and including the Optional Termination Date and
        0.280%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class A-2A Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest A-2A, 0.080% in the case of each
        Distribution Date through and including the Optional Termination Date and
        0.160%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class A-2B Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest A-2B, 0.130% in the case of each
        Distribution Date through and including the Optional Termination Date and
        0.260%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class A-2C Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest A-2C, 0.180% in the case of each
        Distribution Date through and including the Optional Termination Date and
        0.360%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class A-2D Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest A-2D, 0.260% in the case of each
        Distribution Date through and including the Optional Termination Date and
        0.520%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class M-1 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-1, 0.280% in the case of each
        Distribution Date through and including the Optional Termination Date and
        0.420%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class M-2 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-2, 0.360% in the case of each
        Distribution Date through and including the Optional Termination Date and
        0.540%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class M-3 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-3, 0.370% in the case of each
        Distribution Date through and including the Optional Termination Date and
        0.555%
        in the case of each Distribution Date thereafter.

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

      With
        respect to the Class M-4 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-4, 0.400% in the case of each
        Distribution Date through and including the Optional Termination Date and
        0.600%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class M-5 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-5, 0.430% in the case of each
        Distribution Date through and including the Optional Termination Date and
        0.645%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class M-6 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-6, 0.480% in the case of each
        Distribution Date through and including the Optional Termination Date and
        0.720%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class M-7 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-7, 0.850% in the case of each
        Distribution Date through and including the Optional Termination Date and
        1.275%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class M-8 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest 1.100% in the case of each Distribution
        Date through and including the Optional Termination Date and 1.600% in the
        case
        of each Distribution Date thereafter.

       

      With
        respect to the Class M-9 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-9, 2.100% in the case of each
        Distribution Date through and including the Optional Termination Date and
        2.600%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class M-10 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-10, 2.500% in the case of each
        Distribution Date through and including the Optional Termination Date and
        3.000%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class M-11 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-11, 2.500% in the case of each
        Distribution Date through and including the Optional Termination Date and
        3.000%
        in the case of each Distribution Date thereafter.

       

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

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

      “Certification
        Parties”:
        Has
        the meaning set forth in Section 3.20 of this Agreement.

       

      “Certifying
        Person”:
        Has
        the meaning set forth in Section 3.20 of this Agreement.

       

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

       

      “Class
        A Certificate”:
        Any
        Class A-1A, Class A-1B, Class A-2A, Class A-2B, Class A-2C or Class A-2D
        Certificate.

       

      “Class
        A Principal Distribution Amount”:
        The
        Class A Principal Distribution Amount is an amount equal to the sum of: (i)
        the
        Class A-1A Principal Distribution Amount, (ii) the Class A-1B Principal
        Distribution Amount and (iii) the Class A-2 Principal Distribution
        Amount.

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

       

      “Class
        A-1A Allocation Percentage”:
        With
        respect to any Distribution Date is the percentage equivalent of a fraction,
        the
        numerator of which is (x) the Group IA Principal Remittance Amount for such
        Distribution Date and the denominator of which is (y) the Principal Remittance
        Amount for such Distribution Date.

       

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

       

      “Class
        A-1A Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the Certificate Principal
        Balance of the Class A-1A Certificates immediately prior to such Distribution
        Date over (y) the lesser of (A) the product of (i) 59.00% and (ii) the aggregate
        Stated Principal Balance of the Group IA Mortgage Loans as of the last day
        of
        the related Due Period (after giving effect to scheduled payments of principal
        due during the related Due Period, to the extent received or advanced and
        unscheduled collections of principal received during the related Prepayment
        Period) and (B) the aggregate Stated Principal Balance of the Group IA Mortgage
        Loans as of the last day of the related Due Period (after giving effect to
        scheduled payments of principal due during the related Due Period, to the
        extent
        received or advanced and unscheduled collections of principal received during
        the related Prepayment Period) minus the product of (i) 0.50% and (ii) the
        aggregate principal balance of the Group IA Mortgage Loans as of the Cut-off
        Date.

       

      “Class
        A-1B Allocation Percentage”:
        With
        respect to any Distribution Date is the percentage equivalent of a fraction,
        the
        numerator of which is (x) the Group IB Principal Remittance Amount for such
        Distribution Date and the denominator of which is (y) the Principal Remittance
        Amount for such Distribution Date.

       

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

       

      “Class
        A-1B Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the Certificate Principal
        Balance of the Class A-1B Certificates immediately prior to such Distribution
        Date over (y) the lesser of (A) the product of (i) 59.00% and (ii) the aggregate
        Stated Principal Balance of the Group IB Mortgage Loans as of the last day
        of
        the related Due Period (after giving effect to scheduled payments of principal
        due during the related Due Period, to the extent received or advanced and
        unscheduled collections of principal received during the related Prepayment
        Period) and (B) the aggregate Stated Principal Balance of the Group IB Mortgage
        Loans as of the last day of the related Due Period (after giving effect to
        scheduled payments of principal due during the related Due Period, to the
        extent
        received or advanced and unscheduled collections of principal received during
        the related Prepayment Period) minus the product of (i) 0.50% and (ii) the
        aggregate principal balance of the Group IB Mortgage Loans as of the Cut-off
        Date.

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

       

      “Class
        A-2 Allocation Percentage”:
        With
        respect to any Distribution Date is the percentage equivalent of a fraction,
        the
        numerator of which is (x) the Group II Principal Remittance Amount for such
        Distribution Date and the denominator of which is (y) the Principal Remittance
        Amount for such Distribution Date.

       

      “Class
        A-2 Certificate”:
        Any
        Class A-2A, Class A-2B, Class A-2C or Class A-2D Certificate.

       

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

       

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

       

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

       

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

       

      “Class
        A-2 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of the Certificate
        Principal Balances of the Class A-2A, Class A-2B, Class A-2C and Class A-2D
        Certificates immediately prior to such Distribution Date over (y) the lesser
        of
        (A) the product of (i) 59.00% and (ii) the aggregate Stated Principal Balance
        of
        the Group II Mortgage Loans as of the last day of the related Due Period
        (after
        giving effect to scheduled payments of principal due during the related Due
        Period, to the extent received or advanced and unscheduled collections of
        principal received during the related Prepayment Period) and (B) the aggregate
        Stated Principal Balance of the Group II Mortgage Loans as of the last day
        of
        the related Due Period (after giving effect to scheduled payments of principal
        due during the related Due Period, to the extent received or advanced and
        unscheduled collections of principal received during the related Prepayment
        Period) minus the product of (i) 0.50% and (ii) the aggregate principal balance
        of the Group II Mortgage Loans as of the Cut-off Date.

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

       

      “Class
        CE Certificate”:
        Any
        one of the Class CE Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-3 and evidencing (i) a Regular Interest in REMIC III,
        (ii)
        beneficial ownership of the Reserve Fund and (iii) beneficial ownership of
        the
        Supplemental Interest Trust.

       

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

       

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

       

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

       

      “Class
        M-1/M-2 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the payment of the Class A Principal Distribution Amount on such
        Distribution Date) and (ii) the sum of the Certificate Principal Balances
        of the
        Class M-1 Certificates and Class M-2 Certificates immediately prior to such
        Distribution Date over (y) the lesser of (A) the product of (i) 72.90% and
        (ii)
        the aggregate Stated Principal Balance of the Mortgage Loans as of the last
        day
        of the related Due Period (after giving effect to scheduled payments of
        principal due during the related Due Period, to the extent received or advanced
        and unscheduled collections of principal received during the related Prepayment
        Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
        as
        of the last day of the related Due Period (after giving effect to scheduled
        payments of principal due during the related Due Period, to the extent received
        or advanced and unscheduled collections of principal received during the
        related
        Prepayment Period) minus the product of (i) 0.50% and (ii) the aggregate
        principal balance of the Mortgage Loans as of the Cut-off Date.

       

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

       

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

       

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

       

      “Class
        M-3 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the payment of the Class A Principal Distribution Amount on such
        Distribution Date), (ii) the aggregate Certificate Principal Balance of the
        Class M-1 Certificates and Class M-2 Certificates (after taking into account
        the
        payment of the Class M-1/M-2 Principal Distribution Amount on such Distribution
        Date) and (iii) the Certificate Principal Balance of the Class M-3 Certificates
        immediately prior to such Distribution Date over (y) the lesser of (A) the
        product of (i) 76.70% and (ii) the aggregate Stated Principal Balance of
        the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced and unscheduled collections of principal received
        during the related Prepayment Period) and (B) the aggregate Stated Principal
        Balance of the Mortgage Loans as of the last day of the related Due Period
        (after giving effect to scheduled payments of principal due during the related
        Due Period, to the extent received or advanced and unscheduled collections
        of
        principal received during the related Prepayment Period) minus the product
        of
        (i) 0.50% and (ii) the aggregate principal balance of the Mortgage Loans
        as of
        the Cut-off Date.

       

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

       

      “Class
        M-4 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the payment of the Class A Principal Distribution Amount on such
        Distribution Date), (ii) the aggregate Certificate Principal Balance of the
        Class M-1 Certificates and Class M-2 Certificates (after taking into account
        the
        payment of the Class M-1/M-2 Principal Distribution Amount on such Distribution
        Date), (iii) the Certificate Principal Balance of the Class M-3 Certificates
        (after taking into account the payment of the Class M-3 Principal Distribution
        Amount on such Distribution Date) and (iv) the Certificate Principal Balance
        of
        the Class M-4 Certificates immediately prior to such Distribution Date over
        (y)
        the lesser of (A) the product of (i) 80.20% and (ii) the aggregate Stated
        Principal Balance of the Mortgage Loans as of the last day of the related
        Due
        Period (after giving effect to scheduled payments of principal due during
        the
        related Due Period, to the extent received or advanced and unscheduled
        collections of principal received during the related Prepayment Period) and
        (B)
        the aggregate Stated Principal Balance of the Mortgage Loans as of the last
        day
        of the related Due Period (after giving effect to scheduled payments of
        principal due during the related Due Period, to the extent received or advanced
        and unscheduled collections of principal received during the related Prepayment
        Period) minus the product of (i) 0.50% and (ii) the aggregate principal balance
        of the Mortgage Loans as of the Cut-off Date.

       

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

       

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

       

      “Class
        M-5 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the payment of the Class A Principal Distribution Amount on such
        Distribution Date), (ii) the aggregate Certificate Principal Balance of the
        Class M-1 Certificates and Class M-2 Certificates (after taking into account
        the
        payment of the Class M-1/M-2 Principal Distribution Amount on such Distribution
        Date), (iii) the Certificate Principal Balance of the Class M-3 Certificates
        (after taking into account the payment of the Class M-3 Principal Distribution
        Amount on such Distribution Date), (iv) the Certificate Principal Balance
        of the
        Class M-4 Certificates (after taking into account the payment of the Class
        M-4
        Principal Distribution Amount on such Distribution Date) and (v) the Certificate
        Principal Balance of the Class M-5 Certificates immediately prior to such
        Distribution Date over (y) the lesser of (A) the product of (i) 83.60% and
        (ii)
        the aggregate Stated Principal Balance of the Mortgage Loans as of the last
        day
        of the related Due Period (after giving effect to scheduled payments of
        principal due during the related Due Period, to the extent received or advanced
        and unscheduled collections of principal received during the related Prepayment
        Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
        as
        of the last day of the related Due Period (after giving effect to scheduled
        payments of principal due during the related Due Period, to the extent received
        or advanced and unscheduled collections of principal received during the
        related
        Prepayment Period) minus the product of (i) 0.50% and (ii) the aggregate
        principal balance of the Mortgage Loans as of the Cut-off Date.

       

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

       

      “Class
        M-6 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the payment of the Class A Principal Distribution Amount on such
        Distribution Date), (ii) the aggregate Certificate Principal Balance of the
        Class M-1 Certificates and Class M-2 Certificates (after taking into account
        the
        payment of the Class M-1/M-2 Principal Distribution Amount on such Distribution
        Date), (iii) the Certificate Principal Balance of the Class M-3 Certificates
        (after taking into account the payment of the Class M-3 Principal Distribution
        Amount on such Distribution Date), (iv) the Certificate Principal Balance
        of the
        Class M-4 Certificates (after taking into account the payment of the Class
        M-4
        Principal Distribution Amount on such Distribution Date), (v) the Certificate
        Principal Balance of the Class M-5 Certificates (after taking into account
        the
        payment of the Class M-5 Principal Distribution Amount on such Distribution
        Date) and (vi) the Certificate Principal Balance of the Class M-6 Certificates
        immediately prior to such Distribution Date over (y) the lesser of (A) the
        product of (i) 86.70% and (ii) the aggregate Stated Principal Balance of
        the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced and unscheduled collections of principal received
        during the related Prepayment Period) and (B) the aggregate Stated Principal
        Balance of the Mortgage Loans as of the last day of the related Due Period
        (after giving effect to scheduled payments of principal due during the related
        Due Period, to the extent received or advanced and unscheduled collections
        of
        principal received during the related Prepayment Period) minus the product
        of
        (i) 0.50% and (ii) the aggregate principal balance of the Mortgage Loans
        as of
        the Cut-off Date.

       

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

       

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

       

      “Class
        M-7 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the payment of the Class A Principal Distribution Amount on such
        Distribution Date), (ii) the aggregate Certificate Principal Balance of the
        Class M-1 Certificates and Class M-2 Certificates (after taking into account
        the
        payment of the Class M-1/M-2 Principal Distribution Amount on such Distribution
        Date), (iii) the Certificate Principal Balance of the Class M-3 Certificates
        (after taking into account the payment of the Class M-3 Principal Distribution
        Amount on such Distribution Date), (iv) the Certificate Principal Balance
        of the
        Class M-4 Certificates (after taking into account the payment of the Class
        M-4
        Principal Distribution Amount on such Distribution Date), (v) the Certificate
        Principal Balance of the Class M-5 Certificates (after taking into account
        the
        payment of the Class M-5 Principal Distribution Amount on such Distribution
        Date), (vi) the Certificate Principal Balance of the Class M-6 Certificates
        (after taking into account the payment of the Class M-6 Principal Distribution
        Amount on such Distribution Date) and (vii) the Certificate Principal Balance
        of
        the Class M-7 Certificates immediately prior to such Distribution Date over
        (y)
        the lesser of (A) the product of (i) 89.70% and (ii) the aggregate Stated
        Principal Balance of the Mortgage Loans as of the last day of the related
        Due
        Period (after giving effect to scheduled payments of principal due during
        the
        related Due Period, to the extent received or advanced and unscheduled
        collections of principal received during the related Prepayment Period) and
        (B)
        the aggregate Stated Principal Balance of the Mortgage Loans as of the last
        day
        of the related Due Period (after giving effect to scheduled payments of
        principal due during the related Due Period, to the extent received or advanced
        and unscheduled collections of principal received during the related Prepayment
        Period) minus the product of (i) 0.50% and (ii) the aggregate principal balance
        of the Mortgage Loans as of the Cut-off Date.

       

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

       

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

       

      “Class
        M-8 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the payment of the Class A Principal Distribution Amount on such
        Distribution Date), (ii) the aggregate Certificate Principal Balance of the
        Class M-1 Certificates and Class M-2 Certificates (after taking into account
        the
        payment of the Class M-1/M-2 Principal Distribution Amount on such Distribution
        Date), (iii) the Certificate Principal Balance of the Class M-3 Certificates
        (after taking into account the payment of the Class M-3 Principal Distribution
        Amount on such Distribution Date), (iv) the Certificate Principal Balance
        of the
        Class M-4 Certificates (after taking into account the payment of the Class
        M-4
        Principal Distribution Amount on such Distribution Date), (v) the Certificate
        Principal Balance of the Class M-5 Certificates (after taking into account
        the
        payment of the Class M-5 Principal Distribution Amount on such Distribution
        Date), (vi) the Certificate Principal Balance of the Class M-6 Certificates
        (after taking into account the payment of the Class M-6 Principal Distribution
        Amount on such Distribution Date), (vii) the Certificate Principal Balance
        of
        the Class M-7 Certificates (after taking into account the payment of the
        Class
        M-7 Principal Distribution Amount on such Distribution Date) and (viii) the
        Certificate Principal Balance of the Class M-8 Certificates immediately prior
        to
        such Distribution Date over (y) the lesser of (A) the product of (i) 91.80%
        and
        (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the
        last
        day of the related Due Period (after giving effect to scheduled payments
        of
        principal due during the related Due Period, to the extent received or advanced
        and unscheduled collections of principal received during the related Prepayment
        Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
        as
        of the last day of the related Due Period (after giving effect to scheduled
        payments of principal due during the related Due Period, to the extent received
        or advanced and unscheduled collections of principal received during the
        related
        Prepayment Period) minus the product of (i) 0.50% and (ii) the aggregate
        principal balance of the Mortgage Loans as of the Cut-off Date.

       

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

       

      “Class
        M-9 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the payment of the Class A Principal Distribution Amount on such
        Distribution Date), (ii) the aggregate Certificate Principal Balance of the
        Class M-1 Certificates and Class M-2 Certificates (after taking into account
        the
        payment of the Class M-1/M-2 Principal Distribution Amount on such Distribution
        Date), (iii) the Certificate Principal Balance of the Class M-3 Certificates
        (after taking into account the payment of the Class M-3 Principal Distribution
        Amount on such Distribution Date), (iv) the Certificate Principal Balance
        of the
        Class M-4 Certificates (after taking into account the payment of the Class
        M-4
        Principal Distribution Amount on such Distribution Date), (v) the Certificate
        Principal Balance of the Class M-5 Certificates (after taking into account
        the
        payment of the Class M-5 Principal Distribution Amount on such Distribution
        Date), (vi) the Certificate Principal Balance of the Class M-6 Certificates
        (after taking into account the payment of the Class M-6 Principal Distribution
        Amount on such Distribution Date), (vii) the Certificate Principal Balance
        of
        the Class M-7 Certificates (after taking into account the payment of the
        Class
        M-7 Principal Distribution Amount on such Distribution Date), (viii) the
        Certificate Principal Balance of the Class M-8 Certificates (after taking
        into
        account the payment of the Class M-8 Principal Distribution Amount on such
        Distribution Date) and (ix) the Certificate Principal Balance of the Class
        M-9
        Certificates immediately prior to such Distribution Date over (y) the lesser
        of
        (A) the product of (i) 93.80% and (ii) the aggregate Stated Principal Balance
        of
        the Mortgage Loans as of the last day of the related Due Period (after giving
        effect to scheduled payments of principal due during the related Due Period,
        to
        the extent received or advanced and unscheduled collections of principal
        received during the related Prepayment Period) and (B) the aggregate Stated
        Principal Balance of the Mortgage Loans as of the last day of the related
        Due
        Period (after giving effect to scheduled payments of principal due during
        the
        related Due Period, to the extent received or advanced and unscheduled
        collections of principal received during the related Prepayment Period) minus
        the product of (i) 0.50% and (ii) the aggregate principal balance of the
        Mortgage Loans as of the Cut-off Date.

       

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

       

      “Class
        M-10 Certificate”:
        Any
        one of the Class M-10 Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-2 and evidencing (i) a Regular Interest in REMIC III
        , (ii)
        the right to receive the related Net WAC Rate Carryover Amount and (iii)
        the
        obligation to pay any Class IO Distribution Amount.

       

      “Class
        M-10 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the payment of the Class A Principal Distribution Amount on such
        Distribution Date), (ii) the aggregate Certificate Principal Balance of the
        Class M-1 Certificates and Class M-2 Certificates (after taking into account
        the
        payment of the Class M-1/M-2 Principal Distribution Amount on such Distribution
        Date), (iii) the Certificate Principal Balance of the Class M-3 Certificates
        (after taking into account the payment of the Class M-3 Principal Distribution
        Amount on such Distribution Date), (iv) the Certificate Principal Balance
        of the
        Class M-4 Certificates (after taking into account the payment of the Class
        M-4
        Principal Distribution Amount on such Distribution Date), (v) the Certificate
        Principal Balance of the Class M-5 Certificates (after taking into account
        the
        payment of the Class M-5 Principal Distribution Amount on such Distribution
        Date), (vi) the Certificate Principal Balance of the Class M-6 Certificates
        (after taking into account the payment of the Class M-6 Principal Distribution
        Amount on such Distribution Date), (vii) the Certificate Principal Balance
        of
        the Class M-7 Certificates (after taking into account the payment of the
        Class
        M-7 Principal Distribution Amount on such Distribution Date), (viii) the
        Certificate Principal Balance of the Class M-8 Certificates (after taking
        into
        account the payment of the Class M-8 Principal Distribution Amount on such
        Distribution Date), (ix) the Certificate Principal Balance of the Class M-9
        Certificates (after taking into account the payment of the Class M-9 Principal
        Distribution Amount on such Distribution Date), and (x) the Certificate
        Principal Balance of the Class M-10 Certificates immediately prior to such
        Distribution Date over (y) the lesser of (A) the product of (i) 94.80% and
        (ii)
        the aggregate Stated Principal Balance of the Mortgage Loans as of the last
        day
        of the related Due Period (after giving effect to scheduled payments of
        principal due during the related Due Period, to the extent received or advanced
        and unscheduled collections of principal received during the related Prepayment
        Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
        as
        of the last day of the related Due Period (after giving effect to scheduled
        payments of principal due during the related Due Period, to the extent received
        or advanced and unscheduled collections of principal received during the
        related
        Prepayment Period) minus the product of (i) 0.50% and (ii) the aggregate
        principal balance of the Mortgage Loans as of the Cut-off Date.

       

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

       

      “Class
        M-11 Certificate”:
        Any
        one of the Class M-11 Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-2 and evidencing (i) a Regular Interest in REMIC III
        , (ii)
        the right to receive the related Net WAC Rate Carryover Amount and (iii)
        the
        obligation to pay any Class IO Distribution Amount.

       

      “Class
        M-11 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the payment of the Class A Principal Distribution Amount on such
        Distribution Date), (ii) the aggregate Certificate Principal Balance of the
        Class M-1 Certificates and Class M-2 Certificates (after taking into account
        the
        payment of the Class M-1/M-2 Principal Distribution Amount on such Distribution
        Date), (iii) the Certificate Principal Balance of the Class M-3 Certificates
        (after taking into account the payment of the Class M-3 Principal Distribution
        Amount on such Distribution Date), (iv) the Certificate Principal Balance
        of the
        Class M-4 Certificates (after taking into account the payment of the Class
        M-4
        Principal Distribution Amount on such Distribution Date), (v) the Certificate
        Principal Balance of the Class M-5 Certificates (after taking into account
        the
        payment of the Class M-5 Principal Distribution Amount on such Distribution
        Date), (vi) the Certificate Principal Balance of the Class M-6 Certificates
        (after taking into account the payment of the Class M-6 Principal Distribution
        Amount on such Distribution Date), (vii) the Certificate Principal Balance
        of
        the Class M-7 Certificates (after taking into account the payment of the
        Class
        M-7 Principal Distribution Amount on such Distribution Date), (viii) the
        Certificate Principal Balance of the Class M-8 Certificates (after taking
        into
        account the payment of the Class M-8 Principal Distribution Amount on such
        Distribution Date), (ix) the Certificate Principal Balance of the Class M-9
        Certificates (after taking into account the payment of the Class M-9 Principal
        Distribution Amount on such Distribution Date), (x) the Certificate Principal
        Balance of the Class M-10 Certificates (after taking into account the payment
        of
        the Class M-10 Principal Distribution Amount on such Distribution Date),
        and
        (xi) the Certificate Principal Balance of the Class M-11 Certificates
        immediately prior to such Distribution Date over (y) the lesser of (A) the
        product of (i) 96.80% and (ii) the aggregate Stated Principal Balance of
        the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced and unscheduled collections of principal received
        during the related Prepayment Period) and (B) the aggregate Stated Principal
        Balance of the Mortgage Loans as of the last day of the related Due Period
        (after giving effect to scheduled payments of principal due during the related
        Due Period, to the extent received or advanced and unscheduled collections
        of
        principal received during the related Prepayment Period) minus the product
        of
        (i) 0.50% and (ii) the aggregate principal balance of the Mortgage Loans
        as of
        the Cut-off Date.

       

      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

       

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

       

      “Class
        R Certificates”:
        Any
        one of the Class R Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-5, and evidencing the Class R-I Interest, the Class R-II
        Interest and the Class R-III Interest.

       

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

       

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

       

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

       

      “Closing
        Date”:
        September 28, 2006.

       

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

       

      “Collection
        Account”:
        The
        separate account or accounts created and maintained, or caused to be created
        and
        maintained, by the Servicer pursuant to Section 3.08(a) of this Agreement
        for
        the benefit of the Certificateholders, which shall be entitled “Ocwen Loan
        Servicing, LLC, as Servicer for HSBC Bank USA, National Association as Trustee,
        in trust for the registered holders of ACE Securities Corp., Home Equity
        Loan
        Trust, Series 2006-ASAP5, Asset Backed Pass-Through Certificates”. The
        Collection Account must be an Eligible Account.

       

      “Commission”:
        The
        Securities and Exchange Commission.

       

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

       

      “Corporate
        Trust Office”:
        The
        principal corporate trust office of the Trustee or the Securities Administrator,
        as the case may be, at which, at any particular time, its corporate trust
        business in connection with this Agreement shall be administered, which office
        at the date of the execution of this instrument is located at (i) with respect
        to the Trustee, HSBC Bank USA, National Association, 452 Fifth Avenue, New
        York,
        New York 10018, Attention: ACE Securities Corp., 2006-ASAP5, or at such other
        address as the Trustee may designate from time to time by notice to the
        Certificateholders, the Depositor, the Master Servicer, the Securities
        Administrator and the Servicer, or (ii) with respect to the Securities
        Administrator, (A) for purposes of Certificate transfers and surrender, Wells
        Fargo Bank, National Association, Sixth Street and Marquette Avenue,
        Minneapolis, Minnesota 55479, Attention: Corporate Trust (ACE 2006-ASAP5),
        and
        (B) for all other purposes, Wells Fargo Bank, National Association, P.O.
        Box 98,
        Columbia, Maryland 21046, Attention: Corporate Trust (ACE 2006-ASAP5) (or
        for
        overnight deliveries, at 9062 Old Annapolis Road, Columbia, Maryland 21045,
        Attention: Corporate Trust (ACE 2006-ASAP5)), or at such other address as
        the
        Securities Administrator may designate from time to time by notice to the
        Certificateholders, the Depositor, the Master Servicer, the Servicer and
        the
        Trustee.

       

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

       

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

       

      
        	
                REMIC
                  II REGULAR INTEREST

              	 	
                CLASS

              
	
                REMIC
                  II REGULAR INTEREST A-1A

              	 	
                A-1A

              
	
                REMIC
                  II REGULAR INTEREST A-1B

              	 	
                A-1B

              
	
                REMIC
                  II REGULAR INTEREST A-2A

              	 	
                A-2A

              
	
                REMIC
                  II REGULAR INTEREST A-2B

              	 	
                A-2B

              
	
                REMIC
                  II REGULAR INTEREST A-2C

              	 	
                A-2C

              
	
                REMIC
                  II REGULAR INTEREST A-2D

              	 	
                A-2D

              
	
                REMIC
                  II REGULAR INTEREST M-1

              	 	
                M-1

              
	
                REMIC
                  II REGULAR INTEREST M-2

              	 	
                M-2

              
	
                REMIC
                  II REGULAR INTEREST M-3

              	 	
                M-3

              
	
                REMIC
                  II REGULAR INTEREST M-4

              	 	
                M-4

              
	
                REMIC
                  II REGULAR INTEREST M-5

              	 	
                M-5

              
	
                REMIC
                  II REGULAR INTEREST M-6

              	 	
                M-6

              
	
                REMIC
                  II REGULAR INTEREST M-7

              	 	
                M-7

              
	
                REMIC
                  II REGULAR INTEREST M-8

              	 	
                M-8

              
	
                REMIC
                  II REGULAR INTEREST M-9

              	 	
                M-9

              
	
                REMIC
                  II REGULAR INTEREST M-10

              	 	
                M-10

              
	
                REMIC
                  II REGULAR INTEREST M-11

              	 	
                M-11

              
	
                REMIC
                  II REGULAR INTEREST P

              	 	
                P

              

      

      

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

       

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

       

      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

       

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

       

      “Credit
        Risk Management Fee Rate”:
        0.0140% per annum.

       

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

       

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

       

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

       

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

       

      “DBNTC”:
        Deutsche Bank National Trust Company, a national banking association, or
        its
        successor in interest.

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          30

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          31

          
            

          

        

        
          
          

        

      

       

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

       

      “Distribution
        Account”:
        The
        separate trust account or accounts created and maintained by the Securities
        Administrator pursuant to Section 3.08(b) in the name of the Securities
        Administrator for the benefit of the Certificateholders and designated “Wells
        Fargo Bank, National Association, in trust for registered holders of ACE
        Securities Corp. Home Equity Loan Trust, Series 2006-ASAP5”. Funds in the
        Distribution Account shall be held in trust for the Certificateholders for
        the
        uses and purposes set forth in this Agreement. The Distribution Account must
        be
        an Eligible Account.

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          32

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Final
        Maturity Date”:
        The
        Distribution Date occurring in October 2036.

       

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

       

      “Fitch”:
        Fitch
        Ratings or any successor in interest. 

       

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

       

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

       

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

       

      
        
          
          

        

        
          33

          
            

          

        

        
          
          

        

      

       

      “Group
        IA Allocation Percentage”:
        The
        aggregate principal balance of the Group IA Mortgage Loans divided by the
        sum of
        the aggregate principal balance of the Group IA Mortgage Loans, Group IB
        Mortgage Loans and Group II Mortgage Loans.

       

      “Group
        IA Cap Contract”:
        The
        Cap Contract between the Trustee and the Cap Counterparty, for the benefit
        of
        the Holders of the Class A-1A Certificates and the Mezzanine
        Certificates.

       

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

       

      “Group
        IA Mortgage Loans”:
        Those
        Mortgage Loans identified on the Mortgage Loan Schedule as Group IA Mortgage
        Loans.

       

      “Group
        IA Principal Distribution Amount”:
        With
        respect to any Distribution Date the sum of (i) the principal portion of
        all
        Monthly Payments on the Group IA Mortgage Loans due during the related Due
        Period, whether or not received on or prior to the related Determination
        Date;
        (ii) the principal portion of all proceeds received in respect of the repurchase
        of a Group IA Mortgage Loan or, in the case of a substitution, certain amounts
        representing a principal adjustment, during the related Prepayment Period
        pursuant to or as contemplated by Section 2.03, Section 3.13(c) and Section
        10.01 of this Agreement; (iii) the principal portion of all other unscheduled
        collections, including Insurance Proceeds, Liquidation Proceeds and all
        Principal Prepayments in full and in part, received during the related
        Prepayment Period, to the extent applied as recoveries of principal on the
        Group
        IA Mortgage Loans, net in each case of payments or reimbursements to the
        Trustee, the Custodians, the Master Servicer, the Securities Administrator,
        the
        Servicer or the Credit Risk Manager and (iv) the Class A-1A Allocation
        Percentage of the amount of any Overcollateralization Increase Amount for
        such
        Distribution Date minus
        (v) the
        Class A-1A Allocation Percentage of the amount of any Overcollateralization
        Reduction Amount for such Distribution Date.

       

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

       

      “Group
        IB Allocation Percentage”:
        The
        aggregate principal balance of the Group IB Mortgage Loans divided by the
        sum of
        the aggregate principal balance of the Group IA Mortgage Loans, Group IB
        Mortgage Loans and Group II Mortgage Loans.

       

      “Group
        IB Cap Contract”:
        The
        Cap Contract between the Trustee and the Cap Counterparty, for the benefit
        of
        the Holders of the Class A-1B Certificates and the Mezzanine
        Certificates.

       

      
        
          
          

        

        
          34

          
            

          

        

        
          
          

        

      

       

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

       

      “Group
        IB Mortgage Loans”:
        Those
        Mortgage Loans identified on the Mortgage Loan Schedule as Group IB Mortgage
        Loans.

       

      “Group
        IB Principal Distribution Amount”:
        With
        respect to any Distribution Date the sum of (i) the principal portion of
        all
        Monthly Payments on the Group IB Mortgage Loans due during the related Due
        Period, whether or not received on or prior to the related Determination
        Date;
        (ii) the principal portion of all proceeds received in respect of the repurchase
        of a Group IB Mortgage Loan or, in the case of a substitution, certain amounts
        representing a principal adjustment, during the related Prepayment Period
        pursuant to or as contemplated by Section 2.03, Section 3.13(c) and Section
        10.01 of this Agreement; (iii) the principal portion of all other unscheduled
        collections, including Insurance Proceeds, Liquidation Proceeds and all
        Principal Prepayments in full and in part, received during the related
        Prepayment Period, to the extent applied as recoveries of principal on the
        Group
        IB Mortgage Loans, net in each case of payments or reimbursements to the
        Trustee, the Custodians, the Master Servicer, the Securities Administrator,
        the
        Servicer or the Credit Risk Manager and (iv) the Class A-1B Allocation
        Percentage of the amount of any Overcollateralization Increase Amount for
        such
        Distribution Date minus
        (v) the
        Class A-1B Allocation Percentage of the amount of any Overcollateralization
        Reduction Amount for such Distribution Date.

       

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

       

      “Group
        II Allocation Percentage”:
        The
        aggregate principal balance of the Group II Mortgage Loans divided by the
        sum of
        the aggregate principal balance of the Group IA Mortgage Loans, Group IB
        Mortgage Loans and Group II Mortgage Loans.

       

      “Group
        II Cap Contract”:
        The
        Cap Contract between the Trustee and the Cap Counterparty, for the benefit
        of
        the Class A-2 Certificates and the Mezzanine Certificates.

       

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

       

      
        
          
          

        

        
          35

          
            

          

        

        
          
          

        

      

       

      “Group
        II Mortgage Loans”:
        Those
        Mortgage Loans identified on the Mortgage Loan Schedule as Group II Mortgage
        Loans.

       

      “Group
        II Principal Distribution Amount”:
        With
        respect to any Distribution Date the sum of (i) the principal portion of
        all
        Monthly Payments on the Group II Mortgage Loans due during the related Due
        Period, whether or not received on or prior to the related Determination
        Date;
        (ii) the principal portion of all proceeds received in respect of the repurchase
        of a Group II Mortgage Loan or, in the case of a substitution, certain amounts
        representing a principal adjustment, during the related Prepayment Period
        pursuant to or as contemplated by Section 2.03, Section 3.13(c) and Section
        10.01 of this Agreement; (iii) the principal portion of all other unscheduled
        collections, including Insurance Proceeds, Liquidation Proceeds and all
        Principal Prepayments in full and in part, received during the related
        Prepayment Period, to the extent applied as recoveries of principal on the
        Group
        II Mortgage Loans, net in each case of payments or reimbursements to the
        Trustee, the Custodians, the Master Servicer, the Securities Administrator,
        the
        Servicer or the Credit Risk Manager and (iv) the Class A-2 Allocation Percentage
        of the amount of any Overcollateralization Increase Amount for such Distribution
        Date minus
        (v) the
        Class A-2 Allocation Percentage of the amount of any Overcollateralization
        Reduction Amount for such Distribution Date.

       

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

       

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

       

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

       

      
        
          
          

        

        
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      “Index”:
        As of
        any Adjustment Date, the index applicable to the determination of the Mortgage
        Rate on each Adjustable Rate Mortgage Loan will generally be either (i) the
        average of the interbank offered rates for six-month United States dollar
        deposits in the London market as published in The
        Wall Street Journal and
        as
        most recently available either (a) as of the first Business Day 45 days prior
        to
        such Adjustment Date or (b) as of the first Business Day of the month preceding
        the month of such Adjustment Date, as specified in the related Mortgage Note
        or
        (ii) the average of interbank offered rates for one-year U.S. dollar-denominated
        deposits in the London market based on quotations of major banks as published
        in
The
        Wall Street Journal
        and are
        most recently available as of the time specified in the related Mortgage
        Note.

       

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

       

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

       

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

       

      “Interest
        Determination Date”:
        With
        respect to the Class A Certificates, the Mezzanine Certificates, REMIC I
        Regular
        Interests and REMIC II Regular Interests (other than REMIC II Regular Interest
        P) and any Interest Accrual Period therefor, the second London Business Day
        preceding the commencement of such Interest Accrual Period.

       

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

       

      
        
          
          

        

        
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      “Interest
        Remittance Amount”:
        With
        respect to any Distribution Date, the sum of (i) the Group IA Interest
        Remittance Amount, (ii) the Group IB Interest Remittance Amount and (iii)
        the
        Group II Interest Remittance Amount.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
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      “Marker
        Rate”:
        With
        respect to the Class CE Certificates and any Distribution Date, a per annum
        rate
        equal to two (2) times the weighted average of the REMIC II Remittance Rate
        for
        each of REMIC II Regular Interest A-1A, REMIC II Regular Interest A-1B, REMIC
        II
        Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest
        A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC
        II
        Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest
        M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC
        II
        Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest
        M-9, REMIC II Regular Interest M-10, REMIC II Regular Interest M-11 and REMIC
        II
        Regular Interest ZZ, with the rate on each such REMIC II Regular Interest
        (other
        than REMIC II Regular Interest ZZ) subject to a cap equal to the lesser of
        (i)
        the related One-Month LIBOR Pass-Through Rate and (ii) the related Net WAC
        Pass-Through Rate for the Corresponding Certificate for the purpose of this
        calculation for such Distribution Date and with the rate on REMIC II Regular
        Interest ZZ subject to a cap of zero for the purpose of this calculation;
        provided however, each such cap for each REMIC II Regular Interest (other
        than
        REMIC II Regular Interest ZZ) shall be multiplied by a fraction the numerator
        of
        which is the actual number of days in the related Interest Accrual Period
        and
        the denominator of which is 30.

       

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

       

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

       

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

       

      “Master
        Servicing Fee Rate”:
        0.0060% per annum.

       

      “Maximum
        ZZ Uncertificated Interest Deferral Amount”:
        With
        respect to any Distribution Date, the excess of (i) accrued interest at the
        REMIC II Remittance Rate applicable to REMIC II Regular Interest ZZ for such
        Distribution Date on a balance equal to the Uncertificated Balance of REMIC
        II
        Regular Interest ZZ minus the REMIC II Overcollateralization Amount, in each
        case for such Distribution Date, over (ii) Uncertificated Interest on REMIC
        II
        Regular Interest A-1A, REMIC II Regular Interest A-1B, REMIC II Regular Interest
        A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC
        II
        Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest
        M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC
        II
        Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest
        M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC
        II
        Regular Interest M-10 and REMIC II Regular Interest M-11 for such Distribution
        Date, with the rate on each such REMIC II Regular Interest subject to a cap
        equal to the lesser of (i) the related One-Month LIBOR Pass-Through Rate
        and
        (ii) the related Net WAC Pass-Through Rate for the Corresponding Certificate
        for
        the purpose of this calculation for such Distribution Date; provided however,
        each such cap for each REMIC II Regular Interest shall be multiplied by a
        fraction the numerator of which is the actual number of days in the related
        Interest Accrual Period and the denominator of which is 30.

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

      “Mortgage
        Loan Documents”:
        The
        documents evidencing or relating to each Mortgage Loan delivered to the
        applicable Custodian under the related Custodial Agreement on behalf of the
        Trustee.

       

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

       

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

       

      (i) the
        Mortgage Loan identifying number;

       

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

       

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

       

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

       

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

       

      (vi) the
        original months to maturity;

       

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

       

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

       

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

       

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

       

      (xi) the
        stated maturity date;

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

      (xvii) with
        respect to each Adjustable Rate Mortgage Loan, the first Adjustment
        Date;

       

      (xviii) with
        respect to each Adjustable Rate Mortgage Loan, the Gross Margin;

       

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

       

      (xx) with
        respect to each Adjustable Rate Mortgage Loan, the Maximum Mortgage Rate
        under
        the terms of the Mortgage Note;

       

      (xxi) with
        respect to each Adjustable Rate Mortgage Loan, the Minimum Mortgage Rate
        under
        the terms of the Mortgage Note;

       

      (xxii) the
        Mortgage Rate at origination;

       

      (xxiii) with
        respect to each Adjustable Rate Mortgage Loan, the Periodic Rate
        Cap;

       

      (xxiv) with
        respect to each Adjustable Rate Mortgage Loan, the first Adjustment Date
        immediately following the Cut-off Date;

       

      (xxv) with
        respect to each Adjustable Rate Mortgage Loan, the related Index;

       

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

       

      (xxvii) a
        code
        indicating whether the Mortgage Loan is an Adjustable Rate Mortgage Loan
        or a
        fixed rate Mortgage Loan;

       

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

       

      
        
          
          

        

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

       

      (xxx) the
        Appraised Value of the Mortgaged Property;

       

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

       

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

       

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

       

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

       

      (xxxv) the
        FICO
        score at origination;

       

      (xxxvi) with
        respect to each Mortgage Loan registered on MERS, the MIN; 

       

      (xxxvii) the
        applicable Custodian;

       

      (xxxviii) 
        the
        Servicer; and

       

      (xxxix) a
        code
        indicating whether the Mortgage Loan is secured by a first or second
        lien.

       

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

       

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

       

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

       

      
        
          
          

        

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

       

      “Mortgagor”:
        The
        obligor on a Mortgage Note.

       

      “Net
        Monthly Excess Cashflow”:
        With
        respect to any Distribution Date, the sum of (i) any Overcollateralization
        Reduction Amount for such Distribution Date and (ii) the excess of (x) the
        Available Distribution Amount for such Distribution Date over (y) the sum
        for
        such Distribution Date of (A) the aggregate Senior Interest Distribution
        Amounts
        payable to the Holders of the Class A Certificates, (B) the aggregate Interest
        Distribution Amounts payable to the holders of the Mezzanine Certificates,
        (C)
        the Principal Remittance Amount and (D) any Net Swap Payment or Swap Termination
        Payment (not caused by the occurrence of a Swap Provider Trigger Event) owed
        to
        the Swap Provider (to the extent such amount has not been paid by the Securities
        Administrator from any upfront payment received pursuant to any related
        replacement interest rate swap agreement that may be entered into by the
        Trustee
        on behalf of the Supplemental Interest Trust).

       

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

       

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

       

      “Net
        WAC Pass-Through Rate”:
        With
        respect to the Class A-1A Certificates and any Distribution Date, a rate
        per
        annum (adjusted for the actual number of days elapsed in the related Interest
        Accrual Period) equal to the product of (i) twelve and (ii) a fraction,
        expressed as a percentage, the numerator of which is the amount of interest
        which accrued on the Group IA Mortgage Loans in the related Due Period minus
        the
        fees payable to the Servicer, the Master Servicer and the Credit Risk Manager
        with respect to the Group IA Mortgage Loans for such Distribution Date and
        the
        Group IA Allocation Percentage of any Net Swap Payment payable to the Swap
        Provider and Swap Termination Payment payable to the Swap Provider which
        was not
        caused by the occurrence of a Swap Provider Trigger Event (to the extent
        such
        amount has not been paid by the Securities Administrator from any upfront
        payment received pursuant to any related replacement interest rate swap
        agreement that may be entered into by the Trustee on behalf of the Supplemental
        Interest Trust), in each case for such Distribution Date and the denominator
        of
        which is the aggregate principal balance of the Group IA Mortgage Loans as
        of
        the last day of the immediately preceding Due Period (or as of the Cut-off
        Date
        with respect to the first Distribution Date) after giving effect to principal
        prepayments received during the related Prepayment Period which were distributed
        on the immediately preceding Distribution Date. For federal income tax purposes,
        such rate shall be expressed as the weighted average of (adjusted for the
        actual
        number of days elapsed in the related Interest Accrual Period) the REMIC
        II
        Remittance Rate on REMIC II Regular Interest IA-GRP, weighted on the basis
        of
        the Uncertificated Balance of such REMIC II Regular Interest.

       

      
        
          
          

        

        
          44

          
            

          

        

        
          
          

        

      

       

      With
        respect to the Class A-1B Certificates and any Distribution Date, a rate
        per
        annum (adjusted for the actual number of days elapsed in the related Interest
        Accrual Period) equal to the product of (i) twelve and (ii) a fraction,
        expressed as a percentage, the numerator of which is the amount of interest
        which accrued on the Group IB Mortgage Loans in the related Due Period minus
        the
        fees payable to the Servicer, the Master Servicer and the Credit Risk Manager
        with respect to the Group IB Mortgage Loans for such Distribution Date and
        the
        Group IB Allocation Percentage of any Net Swap Payment payable to the Swap
        Provider and Swap Termination Payment payable to the Swap Provider which
        was not
        caused by the occurrence of a Swap Provider Trigger Event (to the extent
        such
        amount has not been paid by the Securities Administrator from any upfront
        payment received pursuant to any related replacement interest rate swap
        agreement that may be entered into by the Trustee on behalf of the Supplemental
        Interest Trust), in each case for such Distribution Date and the denominator
        of
        which is the aggregate principal balance of the Group IB Mortgage Loans as
        of
        the last day of the immediately preceding Due Period (or as of the Cut-off
        Date
        with respect to the first Distribution Date) after giving effect to principal
        prepayments received during the related Prepayment Period which were distributed
        on the immediately preceding Distribution Date. For federal income tax purposes,
        such rate shall be expressed as the weighted average of (adjusted for the
        actual
        number of days elapsed in the related Interest Accrual Period) the REMIC
        II
        Remittance Rate on REMIC II Regular Interest IB-GRP, weighted on the basis
        of
        the Uncertificated Balance of such REMIC II Regular Interest.

       

      With
        respect to the Class A-2 Certificates and any Distribution Date, a rate per
        annum (adjusted for the actual number of days elapsed in the related Interest
        Accrual Period) equal to the product of (i) twelve and (ii) a fraction,
        expressed as a percentage, the numerator of which is the amount of interest
        which accrued on the Group II Mortgage Loans in the related Due Period minus
        the
        fees payable to the Servicer, the Master Servicer and the Credit Risk Manager
        with respect to the Group II Mortgage Loans for such Distribution Date and
        the
        Group II Allocation Percentage of any Net Swap Payment payable to the Swap
        Provider and Swap Termination Payment payable to the Swap Provider which
        was not
        caused by the occurrence of a Swap Provider Trigger Event (to the extent
        such
        amount has not been paid by the Securities Administrator from any upfront
        payment received pursuant to any related replacement interest rate swap
        agreement that may be entered into by the Trustee on behalf of the Supplemental
        Interest Trust), in each case for such Distribution Date and the denominator
        of
        which is the aggregate principal balance of the Group II Mortgage Loans as
        of
        the last day of the immediately preceding Due Period (or as of the Cut-off
        Date
        with respect to the first Distribution Date) after giving effect to principal
        prepayments received during the related Prepayment Period which were distributed
        on the immediately preceding Distribution Date. For federal income tax purposes,
        such rate shall be expressed as the weighted average of (adjusted for the
        actual
        number of days elapsed in the related Interest Accrual Period) the REMIC
        II
        Remittance Rate on REMIC II Regular Interest II-GRP, weighted on the basis
        of
        the Uncertificated Balance of such REMIC II Regular Interest.

       

      
        
          
          

        

        
          45

          
            

          

        

        
          
          

        

      

       

      With
        respect to the Mezzanine Certificates and any Distribution Date a rate per
        annum
        equal to the weighted average (weighted in proportion to the results of
        subtracting from the Scheduled Principal Balance of each loan group, the
        Certificate Principal Balance of the related Class A Certificates), of (i)
        the
        Net WAC Pass-Through Rate for the Class A-1A Certificates, (ii) the Net WAC
        Pass-Through Rate for the Class A-1B Certificates and (iii) the Net WAC
        Pass-Through Rate for the Class A-2 Certificates. For federal income tax
        purposes, such rate shall be expressed as the weighted average of (adjusted
        for
        the actual number of days elapsed in the related Interest Accrual Period)
        the
        REMIC II Remittance Rates on (a) REMIC II Regular Interest IA-SUB, subject
        to a
        cap and a floor equal to the REMIC II Remittance Rate on REMIC II Regular
        Interest IA-GRP, (b) REMIC II Regular Interest IB-SUB, subject to a cap and
        a
        floor equal to the REMIC II Remittance Rate on REMIC II Regular Interest
        IB-GRP
        and (c) REMIC II Regular Interest II-SUB, subject to a cap and a floor equal
        to
        the REMIC II Remittance Rate on REMIC II Regular Interest II-GRP, weighted
        on
        the basis of the Uncertificated Balance of each such REMIC II Regular
        Interest.

       

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

       

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

       

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

       

      
        
          
          

        

        
          46

          
            

          

        

        
          
          

        

      

       

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

       

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

       

      “Notional
        Amount”:
        With
        respect to the Class CE Certificates and any Distribution Date, the
        Uncertificated Balance of the REMIC II Regular Interests (other than REMIC
        II
        Regular Interest P) for such Distribution Date. As of the Closing Date, the
        Notional Amount of the Class CE Certificates is equal to
        $808,505,749.81.

       

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

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interests

              
	
                1st
                  through 7th 

              	 	
                IA-1-A
                  through IA-57-A, IB-1-A through IB-57-A and II-1-A through II-57-A
                  

              
	
                8

              	 	
                IA-2-A
                  through IA-57-A, IB-2-A through IB-57-A and II-2-A through II-57-A
                  

              
	
                9

              	 	
                IA-3-A
                  through IA-57-A, IB-3-A through IB-57-A and II-3-A through II-57-A
                  

              
	
                10

              	 	
                IA-4-A
                  through IA-57-A, IB-4-A through IB-57-A and II-4-A through II-57-A
                  

              
	
                11

              	 	
                IA-5-A
                  through IA-57-A, IB-5-A through IB-57-A and II-5-A through II-57-A
                  

              
	
                12

              	 	
                IA-6-A
                  through IA-57-A, IB-6-A through IB-57-A and II-6-A through II-57-A
                  

              
	
                13

              	 	
                IA-7-A
                  through IA-57-A, IB-7-A through IB-57-A and II-7-A through II-57-A
                  

              
	
                14

              	 	
                IA-8-A
                  through IA-57-A, IB-8-A through IB-57-A and II-8-A through II-57-A
                  

              
	
                15

              	 	
                IA-9-A
                  through IA-57-A, IB-9-A through IB-57-A and II-9-A through II-57-A
                  

              
	
                16

              	 	
                IA-10-A
                  through IA-57-A, IB-10-A through IB-57-A and II-10-A through II-57-A
                  

              
	
                17

              	 	
                IA-11-A
                  through IA-57-A, IB-11-A through IB-57-A and II-11-A through II-57-A
                  

              
	
                18

              	 	
                IA-12-A
                  through IA-57-A, IB-12-A through IB-57-A and II-12-A through II-57-A
                  

              
	
                19

              	 	
                IA-13-A
                  through IA-57-A, IB-13-A through IB-57-A and II-13-A through II-57-A
                  

              
	
                20

              	 	
                IA-14-A
                  through IA-57-A, IB-14-A through IB-57-A and II-14-A through II-57-A
                  

              
	
                21

              	 	
                IA-15-A
                  through IA-57-A, IB-15-A through IB-57-A and II-15-A through II-57-A
                  

              
	
                22

              	 	
                IA-16-A
                  through IA-57-A, IB-16-A through IB-57-A and II-16-A through II-57-A
                  

              
	
                23

              	 	
                IA-17-A
                  through IA-57-A, IB-17-A through IB-57-A and II-17-A through II-57-A
                  

              
	
                24

              	 	
                IA-18-A
                  through IA-57-A, IB-18-A through IB-57-A and II-18-A through II-57-A
                  

              
	
                25

              	 	
                IA-19-A
                  through IA-57-A, IB-19-A through IB-57-A and II-19-A through II-57-A
                  

              
	
                26

              	 	
                IA-20-A
                  through IA-57-A, IB-20-A through IB-57-A and II-20-A through II-57-A
                  

              
	
                27

              	 	
                IA-21-A
                  through IA-57-A, IB-21-A through IB-57-A and II-21-A through II-57-A
                  

              
	
                28

              	 	
                IA-22-A
                  through IA-57-A, IB-22-A through IB-57-A and II-22-A through II-57-A
                  

              
	
                29

              	 	
                IA-23-A
                  through IA-57-A, IB-23-A through IB-57-A and II-23-A through II-57-A
                  

              
	
                30

              	 	
                IA-24-A
                  through IA-57-A, IB-24-A through IB-57-A and II-24-A through II-57-A
                  

              
	
                31

              	 	
                IA-25-A
                  through IA-57-A, IB-25-A through IB-57-A and II-25-A through II-57-A
                  

              
	
                32

              	 	
                IA-26-A
                  through IA-57-A, IB-26-A through IB-57-A and II-26-A through II-57-A
                  

              
	
                33

              	 	
                IA-27-A
                  through IA-57-A, IB-27-A through IB-57-A and II-27-A through II-57-A
                  

              
	
                34

              	 	
                IA-28-A
                  through IA-57-A, IB-28-A through IB-57-A and II-28-A through II-57-A
                  

              
	
                35

              	 	
                IA-29-A
                  through IA-57-A, IB-29-A through IB-57-A and II-29-A through II-57-A
                  

              
	
                36

              	 	
                IA-30-A
                  through IA-57-A, IB-30-A through IB-57-A and II-30-A through II-57-A
                  

              
	
                37

              	 	
                IA-31-A
                  through IA-57-A, IB-31-A through IB-57-A and II-31-A through II-57-A
                  

              
	
                38

              	 	
                IA-32-A
                  through IA-57-A, IB-32-A through IB-57-A and II-32-A through II-57-A
                  

              
	
                39

              	 	
                IA-33-A
                  through IA-57-A, IB-33-A through IB-57-A and II-33-A through II-57-A
                  

              
	
                40

              	 	
                IA-34-A
                  through IA-57-A, IB-34-A through IB-57-A and II-34-A through II-57-A
                  

              
	
                41

              	 	
                IA-35-A
                  through IA-57-A, IB-35-A through IB-57-A and II-35-A through II-57-A
                  

              
	
                42

              	 	
                IA-36-A
                  through IA-57-A, IB-36-A through IB-57-A and II-36-A through II-57-A
                  

              
	
                43

              	 	
                IA-37-A
                  through IA-57-A, IB-37-A through IB-57-A and II-37-A through II-57-A
                  

              

      

       

      
        
          
          

        

        
          47

          
            

          

        

        
          
          

        

      

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular 

              

      

      
        	
                44

              	 	
                IA-38-A
                  through IA-57-A, IB-38-A through IB-57-A and II-38-A through II-57-A
                  

              
	
                45

              	 	
                IA-39-A
                  through IA-57-A, IB-39-A through IB-57-A and II-39-A through II-57-A
                  

              
	
                46

              	 	
                IA-40-A
                  through IA-57-A, IB-40-A through IB-57-A and II-40-A through II-57-A
                  

              
	
                47

              	 	
                IA-41-A
                  through IA-57-A, IB-41-A through IB-57-A and II-41-A through II-57-A
                  

              
	
                48

              	 	
                IA-42-A
                  through IA-57-A, IB-42-A through IB-57-A and II-42-A through II-57-A
                  

              
	
                49

              	 	
                IA-43-A
                  through IA-57-A, IB-43-A through IB-57-A and II-43-A through II-57-A
                  

              
	
                50

              	 	
                IA-44-A
                  through IA-57-A, IB-44-A through IB-57-A and II-44-A through II-57-A
                  

              
	
                51

              	 	
                IA-45-A
                  through IA-57-A, IB-45-A through IB-57-A and II-45-A through II-57-A
                  

              
	
                52

              	 	
                IA-46-A
                  through IA-57-A, IB-46-A through IB-57-A and II-46-A through II-57-A
                  

              
	
                53

              	 	
                IA-47-A
                  through IA-57-A, IB-47-A through IB-57-A and II-47-A through II-57-A
                  

              
	
                54

              	 	
                IA-48-A
                  through IA-57-A, IB-48-A through IB-57-A and II-48-A through II-57-A
                  

              
	
                55

              	 	
                IA-49-A
                  through IA-57-A, IB-49-A through IB-57-A and II-49-A through II-57-A
                  

              
	
                56

              	 	
                IA-50-A
                  through IA-57-A, IB-50-A through IB-57-A and II-50-A through II-57-A
                  

              
	
                57

              	 	
                IA-51-A
                  through IA-57-A, IB-51-A through IB-57-A and II-51-A through II-57-A
                  

              
	
                58

              	 	
                IA-52-A
                  through IA-57-A, IB-52-A through IB-57-A and II-52-A through II-57-A
                  

              
	
                59

              	 	
                IA-53-A
                  through IA-57-A, IB-53-A through IB-57-A and II-53-A through II-57-A
                  

              
	
                60

              	 	
                IA-54-A
                  through IA-57-A, IB-54-A through IB-57-A and II-54-A through II-57-A
                  

              
	
                61

              	 	
                IA-55-A
                  through IA-57-A, IB-55-A through IB-57-A and II-55-A through II-57-A
                  

              
	
                62

              	 	
                IA-56-A
                  and IA-57-A, IB-56-A and IB-57-A and II-56-A and II-57-A
                  

              
	
                63

              	 	
                IA-57-A,
                  IB-57-A and II-57-A

              
	
                thereafter

              	 	
                $0.00

              

      

      

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          48

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          49

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

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

       

      With
        respect to the Class M-10 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-10, a per annum rate equal to
        One-Month LIBOR plus the related Certificate Margin.

       

      With
        respect to the Class M-11 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-11, a per annum rate equal to
        One-Month LIBOR plus the related Certificate Margin.

       

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

       

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

       

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

       

      
        
          
          

        

        
          50

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

      “P&I
        Advance”:
        As to
        any Mortgage Loan or REO Property, any advance made by the Servicer in respect
        of any Determination Date pursuant to Section 5.03 of this Agreement, an
        Advance
        Financing Person pursuant to Section 3.26 of this Agreement or in respect
        of any
        Distribution Date by a successor Servicer pursuant to Section 8.02 of this
        Agreement (which advances shall not include principal or interest shortfalls
        due
        to bankruptcy proceedings or application of the Relief Act or similar state
        or
        local laws.)

       

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

       

      With
        respect to the Class CE Certificates and any Distribution Date, a rate per
        annum
        equal to the percentage equivalent of a fraction, the numerator of which
        is the
        sum of the amounts calculated pursuant to clauses (i) through (xx) below,
        and
        the denominator of which is the aggregate Uncertificated Balances of REMIC II
        Regular Interest AA, REMIC II Regular Interest A-1A, REMIC II Regular Interest
        A-1B, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC
        II
        Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest
        M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC
        II
        Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest
        M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC
        II
        Regular Interest M-9, REMIC II Regular Interest M-10, REMIC II Regular Interest
        M-11 and REMIC II Regular Interest ZZ. For purposes of calculating the
        Pass-Through Rate for the Class CE Certificates, the numerator is equal to
        the
        sum of the following components:

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

      (xvii) the
        REMIC
        II Remittance Rate for REMIC II Regular Interest M-10 minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest M-10;

       

      (xviii) the
        REMIC
        II Remittance Rate for REMIC II Regular Interest M-11 minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest M-11;

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Prepayment
        Assumption”:
        A
        prepayment rate for (a) the Adjustable Rate Mortgage Loans of 100% PPC, which
        represents (i) a per annum prepayment rate of 5% of the then outstanding
        principal balance of the Adjustable Rate Mortgage Loans in the first month
        of
        the life of the Adjustable Rate Mortgage Loans, (ii) an additional 2% per
        annum
        in each month thereafter through the eleventh month, (iii) building to a
        constant prepayment rate of 27% per annum beginning in the twelfth month
        and
        remaining constant until the twenty-third month, (iv) increasing to and
        remaining constant at a prepayment rate of 60% per annum beginning in the
        twenty-fourth month until the twenty-seventh month and (v) decreasing and
        remaining constant at a prepayment rate of 30% per annum from the twenty-eighth
        month and thereafter; provided, however, the prepayment rate will not exceed
        85%
        per annum in any period for any percentage of PPC; and (b) the fixed-rate
        Mortgage Loans of 100% PPC, which represents (i) a per annum prepayment rate
        of
        4% of the then outstanding principal balance of the fixed rate Mortgage Loans
        in
        the first month of the life of such Mortgage Loans, (ii) an additional 1.72727%
        per annum in each month thereafter through the eleventh month and (iii) a
        constant prepayment rate of 23% per annum beginning in the twelfth month
        and in
        each month thereafter during the life of the fixed rate Mortgage Loans;
        provided, however, the prepayment rate will not exceed 85% per annum in any
        period for any percentage of PPC. The Prepayment Assumption is used solely
        for
        determining the accrual of original issue discount on the Certificates for
        federal income tax purposes. 

       

      
        
          
          

        

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

       

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

       

      (i) the
        Mortgage Loan identifying number;

       

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

       

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

       

      (iv) the
        term
        of the related Prepayment Charge;

       

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

       

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

       

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

       

      
        
          
          

        

        
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      “Prepayment
        Interest Shortfall”:
        With
        respect to any Distribution Date, for each such Mortgage Loan that was the
        subject of a Principal Prepayment in full or in part during the portion of
        the
        related Prepayment Period occurring between the first day of the related
        Prepayment Period and the last day of the calendar month preceding the month
        in
        which such Distribution Date occurs that was applied by the Servicer to reduce
        the outstanding principal balance of such Mortgage Loan on a date preceding
        the
        Due Date in the succeeding Prepayment Period, an amount equal to interest
        at the
        applicable Net Mortgage Rate on the amount of such Principal Prepayment for
        the
        number of days commencing on the date on which the prepayment is applied
        and
        ending on the last day of the calendar month preceding such Distribution
        Date.
        The obligations of the Servicer and the Master Servicer in respect of any
        Prepayment Interest Shortfall are set forth in Section 3.23 and Section 4.19,
        respectively of this Agreement. 

       

      “Prepayment
        Period”:
        For
        any
        Distribution Date (i) with respect to Principal Prepayments in part, the
        calendar month immediately preceding the month in which the related Distribution
        Date occurs and (ii) with respect to Principal Prepayments in full, the period
        from the 16th day of the month immediately preceding the month in which the
        related Distribution Date occurs (or with respect to the first Prepayment
        Period, the period commencing on the Cut-off Date) to the 15th day of the
        month
        in which such Distribution Date occurs.

       

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

       

      “Principal
        Distribution Amount”:
        With
        respect to any Distribution Date is the sum of the Group IA Principal
        Distribution Amount, the Group IB Principal Distribution Amount and the Group
        II
        Principal Distribution Amount.

       

      “Principal
        Remittance Amount”:
        With
        respect to any Distribution Date is the sum of the Group IA Principal Remittance
        Amount, the Group IB Principal Remittance Amount and the Group II Principal
        Remittance Amount.

       

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

       

      
        
          
          

        

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

       

      
        
          
          

        

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

       

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

       

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

       

      With
        respect to any REO Property as to which a Final Recovery Determination has
        been
        made, an amount (not less than zero) equal to (i) the unpaid principal balance
        of the related Mortgage Loan as of the date of acquisition of such REO Property
        on behalf of REMIC I, plus (ii) accrued interest from the Due Date as to
        which
        interest was last paid by the Mortgagor in respect of the related Mortgage
        Loan
        through the end of the calendar month immediately preceding the calendar
        month
        in which such REO Property was acquired, calculated in the case of each calendar
        month during such period (A) at an annual rate equal to the annual rate at
        which
        interest was then accruing on the related Mortgage Loan and (B) on a principal
        amount equal to the Stated Principal Balance of the related Mortgage Loan
        as of
        the close of business on the Distribution Date during such calendar month,
        plus
        (iii) REO Imputed Interest for such REO Property for each calendar month
        commencing with the calendar month in which such REO Property was acquired
        and
        ending with the calendar month in which such Final Recovery Determination
        was
        made, plus (iv) any amounts previously withdrawn from the Collection Account
        in
        respect of the related Mortgage Loan pursuant to Section 3.09(a)(ix) and
        Section
        3.13(b) of this Agreement, minus (v) the aggregate of all P&I Advances and
        Servicing Advances (in the case of Servicing Advances, without duplication
        of
        amounts netted out of the rental income, Insurance Proceeds and Liquidation
        Proceeds described in clause (vi) below) made by the Servicer in respect
        of such
        REO Property or the related Mortgage Loan for which the Servicer has been
        or, in
        connection with such Final Recovery Determination, will be reimbursed pursuant
        to Section 3.22 of this Agreement out of rental income, Insurance Proceeds
        and
        Liquidation Proceeds received in respect of such REO Property, minus (vi)
        the
        total of all net rental income, Insurance Proceeds and Liquidation Proceeds
        received in respect of such REO Property that has been, or in connection
        with
        such Final Recovery Determination, will be transferred to the Distribution
        Account pursuant to Section 3.22 of this Agreement.

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

      “Relevant
        Servicing Criteria”:
        Means
        the Servicing Criteria applicable to the various parties, as set forth on
        Exhibit E attached hereto. For clarification purposes, multiple parties can
        have
        responsibility for the same Relevant Servicing Criteria. With respect to
        a
        Servicing Function Participant engaged by the Master Servicer, the Securities
        Administrator, the Trustee 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, as amended, or similar state or local
        laws.

       

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

       

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

       

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

       

      
        
          
          

        

        
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      “REMIC
        I Group IA Regular Interests”:
        REMIC
        I Regular Interest IA and REMIC I Regular Interest IA-1-A through REMIC I
        Regular Interest IA-57-B as designated in the Preliminary Statement
        hereto.

       

      “REMIC
        I Group IB Regular Interests”:
        REMIC
        I Regular Interest IB and REMIC I Regular Interest IB-1-A through REMIC I
        Regular Interest IB-57-B as designated in the Preliminary Statement
        hereto.

       

      “REMIC
        I Group II Regular Interests”:
        REMIC
        I Regular Interest II and REMIC I Regular Interest II-1-A through REMIC II
        Regular Interest II-57-B as designated in the Preliminary Statement
        hereto.

       

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

       

      “REMIC
        I Remittance Rate”:
        With
        respect to REMIC I Regular Interest IA, a per annum rate equal to the weighted
        average of the Net Mortgage Rates of the Group IA Mortgage Loans. With respect
        to each REMIC I Group IA Regular Interest ending with the designation “A”, a per
        annum rate equal to the weighted average of the Net Mortgage Rates of the
        Group
        IA Mortgage Loans multiplied by 2, subject to a maximum rate of 9.9020%.
        With
        respect to each REMIC I Group IA Regular Interest ending with the designation
        “B”, the greater of (x) a per annum rate equal to the excess, if any, of (i)
        2
        multiplied by the weighted average of the Net Mortgage Rates of the Group
        IA
        Mortgage Loans over (ii) 9.9020% and (y) 0.00%. With respect to REMIC I Regular
        Interest IB, a per annum rate equal to the weighted average of the Net Mortgage
        Rates of the Group IB Mortgage Loans. With respect to each REMIC I Group
        IB
        Regular Interest ending with the designation “A”, a per annum rate equal to the
        weighted average of the Net Mortgage Rates of the Group IB Mortgage Loans
        multiplied by 2, subject to a maximum rate of 9.9020%. With respect to each
        REMIC I Group IB Regular Interest ending with the designation “B”, the greater
        of (x) a per annum rate equal to the excess, if any, of (i) 2 multiplied
        by the
        weighted average of the Net Mortgage Rates of the Group IB Mortgage Loans
        over
        (ii) 9.9020% and (y) 0.00%. With respect to REMIC I Regular Interest II,
        a per
        annum rate equal to the weighted average of the Net Mortgage Rates of the
        Group
        II Mortgage Loans. With respect to each REMIC I Group II Regular Interest
        ending
        with the designation “A”, a per annum rate equal to the weighted average of the
        Net Mortgage Rates of the Group II Mortgage Loans multiplied by 2, subject
        to a
        maximum rate of 9.9020%. With respect to each REMIC I Group II Regular Interest
        ending with the designation “B”, the greater of (x) a per annum rate equal to
        the excess, if any, of (i) 2 multiplied by the weighted average of the Net
        Mortgage Rates of the Group II Mortgage Loans over (ii) 9.9020% and (y)
        0.00%.

       

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

       

      
        
          
          

        

        
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      “REMIC
        II Interest Loss Allocation Amount”:
        With
        respect to any Distribution Date, an amount equal to (a) the product of (i)
        50%
        of the aggregate Stated Principal Balance of the Mortgage Loans and REO
        Properties then outstanding and (ii) the REMIC II Remittance Rate for REMIC
        II
        Regular Interest AA minus the Marker Rate, divided by (b) 12.

       

      “REMIC
        II Marker Allocation Percentage”:
        50% of
        any amount payable or loss attributable from the Mortgage Loans, which shall
        be
        allocated to REMIC II Regular Interest AA, REMIC II Regular Interest A-1A,
        REMIC
        II Regular Interest A-1B, REMIC II Regular Interest A-2A, REMIC II Regular
        Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest
        A-2D,
        REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular
        Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5,
        REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular
        Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10,
        REMIC II Regular Interest M-11, REMIC II Regular Interest ZZ and REMIC II
        Regular Interest P.

       

      “REMIC
        II Overcollateralization Amount”:
        With
        respect to any date of determination, (i) 0.50% of the aggregate Uncertificated
        Balances of the REMIC II Regular Interests (other than REMIC II Regular Interest
        P) minus (ii) the aggregate of the Uncertificated Balances of REMIC II Regular
        Interest A-1A, REMIC II Regular Interest A-1B, REMIC II Regular Interest
        A-2A,
        REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II
        Regular
        Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2,
        REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular
        Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7,
        REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular
        Interest M-10 and REMIC II Regular Interest M-11, in each case as of such
        date
        of determination.

       

      “REMIC
        II Principal Loss Allocation Amount”:
        With
        respect to any Distribution Date, an amount equal to (a) the product of (i)
        50%
        of the aggregate Stated Principal Balance of the Mortgage Loans and REO
        Properties then outstanding and (ii) 1 minus a fraction, the numerator of
        which
        is two times the aggregate of the Uncertificated Balances of REMIC II Regular
        Interest A-1A, REMIC II Regular Interest A-1B, REMIC II Regular Interest
        A-2A,
        REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II
        Regular
        Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2,
        REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular
        Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7,
        REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular
        Interest M-10 and REMIC II Regular Interest M-11 and the denominator of which
        is
        the aggregate of the Uncertificated Balances of REMIC II Regular Interest
        A-1A,
        REMIC II Regular Interest A-1B, REMIC II Regular Interest A-2A, REMIC II
        Regular
        Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest
        A-2D,
        REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular
        Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5,
        REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular
        Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10,
        REMIC II Regular Interest M-11 and REMIC II Regular Interest ZZ.

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          64

          
            

          

        

        
          
          

        

      

       

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

       

      “REMIC
        II Regular Interest IO”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest IO shall accrue interest at the related REMIC II Remittance Rate
        in
        effect from time to time and shall not be entitled to distributions of
        principal. 

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          65

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

      “REMIC
        II Regular Interest M-10”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest M-10 shall accrue interest at the related REMIC II Remittance Rate
        in
        effect from time to time, and shall be entitled to distributions of principal,
        subject to the terms and conditions hereof, in an aggregate amount equal
        to its
        initial Uncertificated Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest M-11”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest M-11 shall accrue interest at the related REMIC II Remittance Rate
        in
        effect from time to time, and shall be entitled to distributions of principal,
        subject to the terms and conditions hereof, in an aggregate amount equal
        to its
        initial Uncertificated Balance as set forth in the Preliminary Statement
        hereto.

       

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

       

      
        
          
          

        

        
          66

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          67

          
            

          

        

        
          
          

        

      

       

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

       

      “REMIC
        II Remittance Rate”:
        With
        respect to REMIC II Regular Interest AA, REMIC II Regular Interest A-1A,
        REMIC
        II Regular Interest A-1B, REMIC II Regular Interest A-2A, REMIC II Regular
        Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest
        A-2D,
        REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular
        Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5,
        REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular
        Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10,
        REMIC II Regular Interest M-11, REMIC II Regular Interest ZZ, REMIC II Regular
        Interest P, REMIC II Regular Interest IA-SUB, REMIC II Regular Interest IB-SUB,
        REMIC II Regular Interest II-SUB and REMIC II Regular Interest XX, a per
        annum
        rate (but not less than zero) equal to the weighted average of: (w) with
        respect
        to REMIC I Regular Interest IA, REMIC I Regular Interest IB and REMIC I Regular
        Interest II, the REMIC I Remittance Rate for each such REMIC I Regular Interest
        for each such Distribution Date, (x) with respect to each REMIC I Regular
        Interest ending with the designation “B”, the weighted average of the REMIC I
        Remittance Rates for such REMIC I Regular Interests, weighted on the basis
        of
        the Uncertificated Balances of such REMIC I Regular Interests for each such
        Distribution Date and (y) with respect to REMIC I Regular Interests ending
        with
        the designation “A”, for each Distribution Date listed below, the weighted
        average of the rates listed below for each such REMIC I Regular Interest
        listed
        below, weighted on the basis of the Uncertificated Balances of each such
        REMIC I
        Regular Interest for each such Distribution Date:

      

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              
	
                1st
                  through 6th 

              	 	
                IA-1-A
                  through IA-57-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-57-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-57-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                7

              	 	
                IA-1-A
                  through IA-57-A

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

              
	 	 	
                IB-1-A
                  through IB-57-A

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

              
	 	 	
                II-1-A
                  through II-57-A

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

              
	 	 	 	 	 
	
                8

              	 	
                IA-2-A
                  through IA-57-A

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

              
	 	 	
                IB-2-A
                  through IB-57-A

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

              
	 	 	
                II-2-A
                  through II-57-A

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

              
	 	 	
                IA-1-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A

              	 	
                REMIC
                  I Remittance Rate

              

      

       

      
        
          
          

        

        
          68

          
            

          

        

        
          
          

        

      

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              

      

      
        	
                9

              	 	
                IA-3-A
                  through IA-57-A

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

              
	 	 	
                IB-3-A
                  through IB-57-A

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

              
	 	 	
                II-3-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  and IA-2-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  and IB-2-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  and II-2-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                10

              	 	
                IA-4-A
                  through IA-57-A

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

              
	 	 	
                IB-4-A
                  through IB-57-A

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

              
	 	 	
                II-4-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-3-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-3-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-3-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                11

              	 	
                IA-5-A
                  through IA-57-A

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

              
	 	 	
                IB-5-A
                  through IB-57-A

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

              
	 	 	
                II-5-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-4-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-4-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-4-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                12

              	 	
                IA-6-A
                  through IA-57-A

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

              
	 	 	
                IB-6-A
                  through IB-57-A

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

              
	 	 	
                II-6-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-5-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-5-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-5-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                13

              	 	
                IA-7-A
                  through IA-57-A

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

              
	 	 	
                IB-7-A
                  through IB-57-A

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

              
	 	 	
                II-7-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-6-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-6-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-6-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                14

              	 	
                IA-8-A
                  through IA-57-A

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

              
	 	 	
                IB-8-A
                  through IB-57-A

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

              
	 	 	
                II-8-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-7-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-7-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-7-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                15

              	 	
                IA-9-A
                  through IA-57-A

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

              
	 	 	
                IB-9-A
                  through IB-57-A

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

              
	 	 	
                II-9-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-8-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-8-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-8-A

              	 	
                REMIC
                  I Remittance Rate

              

      

       

      
        
          
          

        

        
          69

          
            

          

        

        
          
          

        

      

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              

      

      
        	
                16

              	 	
                IA-10-A
                  through IA-57-A

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

              
	 	 	
                IB-10-A
                  through IB-57-A

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

              
	 	 	
                II-10-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-9-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-9-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-9-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                17

              	 	
                IA-11-A
                  through IA-57-A

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

              
	 	 	
                IB-11-A
                  through IB-57-A

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

              
	 	 	
                II-11-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-10-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-10-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-10-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                18

              	 	
                IA-12-A
                  through IA-57-A

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

              
	 	 	
                IB-12-A
                  through IB-57-A

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

              
	 	 	
                II-12-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-11-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-11-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-11-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                19

              	 	
                IA-13-A
                  through IA-57-A

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

              
	 	 	
                IB-13-A
                  through IB-57-A

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

              
	 	 	
                II-13-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-12-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-12-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-12-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                20

              	 	
                IA-14-A
                  through IA-57-A

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

              
	 	 	
                IB-14-A
                  through IB-57-A

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

              
	 	 	
                II-14-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-13-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-13-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-13-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                21

              	 	
                IA-15-A
                  through IA-57-A

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

              
	 	 	
                IB-15-A
                  through IB-57-A

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

              
	 	 	
                II-15-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-14-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-14-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-14-A

              	 	
                REMIC
                  I Remittance Rate

              

      

       

      
        
          
          

        

        
          70

          
            

          

        

        
          
          

        

      

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              

      

      
        	
                22

              	 	
                IA-16-A
                  through IA-57-A

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

              
	 	 	
                IB-16-A
                  through IB-57-A

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

              
	 	 	
                II-16-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-15-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-15-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-15-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                23

              	 	
                IA-17-A
                  through IA-57-A

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

              
	 	 	
                IB-17-A
                  through IB-57-A

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

              
	 	 	
                II-17-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-16-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-16-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-16-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                24

              	 	
                IA-18-A
                  through IA-57-A

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

              
	 	 	
                IB-18-A
                  through IB-57-A

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

              
	 	 	
                II-18-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-17-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-17-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-17-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                25

              	 	
                IA-19-A
                  through IA-57-A

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

              
	 	 	
                IB-19-A
                  through IB-57-A

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

              
	 	 	
                II-19-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-18-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-18-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-18-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                26

              	 	
                IA-20-A
                  through IA-57-A

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

              
	 	 	
                IB-20-A
                  through IB-57-A

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

              
	 	 	
                II-20-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-19-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-19-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-19-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                27

              	 	
                IA-21-A
                  through IA-57-A

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

              
	 	 	
                IB-21-A
                  through IB-57-A

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

              
	 	 	
                II-21-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-20-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-20-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-20-A

              	 	
                REMIC
                  I Remittance Rate

              

      

       

      
        
          
          

        

        
          71

          
            

          

        

        
          
          

        

      

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              

      

      
        	
                28

              	 	
                IA-22-A
                  through IA-57-A

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

              
	 	 	
                IB-22-A
                  through IB-57-A

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

              
	 	 	
                II-22-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-21-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-21-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-21-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                29

              	 	
                IA-23-A
                  through IA-57-A

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

              
	 	 	
                IB-23-A
                  through IB-57-A

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

              
	 	 	
                II-23-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-22-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-22-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-22-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                30

              	 	
                IA-24-A
                  through IA-57-A

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

              
	 	 	
                IB-24-A
                  through IB-57-A

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

              
	 	 	
                II-24-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-23-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-23-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-23-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                31

              	 	
                IA-25-A
                  through IA-57-A

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

              
	 	 	
                IB-25-A
                  through IB-57-A

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

              
	 	 	
                II-25-A
                  through II-57-A

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

              
	 	 	 	 	 
	 	 	
                IA-1-A
                  through IA-24-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-24-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-24-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                32

              	 	
                IA-26-A
                  through IA-57-A

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

              
	 	 	
                IB-26-A
                  through IB-57-A

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

              
	 	 	
                II-26-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-25-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-25-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-25-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                33

              	 	
                IA-27-A
                  through IA-57-A

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

              
	 	 	
                IB-27-A
                  through IB-57-A

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

              
	 	 	
                II-27-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-26-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-26-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-26-A

              	 	
                REMIC
                  I Remittance Rate

              

      

       

      
        
          
          

        

        
          72

          
            

          

        

        
          
          

        

      

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              

      

      
        	
                34

              	 	
                IA-28-A
                  through IA-57-A

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

              
	 	 	
                IB-28-A
                  through IB-57-A

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

              
	 	 	
                II-28-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-27-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-27-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-27-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                35

              	 	
                IA-29-A
                  through IA-57-A

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

              
	 	 	
                IB-29-A
                  through IB-57-A

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

              
	 	 	
                II-29-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-28-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-28-A

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

              
	 	 	
                II-1-A
                  through II-28-A

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

              
	 	 	 	 	 
	
                36

              	 	
                IA-30-A
                  through IA-57-A

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

              
	 	 	
                IB-30-A
                  through IB-57-A

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

              
	 	 	
                II-30-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-29-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-29-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-29-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                37

              	 	
                IA-31-A
                  through IA-57-A

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

              
	 	 	
                IB-31-A
                  through IB-57-A

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

              
	 	 	
                II-31-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-30-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-30-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-30-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                38

              	 	
                IA-32-A
                  through IA-57-A

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

              
	 	 	
                IB-32-A
                  through IB-57-A

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

              
	 	 	
                II-32-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-31-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-31-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-31-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                39

              	 	
                IA-33-A
                  through IA-57-A

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

              
	 	 	
                IB-33-A
                  through IB-57-A

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

              
	 	 	
                II-33-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-32-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-32-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-32-A

              	 	
                REMIC
                  I Remittance Rate

              

      

       

      
        
          
          

        

        
          73

          
            

          

        

        
          
          

        

      

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              

      

      
        	
                40

              	 	
                IA-34-A
                  through IA-57-A

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

              
	 	 	
                IB-34-A
                  through IB-57-A

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

              
	 	 	
                II-34-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-33-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-33-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-33-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                41

              	 	
                IA-35-A
                  through IA-57-A

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

              
	 	 	
                IB-35-A
                  through IB-57-A

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

              
	 	 	
                II-35-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-34-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-34-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-34-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                42

              	 	
                IA-36-A
                  through IA-57-A

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

              
	 	 	
                IB-36-A
                  through IB-57-A

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

              
	 	 	
                II-36-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-35-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-35-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-35-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                43

              	 	
                IA-37-A
                  through IA-57-A

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

              
	 	 	
                IB-37-A
                  through IB-57-A

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

              
	 	 	
                II-37-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-36-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-36-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-36-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IA-38-A
                  through IA-57-A

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

              
	 	 	 	 	 
	
                44

              	 	
                IB-38-A
                  through IB-57-A

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

              
	 	 	
                II-38-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-37-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-37-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-37-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IA-39-A
                  through IA-57-A

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

              

      

       

      
        
          
          

        

        
          74

          
            

          

        

        
          
          

        

      

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              

      

      
        	
                45

              	 	
                IB-39-A
                  through IB-57-A

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

              
	 	 	
                II-39-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-38-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-38-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-38-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IA-40-A
                  through IA-57-A

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

              
	 	 	 	 	 
	
                46

              	 	
                IB-40-A
                  through IB-57-A

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

              
	 	 	
                II-40-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-39-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-39-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-39-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IA-41-A
                  through IA-57-A

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

              
	 	 	 	 	 
	
                47

              	 	
                IB-41-A
                  through IB-57-A

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

              
	 	 	
                II-41-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-40-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-40-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-40-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IA-42-A
                  through IA-57-A

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

              
	 	 	 	 	 
	
                48

              	 	
                IB-42-A
                  through IB-57-A

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

              
	 	 	
                II-42-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-41-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-41-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-41-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IA-43-A
                  through IA-57-A

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

              
	 	 	 	 	 
	
                49

              	 	
                IB-43-A
                  through IB-57-A

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

              
	 	 	
                II-43-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-42-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-42-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-42-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                50

              	 	
                IA-44-A
                  through IA-57-A

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

              
	 	 	
                IB-44-A
                  through IB-57-A

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

              
	 	 	
                II-44-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-43-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-43-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-43-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                51

              	 	
                IA-45-A
                  through IA-57-A

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

              
	 	 	
                IB-45-A
                  through IB-57-A

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

              
	 	 	
                II-45-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-44-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-44-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-44-A

              	 	
                REMIC
                  I Remittance Rate

              

      

       

      
        
          
          

        

        
          75

          
            

          

        

        
          
          

        

      

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              

      

      
        	
                52

              	 	
                IA-46-A
                  through IA-57-A

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

              
	 	 	
                IB-46-A
                  through IB-57-A

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

              
	 	 	
                II-46-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-45-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-45-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-45-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                53

              	 	
                IA-47-A
                  through IA-57-A

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

              
	 	 	
                IB-47-A
                  through IB-57-A

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

              
	 	 	
                II-47-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-46-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-46-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-46-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                54

              	 	
                IA-48-A
                  through IA-57-A

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

              
	 	 	
                IB-48-A
                  through IB-57-A

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

              
	 	 	
                II-48-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-47-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-47-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-47-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                55

              	 	
                IA-49-A
                  through IA-57-A

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

              
	 	 	
                IB-49-A
                  through IB-57-A

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

              
	 	 	
                II-49-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-48-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-48-A

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

              
	 	 	
                II-1-A
                  through II-48-A

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

              
	 	 	 	 	 
	
                56

              	 	
                IA-50-A
                  through IA-57-A

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

              
	 	 	
                IB-50-A
                  through IB-57-A

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

              
	 	 	
                II-50-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-49-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-49-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-49-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                57

              	 	
                IA-51-A
                  through IA-57-A

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

              
	 	 	
                IB-51-A
                  through IB-57-A

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

              
	 	 	
                II-51-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-50-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-50-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-50-A

              	 	
                REMIC
                  I Remittance Rate

              

      

       

      
        
          
          

        

        
          76

          
            

          

        

        
          
          

        

      

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              

      

      
        	
                58

              	 	
                IA-52-A
                  through IA-57-A

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

              
	 	 	
                IB-52-A
                  through IB-57-A

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

              
	 	 	
                II-52-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-51-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-51-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-51-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                59

              	 	
                IA-53-A
                  through IA-57-A

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

              
	 	 	
                IB-53-A
                  through IB-57-A

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

              
	 	 	
                II-53-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-52-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-52-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-52-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                60

              	 	
                IA-54-A
                  through IA-57-A

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

              
	 	 	
                IB-54-A
                  through IB-57-A

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

              
	 	 	
                II-54-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-53-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-53-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-53-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	 	 	 	 	 
	
                61

              	 	
                IA-55-A
                  through IA-57-A

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

              
	 	 	
                IB-55-A
                  through IB-57-A

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

              
	 	 	
                II-55-A
                  through II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-54-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-54-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-54-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                62

              	 	
                IA-56-A
                  and IA-57-A

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

              
	 	 	
                IB-56-A
                  and IB-57-A

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

              
	 	 	
                II-56-A
                  and II-57-A

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

              
	 	 	
                IA-1-A
                  through IA-55-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-55-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-55-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                63

              	 	
                IA-57-A

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

              
	 	 	
                IB-57-A

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

              
	 	 	
                II-57-A
                  

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

              
	 	 	
                IA-1-A
                  through IA-56-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-56-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-56-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                thereafter

              	 	
                IA-1-A
                  through IA-57-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                IB-1-A
                  through IB-57-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-57-A

              	 	
                REMIC
                  I Remittance Rate

              

      

       

      
        
          
          

        

        
          77

          
            

          

        

        
          
          

        

      

       

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

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              
	
                1st
                  through 6th

              	 	
                IA-1-A
                  through IA-57-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                7

              	 	
                IA-1-A
                  through IA-57-A

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

              
	 	 	 	 	 
	
                8

              	 	
                IA-2-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                9

              	 	
                IA-3-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  and IA-2-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                10

              	 	
                IA-4-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-3-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                11

              	 	
                IA-5-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-4-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                12

              	 	
                IA-6-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-5-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                13

              	 	
                IA-7-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-6-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                14

              	 	
                IA-8-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-7-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                15

              	 	
                IA-9-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-8-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                16

              	 	
                IA-10-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-9-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                17

              	 	
                IA-11-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-10-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                18

              	 	
                IA-12-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-11-A

              	 	
                REMIC
                  I Remittance Rate

              

      

       

      
        
          
          

        

        
          78

          
            

          

        

        
          
          

        

      

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              

      

      
        	
                19

              	 	
                IA-13-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-12-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                20

              	 	
                IA-14-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-13-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                21

              	 	
                IA-15-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-14-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                22

              	 	
                IA-16-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-15-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                23

              	 	
                IA-17-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-16-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                24

              	 	
                IA-18-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-17-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                25

              	 	
                IA-19-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-18-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                26

              	 	
                IA-20-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-19-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                27

              	 	
                IA-21-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-20-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                28

              	 	
                IA-22-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-21-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                29

              	 	
                IA-23-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-22-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                30

              	 	
                IA-24-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-23-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                31

              	 	
                IA-25-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-24-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                32

              	 	
                IA-26-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-25-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                33

              	 	
                IA-27-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-26-A

              	 	
                REMIC
                  I Remittance Rate

              

      

       

      
        
          
          

        

        
          79

          
            

          

        

        
          
          

        

      

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              

      

      
        	
                34

              	 	
                IA-28-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-27-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                35

              	 	
                IA-29-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-28-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                36

              	 	
                IA-30-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-29-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                37

              	 	
                IA-31-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-30-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                38

              	 	
                IA-32-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-31-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                39

              	 	
                IA-33-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-32-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                40

              	 	
                IA-34-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-33-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                41

              	 	
                IA-35-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-34-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                42

              	 	
                IA-36-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-35-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                43

              	 	
                IA-37-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-36-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                44

              	 	
                IA-38-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-37-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                45

              	 	
                IA-39-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-38-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                46

              	 	
                IA-40-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-39-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                47

              	 	
                IA-41-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-40-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                48

              	 	
                IA-42-A
                  through IA-57-A

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

              
	 	 	
                IA-1-A
                  through IA-41-A

              	 	
                REMIC
                  I Remittance Rate

              

      

       

      
        
          
          

        

        
          80

          
            

          

        

        
          
          

        

      

       

      
        
          
            	
                    Distribution
                      Date

                  	 	
                    REMIC
                      I Regular Interest

                  	 	
                    Rate

                  

          

        

        
          	
                  49

                	 	
                  IA-43-A
                    through IA-57-A

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

                
	 	 	
                  IA-1-A
                    through IA-42-A

                	 	
                  REMIC
                    I Remittance Rate

                
	 	 	 	 	 
	
                  50

                	 	
                  IA-44-A
                    through IA-57-A

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

                
	 	 	
                  IA-1-A
                    through IA-43-A

                	 	
                  REMIC
                    I Remittance Rate

                
	 	 	 	 	 
	
                  51

                	 	
                  IA-45-A
                    through IA-57-A

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

                
	 	 	
                  IA-1-A
                    through IA-44-A

                	 	
                  REMIC
                    I Remittance Rate

                
	 	 	 	 	 
	
                  52

                	 	
                  IA-46-A
                    through IA-57-A

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

                
	 	 	
                  IA-1-A
                    through IA-45-A

                	 	
                  REMIC
                    I Remittance Rate

                
	 	 	 	 	 
	
                  53

                	 	
                  IA-47-A
                    through IA-57-A

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

                
	 	 	
                  IA-1-A
                    through IA-46-A

                	 	
                  REMIC
                    I Remittance Rate

                
	 	 	 	 	 
	
                  54

                	 	
                  IA-48-A
                    through IA-57-A

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

                
	 	 	
                  IA-1-A
                    through IA-47-A

                	 	
                  REMIC
                    I Remittance Rate

                
	 	 	 	 	 
	
                  55

                	 	
                  IA-49-A
                    through IA-57-A

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

                
	 	 	
                  IA-1-A
                    through IA-48-A

                	 	
                  REMIC
                    I Remittance Rate

                
	 	 	 	 	 
	
                  56

                	 	
                  IA-50-A
                    through IA-57-A

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

                
	 	 	
                  IA-1-A
                    through IA-49-A

                	 	
                  REMIC
                    I Remittance Rate

                
	 	 	 	 	 
	
                  57

                	 	
                  IA-51-A
                    through IA-57-A

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

                
	 	 	
                  IA-1-A
                    through IA-50-A

                	 	
                  REMIC
                    I Remittance Rate

                
	 	 	 	 	 
	
                  58

                	 	
                  IA-52-A
                    through IA-57-A

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

                
	 	 	
                  IA-1-A
                    through IA-51-A

                	 	
                  REMIC
                    I Remittance Rate

                
	 	 	 	 	 
	
                  59

                	 	
                  IA-53-A
                    through IA-57-A

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

                
	 	 	
                  IA-1-A
                    through IA-52-A

                	 	
                  REMIC
                    I Remittance Rate

                
	 	 	 	 	 
	
                  60

                	 	
                  IA-54-A
                    through IA-57-A

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

                
	 	 	
                  IA-1-A
                    through IA-53-A

                	 	
                  REMIC
                    I Remittance Rate

                
	 	 	 	 	 
	
                  61

                	 	
                  IA-55-A
                    through IA-57-A

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

                
	 	 	
                  IA-1-A
                    through IA-54-A

                	 	
                  REMIC
                    I Remittance Rate

                
	 	 	 	 	 
	
                  62

                	 	
                  IA-56-A
                    through IA-57-A

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

                
	 	 	
                  IA-1-A
                    through IA-55-A

                	 	
                  REMIC
                    I Remittance Rate

                
	 	 	 	 	 
	
                  63

                	 	
                  IA-57-A

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

                
	 	 	
                  IA-1-A
                    through IA-56-A

                	 	
                  REMIC
                    I Remittance Rate

                
	 	 	 	 	 
	
                  thereafter

                	 	
                  IA-1-A
                    through IA-57-A

                	 	
                  REMIC
                    I Remittance Rate

                

        

      

       

      
        
          
          

        

        
          81

          
            

          

        

        
          
          

        

      

       

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

      

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              
	
                1st
                  through 6th

              	 	
                IB-1-A
                  through IB-57-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                7

              	 	
                IB-1-A
                  through IB-57-A

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

              
	 	 	 	 	 
	
                8

              	 	
                IB-2-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                9

              	 	
                IB-3-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  and IB-2-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                10

              	 	
                IB-4-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-3-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                11

              	 	
                IB-5-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-4-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                12

              	 	
                IB-6-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-5-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                13

              	 	
                IB-7-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-6-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                14

              	 	
                IB-8-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-7-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                15

              	 	
                IB-9-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-8-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                16

              	 	
                IB-10-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-9-A

              	 	
                REMIC
                  I Remittance Rate

              

      

       

      
        
          
          

        

        
          82

          
            

          

        

        
          
          

        

      

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              

      

      
        	
                17

              	 	
                IB-11-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-10-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                18

              	 	
                IB-12-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-11-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                19

              	 	
                IB-13-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-12-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                20

              	 	
                IB-14-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-13-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                21

              	 	
                IB-15-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-14-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                22

              	 	
                IB-16-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-15-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                23

              	 	
                IB-17-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-16-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                24

              	 	
                IB-18-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-17-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                25

              	 	
                IB-19-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-18-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                26

              	 	
                IB-20-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-19-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                27

              	 	
                IB-21-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-20-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                28

              	 	
                IB-22-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-21-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                29

              	 	
                IB-23-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-22-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                30

              	 	
                IB-24-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-23-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                31

              	 	
                IB-25-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-24-A

              	 	
                REMIC
                  I Remittance Rate

              

      

       

      
        
          
          

        

        
          83

          
            

          

        

        
          
          

        

      

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              

      

      
        	
                32

              	 	
                IB-26-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-25-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                33

              	 	
                IB-27-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-26-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                34

              	 	
                IB-28-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-27-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                35

              	 	
                IB-29-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-28-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                36

              	 	
                IB-30-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-29-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                37

              	 	
                IB-31-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-30-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                38

              	 	
                IB-32-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-31-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                39

              	 	
                IB-33-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-32-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                40

              	 	
                IB-34-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-33-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                41

              	 	
                IB-35-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-34-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                42

              	 	
                IB-36-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-35-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                43

              	 	
                IB-37-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-36-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                44

              	 	
                IB-38-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-37-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                45

              	 	
                IB-39-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-38-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                46

              	 	
                IB-40-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-39-A

              	 	
                REMIC
                  I Remittance Rate

              

      

       

      
        
          
          

        

        
          84

          
            

          

        

        
          
          

        

      

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              

      

      
        	
                47

              	 	
                IB-41-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-40-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                48

              	 	
                IB-42-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-41-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                49

              	 	
                IB-43-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-42-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                50

              	 	
                IB-44-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-43-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                51

              	 	
                IB-45-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-44-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                52

              	 	
                IB-46-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-45-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                53

              	 	
                IB-47-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-46-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                54

              	 	
                IB-48-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-47-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                55

              	 	
                IB-49-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-48-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                56

              	 	
                IB-50-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-49-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                57

              	 	
                IB-51-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-50-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                58

              	 	
                IB-52-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-51-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                59

              	 	
                IB-53-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-52-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                60

              	 	
                IB-54-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-53-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                61

              	 	
                IB-55-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-54-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                62

              	 	
                IB-56-A
                  through IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-55-A

              	 	
                REMIC
                  I Remittance Rate

              

      

       

      
        
          
          

        

        
          85

          
            

          

        

        
          
          

        

      

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              

      

      
        	
                63

              	 	
                IB-57-A

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

              
	 	 	
                IB-1-A
                  through IB-56-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                thereafter

              	 	
                IB-1-A
                  through IB-57-A

              	 	
                REMIC
                  I Remittance Rate

              

      

      

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

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              
	
                1st
                  through 6th

              	 	
                II-1-A
                  through II-57-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                7

              	 	
                II-1-A
                  through II-57-A

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

              
	 	 	 	 	 
	
                8

              	 	
                II-2-A
                  through II-57-A

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

              
	 	 	
                II-1-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                9

              	 	
                II-3-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  and II-2-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                10

              	 	
                II-4-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-3-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                11

              	 	
                II-5-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-4-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                12

              	 	
                II-6-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-5-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                13

              	 	
                II-7-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-6-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                14

              	 	
                II-8-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-7-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                15

              	 	
                II-9-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-8-A

              	 	
                REMIC
                  I Remittance Rate

              

      

       

      
        
          
          

        

        
          86

          
            

          

        

        
          
          

        

      

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              

      

      
        	
                16

              	 	
                II-10-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-9-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                17

              	 	
                II-11-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-10-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                18

              	 	
                II-12-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-11-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                19

              	 	
                II-13-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-12-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                20

              	 	
                II-14-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-13-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                21

              	 	
                II-15-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-14-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                22

              	 	
                II-16-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-15-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                23

              	 	
                II-17-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-16-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                24

              	 	
                II-18-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-17-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                25

              	 	
                II-19-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-18-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                26

              	 	
                II-20-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-19-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                27

              	 	
                II-21-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-20-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                28

              	 	
                II-22-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-21-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                29

              	 	
                II-23-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-22-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                30

              	 	
                II-24-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-23-A

              	 	
                REMIC
                  I Remittance Rate

              

      

       

      
        
          
          

        

        
          87

          
            

          

        

        
          
          

        

      

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              

      

      
        	
                31

              	 	
                II-25-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-24-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                32

              	 	
                II-26-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-25-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                33

              	 	
                II-27-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-26-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                34

              	 	
                II-28-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-27-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                35

              	 	
                II-29-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-28-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                36

              	 	
                II-30-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-29-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                37

              	 	
                II-31-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-30-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                38

              	 	
                II-32-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-31-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                39

              	 	
                II-33-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-32-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                40

              	 	
                II-34-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-33-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                41

              	 	
                II-35-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-34-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                42

              	 	
                II-36-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-35-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                43

              	 	
                II-37-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-36-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                44

              	 	
                II-38-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-37-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                45

              	 	
                II-39-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-38-A

              	 	
                REMIC
                  I Remittance Rate

              

      

       

      
        
          
          

        

        
          88

          
            

          

        

        
          
          

        

      

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              

      

      
        	
                46

              	 	
                II-40-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-39-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                47

              	 	
                II-41-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-40-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                48

              	 	
                II-42-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-41-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                49

              	 	
                II-43-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-42-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                50

              	 	
                II-44-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-43-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                51

              	 	
                II-45-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-44-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                52

              	 	
                II-46-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-45-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                53

              	 	
                II-47-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-46-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                54

              	 	
                II-48-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-47-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                55

              	 	
                II-49-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-48-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                56

              	 	
                II-50-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-49-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                57

              	 	
                II-51-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-50-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                58

              	 	
                II-52-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-51-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                59

              	 	
                II-53-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-52-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                60

              	 	
                II-54-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-53-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                61

              	 	
                II-55-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-54-A

              	 	
                REMIC
                  I Remittance Rate

              

      

       

      
        
          
          

        

        
          89

          
            

          

        

        
          
          

        

      

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              

      

      
        	
                62

              	 	
                II-56-A
                  through II-57-A

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

              
	 	 	
                II-1-A
                  through II-55-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                63

              	 	
                II-57-A

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

              
	 	 	
                II-1-A
                  through II-56-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                thereafter

              	 	
                II-1-A
                  through II-57-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 

      

       

      With
        respect to REMIC II Regular Interest IO, and (i) the 1st Distribution Date
        through the 6th Distribution Date, the excess of (x) the weighted average
        of the
        REMIC I Remittance Rates for REMIC I Regular Interests including the designation
        “A”, over (y) the weighted average of the REMIC I Remittance Rates for REMIC
        I
        Regular Interests including the designation “A”, (ii) the 7th Distribution Date
        through the 63rd Distribution Date, the excess of (x) the weighted average
        of
        the REMIC I Remittance Rates for REMIC I Regular Interests including the
        designation “A”, over (y) 2 multiplied by Swap LIBOR and (iii) thereafter,
        0.00%.

       

      “REMIC
        II Sub WAC Allocation Percentage”:
        50% of
        any amount payable or loss attributable from the Mortgage Loans, which shall
        be
        allocated to REMIC II Regular Interest IA-SUB, REMIC II Regular Interest
        IA-GRP,
        REMIC II Regular Interest IB-SUB, REMIC II Regular Interest IB-GRP, REMIC
        II
        Regular Interest II-SUB, REMIC II Regular Interest II-GRP and REMIC II Regular
        Interest XX.

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          90

          
            

          

        

        
          
          

        

      

       

      “REMIC
        Regular Interest”:
        Any
        REMIC I Regular Interest or REMIC II Regular Interest.

       

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

       

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

       

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

       

      “REO
        Account”:
        The
        account or accounts maintained, or caused to be maintained, by the Servicer
        in
        respect of an REO Property pursuant to Section 3.22 of this
        Agreement.

       

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

       

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

       

      “REO
        Principal Amortization”:
        With
        respect to any REO Property, for any calendar month, the excess, if any,
        of (a)
        the aggregate of all amounts received in respect of such REO Property during
        such calendar month, whether in the form of rental income, sale proceeds
        (including, without limitation, that portion of the Termination Price paid
        in
        connection with a purchase of all of the Mortgage Loans and REO Properties
        pursuant to Section 10.01 of this Agreement that is allocable to such REO
        Property) or otherwise, net of any portion of such amounts (i) payable in
        respect of the proper operation, management and maintenance of such REO Property
        or (ii) payable or reimbursable to the Servicer pursuant to Section 3.22(d)
        of
        this Agreement for unpaid Servicing Fees in respect of the related Mortgage
        Loan
        and unreimbursed Servicing Advances and P&I Advances in respect of such REO
        Property or the related Mortgage Loan, over (b) the REO Imputed Interest
        in
        respect of such REO Property for such calendar month.

       

      “REO
        Property”:
        A
        Mortgaged Property acquired by the Servicer or its nominee on behalf of REMIC
        I
        through foreclosure or deed-in-lieu of foreclosure, as described in Section
        3.22
        of this Agreement.

       

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

       

      
        
          
          

        

        
          91

          
            

          

        

        
          
          

        

      

       

      “Required
        Overcollateralization Amount”:
        With
        respect to any Distribution Date (i) prior to the Stepdown Date, the product
        of
        (A) 1.60% and (B) the aggregate principal balance of the Mortgage Loans as
        of
        the Cut-off Date, (ii) on or after the Stepdown Date provided a Trigger Event
        is
        not in effect, the greater of (x) 3.20% of the aggregate Stated Principal
        Balance of the Mortgage Loans (after giving effect to principal payments
        to be
        distributed on such Distribution Date) and (y) an amount equal to the product
        of
        (A) 0.50% and (B) the aggregate principal balance of the Mortgage Loans as
        of
        the Cut-off Date, and (iii) on or after the Stepdown Date and a Trigger Event
        is
        in effect, the Required Overcollateralization Amount for the immediately
        preceding Distribution Date. Notwithstanding the foregoing, on and after
        any
        Distribution Date following the reduction of the aggregate Certificate Principal
        Balance of the Class A Certificates and Mezzanine Certificates to zero, the
        Required Overcollateralization Amount shall be zero.

       

      “Reserve
        Fund”:
        A fund
        created pursuant to Section 3.25 which shall be an asset of the Trust Fund
        but
        which shall not be an asset of any Trust REMIC.

       

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

       

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

       

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

       

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

       

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

       

      “Rule
        144A”:
        Rule
        144A under the Securities Act.

       

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

       

      
        
          
          

        

        
          92

          
            

          

        

        
          
          

        

         

      

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          93

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Servicing
        Advances”:
        The
        customary and reasonable “out-of-pocket” costs and expenses incurred prior to or
        on or after the Cut-off Date (the amounts incurred prior to the Cut-off Date
        shall be identified on the Servicing Advance Schedule by (a) the Servicer
        with
        respect to any Mortgage Loans that were transferred to the Servicer prior
        to the
        Cut-off Date and/or (b) the Depositor with respect to any Mortgage Loans
        that
        were transferred to the Servicer after the Cut-off Date, as applicable) by
        the
        Servicer in connection with a default, delinquency or other unanticipated
        event
        by the Servicer in the performance of its servicing obligations, including,
        but
        not limited to, the cost of (i) the preservation, restoration and protection
        of
        a Mortgaged Property, (ii) any enforcement or judicial proceedings, including
        but not limited to foreclosures, in respect of a particular Mortgage Loan,
        including any expenses incurred in relation to any such proceedings that
        result
        from the Mortgage Loan being registered on the MERS® System, (iii) the
        management (including reasonable fees in connection therewith) and liquidation
        of any REO Property, (iv) the performance of its obligations under
        Section 3.01, Section 3.07, Section 3.11, Section 3.13 and
        Section 3.22 of this Agreement and (v) obtaining any legal documentation
        required to be included in the Mortgage File and/or correcting any outstanding
        title issues (i.e., any lien or encumbrance on the Mortgaged Property that
        prevents the effective enforcement of the intended lien position) reasonably
        necessary for the Servicer to perform its obligations under this Agreement.
        Servicing Advances also include any reasonable “out-of-pocket” cost and expenses
        (including legal fees) incurred by the Servicer in connection with executing
        and
        recording instruments of satisfaction, deeds of reconveyance or Assignments
        to
        the extent not recovered from the Mortgagor or otherwise payable under this
        Agreement. The Servicer shall not be required to make any Nonrecoverable
        Servicing Advances.

       

      
        
          
          

        

        
          94

          
            

          

        

        
          
          

        

      

       

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

       

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

       

      “Servicing
        Fee”:
        With
        respect to each Mortgage Loan and for any calendar month, an amount equal
        to
        one-twelfth of the product of the Servicing Fee Rate multiplied by the Scheduled
        Principal Balance of the Mortgage Loans as of the Due Date in the preceding
        calendar month. The Servicing Fee is payable solely from collections of interest
        on the Mortgage Loans, except as otherwise provided in Section 3.09 of this
        Agreement.

       

      “Servicing
        Fee Rate”:
        0.50%
        per annum.

       

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

       

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

       

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

       

      
        
          
          

        

        
          95

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

      “Stepdown
        Date”:
        The
        earlier to occur of (i) the later to occur of (a) the Distribution Date
        occurring in October 2009 and (b) the first Distribution Date on which the
        Credit Enhancement Percentage (calculated for this purpose only after taking
        into account distributions of principal on the Mortgage Loans, but prior
        to any
        distribution of the Principal Distribution Amount to the holders of the
        Certificates then entitled to distributions of principal on such Distribution
        Date), is greater than or equal to 41.00% and (ii) the first Distribution
        Date
        on which the aggregate Certificate Principal Balance of the Class A Certificates
        has been reduced to zero.

       

      
        
          
          

        

        
          96

          
            

          

        

        
          
          

        

      

       

      “Subcontractor”:
        Means
        any vendor, subcontractor or other Person that is not responsible for the
        overall servicing of Mortgage Loans but performs one or more discrete functions
        identified in Item 1122(d) of Regulation AB (without regard to any threshold
        percentage specified therein) with respect to Mortgage Loans under the direction
        or authority of any Servicer (or a Sub-Servicer of any Servicer), the Master
        Servicer, the Trustee, a Custodian or the Securities Administrator.

       

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

       

      “Subsequent
        Recoveries”:
        As of
        any Distribution Date, amounts received during the related Prepayment Period
        by
        the Servicer specifically related to a defaulted Mortgage Loan or disposition
        of
        an REO Property prior to the related Prepayment Period that resulted in a
        Realized Loss, after the liquidation or disposition of such defaulted Mortgage
        Loan, net of any amounts reimbursable to the Servicer related to such Mortgage
        Loan or REO Property.

       

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

       

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

       

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

       

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

       

      “Supplemental
        Interest Trust Trustee”:
        HSBC
        Bank USA, National Association a national banking association, or its successor
        in interest, or any successor supplemental interest trust trustee appointed
        as
        provided herein or in the Swap Agreement provided.

       

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

       

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

       

      
        
          
          

        

        
          97

          
            

          

        

        
          
          

        

      

       

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

       

      
        	
                Distribution
                  Date

              	 	
                Swap
                  Notional Amount

              	 
	
                April
                  2007

              	 	
                $

              	
                719,985,572.00

              	 
	
                May
                  2007

              	 	
                $

              	
                698,228,539.00

              	 
	
                June
                  2007

              	 	
                $

              	
                674,692,377.00

              	 
	
                July
                  2007

              	 	
                $

              	
                649,501,814.00

              	 
	
                August
                  2007

              	 	
                $

              	
                622,842,072.00

              	 
	
                September
                  2007

              	 	
                $

              	
                597,004,811.00

              	 
	
                October
                  2007

              	 	
                $

              	
                572,234,850.00

              	 
	
                November
                  2007

              	 	
                $

              	
                548,495,423.00

              	 
	
                December
                  2007

              	 	
                $

              	
                525,743,544.00

              	 
	
                January
                  2008

              	 	
                $

              	
                503,938,026.00

              	 
	
                February
                  2008

              	 	
                $

              	
                483,039,402.00

              	 
	
                March
                  2008

              	 	
                $

              	
                463,009,857.00

              	 
	
                April
                  2008

              	 	
                $

              	
                443,813,155.00

              	 
	
                May
                  2008

              	 	
                $

              	
                425,414,574.00

              	 
	
                June
                  2008

              	 	
                $

              	
                407,744,101.00

              	 
	
                July
                  2008

              	 	
                $

              	
                390,397,280.00

              	 
	
                August
                  2008

              	 	
                $

              	
                334,950,493.00

              	 
	
                September
                  2008

              	 	
                $

              	
                285,052,372.00

              	 
	
                October
                  2008

              	 	
                $

              	
                243,494,335.00

              	 
	
                November
                  2008

              	 	
                $

              	
                209,091,243.00

              	 
	
                December
                  2008

              	 	
                $

              	
                197,599,143.00

              	 
	
                January
                  2009

              	 	
                $

              	
                188,622,508.00

              	 
	
                February
                  2009

              	 	
                $

              	
                180,107,265.00

              	 
	
                March
                  2009

              	 	
                $

              	
                171,982,709.00

              	 
	
                April
                  2009

              	 	
                $

              	
                164,230,666.00

              	 
	
                May
                  2009

              	 	
                $

              	
                156,833,818.00

              	 
	
                June
                  2009

              	 	
                $

              	
                149,775,663.00

              	 
	
                July
                  2009

              	 	
                $

              	
                143,040,473.00

              	 
	
                August
                  2009

              	 	
                $

              	
                136,613,331.00

              	 
	
                September
                  2009

              	 	
                $

              	
                130,481,631.00

              	 
	
                October
                  2009

              	 	
                $

              	
                124,630,215.00

              	 
	
                November
                  2009

              	 	
                $

              	
                119,045,711.00

              	 
	
                December
                  2009

              	 	
                $

              	
                113,715,758.00

              	 
	
                January
                  2010

              	 	
                $

              	
                108,628,581.00

              	 
	
                February
                  2010

              	 	
                $

              	
                103,772,956.00

              	 
	
                March
                  2010

              	 	
                $

              	
                99,138,192.00

              	 
	
                April
                  2010

              	 	
                $

              	
                94,714,101.00

              	 
	
                May
                  2010

              	 	
                $

              	
                90,490,942.00

              	 
	
                June
                  2010

              	 	
                $

              	
                86,459,448.00

              	 
	
                July
                  2010

              	 	
                $

              	
                82,610,785.00

              	 
	
                August
                  2010

              	 	
                $

              	
                78,936,532.00

              	 
	
                September
                  2010

              	 	
                $

              	
                75,428,660.00

              	 
	
                October
                  2010

              	 	
                $

              	
                72,079,514.00

              	 
	
                November
                  2010

              	 	
                $

              	
                68,881,799.00

              	 
	
                December
                  2010

              	 	
                $

              	
                65,828,555.00

              	 

      

       

      
        
          
          

        

        
          98

          
            

          

        

        
          
          

        

      

       

      
        	
                Distribution
                  Date

              	 	 	
                Swap
                  Notional Amount 

              	 
	
                January
                  2011

              	 	
                $

              	
                62,913,150.00

              	 
	
                February
                  2011

              	 	
                $

              	
                60,129,259.00

              	 
	
                March
                  2011

              	 	
                $

              	
                57,470,852.00

              	 
	
                April
                  2011

              	 	
                $

              	
                54,932,179.00

              	 
	
                May
                  2011

              	 	
                $

              	
                52,507,755.00

              	 
	
                June
                  2011

              	 	
                $

              	
                50,192,354.00

              	 
	
                July
                  2011

              	 	
                $

              	
                47,980,990.00

              	 
	
                August
                  2011

              	 	
                $

              	
                45,868,814.00

              	 
	
                September
                  2011

              	 	
                $

              	
                43,842,598.00

              	 
	
                October
                  2011

              	 	
                $

              	
                41,906,914.00

              	 
	
                November
                  2011

              	 	
                $

              	
                40,058,306.00

              	 
	
                December
                  2011

              	 	
                $

              	
                38,292,808.00

              	 

      

      

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

       

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

       

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

       

      “Targeted
        Credit Enhancement Test”:
        With
        respect to any Distribution Date and (i) the Class A-1A Certificates, shall
        be
        satisfied if on such Distribution Date the percentage obtained by dividing
        the
        Certificate Principal Balance of the Class A-1A Certificates by the aggregate
        principal balance of the Group IA Mortgage Loans is equal to or greater than
        59.00%, (ii) the Class A-1B Certificates, shall be satisfied if on such
        Distribution Date the percentage obtained by dividing the Certificate Principal
        Balance of the Class A-1B Certificates by the aggregate principal balance
        of the
        Group IB Mortgage Loans is equal to or greater than 59.00% and (iii) the
        Class
        A-2 Certificates, shall be satisfied if on such Distribution Date the percentage
        obtained by dividing the sum of the Certificate Principal Balances of the
        Class
        A-2 Certificates by the aggregate principal balance of the Group II Mortgage
        Loans is equal to or greater than 59.00%.

       

      
        
          
          

        

        
          99

          
            

          

        

        
          
          

        

      

       

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

       

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

       

      “Termination
        Price”:
        As
        defined in Section 10.01.

       

      “Terminator”:
        As
        defined in Section 10.01.

       

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

       

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

       

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

       

      “Trigger
        Event”:
        With
        respect to any Distribution Date, a Trigger Event is in effect if: (a) the
        Delinquency Percentage exceeds the applicable percentages of the Credit
        Enhancement Percentage for the prior Distribution Date as set forth below
        for
        the Class A Certificates and most senior class of Mezzanine Certificates
        then
        outstanding:

       

      
        	
                Class
                  of Certificates

              	 	
                Percentage

              	 
	
                Class
                  A Certificates

              	 	 	
                38.85

              	
                %

              
	
                Class
                  M-1 Certificates

              	 	 	
                47.41

              	
                %

              
	
                Class
                  M-2 Certificates

              	 	 	
                58.78

              	
                %

              
	
                Class
                  M-3 Certificates

              	 	 	
                68.36

              	
                %

              
	
                Class
                  M-4 Certificates

              	 	 	
                80.45

              	
                %

              
	
                Class
                  M-5 Certificates

              	 	 	
                97.12

              	
                %

              
	
                Class
                  M-6 Certificates

              	 	 	
                119.76

              	
                %

              
	
                Class
                  M-7 Certificates

              	 	 	
                154.65

              	
                %

              
	
                Class
                  M-8 Certificates

              	 	 	
                194.25

              	
                %

              
	
                Class
                  M-9 Certificates

              	 	 	
                256.91

              	
                %

              
	
                Class
                  M-10 Certificates

              	 	 	
                306.32

              	
                %

              
	
                Class
                  M-11 Certificates

              	 	 	
                497.77

              	
                %

              

      

      

      
        
          
          

        

        
          100

          
            

          

        

        
          
          

        

      

       

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

       

      
        	
                Distribution
                  Date 

              	 	
                Percentage

              
	
                October
                  2008 to September 2009

              	 	
                1.35%
                  plus 1/12 of 1.70% for each month thereafter

              
	
                October
                  2009 to September 2010

              	 	
                3.05%
                  plus 1/12 of 1.70% for each month thereafter

              
	
                October
                  2010 to September 2011

              	 	
                4.75%
                  plus 1/12 of 1.35% for each month thereafter

              
	
                October
                  2011 to September 2012

              	 	
                6.10%
                  plus 1/12 of 0.65% for each month thereafter

              
	
                October
                  2012 and thereafter

              	 	
                6.75%

              

      

      

      “Trust”:
        ACE
        Securities Corp., Home Equity Loan Trust, Series 2006-ASAP5, the trust created
        hereunder.

       

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

       

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

       

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

       

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

       

      “Uncertificated
        Interest”:
        With
        respect to any REMIC Regular Interest for any Distribution Date, one month’s
        interest at the related REMIC Remittance Rate applicable to such REMIC Regular
        Interest for such Distribution Date, accrued on the Uncertificated Balance
        thereof immediately prior to such Distribution Date. Uncertificated Interest
        in
        respect of the REMIC Regular Interests shall accrue on the basis of a 360-day
        year consisting of twelve 30-day months. Uncertificated Interest with respect
        to
        each Distribution Date, as to any REMIC Regular Interest, shall be reduced
        by an
        amount equal to the sum of (a) the aggregate Prepayment Interest Shortfall,
        if
        any, for such Distribution Date to the extent not covered by payments pursuant
        to Section 3.23 or Section 4.19 of this Agreement and (b) the aggregate amount
        of any Relief Act Interest Shortfall, if any allocated, in each case, to
        such
        REMIC Regular Interest or REMIC Regular Interest pursuant to Section 1.02.
        In
        addition, Uncertificated Interest with respect to each Distribution Date,
        as to
        any REMIC Regular Interest, shall be reduced by Realized Losses, if any,
        allocated to such REMIC Regular Interest pursuant to Section 1.02 and Section
        5.04.

       

      
        
          
          

        

        
          101

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

      “Verification
        Report”:
        As
        defined in Section 4.20. 

       

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

       

      
        
          
          

        

        
          102

          
            

          

        

        
          
          

        

      

       

      “Wells
        Fargo”:
        Wells
        Fargo Bank, National Association in its capacity as a Custodian under the
        Wells
        Fargo Custodial Agreement, or any successor thereto.

       

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

       

      SECTION
        1.02. Allocation
        of Certain Interest Shortfalls.

       

      For
        purposes of calculating the amount of Accrued Certificate Interest and the
        amount of the Interest Distribution Amount for the Class A Certificates,
        the
        Mezzanine Certificates and the Class CE Certificates for any Distribution
        Date,
        (1) the aggregate amount of any Prepayment Interest Shortfalls (to the extent
        not covered by payments by the Servicer pursuant to Section 3.23 of this
        Agreement or by the Master Servicer pursuant to Section 4.19 of this Agreement)
        and any Relief Act Interest Shortfalls incurred in respect of the Mortgage
        Loans
        for any Distribution Date shall be allocated first, to the Class CE
        Certificates, second, to the Class M-11 Certificates, third, to the Class
        M-10
        Certificates, fourth, to the Class M-9 Certificates, fifth, to the Class
        M-8
        Certificates, sixth, to the Class M-7 Certificates, seventh, to the Class
        M-6
        Certificates, eighth, to the Class M-5 Certificates, ninth, to the Class
        M-4
        Certificates, tenth, to the Class M-3 Certificates, eleventh, to the Class
        M-2
        Certificates, twelfth, to the Class M-1 Certificates and thirteenth, to the
        Class A Certificates, on a pro
        rata
        basis,
        in each case based on, and to the extent of, one month’s interest at the then
        applicable respective Pass-Through Rate on the respective Certificate Principal
        Balance or Notional Amount, as applicable, of each such Certificate and (2)
        the
        aggregate amount of any Realized Losses allocated to the Mezzanine Certificates
        and Net WAC Rate Carryover Amounts paid to the Class A Certificates and the
        Mezzanine Certificates incurred for any Distribution Date shall be allocated
        to
        the Class CE Certificates on a pro
        rata
        basis
        based on, and to the extent of, one month’s interest at the then applicable
        respective Pass-Through Rate on the respective Certificate Principal Balance
        or
        Notional Amount thereof, as applicable.

       

      For
        purposes of calculating the amount of Uncertificated Interest for the REMIC
        I
        Group IA Regular Interests for any Distribution Date, the aggregate amount
        of
        any Prepayment Interest Shortfalls (to the extent not covered by payments
        by the
        Servicer pursuant to Section 3.23 of this Agreement or the Master Servicer
        pursuant to Section 4.19) and any Relief Act Interest Shortfalls incurred
        in
        respect of Group IA Mortgage Loans shall be allocated first, to REMIC I Regular
        Interest IA and to the REMIC I Group IA Regular Interests ending with the
        designation “B”, pro
        rata
        based
        on, and to the extent of, one month’s interest at the then applicable respective
        REMIC I Remittance Rates on the respective Uncertificated Principal Balances
        of
        each such REMIC I Regular Interest, and then, to REMIC I Group IA Regular
        Interests ending with the designation “A”, pro rata based on, and to the extent
        of, one month’s interest at the then applicable respective REMIC I Remittance
        Rates on the respective Uncertificated Balances of each such REMIC I Regular
        Interest.

       

      
        
          
          

        

        
          103

          
            

          

        

        
          
          

        

      

       

      For
        purposes of calculating the amount of Uncertificated Interest for the REMIC
        I
        Group IB Regular Interests for any Distribution Date, the aggregate amount
        of
        any Prepayment Interest Shortfalls (to the extent not covered by payments
        by the
        Servicer pursuant to Section 3.23 of this Agreement or the Master Servicer
        pursuant to Section 4.19) and any Relief Act Interest Shortfalls incurred
        in
        respect of Group IB Mortgage Loans shall be allocated first, to REMIC I Regular
        Interest IB and to the REMIC I Group IB Regular Interests ending with the
        designation “B”, pro
        rata
        based
        on, and to the extent of, one month’s interest at the then applicable respective
        REMIC I Remittance Rates on the respective Uncertificated Principal Balances
        of
        each such REMIC I Regular Interest, and then, to REMIC I Group IB Regular
        Interests ending with the designation “A”, pro rata based on, and to the extent
        of, one month’s interest at the then applicable respective REMIC I Remittance
        Rates on the respective Uncertificated Balances of each such REMIC I Regular
        Interest.

       

      For
        purposes of calculating the amount of Uncertificated Interest for the REMIC
        I
        Group II Regular Interests for any Distribution Date, the aggregate amount
        of
        any Prepayment Interest Shortfalls (to the extent not covered by payments
        by the
        Servicer pursuant to Section 3.23 of this Agreement or the Master Servicer
        pursuant to Section 4.19) and any Relief Act Interest Shortfalls incurred
        in
        respect of Group II Mortgage Loans shall be allocated first, to REMIC I Regular
        Interest II and to the REMIC I Group II Regular Interests ending with the
        designation “B”, pro
        rata
        based
        on, and to the extent of, one month’s interest at the then applicable respective
        REMIC I Remittance Rates on the respective Uncertificated Principal Balances
        of
        each such REMIC I Regular Interest , and then, to REMIC I Group II Regular
        Interests ending with the designation “A”, pro rata based on, and to the extent
        of, one month’s interest at the then applicable respective REMIC I Remittance
        Rates on the respective Uncertificated Balances of each such REMIC I Regular
        Interest. 

       

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

       

      (A) The
        REMIC
        II Marker Allocation Percentage of the aggregate amount of any Prepayment
        Interest Shortfalls (to the extent not covered by payments by the Servicer
        pursuant to Section 3.23 of this Agreement or the Master Servicer pursuant
        to
        Section 4.19 or) and the REMIC II Marker Allocation Percentage of any Relief
        Act
        Interest Shortfalls incurred in respect of the Mortgage Loans for any
        Distribution Date shall be allocated among REMIC II Regular Interest AA,
        REMIC
        II Regular Interest A-1A, REMIC II Regular Interest A-1B, REMIC II Regular
        Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest
        A-2C,
        REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular
        Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4,
        REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular
        Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9,
        REMIC II Regular Interest M-10, REMIC II Regular Interest M-11, REMIC II
        Regular
        Interest ZZ and REMIC II Regular Interest P pro
        rata
        based
        on, and to the extent of, one month’s interest at the then applicable respective
        REMIC II Remittance Rate on the respective Uncertificated Balance of each
        such
        REMIC II Regular Interest; and

       

      
        
          
          

        

        
          104

          
            

          

        

        
          
          

        

      

       

      (B) The
        REMIC
        II Sub WAC Allocation Percentage of the aggregate amount of any Prepayment
        Interest Shortfalls (to the extent not covered by payments by the Servicer
        pursuant to Section 3.23 of this Agreement or by the Master Servicer pursuant
        to
        Section 4.19 of this Agreement) and the REMIC II Sub WAC Allocation Percentage
        of any Relief Act Interest Shortfalls incurred in respect of the Mortgage
        Loans
        for any Distribution Date shall be allocated first, to Uncertificated Interest
        payable to REMIC II Regular Interest IA-SUB, REMIC II Regular Interest IA-GRP,
        REMIC II Regular Interest IB-SUB, REMIC II Regular Interest IB-GRP, REMIC
        II
        Regular Interest II-SUB, REMIC II Regular Interest II-GRP and REMIC II Regular
        Interest XX, pro
        rata
        based
        on, and to the extent of, one month’s interest at the then applicable respective
        REMIC II Remittance Rate on the respective Uncertificated Balance of each
        such
        REMIC II Regular Interest.

      
        
          
          

        

        
          105

          
            

          

        

         

      

      ARTICLE
        II

      CONVEYANCE
        OF MORTGAGE LOANS;

      ORIGINAL
        ISSUANCE OF CERTIFICATES

       

      SECTION
        2.01. Conveyance
        of the Mortgage Loans.

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          106

          
            

          

        

        
          
          

        

      

       

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

       

      SECTION
        2.02. Acceptance
        of REMIC I by Trustee.

       

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

       

      SECTION
        2.03. Repurchase
        or Substitution of Mortgage Loans.

       

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

       

      
        
          
          

        

        
          107

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

      
        
          
          

        

        
          108

          
            

          

        

        
          
          

        

      

       

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

       

      
        
          
          

        

        
          109

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

      SECTION
        2.04. Representations
        and Warranties of the Master Servicer.

       

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

       

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

       

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

       

      
        
          
          

        

        
          110

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          111

          
            

          

        

        
          
          

        

      

       

      (viii) There
        are
        no affiliations, relationships or transactions relating to the Master Servicer
        of a type that are described under Item 1119 of Regulation AB with DBNTC,
        the
        Depositor, the Sponsor, the Servicer, the Credit Risk Manager, the Cap
        Counterparty, the Swap Provider or the Trustee.

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          112

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

      (c) It
        is
        understood and agreed that the representations, warranties and covenants
        set
        forth in this Section 2.05 shall survive the resignation or termination of
        the
        parties hereto, the termination of this Agreement and the delivery of the
        Mortgage Files to the related Custodian and shall inure to the benefit of
        the
        Trustee, the Master Servicer, the Securities Administrator, the Depositor,
        the
        Certificateholders. Upon discovery by any such Person or the Servicer of
        a
        breach of any of the foregoing representations, warranties and covenants
        which
        materially and adversely affects the value of any Mortgage Loan, Prepayment
        Charge or the interests therein of the Certificateholders, the party discovering
        such breach shall give prompt written notice (but in no event later than
        two (2)
        Business Days following such discovery) to the Trustee. Subject to Section
        8.01,
        unless such breach shall not be susceptible of cure within ninety (90) days,
        the
        obligation of the Servicer set forth in Section 2.03(e) to cure breaches
        shall
        constitute the sole remedy against the Servicer available to the
        Certificateholders, the Depositor or the Trustee on behalf of the
        Certificateholders respecting a breach of the representations, warranties
        and
        covenants contained in this Section 2.05.

       

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

       

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

       

      
        
          
          

        

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

       

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

       

      SECTION
        2.08. Issuance
        of the Residual Certificates.

       

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

       

      SECTION
        2.09. Establishment
        of the Trust.

       

      The
        Depositor does hereby establish, pursuant to the further provisions of this
        Agreement and the laws of the State of New York, an express trust to be known,
        for convenience, as “ACE Securities Corp., Home Equity Loan Trust, Series
        2006-ASAP5” and does hereby appoint HSBC Bank USA, National Association as
        Trustee in accordance with the provisions of this Agreement.

       

      SECTION
        2.10. Purpose
        and Powers of the Trust.

       

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

       

      
        
          
          

        

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

       

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

       

      (c) to
        make
        payments on the Certificates;

       

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

       

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

       

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

       

      SECTION
        2.11. Representations
        and Warranties of the Trustee.

       

      The
        Trustee hereby represents and warrants to the Sponsor and the Depositor,
        for the
        benefit of each of the Certificateholders, that as of the Closing
        Date:

       

      (a) There
        are
        no affiliations relating to the Trustee of a type that are described under
        Item
        1119(a) of Regulation AB; and

       

      (b) There
        are
        no legal proceedings pending or contemplated, including legal proceedings
        pending or contemplated by governmental authorities, against the Trustee
        that
        could be material to the Certificateholders.

      
        
          
          

        

        
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      ARTICLE
        III

       

      ADMINISTRATION
        AND SERVICING

      OF
        THE
        MORTGAGE LOANS; ACCOUNTS

       

      SECTION
        3.01. The
        Servicer to Act as Servicer.

       

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

       

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

       

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

       

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

       

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

       

      To
        the
        extent consistent with the foregoing, the Servicer shall also seek to maximize
        the timely and complete recovery of principal and interest on the Mortgage
        Notes
        and shall waive (or permit a Sub-Servicer to waive) a Prepayment Charge only
        under the following circumstances: (i) such waiver is standard and customary
        in
        servicing similar Mortgage Loans and such waiver is related to a default
        or
        reasonably foreseeable default and would, in the reasonable judgment of the
        Servicer, maximize recovery of total proceeds taking into account the value
        of
        such Prepayment Charge and the related Mortgage Loan and, if such waiver
        is made
        in connection with a refinancing of the related Mortgage Loan, such refinancing
        is related to a default or a reasonably foreseeable default, (ii) such
        Prepayment Charge is unenforceable in accordance with applicable law or the
        collection of such related Prepayment Charge would otherwise violate applicable
        law or (iii) the collection of such Prepayment Charge would be considered
        “predatory” pursuant to written guidance published or issued by any applicable
        federal, state or local regulatory authority acting in its official capacity
        and
        having jurisdiction over such matters. In addition, the Servicer shall not
        impose a Prepayment Charge in any instance when the Mortgage Loan is accelerated
        or where the Mortgagor has made a Principal Prepayment in full in connection
        with the workout of a delinquent Mortgage Loan or due to a default by the
        Mortgagor. Notwithstanding any provision in this Agreement to the contrary,
        in
        the event the Prepayment Charge payable under the terms of the Mortgage Note
        is
        less than the amount of the Prepayment Charge set forth in the Prepayment
        Charge
        Schedule or other information provided to the Servicer, neither the Servicer
        nor
        the Master Servicer shall have any liability or obligation with respect to
        such
        difference (including any obligation to recalculate any Prepayment Charges),
        and
        in addition shall not have any liability or obligation to pay the amount
        of any
        uncollected Prepayment Charge if the failure to collect such amount is the
        direct result of inaccurate or incomplete information on the Prepayment Charge
        Schedule.

       

      
        
          
          

        

        
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      In
        the
        event the Servicer waives a Prepayment Charge in connection with clauses
        (ii) or
        (iii) of the preceding paragraph, the Servicer shall provide a written
        explanation of the Servicer’s determination to the Master Servicer, and the
        Master Servicer shall provide a copy of such writing to the Sponsor and the
        Depositor. 

       

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

       

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

       

      
        
          
          

        

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

       

      Notwithstanding
        anything in this Agreement to the contrary, the Servicer may not make any
        future
        advances with respect to a Mortgage Loan and the Servicer shall not permit
        any
        modification with respect to any related Mortgage Loan that would change
        the
        Mortgage Rate, reduce or increase the principal balance (except for reductions
        resulting from actual payments of principal) or change the final maturity
        date
        on such related Mortgage Loan (unless, as provided in Section 3.06, the related
        Mortgagor is in default with respect to the related Mortgage Loan or such
        default is, in the judgment of the Servicer, reasonably foreseeable) or any
        modification, waiver or amendment of any term of any related Mortgage Loan
        that
        would both (A) effect an exchange or reissuance of such Mortgage Loan under
        Section 1001 of the Code (or final, temporary or proposed Treasury regulations
        promulgated thereunder) and (B) cause any Trust REMIC created hereunder to
        fail
        to qualify as a REMIC under the Code or the imposition of any tax on “prohibited
        transactions” or “contributions after the startup date” under the REMIC
        Provisions.

       

      
        
          
          

        

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

       

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

       

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

       

      (a) The
        Servicer may arrange for the subservicing of any Mortgage Loan by a Sub-
        Servicer pursuant to a Sub-Servicing Agreement; provided that such sub-servicing
        arrangement and the terms of the related Sub-Servicing Agreement must provide
        for the servicing of such Mortgage Loans in a manner consistent with the
        servicing arrangements contemplated hereunder and the Servicer shall cause
        any
        Sub-Servicer to comply with the provisions of this Agreement (including,
        without
        limitation, to provide the information required to be delivered under Sections
        3.17, 3.18 and 3.20 hereof), to the same extent as if such Sub-Servicer were
        the
        Servicer. The Servicer shall be responsible for obtaining from each Sub-Servicer
        and delivering to the Master Servicer any annual statement of compliance,
        assessment of compliance, attestation report and Sarbanes Oxley related
        certification as and when required to be delivered. Each Sub-Servicer shall
        be
        (i) authorized to transact business in the state or states where the related
        Mortgaged Properties it is to service are situated, if and to the extent
        required by applicable law to enable the Sub-Servicer to perform its obligations
        hereunder and under the Sub-Servicing Agreement and (ii) a Freddie Mac or
        Fannie
        Mae approved mortgage servicer. Notwithstanding the provisions of any
        Sub-Servicing Agreement, any of the provisions of this Agreement relating
        to
        agreements or arrangements between the Servicer or a Sub-Servicer or reference
        to actions taken through the Servicer or otherwise, the Servicer shall remain
        obligated and liable to the Depositor, the Trustee and the Certificateholders
        for the servicing and administration of the Mortgage Loans in accordance
        with
        the provisions of this Agreement without diminution of such obligation or
        liability by virtue of such Sub-Servicing Agreements or arrangements or by
        virtue of indemnification from the Sub-Servicer and to the same extent and
        under
        the same terms and conditions as if the Servicer alone were servicing and
        administering the Mortgage Loans. Every Sub-Servicing Agreement entered into
        by
        the Servicer shall contain a provision giving the successor servicer the
        option
        to terminate such agreement in the event a successor servicer is appointed.
        All
        actions of each Sub-Servicer performed pursuant to the related Sub-Servicing
        Agreement shall be performed as an agent of the Servicer with the same force
        and
        effect as if performed directly by the Servicer.

       

      
        
          
          

        

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

       

      (c) As
        a
        condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB, the Servicer shall cause any such Subcontractor used by the
        Servicer for the benefit of the Master Servicer, the Trustee and the Depositor
        to comply with the provisions of Sections 3.18 and 3.20 of this Agreement
        to the
        same extent as if such Subcontractor were the Servicer. The Servicer shall
        be
        responsible for obtaining from each such Subcontractor and delivering to
        the
        Master Servicer, the Trustee and any Depositor any assessment of compliance,
        attestation report and Sarbanes-Oxley related certification required to be
        delivered by such Subcontractor under Sections 3.18 and 3.20, in each case
        as
        and when required to be delivered.

       

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

       

      SECTION
        3.03. Successor
        Sub-Servicers.

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

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

       

      SECTION
        3.06. Collection
        of Certain Mortgage Loan Payments.

       

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

       

      
        
          
          

        

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

       

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

       

      
        
          
          

        

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

       

      SECTION
        3.08. Collection
        Account and Distribution Account.

       

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

       

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

       

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

       

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

       

      (iv) any
        amounts required to be deposited by the Servicer pursuant to Section 3.10
        in
        connection with any losses realized on Permitted Investments with respect
        to
        funds held in the Collection Account;

       

      (v) any
        amounts required to be deposited by the Servicer pursuant to the second
        paragraph of Section 3.11(a) in respect of any blanket policy
        deductibles;

       

      
        
          
          

        

        
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      (vi) any
        Purchase Price or Substitution Shortfall Amount delivered to the Servicer
        and
        all proceeds (net of amounts payable or reimbursable to the Servicer, the
        Master
        Servicer, the Trustee, the Custodians or the Securities Administrator) of
        Mortgage Loans purchased in accordance with Section 2.03, Section 3.13 or
        Section 10.01; and

       

      (vii) any
        Prepayment Charges collected by the Servicer in connection with the Principal
        Prepayment of any of the Mortgage Loans or amounts required to be deposited
        by
        the Servicer in connection with a breach of its obligations under Section
        2.05.

       

      The
        foregoing requirements for deposit in the Collection Account shall be exclusive,
        it being understood and agreed that, without limiting the generality of the
        foregoing, Ancillary Income, Prepayment Interest Excess and payments in the
        nature of late payment charges, assumption fees or other similar fees need
        not
        be deposited by the Servicer in the Collection Account and may be retained
        by
        the Servicer as additional servicing compensation. In the event the Servicer
        shall deposit in the Collection Account any amount not required to be deposited
        therein, it may at any time withdraw such amount from the Collection Account,
        any provision herein to the contrary notwithstanding.

       

      (b) On
        behalf
        of the Trust Fund, the Securities Administrator shall establish and maintain
        one
        or more accounts (such account or accounts, the “Distribution Account”), held in
        trust for the benefit of the Trustee, the Trust Fund and the Certificateholders.
        On behalf of the Trust Fund, the Servicer shall deliver to the Securities
        Administrator in immediately available funds for deposit in the Distribution
        Account on or before 12:00 noon New York time on the Servicer Remittance
        Date,
        that portion of the Available Distribution Amount (calculated without regard
        to
        the references in clause (2) of the definition thereof to amounts that may
        be
        withdrawn from the Distribution Account) for the related Distribution Date
        then
        on deposit in the Collection Account and the amount of all Prepayment Charges
        collected by the Servicer in connection with the Principal Prepayment of
        any of
        the Mortgage Loans then on deposit in the Collection Account and the amount
        of
        any funds reimbursable to an Advance Financing Person pursuant to Section
        3.26.
        If the balance on deposit in a Collection Account exceeds $100,000 as of
        the
        commencement of business on any Business Day and the Collection Account
        constitutes an Eligible Account solely pursuant to clause (ii) of the definition
        of “Eligible Account,” the Servicer shall, on or before 5:00 p.m. New York time
        on such Business Day, withdraw from the Collection Account any and all amounts
        payable or reimbursable to the Depositor, the Servicer, the Trustee, the
        Master
        Servicer, the Securities Administrator or the Sponsor pursuant to Section
        3.09
        and shall pay such amounts to the Persons entitled thereto or shall establish
        a
        separate Collection Account (which shall also be an Eligible Account) and
        withdraw from the existing Collection Account the amount on deposit therein
        in
        excess of $100,000 and deposit such excess in the newly created Collection
        Account.

       

      With
        respect to any remittance received by the Securities Administrator after
        the
        Servicer Remittance Date on which such payment was due, the Securities
        Administrator shall send written notice thereof to the Servicer. The Servicer
        shall pay to the Securities Administrator interest on any such late payment
        by
        the Servicer at an annual rate equal to Prime Rate (as defined in The
        Wall Street Journal)
        plus
        one percentage point, but in no event greater than the maximum amount permitted
        by applicable law. Such interest shall be paid by the Servicer to the Securities
        Administrator on the date such late payment is made and shall cover the period
        commencing with the day following such Servicer Remittance Date and ending
        with
        the Business Day on which such payment is made, both inclusive. The payment
        by
        the Servicer of any such interest, or the failure of the Securities
        Administrator to notify the Servicer of such interest, shall not be deemed
        an
        extension of time for payment or a waiver of any Event of Default by the
        Servicer.

       

      
        
          
          

        

        
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      (c) Funds
        in
        the Collection Account and funds in the Distribution Account may be invested
        in
        Permitted Investments in accordance with the provisions set forth in Section
        3.10. The Servicer shall give notice to the Trustee, the Securities
        Administrator and the Master Servicer of the location of the Collection Account
        when established and prior to any change thereof. The Securities Administrator
        shall give notice to the Servicer and the Depositor of the location of the
        Distribution Account when established and prior to any change
        thereof.

       

      (d) Funds
        held in the Collection Account at any time may be delivered by the Servicer
        in
        immediately available funds to the Securities Administrator for deposit in
        the
        Distribution Account. In the event the Servicer shall deliver to the Securities
        Administrator for deposit in the Distribution Account any amount not required
        to
        be deposited therein, it may at any time request that the Securities
        Administrator withdraw such amount from the Distribution Account and remit
        to it
        any such amount, any provision herein to the contrary notwithstanding. In
        no
        event shall the Securities Administrator incur liability as a result of
        withdrawals from the Distribution Account at the direction of the Servicer
        in
        accordance with the immediately preceding sentence. In addition, the Servicer
        shall deliver to the Securities Administrator no later than the Servicer
        Remittance Date the amounts set forth in clauses (i) through (iv)
        below:

       

      (i) any
        P&I Advances, as required pursuant to Section 5.03;

       

      (ii) any
        amounts required to be deposited pursuant to Section 3.22(d) or 3.21(f) in
        connection with any related REO Property;

       

      (iii) any
        amounts to be paid in connection with a purchase of Mortgage Loans and REO
        Properties pursuant to Section 10.01; and

       

      (iv) any
        amounts required to be deposited pursuant to Section 3.23 in connection with
        any
        Prepayment Interest Shortfalls.

       

      SECTION
        3.09. Withdrawals
        from the Collection Account and Distribution Account.

       

      (a) The
        Servicer shall, from time to time, make withdrawals from the Collection Account
        for any of the following purposes or as described in Section 5.03:

       

      (i) to
        remit
        to the Securities Administrator for deposit in the Distribution Account the
        amounts required to be so remitted pursuant to Section 3.08(b) or permitted
        to
        be so remitted pursuant to the first sentence of Section 3.08(d);

       

      (ii) subject
        to Section 3.13(d), to reimburse itself (including any successor Servicer)
        for
        P&I Advances made by it, but only to the extent of amounts received which
        represent Late Collections (net of the related Servicing Fees) of Monthly
        Payments on related Mortgage Loans with respect to which such P&I Advances
        were made in accordance with the provisions of Section 5.03;

       

      
        
          
          

        

        
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      (iii) subject
        to Section 3.13(d), to pay itself any unpaid Servicing Fees and reimburse
        itself
        any unreimbursed Servicing Advances with respect to each related Mortgage
        Loan,
        but only to the extent of any Liquidation Proceeds and Insurance Proceeds
        received with respect to such related Mortgage Loan or rental or other income
        from the related REO Property;

       

      (iv) to
        pay to
        itself as servicing compensation (in addition to the Servicing Fee or any
        portion thereof payable to the Servicer) on the Servicer Remittance Date
        any
        interest or investment income earned on funds deposited in the Collection
        Account;

       

      (v) to
        pay to
        itself or the Sponsor, as the case may be, with respect to each Mortgage
        Loan
        that has previously been purchased or replaced pursuant to Section 2.03 or
        Section 3.13(c) all amounts received thereon not included in the Purchase
        Price
        or the Substitution Shortfall Amount;

       

      (vi) to
        reimburse itself (including any successor to the Servicer) for

       

      (A) any
        P&I Advance or Servicing Advance previously made by it which the Servicer
        has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable
        Servicing Advance in accordance with the provisions of Section 5.03; provided
        however, that the Servicer shall not be entitled to reimbursement for any
        Servicing Advance made prior to the Cut-off Date if the Servicer determines
        that
        such Servicing Advance constitutes a Nonrecoverable Servicing
        Advance;

       

      (B) any
        unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds,
        Insurance Proceeds or other amounts received with respect to the related
        Mortgage Loan under Section 3.08(a)(iii); or

       

      (C) any
        P&I Advance or Servicing Advance made with respect to a delinquent Mortgage
        Loan which Mortgage Loan has been modified by the Servicer in accordance
        with
        the terms of this Agreement; provided that the Servicer shall only reimburse
        itself for such P&I Advances and Servicing Advances at the time of such
        modification, or as otherwise provided in this Section 3.09;

       

      (vii) to
        reimburse itself or the Depositor for expenses incurred by or reimbursable
        to
        itself or the Depositor, as the case may be, pursuant to Section 3.01 or
        Section
        7.03;

       

      
        
          
          

        

        
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      (viii) to
        reimburse itself or the Trustee, as the case may be, for expenses reasonably
        incurred in respect of the breach or defect giving rise to the purchase
        obligation under Section 2.03 of this Agreement that were included in the
        Purchase Price of the related Mortgage Loan, including any expenses arising
        out
        of the enforcement of the purchase obligation;

       

      (ix) to
        pay,
        or to reimburse itself for advances in respect of, expenses incurred in
        connection with any related Mortgage Loan pursuant to Section 3.13(b);

       

      (x) to
        pay to
        itself any Prepayment Interest Excess on the related Mortgage Loans to the
        extent not retained pursuant to Section 3.08(a)(ii); and

       

      (xi) to
        clear
        and terminate the Collection Account pursuant to
        Section 10.01.

       

      The
        Servicer shall keep and maintain separate accounting, on a Mortgage Loan
        by
        Mortgage Loan basis, for the purpose of justifying any withdrawal from the
        Collection Account, to the extent held by or on behalf of it, pursuant to
        subclauses (ii), (iii), (v), (vi), (vii), (viii), (ix) and (x)
        above.

       

      (b) The
        Securities Administrator shall, from time to time, make withdrawals from
        the
        Distribution Account, for any of the following purposes, without
        priority:

       

      (i) to
        make
        distributions to Certificateholders in accordance with Section
        5.01;

       

      (ii) to
        pay to
        itself, the Custodians and the Master Servicer amounts to which it is entitled
        pursuant to Section 9.05 or any other provision of this Agreement and any
        Extraordinary Trust Fund Expenses;

       

      (iii) to
        reimburse itself or the Master Servicer pursuant to Section 8.02;

       

      (iv) to
        pay
        any Net Swap Payment or Swap Termination Payment payable to the Supplemental
        Interest Trust (unless the Swap Provider is the sole Defaulting Party or
        the
        sole Affected Party (as defined in the Swap Agreement)) owed to the Swap
        Provider;

       

      (v) to
        pay
        any amounts in respect of taxes pursuant to Section 11.01(g)(v);

       

      (vi) to
        pay
        the Master Servicing Fee to the Master Servicer;

       

      (vii) to
        pay
        the Credit Risk Management Fee to the Credit Risk Manager; and

       

      (viii) to
        clear
        and terminate the Distribution Account pursuant to Section 10.01.

       

      
        
          
          

        

        
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      SECTION
        3.10. Investment
        of Funds in the Investment Accounts.

       

      (a) The
        Servicer may direct, by means of written directions (which may be standing
        directions), any Depository Institution maintaining the Collection Account
        to
        invest the funds in the Collection Account (for purposes of this Section
        3.10,
        an “Investment Account”) in one or more Permitted Investments bearing interest
        or sold at a discount, and maturing, unless payable on demand, (i) no later
        than
        the Business Day immediately preceding the date on which such funds are required
        to be withdrawn from such account pursuant to this Agreement, if a Person
        other
        than the Securities Administrator is the obligor thereon, and (ii) no later
        than
        the date on which such funds are required to be withdrawn from such account
        pursuant to this Agreement, if the Securities Administrator is the obligor
        on
        such Permitted Investment. Amounts in the Distribution Account may be invested
        in Permitted Investments as directed in writing by the Master Servicer and
        maturing, unless payable on demand, (i) no later than the Business Day
        immediately preceding the date on which such funds are required to be withdrawn
        from such account pursuant to this Agreement, if a Person other than the
        Securities Administrator is the obligor thereon, and (ii) no later than the
        date
        on which such funds are required to be withdrawn from such account pursuant
        to
        this Agreement, if the Securities Administrator is the obligor thereon. All
        such
        Permitted Investments shall be held to maturity, unless payable on demand.
        Any
        investment of funds shall be made in the name of the Trustee (in its capacity
        as
        such) or in the name of a nominee of the Trustee. The Securities Administrator
        shall be entitled to sole possession over each such investment in the
        Distribution Account and, subject to subsection (b) below, the income thereon,
        and any certificate or other instrument evidencing any such investment shall
        be
        delivered directly to the Securities Administrator or its agent, together
        with
        any document of transfer necessary to transfer title to such investment to
        the
        Trustee or its nominee. In the event amounts on deposit in the Collection
        Account are at any time invested in a Permitted Investment payable on demand,
        the party with investment discretion over such Investment Account
        shall:

       

      (x) consistent
        with any notice required to be given thereunder, demand that payment thereon
        be
        made on the last day such Permitted Investment may otherwise mature hereunder
        in
        an amount equal to the lesser of (1) all amounts then payable thereunder
        and (2)
        the amount required to be withdrawn on such date; and

       

      (y) demand
        payment of all amounts due thereunder promptly upon receipt by such party
        of
        written notice from the Servicer that such Permitted Investment would not
        constitute a Permitted Investment in respect of funds thereafter on deposit
        in
        the Investment Account.

       

      (b) All
        income and gain realized from the investment of funds deposited in the
        Collection Account shall be for the benefit of the Servicer and shall be
        subject
        to its withdrawal in accordance with Section 3.09. The Servicer shall deposit
        in
        the Collection Account the amount of any loss incurred in respect of any
        such
        Permitted Investment made with funds in such account immediately upon
        realization of such loss. All earnings and gain realized from the investment
        of
        funds deposited in the Distribution Account shall be for the benefit of the
        Master Servicer. The Master Servicer shall remit from its own funds for deposit
        into the Distribution Account the amount of any loss incurred on Permitted
        Investments in the Distribution Account.

       

      
        
          
          

        

        
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      (c) Except
        as
        otherwise expressly provided in this Agreement, if any default occurs in
        the
        making of a payment due under any Permitted Investment, or if a default occurs
        in any other performance required under any Permitted Investment, the Trustee
        may and, subject to Section 9.01 and Section 9.02(a)(v), shall, at the written
        direction of the Servicer, take such action as may be appropriate to enforce
        such payment or performance, including the institution and prosecution of
        appropriate proceedings.

       

      (d) The
        Trustee, the Master Servicer or their respective Affiliates are permitted
        to
        receive additional compensation that could be deemed to be in the Trustee’s or
        the Master Servicer’s economic self-interest for (i) serving as investment
        adviser, administrator, shareholder servicing agent, custodian or sub-custodian
        with respect to certain of the Permitted Investments, (ii) using Affiliates
        to
        effect transactions in certain Permitted Investments and (iii) effecting
        transactions in certain Permitted Investments. Such compensation shall not
        be
        considered an amount that is reimbursable or payable to the Trustee or the
        Master Servicer pursuant to Section 3.09 or 3.10 or otherwise payable in
        respect
        of Extraordinary Trust Fund Expenses. Such additional compensation shall
        not be
        an expense of the Trust Fund.

       

      SECTION
        3.11. Maintenance
        of Hazard Insurance, Errors and Omissions and Fidelity Coverage and Primary
        Mortgage Insurance.

       

      (a) The
        terms
        of each Mortgage Note require the related Mortgagor to maintain fire, flood
        and
        hazard insurance policies. To the extent such policies are not maintained,
        the
        Servicer shall cause to be maintained for each Mortgaged Property fire and
        hazard insurance with extended coverage as is customary in the area where
        the
        Mortgaged Property is located in an amount which is at least equal to the
        lesser
        of the current principal balance of the related Mortgage Loan and the amount
        necessary to compensate fully for any damage or loss to the improvements
        which
        are a part of such property on a replacement cost basis, in
        each
        case in an amount not less than such amount as is necessary to avoid the
        application of any coinsurance clause contained in the related hazard insurance
        policy.
        The
        Servicer shall also cause to be maintained fire and hazard insurance on each
        REO
        Property with extended coverage as is customary in the area where the Mortgaged
        Property is located in an amount which is at least equal to the lesser of
        (i)
        the maximum insurable value of the improvements which are a part of such
        property and (ii) the outstanding principal balance of the related Mortgage
        Loan
        (including, with respect to each second lien Mortgage Loan, the outstanding
        principal balance of the related first lien) at the time it became an REO
        Property, in each case in an amount not less than such amount as is necessary
        to
        avoid the application of any coinsurance clause contained in the related
        hazard
        insurance policy. The Servicer will comply in the performance of this Agreement
        with all reasonable rules and requirements of each insurer under any such
        hazard
        policies. Any amounts to be collected by the Servicer under any such policies
        (other than amounts to be applied to the restoration or repair of the property
        subject to the related Mortgage or amounts to be released to the Mortgagor
        in
        accordance with Accepted Servicing Practices, subject to the terms and
        conditions of the related Mortgage and Mortgage Note) shall be deposited
        in the
        Collection Account, subject to withdrawal pursuant to Section 3.09, if received
        in respect of a Mortgage Loan, or in the REO Account, subject to withdrawal
        pursuant to Section 3.22, if received in respect of an REO Property. Any
        cost
        incurred by the Servicer in maintaining any such insurance shall not, for
        the
        purpose of calculating distributions to Certificateholders, be added to the
        unpaid principal balance of the related Mortgage Loan, notwithstanding that
        the
        terms of such Mortgage Loan so permit. It is understood and agreed that no
        earthquake or other additional insurance is to be required of any Mortgagor
        other than pursuant to such applicable laws and regulations as shall at any
        time
        be in force and as shall require such additional insurance. If the Mortgaged
        Property or REO Property is at any time in an area identified in the Federal
        Register by the Federal Emergency Management Agency as having special flood
        hazards, the Servicer will cause to be maintained a flood insurance policy
        in
        respect thereof. Such flood insurance shall be in an amount equal to the
        lesser
        of (i) the unpaid principal balance of the related Mortgage Loan and (ii)
        the
        maximum amount of such insurance available for the related Mortgaged Property
        under the national flood insurance program (assuming that the area in which
        such
        Mortgaged Property is located is participating in such program), in each
        case in
        an amount not less than such amount as is necessary to avoid the application
        of
        any coinsurance clause contained in the related hazard insurance
        policy.

       

      
        
          
          

        

        
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      In
        the
        event that the Servicer shall obtain and maintain a blanket policy with an
        insurer having a General Policy Rating of B:VI or better in Best’s Key Rating
        Guide or otherwise acceptable to Fannie Mae or Freddie Mac insuring against
        hazard losses on all of the related Mortgage Loans, it shall conclusively
        be
        deemed to have satisfied its obligations to cause fire and hazard insurance
        to
        be maintained on the Mortgaged Properties, it being understood and agreed
        that
        such policy may contain a deductible clause, in which case the Servicer shall,
        in the event that there shall not have been maintained on the related Mortgaged
        Property or REO Property a policy complying with this Section 3.11, and there
        shall have been one or more losses which would have been covered by such
        policy,
        deposit to the Collection Account from its own funds the amount not otherwise
        payable under the blanket policy because of such deductible clause. In
        connection with its activities as administrator and servicer of the related
        Mortgage Loans, the Servicer agrees to prepare and present, on behalf of
        itself,
        the Trustee, the Trust Fund, the Certificateholders, claims under any such
        blanket policy in a timely fashion in accordance with the terms of such
        policy.

       

      (b) The
        Servicer shall keep in force during the term of this Agreement a policy or
        policies of insurance covering errors and omissions for failure in the
        performance of its respective obligations under this Agreement, which policy
        or
        policies shall be in such form and amount that would meet the requirements
        of
        Fannie Mae or Freddie Mac if it were the purchaser of the related Mortgage
        Loans, unless the Servicer, has obtained a waiver of such requirements from
        Fannie Mae or Freddie Mac. The Servicer shall also maintain a fidelity bond
        in
        the form and amount that would meet the requirements of Fannie Mae or Freddie
        Mac, unless the Servicer, has obtained a waiver of such requirements from
        Fannie
        Mae or Freddie Mac. The Servicer shall be deemed to have complied with this
        provision if an Affiliate of the Servicer has such errors and omissions and
        fidelity bond coverage and, by the terms of such insurance policy or fidelity
        bond, the coverage afforded thereunder extends to the Servicer. Any such
        errors
        and omissions policy and fidelity bond shall by its terms not be cancelable
        without thirty (30) days’ prior written notice to the Trustee.

       

      (c) The
        Servicer shall take no action that would result in noncoverage under any
        applicable primary mortgage insurance policy of any loss which, but for the
        actions of the Servicer would have been covered thereunder. The Servicer
        shall
        use its best efforts to keep in force and effect any applicable primary mortgage
        insurance policy and, to the extent that the related Mortgage Loan requires
        the
        Mortgagor to maintain such insurance, any other primary mortgage insurance
        applicable to any Mortgage Loan. Except as required by applicable law or
        the
        related Mortgage Loan Documents, the Servicer shall not cancel or refuse
        to
        renew any such primary mortgage insurance policy that is in effect at the
        date
        of the initial issuance of the related Mortgage Note and is required to be
        kept
        in force hereunder.

       

      
        
          
          

        

        
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    The
      Servicer agrees to present on behalf of the Trustee and the Certificateholders
      claims to the applicable 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 3.08, any amounts collected by
      the
      Servicer under any primary mortgage insurance policies shall be deposited in
      the
      Collection Account, subject to withdrawal pursuant to Section 3.09.
      Notwithstanding any provision to the contrary, the Servicer shall have no
      responsibility with respect to a primary mortgage insurance policy unless the
      Servicer has been made aware of such policy, as reflected on the Mortgage Loan
      Schedule or otherwise and have been provided with adequate information to
      administer such policy.

     

    (d) The
      Servicer need not obtain the approval of the Master Servicer prior to releasing
      any Insurance Proceeds to the Mortgagor to be applied to the restoration or
      repair of the Mortgaged Property if such release is in accordance with Accepted
      Servicing Practices. At a minimum, the Servicer shall comply with the following
      conditions in connection with any such release of Insurance Proceeds in excess
      of $10,000:

     

    (i) the
      Servicer shall receive satisfactory independent verification of completion
      of
      repairs and issuance of any required approvals with respect
      thereto;

     

    (ii) the
      Servicer shall take all steps necessary to preserve the priority of the lien
      of
      the Mortgage, including, but not limited to requiring waivers with respect
      to
      mechanics’ and materialmen’s liens; and

     

    (iii) pending
      repairs or restoration, the Servicer shall place the Insurance Proceeds in
      the
      related Escrow Account, if any.

     

    (e) The
      Servicer agrees to present on behalf of the Trustee and the Certificateholders
      claims to the applicable 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 3.08, any amounts collected by
      the
      Servicer under any primary mortgage insurance policies shall be deposited in
      the
      Collection Account, subject to withdrawal pursuant to Section 3.09.
      Notwithstanding any provision to the contrary, the Servicer shall not have
      any
      responsibility with respect to a primary mortgage insurance policy unless the
      Servicer has been made aware of such policy, as reflected on the Mortgage Loan
      Schedule or otherwise and have been provided with adequate information to
      administer such policy.

     

    SECTION
      3.12. Enforcement
      of Due-on-Sale Clauses; Assumption Agreements

     

    The
      Servicer shall, to the extent it has knowledge of any conveyance of any related
      Mortgaged Property by any related Mortgagor (whether by absolute conveyance
      or
      by contract of sale, and whether or not the Mortgagor remains or is to remain
      liable under the Mortgage Note and/or the Mortgage), exercise its rights to
      accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause, if
      any, applicable thereto; provided, however, that the Servicer shall not exercise
      any such rights if prohibited by law from doing so. If the Servicer reasonably
      believes that it is unable under applicable law to enforce such “due-on-sale”
clause, or if any of the other conditions set forth in the proviso to the
      preceding sentence apply, the Servicer shall enter into an assumption and
      modification agreement from or with the person to whom such property has been
      conveyed or is proposed to be conveyed, pursuant to which such person becomes
      liable under the Mortgage Note and, to the extent permitted by applicable state
      law, the Mortgagor remains liable thereon. The Servicer is also authorized
      to
      enter into a substitution of liability agreement with such person, pursuant
      to
      which the original Mortgagor is released from liability and such person is
      substituted as the Mortgagor and becomes liable under the Mortgage Note,
      provided that no such substitution shall be effective unless such person
      satisfies the then current underwriting criteria of the Servicer for mortgage
      loans similar to the related Mortgage Loans. In connection with any assumption
      or substitution, the Servicer shall apply such underwriting standards and follow
      such practices and procedures as shall be normal and usual in its general
      mortgage servicing activities and as it applies to other mortgage loans owned
      solely by it. The Servicer shall not take or enter into any assumption and
      modification agreement, however, unless (to the extent practicable in the
      circumstances) it shall have received confirmation, in writing, of the continued
      effectiveness of any applicable hazard insurance policy. Any fee collected
      by
      the Servicer in respect of an assumption or substitution of liability agreement
      will be retained by the Servicer as additional servicing compensation. In
      connection with any such assumption, no material term of the Mortgage Note
      (including but not limited to the related Mortgage Rate and the amount of the
      Monthly Payment) may be amended or modified, except as otherwise required
      pursuant to the terms thereof. The Servicer shall notify the Trustee (or the
      applicable Custodian) that any such substitution or assumption agreement has
      been completed by forwarding to the Trustee (or the applicable Custodian) the
      executed original of such substitution or assumption agreement, which document
      shall be added to the related Mortgage File and shall, for all purposes, be
      considered a part of such Mortgage File to the same extent as all other
      documents and instruments constituting a part thereof.

     

    
      
        
        

      

      
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    Notwithstanding
      the foregoing paragraph or any other provision of this Agreement, the Servicer
      shall not be deemed to be in default, breach or any other violation of its
      obligations hereunder by reason of any assumption of a Mortgage Loan by
      operation of law or by the terms of the Mortgage Note or any assumption which
      the Servicer may be restricted by law from preventing, for any reason whatever.
      For purposes of this Section 3.12, the term “assumption” is deemed to also
      include a sale (of the Mortgaged Property) subject to the Mortgage that is
      not
      accompanied by an assumption or substitution of liability
      agreement.

     

    SECTION
      3.13. Realization
      Upon Defaulted Mortgage Loans.

     

    (a) The
      Servicer shall use commercially reasonable efforts, consistent with Accepted
      Servicing Practices, to foreclose upon or otherwise comparably convert the
      ownership of properties securing such of the Mortgage Loans as come into and
      continue in default and as to which no satisfactory arrangements can be made
      for
      collection of delinquent payments pursuant to Section 3.06. The Servicer shall
      be responsible for all costs and expenses incurred by it in any such
      proceedings; provided, however, that such costs and expenses will be recoverable
      as Servicing Advances by the Servicer as contemplated in Sections 3.09 and
      3.22.
      The foregoing is subject to the provision that, in any case in which a Mortgaged
      Property shall have suffered damage from an Uninsured Cause, the Servicer shall
      not be required to expend its own funds toward the restoration of such property
      unless it shall determine in its discretion that such restoration will increase
      the proceeds of liquidation of the related Mortgage Loan after reimbursement
      to
      itself for such expenses. 

     

    
      
        
        

      

      
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    (b) Notwithstanding
      the foregoing provisions of this Section 3.13 or any other provision of this
      Agreement, with respect to any Mortgage Loan as to which the Servicer has
      received actual notice of, or has actual knowledge of, the presence of any
      toxic
      or hazardous substance on the related Mortgaged Property, the Servicer shall
      not, on behalf of the Trust Fund, either (i) obtain title to such Mortgaged
      Property as a result of or in lieu of foreclosure or otherwise, or (ii)
      otherwise acquire possession of, or take any other action with respect to,
      such
      Mortgaged Property, if, as a result of any such action, the Trust Fund, the
      Trustee or the Certificateholders would be considered to hold title to, to
      be a
“mortgagee-in-possession” of, or to be an “owner” or “operator” of such
      Mortgaged Property within the meaning of the Comprehensive Environmental
      Response, Compensation and Liability Act of 1980, as amended from time to time,
      or any comparable law, unless the Servicer has also previously determined,
      based
      on its reasonable judgment and a prudent report prepared by an Independent
      Person who regularly conducts environmental audits using customary industry
      standards, that:

     

    (1) such
      Mortgaged Property is in compliance with applicable environmental laws or,
      if
      not, that it would be in the best economic interest of the Trust Fund to take
      such actions as are necessary to bring the Mortgaged Property into compliance
      therewith; and

     

    (2) there
      are
      no circumstances present at such Mortgaged Property relating to the use,
      management or disposal of any hazardous substances, hazardous materials,
      hazardous wastes or petroleum-based materials for which investigation, testing,
      monitoring, containment, clean-up or remediation could be required under any
      federal, state or local law or regulation, or that if any such materials are
      present for which such action could be required, that it would be in the best
      economic interest of the Trust Fund to take such actions with respect to the
      affected Mortgaged Property.

     

    The
      cost
      of the environmental audit report contemplated by this Section 3.13 shall be
      advanced by the Servicer, subject to the Servicer’s right to be reimbursed
      therefor from the Collection Account as provided in Section 3.09(a)(ix), such
      right of reimbursement being prior to the rights of Certificateholders to
      receive any amount in the Collection Account received in respect of the affected
      Mortgage Loan or other Mortgage Loans.

     

    If
      the
      Servicer determines, as described above, that it is in the best economic
      interest of the Trust Fund to take such actions as are necessary to bring any
      such Mortgaged Property into compliance with applicable environmental laws,
      or
      to take such action with respect to the containment, clean-up or remediation
      of
      hazardous substances, hazardous materials, hazardous wastes, or petroleum-based
      materials affecting any such Mortgaged Property, then the Servicer shall take
      such action as it deems to be in the best economic interest of the Trust Fund.
      The cost of any such compliance, containment, cleanup or remediation shall
      be
      advanced by the Servicer, subject to its right to be reimbursed therefor from
      the Collection Account as provided in Sections 3.09(a)(iii) or 3.09(a)(ix),
      such
      right of reimbursement being prior to the rights of Certificateholders to
      receive any amount in the Collection Account received in respect of the affected
      Mortgage Loan or other Mortgage Loans.

     

    
      
        
        

      

      
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    (c) The
      Servicer shall have the right to purchase from REMIC I any defaulted Mortgage
      Loan serviced by it that is ninety (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
      Trustee, in form and substance satisfactory to the Servicer and the Trustee
      prior to purchase), at a price equal to the Purchase Price. The Purchase Price
      for any Mortgage Loan purchased hereunder shall be deposited in the Collection
      Account, and the Trustee, upon receipt of written certification from the
      Servicer of such deposit, shall release or cause to be released 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,
      representation or warranty, as the Servicer shall furnish and as shall be
      necessary to vest in the Servicer title to any Mortgage Loan released pursuant
      hereto.

     

    (d) Proceeds
      received in connection with any Final Recovery Determination, as well as any
      recovery resulting from a partial collection of Insurance Proceeds or
      Liquidation Proceeds, in respect of any Mortgage Loan, will be applied in the
      following order of priority: first, to reimburse the Servicer for any related
      unreimbursed Servicing Advances and P&I Advances, pursuant to Section
      3.09(a)(ii) or (a)(iii); second, to accrued and unpaid interest on the Mortgage
      Loan, to the date of the Final Recovery Determination, or to the Due Date prior
      to the Distribution Date on which such amounts are to be distributed if not
      in
      connection with a Final Recovery Determination; and third, as a recovery of
      principal of the Mortgage Loan. If the amount of the recovery so allocated
      to
      interest is less than the full amount of accrued and unpaid interest due on
      such
      Mortgage Loan, the amount of such recovery will be allocated by the Servicer
      as
      follows: first, to unpaid Servicing Fees; and second, to the balance of the
      interest then due and owing. The portion of the recovery so allocated to unpaid
      Servicing Fees shall be reimbursed to the Servicer pursuant to Section
      3.09(a)(iii). The portion of the recovery allocated to interest (net of unpaid
      Servicing Fees) and the portion of the recovery allocated to principal of the
      Mortgage Loan shall be applied as follows: first, to reimburse the Servicer
      for
      any related unreimbursed Servicing Advances or P&I Advances in accordance
      with Section 3.09(a)(ii) and any other amounts reimbursable to the Servicer
      pursuant to Section 3.09, and second, as part of the amounts to be transferred
      to the Distribution Account in accordance with Section 3.08(b). Excess proceeds,
      if any, from the liquidation of a Liquidated Mortgage Loan will be retained
      by
      the Servicer as additional servicing compensation pursuant to Section
      3.15.

     

    SECTION
      3.14. Trustee
      to Cooperate; Release of Mortgage Files.

     

    (a) Upon
      becoming aware of the payment in full of any Mortgage Loan, or the receipt
      by
      the Servicer of a notification that payment in full has been escrowed in a
      manner customary for such purposes for payment to Certificateholders on the
      next
      Distribution Date, the Servicer will promptly furnish to the applicable
      Custodian, on behalf of the Trustee, two copies of a request for release
      substantially in the form attached to the related Custodial Agreement signed
      by
      a Servicing Officer or in a mutually agreeable electronic format which will,
      in
      lieu of a signature on its face, originate from a Servicing Officer (which
      certification shall include a statement to the effect that all amounts received
      in connection with such payment that are required to be deposited in the
      Collection Account have been or will be so deposited) and shall request that
      the
      applicable Custodian, on behalf of the Trustee, deliver to the Servicer the
      related Mortgage File. Upon receipt of such certification and request, the
      related Custodian, on behalf of the Trustee, shall within five (5) Business
      Days
      release the related Mortgage File to the Servicer and the Trustee and the
      related Custodian shall have no further responsibility with regard to such
      Mortgage File. Upon any such payment in full, the Servicer is authorized, to
      give, as agent for the Trustee, as the mortgagee under the Mortgage that secured
      the Mortgage Loan, an instrument of satisfaction (or assignment of mortgage
      without recourse) regarding the Mortgaged Property subject to the Mortgage,
      which instrument of satisfaction or assignment, as the case may be, shall be
      delivered to the Person or Persons entitled thereto against receipt therefor
      of
      such payment, it being understood and agreed that no expenses incurred in
      connection with such instrument of satisfaction or assignment, as the case
      may
      be, shall be chargeable to the Collection Account, unless it shall represent
      a
      Servicing Advance.

     

    
      
        
        

      

      
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    (b) From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan, the Trustee shall execute such documents as shall be prepared and
      furnished to the Trustee by the Servicer (in form reasonably acceptable to
      the
      Trustee) and as are necessary to the prosecution of any such proceedings. The
      applicable Custodian, on behalf of the Trustee, shall, upon the request of
      the
      Servicer, and delivery to the applicable Custodian, on behalf of the Trustee,
      of
      two copies of a request for release signed by a Servicing Officer substantially
      in the form attached to the related Custodial Agreement (or in a mutually
      agreeable electronic format which will, in lieu of a signature on its face,
      originate from a Servicing Officer), release within five (5) Business Days
      the
      related Mortgage File held in its possession or control to the Servicer. Such
      trust receipt shall obligate the Servicer to return the Mortgage File to the
      applicable Custodian on behalf of the Trustee, when the need therefor by the
      Servicer no longer exists unless the Mortgage Loan shall be liquidated, in
      which
      case, upon receipt of a certificate of a Servicing Officer similar to that
      hereinabove specified, the Mortgage File shall be released by the applicable
      Custodian, on behalf of the Trustee, to the Servicer.

     

    Notwithstanding
      the foregoing, in connection with a Principal Prepayment in full of any Mortgage
      Loan, the Master Servicer may request release of the related Mortgage File
      from
      the applicable Custodian, in accordance with the provisions of the related
      Custodial Agreement, in the event the Servicer fails to do so.

     

    Upon
      written certification of a Servicing Officer, the Trustee shall execute and
      deliver to the Servicer, any court pleadings, requests for trustee’s sale or
      other documents prepared and delivered to the Trustee and reasonably acceptable
      to it and necessary to the foreclosure or trustee’s sale in respect of a
      Mortgaged Property or to any legal action brought to obtain judgment against
      any
      Mortgagor on the Mortgage Note or Mortgage or to obtain a deficiency judgment,
      or to enforce any other remedies or rights provided by the Mortgage Note or
      Mortgage or otherwise available at law or in equity. Each such certification
      shall include a request that such pleadings or documents be executed by the
      Trustee and a statement as to the reason such documents or pleadings are
      required and that the execution and delivery thereof by the Trustee will not
      invalidate or otherwise affect the lien of the Mortgage, except for the
      termination of such a lien upon completion of the foreclosure or trustee’s sale.
      So long as no Servicer Event of Default shall have occurred and be continuing,
      the Servicer shall have the right to execute any and all such court pleadings,
      requests and other documents as attorney-in-fact for, and on behalf of the
      Trustee. Notwithstanding the preceding sentence, the Trustee shall in no way
      be
      liable or responsible for the willful malfeasance of the Servicer, or for any
      wrongful or negligent actions taken by the Servicer, while the Servicer is
      acting in its capacity as attorney-in-fact for and on behalf of the
      Trustee.

     

    
      
        
        

      

      
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    SECTION
      3.15. Servicing
      Compensation.

     

    As
      compensation for its activities hereunder, the Servicer shall be entitled to
      the
      Servicing Fee with respect to each Mortgage Loan serviced by it payable solely
      from payments of interest in respect of such Mortgage Loan, subject to Section
      3.23. In addition, the Servicer shall be entitled to recover unpaid Servicing
      Fees out of Insurance Proceeds or Liquidation Proceeds to the extent permitted
      by Section 3.09(a)(iii) and out of amounts derived from the operation and sale
      of an REO Property to the extent permitted by Section 3.22. Except as permitted
      under Section 7.04, the right to receive the Servicing Fee may not be
      transferred in whole or in part except in connection with the transfer of all
      of
      the Servicer’s responsibilities and obligations under this Agreement to the
      extent permitted herein.

     

    Additional
      servicing compensation in the form of Ancillary Income (other than Prepayment
      Charges) shall be retained by the Servicer only to the extent such fees or
      charges are received by the Servicer. The Servicer shall also be entitled
      pursuant to Section 3.09(a)(iv) to withdraw from the Collection Account and
      pursuant to Section 3.22(b) to withdraw from any REO Account, as additional
      servicing compensation, interest or other income earned on deposits therein,
      subject to Section 3.10. In addition, the Servicer shall be entitled to retain
      or withdraw from the Collection Account, pursuant to Section 3.09(a)(x), any
      Prepayment Interest Excess with respect to the Mortgage Loans serviced by it
      as
      additional servicing compensation. The Servicer shall be required to pay all
      expenses incurred by it in connection with its servicing activities hereunder
      and shall not be entitled to reimbursement therefor except as specifically
      provided herein.

     

    SECTION
      3.16. Collection
      Account Statements.

     

    Upon
      request, not later than fifteen (15) days after each Distribution Date, the
      Servicer shall forward to the Master Servicer and the Securities Administrator,
      the Trustee and the Depositor, a statement prepared by the institution at which
      the Collection Account is maintained setting forth the status of the Collection
      Account as of the close of business on such Distribution Date and showing,
      for
      the period covered by such statement, the aggregate amount of deposits into
      and
      withdrawals from the Collection Account. Copies of such statement and any
      similar statements provided by the Servicer shall be provided by the Securities
      Administrator to any Certificateholder and to any Person identified to the
      Securities Administrator as a prospective transferee of a Certificate, upon
      request at the expense of the requesting party, provided such statement is
      delivered by the Servicer to the Securities Administrator.

     

    
      
        
        

      

      
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    SECTION
      3.17. Annual
      Statement as to Compliance. 

     

    (a) The
      Servicer shall deliver (and shall cause any Sub-Servicer engaged by it to
      deliver) to the Master Servicer and to the Depositor on or before March 15
      of
      each year, commencing in March 2007, an Officer’s Certificate stating, as to the
      signer thereof, that (A) a review of such party’s activities during the
      preceding calendar year or portion thereof and of the Servicer’s performance
      under this Agreement, or such other applicable agreement in the case of a
      Sub-Servicer, has been made under such officer’s supervision and (B) to the best
      of such officer’s knowledge, based on such review, such party has fulfilled all
      its obligations under this Agreement, or such other applicable agreement in
      the
      case of a Sub-Servicer, in all material respects throughout such year or portion
      thereof, or, if there has been a failure to fulfill any such obligation in
      any
      material respect, specifying each such failure known to such officer and the
      nature and status thereof. Promptly after receipt of each such Officer’s
      Certificate from the Servicer, any Sub-Servicer engaged by the Servicer, the
      Depositor shall review such Officer’s Certificate and, if applicable, consult
      with each such party, as applicable, as to the nature of any failures by such
      party, in the fulfillment of any of the Servicer’s obligations hereunder or, in
      the case of a Sub-Servicer, under such other applicable agreement.

     

    (b) Failure
      of the Servicer to comply timely with this Section 3.17 shall be deemed a
      Servicer Event of Default as to the Servicer, automatically, without notice
      and
      without any cure period, and the Master Servicer may, in addition to whatever
      rights the Master Servicer may have under this Agreement and at law or in equity
      or to damages, including injunctive relief and specific performance, terminate
      all the rights and obligations of the Servicer under this Agreement and in
      and
      to the Mortgage Loans and the proceeds thereof without compensating the Servicer
      for the same (other than the Servicer’s right to reimbursement of unreimbursed
      P&I Advances and Servicing Advances and accrued and unpaid Servicing Fees in
      the manner provided in this Agreement). This paragraph shall supersede any
      other
      provision in this Agreement or any other agreement to the contrary.

     

    (c) In
      the
      event the Servicer or any Sub-Servicer engaged by the Servicer is terminated,
      assigns its rights and obligations under or resigns pursuant to the terms of
      this Agreement, or any applicable agreement in the case of a Sub-Servicer,
      as
      the case may be, such party shall provide an Officer’s Certificate with respect
      to the related year pursuant to this Section 3.17(c) or to such other applicable
      agreement, as the case may be, notwithstanding any such termination, assignment
      or resignation for the related year.

     

    SECTION
      3.18. Assessments
      of Compliance and Attestation Reports.

     

    (a) By
      March
      15 of each year, commencing in March 2007, the Servicer, at its own expense,
      shall furnish, and shall cause any Servicing Function Participant engaged by
      it
      to furnish, each at its own expense, to the Master Servicer, a report on an
      assessment of compliance with the Relevant Servicing Criteria that contains
      (A)
      a statement by such party of its responsibility for assessing compliance with
      the Relevant Servicing Criteria, (B) a statement that such party used the
      Relevant Servicing Criteria to assess compliance with the Relevant Servicing
      Criteria, (C) such party’s assessment of compliance with the Relevant Servicing
      Criteria as of and for the fiscal year covered by the Form 10-K required to
      be
      filed pursuant to Section 5.06(d), including, if there has been any material
      instance of noncompliance with the Relevant Servicing Criteria, a discussion
      of
      each such failure and the nature and status thereof, and (D) a statement that
      a
      registered public accounting firm has issued an attestation report on such
      party’s assessment of compliance with the Relevant Servicing Criteria as of and
      for such period. Notwithstanding the foregoing, neither the Servicer nor any
      Servicing Function Participant engaged by the Servicer shall be required to
      deliver any assessments until March 31st in any given year so long as it has
      not
      received written confirmation from the Depositor that a Form 10-K is required
      to
      be filed in respect of the Trust for the preceding calendar year; provided
      however that, notwithstanding the foregoing, no Subcontractor will be required
      to deliver any assessments in any given year in which the Form 10-K is not
      required to be filed.

     

    
      
        
        

      

      
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    (b) By
      March
      15 of each year, commencing in March 2007, the Servicer, at its own expense,
      shall cause, and the Servicer shall cause any Servicing Function Participant
      engaged by it to cause, each at its own expense, a registered public accounting
      firm (which may also render other services to the Servicer or such other
      Servicing Function Participants, as the case may be) and that is a member of
      the
      American Institute of Certified Public Accountants to furnish a report to the
      Master Servicer, to the effect that (i) it has obtained a representation
      regarding certain matters from the management of such party, which includes
      an
      assertion that such party has complied with the Relevant Servicing Criteria,
      and
      (ii) on the basis of an examination conducted by such firm in accordance with
      standards for attestation engagements issued or adopted by the PCAOB, it is
      expressing an opinion as to whether such party’s compliance with the Relevant
      Servicing Criteria was fairly stated in all material respects, or it cannot
      express an overall opinion regarding such party’s assessment of compliance with
      the Relevant Servicing Criteria. In the event that an overall opinion cannot
      be
      expressed, such registered public accounting firm shall state in such report
      why
      it was unable to express such an opinion. Such report must be available for
      general use and not contain restricted use language. Notwithstanding the
      foregoing, neither the Servicer nor any Servicing Function Participant engaged
      by the Servicer shall be required to deliver or cause the delivery of such
      reports until March 31st in any given year so long as the Servicer has not
      received written confirmation from the Depositor that a Form 10-K is required
      to
      be filed in respect of the Trust for the preceding fiscal year; provided however
      that, notwithstanding the foregoing, no Subcontractor will be required to
      deliver any reports in any given year in which the Form 10-K is not required
      to
      be filed.

     

    (c) Failure
      of the Servicer to comply timely with this Section 3.18 shall be deemed a
      Servicer Event of Default as to the Servicer, automatically, without notice
      and
      without any cure period, and the Master Servicer may, in addition to whatever
      rights the Master Servicer may have under this Agreement and at law or in equity
      or to damages, including injunctive relief and specific performance, terminate
      all the rights and obligations of the Servicer under this Agreement and in
      and
      to the Mortgage Loans and the proceeds thereof without compensating the Servicer
      for the same (other than the Servicer’s right to reimbursement of unreimbursed
      P&I Advances and Servicing Advances and accrued and unpaid Servicing Fees in
      the manner provided for in this Agreement). This paragraph shall supersede
      any
      other provision in this Agreement or any other agreement to the
      contrary.

     

    (d) In
      the
      event the Servicer or any Servicing Function Participant engaged by the Servicer
      is terminated, assigns its rights and obligations under, or resigns pursuant
      to
      the terms of this Agreement, or any applicable agreement in the case of a
      Servicing Function Participant, as the case may be, such party shall provide
      a
      report on assessment of compliance with respect to the related year pursuant
      to
      this Section 3.18(d) or to such other applicable agreement, notwithstanding
      any
      such termination, assignment or resignation for the related year.

     

    
      
        
        

      

      
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    SECTION
      3.19. [Reserved].

     

    SECTION
      3.20. Annual
      Certification; Additional Information.

     

    (a) The
      Servicer shall and shall cause any Servicing Function Participant engaged by
      it
      to, provide to the Person who signs the Sarbanes-Oxley Certification (the
“Certifying Person”), by March 15 of each year in which the Trust is subject to
      the reporting requirements of the Exchange Act, a certification (each, a
“Back-Up Certification”), in the form attached hereto as Exhibit C, upon which
      the Certifying Person, the entity for which the Certifying Person acts as an
      officer, and such entity’s officers, directors and Affiliates (collectively with
      the Certifying Person, “Certification Parties”) can reasonably rely. The officer
      of the Master Servicer in charge of the master servicing function shall serve
      as
      the Certifying Person on behalf of the Trust. In the event the Servicer or
      any
      Servicing Function Participant engaged by it is terminated or resigns pursuant
      to the terms of this Agreement, or any applicable Sub-Servicing agreement,
      as
      the case may be, such party shall provide a Back-Up Certification to the
      Certifying Person pursuant to this Section 3.20 with respect to the period
      of
      time it was subject to this Agreement or any applicable Sub-Servicing Agreement,
      as the case may be.

     

    (b) The
      Servicer shall indemnify and hold harmless the Master Servicer, the Securities
      Administrator, the Trustee, the Depositor and their respective officers,
      directors, agents and affiliates from and against any losses, damages,
      penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments and other costs and expenses arising out of or based upon a breach
      by
      the Servicer or any of its officers, directors, agents or affiliates of its
      obligations under this Section 3.20 or the Servicer’s negligence, bad faith or
      willful misconduct in connection therewith. Such indemnity shall survive the
      termination or resignation of the parties hereto or the termination of this
      Agreement. If the indemnification provided for herein is unavailable or
      insufficient to hold harmless the Master Servicer, the Securities Administrator,
      the Trustee and the Depositor, then the Servicer agrees that it shall contribute
      to the amount paid or payable by the Master Servicer, the Securities
      Administrator, the Trustee and the Depositor as a result of the losses, claims,
      damages or liabilities of the Master Servicer, the Securities Administrator,
      the
      Trustee and the Depositor in such proportion as is appropriate to reflect the
      relative fault of the Master Servicer, the Securities Administrator, the Trustee
      and the Depositor on the one hand and the Servicer on the other in connection
      with a breach of the Servicer’s obligations under this Section
      3.20.

     

    (c) The
      Servicer shall provide to the Master Servicer prompt notice of the occurrence
      of
      any of the following: 

     

    (i) any
      Servicer Event of Default under the terms of this Agreement, any merger,
      consolidation or sale of substantially all of the assets of Servicer, Servicer’s
      engagement of any Sub-Servicer to perform or assist in the performance of any
      of
      such Servicer’s obligations under this Agreement, any material litigation
      involving Servicer that is material to the Certificateholders, and to the extent
      disclosure is required under Regulation AB, any affiliation or other significant
      relationship between Servicer and the Sponsor, the Depositor, the Master
      Servicer, the Securities Administrator, the Trustee, the Custodians, the Cap
      Counterparty and the Swap Provider.

     

    
      
        
        

      

      
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    (ii) If
      the
      Servicer has knowledge of the occurrence of any of the events described in
      this
      clause (ii), then no later than ten days prior to the deadline for the filing
      of
      any Distribution Report on Form 10-D in respect of the Trust, the Servicer
      shall
      provide to the Master Servicer notice of the occurrence of any of the following
      events along with all information, data, and materials related thereto as may
      be
      required to be included in the related Distribution Report on Form 10-D (as
      specified in the provisions of Regulation AB referenced below):

     

    (A) any
      material modifications, extensions or waivers of pool asset terms, fees,
      penalties or payments during the distribution period or that have cumulatively
      become material over time (Item 1121(a)(11) of Regulation AB);

     

    (B) material
      breaches of pool asset representations or warranties or transaction covenants
      (Item 1121(a)(12) of Regulation AB); and

     

    (C) any
      material pool asset changes (such as, additions, substitutions or repurchases)
      relating to the Mortgage Loans serviced by the Servicer (Item 1121(a)(14) of
      Regulation AB).

     

    (d) The
      Servicer shall provide to the Securities Administrator and Master Servicer
      such
      additional information as the Securities Administrator and the Master Servicer
      may reasonably request, including evidence of the authorization of the person
      signing any certification or statement, financial information and reports and
      of
      the fidelity bond and errors and omissions insurance policy required to be
      maintained by the Servicer pursuant to this Agreement, and such other
      information related to the Servicer or its performance hereunder. 

     

    SECTION
      3.21. Access
      to
      Certain Documentation.

     

    The
      Servicer shall provide to the Office of Thrift Supervision, the FDIC, and any
      other federal or state banking or insurance regulatory authority that may
      exercise authority over any Certificate Owner, access to the documentation
      regarding the related Mortgage Loans required by applicable laws and
      regulations. Such access shall be afforded without charge, but only upon
      reasonable request and during normal business hours at the offices of the
      Servicer designated by it. Nothing in this Section 3.21 shall limit the
      obligation of the Servicer to comply with any applicable law prohibiting
      disclosure of information regarding the Mortgagors and the failure of the
      Servicer to provide access as provided in this Section as a result of such
      obligation shall not constitute a breach of this Section. Nothing in this
      Section 3.21 shall require the Servicer to collect, create, collate or otherwise
      generate any information that it does not generate in its usual course of
      business. The Servicer shall not be required to make copies of or ship documents
      to any Person unless provisions have been made for the reimbursement of the
      costs thereof. 

     

    
      
        
        

      

      
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    SECTION
      3.22. Title,
      Management and Disposition of REO Property.

     

    (a) The
      deed
      or certificate of sale of any REO Property related to a Mortgage Loan shall
      be
      taken in the name of the Trustee, or its nominee, on behalf of the Trust Fund
      and for the benefit of the Certificateholders. The Servicer, on behalf of REMIC
      I, shall either sell any REO Property by the close of the third calendar year
      following the calendar year in which REMIC I acquires ownership of such REO
      Property for purposes of Section 860(a)(8) of the Code or request from the
      Internal Revenue Service, no later than sixty (60) days before the day on which
      the three-year grace period would otherwise expire, an extension of the
      three-year grace period, unless the Servicer had delivered to the Trustee an
      Opinion of Counsel, addressed to the Trustee and the Depositor, to the effect
      that the holding by REMIC I of such REO Property subsequent to three (3) years
      after its acquisition will not result in the imposition on any Trust REMIC
      created hereunder of taxes on “prohibited transactions” thereof, as defined in
      Section 860F of the Code, or cause any Trust REMIC hereunder to fail to qualify
      as a REMIC under Federal law at any time that any Certificates are outstanding.
      The Servicer shall manage, conserve, protect and operate each REO Property
      for
      the Certificateholders solely for the purpose of its prompt disposition and
      sale
      in a manner which does not cause such REO Property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) of the Code or
      result in the receipt by any Trust REMIC created hereunder of any “income from
      non-permitted assets” within the meaning of Section 860F(a)(2)(B) of the Code,
      or any “net income from foreclosure property” which is subject to taxation under
      the REMIC Provisions.

     

    (b) The
      Servicer shall segregate and hold all funds collected and received in connection
      with the operation of any REO Property separate and apart from its own funds
      and
      general assets and shall establish and maintain with respect to REO Properties
      an account held in trust for the Trustee, on behalf of the Trust Fund and for
      the benefit of the Certificateholders (the “REO Account”), which shall be an
      Eligible Account. The Servicer shall be permitted to allow the Collection
      Account to serve as the REO Account, subject to the maintenance of separate
      ledgers for each REO Property. The Servicer shall be entitled to retain or
      withdraw any interest income paid on funds deposited in the related REO
      Account.

     

    
      
        
        

      

      
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    (c) The
      Servicer shall have full power and authority, subject only to the specific
      requirements and prohibitions of this Agreement, to do any and all things in
      connection with any REO Property related to a Mortgage Loan serviced by it
      as
      are consistent with the manner in which the Servicer manages and operates
      similar property owned by it or any of its Affiliates, all on such terms and
      for
      such period as the Servicer deems to be in the best interests of
      Certificateholders. In connection therewith, the Servicer shall deposit, or
      cause to be deposited in the clearing account in which it customarily deposits
      payments and collections on mortgage loans in connection with its mortgage
      loan
      servicing activities on a daily basis, and in no event more than one (1)
      Business Day after the Servicer’s receipt thereof, and shall thereafter deposit
      in the REO Account, in no event more than two (2) Business Days after the
      deposit of good funds into the clearing account, all revenues received by it
      with respect to an REO Property related to a Mortgage Loan serviced by it and
      shall withdraw therefrom funds necessary for the proper operation, management
      and maintenance of such REO Property including, without limitation:

     

    (i) all
      insurance premiums due and payable in respect of such REO Property;

     

    (ii) all
      real
      estate taxes and assessments in respect of such REO Property that may result
      in
      the imposition of a lien thereon; and

     

    (iii) all
      costs
      and expenses necessary to maintain such REO Property.

     

    To
      the
      extent that amounts on deposit in the REO Account with respect to an REO
      Property are insufficient for the purposes set forth in clauses (i) through
      (iii) above with respect to such REO Property, the Servicer shall advance from
      its own funds such amount as is necessary for such purposes if, but only if,
      the
      Servicer would make such advances if the Servicer owned the REO Property and
      if
      in the Servicer’s judgment, the payment of such amounts will be recoverable from
      the rental or sale of the REO Property.

     

    Subject
      to compliance with applicable laws and regulations as shall at any time be
      in
      force, and notwithstanding the foregoing, the Servicer, on behalf of the Trust
      Fund, shall not:

     

    (i) enter
      into, renew or extend any New Lease with respect to any REO Property, if the
      New
      Lease by its terms will give rise to any income that does not constitute Rents
      from Real Property;

     

    (ii) permit
      any amount to be received or accrued under any New Lease other than amounts
      that
      will constitute Rents from Real Property;

     

    (iii) authorize
      or permit any construction on any REO Property, other than the completion of
      a
      building or other improvement thereon, and then only if more than ten percent
      of
      the construction of such building or other improvement was completed before
      default on the related Mortgage Loan became imminent, all within the meaning
      of
      Section 856(e)(4)(B) of the Code; or

     

    (iv) allow
      any
      Person to Directly Operate any REO Property on any date more than ninety (90)
      days after its date of acquisition by the Trust Fund;

     

    unless,
      in any such case, the Servicer has obtained an Opinion of Counsel, provided
      to
      the Servicer and the Trustee, to the effect that such action will not cause
      such
      REO Property to fail to qualify as “foreclosure property” within the meaning of
      Section 860G(a)(8) of the Code at any time that it is held by REMIC I, in which
      case the Servicer may take such actions as are specified in such Opinion of
      Counsel.

     

    The
      Servicer may contract with any Independent Contractor for the operation and
      management of any REO Property, provided that:

     

    (i) the
      terms
      and conditions of any such contract shall not be inconsistent
      herewith;

     

    (ii) any
      such
      contract shall require, or shall be administered to require, that the
      Independent Contractor pay all costs and expenses incurred in connection with
      the operation and management of such REO Property, including those listed above
      and remit all related revenues (net of such costs and expenses) to the Servicer
      as soon as practicable, but in no event later than thirty (30) days following
      the receipt thereof by such Independent Contractor;

     

    
      
        
        

      

      
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    (iii) none
      of
      the provisions of this Section 3.22(c) relating to any such contract or to
      actions taken through any such Independent Contractor shall be deemed to relieve
      the Servicer of any of its duties and obligations to the Trustee on behalf
      of
      the Trust Fund and for the benefit of the Certificateholders with respect to
      the
      operation and management of any such REO Property; and

     

    (iv) the
      Servicer shall be obligated with respect thereto to the same extent as if it
      alone were performing all duties and obligations in connection with the
      operation and management of such REO Property.

     

    The
      Servicer shall be entitled to enter into any agreement with any Independent
      Contractor performing services for it related to its duties and obligations
      hereunder for indemnification of the Servicer by such Independent Contractor,
      and nothing in this Agreement shall be deemed to limit or modify such
      indemnification. The Servicer shall be solely liable for all fees owed by it
      to
      any such Independent Contractor, irrespective of whether the Servicer’s
      compensation pursuant to Section 3.15 is sufficient to pay such fees. Any such
      agreement shall include a provision that such agreement may be immediately
      terminated by any successor Servicer without fee, in the event the Servicer
      shall for any reason, no longer be the Servicer of the Mortgage Loans (including
      termination due to a Servicer Event of Default).

     

    (d) In
      addition to the withdrawals permitted under Section 3.22(c), the Servicer may
      from time to time make withdrawals from the REO Account for any REO Property:
      (i) to pay itself unpaid Servicing Fees in respect of the related Mortgage
      Loan;
      and (ii) to reimburse itself or any Sub-Servicer for unreimbursed Servicing
      Advances and Advances made in respect of such REO Property or the related
      Mortgage Loan. On the Servicer Remittance Date, the Servicer shall withdraw
      from
      each REO Account and deposit into the Distribution Account in accordance with
      Section 3.08(d)(ii), for distribution on the related Distribution Date in
      accordance with Section 5.01, the income from the related REO Property received
      during the prior calendar month, net of any withdrawals made pursuant to Section
      3.22(c) or this Section 3.22(d).

     

    (e) Subject
      to the time constraints set forth in Section 3.22(a), each REO Disposition
      shall
      be carried out by the Servicer at such price and upon such terms and conditions
      as the Servicer shall deem necessary or advisable, as shall be normal and usual
      in accordance with Accepted Servicing Practices.

     

    (f) The
      proceeds from the REO Disposition, net of any amount required by law to be
      remitted to the Mortgagor under the related Mortgage Loan and net of any payment
      or reimbursement to the Servicer as provided above, shall be deposited in the
      Distribution Account in accordance with Section 3.08(d)(ii) on the Servicer
      Remittance Date in the month following the receipt thereof for distribution
      on
      the related Distribution Date in accordance with Section 5.01. Any REO
      Disposition shall be for cash only (unless changes in the REMIC Provisions
      made
      subsequent to the Startup Day allow a sale for other
      consideration).

     

    
      
        
        

      

      
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    (g) The
      Servicer shall file information returns (and shall provide a certification
      of a
      Servicing Officer to the Master Servicer that such filings have been made)
      with
      respect to the receipt of mortgage interest received in a trade or business,
      reports of foreclosures and abandonments of any Mortgaged Property and
      cancellation of indebtedness income with respect to any Mortgaged Property
      as
      required by Sections 6050H, 6050J and 6050P of the Code, respectively. Such
      reports shall be in form and substance sufficient to meet the reporting
      requirements imposed by such Sections 6050H, 6050J and 6050P of the
      Code.

     

    SECTION
      3.23. Obligations
      of the Servicer in Respect of Prepayment Interest Shortfalls; Relief Act
      Interest Shortfalls.

     

    The
      Servicer shall deliver to the Securities Administrator for deposit into the
      Distribution Account on or before 12:00 noon New York time on the Servicer
      Remittance Date from its own funds an amount equal to the lesser of (i) the
      aggregate amount of the Prepayment Interest Shortfalls attributable to Principal
      Prepayments in full on the related Mortgage Loans for the related Distribution
      Date resulting solely from voluntary Principal Prepayments received by the
      Servicer during the portion of the related Prepayment Period occurring between
      the sixteenth (16th)
      day of
      the month preceding the month in which the related Distribution Date occurs
      and
      ending on the last day of such month and (ii) the aggregate amount of the
      related Servicing Fees payable to the Servicer on such Distribution Date with
      respect to the related Mortgage Loans. The Servicer shall not have the right
      to
      reimbursement for any amounts remitted to the Securities Administrator in
      respect of this Section 3.23. The Servicer shall not be obligated to pay the
      amounts set forth in this Section 3.23 with respect to shortfalls resulting
      from
      the application of the Relief Act.

     

    SECTION
      3.24. Obligations
      of the Servicer in Respect of Mortgage Rates and Monthly Payments.

     

    In
      the
      event that a shortfall in any collection on or liability with respect to any
      Mortgage Loan results from or is attributable to adjustments to Mortgage Rates,
      Monthly Payments or Stated Principal Balances that were made by the Servicer
      in
      a manner not consistent with the terms of the related Mortgage Note and this
      Agreement, the Servicer, upon discovery or receipt of notice thereof,
      immediately shall deliver to the Securities Administrator for deposit in the
      Distribution Account from its own funds the amount of any such shortfall and
      shall indemnify and hold harmless the Trust Fund, the Trustee, the Securities
      Administrator, the Master Servicer, the Depositor and any successor servicer
      in
      respect of any such liability. Such indemnities shall survive the termination
      or
      discharge of this Agreement. Notwithstanding the foregoing, this Section 3.24
      shall not limit the ability of the Servicer to seek recovery of any such amounts
      from the related Mortgagor under the terms of the related Mortgage Note and
      Mortgage, to the extent permitted by applicable law.

     

    
      
        
        

      

      
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    SECTION
      3.25. Reserve
      Fund.

     

    (a) No
      later
      than the Closing Date, the Securities Administrator shall establish and maintain
      a separate, segregated trust account entitled, “Reserve Fund, Wells Fargo Bank,
      National Association, in trust for the registered holders of ACE Securities
      Corp. Home Equity Loan Trust, Series 2006-ASAP5, Asset Backed Pass-Through
      Certificates.” On the Closing Date, the Depositor will deposit, or cause to be
      deposited, into the Reserve Fund $1,000. In addition, the amount deposited
      in
      the Reserve Fund shall be increased by any payments received by the Securities
      Administrator under the Group IA Cap Contract and deposited into the Reserve
      Fund for the benefit of the Class A-1A Certificates and the Mezzanine
      Certificates, under the Group IB Cap Contract and deposited into the Reserve
      Fund for the benefit of the Class A-1B Certificates and the Mezzanine
      Certificates and under the Group II Cap Contract and deposited in the Reserve
      Fund for the benefit of the Class A-2 Certificates and the Mezzanine
      Certificates.

     

    (b) On
      each
      Distribution Date, the Securities Administrator shall deposit into the Reserve
      Fund the amounts described in Section 5.01(c)(8)(vi), rather than distributing
      such amounts to the Class CE Certificateholders pursuant to Section
      5.01(c)(8)(viii). On each such Distribution Date, the Securities Administrator
      shall hold all such amounts for the benefit of the Holders of the Class A
      Certificates and the Mezzanine Certificates and will distribute such amounts
      to
      the Holders of the Class A Certificates and the Mezzanine Certificates, in
      the
      amounts and priorities set forth in Section 5.01(c). If no Net WAC Rate
      Carryover Amounts are payable on a Distribution Date, the Securities
      Administrator shall deposit, into the Reserve Fund on behalf of the Class CE
      Certificateholders, from amounts otherwise distributable to the Class CE
      Certificateholders, an amount such that when added to other amounts already
      on
      deposit in the Reserve Fund, the aggregate amount on deposit therein is equal
      to
      $1,000.

     

    (c) The
      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. It is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Reserve Fund be disregarded as an entity
      separate from the Holder of the Class CE Certificates unless and until the
      date
      when either (a) there is more than one Class CE Certificateholder or (b) any
      Class of Certificates in addition to the Class CE Certificates is
      recharacterized as an equity interest in the Reserve Fund for federal income
      tax
      purposes, in which case it is the intention of the parties hereto that, for
      federal and state income and state and local franchise tax purposes, the Reserve
      Fund be treated as a partnership. The Master Servicer shall not be required
      to
      prepare and file partnership tax returns in respect of such partnership unless
      it receives additional reasonable compensation (not to exceed $10,000 per year)
      for the preparation of such filings, written notification recognizing the
      creation of a partnership agreement or comparable documentation evidencing
      the
      partnership. All amounts deposited into the Reserve Fund (other than the initial
      deposit therein of $1,000 and any amounts paid to the Reserve Fund from the
      Cap
      Contracts) shall be treated as amounts distributed by REMIC III to the Holders
      of the Class CE Certificates. Upon the termination of the Trust Fund, or the
      payment in full of the Class A Certificates and the Mezzanine Certificates,
      all
      amounts remaining on deposit in the Reserve Fund will be released by the Trust
      Fund and distributed to the Class CE Certificateholders or their designees.
      The
      Reserve Fund will be part of the Trust Fund but not part of any REMIC and any
      payments to the Holders of the Class A Certificates or the Mezzanine
      Certificates of Net WAC Rate Carryover Amounts will not be payments with respect
      to a “regular interest” in a REMIC within the meaning of Code Section
      860(G)(a)(1).

     

    
      
        
        

      

      
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    (d) By
      accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees
      that the Securities Administrator will deposit into the Reserve Fund the amounts
      described above on each Distribution Date rather than distributing such amounts
      to the Class CE Certificateholders. By accepting a Class CE Certificate, each
      Class CE Certificateholder further agrees that its agreement to such action
      by
      the Securities Administrator is given for good and valuable consideration,
      the
      receipt and sufficiency of which is acknowledged by such
      acceptance.

     

    (e) At
      the
      direction of the Holders of a majority in Percentage Interest in the Class
      CE
      Certificates, the Securities Administrator shall direct any Depository
      Institution maintaining the Reserve Fund to invest the funds in such account
      in
      one or more Permitted Investments bearing interest or sold at a discount, and
      maturing, unless payable on demand, (i) no later than the Business Day
      immediately preceding the date on which such funds are required to be withdrawn
      from such account pursuant to this Agreement, if a Person other than the
      Securities Administrator or an Affiliate manages or advises such investment,
      and
      (ii) no later than the date on which such funds are required to be withdrawn
      from such account pursuant to this Agreement, if the Securities Administrator
      or
      an Affiliate manages or advises such investment. All income and gain earned
      upon
      such investment shall be deposited into the Reserve Fund. In no event shall
      the
      Securities Administrator be liable for any investments made pursuant to this
      clause (e). If the Holders of a majority in Percentage Interest in the Class
      CE
      Certificates fail to provide investment instructions, funds on deposit in the
      Reserve Fund shall be held uninvested by the Securities Administrator without
      liability for interest or compensation.

     

    (f) For
      federal tax return and information reporting, the right of the Class A
      Certificateholders and the Mezzanine Certificateholders to receive payments
      from
      the Reserve Fund and the Supplemental Interest Trust in respect of any Net
      WAC
      Rate Carryover Amount shall be assigned a value of $1000.

     

    (g) In
      the
      event that a Cap Contract is terminated prior to the Distribution Date in March
      2007, the Securities Administrator, at the direction of the Depositor, shall
      use
      reasonable efforts to appoint a successor cap counterparty using any cap
      agreement termination payments paid by the Cap Counterparty. If the Securities
      Administrator is unable to locate a qualified successor cap counterparty within
      thirty (30) days of the Early Termination Date (as defined in the Cap Contract),
      any cap agreement termination payments paid by the Cap Counterparty will be
      deposited into a separate non-interest bearing Eligible Account and the
      Securities Administrator, on each subsequent Distribution Date (until the
      termination date of the Cap Contract or the appointment of a successor cap
      counterparty), will withdraw from the amount then remaining on deposit in such
      reserve account an amount equal to the payment, if any, that would have been
      paid to the Securities Administrator by the original Cap Counterparty calculated
      in accordance with the terms of the original Cap Contract, and distribute such
      amount to the holders of the Certificates in accordance with Section
      5.01.

     

    
      
        
        

      

      
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    SECTION
      3.26. Advance
      Facility.

     

    (a) Notwithstanding
      anything to the contrary contained herein, (i) the Servicer is hereby authorized
      to enter into an advance facility (“Advance Facility”) but no more than two
      Advance Facilities without the prior written consent of the Trustee, which
      consent shall not be unreasonably withheld, under which (A) the Servicer sells,
      assigns or pledges to an advancing person (an “Advance Financing Person”) its
      rights under this Agreement to be reimbursed for any P&I Advances or
      Servicing Advances and/or (B) an Advance Financing Person agrees to finance
      some
      or all P&I Advances or Servicing Advances required to be made by the
      Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized
      to assign its rights to the Servicing Fee (which rights shall terminate upon
      the
      resignation, termination or removal of the Servicer pursuant to the terms of
      this Agreement); it being understood that neither the Trust Fund nor any party
      hereto shall have a right or claim (including without limitation any right
      of
      offset) to any amounts for reimbursement of P&I Advances or Servicing
      Advances so assigned or to the portion of the Servicing Fee so assigned. Subject
      to the provisions of the first sentence of this Section 3.26(a), no consent
      of
      the Depositor, Trustee, Master Servicer, Certificateholders or any other party
      is required before the Servicer may enter into an Advance Facility, but the
      Servicer shall provide notice to the Depositor, Master Servicer and the Trustee
      of the existence of any such Advance Facility promptly upon the consummation
      thereof stating (a) the identity of the Advance Financing Person and (b) the
      identity of any Person (“Servicer’s Assignee”) who has the right to receive
      amounts in reimbursement of previously unreimbursed P&I Advances or
      Servicing Advances. Notwithstanding the existence of any Advance Facility under
      which an advancing person agrees to finance P&I Advances and/or Servicing
      Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant
      to this Agreement to make P&I Advances and Servicing Advances pursuant to
      and as required by this Agreement, and shall not be relieved of such obligations
      by virtue of such Advance Facility.

     

    (b) Reimbursement
      amounts (“Advance Reimbursement Amounts”) shall consist solely of amounts in
      respect of P&I Advances and/or Servicing Advances made with respect to the
      related Mortgage Loans for which the Servicer would be permitted to reimburse
      itself in accordance with this Agreement, assuming the Servicer had made the
      related P&I Advance(s) and/or Servicing Advance(s).

     

    (c) The
      Servicer shall maintain and provide to any successor Servicer (with, upon
      request, a copy to the Trustee) a detailed accounting on a loan-by-loan basis
      as
      to amounts advanced by, pledged or assigned to, and reimbursed to any Advance
      Financing Person. The successor Servicer shall be entitled to rely on any such
      information provided by the predecessor Servicer, and the successor Servicer
      shall not be liable for any errors in such information.

     

    (d) Reimbursement
      amounts distributed with respect to each Mortgage Loan shall be allocated to
      outstanding unreimbursed P&I Advances or Servicing Advances (as the case may
      be) made with respect to that Mortgage Loan on a “first-in, first out” (FIFO)
      basis. The documentation establishing any Advance Facility shall require the
      Servicer to provide to the related Advance Financing Person or its designee
      loan-by-loan information with respect to each such reimbursement amount
      distributed to such Advance Financing Person or Advance Facility trustee on
      each
      Distribution Date, to enable the Advance Financing Person or Advance Facility
      trustee to make the FIFO allocation of each such reimbursement amount with
      respect to each Mortgage Loan. The Servicer shall remain entitled to be
      reimbursed by the Advance Financing Person or Advance Facility trustee for
      all
      P&I Advances and Servicing Advances funded by the Servicer to the extent the
      related rights to be reimbursed therefor have not been sold, assigned or pledged
      to an Advance Financing Person.

     

    
      
        
        

      

      
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    (e) Any
      amendment to this Section 3.26 or to any other provision of this Agreement
      that
      may be necessary or appropriate to effect the terms of an Advance Facility
      as
      described generally in this Section 3.26, including amendments to add provisions
      relating to a successor Servicer, may be entered into by the Trustee, the
      Depositor, and the Servicer without the consent of any Certificateholder,
      notwithstanding anything to the contrary in this Agreement, provided, that
      the
      Trustee has been provided an Opinion of Counsel that such amendment is
      authorized hereunder and has no material adverse effect on the
      Certificateholders, which opinion shall be an expense of the party requesting
      such opinion but in any case shall not be an expense of the Trustee or the
      Trust
      Fund; provided, further, that the amendment shall not be deemed to adversely
      affect in any material respect the interests of the Certificateholders if the
      Person requesting the amendment obtains a letter from each Rating Agency
      (instead of obtaining an Opinion of Counsel to such effect) stating that the
      amendment would not result in the downgrading or withdrawal of the respective
      ratings then assigned to the Certificates; it being understood and agreed that
      any such rating letter in and of itself will not represent a determination
      as to
      the materiality of any such amendment and will represent a determination only
      as
      to the credit issues affecting any such rating. Prior to entering into an
      Advance Facility, the Servicer shall notify the lender under such facility
      in
      writing that: (a) the P&I Advances and/or Servicing Advances financed by
      and/or pledged to the lender are obligations owed to the Servicer on a
      non-recourse basis payable only from the cash flows and proceeds received under
      this Agreement for reimbursement of P&I Advances and/or Servicing Advances
      only to the extent provided herein, and neither the Master Servicer, the
      Securities Administrator, the Trustee nor the Trust are otherwise obligated
      or
      liable to repay any P&I Advances and/or Servicing Advances financed by the
      lender; (b) the Servicer will be responsible for remitting to the lender the
      applicable amounts collected by it as Servicing Fees and as reimbursement for
      P&I Advances and/or Servicing Advances funded by the lender, as applicable,
      subject to the restrictions and priorities created in this Agreement; and (c)
      neither the Master Servicer, the Securities Administrator nor the Trustee shall
      have any responsibility to calculate any amount payable under an Advance
      Facility or to track or monitor the administration of the financing arrangement
      between the Servicer and the lender or the payment of any amount under an
      Advance Facility.

     

    (f) The
      Servicer shall indemnify the Master Servicer, the Securities Administrator,
      the
      Trustee and the Trust Fund for any cost, liability or expense relating to the
      Advance Facility including, without limitation, a claim, pending or threatened,
      by an Advance Financing Person.

     

    SECTION
      3.27. Indemnification.

     

    The
      Servicer agrees to indemnify the Trustee, Master Servicer and the Securities
      Administrator, from, and hold the Trustee, Master Servicer and the Securities
      Administrator harmless against, any loss, liability or expense (including
      reasonable attorney’s fees and expenses) incurred by any such Person by reason
      of the Servicer’s willful misfeasance, bad faith or gross negligence in the
      performance of its duties under this Agreement or by reason of the Servicer’s
      reckless disregard of its obligations and duties under this Agreement. Such
      indemnity shall survive the termination or discharge of this Agreement and
      the
      resignation or removal of the Servicer, the Trustee, the Master Servicer and
      the
      Securities Administrator. Any payment hereunder made by the Servicer to any
      such
      Person shall be from the Servicer’s own funds, without reimbursement from REMIC
      I therefor.

    

    
      
        
          
          

        

        
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    ARTICLE
      IV

    

    ADMINISTRATION
      AND MASTER SERVICING

    OF
      THE
      MORTGAGE LOANS BY THE MASTER SERVICER

     

    SECTION
      4.01. Master
      Servicer.

     

    The
      Master Servicer shall, from and after the Closing Date supervise, monitor and
      oversee the obligations of the Servicer under this Agreement to service and
      administer the Mortgage Loans in accordance with the terms of this Agreement
      and
      shall have full power and authority to do any and all things which it may deem
      necessary or desirable in connection with such master servicing and
      administration. In performing its obligations hereunder, the Master Servicer
      shall act in a manner consistent with Accepted Master Servicing Practices.
      Furthermore, the Master Servicer shall oversee and consult with the Servicer
      as
      necessary from time-to-time to carry out the Master Servicer’s obligations
      hereunder, shall receive, review and evaluate all reports, information and
      other
      data provided to the Master Servicer by the Servicer and shall cause the
      Servicer to perform and observe the covenants, obligations and conditions to
      be
      performed or observed by the Servicer under this Agreement. The Master Servicer
      shall independently and separately monitor the Servicer’s servicing activities
      with respect to each Mortgage Loan, reconcile the results of such monitoring
      with such information provided in the previous sentence on a monthly basis
      and
      coordinate corrective adjustments to the Servicer’s and Master Servicer’s
      records, and based on such reconciled and corrected information, prepare the
      statements specified in Section 5.03 and any other information and statements
      required to be provided by the Master Servicer hereunder. The Master Servicer
      shall reconcile the results of its Mortgage Loan monitoring with the actual
      remittances of the Servicer to the Distribution Account pursuant to the terms
      hereof based on information provided to the Master Servicer by the
      Servicer.

     

    The
      Trustee shall furnish the Servicer and the Master Servicer with any limited
      powers of attorney and other documents in form acceptable to it necessary or
      appropriate to enable the Servicer and the Master Servicer to service and
      administer the Mortgage Loans and REO Properties. The Trustee shall have no
      responsibility for any action of the Master Servicer or the Servicer pursuant
      to
      any such limited power of attorney and shall be indemnified by the Master
      Servicer or the Servicer, as applicable, for any cost, liability or expense
      incurred by the Trustee in connection with such Person’s misuse of any such
      power of attorney.

     

    The
      Trustee, the Custodians and the Securities Administrator shall provide access
      to
      the records and documentation in possession of the Trustee, the Custodians
      or
      the Securities Administrator regarding the Mortgage Loans and REO Property
      and
      the servicing thereof to the Certificateholders, the FDIC, and the supervisory
      agents and examiners of the FDIC, such access being afforded only upon
      reasonable prior written request and during normal business hours at the office
      of the Trustee, the Custodians or the Securities Administrator; provided,
      however, that, unless otherwise required by law, none of the Trustee, the
      Custodians or the Securities Administrator shall be required to provide access
      to such records and documentation if the provision thereof would violate the
      legal right to privacy of any Mortgagor. The Trustee, the Custodians and the
      Securities Administrator shall allow representatives of the above entities
      to
      photocopy any of the records and documentation and shall provide equipment
      for
      that purpose at a charge that covers the Trustee’s, the Custodians’ or the
      Securities Administrator’s actual costs.

     

    
      
        
        

      

      
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    The
      Trustee shall execute and deliver to the Servicer or the Master Servicer upon
      request any court pleadings, requests for trustee’s sale or other documents
      necessary or desirable to (i) the foreclosure or trustee’s sale with respect to
      a Mortgaged Property; (ii) any legal action brought to obtain judgment against
      any Mortgagor on the Mortgage Note or any other Mortgage Loan Document; (iii)
      obtain a deficiency judgment against the Mortgagor; or (iv) enforce any other
      rights or remedies provided by the Mortgage Note or any other Mortgage Loan
      Document or otherwise available at law or equity.

     

    SECTION
      4.02. REMIC-Related
      Covenants.

     

    For
      as
      long as each REMIC shall exist, the Trustee and the Securities Administrator
      shall act in accordance herewith to treat such REMIC as a REMIC, and the Trustee
      and the Securities Administrator shall comply with any directions of the
      Sponsor, the Servicer or the Master Servicer to assure such continuing
      treatment. In particular, the Trustee shall not (a) sell or permit the sale
      of
      all or any portion of the Mortgage Loans or of any investment of deposits in
      an
      Account unless such sale is as a result of a repurchase of the Mortgage Loans
      pursuant to this Agreement or the Trustee has received a REMIC Opinion prepared
      at the expense of the Trust Fund; and (b) other than with respect to a
      substitution pursuant to the Mortgage Loan Purchase Agreement or Section 2.03
      of
      this Agreement, as applicable, accept any contribution to any REMIC after the
      Startup Day without receipt of an Opinion of Counsel stating that such
      contribution will not result in an Adverse REMIC Event as defined in Section
      11.01(f).

     

    SECTION
      4.03. Monitoring
      of Servicer.

     

    (a) The
      Master Servicer shall be responsible for monitoring the compliance by the
      Servicer with its duties under this Agreement. In the review of the Servicer’s
      activities, the Master Servicer may rely upon an Officer’s Certificate of the
      Servicer with regard to the Servicer’s compliance with the terms of this
      Agreement. In the event that the Master Servicer, in its judgment, determines
      that the Servicer should be terminated in accordance with the terms hereof
      or
      that a notice should be sent pursuant to the terms hereof with respect to the
      occurrence of an event that, unless cured, would constitute a Servicer Event
      of
      Default, the Master Servicer shall notify the Servicer, the Sponsor and the
      Trustee thereof and the Master Servicer shall issue such notice or take such
      other action as it deems appropriate.

     

    (b) The
      Master Servicer, for the benefit of the Trustee and the Certificateholders,
      shall enforce the obligations of the Servicer under this Agreement and shall,
      in
      the event that the Servicer fails to perform its obligations in accordance
      with
      this Agreement, subject to this Section and Article VIII, notify the Trustee
      and
      the Trustee shall terminate the rights and obligations of the Servicer hereunder
      in accordance with the provisions of Article VIII. In the event the rights
      and
      obligations of the Servicer (or any successor thereto) are terminated, the
      Master Servicer shall act as servicer of the Mortgage Loans or a successor
      servicer shall be appointed in accordance with the provisions of Article VIII.
      Such enforcement, including, without limitation, the legal prosecution of claims
      and the pursuit of other appropriate remedies, shall be in such form and carried
      out to such an extent and at such time as the Master Servicer, in its good
      faith
      business judgment, would require were it the owner of the 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.

     

    
      
        
        

      

      
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    (c) The
      Master Servicer shall be entitled to be reimbursed by the Servicer (or from
      amounts on deposit in the Distribution Account if the Servicer is unable to
      fulfill its obligations hereunder) for all reasonable out-of-pocket or third
      party costs associated with the transfer of servicing from the predecessor
      Servicer (or if the predecessor Servicer is the Master Servicer, from the
      Servicer immediately preceding the Master Servicer), including without
      limitation, any reasonable out-of-pocket or third party costs or expenses
      associated with the complete transfer of all servicing data and the completion,
      correction or manipulation of such servicing data as may be required by the
      successor servicer to correct any errors or insufficiencies in the servicing
      data or otherwise to enable the successor servicer to service the Mortgage
      Loans
      properly and effectively, upon presentation of reasonable documentation of
      such
      costs and expenses.

     

    (d) The
      Master Servicer shall require the Servicer to comply with the remittance
      requirements and other obligations set forth in this Agreement.

     

    (e) If
      the
      Master Servicer acts as a successor to the Servicer, it will not assume any
      liability for the representations and warranties of the terminated
      Servicer.

     

    SECTION
      4.04. Fidelity
      Bond.

     

    The
      Master Servicer, at its expense, shall maintain in effect a blanket fidelity
      bond and an errors and omissions insurance policy, affording coverage with
      respect to all directors, officers, employees and other Persons acting on such
      Master Servicer’s behalf, and covering errors and omissions in the performance
      of the Master Servicer’s obligations hereunder. The errors and omissions
      insurance policy and the fidelity bond shall be in such form and amount
      generally acceptable for entities serving as master servicers or
      trustees.

     

    SECTION
      4.05. Power
      to
      Act; Procedures.

     

    The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article XI, to do any and all things that it may deem necessary or desirable
      in
      connection with the master servicing and administration of the Mortgage Loans,
      including but not limited to the power and authority (i) to execute and deliver,
      on behalf of the Certificateholders and the Trustee, customary consents or
      waivers and other instruments and documents, (ii) to consent to transfers of
      any
      Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages,
      (iii) to collect any Insurance Proceeds and Liquidation Proceeds, and (iv)
      to
      effectuate foreclosure or other conversion of the ownership of the Mortgaged
      Property securing any Mortgage Loan, in each case, in accordance with the
      provisions of this Agreement; provided, however, that the Master Servicer shall
      not (and, consistent with its responsibilities under Section 4.03, shall not
      permit the Servicer to) knowingly or intentionally take any action, or fail
      to
      take (or fail to cause to be taken) any action reasonably within its control
      and
      the scope of duties more specifically set forth herein, that, under the REMIC
      Provisions, if taken or not taken, as the case may be, would cause REMIC I,
      REMIC II or REMIC III to fail to qualify as a REMIC or result in the imposition
      of a tax upon the Trust Fund (including but not limited to the tax on prohibited
      transactions as defined in Section 860F(a)(2) of the Code and the tax on
      contributions to a REMIC set forth in Section 860G(d) of the Code) unless the
      Master Servicer has received an Opinion of Counsel (but not at the expense
      of
      the Master Servicer) to the effect that the contemplated action will not cause
      REMIC I, REMIC II or REMIC III to fail to qualify as a REMIC or result in the
      imposition of a tax upon REMIC I, REMIC II or REMIC III, as the case may be.
      The
      Trustee shall furnish the Master Servicer, upon written request from a Servicing
      Officer, with any powers of attorney prepared and delivered to it and reasonably
      acceptable to it by empowering the Master Servicer or the Servicer to execute
      and deliver instruments of satisfaction or cancellation, or of partial or full
      release or discharge, and to foreclose upon or otherwise liquidate Mortgaged
      Property, and to appeal, prosecute or defend in any court action relating to
      the
      Mortgage Loans or the Mortgaged Property, in accordance with this Agreement,
      and
      the Trustee shall execute and deliver such other documents prepared and
      delivered to it and reasonably acceptable to it, as the Master Servicer or
      the
      Servicer may request, to enable the Master Servicer to master service and
      administer the Mortgage Loans and carry out its duties hereunder, in each case
      in accordance with Accepted Master Servicing Practices (and the Trustee shall
      have no liability for misuse of any such powers of attorney by the Master
      Servicer or the Servicer and shall be indemnified by the Master Servicer or
      the
      Servicer, as applicable, for any cost, liability or expense incurred by the
      Trustee in connection with such Person’s use or misuse of any such power of
      attorney). If the Master Servicer or the Trustee has been advised that it is
      likely that the laws of the state in which action is to be taken prohibit such
      action if taken in the name of the Trustee or that the Trustee would be
      adversely affected under the “doing business” or tax laws of such state if such
      action is taken in its name, the Master Servicer shall join with the Trustee
      in
      the appointment of a co-trustee pursuant to Section 9.10. In the performance of
      its duties hereunder, the Master Servicer shall be an independent contractor
      and
      shall not, except in those instances where it is taking action in the name
      of
      the Trustee, be deemed to be the agent of the Trustee.

     

    
      
        
        

      

      
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    SECTION
      4.06. Due-on-Sale
      Clauses; Assumption Agreements.

     

    To
      the
      extent Mortgage Loans contain enforceable due-on-sale clauses, the Master
      Servicer shall cause the Servicer to enforce such clauses in accordance with
      this Agreement. If applicable law prohibits the enforcement of a due-on-sale
      clause or such clause is otherwise not enforced in accordance with this
      Agreement and, as a consequence, a Mortgage Loan is assumed, the original
      Mortgagor may be released from liability in accordance with this
      Agreement.

     

    SECTION
      4.07. Documents,
      Records and Funds in Possession of Master Servicer To Be Held for
      Trustee.

     

    (a) The
      Master Servicer shall transmit to the Trustee or the applicable Custodian such
      documents and instruments coming into the possession of the Master Servicer
      from
      time to time as are required by the terms hereof to be delivered to the Trustee
      or the applicable Custodian. Any funds received by the Master Servicer in
      respect of any Mortgage Loan or which otherwise are collected by the Master
      Servicer as Liquidation Proceeds or Insurance Proceeds in respect of any
      Mortgage Loan shall be remitted to the Securities Administrator for deposit
      in
      the Distribution Account. The Master Servicer shall, and, subject to Section
      3.21 of this Agreement, shall cause the Servicer to, provide access to
      information and documentation regarding the Mortgage Loans to the Trustee,
      its
      agents and accountants at any time upon reasonable request and during normal
      business hours, and to Certificateholders that are savings and loan
      associations, banks or insurance companies, the Office of Thrift Supervision,
      the FDIC and the supervisory agents and examiners of such Office and Corporation
      or examiners of any other federal or state banking or insurance regulatory
      authority if so required by applicable regulations of the Office of Thrift
      Supervision or other regulatory authority, such access to be afforded without
      charge but only upon reasonable request in writing and during normal business
      hours at the offices of the Master Servicer designated by it. In fulfilling
      such
      a request the Master Servicer shall not be responsible for determining the
      sufficiency of such information.

     

    
      
        
        

      

      
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    (b) All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer, in respect of any Mortgage Loans, whether from the collection
      of principal and interest payments or from Liquidation Proceeds or Insurance
      Proceeds, shall be remitted to the Securities Administrator for deposit in
      the
      Distribution Account.

     

    SECTION
      4.08. Standard
      Hazard Insurance and Flood Insurance Policies.

     

    For
      each
      Mortgage Loan, the Master Servicer shall enforce the obligation of the Servicer
      under this Agreement to maintain or cause to be maintained standard fire and
      casualty insurance and, where applicable, flood insurance, all in accordance
      with the provisions of this Agreement. It is understood and agreed that such
      insurance shall be with insurers meeting the eligibility requirements set forth
      in Section 3.11 of this Agreement and that no earthquake or other additional
      insurance is to be required of any Mortgagor or to be maintained on property
      acquired in respect of a defaulted loan, other than pursuant to such applicable
      laws and regulations as shall at any time be in force and as shall require
      such
      additional insurance.

     

    SECTION
      4.09. Presentment
      of Claims and Collection of Proceeds.

     

    The
      Master Servicer shall enforce the Servicer’s obligations under this Agreement to
      prepare and present on behalf of the Trustee and the Certificateholders all
      claims under any insurance policies and take such actions (including the
      negotiation, settlement, compromise or enforcement of the insured’s claim) as
      shall be necessary to realize recovery under such policies. Any proceeds
      disbursed to the Master Servicer (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.

     

    
      
        
        

      

      
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    SECTION
      4.10. Maintenance
      of Primary Mortgage Insurance Policies.

     

    (a) The
      Master Servicer shall not take, or permit the Servicer to take (to the extent
      such action is prohibited by this Agreement), any action that would result
      in
      noncoverage under any primary mortgage insurance policy of any loss which,
      but
      for the actions of the Master Servicer or the Servicer, as applicable, would
      have been covered thereunder. The Master Servicer shall use its best reasonable
      efforts to cause the Servicer 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. The Master Servicer shall not, and shall not
      permit the Servicer to, cancel or refuse to renew any 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.

     

    (b) The
      Master Servicer agrees to cause the Servicer 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.

     

    SECTION
      4.11. Trustee
      to Retain Possession of Certain Insurance Policies and Documents.

     

    The
      Trustee or the applicable Custodian, shall retain possession and custody of
      the
      originals (to the extent available) of any primary mortgage insurance policies,
      or certificate of insurance if applicable, and any certificates of renewal
      as to
      the foregoing as may be issued from time to time as contemplated by this
      Agreement. Until all amounts distributable in respect of the Certificates have
      been distributed in full and the Master Servicer and the Servicer have otherwise
      fulfilled their respective obligations under this Agreement the Trustee or
      the
      applicable Custodian shall also retain possession and custody of each Mortgage
      File in accordance with and subject to the terms and conditions of this
      Agreement and the related Custodial Agreement. The Master Servicer shall
      promptly deliver or cause to be delivered to the Trustee or the applicable
      Custodian, upon the execution or receipt thereof the originals of any primary
      mortgage insurance policies, any certificates of renewal, and such other
      documents or instruments that constitute Mortgage Loan Documents that come
      into
      the possession of the Master Servicer from time to time.

     

    SECTION
      4.12. Realization
      Upon Defaulted Mortgage Loans.

     

    The
      Master Servicer shall cause the Servicer to foreclose upon, repossess or
      otherwise comparably convert the ownership of Mortgaged Properties securing
      such
      of the Mortgage Loans as come into and continue in default and as to which
      no
      satisfactory arrangements can be made for collection of delinquent payments,
      all
      in accordance with this Agreement.

     

    
      
        
        

      

      
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    SECTION
      4.13. Compensation
      for the Master Servicer.

     

    As
      compensation for the activities of the Master Servicer hereunder, the Master
      Servicer shall be entitled to the Master Servicing Fee and the income from
      investment of or earnings on the funds from time to time in the Distribution
      Account, as provided in Section 3.10. The compensation payable to the Master
      Servicer in respect of any Distribution Date shall be reduced in accordance
      with
      Section 4.19. The Master Servicer shall be required to pay all expenses incurred
      by it in connection with its activities hereunder and shall not be entitled
      to
      reimbursement therefor except as provided in this Agreement.

     

    SECTION
      4.14. REO
      Property.

     

    (a) In
      the
      event the Trust Fund acquires ownership of any REO Property in respect of any
      Mortgage Loan, the deed or certificate of sale shall be issued to the Trustee,
      or to its nominee, on behalf of the related Certificateholders. The Master
      Servicer shall cause the Servicer to sell, any REO Property as expeditiously
      as
      possible and in accordance with the provisions of this Agreement. Further,
      the
      Master Servicer shall cause the Servicer to sell any REO Property prior to
      three
      years after the end of the calendar year of its acquisition by REMIC I unless
      (i) the Trustee shall have been supplied by the Servicer with an Opinion of
      Counsel to the effect that the holding by the Trust Fund of such REO Property
      subsequent to such three-year period will not result in the imposition of taxes
      on “prohibited transactions” of any REMIC hereunder as defined in section 860F
      of the Code or cause any REMIC hereunder to fail to qualify as a REMIC at any
      time that any Certificates are outstanding, in which case the Trust Fund may
      continue to hold such Mortgaged Property (subject to any conditions contained
      in
      such Opinion of Counsel) or (ii) the Servicer shall have applied for, prior
      to
      the expiration of such three-year period, an extension of such three-year period
      in the manner contemplated by Section 856(e)(3) of the Code, in which case
      the
      three-year period shall be extended by the applicable extension period. The
      Master Servicer shall cause the Servicer to protect and conserve, such REO
      Property in the manner and to the extent required by this Agreement in
      accordance with the REMIC Provisions and in a manner that does not result in
      a
      tax on “net income from foreclosure property” or cause such REO Property to fail
      to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of
      the Code.

     

    (b) The
      Master Servicer shall cause the Servicer to deposit all funds collected and
      received in connection with the operation of any REO Property in the REO
      Account.

     

    SECTION
      4.15. Master
      Servicer Annual Statement of Compliance.

     

    (a) The
      Master Servicer and the Securities Administrator shall deliver (or otherwise
      make available) (and the Master Servicer and Securities Administrator shall
      cause any Additional Servicer or Servicing Function Participant engaged by
      it to
      deliver) to the Depositor and the Securities Administrator and in the case
      of
      the Master Servicer, to the Trustee, on or before March 15 of each year,
      commencing in March 2007, an Officer’s Certificate stating, as to the signer
      thereof, that (A) a review of such party’s activities during the preceding
      calendar year or portion thereof and of such party’s performance under this
      Agreement, or such other applicable agreement in the case of an Additional
      Servicer or Servicing Function Participant, has been made under such officer’s
      supervision and (B) to the best of such officer’s knowledge, based on such
      review, such party has fulfilled all its obligations under this Agreement,
      or
      such other applicable agreement in the case of an Additional Servicer or
      Servicing Function Participant, in all material respects throughout such year
      or
      portion thereof, or, if there has been a failure to fulfill any such obligation
      in any material respect, specifying each such failure known to such officer
      and
      the nature and status thereof. 

     

    
      
        
        

      

      
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    (b) The
      Master Servicer shall include all annual statements of compliance received
      by it
      with its own annual statement of compliance to be submitted to the Securities
      Administrator pursuant to this Section 4.15. 

     

    (c) In
      the
      event the Master Servicer, the Securities Administrator or any Servicing
      Function Participant engaged by the parties is terminated, assigns its rights
      and obligations under, or resigns pursuant to the terms of this Agreement,
      or
      any applicable agreement in the case of a Servicing Function Participant, as
      the
      case may be, such party shall provide an Officer’s Certificate pursuant to this
      Section 4.15 or to such applicable agreement, as the case may be,
      notwithstanding any such termination, assignment or resignation.

     

    (d) Failure
      of the Master Servicer to comply timely with this Section 4.15 shall be deemed
      a
      Master Servicer Event of Default, automatically, without notice and without
      any
      cure period, and the Trustee may, in addition to whatever rights the Trustee
      may
      have under this Agreement and at law or in equity or to damages, including
      injunctive relief and specific performance, terminate all the rights and
      obligations of the Master Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Master Servicer
      for the same. This paragraph shall supersede any other provision in this
      Agreement or any other agreement to the contrary.

     

    (e) Copies
      of
      such Master Servicer annual statements of compliance shall be provided to any
      Certificateholder upon request, by the Master Servicer or by the Trustee at
      the
      Master Servicer’s expense if the Master Servicer failed to provide such copies
      (unless (i) the Master Servicer shall have failed to provide the Trustee with
      such statement or (ii) the Trustee shall be unaware of the Master Servicer’s
      failure to provide such statement).

     

    SECTION
      4.16. Master
      Servicer Assessments of Compliance. 

     

    (a) By
      March
      15 of each year, commencing in March 2007, the Master Servicer and the
      Securities Administrator, each at its own expense, shall furnish, or otherwise
      make available, and each such party shall cause any Servicing Function
      Participant engaged by it to furnish, each at its own expense, to the Securities
      Administrator and the Depositor, a report on an assessment of compliance with
      the Relevant Servicing Criteria that contains (A) a statement by such party
      of
      its responsibility for assessing compliance with the Relevant Servicing
      Criteria, (B) a statement that such party used the Relevant Servicing Criteria
      to assess compliance with the Relevant Servicing Criteria, (C) such party’s
      assessment of compliance with the Relevant Servicing Criteria as of and for
      the
      fiscal year covered by the Form 10-K required to be filed pursuant to Section
      5.06(d), including, if there has been any material instance of noncompliance
      with the Relevant Servicing Criteria, a discussion of each such failure and
      the
      nature and status thereof, and (D) a statement that a registered public
      accounting firm has issued an attestation report on such party’s assessment of
      compliance with the Relevant Servicing Criteria as of and for such period.
      

     

    
      
        
        

      

      
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    (b) No
      later
      than the end of each fiscal year for the Trust for which a 10-K is required
      to
      be filed, the Master Servicer shall forward to the Securities Administrator
      and
      to the Depositor the name of each Servicing Function Participant engaged by
      it
      and what Relevant Servicing Criteria will be addressed in the report on
      assessment of compliance prepared by such Servicing Function Participant
      (provided,
      however,
      that
      the Master Servicer need not provide such information to the Securities
      Administrator so long as the Master Servicer and the Securities Administer
      are
      the same Person). When the Master Servicer and the Securities Administrator
      (or
      any Servicing Function Participant engaged by them) submit their assessments
      to
      the Securities Administrator, such parties will also at such time include the
      assessment (and attestation pursuant to Section 4.17) of each Servicing Function
      Participant engaged by it. 

     

    (c) Promptly
      after receipt of each such report on assessment of compliance, (i) the Depositor
      shall review each such report and, if applicable, consult with the Master
      Servicer, the Securities Administrator and any Servicing Function Participant
      engaged by such parties as to the nature of any material instance of
      noncompliance with the Relevant Servicing Criteria by each such party, and
      (ii)
      the Securities Administrator shall confirm that the assessments, taken as a
      whole, address all of the Servicing Criteria and taken individually address
      the
      Relevant Servicing Criteria for each party as set forth on Exhibit E and notify
      the Depositor of any exceptions.

     

    (d) The
      Master Servicer shall include all annual reports on assessment of compliance
      received by it from the Servicer with its own assessment of compliance to be
      submitted to the Securities Administrator pursuant to this Section 4.16.

     

    (e) In
      the
      event the Master Servicer, the Securities Administrator or any Servicing
      Function Participant engaged by the parties is terminated, assigns its rights
      and obligations under, or resigns pursuant to the terms of this Agreement,
      or
      any other applicable agreement in the case of a Servicing Function Participant,
      as the case may be, such party shall provide a report on assessment of
      compliance pursuant to this Section 4.16 or to such other applicable agreement,
      notwithstanding any such termination, assignment or resignation. 

     

    (f) Failure
      of the Master Servicer to comply timely with this Section 4.16 shall be deemed
      a
      Master Servicer Event of Default, automatically, without notice and without
      any
      cure period, and the Trustee may, in addition to whatever rights the Trustee
      may
      have under this Agreement and at law or in equity or to damages, including
      injunctive relief and specific performance, terminate all the rights and
      obligations of the Master Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Master Servicer
      for the same. This paragraph shall supersede any other provision in this
      Agreement or any other agreement to the contrary.

     

    (g) Delivery
      under this Section 4.16 of such reports, information and documents to the
      Trustee is for informational purposes only, and the Trustee’s receipt of such
      shall not constitute constructive notice of any information contained therein
      or
      determinable from information contained therein, including the Master Servicer’s
      compliance with any of its covenants hereunder (as to which the Trustee is
      entitled to conclusively rely exclusively on an Officer’s
      Certificate).

     

    
      
        
        

      

      
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    SECTION
      4.17. Master
      Servicer Attestation Reports.

     

    (a) By
      March
      15 of each year, commencing in March 2007, the Master Servicer and the
      Securities Administrator, each at its own expense, shall cause, and each such
      party shall cause any Servicing Function Participant engaged by it to cause,
      each at its own expense, a registered public accounting firm (which may also
      render other services to the Master Servicer, the Securities Administrator,
      or
      such other Servicing Function Participants, as the case may be) and that is
      a
      member of the American Institute of Certified Public Accountants to furnish
      an
      attestation report to the Securities Administrator and the Depositor, to the
      effect that (i) it has obtained a representation regarding certain matters
      from
      the management of such party, which includes an assertion that such party has
      complied with the Relevant Servicing Criteria, and (ii) on the basis of an
      examination conducted by such firm in accordance with standards for attestation
      engagements issued or adopted by the PCAOB, it is expressing an opinion as
      to
      whether such party’s compliance with the Relevant Servicing Criteria was fairly
      stated in all material respects, or it cannot express an overall opinion
      regarding such party’s assessment of compliance with the Relevant Servicing
      Criteria. In the event that an overall opinion cannot be expressed, such
      registered public accounting firm shall state in such report why it was unable
      to express such an opinion. Such report must be available for general use and
      not contain restricted use language. 

     

    (b) Promptly
      after receipt of such assessment of compliance and attestation report from
      the
      Master Servicer, the Securities Administrator or any Servicing Function
      Participant engaged by such parties, the Securities Administrator shall confirm
      that each assessment submitted pursuant to Section 4.16 is coupled with an
      attestation meeting the requirements of this Section and notify the Depositor
      of
      any exceptions.

     

    (c) The
      Master Servicer shall include each such attestation furnished to it from the
      Servicer with its own attestation to be submitted to the Securities
      Administrator pursuant to this Section 4.17. 

     

    (d) In
      the
      event the Master Servicer, the Securities Administrator or any Servicing
      Function Participant engaged by the parties is terminated assigns its rights
      and
      duties under, or resigns pursuant to the terms of this Agreement, or any
      applicable custodial agreement or servicing or sub-servicing agreement in the
      case of a Servicing Function Participant, as the case may be, such party shall
      cause a registered public accounting firm to provide an attestation pursuant
      to
      this Section 4.17, or such other applicable agreement, notwithstanding any
      such
      termination, assignment or resignation.

     

    (e) Failure
      of the Master Servicer to comply timely with this Section 4.17 shall be deemed
      a
      Master Servicer Event of Default, automatically, without notice and without
      any
      cure period, and the Trustee may, in addition to whatever rights the Trustee
      may
      have under this Agreement and at law or in equity or to damages, including
      injunctive relief and specific performance, terminate all the rights and
      obligations of the Master Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Master Servicer
      for the same. This paragraph shall supersede any other provision in this
      Agreement or any other agreement to the contrary.

     

    
      
        
        

      

      
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    SECTION
      4.18. Annual
      Certification.

     

    (a) Each
      Form
      10-K required to be filed for the Trust pursuant to Section 5.06 shall include
      a
      certification (the “Sarbanes-Oxley Certification”) required to be included
      therewith pursuant to the Sarbanes-Oxley Act. Each of the Master Servicer and
      the Securities Administrator shall provide, and shall cause any Servicing
      Function Participant engaged by it to provide to the Person who signs the
      Sarbanes-Oxley Certification (the “Certifying Person”), by March 15 of each year
      in which the Trust is subject to the reporting requirements of the Exchange
      Act
      and otherwise within a reasonable period of time upon request, a certification
      (each, a “Back-Up Certification”), in the form attached hereto as Exhibit C,
      upon which the Certifying Person, the entity for which the Certifying Person
      acts as an officer, and such entity’s officers, directors and Affiliates
      (collectively with the Certifying Person, “Certification Parties”) can
      reasonably rely. The senior officer of the Master Servicer in charge of the
      master servicing function shall serve as the Certifying Person on behalf of
      the
      Trust. Such officer of the Certifying Person can be contacted by e-mail at
      cts.sec.notifications@wellsfargo.com or by facsimile at 410-715-2380. In the
      event any such party or any Servicing Function Participant engaged by any such
      party is terminated, assigns its rights or duties under, or resigns pursuant
      to
      the terms of this Agreement, or any applicable sub-servicing agreement, as
      the
      case may be, such party shall provide a Back-Up Certification to the Certifying
      Person pursuant to this Section 4.18 with respect to the period of time it
      was
      subject to this Agreement or any applicable sub-servicing agreement, as the
      case
      may be. Notwithstanding the foregoing, (i) the Master Servicer and the
      Securities Administrator shall not be required to deliver a Back-Up
      Certification to each other if both are the same Person and the Master Servicer
      is the Certifying Person and (ii) the Master Servicer shall not be obligated
      to
      sign the Sarbanes-Oxley Certification in the event that it does not receive
      any
      Back-Up Certification required to be furnished to it pursuant to this
      Section.

     

    SECTION
      4.19. Obligation
      of the Master Servicer in Respect of Prepayment Interest
      Shortfalls.

     

    In
      the
      event of any Prepayment Interest Shortfalls, the Master Servicer shall deposit
      into the Distribution Account not later than the related Distribution Date
      an
      amount equal to the lesser of (i) the aggregate amounts required to be paid
      by
      the Servicer with respect to Prepayment Interest Shortfalls attributable to
      Principal Prepayments in full on the Mortgage Loans for the related Distribution
      Date, and not so paid by the Servicer and (ii) the aggregate amount of the
      compensation payable to the Master Servicer for such Distribution Date in
      accordance with Section 4.13, without reimbursement therefor.

     

    SECTION
      4.20. Prepayment
      Penalty Verification.

     

    On
      or
      prior to each Servicer Remittance Date, the Servicer shall provide in an
      electronic format acceptable to the Master Servicer the data necessary for
      the
      Master Servicer to perform its verification duties set forth in this Section
      4.20. The Master Servicer or a third party reasonably acceptable to the Master
      Servicer and the Depositor (the “Verification Agent”) will perform such
      verification duties and will use its best efforts to issue its findings in
      a
      report (the “Verification Report”) delivered to the Master Servicer and the
      Depositor within ten (10) Business Days following the related Distribution
      Date;
      provided, however, that if the Verification Agent is unable to issue the
      Verification Report within ten (10) Business Days following the Distribution
      Date, the Verification Agent may issue and deliver to the Master Servicer and
      the Depositor the Verification Report upon the completion of its verification
      duties. The Master Servicer shall forward the Verification Report to the
      Servicer and shall notify the Servicer if the Master Servicer has determined
      that the Servicer did not deliver the appropriate Prepayment Charge to the
      Securities Administrator in accordance with this Agreement. Such written
      notification from the Master Servicer shall include the loan number, prepayment
      penalty code and prepayment penalty amount as calculated by the Master Servicer
      or the Verification Agent, as applicable, of each Mortgage Loan for which there
      is a discrepancy. If the Servicer agrees with the verified amounts, the Servicer
      shall adjust the immediately succeeding Servicer Report and the amount remitted
      to the Securities Administrator with respect to prepayments accordingly. If
      the
      Servicer disagrees with the determination of the Master Servicer, the Servicer
      shall, within five (5) Business Days of its receipt of the Verification Report,
      notify the Master Servicer of such disagreement and provide the Master Servicer
      with detailed information to support its position. The Servicer and the Master
      Servicer shall cooperate to resolve any discrepancy on or prior to the
      immediately succeeding Servicer Remittance Date, and the Servicer will indicate
      the effect of such resolution on the Servicer Report and shall adjust the amount
      remitted with respect to prepayments on such Servicer Remittance Date
      accordingly.

     

    
      
        
        

      

      
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    During
      such time as the Servicer and the Master Servicer are resolving discrepancies
      with respect to the Prepayment Charges, no payments in respect of any disputed
      Prepayment Charges will be remitted to the Securities Administrator for deposit
      in the Distribution Account and the Master Servicer shall not be obligated
      to
      deposit such payments, unless otherwise required pursuant to Section 8.01
      hereof. In connection with such duties, the Master Servicer shall be able to
      rely solely on the information provided to it by the Servicer in accordance
      with
      this Section. The Master Servicer shall not be responsible for verifying the
      accuracy of any of the information provided to it by the Servicer.

    

    
      
        
          
          

        

        
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    ARTICLE
      V

    

    PAYMENTS
      TO CERTIFICATEHOLDERS

     

    SECTION
      5.01. Distributions.

     

    (a) On
      each
      Distribution Date, the following amounts, in the following order of priority,
      shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular
      Interests and distributed to the holders of the Class R Certificates (in respect
      of the Class R-I Interest), as the case may be: 

     

    (1) With
      respect to the Group IA Mortgage Loans:

     

    (i) to
      Holders of REMIC I Regular Interest IA and REMIC I Regular Interest IA-1-A
      through IA-57-B, pro
      rata,
      in an
      amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests
      for such Distribution Date, plus (B) any amounts payable in respect thereof
      remaining unpaid from previous Distribution Dates;

     

    (ii) to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (i)
      above, to the Holders of REMIC I Regular Interest IA, an amount of principal
      shall be distributed to such Holders until the Uncertificated Balance of REMIC
      I
      Regular Interest IA is reduced to zero; and

     

    (iii) to
      the
      extent of amounts remaining after distributions made pursuant to clauses (i)
      and
      (ii) above, payments of principal shall be allocated to REMIC I Regular
      Interests IA-1-A through IA-57-B starting with the lowest numerical denomination
      until the Uncertificated Balance of each such REMIC I Regular Interest is
      reduced to zero, provided that, for REMIC I Regular Interests with the same
      numerical denomination, such payments of principal shall be allocated
pro
      rata
      between
      such REMIC I Regular Interests.

     

    (2) With
      respect to the Group IB Mortgage Loans:

     

    (i) to
      Holders of REMIC I Regular Interest IB and REMIC I Regular Interest IB-1-A
      through IB-57-B, pro
      rata,
      in an
      amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests
      for such Distribution Date, plus (B) any amounts payable in respect thereof
      remaining unpaid from previous Distribution Dates; and

     

    (ii) to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (i)
      above, to the Holders of REMIC I Regular Interest IB, an amount of principal
      shall be distributed to such Holders until the Uncertificated Balance of REMIC
      I
      Regular Interest IB is reduced to zero; and

     

    (iii) to
      the
      extent of amounts remaining after distributions made pursuant to clauses (i)
      and
      (ii) above, payments of principal shall be allocated to REMIC I Regular
      Interests IB-1-A through IB-57-B starting with the lowest numerical denomination
      until the Uncertificated Balance of each such REMIC I Regular Interest is
      reduced to zero, provided that, for REMIC I Regular Interests with the same
      numerical denomination, such payments of principal shall be allocated
pro
      rata
      between
      such REMIC I Regular Interests.

     

    
      
        
        

      

      
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    (3) With
      respect to the Group II Mortgage Loans:

     

    (i) to
      Holders of REMIC I Regular Interest II and each of REMIC I Regular Interest
      II-1-A through II-57-B, pro
      rata,
      in an
      amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests
      for such Distribution Date, plus (B) any amounts payable in respect thereof
      remaining unpaid from previous Distribution Dates; 

     

    (ii) to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (i)
      above, to the Holders of REMIC I Regular Interest II, an amount of principal
      shall be distributed to such Holders until the Uncertificated Balance of REMIC
      I
      Regular Interest II is reduced to zero; and 

     

    (iii) to
      the
      extent of amounts remaining after distributions made pursuant to clauses (i)
      and
      (ii) above, payments of principal shall be allocated to REMIC I Regular
      Interests II-1-A through II-57-B starting with the lowest numerical denomination
      until the Uncertificated Balance of each such REMIC I Regular Interest is
      reduced to zero, provided that, for REMIC I Regular Interests with the same
      numerical denomination, such payments of principal shall be allocated
pro
      rata
      between
      such REMIC I Regular Interests.

     

    (b) to
      the
      Holders of REMIC I Regular Interest IA-57-B, all amounts representing Prepayment
      Charges in respect of the Group IA Mortgage Loans received during the related
      Prepayment Period, to the Holders of REMIC I Regular Interest IB-57-B, all
      amounts representing Prepayment Charges in respect of the Group IB Mortgage
      Loans received during the related Prepayment Period and to the Holders of REMIC
      I Regular Interest II-57-B, all amounts representing Prepayment Charges in
      respect of the Group II Mortgage Loans received during the related Prepayment
      Period.

     

    (c) (1)
      On
      each Distribution Date, the following amounts, in the following order of
      priority, shall be distributed by REMIC II to REMIC III on account of the REMIC
      II Regular Interests or withdrawn from the Distribution Account and distributed
      to the Holders of the Class R Certificates (in respect of the Class R-II
      Interest), as the case may be:

     

    (i) first
      to
      the Holders of REMIC II Regular Interest IO, in an amount equal to (A)
      Uncertificated Interest for such REMIC II Regular Interest for such Distribution
      Date, plus (B) any amounts in respect thereof remaining unpaid from previous
      Distribution Dates and second, to the Holders of REMIC II Regular Interest
      AA,
      REMIC II Regular Interest A-1A, REMIC II Regular Interest A-1B, REMIC II Regular
      Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C,
      REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular
      Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4,
      REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular
      Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9,
      REMIC II Regular Interest M-10, REMIC II Regular Interest M-11, REMIC II Regular
      Interest ZZ and REMIC II Regular Interest P, pro
      rata,
      in an
      amount equal to (A) the Uncertificated Interest for such Distribution Date,
      plus
      (B) any amounts in respect thereof remaining unpaid from previous Distribution
      Dates. Amounts payable as Uncertificated Interest in respect of REMIC II Regular
      Interest ZZ shall be reduced when the REMIC II Overcollateralization Amount
      is
      less than the REMIC II Required Overcollateralization Amount, by the lesser
      of
      (x) the amount of such difference and (y) the Maximum ZZ Uncertificated Interest
      Deferral Amount and such amount will be payable to the Holders of REMIC II
      Regular Interest A-1A, REMIC II Regular Interest A-1B, REMIC II Regular Interest
      A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC
      II
      Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest
      M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II
      Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest
      M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II
      Regular Interest M-10 and REMIC II Regular Interest M-11 in the same proportion
      as the Overcollateralization Increase Amount is allocated to the Corresponding
      Certificates and the Uncertificated Balance of REMIC II Regular Interest ZZ
      shall be increased by such amount;

     

    
      
        
        

      

      
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    (ii) to
      Holders of REMIC II Regular Interest IA-SUB, REMIC II Regular Interest IA-GRP,
      REMIC II Regular Interest IB-SUB, REMIC II Regular Interest IB-GRP, REMIC II
      Regular Interest II-SUB, REMIC II Regular Interest II-GRP, and REMIC II Regular
      Interest XX, pro
      rata,
      in an
      amount equal to (A) the Uncertificated Interest for such Distribution Date,
      plus
      (B) any amounts in respect thereof remaining unpaid from previous Distribution
      Dates;

     

    (iii) to
      the
      Holders of REMIC II Regular Interests, in an amount equal to the remainder
      of
      the REMIC II Marker Allocation Percentage of the available funds for such
      Distribution Date after the distributions made pursuant to clause (i) above,
      allocated as follows:

     

    (A) 98.00%
      of
      such remainder to the Holders of REMIC II Regular Interest AA, until the
      Uncertificated Balance of such REMIC II Regular Interest is reduced to
      zero;

     

    (B) 2.00%
      of
      such remainder, first, to the Holders of REMIC II Regular Interest A-1A, REMIC
      II Regular Interest A-1B, REMIC II Regular Interest A-2A, REMIC II Regular
      Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D,
      REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular
      Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5,
      REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular
      Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10
      and
      REMIC II Regular Interest M-11, 1% of and in the same proportion as principal
      payments are allocated to the Corresponding Certificates, until the
      Uncertificated Balances of such REMIC II Regular Interests are reduced to zero
      and second to the Holders of REMIC II Regular Interest ZZ, until the
      Uncertificated Balance of such REMIC II Regular Interest is reduced to
      zero;

     

    
      
        
        

      

      
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    (C) to
      the
      Holders of REMIC II Regular Interest P, (1) 100% of the Prepayment Charges
      deemed distributed on REMIC I Regular Interest IA-57B, REMIC I Regular Interest
      IB-57B and REMIC I Regular Interest II-57-B and (2) on the Distribution Date
      immediately following the expiration of the latest Prepayment Charge as
      identified on the Prepayment Charge Schedule or any Distribution Date thereafter
      until $100 has been distributed pursuant to this clause; then

     

    (D) any
      remaining amount to the Holders of the Class R Certificate, in respect of the
      Class R-II Interest;

     

    provided,
      however, that 98.00% and 2.00% of any principal payments that are attributable
      to an Overcollateralization Reduction Amount shall be allocated to Holders
      of
      REMIC II Regular Interest AA and REMIC II Regular Interest ZZ,
      respectively.

     

    (iv) to
      the
      Holders of REMIC II Regular Interests, in an amount equal to the remainder
      of
      the REMIC II Sub WAC Allocation Percentage of available funds for such
      Distribution Date after the distributions made pursuant to clause (c)(ii) above,
      such that distributions of principal shall be deemed to be made to the REMIC
      II
      Regular Interests first, so as to keep the Uncertificated Balance of each REMIC
      II Regular Interest ending with the designation “GRP” equal to 0.01% of the
      aggregate Stated Principal Balance of the Mortgage Loans in the related loan
      group; second, to each REMIC II Regular Interest ending with the designation
      “SUB,” so that the Uncertificated Balance of each such REMIC II Regular Interest
      is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance
      of
      the Mortgage Loans in the related loan group over (y) the current Certificate
      Principal Balance of the Class A Certificate in the related loan group (except
      that if any such excess is a larger number than in the preceding distribution
      period, the least amount of principal shall be distributed to such REMIC II
      Regular Interests such that the REMIC II Subordinated Balance Ratio is
      maintained); and third, any remaining principal to REMIC II Regular Interest
      XX.

     

    (v) Notwithstanding
      the distributions described in Section 5.01(c)(1), distributions of funds shall
      be made to Certificateholders only in accordance with Section 5.01(c)(2) through
      (8) and Section 5.01(e).

     

    (2) On
      each
      Distribution Date, the Securities Administrator shall withdraw from the
      Distribution Account to the extent on deposit therein an amount equal to the
      Group IA Interest Remittance Amount and make the following disbursements and
      transfers in the order of priority described below, in each case to the extent
      of the Group IA Interest Remittance Amount remaining for such Distribution
      Date:

     

    first,
      commencing on the Distribution Date in April 2007, to the Supplemental Interest
      Trust, an amount equal to the Group IA Allocation Percentage of (i) any Net
      Swap
      Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed
      to
      the Swap Provider not due to a Swap Provider Trigger Event (to the extent such
      amount has not been paid by the Securities Administrator from any upfront
      payment received pursuant to any related replacement interest rate swap
      agreement that may be entered into by the Trustee on behalf of the Supplemental
      Interest Trust);

     

    
      
        
        

      

      
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    second,
      to the
      Holders of the Class A-1A Certificates, the Senior Interest Distribution Amount
      allocable to the Class A-1A Certificates; and

     

    third,
      concurrently, to the Holders of the Class A-1B, Class A-2A, Class A-2B, Class
      A-2C and Class A-2D Certificates, the Senior Interest Distribution Amount
      allocable to each such Class, to the extent remaining unpaid after the
      distribution of the Group IB Interest Remittance Amount as set forth in Section
      5.01(c)(3) below and to the extent remaining unpaid after the distribution
      of
      the Group II Interest Remittance Amount as set forth in Section 5.01(c)(4)
      below, on a pro rata basis, based on the entitlement of each such
      Class.

     

    (3) On
      each
      Distribution Date, the Securities Administrator shall withdraw from the
      Distribution Account to the extent on deposit therein an amount equal to the
      Group IB Interest Remittance Amount and make the following disbursements and
      transfers in the order of priority described below, in each case to the extent
      of the Group IB Interest Remittance Amount remaining for such Distribution
      Date:

     

    first,
      commencing on the Distribution Date in April 2007, to the Supplemental Interest
      Trust, an amount equal to the Group IB Allocation Percentage of (i) any Net
      Swap
      Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed
      to
      the Swap Provider not due to a Swap Provider Trigger Event (to the extent such
      amount has not been paid by the Securities Administrator from any upfront
      payment received pursuant to any related replacement interest rate swap
      agreement that may be entered into by the Trustee on behalf of the Supplemental
      Interest Trust);

     

    second,
      to the
      Holders of the Class A-1B Certificates, the Senior Interest Distribution Amount
      allocable to the Class A-1B Certificates; and

     

    third,
      concurrently, to the Holders of the Class A-1A, Class A-2A, Class A-2B, Class
      A-2C and Class A-2D Certificates, the Senior Interest Distribution Amount
      allocable to each such Class, to the extent remaining unpaid after the
      distribution of the Group IA Interest Remittance Amount as set forth in Section
      5.01(c)(2) above and to the extent remaining unpaid after the distribution
      of
      the Group II Interest Remittance Amount as set forth in Section 5.01(c)(4)
      below, on a pro rata basis, based on the entitlement of each such
      Class.

     

    
      
        
        

      

      
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    (4) On
      each
      Distribution Date, the Securities Administrator shall withdraw from the
      Distribution Account to the extent on deposit therein an amount equal to the
      Group II Interest Remittance Amount and make the following disbursements and
      transfers in the order of priority described below, in each case to the extent
      of the Group II Interest Remittance Amount remaining for such Distribution
      Date:

     

    first,
      commencing on the Distribution Date in April 2007, to the Supplemental Interest
      Trust, an amount equal to the Group II Allocation Percentage of (i) any Net
      Swap
      Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed
      to
      the Swap Provider not due to a Swap Provider Trigger Event (to the extent such
      amount has not been paid by the Securities Administrator from any upfront
      payment received pursuant to any related replacement interest rate swap
      agreement that may be entered into by the Trustee on behalf of the Supplemental
      Interest Trust);

     

    second, concurrently,
      to the Holders of the Class A-2A, Class A-2B, Class A-2C and Class A-2D
      Certificates, the Senior Interest Distribution Amount allocable to each such
      Class, on a pro rata basis, based on the entitlement of each such Class;
      and

     

    third,
      to the
      Holders of the Class A-1A Certificates and Class A-1B Certificates, the Senior
      Interest Distribution Amount allocable to each such Class, to the extent
      remaining unpaid after the distribution of the Group IA Interest Remittance
      Amount as set forth in Section 5.01(c)(2) above and to the extent remaining
      unpaid after the distribution of the Group IB Interest Remittance Amount as
      set
      forth in Section 5.01(c)(3) above, on a pro rata basis, based on the entitlement
      of each such Class.

     

    (5) On
      each
      Distribution Date, the Securities Administrator shall withdraw from the
      Distribution Account to the extent on deposit therein an amount equal to the
      Group IA Interest Remittance Amount, the Group IB Interest Remittance Amount
      and
      the Group II Interest Remittance Amount remaining after the distributions
      required by clauses (2), (3) and (4) above and make the following disbursements
      and transfers in the order of priority described below, in each case to the
      extent of the Group IA Interest Remittance Amount, the Group IB Interest
      Remittance Amount and Group II Interest Remittance Amount remaining for such
      Distribution Date:

     

    sequentially,
      to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11
      Certificates, in that order, to the extent of the Interest Distribution Amount
      allocable to each such Class.

     

    
      
        
        

      

      
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    (6) On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event
      is in effect, the Securities Administrator shall withdraw from the Distribution
      Account to the extent on deposit therein an amount equal to the Group IA
      Principal Distribution Amount, Group IB Principal Distribution Amount and Group
      II Principal Distribution Amount and distribute to the Certificateholders the
      following amounts, in the following order of priority:

     

    (i) The
      Group
      IA Principal Distribution Amount shall be distributed in the following order
      of
      priority:

     

    first,
      commencing on the Distribution Date in April 2007, to the Supplemental Interest
      Trust, an amount equal to the Group IA Allocation Percentage of (i) any Net
      Swap
      Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed
      to
      the Swap Provider not due to a Swap Provider Trigger Event to the extent not
      paid from the Interest Remittance Amount on such Distribution Date;

     

    second,
      to the
      Holders of the Class A-1A Certificates, until the Certificate Principal Balance
      of the Class A-1A Certificates has been reduced to zero; and

     

    third,
      concurrently, (i) to the Holders of the Class A-1B Certificates and (ii) to
      the
      Holders of the Class A-2 Certificates, after taking into account the
      distribution of the Group IB Principal Distribution Amount as described in
      Section 5.01(c)(6)(ii) below and the Group II Principal Distribution Amount
      as
      described in Section 5.01(c)(6)(iii) below, on a pro rata basis, based on the
      Certificate Principal Balance of each such Class, until the Certificate
      Principal Balance of each such Class has been reduced to zero; provided, however
      that the pro rata allocation to the Class A-2 Certificates pursuant to this
      clause third shall be based on the total Certificate Principal Balance of the
      Class A-2 Certificates, but shall be distributed sequentially to the Class
      A-2A,
      Class A-2B, Class A-2C and Class A-2D Certificates, in that order, until the
      Certificate Principal Balance of each such Class has been reduced to
      zero.

     

    (ii) The
      Group
      IB Principal Distribution Amount shall be distributed in the following order
      of
      priority:

     

    first,
      commencing on the Distribution Date in April 2007, to the Supplemental Interest
      Trust, an amount equal to the Group IB Allocation Percentage of (i) any Net
      Swap
      Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed
      to
      the Swap Provider not due to a Swap Provider Trigger Event to the extent not
      paid from the Interest Remittance Amount on such Distribution Date;

     

    second,
      to the
      Holders of the Class A-1B Certificates until the Certificate Principal Balance
      of the Class A-1B Certificates has been reduced to zero; and

     

    third,
      concurrently, (i) to the Holders of the Class A-1A Certificates and (ii) to
      the
      Holders of the Class A-2 Certificates, after taking into account the
      distribution of the Group IA Principal Distribution Amount as described in
      Section 5.01(c)(6)(i) above and the Group II Principal Distribution Amount
      as
      described in Section 5.01(c)(6)(iii) below, on a pro rata basis, based on the
      Certificate Principal Balance of each such Class, until the Certificate
      Principal Balance of each such Class has been reduced to zero; provided, however
      that the pro rata allocation to the Class A-2 Certificates pursuant to this
      clause third shall be based on the total Certificate Principal Balance of the
      Class A-2 Certificates, but shall be distributed sequentially to the Class
      A-2A,
      Class A-2B, Class A-2C and Class A-2D Certificates, in that order, until the
      Certificate Principal Balance of each such Class has been reduced to
      zero.

     

    
      
        
        

      

      
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    (iii) The
      Group
      II Principal Distribution Amount shall be distributed in the following order
      of
      priority:

     

    first,
      commencing on the Distribution Date in April 2007, to the Supplemental Interest
      Trust, an amount equal to the Group II Allocation Percentage of (i) any Net
      Swap
      Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed
      to
      the Swap Provider not due to a Swap Provider Trigger Event to the extent not
      paid from the Interest Remittance Amount on such Distribution Date;

     

    second,
      sequentially, to the Holders of the Class A-2A Class A-2B, Class A-2C and Class
      A-2D Certificates, in that order, until the Certificate Principal Balance of
      each such Class has been reduced to zero; and

     

    third,
      concurrently, (i) to the Holders of the Class A-1A Certificates and (ii) to
      the
      Holders of the Class A-1B Certificates after taking into account the
      distribution of the Group IA Principal Distribution Amount as described in
      Section 5.01(c)(6)(i) above and the Group IB Principal Distribution Amount
      as
      described in Section 5.01(c)(6)(ii) above, on a pro rata basis based on the
      Certificate Principal Balance of each such Class, until the Certificate
      Principal Balance of each such Class has been reduced to zero.

     

    (iv) The
      Group
      IA Principal Distribution Amount, Group IB Principal Distribution Amount and
      Group II Principal Distribution Amount remaining after distributions pursuant
      to
      Sections 5.01(c)(6)(i), (ii) and (iii) above shall be distributed in the
      following order of priority:

     

    sequentially,
      to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11
      Certificates, in that order, until the Certificate Principal Balance of each
      such Class has been reduced to zero.

     

    
      
        
        

      

      
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    (7) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, the Securities Administrator shall withdraw from the
      Distribution Account to the extent on deposit therein an amount equal to the
      Group IA Principal Distribution Amount, Group IB Principal Distribution Amount
      and Group II Principal Distribution Amount and distribute to the
      Certificateholders the following amounts, in the following order of
      priority:

     

    (i) The
      Group
      IA Principal Distribution Amount shall be distributed in the following order
      of
      priority:

     

    first,
      commencing on the Distribution Date in April 2007, to the Supplemental Interest
      Trust, an amount equal to the Group IA Allocation Percentage of (i) any Net
      Swap
      Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed
      to
      the Swap Provider not due to a Swap Provider Trigger Event to the extent not
      paid from the Interest Remittance Amount on such Distribution Date;

     

    second,
      to the
      Holders of the Class A-1A Certificates, the Class A-1A Principal Distribution
      Amount, until the Certificate Principal Balance of such Class has been reduced
      to zero; and

     

    third,
      concurrently, (i) to the Holders of the Class A-1B Certificates and (ii) to
      the
      Holders of the Class A-2 Certificates, after taking into account the
      distribution of the Group IB Principal Distribution Amount on such Distribution
      Date pursuant to Section 5.01(c)(7)(ii) below and the Group II Principal
      Distribution Amount pursuant to Section 5.01(c)(7)(iii) below on such
      Distribution Date, on a pro rata basis based on the amount required to satisfy
      the Targeted Credit Enhancement Test with respect to Class A-1B Certificates
      on
      the one hand and the Class A-2 Certificates on the other; provided, however
      that
      the distribution to the Class A-2 Certificates pursuant to this clause third
      shall be made on a sequential basis to the Class A-2A, Class A-2B, Class A-2C
      and Class A-2D Certificates, in that order.

     

    (ii) The
      Group
      IB Principal Distribution Amount shall be distributed in the following order
      of
      priority:

     

    first,
      commencing on the Distribution Date in April 2007, to the Supplemental Interest
      Trust, an amount equal to the Group IB Allocation Percentage of (i) any Net
      Swap
      Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed
      to
      the Swap Provider not due to a Swap Provider Trigger Event to the extent not
      paid from the Interest Remittance Amount on such Distribution Date;

     

    second,
      to the
      Holders of the Class A-1B Certificates, the Class A-1B Principal Distribution
      Amount until the Certificate Principal Balance of the Class A-1B Certificates
      has been reduced to zero; and

     

    third,
      concurrently, (i) to the Holders of the Class A-1A Certificates and (ii) to
      the
      Holders of the Class A-2 Certificates, after taking into account the
      distribution of the Group IA Principal Distribution Amount on such Distribution
      Date pursuant to Section 5.01(c)(7)(i) above and the Group II Principal
      Distribution Amount on such Distribution Date pursuant to Section
      5.01(c)(7)(iii) below, on a pro rata basis based on the amount required to
      satisfy the Targeted Credit Enhancement Test with respect to Class A-1A
      Certificates on the one hand and the Class A-2 Certificates on the other;
      provided, however that the distribution to the Class A-2 Certificates pursuant
      to this clause third shall be made on a sequential basis to the Class A-2A,
      Class A-2B, Class A-2C and Class A-2D Certificates, in that order.

     

    
      
        
        

      

      
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    (iii) The
      Group
      II Principal Distribution Amount shall be distributed in the following order
      of
      priority:

     

    first,
      commencing on the Distribution Date in April 2007, to the Supplemental Interest
      Trust, an amount equal to the Group II Allocation Percentage of (i) any Net
      Swap
      Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed
      to
      the Swap Provider not due to a Swap Provider Trigger Event to the extent not
      paid from the Interest Remittance Amount on such Distribution Date;

     

    second,
      sequentially, to the Holders of the Class A-2A, Class A-2B, Class A-2C and
      Class
      A-2D Certificates, in that order, the Class A-2 Principal Distribution Amount,
      until the Certificate Principal Balance of each such Class has been reduced
      to
      zero; and

     

    third,
      concurrently, (i) to the Holders of the Class A-1A Certificates and (ii) to
      the
      Holders of the Class A-1B Certificates, after taking into account the
      distribution of the Group IA Principal Distribution Amount on such Distribution
      Date pursuant to Section 5.01(c)(7)(i) above and the Group IB Principal
      Distribution Amount on such Distribution Date pursuant to Section 5.01(c)(7)(ii)
      above, on a pro rata basis based on the amount required to satisfy the Target
      Credit Enhancement Test with respect to the A-1A Certificates on the one hand
      and the Class A-1B Certificates on the other.

     

    (iv) The
      Principal Distribution Amount remaining after distributions pursuant to Sections
      5.01(c)(7)(i), (ii) and (iii) above shall be distributed in the following order
      of priority:

     

    first,
      sequentially, to the Holders of the Class M-1 Certificates and Class M-2
      Certificates, the lesser of (x) the remaining Principal Distribution Amount
      and
      (y) the Class M-1/M-2 Principal Distribution Amount, in each case, until the
      Certificate Principal Balance of each such Class has been reduced to
      zero;

     

    second,
      to the
      Holders of the Class M-3 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the amounts distributed to
      the
      Holders of the Class M-1 Certificates and Class M-2 Certificates under clause
      first
      above,
      and (y) the Class M-3 Principal Distribution Amount, until the Certificate
      Principal Balance of the Class M-3 Certificates has been reduced to
      zero;

     

    third,
      to the
      Holders of the Class M-4 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates and M-2 Certificates
      under clause first
      above
      and to the Holders of the Class M-3 Certificates under clause second
      above,
      and (y) the Class M-4 Principal Distribution Amount, until the Certificate
      Principal Balance of the Class M-4 Certificates has been reduced to
      zero;

     

    
      
        
        

      

      
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    fourth,
      to the
      Holders of the Class M-5 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates and Class M-2
      Certificates under clause first
      above,
      to the Holders of the Class M-3 Certificates under clause second
      above
      and to the Holders of the Class M-4 Certificates under clause third
      above,
      and (y) the Class M-5 Principal Distribution Amount, until the Certificate
      Principal Balance of the Class M-5 Certificates has been reduced to
      zero;

     

    fifth,
      to the
      Holders of the Class M-6 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates and Class M-2
      Certificates under clause first
      above,
      to the Holders of the Class M-3 Certificates under clause second
      above,
      to the Holders of the Class M-4 Certificates under clause third
      above
      and to the Holders of the Class M-5 Certificates under clause fourth
      above,
      and (y) the Class M-6 Principal Distribution Amount, until the Certificate
      Principal Balance of the Class M-6 Certificates has been reduced to zero;

     

    sixth,
      to the
      Holders of the Class M-7 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates and Class M-2
      Certificates under clause first
      above,
      to the Holders of the Class M-3 Certificates under clause second
      above,
      to the Holders of the Class M-4 Certificates under clause third
      above,
      to the Holders of the Class M-5 Certificates under clause fourth
      above
      and to the Holders of the Class M-6 Certificates under clause fifth
      above,
      and (y) the Class M-7 Principal Distribution Amount, until the Certificate
      Principal Balance of the Class M-7 Certificates has been reduced to
      zero;

     

    seventh,
      to the
      Holders of the Class M-8 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates and Class M-2
      Certificates under clause first
      above,
      to the Holders of the Class M-3 Certificates under clause second
      above,
      to the Holders of the Class M-4 Certificates under clause third
      above,
      to the Holders of the Class M-5 Certificates under clause fourth
      above,
      to the Holders of the Class M-6 Certificates under clause fifth
      above
      and to the Holders of the Class M-7 Certificates under clause sixth
      above,
      and (y) the Class M-8 Principal Distribution Amount, until the Certificate
      Principal Balance of the Class M-8 Certificates has been reduced to zero;

     

    eighth,
      to the
      Holders of the Class M-9 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates and Class M-2
      Certificates under clause first
      above,
      to the Holders of the Class M-3 Certificates under clause second
      above,
      to the Holders of the Class M-4 Certificates under clause third
      above,
      to the Holders of the Class M-5 Certificates under clause fourth
      above,
      to the Holders of the Class M-6 Certificates under clause fifth
      above,
      to the Holders of the Class M-7 Certificates under clause sixth
      above
      and to the Holders of the Class M-8 Certificates under clause seventh
      above,
      and (y) the Class M-9 Principal Distribution Amount, until the Certificate
      Principal Balance of the Class M-9 Certificates has been reduced to
      zero;

     

    
      
        
        

      

      
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    ninth,
      to the
      Holders of the Class M-10 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates and Class M-2
      Certificates under clause first
      above,
      to the Holders of the Class M-3 Certificates under clause second
      above,
      to the Holders of the Class M-4 Certificates under clause third
      above,
      to the Holders of the Class M-5 Certificates under clause fourth
      above,
      to the Holders of the Class M-6 Certificates under clause fifth
      above,
      to the Holders of the Class M-7 Certificates under clause sixth
      above,
      to the Holders of the Class M-8 Certificates under clause seventh
      above
      and to the Holders of the Class M-9 Certificates under clause eighth
      above,
      and (y) the Class M-10 Principal Distribution Amount, until the Certificate
      Principal Balance of the Class M-10 Certificates has been reduced to
      zero;
      and

     

    tenth,
      to the
      Holders of the Class M-11 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates and Class M-2
      Certificates under clause first
      above,
      to the Holders of the Class M-3 Certificates under clause second
      above,
      to the Holders of the Class M-4 Certificates under clause third
      above,
      to the Holders of the Class M-5 Certificates under clause fourth
      above,
      to the Holders of the Class M-6 Certificates under clause fifth
      above,
      to the Holders of the Class M-7 Certificates under clause sixth
      above,
      to the Holders of the Class M-8 Certificates under clause seventh
      above,
      to the Holders of the Class M-9 Certificates under clause eighth
      above
      and to the Holders of the Class M-10 Certificate under clause ninth
      above,
      and (y) the Class M-11 Principal Distribution Amount, until the Certificate
      Principal Balance of the Class M-11 Certificates has been reduced to zero.
      

     

    Notwithstanding
      the priority of distributions described in this Section 5.01(c) with respect
      to
      the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates, on any
      Distribution Date which occurs after the Certificate Principal Balances of
      the
      Mezzanine Certificates have been reduced to zero, distributions in respect
      of
      principal to the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates
      will be made on a pro rata basis, based on the Certificate Principal Balance
      of
      each such Class, until the Certificate Principal Balance of each such Class
      has
      been reduced to zero.

     

    (8) On
      each
      Distribution Date, the Net Monthly Excess Cashflow (or, in the case of clause
      (i) below, the Net Monthly Excess Cashflow exclusive of any
      Overcollateralization Reduction Amount) shall be distributed as
      follows:

     

    (i) to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to the
      Overcollateralization Increase Amount, payable to such Holders in accordance
      with the priorities set forth in Section 5.01(c)(6) and (7) above;

     

    
      
        
        

      

      
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    (ii) sequentially,
      to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11
      Certificates, in that order, in an amount equal to the Interest Carry Forward
      Amount allocable to each such Class;

     

    (iii) sequentially,
      to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11
      Certificates, in that order, in an amount equal to the Allocated Realized Loss
      Amount allocable to each such Class;

     

    (iv) concurrently,
      to the Holders of the Class A Certificates, in an amount equal to such
      Certificates’ allocated share of any Prepayment Interest Shortfalls on the
      Mortgage Loans to the extent not covered by payments pursuant to Section 3.23
      or
      4.19 of this Agreement and any shortfalls resulting from the application of
      the
      Relief Act or similar state or local law or the bankruptcy code with respect
      to
      the Mortgage Loans to the extent not previously reimbursed pursuant to Section
      1.02;

     

    (v) sequentially,
      to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11
      Certificates, in that order, in an amount equal to such certificates’ share of
      any Prepayment Interest Shortfalls on the Mortgage Loans to the extent not
      covered by payments pursuant to Sections 3.23 or Section 4.19 of this Agreement
      and any Relief Act Interest Shortfall, in each case that were allocated to
      such
      Class for such Distribution Date and for any prior Distribution Date, to the
      extent not previously reimbursed pursuant to Section 1.02;

     

    (vi) to
      the
      Reserve Fund, the amount by which the Net WAC Rate Carryover Amounts, if any,
      with respect to the Class A Certificate and Mezzanine Certificates exceeds
      the
      sum of any amounts received by the Securities Administrator with respect to
      the
      Cap Contracts since the prior Distribution Date and any amount in the Reserve
      Fund that was not distributed on prior Distribution Dates;

     

    (vii) to
      the
      Supplemental Interest Trust, an amount equal to any Swap Termination Payment
      owed to the Swap Provider due to a Swap Provider Trigger Event pursuant to
      the
      Swap Agreement (to the extent such amount has not been paid by the Securities
      Administrator from any upfront payment received pursuant to any related
      replacement interest rate swap agreement that may be entered into by the Trustee
      on behalf of the Supplemental Interest Trust); 

     

    (viii) 
      to the
      Holders of the Class CE Certificates the Interest Distribution Amount and any
      Overcollateralization Reduction Amount for such Distribution Date;
      and

     

    (ix) to
      the
      Holders of the Class R Certificates, in respect of the Class R-III Interest,
      any
      remaining amounts; provided that if such Distribution Date is the Distribution
      Date immediately following the expiration of the latest Prepayment Charge term
      as identified on the Mortgage Loan Schedule or any Distribution Date thereafter,
      then any such remaining amounts will be distributed first, to the Holders of
      the
      Class P Certificates, until the Certificate Principal Balance thereof has been
      reduced to zero and second, to the Holders of the Class R
      Certificates.

     

    
      
        
        

      

      
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    The
      Class
      CE Certificates are intended to receive all principal and interest received
      by
      the Trust on the Mortgage Loans that is not otherwise distributable to any
      other
      Class of Regular Certificates or REMIC Regular Interests. If the Securities
      Administrator determines that the Residual Certificates are entitled to any
      distributions on any Distribution Date other than the final Distribution Date,
      the Securities Administrator, prior to any such distribution to any Residual
      Certificate, shall notify the Depositor of such impending distribution. Upon
      such notification, the Depositor will prepare and request that the other parties
      hereto enter into an amendment to the Pooling and Servicing Agreement pursuant
      to Section 12.01, to revise such mistake in the distribution
      provisions.

     

    On
      the
      day prior to each Distribution Date, the Securities Administrator shall deposit
      all amounts received with respect to the Cap Contracts into the Reserve Fund.
      On
      each Distribution Date, after making the distributions of the Available
      Distribution Amount as set forth above, the Securities Administrator will first,
      withdraw from the Reserve Fund all income from the investment of funds in the
      Reserve Fund and distribute such amount to the Holders of the Class CE
      Certificates, and second, withdraw from the Reserve Fund, to the extent of
      amounts remaining on deposit therein (which shall include any payments received
      under the Cap Contracts), the amount of any Net WAC Rate Carryover Amount for
      such Distribution Date and distribute such amount first, with respect to any
      amounts received by the Securities Administrator on account of the Group IA
      Cap
      Contract to the Holders of the Class A-1A Certificates, with respect to any
      amounts received by the Securities Administrator on account of the Group IB
      Cap
      Contract to the Holders of the Class A-1B Certificates and with respect to
      any
      amounts received by the Securities Administrator on account of the Group II
      Cap
      Contract concurrently to the Holders of the Class A-2 Certificates on a pro
      rata
      basis, based on the entitlement of each such Class; and, with respect to any
      amounts remaining undistributed paid pursuant to the Cap Contracts, second,
      to
      the Class M-1 Certificates, third, to the Class M-2 Certificates, fourth, to
      the
      Class M-3 Certificates, fifth, to the Class M-4 Certificates, sixth, to the
      Class M-5 Certificates, seventh, to the Class M-6 Certificates, eighth, to
      the
      Class M-7 Certificates, ninth, to the Class M-8 Certificates, tenth, to the
      Class M-9 Certificates, eleventh, to the Class M-10 Certificates and twelfth,
      to
      the Class M-11 Certificates, in each case to the extent to the extent any Net
      WAC Rate Carryover Amount is allocable to each such Class.

     

    With
      respect to any amounts deposited in the Reserve Fund from the Net Monthly Excess
      Cashflow under Section 5.01(c)(8)(vi) above and not distributed pursuant to
      the
      preceding paragraph, first, concurrently, (i) to the Holders of the Class A-1A
      Certificates, the related Net WAC Rate Carryover Amount remaining unpaid for
      such Distribution Date, (ii) (i) to the Holders of the Class A-1B Certificates,
      the related Net WAC Rate Carryover Amount remaining unpaid for such Distribution
      Date and (iii) to the Holders of the Class A-2A, Class A-2B, Class A-2C and
      Class A-2D Certificates, the related Net WAC Rate Carryover Amount remaining
      unpaid for such Distribution Date, on a pro rata basis, based on the entitlement
      of each such Class; second, sequentially to the Holders of the Class M-1
      Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4
      Certificates, Class M-5 Certificates, Class M-6 Certificates, Class M-7
      Certificates, Class M-8 Certificates, Class M-9 Certificates, Class M-10
      Certificates and Class M-11 Certificates, in that order, in respect of the
      related Net WAC Rate Carryover Amount remaining unpaid for each such Class
      for
      such Distribution Date and third to the Class CE Certificates.

     

    
      
        
        

      

      
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    (d) As
      described in Section 5.01(c)(2), (3), (4), (6) and (7) above, Net Swap
      Payments and Swap Termination Payments (other than Swap Termination Payments
      resulting from a Swap Provider Trigger Event) payable by the Supplemental
      Interest Trust to the Swap Provider pursuant to the Swap Agreement (to the
      extent not paid by the Securities Administrator from any upfront payment
      received pursuant to any replacement interest rate swap agreement that may
      be
      entered into by the Supplemental Interest Trust Trustee) shall be deducted
      from
      the Interest Remittance Amount, and to the extent of any such remaining amounts
      due, from the Principal Remittance Amount, prior to any distributions to the
      Certificateholders. On each Distribution Date commencing on the Distribution
      Date occurring in April 2007, such amounts will be remitted to the Supplemental
      Interest Trust, first to make any Net Swap Payment owed to the Swap Provider
      pursuant to the Swap Agreement for such Distribution Date, and second to make
      any Swap Termination Payment (not due to a Swap Provider Trigger Event) owed
      to
      the Swap Provider pursuant to the Swap Agreement for such Distribution Date
      (to
      the extent not paid by the Securities Administrator from any upfront payment
      received pursuant to any replacement interest rate swap agreement that may
      be
      entered into by the Supplemental Interest Trust Trustee). Any Swap Termination
      Payment triggered by a Swap Provider Trigger Event owed to the Swap Provider
      pursuant to the Swap Agreement will be subordinated to distributions to the
      Holders of the Offered Certificates and shall be paid pursuant to Section
      5.01(c)(8)(vii).

     

    (e) On
      each
      Distribution Date commencing on the Distribution Date occurring in April 2007
      and ending immediately following the Distribution Date in December 2011, to
      the
      extent required, following the distribution of the Net Monthly Excess Cashflow
      and withdrawals from the Reserve Fund, any Net Swap Payments payable to the
      Securities Administrator on behalf of the Supplemental Interest Trust by the
      Swap Provider will be distributed on the related Distribution Date in the
      following order of priority: 

     

    first,
      concurrently, to each Class of Class A Certificates, the related Senior Interest
      Distribution Amount remaining undistributed after the distributions of the
      Group
      IA Interest Remittance Amount, the Group IB Interest Remittance Amount and
      the
      Group II Interest Remittance Amount, on a pro
      rata
      basis
      based on such respective remaining Senior Interest Distribution
      Amounts;

     

    second,
      sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11
      Certificates, in that order, the related Interest Distribution Amount and
      Interest Carry Forward Amount, to the extent remaining undistributed after
      the
      distributions of the Group IA Interest Remittance Amount, the Group IB Interest
      Remittance Amount, the Group II Interest Remittance Amount and the Net Monthly
      Excess Cashflow;

     

    third,
      to the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount necessary to maintain the
      Required Overcollateralization Amount after taking into account distributions
      made pursuant to Section 5.01(c)(8)(i) above;

     

    
      
        
        

      

      
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    fourth,
      sequentially to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class
      M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates,
      in
      that order, in each case up to the related Allocated Realized Loss Amount
      related to such Certificates for such Distribution Date remaining undistributed
      after distribution of the Net Monthly Excess Cashflow;

     

    fifth,
      concurrently, to each class of Class A Certificates, the related Net WAC Rate
      Carryover Amount, to the extent remaining undistributed after distributions
      of
      Net Monthly Excess Cashflow on deposit in the Reserve Fund, on a pro
      rata
      basis
      based on such respective Net WAC Rate Carryover Amounts remaining
      unpaid;

     

    sixth,
      sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11
      Certificates, in that order, the related Net WAC Rate Carryover Amount, to
      the
      extent remaining undistributed after distributions are made from the Reserve
      Fund;

     

    seventh,
      to the
      Swap Provider, an amount equal to any Swap Termination Payment owed to the
      Swap
      Provider due to a Swap Provider Trigger Event pursuant to the Swap Agreement
      (to
      the extent such amount has not been paid by the Securities Administrator from
      any upfront payment received pursuant to any related replacement interest rate
      swap agreement that may be entered into by the Trustee on behalf of the
      Supplemental Interest Trust); and

     

    eighth,
      to the
      Class CE Certificates, any remaining amounts.

     

    (f) On
      each
      Distribution Date, the Securities Administrator shall withdraw any amounts
      then
      on deposit in the Distribution Account that represent Prepayment Charges and
      shall distribute such amounts to the Class P Certificateholders as described
      above.

     

    (g) All
      distributions made with respect to each Class of Certificates on each
      Distribution Date shall be allocated pro
      rata
      among
      the outstanding Certificates in such Class based on their respective Percentage
      Interests. Payments in respect of each Class of Certificates on each
      Distribution Date will be made to the Holders of the respective Class of record
      on the related Record Date (except as otherwise provided in Section 5.01(i)
      or
      Section 10.01 respecting the final distribution on such Class), based on the
      aggregate Percentage Interest represented by their respective Certificates,
      and
      shall be made by wire transfer of immediately available funds to the account
      of
      any such Holder at a bank or other entity having appropriate facilities
      therefor, if such Holder shall have so notified the Securities Administrator
      in
      writing at least five (5) Business Days prior to the Record Date immediately
      prior to such Distribution Date and is the registered owner of Certificates
      having an initial aggregate Certificate Principal Balance that is in excess
      of
      the lesser of (i) $5,000,000 or (ii) two-thirds of the initial Certificate
      Principal Balance of such Class of Certificates, or otherwise by check mailed
      by
      first class mail to the address of such Holder appearing in the Certificate
      Register. The final distribution on each Certificate will be made in like
      manner, but only upon presentment and surrender of such Certificate at the
      Corporate Trust Office of the Securities Administrator or such other location
      specified in the notice to Certificateholders of such final
      distribution.

     

    
      
        
        

      

      
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    Each
      distribution with respect to a Book-Entry Certificate shall be paid to the
      Depository, as Holder thereof, and the Depository shall be responsible for
      crediting the amount of such distribution to the accounts of its Depository
      Participants in accordance with its normal procedures. Each Depository
      Participant shall be responsible for disbursing such distribution to the
      Certificate Owners that it represents and to each indirect participating
      brokerage firm (a “brokerage firm” or “indirect participating firm”) for which
      it acts as agent. Each brokerage firm shall be responsible for disbursing funds
      to the Certificate Owners that it represents. None of the Trustee, the
      Depositor, the Servicer, the Securities Administrator or the Master Servicer
      shall have any responsibility therefor except as otherwise provided by this
      Agreement or applicable law.

     

    (h) The
      rights of the Certificateholders to receive distributions in respect of the
      Certificates, and all interests of the Certificateholders in such distributions,
      shall be as set forth in this Agreement. None of the Holders of any Class of
      Certificates, the Trustee, the Servicer, the Securities Administrator or the
      Master Servicer shall in any way be responsible or liable to the Holders of
      any
      other Class of Certificates in respect of amounts properly previously
      distributed on the Certificates.

     

    (i) Except
      as
      otherwise provided in Section 10.01, whenever the Securities Administrator
      expects that the final distribution with respect to any Class of Certificates
      will be made on the next Distribution Date, the Securities Administrator shall,
      no later than three (3) days before the related Distribution Date, mail to
      each
      Holder on such date of such Class of Certificates a notice to the effect
      that:

     

    (i) the
      Securities Administrator expects that the final distribution with respect to
      such Class of Certificates will be made on such Distribution Date but only
      upon
      presentation and surrender of such Certificates at the office of the Securities
      Administrator therein specified, and

     

    (ii) no
      interest shall accrue on such Certificates from and after the end of the related
      Interest Accrual Period.

     

    Any
      funds
      not distributed to any Holder or Holders of Certificates of such Class on such
      Distribution Date because of the failure of such Holder or Holders to tender
      their Certificates shall, on such date, be set aside and held in trust by the
      Securities Administrator and credited to the account of the appropriate
      non-tendering Holder or Holders. If any Certificates as to which notice has
      been
      given pursuant to this Section 5.01(i) shall not have been surrendered for
      cancellation within six months after the time specified in such notice, the
      Securities Administrator shall mail a second notice to the remaining
      non-tendering Certificateholders to surrender their Certificates for
      cancellation in order to receive the final distribution with respect thereto.
      If
      within one year after the second notice all such Certificates shall not have
      been surrendered for cancellation, the Securities Administrator shall, directly
      or through an agent, mail a final notice to the remaining non-tendering
      Certificateholders concerning surrender of their Certificates but shall continue
      to hold any remaining funds for the benefit of non-tendering Certificateholders.
      The costs and expenses of maintaining the funds in trust and of contacting
      such
      Certificateholders shall be paid out of the assets remaining in such trust
      fund.
      If within one year after the final notice any such Certificates shall not have
      been surrendered for cancellation, the Securities Administrator shall pay to
      the
      Depositor all such amounts, and all rights of non-tendering Certificateholders
      in or to such amounts shall thereupon cease. No interest shall accrue or be
      payable to any Certificateholder on any amount held in trust by the Securities
      Administrator as a result of such Certificateholder’s failure to surrender its
      Certificate(s) on the final Distribution Date for final payment thereof in
      accordance with this Section 5.01(i). Any such amounts held in trust by the
      Securities Administrator shall be held uninvested in an Eligible
      Account.

     

    
      
        
        

      

      
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    (j) Notwithstanding
      anything to the contrary herein, (i) in no event shall the Certificate Principal
      Balance of a Class A Certificate or a Mezzanine Certificate be reduced more
      than
      once in respect of any particular amount both (a) allocated to such Certificate
      in respect of Realized Losses pursuant to Section 5.04 and (b) distributed
      to
      the Holder of such Certificate in reduction of the Certificate Principal Balance
      thereof pursuant to this Section 5.01 from Net Monthly Excess Cashflow and
      (ii)
      in no event shall the Uncertificated Balance of a REMIC Regular Interest be
      reduced more than once in respect of any particular amount both (a) allocated
      to
      such REMIC Regular Interest in respect of Realized Losses pursuant to Section
      5.04 and (b) distributed on such REMIC Regular Interest in reduction of the
      Uncertificated Balance thereof pursuant to this Section 5.01.

     

    SECTION
      5.02. Statements
      to Certificateholders.

     

    On
      each
      Distribution Date, the Securities Administrator (based on the information set
      forth in the Servicer Reports for such Distribution Date, information provided
      by the Swap Provider under the Swap Agreement with respect to payments made
      pursuant to the Swap Agreement and information provided by the Cap Counterparty
      with respect to payments made pursuant to the Cap Contracts) shall make
      available to each Holder of the Certificates, the Servicer and the Credit Risk
      Manager, a statement as to the distributions made on such Distribution Date
      setting forth:

     

    (i) the
      applicable Interest Accrual Periods and general Distribution Dates;

     

    (ii) with
      respect to each loan group, the total cash flows received and the general
      sources thereof;

     

    (iii) the
      aggregate Servicing Fee received by the Servicer during the related Due
      Period;

     

    (iv) the
      amount, if any, of other fees or expenses accrued and paid, with an
      identification of the payee and the general purpose of such fees;

     

    (v) with
      respect to each loan group, the amount of the related distribution to Holders
      of
      the Certificates (by class) allocable to principal, separately identifying
      (A)
      the aggregate amount of any Principal Prepayments included therein, (B) the
      aggregate of all scheduled payments of principal included therein and (C) any
      Overcollateralization Increase Amount included therein;

     

    
      
        
        

      

      
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    (vi) with
      respect to each loan group, the amount of such distribution to Holders of the
      Certificates (by class) allocable to interest and the portion thereof, if any,
      provided by the Swap Agreement in the aggregate;

     

    (vii) with
      respect to each loan group, the Interest Carry Forward Amounts and any Net
      WAC
      Rate Carryover Amounts for the related Certificates (if any);

     

    (viii) the
      aggregate amount of Advances included in the distributions on the Distribution
      Date (including the general purpose of such Advances);

     

    (ix) with
      respect to each loan group, the number and aggregate principal balance of any
      Mortgage Loans (not including a Liquidated Mortgage Loan as of the end of the
      Prepayment Period) that were (A) delinquent (exclusive of Mortgage Loans in
      foreclosure) using the “OTS” method (1) one scheduled payment is delinquent, (2)
      two scheduled payments are delinquent, (3) three scheduled payments are
      delinquent and (4) foreclosure proceedings have been commenced, and loss
      information for the period;

     

    (x) the
      number, aggregate principal balance, weighted average remaining term to maturity
      and weighted average Mortgage Rate of the Mortgage Loans as of the related
      Due
      Date;

     

    (xi) with
      respect to each loan group and any Mortgage Loan that was liquidated during
      the
      preceding calendar month, the loan number and Scheduled Principal Balance of,
      and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment
      Period;

     

    (xii) the
      total
      number and principal balance of any real estate owned, or REO Properties, as
      of
      the end of the related Prepayment Period;

     

    (xiii) with
      respect to each loan group, whether the Stepdown Date has occurred and whether
      Trigger Event is in effect;

     

    (xiv) with
      respect to each loan group, the cumulative Realized Losses through the end
      of
      the preceding month;

     

    (xv) the
      aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the
      Distribution Account for such Distribution Date;

     

    (xvi) with
      respect to each loan group, the Certificate Principal Balance of the related
      Certificates before and after giving effect to the distribution of principal
      and
      allocation of Allocated Realized Loss Amounts on such Distribution
      Date;

     

    (xvii) with
      respect to each loan group, the number and Scheduled Principal Balance of all
      the Mortgage Loans for the following Distribution Date;

     

    
      
        
        

      

      
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    (xviii) with
      respect to each loan group, the three-month rolling average of the percent
      equivalent of a fraction, the numerator of which is the aggregate Scheduled
      Principal Balance of the Mortgage Loans in such loan group that are 60 days
      or
      more delinquent or are in bankruptcy or foreclosure or are REO Properties,
      and
      the denominator of which is the Scheduled Principal Balances of all of the
      Mortgage Loans in such loan group;

     

    (xix) the
      Certificate Factor for each such Class of Certificates applicable to such
      Distribution Date;

     

    (xx) the
      Interest Distribution Amount in respect of the Class A Certificates, the
      Mezzanine Certificates and the Class CE Certificates for such Distribution
      Date
      and the Interest Carry Forward Amount, if any, with respect to the Class A
      Certificates and the Mezzanine Certificates on such Distribution Date, and
      in
      the case of the Class A Certificates and the Mezzanine Certificates separately
      identifying any reduction thereof due to allocations of Prepayment Interest
      Shortfalls and interest shortfalls including the following Realized Losses:
      Relief Act Interest Shortfalls and Net WAC Rate Carryover Amounts;

     

    (xxi) the
      aggregate amount of any Prepayment Interest Shortfall for such Distribution
      Date, to the extent not covered by payments by the Servicer pursuant to
      Section 3.23 of this Agreement, the Master Servicer pursuant to
      Section 4.19 of this Agreement; 

     

    (xxii) the
      aggregate amount of Relief Act Interest Shortfalls for such Distribution
      Date;

     

    (xxiii) the
      amount of, if any, of Net Monthly Excess Cashflow or excess spread and the
      application of such Net Monthly Excess Cashflow;

     

    (xxiv) the
      Required Overcollateralization Amount and the Credit Enhancement Percentage
      for
      such Distribution Date;

     

    (xxv) the
      Overcollateralization Increase Amount, if any, for such Distribution
      Date;

     

    (xxvi) the
      Overcollateralization Reduction Amount, if any, for such Distribution
      Date;

     

    (xxvii) the
      Pass-Through Rate for each class of Certificates for such Distribution
      Date;

     

    (xxviii) 
      the
      amount of any deposit to the Reserve Fund contemplated by
      Section 3.25(b);

     

    (xxix) the
      balance of the Reserve Fund prior to the deposit or withdrawal of any amounts
      on
      such Distribution Date;

     

    
      
        
        

      

      
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    (xxx) the
      amount of any deposit to the Reserve Fund pursuant to
      Section 5.01(c)(8)(vi);

     

    (xxxi) the
      Loss
      Severity Percentage with respect to each Mortgage Loan;

     

    (xxxii) the
      Aggregate Loss Severity Percentage;

     

    (xxxiii) with
      respect to each loan group, the amount of the Prepayment Charges remitted by
      the
      Servicer; 

     

    (xxxiv) the
      amount of any Net Swap Payment payable to the Trust, any related Net Swap
      Payment payable to the Swap Provider, any Swap Termination Payment payable
      to
      the Trust and any related Swap Termination Payment payable to the Swap Provider;
      and

     

    (xxxv) the
      amounts received under the Cap Contracts. 

     

    The
      Securities Administrator will make such statement (and, at its option, any
      additional files containing the same information in an alternative format)
      available each month to the Certificateholders and the Rating Agencies via
      the
      Securities Administrator’s internet website. The Securities Administrator’s
      internet website shall initially be located at http:\\www.ctslink.com and
      assistance in using the website can be obtained by calling the Securities
      Administrator’s customer service desk at 1-301-815-6600. Parties that are unable
      to use the above distribution options are entitled to have a paper copy mailed
      to them via first class mail by calling the customer service desk and indicating
      such. The Securities Administrator shall have the right to change the way such
      statements are distributed in order to make such distribution more convenient
      and/or more accessible to the above parties and the Securities Administrator
      shall provide timely and adequate notification to all above parties regarding
      any such changes.

     

    In
      the
      case of information furnished pursuant to subclauses (i) and (ii) above, the
      amounts shall be expressed as a dollar amount per Single Certificate of the
      relevant Class.

     

    Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator shall furnish upon request to each Person who at any time during
      the calendar year was a Holder of a Regular Certificate a statement containing
      the information set forth in subclauses (i) through (iii) above, aggregated
      for
      such calendar year or applicable portion thereof during which such person was
      a
      Certificateholder. Such obligation of the Securities Administrator shall be
      deemed to have been satisfied to the extent that substantially comparable
      information shall be provided by the Securities Administrator pursuant to any
      requirements of the Code as from time to time are in force.

     

    Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator shall furnish upon request to each Person who at any time during
      the calendar year was a Holder of a Residual Certificate a statement setting
      forth the amount, if any, actually distributed with respect to the Residual
      Certificates, as appropriate, aggregated for such calendar year or applicable
      portion thereof during which such Person was a Certificateholder.

     

    
      
        
        

      

      
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    The
      Securities Administrator shall, upon request, furnish to each Certificateholder
      during the term of this Agreement, such periodic, special, or other reports
      or
      information, whether or not provided for herein, as shall be reasonable with
      respect to the Certificateholder, as applicable, or otherwise with respect
      to
      the purposes of this Agreement, all such reports or information to be provided
      at the expense of the Certificateholder, in accordance with such reasonable
      and
      explicit instructions and directions as the Certificateholder may
      provide.

     

    On
      each
      Distribution Date the Securities Administrator shall provide Bloomberg Financial
      Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates
      as of such Distribution Date, using a format and media mutually acceptable
      to
      the Securities Administrator and Bloomberg.

     

    SECTION
      5.03. Servicer
      Reports; P&I Advances.

     

    (a) On
      or
      before 12:00 noon New York time on the 18th calendar day of the month, and
      if
      the 18th calendar day is not a Business Day, the immediately following Business
      Day, the Servicer shall deliver to the Master Servicer and the Securities
      Administrator by telecopy or electronic mail (or by such other means as the
      Servicer, the Master Servicer and the Securities Administrator may agree from
      time to time) a remittance report containing such information with respect
      to
      the related Mortgage Loans and the related Distribution Date as is reasonably
      available to the Servicer as the Master Servicer or the Securities Administrator
      may reasonably require so as to enable the Master Servicer to master service
      the
      Mortgage Loans and oversee the servicing by the Servicer and the Securities
      Administrator to fulfill its obligations hereunder with respect to securities
      and tax reporting.

     

    (b) The
      amount of P&I Advances to be made by the Servicer on any Distribution Date
      shall equal, subject to Section 5.03(d), (i) the aggregate amount of Monthly
      Payments (net of the related Servicing Fees), due during the related Due Period
      in respect of the Mortgage Loans serviced by the Servicer, which Monthly
      Payments were delinquent as of the close of business on the related
      Determination Date and (ii) with respect to each REO Property, which was
      acquired during or prior to the related Prepayment Period and as to which an
      REO
      Disposition did not occur during the related Prepayment Period, an amount equal
      to the excess, if any, of the REO Imputed Interest on such REO Property for
      the
      most recently ended calendar month, over the net income from such REO Property
      deposited in the Collection Account pursuant to Section 3.22 of this Agreement
      for distribution on such Distribution Date; provided, however, the Servicer
      shall not be required to make P&I Advances with respect to Relief Act
      Interest Shortfalls, shortfalls due to bankruptcy proceedings or with respect
      to
      Prepayment Interest Shortfalls in excess of its obligations under Section 3.23.
      For purposes of the preceding sentence, the Monthly Payment on each Balloon
      Mortgage Loan with a delinquent Balloon Payment is equal to the assumed monthly
      payment that would have been due on the related Due Date based on the original
      principal amortization schedule for such Balloon Mortgage Loan.

     

    By
      12:00
      noon New York time on the Servicer Remittance Date, the Servicer shall remit
      in
      immediately available funds to the Securities Administrator for deposit in
      the
      Distribution Account an amount equal to the aggregate amount of P&I
      Advances, if any, to be made in respect of the Mortgage Loans for the related
      Distribution Date either (i) from its own funds or (ii) from the Collection
      Account, to the extent of any Amounts Held For Future Distribution on deposit
      therein (in which case it will cause to be made an appropriate entry in the
      records of the Collection Account that Amounts Held For Future Distribution
      have
      been, as permitted by this Section 5.03, used by the Servicer in discharge
      of
      any such P&I Advance) or (iii) in the form of any combination of (i) and
      (ii) aggregating the total amount of P&I Advances to be made by the Servicer
      with respect to the Mortgage Loans. In addition, the Servicer shall have the
      right to reimburse itself for any outstanding P&I Advance made from its own
      funds from Amounts Held for Future Distribution. Any Amounts Held For Future
      Distribution used by the Servicer to make P&I Advances or to reimburse
      itself for outstanding P&I Advances shall be appropriately reflected in the
      Servicer’s records and replaced by the Servicer by deposit in the Collection
      Account no later than the close of business on the Servicer Remittance Date
      immediately following the Due Period or Prepayment Period for which such amounts
      relate. The Securities Administrator will notify the Servicer and the Master
      Servicer by the close of business on the Business Day prior to the Distribution
      Date in the event that the amount remitted by the Servicer to the Securities
      Administrator on such date is less than the P&I Advances required to be made
      by the Servicer for the related Distribution Date.

     

    
      
        
        

      

      
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    (c) The
      obligation of the Servicer to make such P&I Advances is mandatory,
      notwithstanding any other provision of this Agreement but subject to (d) below,
      and, with respect to any related Mortgage Loan or REO Property, shall continue
      until a Final Recovery Determination in connection therewith or the removal
      thereof from the Trust Fund pursuant to any applicable provision of this
      Agreement, except as otherwise provided in this Section.

     

    (d) Notwithstanding
      anything herein to the contrary, no P&I Advance or Servicing Advance shall
      be required to be made hereunder by the Servicer if such P&I Advance or
      Servicing Advance would, if made, constitute a Nonrecoverable P&I Advance or
      Nonrecoverable Servicing Advance, respectively. The determination by the
      Servicer that it has made a Nonrecoverable P&I Advance or a Nonrecoverable
      Servicing Advance or that any proposed P&I Advance or Servicing Advance, if
      made, would constitute a Nonrecoverable P&I Advance or Nonrecoverable
      Servicing Advance, respectively, shall be evidenced by a certification of a
      Servicing Officer delivered to the Master Servicer.

     

    (e) In
      the
      event that the Servicer (or any successor thereto) fails to make a required
      P&I Advance, the Master Servicer (in its capacity as successor to the
      Servicer) will be required to make such P&I Advance on the Distribution Date
      on which the Servicer was required to make such P&I Advance, subject to its
      determination of recoverability.

     

    SECTION
      5.04. Allocation
      of Realized Losses.

     

    (a) Prior
      to
      the Determination Date, the Servicer shall determine as to each Mortgage Loan
      serviced by the Servicer and any related REO Property and include in the monthly
      remittance report provided to the Master Servicer and the Securities
      Administrator (substantially in the form of Schedule 4 hereto) such information
      as is reasonably available to the Servicer as the Master Servicer or the
      Securities Administrator may reasonably require so as to enable the Master
      Servicer to master service the Mortgage Loans and oversee the servicing by
      the
      Servicer and the Securities Administrator to fulfill its obligations hereunder
      with respect to securities and tax reporting, which shall include, but not
      be
      limited to: (i) the total amount of Realized Losses, if any, incurred in
      connection with any Final Recovery Determinations made during the related
      Prepayment Period; and (ii) the respective portions of such Realized Losses
      allocable to interest and allocable to principal. Prior to each Determination
      Date, the Servicer shall also determine as to each Mortgage Loan: (i) the total
      amount of Realized Losses, if any, incurred in connection with any Deficient
      Valuations made during the related Prepayment Period; and (ii) the total amount
      of Realized Losses, if any, incurred in connection with Debt Service Reductions
      in respect of Monthly Payments due during the related Due Period.

     

    
      
        
        

      

      
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    (b) All
      Realized Losses on the Mortgage Loans allocated to any REMIC I Regular Interest
      pursuant to Section 5.04(c) on the Mortgage Loans shall be allocated by the
      Securities Administrator on each Distribution Date as follows: first,
      to Net
      Monthly Excess Cashflow and to Net Swap Payments received from the Swap Provider
      under the Swap Agreement for that purpose; second,
      to the
      Class CE Certificates; third,
      to the
      Class M-11 Certificates, until the Certificate Principal Balance of the Class
      M-11 Certificates has been reduced to zero; fourth,
      to the
      Class M-10 Certificates, until the Certificate Principal Balance of the Class
      M-10 Certificates has been reduced to zero; fifth,
      to the
      Class M-9 Certificates, until the Certificate Principal Balance of the Class
      M-9
      Certificates has been reduced to zero; sixth,
      to the
      Class M-8 Certificates, until the Certificate Principal Balance of the Class
      M-8
      Certificates has been reduced to zero; seventh,
      to the
      Class M-7 Certificates, until the Certificate Principal Balance of the Class
      M-7
      Certificates has been reduced to zero; eighth,
      to the
      Class M-6 Certificates, until the Certificate Principal Balance of the Class
      M-6
      Certificates has been reduced to zero; ninth,
      to the
      Class M-5 Certificates, until the Certificate Principal Balance of the Class
      M-5
      Certificates has been reduced to zero; tenth,
      to the
      Class M-4 Certificates, until the Certificate Principal Balance of the Class
      M-4
      Certificates has been reduced to zero; eleventh,
      to the
      Class M-3 Certificates, until the Certificate Principal Balance of the Class
      M-3
      Certificates has been reduced to zero, twelfth,
      to the
      Class M-2 Certificates, until the Certificate Principal Balance of the Class
      M-2
      Certificates has been reduced to zero; and thirteenth,
      to the
      Class M-1 Certificates, until the Certificate Principal Balance of the Class
      M-1
      Certificates has been reduced to zero. All Realized Losses to be allocated
      to
      the Certificate Principal Balances of all Classes on any Distribution Date
      shall
      be so allocated after the actual distributions to be made on such date as
      provided above. All references above to the Certificate Principal Balance of
      any
      Class of Certificates shall be to the Certificate Principal Balance of such
      Class immediately prior to the relevant Distribution Date, before reduction
      thereof by any Realized Losses, in each case to be allocated to such Class
      of
      Certificates, on such Distribution Date.

     

    Any
      allocation of Realized Losses to a Mezzanine Certificate on any Distribution
      Date shall be made by reducing the Certificate Principal Balance thereof by
      the
      amount so allocated; any allocation of Realized Losses to a Class CE Certificate
      shall be made by reducing the amount otherwise payable in respect thereof
      pursuant to Section 5.01(c)(8)(viii). No allocations of any Realized Losses
      shall be made to the Certificate Principal Balances of the Class A Certificates
      or Class P Certificates.

     

    As
      used
      herein, an allocation of a Realized Loss on a “pro
      rata
      basis”
among two or more specified Classes of Certificates means an allocation on
      a
pro
      rata
      basis,
      among the various Classes so specified, to each such Class of Certificates
      on
      the basis of their then outstanding Certificate Principal Balances prior to
      giving effect to distributions to be made on such Distribution Date. All
      Realized Losses and all other losses allocated to a Class of Certificates
      hereunder will be allocated among the, Certificates of such Class in proportion
      to the Percentage Interests evidenced thereby.

     

    
      
        
        

      

      
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    In
      addition, in the event that the Servicer receives any Subsequent Recoveries
      with
      respect to a Mortgage Loan serviced by it, the Servicer shall deposit such
      funds
      into the Collection Account pursuant to Section 3.08. If, after taking into
      account such Subsequent Recoveries, the amount of a Realized Loss is reduced,
      the amount of such Subsequent Recoveries will be applied to increase the
      Certificate Principal Balance of the Class of Mezzanine 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
      Mezzanine Certificates pursuant to this Section 5.04 and not previously
      reimbursed to such Class of Mezzanine Certificates with Net Monthly Excess
      Cashflow pursuant to Section 5.01(c)(8). The amount of any remaining Subsequent
      Recoveries will be applied to sequentially increase the Certificate Principal
      Balance of the Mezzanine Certificates, beginning with the Class of Mezzanine
      Certificates with the next highest payment priority, up to the amount of such
      Realized Losses previously allocated to such Class of Mezzanine Certificates
      pursuant to this Section 5.04 and not previously reimbursed to such Class of
      Mezzanine Certificates with Net Monthly Excess Cashflow pursuant to Section
      5.01(c)(8)(iii). Holders of such Certificates will not be entitled to any
      payment in respect of current interest on the amount of such increases for
      any
      Interest Accrual Period preceding the Distribution Date on which such increase
      occurs. Any such increases shall be applied to the Certificate Principal Balance
      of each Mezzanine Certificate of such Class in accordance with its respective
      Percentage Interest.

     

    (c) i)  All
      Realized Losses on the Group IA Mortgage Loans shall be allocated on each
      Distribution Date first to REMIC I Regular Interest IA until the Uncertificated
      Balance of such REMIC I Regular Interest has been reduced to zero and second,
      to
      REMIC I Regular Interest IA-1-A through REMIC I Regular Interest IA-57B,
      starting with the lowest numerical denomination until such REMIC I Regular
      Interest has been reduced to zero, provided that, for REMIC I Regular Interests
      with the same numerical denomination, such Realized Losses shall be allocated
      pro
      rata
      between
      such REMIC I Regular Interests.
      All
      Realized Losses on the Group IB Mortgage Loans shall be allocated on each
      Distribution Date first to REMIC I Regular Interest IB until the Uncertificated
      Balance of such REMIC I Regular Interest has been reduced to zero and second,
      to
      REMIC I Regular Interest IB-1-A through REMIC I Regular Interest IB-57-B,
      starting with the lowest numerical denomination until such REMIC I Regular
      Interest has been reduced to zero, provided that, for REMIC I Regular Interests
      with the same numerical denomination, such Realized Losses shall be allocated
      pro
      rata
      between
      such REMIC I Regular Interests. All Realized Losses on the Group II Mortgage
      Loans shall be allocated on each Distribution Date first, to REMIC I Regular
      Interest II until the Uncertificated Balance of such REMIC I Regular Interest
      has been reduced to zero and second, to REMIC I Regular Interest II-1-A through
      REMIC I Regular Interest II-57-B, starting with the lowest numerical
      denomination until such REMIC I Regular Interest has been reduced to zero,
      provided that, for REMIC I Regular Interests with the same numerical
      denomination, such Realized Losses shall be allocated pro
      rata
      between
      such REMIC I Regular Interests. 

     

    (ii) The
      REMIC
      II Marker Allocation Percentage of all Realized Losses on the Mortgage Loans
      shall be allocated by the Securities Administrator, on each Distribution Date
      to
      the following REMIC II Regular Interests in the specified percentages, as
      follows: first, to Uncertificated Interest payable to the REMIC II Regular
      Interest AA and REMIC II Regular Interest ZZ up to an aggregate amount equal
      to
      the REMIC II Interest Loss Allocation Amount, 98.00% and 2.00%, respectively;
      second, to the Uncertificated Balances of the REMIC II Regular Interest AA
      and
      REMIC II Regular Interest ZZ up to an aggregate amount equal to the REMIC II
      Principal Loss Allocation Amount, 98.00% and 2.00%, respectively; third, to
      the
      Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
      Interest M-11 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      M-11
      has been reduced to zero; fourth, to the Uncertificated Balances of REMIC II
      Regular Interest AA, REMIC II Regular Interest M-10 and REMIC II Regular
      Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated
      Balance of REMIC II Regular Interest M-10 has been reduced to zero; fifth,
      to
      the Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
      Interest M-9 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      M-9
      has been reduced to zero; sixth, to the Uncertificated Balances of REMIC II
      Regular Interest AA, REMIC II Regular Interest M-8 and REMIC II Regular Interest
      ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance
      of
      REMIC II Regular Interest M-8 has been reduced to zero; seventh, to the
      Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
      Interest M-7 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      M-7
      has been reduced to zero; eighth, to the Uncertificated Balances of REMIC II
      Regular Interest AA, REMIC II Regular Interest M-6 and REMIC II Regular Interest
      ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance
      of
      REMIC II Regular Interest M-6 has been reduced to zero; ninth, to the
      Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
      Interest M-5 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      M-5
      has been reduced to zero; tenth, to the Uncertificated Balances of REMIC II
      Regular Interest AA, REMIC II Regular Interest M-4 and REMIC II Regular Interest
      ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance
      of
      REMIC II Regular Interest M-4 has been reduced to zero; eleventh, to the
      Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
      Interest M-3 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      M-3
      has been reduced to zero; twelfth, to the Uncertificated Balances of REMIC
      II
      Regular Interest AA, REMIC II Regular Interest M-2 and REMIC II Regular Interest
      ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance
      of
      REMIC II Regular Interest M-2 has been reduced to zero; and thirteenth, to
      the
      Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
      Interest M-1 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      M-1
      has been reduced to zero.

     

    
      
        
        

      

      
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    (iii) The
      REMIC
      II Sub WAC Allocation Percentage of all Realized Losses shall be applied after
      all distributions have been made on each Distribution Date first, so as to
      keep
      the Uncertificated Balance of each REMIC II Regular Interest ending with the
      designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of
      the Mortgage Loans in the related loan group; second, to each REMIC II Regular
      Interest ending with the designation “SUB,” so that the Uncertificated Balance
      of each such REMIC II Regular Interest is equal to 0.01% of the excess of (x)
      the aggregate Stated Principal Balance of the Mortgage Loans in the related
      loan
      group over (y) the current Certificate Principal Balance of the Class A
      Certificate in the related loan group (except that if any such excess is a
      larger number than in the preceding distribution period, the least amount of
      Realized Losses shall be applied to such REMIC II Regular Interests such that
      the REMIC II Subordinated Balance Ratio is maintained); and third, any remaining
      Realized Losses shall be allocated to REMIC II Regular Interest XX.

     

    
      
        
        

      

      
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    SECTION
      5.05. Compliance
      with Withholding Requirements.

     

    Notwithstanding
      any other provision of this Agreement, the Trustee and the Securities
      Administrator shall comply with all federal withholding requirements respecting
      payments to Certificateholders of interest or original issue discount that
      the
      Trustee reasonably believes are applicable under the Code. The consent of
      Certificateholders shall not be required for such withholding. In the event
      the
      Securities Administrator does withhold any amount from interest or original
      issue discount payments or advances thereof to any Certificateholder pursuant
      to
      federal withholding requirements, the Securities Administrator shall indicate
      the amount withheld to such Certificateholders.

     

    SECTION
      5.06. Reports
      Filed with Securities and Exchange Commission.

     

    (a) (i) Within
      15
      days after each Distribution Date (subject to permitted extensions under the
      Exchange Act), the Securities Administrator shall prepare and file on behalf
      of
      the Trust any Form 10-D required by the Exchange Act, in form and substance
      as
      required by the Exchange Act. The Securities Administrator shall file each
      Form
      10-D with a copy of the related Monthly Statement attached thereto. Any
      disclosure in addition to the Monthly Statement that is required to be included
      on Form 10-D (“Additional Form 10-D Disclosure”) shall be reported by the
      parties set forth on Exhibit G to the Depositor and the Securities Administrator
      and directed and approved by the Depositor pursuant to the following paragraph,
      and the Securities Administrator will have no duty or liability for any failure
      hereunder to determine or prepare any Additional Form 10-D Disclosure, except
      as
      set forth in the next paragraph. 

     

    (ii) As
      set
      forth on Exhibit G hereto, within 5 calendar days after the related Distribution
      Date, (A) certain parties to the ACE Securities Corp. Home Equity Loan Trust,
      Series 2006-ASAP5 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, if applicable, together with an Additional
      Disclosure Notification in the form of Exhibit H hereto (an “Additional
      Disclosure Notification”) and (B) the Depositor will approve, as to form and
      substance, or disapprove, as the case may be, the inclusion of the Additional
      Form 10-D Disclosure on Form 10-D. The Depositor will be responsible for any
      reasonable fees and expenses assessed or incurred by the Securities
      Administrator in connection with including any Additional Form 10-D Disclosure
      on Form 10-D pursuant to this paragraph. 

     

    
      
        
        

      

      
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    (iii) After
      preparing the Form 10-D, the Securities Administrator shall upon request,
      forward electronically a copy of the Form 10-D to the Depositor (provided that
      such Form 10-D includes any Additional Form 10-D Disclosure). Within two (2)
      Business Days after receipt of such copy but no later than the 12th
      calendar
      day after the Distribution Date, the Depositor shall notify the Securities
      Administrator in writing (which may be furnished electronically) of any changes
      to or approval of such Form 10-D. In the absence of receipt of any written
      changes or approval by the due date specified herein, or if the Depositor does
      not request a copy of a Form 10-D, the Securities Administrator shall be
      entitled to assume that such Form 10-D is in final form and the Securities
      Administrator may proceed with the execution and filing of the Form 10-D. A
      duly
      authorized representative of the Master Servicer shall sign the Form 10-D.
      If a
      Form 10-D cannot be filed on time or if a previously filed Form 10-D needs
      to be
      amended, the Securities Administrator will follow the procedures set forth
      in
      Section 5.06(c)(ii). Promptly (but no later than 1 Business Day) after filing
      with the Commission, the Securities Administrator will make available on its
      internet website a final executed copy of each Form 10-D prepared and filed
      by
      the Securities Administrator. Each party to this Agreement acknowledges that
      the
      performance by the Securities Administrator and the Master Servicer of their
      duties under this Section 5.06(a) related to the timely preparation, execution
      and filing of Form 10-D is contingent upon such parties strictly observing
      all
      applicable deadlines in the performance of their duties as set forth in this
      Agreement. Neither the Master Servicer nor the Securities Administrator shall
      have any liability for any loss, expense, damage, claim arising out of or with
      respect to any failure to properly prepare, execute and/or timely file such
      Form
      10-D, where such failure results from the Securities Administrator’s inability
      or failure to receive, on a timely basis, any information from any other party
      hereto needed to prepare, arrange for execution or file such Form 10-D, not
      resulting from its own negligence, bad faith or willful misconduct.

     

    (b) (i) Within
      four (4) Business Days after the occurrence of an event requiring disclosure
      on
      Form 8-K (each such event, a “Reportable Event”), and if requested by the
      Depositor, the Securities Administrator shall prepare and file on behalf of
      the
      Trust a Form 8-K, as required by the Exchange Act, provided that the Depositor
      shall file the initial Form 8-K in connection with the issuance of the
      Certificates. Any disclosure or information related to a Reportable Event or
      that is otherwise required to be included on Form 8-K other than the initial
      Form 8-K (“Form 8-K Disclosure Information”) shall be reported by the parties
      set forth on Exhibit G to the Depositor and the Securities Administrator and
      directed and approved by the Depositor pursuant to the following paragraph,
      and
      the Securities Administrator will have no duty or liability for any failure
      hereunder to determine or prepare any Form 8-K Disclosure Information or any
      Form 8-K, except as set forth in the next paragraph. 

     

    (ii) As
      set
      forth on Exhibit G hereto, for so long as the Trust is subject to the Exchange
      Act reporting requirements, no later than the close of business New York City
      time on the 2nd Business Day after the occurrence of a Reportable Event (i)
      the
      parties to the ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASAP5
      transaction shall be required to provide to the Securities Administrator and
      Depositor, to the extent known by a responsible officer thereof, in
      EDGAR-compatible form, or in such other form as otherwise agreed upon by the
      Securities Administrator and such party, the form and substance of any Form
      8-K
      Disclosure Information, if applicable, together with an Additional Disclosure
      Notification and (ii) the Depositor will approve, as to form and substance,
      or
      disapprove, as the case may be, the inclusion of the Form 8-K Disclosure
      Information. The Depositor will be responsible for any reasonable fees and
      expenses assessed or incurred by the Securities Administrator in connection
      with
      including any Form 8-K Disclosure Information on Form 8-K pursuant to this
      paragraph. 

     

    
      
        
        

      

      
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    (iii) After
      preparing the Form 8-K, the Securities Administrator shall upon request, forward
      electronically a copy of the Form 8-K to the Depositor. Promptly, but no later
      than the close of business on the third Business Day after the Reportable Event,
      the Depositor shall notify the Securities Administrator in writing (which may
      be
      furnished electronically) of any changes to or approval of such Form 8-K. In
      the
      absence of receipt of any written changes or approval by the third Business
      Day,
      or if the Depositor does not request a copy of a Form 8-K, the Securities
      Administrator shall be entitled to assume that such Form 8-K is in final form
      and the Securities Administrator may proceed with the execution and filing
      of
      the Form 8-K. A duly authorized representative of the Master Servicer shall
      sign
      each Form 8-K. If a Form 8-K cannot be filed on time or if a previously filed
      Form 8-K needs to be amended, the Securities Administrator will follow the
      procedures set forth in Section 5.06(c)(ii). Promptly (but no later than 1
      Business Day) after filing with the Commission, the Securities Administrator
      will, make available on its internet website a final executed copy of each
      Form
      8-K that has been prepared and filed by the Securities Administrator. The
      parties to this Agreement acknowledge that the performance by the Master
      Servicer and the Securities Administrator of their duties under this Section
      5.06(b) related to the timely preparation, execution and filing of Form 8-K
      is
      contingent upon such parties strictly observing all applicable deadlines in
      the
      performance of their duties under this Agreement. Neither the Master Servicer
      nor the Securities Administrator shall have any liability for any loss, expense,
      damage, claim arising out of or with respect to any failure to properly prepare,
      execute and/or timely file such Form 8-K, where such failure results from the
      Securities Administrator’s inability or failure to receive, on a timely basis,
      any information from any other party hereto needed to prepare, execute or
      arrange for execution or file such Form 8-K, not resulting from its own
      negligence, bad faith or willful misconduct.

     

    (c) (i) On
      or
      prior to January 30th of the first year in which the Securities Administrator
      is
      able to do so under applicable law, the Securities Administrator shall prepare
      and file a Form 15 suspension notification relating to the automatic suspension
      of reporting in respect of the Trust under the Exchange Act. 

     

    (ii) In
      the
      event that the Securities Administrator is unable to timely file with the
      Commission all or any required portion of any Form 8-K, 10-D or 10-K required
      to
      be filed by this Agreement because required disclosure information was either
      not delivered to it or delivered to it after the delivery deadlines set forth
      in
      this Agreement or for any other reason, the Securities Administrator will
      promptly electronically notify the Depositor. In the case of Form 10-D and
      10-K,
      the parties to this Agreement will cooperate to prepare and file a Form 12b-25
      and a 10-DA and 10-KA as applicable, pursuant to Rule 12b-25 of the Exchange
      Act. In the case of Form 8-K, the Securities Administrator will, upon receipt
      of
      all required Form 8-K Disclosure Information and upon the approval and direction
      of the Depositor, include such disclosure information on the next Form 10-D.
      In
      the event that any previously filed Form 8-K, 10-D or 10-K needs to be amended
      and such amendment includes any Additional Form 10-D Disclosure (other than
      for
      the purposes of restating any Monthly Report), any Additional Form 10-K
      Disclosure or any Form 8-K Disclosure Information or any amendment to such
      disclosure, the Securities Administrator will electronically notify the
      Depositor only if the amendment pertains to an additional reporting item being
      revised and/or amended on such form, but not if an amendment is being filed
      as a
      result of a Remittance Report revision, and the Depositor will cooperate with
      the Securities Administrator in preparing any necessary 8-KA, 10-DA or 10-KA.
      Any Form 15, Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K shall be
      signed by a duly authorized representative, or senior officer in charge of
      master servicing, as applicable, of the Master Servicer. The parties to this
      Agreement acknowledge that the performance by the Securities Administrator
      and
      the Master Servicer of their duties under this Section 5.06(c) related to the
      timely preparation, execution and filing of Form 15, a Form 12b-25 or any
      amendment to Form 8-K, 10-D or 10-K is contingent upon each such party
      performing its duties under this Agreement. Neither the Master Servicer nor
      the
      Securities Administrator shall have any liability for any loss, expense, damage,
      claim arising out of or with respect to any failure to properly prepare, execute
      and/or timely file any such Form 15, Form 12b-25 or any amendments to Forms
      8-K,
      10-D or 10-K, where such failure results from the Securities Administrator’s
      inability or failure to receive, on a timely basis, any information from any
      other party hereto needed to prepare, execute or arrange for execution or file
      such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K, not
      resulting from its own negligence, bad faith or willful misconduct.

     

    
      
        
        

      

      
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    (d) (i) On
      or
      prior to the 90th
      day
      after the end of each fiscal year of the Trust or such earlier date as may
      be
      required by the Exchange Act (the “10-K Filing Deadline”) (it being understood
      that the fiscal year for the Trust ends on December 31st of each year),
      commencing in March 2007, the Securities Administrator shall prepare and file
      on
      behalf of the Trust a Form 10-K, in form and substance as required by the
      Exchange Act. Each such Form 10-K shall include the following items, in each
      case to the extent they have been delivered to the Securities Administrator
      within the applicable time frames set forth in this Agreement, the related
      servicing agreement and custodial agreements, (i) an annual compliance statement
      for the Servicer, each Additional Servicer, the Master Servicer and the
      Securities Administrator and any Servicing Function Participant engaged by
      such
      parties (each, a “Reporting Servicer”) as described under Section 3.17 and
      Section 4.15 and in such other agreements, (ii)(A) the annual reports on
      assessment of compliance with servicing criteria for each Reporting Servicer,
      as
      described under Section 3.18 and Section 4.16 and in such other agreements,
      and
      (B) if each Reporting Servicer’s report on assessment of compliance with
      servicing criteria described under Section 3.18 and Section 4.16 identifies
      any
      material instance of noncompliance, disclosure identifying such instance of
      noncompliance, or if each Reporting Servicer’s report on assessment of
      compliance with servicing criteria described under Section 3.18 and Section
      4.16
      is not included as an exhibit to such Form 10-K, disclosure that such report
      is
      not included and an explanation why such report is not included, (iii)(A) the
      registered public accounting firm attestation report for each Reporting
      Servicer, as described under Section 3.18 and Section 4.17, or in such other
      agreement and (B) if any registered public accounting firm attestation report
      described under Section 3.18 and Section 4.17 identifies any material instance
      of noncompliance, disclosure identifying such instance of noncompliance, or
      if
      any such registered public accounting firm attestation report is not included
      as
      an exhibit to such Form 10-K, disclosure that such report is not included and
      an
      explanation why such report is not included, and (iv) a Sarbanes-Oxley
      Certification as described in Section 3.20 and Section 4.18 (provided, however,
      that the Securities Administrator, at its discretion, may omit from the Form
      10-K any annual compliance statement, assessment of compliance or attestation
      report that is not required to be filed with such Form 10-K pursuant to
      Regulation AB). Any disclosure or information in addition to (i) through (iv)
      above that is required to be included on Form 10-K (“Additional Form 10-K
      Disclosure”) shall be reported by the parties set forth on Exhibit G to the
      Depositor and the Securities Administrator and directed and approved by the
      Depositor pursuant to the following paragraph, and the Securities Administrator
      will have no duty or liability for any failure hereunder to determine or prepare
      any Additional Form 10-K Disclosure, except as set forth in the next
      paragraph.

     

    
      
        
        

      

      
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    (ii) As
      set
      forth on Exhibit G hereto, no later than March 15 of each year that the Trust
      is
      subject to the Exchange Act reporting requirements, commencing in 2007, (i)
      parties to the ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASAP5
      transaction shall be required to provide to the Securities Administrator and
      Depositor, to the extent known, by a responsible officer thereof, in
      EDGAR-compatible form, or in such other form as otherwise agreed upon by the
      Securities Administrator and such party, the form and substance of any
      Additional Form 10-K Disclosure, if applicable, together with an Additional
      Disclosure Notification and (ii) the Depositor will approve, as to form and
      substance, or disapprove, as the case may be, the inclusion of the Additional
      Form 10-K Disclosure on Form 10-K. The Depositor will be responsible for any
      reasonable fees and expenses assessed or incurred by the Securities
      Administrator in connection with including any Additional Form 10-K Disclosure
      on Form 10-K pursuant to this paragraph.

     

    (iii) After
      preparing the Form 10-K, the Securities Administrator shall upon request,
      forward electronically a copy of the Form 10-K to the Depositor. Within three
      (3) Business Days after receipt of such copy, but in no event later than March
      25th
      of each
      year that the Trust is subject to Exchange Act reporting requirements, the
      Depositor shall notify the Securities Administrator in writing (which may be
      furnished electronically) of any changes to or approval of such Form 10-K.
      In
      the absence of receipt of any written changes or approval by March 25th, or
      if
      the Depositor does not request a copy of a Form 10-K, the Securities
      Administrator shall be entitled to assume that such Form 10-K is in final form
      and the Securities Administrator may proceed with the execution and filing
      of
      the Form 10-K. A senior officer of the Master Servicer in charge of the master
      servicing function shall sign the Form 10-K. If a Form 10-K cannot be filed
      on
      time or if a previously filed Form 10-K needs to be amended, the Securities
      Administrator will follow the procedures set forth in Section 5.06(c)(ii).
      Promptly (but no later than 1 Business Day) after filing with the Commission,
      the Securities Administrator will make available on its internet website a
      final
      executed copy of each Form 10-K 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 5.06(d) related to the timely preparation, execution and
      filing of Form 10-K is contingent upon such parties (and any Additional Servicer
      or Servicing Function Participant) strictly observing all applicable deadlines
      in the performance of their duties under this Section 5.06(d), Section 3.17,
      Section 3.18, Section 3.20, Section 4.16, Section 4.17 and Section 4.18. Neither
      the Master Servicer nor the Securities Administrator shall have any liability
      for any loss, expense, damage or claim arising out of or with respect to any
      failure to properly prepare, execute and/or timely file such Form 10-K, where
      such failure results from the Securities Administrator’s inability or failure to
      receive, on a timely basis, any information from any other party hereto needed
      to prepare, arrange for execution or file such Form 10-K, not resulting from
      its
      own negligence, bad faith or willful misconduct.

     

    
      
        
        

      

      
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    (e) Each
      of
      Form 10-D and Form 10-K requires the registrant to indicate (by checking “yes”
or “no”) that it “(1) has filed all reports required to be filed by Section 13
      or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter
      period that the registrant was required to file such reports), and (2) has
      been
      subject to such filing requirements for the past 90 days.” The Depositor hereby
      represents to the Securities Administrator that the Depositor has filed all
      such
      required reports during the preceding 12 months and that it has been subject
      to
      such filing requirement for the past 90 days. The Depositor shall notify the
      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 and no later than March 15th with respect to the filing of a report on
      Form
      10-K, if the answer to the question should be “no” as a result of filings that
      relate to other securitization transactions of the Depositor for which the
      Securities Administrator does not have the obligation to prepare and file
      Exchange Act reports.

     

    (f) The
      Securities Administrator shall indemnify and hold harmless the Depositor, the
      Trustee and their respective officers, directors and Affiliates from and against
      any losses, damages, penalties, fines, forfeitures, reasonable and necessary
      legal fees and related costs, judgments and other costs and expenses arising
      out
      of or based upon a breach of the Master Servicer’s obligations under this
      Section 5.06 or the Master Servicer’s negligence, bad faith or willful
      misconduct in connection therewith. 

     

    (g) Notwithstanding
      the provisions of Section 12.01, this Section 5.06 may be amended without the
      consent of the Certificateholders.

     

    SECTION
      5.07. Supplemental
      Interest Trust.

     

    (a) On
      the
      Closing Date, the Securities Administrator shall establish and maintain in
      the
      name of the Trustee a separate account for the benefit of the holders of the
      Offered Certificates (the “Supplemental Interest Trust”). The Supplemental
      Interest Trust shall be an Eligible Account, and funds on deposit therein shall
      be held separate and apart from, and shall not be commingled with, any other
      moneys, including, without limitation, other moneys of the Trustee or of the
      Securities Administrator held pursuant to this Agreement. 

     

    (b) On
      the
      Business Day prior to each Distribution Date, the Securities Administrator
      shall
      deposit into the Supplemental Interest Trust amounts distributable to the Swap
      Provider by the Supplemental Interest Trust pursuant to Section 5.01(c)(2),
      (3), (4), (6) and (7) and Section 5.01(c)(8)(vii)
      of this
      Agreement and shall distribute such amounts on the Business Day prior to such
      Distribution Date in accordance with the foregoing sections.

     

    (c) On
      the
      Business Day prior to each Distribution Date, the Securities Administrator
      shall
      deposit into the Supplemental Interest Trust amounts received by it from the
      Swap Provider and shall distribute from the Supplemental Interest Trust on
      the
      Distribution Date an amount equal to the amount of any Net Swap Payment received
      from the Swap Provider under the Swap Agreement in the order of priority set
      forth in Section 5.01.

     

    (d) The
      Supplemental Interest Trust constitutes an “outside reserve fund” within the
      meaning of Treasury Regulation § 1.860G-2(h) and is not an asset of any REMIC.
      The Holders of the Class CE Certificates shall be the beneficial owner of the
      Supplemental Interest Trust, subject to the power of the Securities
      Administrator to transfer amounts under this Agreement. The Securities
      Administrator shall keep records that accurately reflect the funds on deposit
      in
      the Supplemental Interest Trust. The Securities Administrator shall, at the
      written direction of the majority of the Class CE Certificateholders, invest
      amounts on deposit in the Supplemental Interest Trust in Permitted Investments.
      In the absence of written direction to the Securities Administrator from the
      majority of the Class CE Certificateholders, all funds in the Supplemental
      Interest Trust shall remain uninvested. On each Distribution Date, the
      Securities Administrator shall distribute, not in respect of any REMIC, any
      interest earned on the Supplemental Interest Trust to the Holders of the Class
      CE Certificates.

     

    
      
        
        

      

      
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    (e) For
      federal income tax purposes, amounts paid to the Supplemental Interest Trust
      on
      each Distribution Date pursuant to Section 5.01(c)(2), (3), (4), (6) and
      (7) and Section 5.01(c)(8)(vii) shall first be deemed paid to the
      Supplemental Interest Trust in respect of the Class IO Interest to the extent
      of
      the amount distributable on such Class IO Interest on such Distribution Date,
      and any remaining amount shall be deemed paid to the Supplemental Interest
      Trust
      in respect of a Class IO Distribution Amount. It is the intention of the parties
      hereto that, for federal and state income and state and local franchise tax
      purposes, the Supplemental Interest Trust be disregarded as an entity separate
      from the Holder of the Class CE Certificates unless and until the date when
      either (a) there is more than one Class CE Certificateholder or (b) any Class
      of
      Certificates in addition to the Class CE Certificates is recharacterized as
      an
      equity interest in the Supplemental Interest Trust for federal income tax
      purposes, in which case it is the intention of the parties hereto that, for
      federal and state income and state and local franchise tax purposes, the
      Supplemental Interest Trust be treated as a partnership. The Master Servicer
      shall not be required to prepare and file partnership tax returns in respect
      of
      such partnership unless it receives additional reasonable compensation (not
      to
      exceed $10,000 per year) for the preparation of such filings, written
      notification recognizing the creation of a partnership agreement or comparable
      documentation evidencing the partnership.

     

    (f) The
      Securities Administrator shall treat the Holders of Certificates (other than
      the
      Class P, Class CE and Class R Certificates) as having entered into a notional
      principal contract with respect to the Holders of the Class CE Certificates.
      Pursuant to each such notional principal contract, all Holders of Certificates
      (other than the Class P, Class CE and Class R Certificates) shall be treated
      as
      having agreed to pay, on each Distribution Date, to the Holder of the Class
      CE
      Certificates an aggregate amount equal to the excess, if any, of (i) the amount
      payable on such Distribution Date on the REMIC III Regular Interest ownership
      of
      which is represented by such Class of Certificates over (ii) the amount payable
      on such Class of Certificates on such Distribution Date (such excess, a “Class
      IO Distribution Amount”). A Class IO Distribution Amount payable from interest
      collections shall be allocated pro rata among such Certificates based on the
      amount of interest otherwise payable to such Certificates, and a Class IO
      Distribution Amount payable from principal collections shall be allocated to
      the
      most subordinate Class of such Certificates with an outstanding principal
      balance to the extent of such balance. In addition, pursuant to such notional
      principal contract, the Holder of the Class CE Certificates shall be treated
      as
      having agreed to pay Net WAC Rate Carryover Amounts to the Holders of the
      Certificates (other than the Class CE, Class P and Class R Certificates) in
      accordance with the terms of this Agreement. Any payments to such Certificates
      from amounts deemed received in respect of this notional principal contract
      shall not be payments with respect to a Regular Interest in a REMIC within
      the
      meaning of Code Section 860G(a)(1). However, any payment from the Certificates
      (other than the Class CE, Class P and Class R Certificates) of a Class IO
      Distribution Amount shall be treated for tax purposes as having been received
      by
      the Holders of such Certificates in respect of the REMIC III Regular Interest
      ownership of which is represented by such Certificates, and as having been
      paid
      by such Holders to the Supplemental Interest Trust pursuant to the notional
      principal contract. Thus, each Certificate (other than the Class P and Class
      R
      Certificates) shall be treated as representing not only ownership of a Regular
      Interest in REMIC III, but also ownership of an interest in, and obligations
      with respect to, a notional principal contract.

     

    
      
        
        

      

      
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    (g) For
      federal tax return and information reporting, the right of the Class A
      Certificateholders and the Mezzanine Certificateholders to receive payments
      from
      the Supplemental Interest Trust and the Reserve Fund in respect of any Net
      WAC
      Rate Carryover Amount shall be assigned a value of $1000.

     

    (h) In
      the
      event that the Swap Agreement is terminated prior to the Distribution Date
      in
      December 2011, the Securities Administrator on behalf of the Supplemental
      Interest Trust, at the direction of the Depositor, shall use reasonable efforts
      to appoint a successor swap provider using any Swap Termination Payments paid
      by
      the Swap Provider. To the extent the Supplemental Interest Trust is required
      to
      pay a Swap Termination Payment to the Swap Provider, all or a portion of such
      amount received from a replacement swap provider upon entering into a
      replacement interest rate swap agreement or similar agreement will be applied
      to
      the Swap Termination Payment owing to the Swap Provider. If the Securities
      Administrator on behalf of the Supplemental Interest Trust is unable to locate
      a
      qualified successor swap provider within thirty (30) days of the Early
      Termination Date (as defined in the Swap Agreement), any Swap Termination
      Payments paid by the Swap Provider will be deposited into a separate
      non-interest bearing Eligible Account and the Securities Administrator, on
      each
      subsequent Distribution Date (until the termination date of the Swap Agreement
      or the appointment of a successor swap provider), will withdraw the amount
      of
      any Net Swap Payment due to the Supplemental Interest Trust (calculated in
      accordance with the terms of the Swap Agreement) and distribute such Net Swap
      Payment to the holders of the Certificates in accordance with Section
      5.01.

     

    SECTION
      5.08. Tax
      Treatment of Swap Payments and Swap Termination Payments.

     

    For
      federal income tax purposes, each holder of an Offered Certificate is deemed
      to
      own an undivided beneficial ownership interest in a REMIC regular interest
      and
      the right to receive payments from either the Reserve Fund or the Supplemental
      Interest Trust in respect of any Net WAC Rate Carryover Amounts or the
      obligation to make payments to the Supplemental Interest Trust. For federal
      income tax purposes, the Securities Administrator will account for payments
      to
      each Offered Certificate as follows: each Offered Certificate will be treated
      as
      receiving their entire payment from REMIC III (regardless of any Swap
      Termination Payment or obligation under the Swap Agreement) and subsequently
      paying their portion of any Swap Termination Payment in respect of each such
      Class’s obligation under the Swap Agreement. In the event that any such Class is
      resecuritized in a REMIC, the obligation under the Swap Agreement to pay any
      such Swap Termination Payment (or any shortfall in Net Swap Payment), will
      be
      made by one or more of the REMIC Regular Interests issued by the
      resecuritization REMIC subsequent to such REMIC Regular Interest receiving
      its
      full payment from any such Offered Certificate.

     

    
      
        
        

      

      
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    The
      REMIC
      Regular Interest corresponding to an Offered Certificate will be entitled to
      receive interest and principal payments at the times and in the amounts equal
      to
      those made on the certificate to which it corresponds, except that (i) the
      maximum interest rate of that REMIC regular interest will equal the Net WAC
      Pass-Through Rate computed for this purpose by limiting the Swap Notional Amount
      of the Swap Agreement to the aggregate Stated Principal Balance of the Mortgage
      Loans and (ii) any Swap Termination Payment will be treated as being payable
      solely from amounts otherwise payable to the Class CE Certificates. As a result
      of the foregoing, the amount of distributions and taxable income on the REMIC
      Regular Interest corresponding to an Offered Certificate may exceed the actual
      amount of distributions on the Offered Certificate.

    

    
      
        
          
          

        

        
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    ARTICLE
      VI

    

    THE
      CERTIFICATES

     

    SECTION
      6.01. The
      Certificates.

     

    (a) The
      Certificates in the aggregate will represent the entire beneficial ownership
      interest in the Mortgage Loans and all other assets included in REMIC I, REMIC
      II and REMIC III.

     

    The
      Certificates will be substantially in the forms annexed hereto as Exhibits
      A-1
      through A-5. The Certificates of each Class will be issuable in registered
      form
      only, in denominations of authorized Percentage Interests as described in the
      definition thereof. Each Certificate will share ratably in all rights of the
      related Class.

     

    Upon
      original issue, the Certificates shall be executed and authenticated by the
      Securities Administrator and delivered by the Trustee to and upon the written
      order of the Depositor. The Certificates shall be executed by manual or
      facsimile signature on behalf of the Trust by the Securities Administrator
      by an
      authorized signatory. Certificates bearing the manual or facsimile signatures
      of
      individuals who were at any time the proper officers of the Securities
      Administrator shall bind the Trust, notwithstanding that such individuals or
      any
      of them have ceased to hold such offices prior to the authentication and
      delivery of such Certificates or did not hold such offices at the date of such
      Certificates. No Certificate shall be entitled to any benefit under this
      Agreement or be valid for any purpose, unless there appears on such Certificate
      a certificate of authentication substantially in the form provided herein
      executed by the Securities Administrator by manual signature, and such
      certificate of authentication shall be conclusive evidence, and the only
      evidence, that such Certificate has been duly authenticated and delivered
      hereunder. All Certificates shall be dated the date of their
      authentication.

     

    (b) The
      Class
      A Certificates and the Mezzanine Certificates shall initially be issued as
      one
      or more Certificates held by the Book-Entry Custodian or, if appointed to hold
      such Certificates as provided below, the Depository and registered in the name
      of the Depository or its nominee and, except as provided below, registration
      of
      such Certificates may not be transferred by the Securities Administrator except
      to another Depository that agrees to hold such Certificates for the respective
      Certificate Owners with Ownership Interests therein. The Certificate Owners
      shall hold their respective Ownership Interests in and to such Certificates
      through the book-entry facilities of the Depository and, except as provided
      below, shall not be entitled to definitive, fully registered Certificates
      (“Definitive Certificates”) in respect of such Ownership Interests. All
      transfers by Certificate Owners of their respective Ownership Interests in
      the
      Book-Entry Certificates shall be made in accordance with the procedures
      established by the Depository Participant or brokerage firm representing such
      Certificate Owner. Each Depository Participant shall only transfer the Ownership
      Interests in the Book-Entry Certificates of Certificate Owners it represents
      or
      of brokerage firms for which it acts as agent in accordance with the
      Depository’s normal procedures. The Securities Administrator is hereby initially
      appointed as the Book-Entry Custodian and hereby agrees to act as such in
      accordance herewith and in accordance with the agreement that it has with the
      Depository authorizing it to act as such. The Book-Entry Custodian may, and,
      if
      it is no longer qualified to act as such, the Book-Entry Custodian shall,
      appoint, by a written instrument delivered to the Depositor, the Servicer and,
      if the Trustee is not the Book-Entry Custodian, the Trustee, any other transfer
      agent (including the Depository or any successor Depository) to act as
      Book-Entry Custodian under such conditions as the predecessor Book-Entry
      Custodian and the Depository or any successor Depository may prescribe, provided
      that the predecessor Book-Entry Custodian shall not be relieved of any of its
      duties or responsibilities by reason of any such appointment of other than
      the
      Depository. If the Securities Administrator resigns or is removed in accordance
      with the terms hereof, the successor Securities Administrator or, if it so
      elects, the Depository shall immediately succeed to its predecessor’s duties as
      Book-Entry Custodian. The Depositor shall have the right to inspect, and to
      obtain copies of, any Certificates held as Book-Entry Certificates by the
      Book-Entry Custodian.

     

    
      
        
        

      

      
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    (c) The
      Class
      CE Certificates and Class P Certificates will be issued as Definitive
      Certificates.

     

    (d) The
      Trustee, the Servicer, the Securities Administrator, the Master Servicer and
      the
      Depositor may for all purposes (including the making of payments due on the
      Book-Entry Certificates) deal with the Depository as the authorized
      representative of the Certificate Owners with respect to the Book-Entry
      Certificates for the purposes of exercising the rights of Certificateholders
      hereunder. The rights of Certificate Owners with respect to the Book-Entry
      Certificates shall be limited to those established by law and agreements between
      such Certificate Owners and the Depository Participants and brokerage firms
      representing such Certificate Owners. Multiple requests and directions from,
      and
      votes of, the Depository as Holder of the Book-Entry Certificates with respect
      to any particular matter shall not be deemed inconsistent if they are made
      with
      respect to different Certificate Owners. The Securities Administrator may
      establish a reasonable record date in connection with solicitations of consents
      from or voting by Certificateholders and shall give notice to the Depository
      of
      such record date.

     

    If
      (i)(A)
      the Depositor advises the Securities Administrator in writing that the
      Depository is no longer willing or able to properly discharge its
      responsibilities as Depository, and (B) the Depositor is unable to locate a
      qualified successor, (ii) the Depositor at its option advises the Securities
      Administrator in writing that it elects to terminate the book-entry system
      through the Depository or (iii) after the occurrence of a Servicer Event of
      Default, Certificate Owners representing in the aggregate not less than 51%
      of
      the Ownership Interests of the Book-Entry Certificates advise the Securities
      Administrator through the Depository, in writing, that the continuation of
      a
      book-entry system through the Depository is no longer in the best interests
      of
      the Certificate Owners, the Securities Administrator shall notify all
      Certificate Owners, through the Depository, of the occurrence of any such event
      and of the availability of Definitive Certificates to Certificate Owners
      requesting the same. Upon surrender to the Securities Administrator of the
      Book-Entry Certificates by the Book-Entry Custodian or the Depository, as
      applicable, the Securities Administrator shall cause the Definitive Certificates
      to be issued. Such Definitive Certificates will be issued in minimum
      denominations of $10,000 except that any beneficial ownership that was
      represented by a Book-Entry Certificate in an amount less than $10,000
      immediately prior to the issuance of a Definitive Certificate shall be issued
      in
      a minimum denomination equal to the amount represented by such Book-Entry
      Certificate. None of the Depositor, the Servicer, the Master Servicer, the
      Securities Administrator or the Trustee shall be liable for any delay in the
      delivery of such instructions and may conclusively rely on, and shall be
      protected in relying on, such instructions. Upon the issuance of Definitive
      Certificates all references herein to obligations imposed upon or to be
      performed by the Depository shall be deemed to be imposed upon and performed
      by
      the Securities Administrator, to the extent applicable with respect to such
      Definitive Certificates, and the Securities Administrator shall recognize the
      Holders of the Definitive Certificates as Certificateholders
      hereunder.

     

    
      
        
        

      

      
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    SECTION
      6.02. Registration
      of Transfer and Exchange of Certificates.

     

    (a) The
      Securities Administrator shall cause to be kept at one of the offices or
      agencies to be appointed by the Securities Administrator in accordance with
      the
      provisions of Section 9.11, a Certificate Register for the Certificates in
      which, subject to such reasonable regulations as it may prescribe, the
      Securities Administrator shall provide for the registration of Certificates
      and
      of transfers and exchanges of Certificates as herein provided.

     

    (b) No
      transfer of any Class CE Certificate, Class P Certificate or Residual
      Certificate shall be made unless that transfer is made pursuant to an effective
      registration statement under the Securities Act, and effective registration
      or
      qualification under applicable state securities laws, or is made in a
      transaction that does not require such registration or qualification. In the
      event that such a transfer of a Class CE Certificate, Class P Certificate or
      Residual Certificate is to be made without registration or qualification (other
      than in connection with the initial transfer of any such Certificate by the
      Depositor), the Securities Administrator shall require receipt of: (i) if such
      transfer is purportedly being made in reliance upon Rule 144A under the
      Securities Act, written certifications from the Certificateholder desiring
      to
      effect the transfer and from such Certificateholder’s prospective transferee,
      substantially in the form attached hereto as Exhibit B-1; (ii) if such transfer
      is purportedly being made in reliance upon Rule 501(a) under the Securities
      Act,
      written certifications from the Certificateholder desiring to effect the
      transfer and from such Certificateholder’s prospective transferee, substantially
      in the form attached hereto as Exhibit B-2; and (iii) in all other cases, an
      Opinion of Counsel satisfactory to the Securities Administrator that such
      transfer may be made without such registration or qualification (which Opinion
      of Counsel shall not be an expense of the Trust Fund or of the Depositor, the
      Trustee, the Master Servicer, the Securities Administrator or the Servicer),
      together with copies of the written certification(s) of the Certificateholder
      desiring to effect the transfer and/or such Certificateholder’s prospective
      transferee upon which such Opinion of Counsel is based, if any. Neither of
      the
      Depositor nor the Securities Administrator is obligated to register or qualify
      any such Certificates under the Securities Act or any other securities laws
      or
      to take any action not otherwise required under this Agreement to permit the
      transfer of such Certificates without registration or qualification. Any
      Certificateholder desiring to effect the transfer of any such Certificate shall,
      and does hereby agree to, indemnify the Trustee, the Depositor, the Master
      Servicer, the Securities Administrator and the Servicer against any liability
      that may result if the transfer is not so exempt or is not made in accordance
      with such federal and state laws.

     

    (c) No
      transfer of a Class CE Certificate, Class P Certificate or a Residual
      Certificate or any interest therein shall be made to any Plan, any Person
      acting, directly or indirectly, on behalf of any Plan or any Person acquiring
      such Certificates with “Plan Assets” of a Plan within the meaning of the
      Department of Labor regulation promulgated at 29 C.F.R. § 2510.3-101 (“Plan
      Assets”) unless the Securities Administrator is provided with an Opinion of
      Counsel on which the Depositor, the Master Servicer, the Securities
      Administrator, the Trustee and the Servicer may rely, which establishes to
      the
      satisfaction of the Securities Administrator that the purchase of such
      Certificates is permissible under applicable law, will not constitute or result
      in any prohibited transaction under ERISA or Section 4975 of the Code and will
      not subject the Depositor, the Servicer, the Trustee, the Master Servicer,
      the
      Securities Administrator or the Trust Fund to any obligation or liability
      (including obligations or liabilities under ERISA or Section 4975 of the Code)
      in addition to those undertaken in this Agreement, which Opinion of Counsel
      shall not be an expense of the Depositor, the Servicer, the Trustee, the Master
      Servicer, the Securities Administrator, the Trust Fund. An Opinion of Counsel
      will not be required in connection with the initial transfer of any such
      Certificate by the Depositor to an affiliate of the Depositor (in which case,
      the Depositor or any affiliate thereof shall have deemed to have represented
      that such affiliate is not a Plan or a Person investing Plan Assets) and the
      Securities Administrator shall be entitled to conclusively rely upon a
      representation (which, upon the request of the Securities Administrator, shall
      be a written representation) from the Depositor of the status of such transferee
      as an affiliate of the Depositor.

     

    
      
        
        

      

      
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    For
      so
      long as the Supplemental Interest Trust is in existence, each beneficial owner
      of a Offered Certificate or any interest therein, shall be deemed to have
      represented, by virtue of its acquisition or holding of the Offered Certificate,
      or interest therein, that either (i) it is not a Plan or (ii)(A) it is an
      accredited investor within the meaning of Prohibited Transaction Exemption
      2002-41, as amended from time to time (the “Exemption”) and (B) the acquisition
      and holding of such Certificate and the separate right to receive payments
      from
      the Supplemental Interest Trust are eligible for the exemptive relief available
      under Prohibited Transaction Class Exemption (“PTCE”) 84-14 (for transactions by
      independent “qualified professional asset managers”), 91-38 (for transactions by
      bank collective investment funds), 90-1 (for transactions by insurance company
      pooled separate accounts), 95-60 (for transactions by insurance company general
      accounts) or 96-23 (for transactions effected by “in-house asset
      managers”).

     

    Each
      Transferee of a Mezzanine Certificate or any interest therein that is acquired
      after the termination of the Supplemental Interest Trust shall certify or will
      be deemed to have represented by virtue of its purchase or holding of such
      Certificate (or interest therein) that either (a) such Transferee is not a
      Plan
      or purchasing such Certificate with Plan Assets, (b) it has acquired and is
      holding such Certificate in reliance on Prohibited Transaction Exemption (“PTE”)
      94-84 59 Fed. Reg. 65400 (December 19, 1994) or Final Authorization Number
      (FAN)
      97-03E (December 9, 1996), as amended by PTE 97-34, 62 Fed. Reg. 39021 (July
      21,
      1997), PTE 2000-58, 65 Fed. Reg. 67765 (November 13, 2000) and PTE 2002-41,
      67
      Fed. Reg. 54487 (August 22, 2002), and that it understands that there are
      certain conditions to the availability of the such exemption including that
      such
      Certificate must be rated, at the time of purchase, not lower than “BBB-” (or
      its equivalent) by a Rating Agency or (c) the following conditions are
      satisfied: (i) such Transferee is an insurance company, (ii) the source of
      funds
      used to purchase or hold such Certificate (or interest therein) is an “insurance
      company general account” (as defined in PTCE 95-60), and (iii) the conditions
      set forth in Sections I and III of PTCE 95-60 have been satisfied.

     

    If
      any
      Certificate or any interest therein is acquired or held in violation of the
      conditions described in this Section 6.02(c), the next preceding permitted
      beneficial owner will be treated as the beneficial owner of that Certificate,
      retroactive to the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any certificate
      or
      interest therein was effected in violation of the conditions described in this
      Section 6.02(c) shall indemnify and hold harmless the Depositor, the Trustee,
      the Servicer, the Master Servicer, the Securities Administrator and the Trust
      Fund from and against any and all liabilities, claims, costs or expenses
      incurred by those parties as a result of that acquisition or
      holding.

     

    
      
        
        

      

      
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    (d)(i)
      Each
      Person who has or who acquires any Ownership Interest in a Residual Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions and to have irrevocably
      authorized the Securities Administrator or its designee under clause (iii)(A)
      below to deliver payments to a Person other than such Person and to negotiate
      the terms of any mandatory sale under clause (iii)(B) below and to execute
      all
      instruments of Transfer and to do all other things necessary in connection
      with
      any such sale. The rights of each Person acquiring any Ownership Interest in
      a
      Residual Certificate are expressly subject to the following
      provisions:

     

    (A) Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall be a Permitted Transferee and shall promptly notify the Securities
      Administrator of any change or impending change in its status as a Permitted
      Transferee.

     

    (B) In
      connection with any proposed Transfer of any Ownership Interest in a Residual
      Certificate, the Securities Administrator shall require delivery to it, and
      shall not register the Transfer of any Residual Certificate until its receipt
      of, an affidavit and agreement (a “Transfer Affidavit and Agreement,” in the
      form attached hereto as Exhibit B-3) from the proposed Transferee, in form
      and
      substance satisfactory to the Securities Administrator, representing and
      warranting, among other things, that such Transferee is a Permitted Transferee,
      that it is not acquiring its Ownership Interest in the Residual Certificate
      that
      is the subject of the proposed Transfer as a nominee, trustee or agent for
      any
      Person that is not a Permitted Transferee, that for so long as it retains its
      Ownership Interest in a Residual Certificate, it will endeavor to remain a
      Permitted Transferee, and that it has reviewed the provisions of this Section
      6.02(d) and agrees to be bound by them.

     

    (C) Notwithstanding
      the delivery of a Transfer Affidavit and Agreement by a proposed Transferee
      under clause (B) above, if an authorized officer of the Securities Administrator
      who is assigned to this transaction has actual knowledge that the proposed
      Transferee is not a Permitted Transferee, no Transfer of an Ownership Interest
      in a Residual Certificate to such proposed Transferee shall be
      effected.

     

    (D) Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall agree (x) to require a Transfer Affidavit and Agreement from any other
      Person to whom such Person attempts to transfer its Ownership Interest in a
      Residual Certificate and (Y) not to transfer its Ownership Interest unless
      it
      provides a Transferor Affidavit (in the form attached hereto as Exhibit B-2)
      to
      the Securities Administrator stating that, among other things, it has no actual
      knowledge that such other Person is not a Permitted Transferee.

     

    
      
        
        

      

      
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    (E) Each
      Person holding or acquiring an Ownership Interest in a Residual Certificate,
      by
      purchasing an Ownership Interest in such Certificate, agrees to give the
      Securities Administrator written notice that it is a “pass-through interest
      holder” within the meaning of temporary Treasury regulation Section
      1.67-3T(a)(2)(i)(A) immediately upon acquiring an Ownership Interest in a
      Residual Certificate, if it is, or is holding an Ownership Interest in a
      Residual Certificate on behalf of, a “pass-through interest
      holder.”

     

    (ii) The
      Securities Administrator will register the Transfer of any Residual Certificate
      only if it shall have received the Transfer Affidavit and Agreement and all
      of
      such other documents as shall have been reasonably required by the Securities
      Administrator as a condition to such registration. In addition, no Transfer
      of a
      Residual Certificate shall be made unless the Securities Administrator shall
      have received a representation letter from the Transferee of such Certificate
      to
      the effect that such Transferee is a Permitted Transferee.

     

    (iii) (A)
      If
      any purported Transferee shall become a Holder of a Residual Certificate in
      violation of the provisions of this Section 6.02(d), then the last preceding
      Permitted Transferee shall be restored, to the extent permitted by law, to
      all
      rights as holder thereof retroactive to the date of registration of such
      Transfer of such Residual Certificate. The Securities Administrator shall be
      under no liability to any Person for any registration of Transfer of a Residual
      Certificate that is in fact not permitted by this Section 6.02(d) or for making
      any payments due on such Certificate to the holder thereof or for taking any
      other action with respect to such holder under the provisions of this
      Agreement.

     

    (B) If
      any
      purported Transferee shall become a holder of a Residual Certificate in
      violation of the restrictions in this Section 6.02(d) and to the extent that
      the
      retroactive restoration of the rights of the holder of such Residual Certificate
      as described in clause (iii)(A) above shall be invalid, illegal or
      unenforceable, then the Securities Administrator shall have the right, without
      notice to the holder or any prior holder of such Residual Certificate, to sell
      such Residual Certificate to a purchaser selected by the Securities
      Administrator on such terms as the Securities Administrator may choose. Such
      purported Transferee shall promptly endorse and deliver each Residual
      Certificate in accordance with the instructions of the Securities Administrator.
      Such purchaser may be the Securities Administrator itself or any Affiliate
      of
      the Securities Administrator. The proceeds of such sale, net of the commissions
      (which may include commissions payable to the Securities Administrator or its
      Affiliates), expenses and taxes due, if any, will be remitted by the Securities
      Administrator to such purported Transferee. The terms and conditions of any
      sale
      under this clause (iii)(B) shall be determined in the sole discretion of the
      Securities Administrator, and the Securities Administrator shall not be liable
      to any Person having an Ownership Interest in a Residual Certificate as a result
      of its exercise of such discretion.

     

    
      
        
        

      

      
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    (iv) The
      Securities Administrator shall make available to the Internal Revenue Service
      and those Persons specified by the REMIC Provisions all information necessary
      to
      compute any tax imposed (A) as a result of the Transfer of an Ownership Interest
      in a Residual Certificate to any Person who is a Disqualified Organization,
      including the information described in Treasury regulations sections
      1.860D-1(b)(5) and 1.860E-2(a)(5) with respect to the “excess inclusions” of
      such Residual Certificate and (B) as a result of any regulated investment
      company, real estate investment trust, common trust fund, partnership, trust,
      estate or organization described in Section 1381 of the Code that holds an
      Ownership Interest in a Residual Certificate having as among its record holders
      at any time any Person which is a Disqualified Organization. Reasonable
      compensation for providing such information may be charged or collected by
      the
      Securities Administrator.

     

    (v) The
      provisions of this Section 6.02(d) set forth prior to this subsection (v) may
      be
      modified, added to or eliminated, provided that there shall have been delivered
      to the Securities Administrator at the expense of the party seeking to modify,
      add to or eliminate any such provision the following:

     

    (A) written
      notification from each Rating Agency to the effect that the modification,
      addition to or elimination of such provisions will not cause such Rating Agency
      to downgrade its then-current ratings of any Class of Certificates;
      and

     

    (B) an
      Opinion of Counsel, in form and substance satisfactory to the Securities
      Administrator, to the effect that such modification of, addition to or
      elimination of such provisions will not cause any Trust REMIC to cease to
      qualify as a REMIC and will not cause any Trust REMIC, as the case may be,
      to be
      subject to an entity-level tax caused by the Transfer of any Residual
      Certificate to a Person that is not a Permitted Transferee or a Person other
      than the prospective transferee to be subject to a REMIC-tax caused by the
      Transfer of a Residual Certificate to a Person that is not a Permitted
      Transferee.

     

    (e) Subject
      to the preceding subsections, upon surrender for registration of transfer of
      any
      Certificate at any office or agency of the Securities Administrator maintained
      for such purpose pursuant to Section 9.11, the Securities Administrator shall
      execute, authenticate and deliver, in the name of the designated Transferee
      or
      Transferees, one or more new Certificates of the same Class of a like aggregate
      Percentage Interest.

     

    (f) At
      the
      option of the Holder thereof, any Certificate may be exchanged for other
      Certificates of the same Class with authorized denominations and a like
      aggregate Percentage Interest, upon surrender of such Certificate to be
      exchanged at any office or agency of the Securities Administrator maintained
      for
      such purpose pursuant to Section 9.11. Whenever any Certificates are so
      surrendered for exchange, the Securities Administrator shall execute,
      authenticate and deliver, the Certificates which the Certificateholder making
      the exchange is entitled to receive. Every Certificate presented or surrendered
      for transfer or exchange shall (if so required by the Securities Administrator)
      be duly endorsed by, or be accompanied by a written instrument of transfer
      in
      the form satisfactory to the Securities Administrator duly executed by, the
      Holder thereof or his attorney duly authorized in writing. In addition, with
      respect to each Class R Certificate, the holder thereof may exchange, in the
      manner described above, such Class R Certificate for three separate
      certificates, each representing such holder's respective Percentage Interest
      in
      the Class R-I Interest, the Class R-II Interest and the Class R-III Interest,
      respectively, in each case that was evidenced by the Class R Certificate being
      exchanged.

     

    
      
        
        

      

      
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    (g) No
      service charge to the Certificateholders shall be made for any transfer or
      exchange of Certificates, but the Securities Administrator may require payment
      of a sum sufficient to cover any tax or governmental charge that may be imposed
      in connection with any transfer or exchange of Certificates.

     

    (h) All
      Certificates surrendered for transfer and exchange shall be canceled and
      destroyed by the Securities Administrator in accordance with its customary
      procedures.

     

    SECTION
      6.03. Mutilated,
      Destroyed, Lost or Stolen Certificates.

     

    If
      (i)
      any mutilated Certificate is surrendered to the Securities Administrator, or
      the
      Securities Administrator receives evidence to its satisfaction of the
      destruction, loss or theft of any Certificate and of the ownership thereof,
      and
      (ii) there is delivered to the Securities Administrator such security or
      indemnity as may be required by it to save it harmless, then, in the absence
      of
      actual knowledge by the Securities Administrator that such Certificate has
      been
      acquired by a protected purchaser, the Securities Administrator, shall execute,
      authenticate and deliver, in exchange for or in lieu of any such mutilated,
      destroyed, lost or stolen Certificate, a new Certificate of the same Class
      and
      of like denomination and Percentage Interest. Upon the issuance of any new
      Certificate under this Section, the Securities Administrator may require the
      payment of a sum sufficient to cover any tax or other governmental charge that
      may be imposed in relation thereto and any other expenses (including the fees
      and expenses of the Securities Administrator) connected therewith. Any
      replacement Certificate issued pursuant to this Section shall constitute
      complete and indefeasible evidence of ownership in the applicable REMIC created
      hereunder, as if originally issued, whether or not the lost, stolen or destroyed
      Certificate shall be found at any time.

     

    SECTION
      6.04. Persons
      Deemed Owners.

     

    The
      Depositor, the Servicer, the Trustee, the Master Servicer, the Securities
      Administrator and any agent of any of them may treat the Person in whose name
      any Certificate is registered as the owner of such Certificate for the purpose
      of receiving distributions pursuant to Section 5.01 and for all other purposes
      whatsoever, and none of the Depositor, the Servicer, the Trustee, the Master
      Servicer, the Securities Administrator or any agent of any of them shall be
      affected by notice to the contrary.

     

    SECTION
      6.05. Certain
      Available Information.

     

    On
      or
      prior to the date of the first sale of any Class CE Certificate, Class P
      Certificate or Residual Certificate to an Independent third party, the Depositor
      shall provide to the Securities Administrator ten copies of any private
      placement memorandum or other disclosure document used by the Depositor in
      connection with the offer and sale of such Certificate. In addition, if any
      such
      private placement memorandum or disclosure document is revised, amended or
      supplemented at any time following the delivery thereof to the Securities
      Administrator, the Depositor promptly shall inform the Securities Administrator
      of such event and shall deliver to the Securities Administrator ten copies
      of
      the private placement memorandum or disclosure document, as revised, amended
      or
      supplemented. The Securities Administrator shall maintain at its office as
      set
      forth in Section 12.05 hereof and shall make available free of charge during
      normal business hours for review by any Holder of a Certificate or any Person
      identified to the Securities Administrator as a prospective transferee of a
      Certificate, originals or copies of the following items: (i) in the case of
      a
      Holder or prospective transferee of a Class CE Certificate, Class P Certificate
      or Residual Certificate, the related private placement memorandum or other
      disclosure document relating to such Class of Certificates, in the form most
      recently provided to the Securities Administrator; and (ii) in all cases, (A)
      this Agreement and any amendments hereof entered into pursuant to Section 12.01,
      (B) all monthly statements required to be delivered to Certificateholders of
      the
      relevant Class pursuant to Section 5.02 since the Closing Date, and all other
      notices, reports, statements and written communications delivered to the
      Certificateholders of the relevant Class pursuant to this Agreement since the
      Closing Date and (C) any copies of all Officers’ Certificates of the Servicer
      since the Closing Date delivered to the Master Servicer to evidence such
      Person’s determination that any P&I Advance or Servicing Advance was, or if
      made, would be a Nonrecoverable P&I Advance or Nonrecoverable Servicing
      Advance. Copies and mailing of any and all of the foregoing items will be
      available from the Securities Administrator upon request at the expense of
      the
      Person requesting the same.

    

    
      
        
          
          

        

        
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    ARTICLE
      VII

    

    THE
      DEPOSITOR, THE SERVICER AND THE MASTER SERVICER

     

    SECTION
      7.01. Liability
      of the Depositor, the Servicer and the Master Servicer.

     

    The
      Depositor, the Servicer and the Master Servicer each shall be liable in
      accordance herewith only to the extent of the obligations specifically imposed
      by this Agreement upon them in their respective capacities as Depositor,
      Servicer and Master Servicer and undertaken hereunder by the Depositor, the
      Servicer and the Master Servicer herein.

     

    SECTION
      7.02. Merger
      or
      Consolidation of the Depositor, the Servicer or the Master Servicer. 

     

    Subject
      to the following paragraph, the Depositor will keep in full effect its
      existence, rights and franchises as a corporation under the laws of the
      jurisdiction of its incorporation. Subject to the following paragraph, the
      Servicer will keep in full effect its existence, rights and franchises as a
      limited liability company under the laws of the jurisdiction of its formation.
      Subject to the following paragraph, the Master Servicer will keep in full effect
      its existence, rights and franchises as a national banking association. The
      Depositor, the Servicer and the Master Servicer each will obtain and preserve
      its qualification to do business as a foreign entity in each jurisdiction in
      which such qualification is or shall be necessary to protect the validity and
      enforceability of this Agreement, the Certificates or any of the Mortgage Loans
      and to perform its respective duties under this Agreement.

     

    The
      Depositor, the Servicer or the Master Servicer may be merged or consolidated
      with or into any Person, or transfer all or substantially all of its assets
      to
      any Person, in which case any Person resulting from any merger or consolidation
      to which the Depositor, the Servicer or the Master Servicer shall be a party,
      or
      any Person succeeding to the business of the Depositor, the Servicer or the
      Master Servicer, shall be the successor of the Depositor, the Servicer or the
      Master Servicer, as the case may be, hereunder, without the execution or filing
      of any paper or any further act on the part of any of the parties hereto,
      anything herein to the contrary notwithstanding; provided, however, that any
      successor to the Servicer or the Master Servicer shall meet the eligibility
      requirements set forth in clauses (i) and (iii) of the last paragraph of Section
      8.02(a) or Section 7.06, as applicable.

     

    SECTION
      7.03. Limitation
      on Liability of the Depositor, the Servicer, the Master Servicer and
      Others.

     

    None
      of
      the Depositor, the Servicer, the Securities Administrator, the Master Servicer
      or any of the directors, officers, employees or agents of the Depositor, the
      Servicer or the Master Servicer shall be under any liability to the Trust Fund
      or the Certificateholders for any action taken or for refraining from the taking
      of any action in good faith pursuant to this Agreement, or for errors in
      judgment; provided, however, that this provision shall not protect the
      Depositor, the Servicer, the Securities Administrator, the Master Servicer
      or
      any such person against any breach of warranties, representations or covenants
      made herein or against any specific liability imposed on any such Person
      pursuant hereto or against any liability which would otherwise be imposed by
      reason of willful misfeasance, bad faith or gross negligence in the performance
      of duties or by reason of reckless disregard of obligations and duties
      hereunder. The Depositor, the Servicer, the Securities Administrator, the Master
      Servicer and any director, officer, employee or agent of the Depositor, the
      Servicer, the Securities Administrator and the Master Servicer may rely in
      good
      faith on any document of any kind which, prima facie, is properly executed
      and
      submitted by any Person respecting any matters arising hereunder. The Depositor,
      the Servicer, the Securities Administrator, the Master Servicer and any
      director, officer, employee or agent of the Depositor, the Servicer, the
      Securities Administrator or the Master Servicer shall be indemnified and held
      harmless by the Trust Fund against any loss, liability or expense incurred
      in
      connection with any legal action relating to this Agreement, the Certificates
      or
      any Credit Risk Management Agreement or any loss, liability or expense incurred
      other than by reason of willful misfeasance, bad faith or gross negligence
      in
      the performance of duties hereunder or by reason of reckless disregard of
      obligations and duties hereunder. None of the Depositor, the Servicer, the
      Securities Administrator or the Master Servicer shall be under any obligation
      to
      appear in, prosecute or defend any legal action unless such action is related
      to
      its respective duties under this Agreement and, in its opinion, does not involve
      it in any expense or liability; provided, however, that each of the Depositor,
      the Servicer, the Securities Administrator and the Master Servicer may in its
      discretion undertake any such action which it may deem necessary or desirable
      with respect to this Agreement and the rights and duties of the parties hereto
      and the interests of the Certificateholders hereunder. In such event, the legal
      expenses and costs of such action and any liability resulting therefrom (except
      any loss, liability or expense incurred by reason of willful misfeasance, bad
      faith or gross negligence in the performance of duties hereunder or by reason
      of
      reckless disregard of obligations and duties hereunder) shall be expenses,
      costs
      and liabilities of the Trust Fund, and the Depositor, the Servicer, the
      Securities Administrator and the Master Servicer shall be entitled to be
      reimbursed therefor from the Collection Account or the Distribution Account
      as
      and to the extent provided in Article III and Article IV, any such right of
      reimbursement being prior to the rights of the Certificateholders to receive
      any
      amount in the Collection Account and the Distribution Account.

     

    
      
        
        

      

      
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    Notwithstanding
      anything to the contrary contained herein, the Servicer shall not be liable
      for
      any actions or inactions prior to the Cut-off Date of any prior servicer of
      the
      related Mortgage Loans and the Master Servicer shall not be liable for any
      action or inaction of the Servicer, except to the extent expressly provided
      herein, or the Credit Risk Management Agreement.

     

    SECTION
      7.04. Limitation
      on Resignation of the Servicer.

     

    (a) Except
      as
      expressly provided herein, the Servicer shall neither assign all or
      substantially all of its rights under this Agreement or the servicing hereunder
      nor delegate all or substantially all of its duties hereunder nor sell or
      otherwise dispose of all or substantially all of its property or assets without,
      in each case, the prior written consent of the Master Servicer, which consent
      shall not be unreasonably withheld; provided, that in each case, there must
      be
      delivered to the Trustee and the Master Servicer a letter from each Rating
      Agency to the effect that such transfer of servicing or sale or disposition
      of
      assets will not result in a qualification, withdrawal or downgrade of the
      then-current rating of any of the Certificates (the “Rating Condition”).
      Notwithstanding the foregoing, the Servicer, without the consent of the Trustee
      or the Master Servicer, may retain third-party contractors to perform certain
      servicing and loan administration functions, including without limitation hazard
      insurance administration, tax payment and administration, flood certification
      and administration, collection services and similar functions, provided,
      however, that the retention of such contractors by the Servicer shall not limit
      the obligation of the Servicer to service the related Mortgage Loans pursuant
      to
      the terms and conditions of this Agreement. The Servicer shall not resign from
      the obligations and duties hereby imposed on it except (i) upon determination
      that its duties hereunder are no longer permissible under applicable law or
      (ii)
      upon the Servicer’s written proposal of a successor servicer reasonably
      acceptable to each of the Sponsor, the Depositor and the Master Servicer. No
      such resignation under clause (i) above shall become effective unless evidenced
      by an Opinion of Counsel to such effect obtained at the expense of the Servicer
      and delivered to the Trustee and the Rating Agencies. No such resignation of
      the
      Servicer under clause (ii) shall be effective unless:

     

    (i) the
      proposed successor Servicer is (1) an affiliate of the Master Servicer that
      services mortgage loans similar to the Mortgage Loans in the jurisdictions
      in
      which the related Mortgaged Properties are located or (2) the proposed successor
      Servicer has a rating of at least “Above Average” by S&P and either a rating
      of at least “RPS2” by Fitch or a rating of at least “SQ2” by
      Moody’s;

     

    
      
        
        

      

      
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    (ii) the
      Rating Agencies have confirmed to the Trustee that the appointment of the
      proposed successor servicer as the servicer under this Agreement will not result
      in the reduction or withdrawal of the then current ratings of any of the
      Certificates; and

     

    (iii) the
      proposed successor servicer has a net worth of at least
      $25,000,000.

     

    Notwithstanding
      anything to the contrary, no resignation of the Servicer shall become effective
      until the Master Servicer or a successor servicer shall have assumed the
      Servicer’s responsibilities, duties, liabilities (other than those liabilities
      arising prior to the appointment of such successor) and obligations under this
      Agreement.

     

    (b) Except
      as
      expressly provided herein, the Servicer shall not assign or transfer any of
      its
      rights, benefits or privileges hereunder to any other Person, or delegate to
      or
      subcontract with, or authorize or appoint any other Person to perform any of
      the
      duties, covenants or obligations to be performed by the Servicer hereunder.
      The
      foregoing prohibition on assignment shall not prohibit the Servicer from
      designating a Sub-Servicer as payee of any indemnification amount payable to
      the
      Servicer hereunder; provided, however, that as provided in Section 3.02, no
      Sub-Servicer shall be a third-party beneficiary hereunder and the parties hereto
      shall not be required to recognize any Sub-Servicer as an indemnitee under
      this
      Agreement.

     

    
      
        
        

      

      
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    (c) Notwithstanding
      anything to the contrary herein, the Servicer may pledge or assign as collateral
      all its rights, title and interest under this Agreement to a lender (the
“Servicing Rights Lender”) and allow such Servicing Rights Lender (i) to cause
      the transfer of servicing to a successor Servicer that meets the Rating
      Condition if the Servicer defaults under its agreements with the Servicing
      Rights Lender and (ii) upon an Event of Default and receipt of notice of
      termination by the Servicer, the Servicing Rights Lender may direct the Servicer
      or its designee to appoint a successor Servicer pursuant to the provisions,
      and
      subject to the conditions set forth in Section 8.02 regarding the Servicer’s
      appointment of a successor Servicer, provided, that:

     

    (i) the
      Servicing Rights Lender’s rights are subject to this Agreement; and

     

    (ii) the
      Servicer shall remain subject to termination as servicer under this Agreement
      pursuant to the terms hereof.

     

    SECTION
      7.05. Limitation
      on Resignation of the Master Servicer.

     

    The
      Master Servicer shall not resign from the obligations and duties hereby imposed
      on it except upon determination that its duties hereunder are no longer
      permissible under applicable law. Any such determination pursuant to the
      preceding sentence permitting the resignation of the Master Servicer shall
      be
      evidenced by an Opinion of Counsel to such effect obtained at the expense of
      the
      Master Servicer and delivered to the Trustee and the Rating Agencies. No
      resignation of the Master Servicer shall become effective until the Trustee
      or a
      successor Master Servicer meeting the criteria specified in Section 7.06 shall
      have assumed the Master Servicer’s responsibilities, duties, liabilities (other
      than those liabilities arising prior to the appointment of such successor)
      and
      obligations under this Agreement.

     

    SECTION
      7.06. Assignment
      of Master Servicing.

     

    The
      Master Servicer may sell and assign its rights and delegate its duties and
      obligations in its entirety as Master Servicer under this Agreement; provided,
      however, that: (i) the purchaser or transferee accept in writing such assignment
      and delegation and assume the obligations of the Master Servicer hereunder
      (a)
      shall have a net worth of not less than $25,000,000 (unless otherwise approved
      by each Rating Agency pursuant to clause (ii) below); (b) shall be reasonably
      satisfactory to the Trustee (as evidenced in a writing signed by the Trustee);
      and (c) shall execute and deliver to the Trustee an agreement, in form and
      substance reasonably satisfactory to the Trustee, which contains an assumption
      by such Person of the due and punctual performance and observance of each
      covenant and condition to be performed or observed by it as master servicer
      under this Agreement, any custodial agreement from and after the effective
      date
      of such agreement; (ii) each Rating Agency shall be given prior written notice
      of the identity of the proposed successor to the Master Servicer and each Rating
      Agency’s rating of the Certificates in effect immediately prior to such
      assignment, sale and delegation will not be downgraded, qualified or withdrawn
      as a result of such assignment, sale and delegation, as evidenced by a letter
      to
      such effect delivered to the Master Servicer and the Trustee; and (iii) the
      Master Servicer assigning and selling the master servicing shall deliver to
      the
      Trustee an Officer’s Certificate and an Opinion of Independent counsel, each
      stating that all conditions precedent to such action under this Agreement have
      been completed and such action is permitted by and complies with the terms
      of
      this Agreement. No such assignment or delegation shall affect any liability
      of
      the Master Servicer arising out of acts or omissions prior to the effective
      date
      thereof.

     

    
      
        
        

      

      
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    SECTION
      7.07. Rights
      of
      the Depositor in Respect of the Servicer and the Master Servicer.

     

    Each
      of
      the Master Servicer and the Servicer shall afford (and any Sub-Servicing or
      Sub-Contracting Agreement shall provide that each Sub-Servicer or Subcontractor,
      as applicable shall afford) the Depositor and the Trustee, upon reasonable
      notice, during normal business hours, access to all records maintained by the
      Master Servicer or the Servicer (and any such Sub-Servicer or Subcontractor,
      as
      applicable) in respect of the Servicer’s rights and obligations hereunder and
      access to officers of the Master Servicer or the Servicer (and those of any
      such
      Sub-Servicer or Subcontractor, as applicable) responsible for such obligations,
      and the Master Servicer shall have access to all such records maintained by
      the
      Servicer and any Sub-Servicers or Subcontractors. Upon request, each of the
      Master Servicer and the Servicer shall furnish to the Depositor and the Trustee
      its (and any such Sub-Servicer’s or Subcontractor’s) most recent financial
      statements and such other information relating to the Master Servicer’s or the
      Servicer’s capacity to perform its obligations under this Agreement as it
      possesses (and that any such Sub-Servicer or Subcontractor possesses). To the
      extent that the Master Servicer or the Servicer informs the Depositor and the
      Trustee that such information is not otherwise available to the public, the
      Depositor and the Trustee shall not disseminate any information obtained
      pursuant to the preceding two sentences without the Master Servicer’s or the
      Servicer’s written consent, except as required pursuant to this Agreement or to
      the extent that it is appropriate to do so (i) to its legal counsel, auditors,
      taxing authorities or other governmental agencies and the Certificateholders,
      (ii) pursuant to any law, rule, regulation, order, judgment, writ, injunction
      or
      decree of any court or governmental authority having jurisdiction over the
      Depositor and the Trustee or the Trust Fund, and in any case, the Depositor
      or
      the Trustee, (iii) disclosure of any and all information that is or becomes
      publicly known, or information obtained by the Trustee from sources other than
      the Depositor, the Servicer or the Master Servicer, (iv) disclosure as required
      pursuant to this Agreement or (v) disclosure of any and all information (A)
      in
      any preliminary or final offering circular, registration statement or contract
      or other document pertaining to the transactions contemplated by the Agreement
      approved in advance by the Depositor, the Servicer or the Master Servicer or
      (B)
      to any affiliate, independent or internal auditor, agent, employee or attorney
      of the Trustee having a need to know the same, provided that the Trustee advises
      such recipient of the confidential nature of the information being disclosed,
      shall use its best efforts to assure the confidentiality of any such
      disseminated non-public information. Nothing in this Section 7.07 shall limit
      the obligation of the Servicer to comply with any applicable law prohibiting
      disclosure of information regarding the Mortgagors and the failure of the
      Servicer to provide access as provided in this Section 7.07 as a result of
      such
      obligation shall not constitute a breach of this Section. Nothing in this
      Section 7.07 shall require the Servicer to collect, create, collate or otherwise
      generate any information that it does not generate in its usual course of
      business. The Servicer shall not be required to make copies of or ship documents
      to any party unless provisions have been made for the reimbursement of the
      costs
      thereof. The Depositor may, but is not obligated to, enforce the obligations
      of
      the Master Servicer and the Servicer under this Agreement and may, but is not
      obligated to, perform, or cause a designee to perform, any defaulted obligation
      of the Master Servicer or the Servicer under this Agreement or exercise the
      rights of the Master Servicer or the Servicer under this Agreement; provided
      that neither the Master Servicer nor the Servicer shall be relieved of any
      of
      its obligations under this Agreement by virtue of such performance by the
      Depositor or its designee. The Depositor shall not have any responsibility
      or
      liability for any action or failure to act by the Master Servicer or the
      Servicer and is not obligated to supervise the performance of the Master
      Servicer or the Servicer under this Agreement or otherwise.

     

    
      
        
        

      

      
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    SECTION
      7.08. Duties
      of
      the Credit Risk Manager. 

     

    For
      and
      on behalf of the Depositor, the Credit Risk Manager will provide reports and
      recommendations concerning certain delinquent and defaulted Mortgage Loans,
      and
      as to the collection of any Prepayment Charges with respect to the Mortgage
      Loans. Such reports and recommendations will be based upon information provided
      to the Credit Risk Manager pursuant to the Credit Risk Management Agreements,
      and the Credit Risk Manager shall look solely to the Servicer and/or Master
      Servicer for all information and data (including loss and delinquency
      information and data) relating to the servicing of the related Mortgage Loans.
      Upon any termination of the Credit Risk Manager or the appointment of a
      successor Credit Risk Manager, the Depositor shall give written notice thereof
      to the Servicer, the Master Servicer, the Securities Administrator, the Trustee,
      and each Rating Agency. Notwithstanding the foregoing, the termination of the
      Credit Risk Manager pursuant to this Section shall not become effective until
      the appointment of a successor Credit Risk Manager. 

     

    SECTION
      7.09. Limitation
      Upon Liability of the Credit Risk Manager. 

     

    Neither
      the Credit Risk Manager, nor any of its directors, officers, employees, or
      agents shall be under any liability to the Trustee, the Certificateholders,
      or
      the Depositor for any action taken or for refraining from the taking of any
      action made in good faith pursuant to this Agreement, in reliance upon
      information provided by the Servicer or the Master Servicer under the related
      Credit Risk Management Agreement, or for errors in judgment; provided, however,
      that this provision shall not protect the Credit Risk Manager or any such person
      against liability that would otherwise be imposed by reason of willful
      malfeasance or bad faith in its performance of its duties. The Credit Risk
      Manager and any director, officer, employee, or agent of the Credit Risk Manager
      may rely in good faith on any document of any kind prima facie properly executed
      and submitted by any Person respecting any matters arising hereunder, and may
      rely in good faith upon the accuracy of information furnished by the Servicer
      or
      the Master Servicer pursuant to the related Credit Risk Management Agreement
      in
      the performance of its duties thereunder and hereunder.

     

    SECTION
      7.10. Removal
      of the Credit Risk Manager.

     

    The
      Credit Risk Manager may be removed as Credit Risk Manager by Certificateholders
      holding not less than 66 2/3% of the Voting Rights in the Trust Fund, in the
      exercise of its or their sole discretion. The Certificateholders shall provide
      written notice of the Credit Risk Manager’s removal to the Trustee. Upon receipt
      of such notice, the Trustee shall provide written notice to the Credit Risk
      Manager of its removal, which shall be effective upon receipt of such notice
      by
      the Credit Risk Manager, with a copy to the Securities Administrator and the
      Master Servicer.

    

    
      
        
          
          

        

        
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    ARTICLE
      VIII

    

    DEFAULT

     

    SECTION
      8.01. Servicer
      Events of Default.

     

    (a) “Servicer
      Event of Default,” wherever used herein, means any one of the following
      events:

     

    (i) any
      failure by the Servicer to remit to the Securities Administrator for
      distribution to the Certificateholders any payment (other than a P&I Advance
      required to be made from its own funds on any Servicer Remittance Date pursuant
      to Section 5.03 of this Agreement) required to be made by the Servicer under
      the
      terms of the Certificates and this Agreement which continues unremedied until
      3:00 p.m. New York time on the Business Day immediately following the date
      upon
      which written notice of such failure, requiring the same to be remedied, shall
      have been given to the Servicer by the Depositor, the Securities Administrator
      or the Trustee (in which case notice shall be provided by telecopy), or to
      the
      Servicer, the Depositor and the Trustee by the Holders of Certificates entitled
      to at least 25% of the Voting Rights; or

     

    (ii) any
      failure on the part of the Servicer duly to observe or perform in any material
      respect any other of the covenants or agreements on the part of the Servicer
      contained in this Agreement, or the material breach by the Servicer of any
      representation and warranty contained in Section 2.05, which continues
      unremedied for a period of thirty (30) days after the date on which written
      notice of such failure, requiring the same to be remedied, shall have been
      given
      to the Servicer by the Depositor or the Trustee or to the Servicer, the
      Depositor and the Trustee by the Holders of Certificates entitled to at least
      25% of the Voting Rights; provided, however, that in the case of a failure
      that
      cannot be cured within thirty (30) days, the cure period may be extended for
      an
      additional thirty (30) days if the Servicer can demonstrate to the reasonable
      satisfaction of the Trustee that the Servicer is diligently pursuing remedial
      action; or

     

    (iii) a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      in
      the premises in an involuntary case under any present or future federal or
      state
      bankruptcy, insolvency or similar law or the appointment of a conservator or
      receiver or liquidator in any insolvency, readjustment of debt, marshalling
      of
      assets and liabilities or similar proceeding, or for the winding-up or
      liquidation of its affairs, shall have been entered against the Servicer and
      such decree or order shall have remained in force undischarged or unstayed
      for a
      period of ninety (90) days; or

     

    (iv) the
      Servicer shall consent to the appointment of a conservator or receiver or
      liquidator in any insolvency, readjustment of debt, marshalling of assets and
      liabilities or similar proceedings of or relating to it or of or relating to
      all
      or substantially all of its property; or

     

    (v) the
      Servicer shall admit in writing its inability to pay its debts generally as
      they
      become due, file a petition to take advantage of any applicable insolvency
      or
      reorganization statute, make an assignment for the benefit of its creditors,
      or
      voluntarily suspend payment of its obligations;

     

    
      
        
        

      

      
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    (vi) failure
      by the Servicer to duly perform, within the required time period, its
      obligations under Sections 3.17, 3.18 or 3.20; or 

     

    (vii) any
      failure of the Servicer to make any P&I Advance on any Servicer Remittance
      Date required to be made from its own funds pursuant to Section 5.03 which
      continues unremedied until 3:00 p.m. New York time on the Business Day
      immediately following the Servicer Remittance Date; or

     

    (viii) failure
      of the Servicer to maintain at least an “average” rating from the Rating
      Agencies.

     

    If
      a
      Servicer Event of Default described in clauses (i) through (vi) or (viii) of
      this Section shall occur, then, and in each and every such case, so long as
      such
      Servicer Event of Default shall not have been remedied, the Depositor or the
      Trustee may, and at the written direction of the Holders of Certificates
      entitled to at least 51% of Voting Rights, the Trustee shall, by notice in
      writing to the defaulting Servicer (and to the Depositor if given by the Trustee
      or to the Trustee if given by the Depositor) with a copy to the Master Servicer
      and each Rating Agency, terminate all of the rights and obligations of the
      defaulting Servicer in its capacity as Servicer under this Agreement, to the
      extent permitted by law, and in and to the Mortgage Loans and the proceeds
      thereof. If a Servicer Event of Default described in clause (vii) hereof shall
      occur, the Trustee shall, by notice in writing to the defaulting Servicer,
      the
      Depositor and the Master Servicer, terminate all of the rights and obligations
      of the defaulting Servicer in its capacity as Servicer under this Agreement
      and
      in and to the Mortgage Loans and the proceeds thereof. Subject to Section 8.02,
      on or after the receipt by the defaulting Servicer of such written notice,
      all
      authority and power of the defaulting Servicer under this Agreement, whether
      with respect to the Certificates (other than as a Holder of any Certificate)
      or
      the Mortgage Loans or otherwise, shall pass to and be vested in the Master
      Servicer pursuant to and under this Section, and, without limitation, the Master
      Servicer is hereby authorized and empowered, as attorney-in-fact or otherwise,
      to execute and deliver, on behalf of and at the expense of the defaulting
      Servicer, any and all documents and other instruments and to do or accomplish
      all other acts or things necessary or appropriate to effect the purposes of
      such
      notice of termination, whether to complete the transfer and endorsement or
      assignment of the Mortgage Loans and related documents, or otherwise. The
      defaulting Servicer agrees promptly (and in any event no later than ten (10)
      Business Days subsequent to such notice) to provide the Master Servicer with
      all
      documents and records requested by it to enable it to assume the defaulting
      Servicer’s functions under this Agreement, and to cooperate with the Master
      Servicer in effecting the termination of the defaulting Servicer’s
      responsibilities and rights under this Agreement, including, without limitation,
      the transfer within one (1) Business Day to the Master Servicer for
      administration by it of all cash amounts which at the time shall be or should
      have been credited by the defaulting Servicer to the Collection Account held
      by
      or on behalf of the defaulting Servicer or thereafter be received with respect
      to the related Mortgage Loans or any related REO Property (provided, however,
      that the defaulting Servicer shall continue to be entitled to receive all
      amounts accrued or owing to it under this Agreement on or prior to the date
      of
      such termination, whether in respect of P&I Advances, Servicing Advances,
      accrued and unpaid Servicing Fees or otherwise, and shall continue to be
      entitled to the benefits of Section 7.03, notwithstanding any such termination,
      with respect to events occurring prior to such termination). Reimbursement
      of
      unreimbursed P&I Advances, Servicing Advances and accrued and unpaid
      Servicing Fees shall be made on a first in, first out (“FIFO”) basis no later
      than the Servicer Remittance Date. For purposes of this Section 8.01(a), the
      Trustee shall not be deemed to have knowledge of a Servicer Event of Default
      unless a Responsible Officer of the Trustee assigned to and working in the
      Trustee’s Corporate Trust Office has actual knowledge thereof or unless written
      notice of any event which is in fact such a Servicer Event of Default is
      received by the Trustee at its Corporate Trust Office and such notice references
      the Certificates, the Trust or this Agreement. The Trustee shall promptly notify
      the Master Servicer and the Rating Agencies of the occurrence of a Servicer
      Event of Default of which it has knowledge as provided above.

     

    
      
        
        

      

      
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    The
      Master Servicer shall be entitled to be reimbursed by the defaulting Servicer
      (or from amounts on deposit in the Distribution Account if the defaulting
      Servicer is unable to fulfill its obligations hereunder) for all reasonable
      out-of-pocket or third party costs associated with the transfer of servicing
      from the defaulting Servicer, including without limitation, any reasonable
      out-of-pocket or third party costs or expenses associated with the complete
      transfer of all servicing data and the completion, correction or manipulation
      of
      such servicing data as may be required by the Master Servicer to correct any
      errors or insufficiencies in the servicing data or otherwise to enable the
      Master Servicer to service the Mortgage Loans properly and effectively, upon
      presentation of reasonable documentation of such costs and
      expenses.

     

    (b) “Master
      Servicer Event of Default,” wherever used herein, means any one of the following
      events:

     

    (i) any
      failure on the part of the Master Servicer duly to observe or perform in any
      material respect any other of the covenants or agreements on the part of the
      Master Servicer contained in this Agreement, or the breach by the Master
      Servicer of any representation and warranty contained in Section 2.04, which
      continues unremedied for a period of 30 days after the date on which written
      notice of such failure, or after such other period as set forth in this
      Agreement, requiring the same to be remedied, shall have been given to the
      Master Servicer by the Depositor or the Trustee or to the Master Servicer,
      the
      Depositor and the Trustee by the Holders of Certificates entitled to at least
      25% of the Voting Rights; or

     

    (ii) a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      in
      the premises in an involuntary case under any present or future federal or
      state
      bankruptcy, insolvency or similar law or the appointment of a conservator or
      receiver or liquidator in any insolvency, readjustment of debt, marshalling
      of
      assets and liabilities or similar proceeding, or for the winding-up or
      liquidation of its affairs, shall have been entered against the Master Servicer
      and such decree or order shall have remained in force undischarged or unstayed
      for a period of 90 days; or

     

    (iii) the
      Master Servicer shall consent to the appointment of a conservator or receiver
      or
      liquidator in any insolvency, readjustment of debt, marshalling of assets and
      liabilities or similar proceedings of or relating to it or of or relating to
      all
      or substantially all of its property; or

     

    
      
        
        

      

      
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    (iv) the
      Master Servicer shall admit in writing its inability to pay its debts generally
      as they become due, file a petition to take advantage of any applicable
      insolvency or reorganization statute, make an assignment for the benefit of
      its
      creditors, or voluntarily suspend payment of its obligations; or

     

    (v) failure
      by the Master Servicer to duly perform, within the required time period, its
      obligations under Sections 4.15, 4.16, 4.17 or 4.18.

     

    If
      a
      Master Servicer Event of Default shall occur, then, and in each and every such
      case, so long as such Master Servicer Event of Default shall not have been
      remedied, the Depositor or the Trustee may, and at the written direction of
      the
      Holders of Certificates entitled to at least 51% of Voting Rights, the Trustee
      shall, by notice in writing to the Master Servicer (and to the Depositor if
      given by the Trustee or to the Trustee if given by the Depositor) with a copy
      to
      each Rating Agency, terminate all of the rights and obligations of the Master
      Servicer in its capacity as Master Servicer under this Agreement, to the extent
      permitted by law, and in and to the Mortgage Loans and the proceeds thereof.
      On
      or after the receipt by the Master Servicer of such written notice, all
      authority and power of the Master Servicer under this Agreement, whether with
      respect to the Certificates (other than as a Holder of any Certificate) or
      the
      Mortgage Loans or otherwise including, without limitation, the compensation
      payable to the Master Servicer under this Agreement, shall pass to and be vested
      in the Trustee pursuant to and under this Section, and, without limitation,
      the
      Trustee is hereby authorized and empowered, as attorney-in-fact or otherwise,
      to
      execute and deliver, on behalf of and at the expense of the Master Servicer,
      any
      and all documents and other instruments and to do or accomplish all other acts
      or things necessary or appropriate to effect the purposes of such notice of
      termination, whether to complete the transfer and endorsement or assignment
      of
      the Mortgage Loans and related documents, or otherwise. The Master Servicer
      agrees promptly (and in any event no later than ten Business Days subsequent
      to
      such notice) to provide the Trustee with all documents and records requested
      by
      it to enable it to assume the Master Servicer’s functions under this Agreement,
      and to cooperate with the Trustee in effecting the termination of the Master
      Servicer’s responsibilities and rights under this Agreement (provided, however,
      that the Master Servicer shall continue to be entitled to receive all amounts
      accrued or owing to it under this Agreement on or prior to the date of such
      termination and shall continue to be entitled to the benefits of Section 7.03,
      notwithstanding any such termination, with respect to events occurring prior
      to
      such termination). For purposes of this Section 8.01(b), the Trustee shall
      not
      be deemed to have knowledge of a Master Servicer Event of Default unless a
      Responsible Officer of the Trustee assigned to and working in the Trustee’s
      Corporate Trust Office has actual knowledge thereof or unless written notice
      of
      any event which is in fact such a Master Servicer Event of Default is received
      by the Trustee and such notice references the Certificates, the Trust or this
      Agreement. The Trustee shall promptly notify the Rating Agencies of the
      occurrence of a Master Servicer Event of Default of which it has knowledge
      as
      provided above.

     

    On
      and
      after the time the Master Servicer receives a notice of termination, the Trustee
      shall be the successor in all respects to the Master Servicer (and, if
      applicable, the Securities Administrator) in its capacity as Master Servicer
      (and, if applicable, the Securities Administrator) under this Agreement and
      the
      transactions set forth or provided for herein, and all the responsibilities,
      duties and liabilities relating thereto and arising thereafter shall be assumed
      by the Trustee (except for any representations or warranties of the Master
      Servicer under this Agreement, the responsibilities, duties and liabilities
      contained in Section 2.03 and the obligation to deposit amounts in respect
      of
      losses pursuant to Section 3.10) by the terms and provisions hereof including,
      without limitation, but subject to the Master Servicer’s and Trustee’s
      determination of recoverability, the Master Servicer’s obligations to make
      P&I Advances no later than each Distribution Date pursuant to Section 5.03;
      provided, however, that if the Trustee is prohibited by law or regulation from
      obligating itself to make advances regarding delinquent mortgage loans, then
      the
      Trustee shall not be obligated to make P&I Advances pursuant to Section
      5.03; and provided further, that any failure to perform such duties or
      responsibilities caused by the Master Servicer’s failure to provide information
      required by Section 8.01 shall not be considered a default by the Trustee as
      successor to the Master Servicer hereunder and neither the Trustee nor any
      other
      successor master servicer shall be liable for any acts or omissions of the
      terminated master servicer. As compensation therefor, the Trustee shall be
      entitled to the Master Servicing Fee and all funds relating to the Loans,
      investment earnings on the Distribution Account and all other remuneration
      to
      which the Master Servicer would have been entitled if it had continued to act
      hereunder.

     

    
      
        
        

      

      
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    To
      the
      extent that the costs and expenses of the Trustee related to the termination
      of
      the Master Servicer, appointment of a successor Master Servicer or the transfer
      and assumption of the master servicing by the Trustee (including, without
      limitation, (i) all legal costs and expenses and all due diligence costs and
      expenses associated with an evaluation of the potential termination of the
      Master Servicer as a result of a Master Servicer Event of Default and (ii)
      all
      costs and expenses associated with the complete transfer of the master
      servicing, including all servicing files and all servicing data and the
      completion, correction or manipulation of such servicing data as may be required
      by the successor Master Servicer to correct any errors or insufficiencies in
      the
      servicing data or otherwise to enable the successor Master Servicer to master
      service the Mortgage Loans in accordance with this Agreement) are not fully
      and
      timely reimbursed by the terminated Master Servicer, the Trustee shall be
      entitled to reimbursement of such costs and expenses from the Distribution
      Account. 

     

    Notwithstanding
      the foregoing, the Trustee may, if it shall be unwilling to continue to act,
      or
      shall, if it is unable to so act, petition a court of competent jurisdiction
      to
      appoint, or appoint on its own behalf, any established housing and home finance
      institution servicer, master servicer, servicing or mortgage servicing
      institution having a net worth of not less than $25,000,000 and meeting such
      other standards for a successor master servicer as are set forth in this
      Agreement, as the successor to such Master Servicer in the assumption of all
      of
      the responsibilities, duties or liabilities of a master servicer.

     

    Neither
      the Trustee nor any other successor master servicer shall be deemed to be in
      default hereunder by reason of any failure to make, or any delay in making,
      any
      distribution hereunder or any portion thereof or any failure to perform, or
      any
      delay in performing, any duties or responsibilities hereunder, in either case
      caused by the failure of the Master Servicer to deliver or provide, or any
      delay
      in delivering or providing, any cash, information, documents or records to
      it.

     

    
      
        
        

      

      
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    SECTION
      8.02. Master
      Servicer to Act; Appointment of Successor.

     

    (a) Subject
      to the following paragraph, on and after the time the Servicer receives a notice
      of termination, the Master Servicer shall be the successor in all respects
      to
      the Servicer in its capacity as the Servicer under this Agreement and the
      transactions set forth or provided for herein, and all the responsibilities,
      duties and liabilities relating thereto and arising thereafter shall be assumed
      by the Master Servicer (except for any representations or warranties of the
      Servicer under this Agreement, the responsibilities, duties and liabilities
      contained in Section 2.03 and the obligation to deposit amounts in respect
      of
      losses pursuant to Section 3.10(b)) by the terms and provisions hereof
      including, without limitation, the Servicer’s obligations to make P&I
      Advances pursuant to Section 5.03 of this Agreement; provided, however, that
      if
      the Master Servicer is prohibited by law or regulation from obligating itself
      to
      make advances regarding delinquent mortgage loans, then the Master Servicer
      shall not be obligated to make P&I Advances pursuant to Section 5.03 of this
      Agreement; and provided further, that any failure to perform such duties or
      responsibilities caused by the Servicer’s failure to provide information
      required by Section 8.01 shall not be considered a default by the Master
      Servicer as successor to the Servicer hereunder; provided, however, that (1)
      it
      is understood and acknowledged by the parties hereto that there will be a period
      of transition (not to exceed 120 days) before the actual servicing functions
      can
      be fully transferred to the Master Servicer or any successor servicer appointed
      in accordance with the following provisions and (2) any failure to perform
      such
      duties or responsibilities caused by the Servicer’s failure to provide
      information required by Section 8.01 of this Agreement shall not be considered
      a
      default by the Master Servicer as successor to the Servicer. As compensation
      therefor, the Master Servicer shall be entitled to the Servicing Fee and all
      funds relating to the Mortgage Loans to which the terminated Servicer would
      have
      been entitled if it had continued to act hereunder. Notwithstanding the above
      and subject to the immediately following paragraph, the Master Servicer may,
      if
      it shall be unwilling to so act, or shall, if it is unable to so act promptly
      appoint or petition a court of competent jurisdiction to appoint, a Person
      that
      satisfies the eligibility criteria set forth below as the successor to the
      terminated Servicer under this Agreement in the assumption of all or any part
      of
      the responsibilities, duties or liabilities of the terminated Servicer under
      this Agreement.

     

    Notwithstanding
      any provision in this Agreement to the contrary, for a period of 30 days
      following the date on which the Servicer shall have received a notice of
      termination pursuant to Section 8.01 of this Agreement, the Servicer or its
      designee may appoint a successor Servicer that satisfies the eligibility
      criteria of a successor Servicer set forth below, which appointment shall be
      subject to the consent of the Depositor, the Sponsor, the Master Servicer,
      and
      the Trustee, which consent shall not be unreasonably withheld or delayed;
      provided that such successor Servicer agrees to fully effect the servicing
      transfer within 120 days following the termination of the Servicer and to make
      all P&I Advances that would otherwise be made by the Master Servicer under
      Section 8.01 as of the date of such appointment, and to reimburse the Master
      Servicer for any unreimbursed P&I Advances they have made and any
      reimbursable expenses that they may have incurred in connection with this
      Section 8.02. Any proceeds received in connection with the appointment of such
      successor Servicer shall be the property of the Servicer or its designee. This
      30-day period shall terminate immediately (i) at the close of business on the
      second Business Day of such 30-day period if (A) the Servicer was terminated
      because of an Event of Default described in Section 8.01(a)(vii) for failing
      to
      make a required P&I Advance, and (B) the Servicer shall have failed to make
      (or cause to be made) such P&I Advance, or shall fail to reimburse (or cause
      to be reimbursed) the Master Servicer for a P&I Advance made by the Master
      Servicer, by the close of business on such second Business Day, or (ii) at
      the
      close of business on the second Business Day following the date (if any) during
      such 30-day period on which a P&I Advance is due to be made, if the Servicer
      shall have failed to make (or caused to be made) such P&I Advance, or the
      Servicer shall have failed to reimburse (or cause to be reimbursed) the Master
      Servicer for such P&I Advance, by the close of business on such second
      Business Day; provided, that such 30-day period shall only be terminated to
      the
      extent that the Servicing Rights Lender has received notice of such failure
      from
      the Master Servicer and the Servicing Rights Lender has not cured or caused
      the
      cure of such failure within two (2) Business Days following receipt of notice,
      provided, however, that such notice requirement shall only be applicable to
      the
      extent that the Master Servicer has been provided with the written address
      and
      contact information for the Servicing Rights Lender.

     

    
      
        
        

      

      
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    Notwithstanding
      anything herein to the contrary, in no event shall the Trustee or the Master
      Servicer be liable for any Servicing Fee or Master Servicing Fee, as applicable,
      or for any differential in the amount of the Servicing Fee or Master Servicing
      Fee, as applicable, or paid hereunder and the amount necessary to induce any
      successor Servicer or successor Master Servicer to act as successor Servicer
      or
      successor Master Servicer under this Agreement and the transactions set forth
      or
      provided for herein.

     

    Any
      successor servicer appointed under this Agreement must (i) be an established
      mortgage loan servicing institution that is a Fannie Mae and Freddie Mac
      approved seller/servicer, (ii) be approved by each Rating Agency by a written
      confirmation from each Rating Agency that the appointment of such successor
      servicer would not result in the reduction or withdrawal of the then current
      ratings of any outstanding Class of Certificates, (iii) have a net worth of
      not
      less than $25,000,000 and (iv) assume all the responsibilities, duties or
      liabilities of the Servicer (other than liabilities of the Servicer hereunder
      incurred prior to termination of the Servicer under Section 8.01 herein) under
      this Agreement as if originally named as a party to this Agreement.

     

    (b) (1)
      All
      servicing transfer costs (including, without limitation, servicing transfer
      costs of the type described in Section 8.02(a) and incurred by the Trustee,
      the
      Master Servicer and any successor servicer under paragraph (b)(2) below) in
      connection with the termination of the Servicer shall be paid by the terminated
      Servicer upon presentation of reasonable documentation of such costs, and if
      such predecessor or initial Servicer, as applicable, defaults in its obligation
      to pay such costs, the successor servicer, the Master Servicer and the Trustee
      shall be entitled to reimbursement therefor from the assets of the Trust
      Fund.

     

    (2)
      No
      appointment of a successor to the Servicer under this Agreement shall be
      effective until the assumption by the successor of all of the Servicer’s
      responsibilities, duties and liabilities hereunder. In connection with such
      appointment and assumption described herein, the Trustee may make such
      arrangements for the compensation of such successor out of payments on the
      Mortgage Loans as it and such successor shall agree; provided, however, that
      no
      such compensation shall be in excess of that permitted the Servicer as such
      hereunder. The Depositor, the Trustee and such successor shall take such action,
      consistent with this Agreement, as shall be necessary to effectuate any such
      succession. Pending appointment of a successor to the Servicer under this
      Agreement, the Master Servicer shall act in such capacity as hereinabove
      provided.

     

    
      
        
        

      

      
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    SECTION
      8.03. Notification
      to Certificateholders.

     

    (a) Upon
      any
      termination of the Servicer or the Master Servicer pursuant to Section 8.01(a)
      or (b) or any appointment of a successor to the Servicer or the Master Servicer
      pursuant to Section 8.02, the Trustee shall give prompt written notice thereof
      to the Certificateholders at their respective addresses appearing in the
      Certificate Register.

     

    (b) Not
      later
      than the later of sixty (60) days after the occurrence of any event, which
      constitutes or which, with notice or lapse of time or both, would constitute
      a
      Servicer Event of Default or a Master Servicer Event of Default or five (5)
      days
      after a Responsible Officer of the Trustee becomes aware of the occurrence
      of
      such an event, the Trustee shall transmit by mail to all Holders of Certificates
      notice of each such occurrence, unless such default or Servicer Event of Default
      or Master Servicer Event of Default shall have been cured or
      waived.

     

    SECTION
      8.04. Waiver
      of
      Events of Default.

     

    The
      Holders representing at least 66% of the Voting Rights evidenced by all Classes
      of Certificates affected by any default, Servicer Event of Default or Master
      Servicer Event of Default hereunder may waive such default, Servicer Event
      of
      Default or Master Servicer Event of Default; provided, however, that a Servicer
      Event of Default under clause (i) or (vii) of Section 8.01(a) may be waived
      only
      by all of the Holders of the Regular Certificates. Upon any such waiver of
      a
      default, Servicer Event of Default or Master Servicer Event of Default, such
      default, Servicer Event of Default or Master Servicer Event of Default shall
      cease to exist and shall be deemed to have been remedied for every purpose
      hereunder. No such waiver shall extend to any subsequent or other default,
      Servicer Event of Default or Master Servicer Event of Default or impair any
      right consequent thereon except to the extent expressly so waived.

    

    
      
        
          
          

        

        
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    ARTICLE
      IX

    

    CONCERNING
      THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

     

    SECTION
      9.01. Duties
      of
      Trustee and Securities Administrator.

     

    The
      Trustee, prior to the occurrence of a Master Servicer Event of Default and
      after
      the curing or waiver of all Master Servicer Events of Default which may have
      occurred, and the Securities Administrator each undertake to perform such duties
      and only such duties as are specifically set forth in this Agreement as duties
      of the Trustee and the Securities Administrator, respectively. During the
      continuance of a Master Servicer Event of Default, the Trustee shall exercise
      such of the rights and powers vested in it by this Agreement, and use the same
      degree of care and skill in its exercise as a prudent person would exercise
      or
      use under the circumstances in the conduct of such person’s own affairs. Any
      permissive right of the Trustee enumerated in this Agreement shall not be
      construed as a duty.

     

    Each
      of
      the Trustee and the Securities Administrator, upon receipt of all resolutions,
      certificates, statements, opinions, reports, documents, orders or other
      instruments furnished to it, which are specifically required to be furnished
      pursuant to any provision of this Agreement, shall examine them to determine
      whether they conform to the requirements of this Agreement. If any such
      instrument is found not to conform to the requirements of this Agreement in
      a
      material manner, the Trustee or the Securities Administrator, as the case may
      be, shall take such action as it deems appropriate to have the instrument
      corrected, and if the instrument is not corrected to its satisfaction, the
      Securities Administrator will provide notice to the Trustee thereof and the
      Trustee will provide notice to the Certificateholders.

     

    The
      Trustee shall promptly remit to the Servicer any complaint, claim, demand,
      notice or other document (collectively, the “Notices”) delivered to the Trustee
      as a consequence of the assignment of any Mortgage Loan hereunder and relating
      to the servicing of the Mortgage Loans; provided than any such notice (i) is
      delivered to the Trustee at its Corporate Trust Office, (ii) contains
      information sufficient to permit the Trustee to make a determination that the
      real property to which such document relates is a Mortgaged Property. The
      Trustee shall have no duty hereunder with respect to any Notice it may receive
      or which may be alleged to have been delivered to or served upon it unless
      such
      Notice is delivered to it or served upon it at its Corporate Trust Office and
      such Notice contains the information required pursuant to clause (ii) of the
      preceding sentence.

     

    No
      provision of this Agreement shall be construed to relieve the Trustee or the
      Securities Administrator from liability for its own negligent action, its own
      negligent failure to act or its own misconduct; provided, however,
      that:

     

    (i) Prior
      to
      the occurrence of a Master Servicer Event of Default and after the curing or
      waiver of all such Master Servicer Events of Default which may have occurred
      with respect to the Trustee and at all times with respect to the Securities
      Administrator, the duties and obligations of the Trustee shall be determined
      solely by the express provisions of this Agreement, neither the Trustee nor
      the
      Securities Administrator shall be liable except for the performance of such
      duties and obligations as are specifically set forth in this Agreement, no
      implied covenants or obligations shall be read into this Agreement against
      the
      Trustee or the Securities Administrator and, in the absence of bad faith on
      the
      part of the Trustee or the Securities Administrator, respectively, the Trustee
      or the Securities Administrator, respectively, may conclusively rely, as to
      the
      truth of the statements and the correctness of the opinions expressed therein,
      upon any certificates or opinions furnished to the Trustee or the Securities
      Administrator, respectively, that conform to the requirements of this
      Agreement;

     

    
      
        
        

      

      
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    (ii) Neither
      the Trustee nor the Securities Administrator shall be liable for an error of
      judgment made in good faith by a Responsible Officer or Responsible Officers
      of
      the Trustee or an officer or officers of the Securities Administrator,
      respectively, unless it shall be proved that the Trustee or the Securities
      Administrator, respectively, was negligent in ascertaining the pertinent facts;
      and

     

    (iii) Neither
      the Trustee nor the Securities Administrator shall be liable with respect to
      any
      action taken, suffered or omitted to be taken by it in good faith in accordance
      with the direction of the Holders of Certificates entitled to at least 25%
      of
      the Voting Rights relating to the time, method and place of conducting any
      proceeding for any remedy available to the Trustee or the Securities
      Administrator or exercising any trust or power conferred upon the Trustee or
      the
      Securities Administrator under this Agreement.

     

    SECTION
      9.02. Certain
      Matters Affecting Trustee and Securities Administrator.

     

    (a) Except
      as
      otherwise provided in Section 9.01:

     

    (i) Before
      taking any action hereunder, the Trustee and the Securities Administrator may
      request and rely upon and shall be protected in acting or refraining from acting
      upon any resolution, Officers’ Certificate, certificate of auditors or any other
      certificate, statement, instrument, opinion, report, notice, request, consent,
      order, appraisal, bond or other paper or document reasonably believed by it
      to
      be genuine and to have been signed or presented by the proper party or
      parties;

     

    (ii) The
      Trustee and the Securities Administrator may consult with counsel of its
      selection and any advice of such counsel or any Opinion of Counsel shall be
      full
      and complete authorization and protection in respect of any action taken or
      suffered or omitted by it hereunder in good faith and in accordance with such
      advice or Opinion of Counsel;

     

    (iii) Neither
      the Trustee nor the Securities Administrator shall be under any obligation
      to
      exercise any of the trusts or powers vested in it by this Agreement or to
      institute, conduct or defend any litigation hereunder or in relation hereto
      at
      the request, order or direction of any of the Certificateholders, pursuant
      to
      the provisions of this Agreement, unless such Certificateholders shall have
      offered to the Trustee or the Securities Administrator, as the case may be,
      reasonable security or indemnity satisfactory to it against the costs, expenses
      and liabilities which may be incurred therein or thereby; nothing contained
      herein shall, however, relieve the Trustee of the obligation, upon the
      occurrence of a Master Servicer Event of Default (which has not been cured
      or
      waived), to exercise such of the rights and powers vested in it by this
      Agreement, and to use the same degree of care and skill in their exercise as
      a
      prudent person would exercise or use under the circumstances in the conduct
      of
      such person’s own affairs;

     

    
      
        
        

      

      
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    (iv) Neither
      the Trustee nor the Securities Administrator shall be liable for any action
      taken, suffered or omitted by it in good faith and believed by it to be
      authorized or within the discretion or rights or powers conferred upon it by
      this Agreement;

     

    (v) Prior
      to
      the occurrence of a Master Servicer Event of Default hereunder and after the
      curing or waiver of all Master Servicer Events of Default which may have
      occurred with respect to the Trustee and at all times with respect to the
      Securities Administrator, neither the Trustee nor the Securities Administrator
      shall be bound to make any investigation into the facts or matters stated in
      any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or document, unless
      requested in writing to do so by the Holders of Certificates entitled to at
      least 25% of the Voting Rights; provided, however, that if the payment within
      a
      reasonable time to the Trustee or the Securities Administrator of the costs,
      expenses or liabilities likely to be incurred by it in the making of such
      investigation is, in the opinion of the Trustee or the Securities Administrator,
      as applicable, not reasonably assured to the Trustee or the Securities
      Administrator by such Certificateholders, the Trustee or the Securities
      Administrator, as applicable, may require reasonable indemnity satisfactory
      to
      it against such expense, or liability from such Certificateholders as a
      condition to taking any such action;

     

    (vi) The
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents or attorneys and the Trustee
      shall not be responsible for any misconduct or negligence on the part of any
      agent or attorney appointed with due care by it hereunder;

     

    (vii) The
      Trustee shall not be liable for any loss resulting from (a) the investment
      of
      funds held in the Collection Account, (b) the investment of funds held in the
      Distribution Account, (c) the investment of funds held in the Reserve Fund
      or
      (d) the redemption or sale of any such investment as therein
      authorized;

     

    (viii) The
      Trustee shall not be deemed to have notice of any default, Master Servicer
      Event
      of Default or Servicer Event of Default unless a Responsible Officer of the
      Trustee has actual knowledge thereof or unless written notice of any event
      which
      is in fact such a default is received by a Responsible Officer of the Trustee
      at
      the Corporate Trust Office of the Trustee, and such notice references the
      Certificates and this Agreement;

     

    (ix) The
      rights, privileges, protections, immunities and benefits given to the Trustee,
      including, without limitation, its right to be indemnified, are extended to,
      and
      shall be enforceable by, each agent, custodian and other Person employed to
      act
      hereunder; and

     

    
      
        
        

      

      
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    (x) Should
      the Trustee deem the nature of any action required on its part to be unclear,
      the Trustee may require prior to such action that it be provided by the
      Depositor with reasonable further instructions.

     

    (xi) No
      provision of this Agreement shall require the Trustee to expend or risk its
      own
      funds or otherwise incur any financial liability in the performance of any
      of
      its duties hereunder, or in the exercise of any of its rights or powers, if
      it
      shall have reasonable grounds for believing that repayment of such funds or
      adequate indemnity against risk or liability is not reasonably assured to
      it.

     

    (b) All
      rights of action under this Agreement or under any of the Certificates,
      enforceable by the Trustee, may be enforced by it without the possession of
      any
      of the Certificates, or the production thereof at the trial or other proceeding
      relating thereto, and any such suit, action or proceeding instituted by the
      Trustee shall be brought in its name for the benefit of all the Holders of
      such
      Certificates, subject to the provisions of this Agreement.

     

    (c) The
      Depositor hereby directs the Trustee and the Trustee is hereby empowered under
      this Agreement to execute the Swap Agreement on behalf of the Supplemental
      Interest Trust in the form presented to it by the Swap Provider and shall have
      no responsibility for the contents of the Swap Agreement, including, without
      limitation, the representations and warranties contained therein. The Trustee
      hereby directs the Securities Administrator and the Securities Administrator
      is
      hereby empowered under this Agreement to act on behalf of the Supplemental
      Interest Trust Trustee. Any funds payable by the Securities Administrator in
      connection with its obligations on behalf of the Supplement Interest Trust
      Trustee and the Supplemental Interest Trust under the Swap Agreement shall
      be
      paid from funds of the Supplemental Interest Trust in accordance with the terms
      and provisions of the Swap Agreement. Notwithstanding anything to the contrary
      contained herein or in the Swap Agreement, the Securities Administrator shall
      not be required to make any payments from its own funds to the counterparty
      under the Swap Agreement. The Trustee is hereby directed by the Depositor to
      execute the Cap Contracts on behalf of the Trust Fund in the form presented
      to
      it by the Depositor and shall have no responsibility for the contents of the
      Cap
      Contracts, including, without limitation, the representations and warranties
      contained therein. Any funds payable by the Trustee under the Cap Contracts
      at
      closing shall be paid by the Depositor. Notwithstanding anything to the contrary
      contained herein, the Trustee shall not be required to make any payments to
      the
      Cap Counterparty under the Cap Contracts unless otherwise set forth in the
      Cap
      Contracts.

     

    (d) None
      of
      the Securities Administrator, the Master Servicer, the Servicer, the Sponsor,
      the Depositor, the Custodians or the Trustee shall be responsible for the acts
      or omissions of the others or the Swap Provider or the Cap Counterparty, it
      being understood that this Agreement shall not be construed to render those
      partners joint venturers or agents of one another.

     

    
      
        
        

      

      
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    SECTION
      9.03. Trustee
      and Securities Administrator not Liable for Certificates or Mortgage
      Loans.

     

    The
      recitals contained herein and in the Certificates (other than the signature
      of
      the Securities Administrator, the authentication of the Securities Administrator
      on the Certificates, the acknowledgments of the Trustee contained in Article
      II
      and the representations and warranties of the Trustee in Section 9.12) shall
      be
      taken as the statements of the Depositor and neither the Trustee nor the
      Securities Administrator assumes any responsibility for their correctness.
      Neither the Trustee nor the Securities Administrator makes any representations
      or warranties as to the validity or sufficiency of this Agreement (other than
      as
      specifically set forth in Section 9.12), the Swap Agreement or of the
      Certificates (other than the signature of the Securities Administrator and
      authentication of the Securities Administrator on the Certificates) or of any
      Mortgage Loan or related document. The Trustee and the Securities Administrator
      shall not be accountable for the use or application by the Depositor of any
      of
      the Certificates or of the proceeds of such Certificates, or for the use or
      application of any funds paid to the Depositor or the Master Servicer in respect
      of the Mortgage Loans or deposited in or withdrawn from the Collection Account
      by the Servicer, other than with respect to the Securities Administrator any
      funds held by it or on behalf of the Trustee in accordance with Sections 3.24,
      3.25 and 5.07 of this Agreement.

     

    SECTION
      9.04. Trustee
      and Securities Administrator May Own Certificates.

     

    Each
      of
      the Trustee and the Securities Administrator in its individual capacity or
      any
      other capacity may become the owner or pledgee of Certificates and may transact
      business with other interested parties and their Affiliates with the same rights
      it would have if it were not Trustee or the Securities
      Administrator.

     

    SECTION
      9.05. Fees
      and
      Expenses of Trustee, Custodians and Securities Administrator.

     

    The
      fees
      of the Trustee and the Securities Administrator hereunder, of Wells Fargo as
      the
      Custodian under the Wells Fargo Custodial Agreement and of DBNTC as the
      Custodian under the DBNTC Custodial Agreement shall be paid in accordance with
      a
      side letter agreement with the Master Servicer and at the sole expense of the
      Master Servicer. In addition, the Trustee, the Securities Administrator, the
      Custodians and any director, officer, employee or agent of the Trustee, the
      Securities Administrator and the Custodians shall be indemnified by the Trust
      and held harmless against any loss, liability or expense (including reasonable
      attorney’s fees and expenses) incurred by the Trustee, the Custodians or the
      Securities Administrator in connection with any claim or legal action or any
      pending or threatened claim or legal action arising out of or in connection
      with
      the acceptance or administration of its respective obligations and duties under
      this Agreement, including the Swap Agreement and any and all other agreements
      related hereto, other than any loss, liability or expense, as applicable (i)
      for
      which the Trustee is indemnified by the Master Servicer or the Servicer, (ii)
      that constitutes a specific liability of the Trustee or the Securities
      Administrator pursuant to Section 11.01(g) or (iii) any loss, liability or
      expense incurred by reason of willful misfeasance, bad faith or negligence
      in
      the performance of duties hereunder by the Trustee or the Securities
      Administrator or by reason of reckless disregard of obligations and duties
      hereunder. In no event shall the Trustee, the Custodians, the Master Servicer
      or
      the Securities Administrator be liable for special, indirect or consequential
      loss or damage of any kind whatsoever (including but not limited to lost
      profits), even if it has been advised of the likelihood of such loss or damage
      and regardless of the form of action. The Master Servicer agrees to indemnify
      the Trustee, from, and hold the Trustee harmless against, any loss, liability
      or
      expense (including reasonable attorney’s fees and expenses) incurred by the
      Trustee by reason of the Master Servicer’s willful misfeasance, bad faith or
      gross negligence in the performance of its duties under this Agreement or by
      reason of the Master Servicer’s reckless disregard of its obligations and duties
      under this Agreement. In addition, the Sponsor agrees to indemnify the Trustee
      for, and to hold the Trustee harmless against, any loss, liability or expense
      arising out of, or in connection with, the provisions set forth in the last
      paragraph of Section 2.01, including, without limitation, all costs, liabilities
      and expenses (including reasonable legal fees and expenses) of investigating
      and
      defending itself against any claim, action or proceeding, pending or threatened,
      relating to the provisions of such paragraph. The indemnities in this Section
      9.05 shall survive the termination or discharge of this Agreement and the
      resignation or removal of the Master Servicer, the Trustee, the Securities
      Administrator or the Custodians. Any payment under this Section 9.05 made by
      the
      Master Servicer to the Trustee in respect of the Trustee’s fees or the Master
      Servicer’s indemnification obligation to the Trustee shall be from the Master
      Servicer’s own funds, without reimbursement from REMIC I therefor.

     

    
      
        
        

      

      
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    SECTION
      9.06. Eligibility
      Requirements for Trustee and Securities Administrator.

     

    The
      Trustee and the Securities Administrator shall at all times be a corporation
      or
      an association (other than the Depositor, the Sponsor, the Master Servicer
      or
      any Affiliate of the foregoing) organized and doing business under the laws
      of
      any state or the United States of America, authorized under such laws to
      exercise corporate trust powers, having a combined capital and surplus of at
      least $50,000,000 (or a member of a bank holding company whose capital and
      surplus is at least $50,000,000) and subject to supervision or examination
      by
      federal or state authority. If such corporation or association publishes reports
      of conditions at least annually, pursuant to law or to the requirements of
      the
      aforesaid supervising or examining authority, then for the purposes of this
      Section the combined capital and surplus of such corporation or association
      shall be deemed to be its combined capital and surplus as set forth in its
      most
      recent report of conditions so published. In case at any time the Trustee or
      the
      Securities Administrator, as applicable, shall cease to be eligible in
      accordance with the provisions of this Section, the Trustee or the Securities
      Administrator, as applicable, shall resign immediately in the manner and with
      the effect specified in Section 9.07.

     

    Additionally,
      the Securities Administrator (i) may not be an originator, Servicer, the
      Depositor or an affiliate of the Depositor unless the Securities Administrator
      is in an institutional trust department, (ii) must be authorized to exercise
      corporate trust powers under the laws of its jurisdiction of organization,
      and
      (iii) must be rated at least "A/F1" by Fitch, if Fitch is a Rating Agency,
      or
      the equivalent rating by S&P (or such rating acceptable to Fitch pursuant to
      a rating confirmation). If no successor securities administrator shall have
      been
      appointed and shall have accepted appointment within 60 days after Wells Fargo
      Bank, National Association, as Securities Administrator, ceases to be the
      securities administrator pursuant to this Section 9.06, then the Trustee shall
      petition any court of competent jurisdiction, at the expense of the Trust,
      for
      the appointment of a successor securities administrator which satisfies the
      eligibility criteria set forth herein. The Trustee shall notify the Rating
      Agencies of any change of Securities Administrator.

     

    
      
        
        

      

      
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    SECTION
      9.07. Resignation
      and Removal of Trustee and Securities Administrator.

     

    The
      Trustee and the Securities Administrator may at any time resign and be
      discharged from the trust hereby created by giving written notice thereof to
      the
      Depositor, to the Master Servicer, to the Securities Administrator (or the
      Trustee, if the Securities Administrator resigns) and to the Certificateholders.
      Upon receiving such notice of resignation, the Depositor shall promptly appoint
      a successor trustee or successor securities administrator by written instrument,
      in duplicate, which instrument shall be delivered to the resigning Trustee
      or
      Securities Administrator, as applicable, and to the successor trustee or
      successor securities administrator, as applicable. A copy of such instrument
      shall be delivered to the Certificateholders, the Trustee, the Securities
      Administrator and the Master Servicer by the Depositor. If no successor trustee
      or successor securities administrator shall have been so appointed and have
      accepted appointment within thirty (30) days after the giving of such notice
      of
      resignation, the resigning Trustee or Securities Administrator, as the case
      may
      be, may, at the expense of the Trust Fund, petition any court of competent
      jurisdiction for the appointment of a successor trustee, successor securities
      administrator, Trustee or Securities Administrator, as applicable.

     

    If
      at any
      time the Trustee or the Securities Administrator shall cease to be eligible
      in
      accordance with the provisions of Section 9.06 and shall fail to resign after
      written request therefor by the Depositor, or if at any time the Trustee or
      the
      Securities Administrator shall become incapable of acting, or shall be adjudged
      bankrupt or insolvent, or a receiver of the Trustee or the Securities
      Administrator or of its property shall be appointed, or any public officer
      shall
      take charge or control of the Trustee or the Securities Administrator or of
      its
      property or affairs for the purpose of rehabilitation, conservation or
      liquidation, then the Depositor may remove the Trustee or the Securities
      Administrator, as applicable and appoint a successor trustee or successor
      securities administrator, as applicable, by written instrument, in duplicate,
      which instrument shall be delivered to the Trustee or the Securities
      Administrator so removed and to the successor trustee or successor securities
      administrator. A copy of such instrument shall be delivered to the
      Certificateholders, the Trustee, the Securities Administrator and the Master
      Servicer by the Depositor.

     

    The
      Holders of Certificates entitled to at least 51% of the Voting Rights may at
      any
      time remove the Trustee or the Securities Administrator and appoint a successor
      trustee or successor securities administrator by written instrument or
      instruments, in triplicate, signed by such Holders or their attorneys-in-fact
      duly authorized, one complete set of which instruments shall be delivered to
      the
      Depositor, one complete set to the Trustee or the Securities Administrator
      so
      removed and one complete set to the successor so appointed. A copy of such
      instrument shall be delivered to the Certificateholders, the Trustee (in the
      case of the removal of the Securities Administrator), the Securities
      Administrator (in the case of the removal of the Trustee) and the Master
      Servicer by the Depositor.

     

    
      
        
        

      

      
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    Any
      resignation or removal of the Trustee or the Securities Administrator and
      appointment of a successor trustee or successor securities administrator
      pursuant to any of the provisions of this Section shall not become effective
      until acceptance of appointment by the successor trustee or successor securities
      administrator, as applicable, as provided in Section 9.08.

     

    Notwithstanding
      anything to the contrary contained herein, the Master Servicer and the
      Securities Administrator shall at all times be the same Person.

     

    SECTION
      9.08. Successor
      Trustee or Securities Administrator.

     

    Any
      successor trustee or successor securities administrator appointed as provided
      in
      Section 9.07 shall execute, acknowledge and deliver to the Depositor and its
      predecessor trustee or predecessor securities administrator an instrument
      accepting such appointment hereunder, and thereupon the resignation or removal
      of the predecessor trustee or predecessor securities administrator shall become
      effective and such successor trustee or successor securities administrator
      without any further act, deed or conveyance, shall become fully vested with
      all
      the rights, powers, duties and obligations of its predecessor hereunder, with
      the like effect as if originally named as trustee or securities administrator
      herein. The predecessor trustee or predecessor securities administrator shall
      deliver to the successor trustee or successor securities administrator all
      Mortgage Loan Documents and related documents and statements to the extent
      held
      by it hereunder, as well as all monies, held by it hereunder, and the Depositor
      and the predecessor trustee or predecessor securities administrator shall
      execute and deliver such instruments and do such other things as may reasonably
      be required for more fully and certainly vesting and confirming in the successor
      trustee or successor securities administrator all such rights, powers, duties
      and obligations.

     

    No
      successor trustee or successor securities administrator shall accept appointment
      as provided in this Section unless at the time of such acceptance such successor
      trustee or successor securities administrator shall be eligible under the
      provisions of Section 9.06 and the appointment of such successor trustee or
      successor securities administrator shall not result in a downgrading of any
      Class of Certificates by any Rating Agency, as evidenced by a letter from each
      Rating Agency.

     

    Upon
      acceptance of appointment by a successor trustee or successor securities
      administrator as provided in this Section, the Depositor shall mail notice
      of
      the succession of such trustee hereunder to all Holders of Certificates at
      their
      addresses as shown in the Certificate Register. If the Depositor fails to mail
      such notice within ten (10) days after acceptance of appointment by the
      successor trustee or successor securities administrator, the successor trustee
      or successor securities administrator shall cause such notice to be mailed
      at
      the expense of the Depositor.

     

    SECTION
      9.09. Merger
      or
      Consolidation of Trustee or Securities Administrator.

     

    Any
      corporation or association into which the Trustee or the Securities
      Administrator may be merged or converted or with which it may be consolidated
      or
      any corporation or association resulting from any merger, conversion or
      consolidation to which the Trustee or the Securities Administrator shall be
      a
      party, or any corporation or association succeeding to the business of the
      Trustee or the Securities Administrator shall be the successor of the Trustee
      or
      the Securities Administrator hereunder, provided such corporation or association
      shall be eligible under the provisions of Section 9.06, 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.

     

    
      
        
        

      

      
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    SECTION
      9.10. Appointment
      of Co-Trustee or Separate Trustee.

     

    Notwithstanding
      any other provisions hereof, at any time, for the purpose of meeting any legal
      requirements of any jurisdiction in which any part of the REMIC I or property
      securing the same may at the time be located, the Trustee shall have the power
      and shall execute and deliver all instruments to appoint one or more Persons
      approved by the Trustee to act as co-trustee or co-trustees, jointly with the
      Trustee, or separate trustee or separate trustees, of all or any part of REMIC
      I, and to vest in such Person or Persons, in such capacity, and for the benefit
      of the Holders of the Certificates, such title to REMIC I, or any part thereof,
      and, subject to the other provisions of this Section 9.10, such powers, duties,
      obligations, rights and trusts as the Trustee may consider necessary or
      desirable. No co-trustee or separate trustee hereunder shall be required to
      meet
      the terms of eligibility as a successor trustee under Section 9.06 hereunder
      and
      no notice to Holders of Certificates of the appointment of co-trustee(s) or
      separate trustee(s) shall be required under Section 9.08 hereof.

     

    In
      the
      case of any appointment of a co-trustee or separate trustee pursuant to this
      Section 9.10 all rights, powers, duties and obligations conferred or imposed
      upon the Trustee shall be conferred or imposed upon and exercised or performed
      by the Trustee and such separate trustee or co-trustee jointly, except to the
      extent that under any law of any jurisdiction in which any particular act or
      acts are to be performed by the Trustee (whether as Trustee hereunder or as
      successor to a defaulting Master Servicer hereunder), the Trustee shall be
      incompetent or unqualified to perform such act or acts, in which event such
      rights, powers, duties and obligations (including the holding of title to REMIC
      I or any portion thereof in any such jurisdiction) shall be exercised and
      performed by such separate trustee or co-trustee at the direction of the
      Trustee.

     

    Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them. Every instrument appointing any separate trustee
      or
      co-trustee shall refer to this Agreement and the conditions of this Article
      IX.
      Each separate trustee and co-trustee, upon its acceptance of the trust
      conferred, shall be vested with the estates or property specified in its
      instrument of appointment, either jointly with the Trustee, or separately,
      as
      may be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee.

     

    Any
      separate trustee or co-trustee may, at any time, constitute the Trustee, its
      agent or attorney-in-fact, with full power and authority, to the extent not
      prohibited by law, to do any lawful act under or in respect of this Agreement
      on
      its behalf and in its name. If any separate trustee or co-trustee shall die,
      become incapable of acting, resign or be removed, all of its estates,
      properties, rights, remedies and trusts shall vest in and be exercised by the
      Trustee, to the extent permitted by law, without the appointment of a new or
      successor trustee or co-trustee.

     

    
      
        
        

      

      
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    SECTION
      9.11. Appointment
      of Office or Agency.

     

    The
      Certificates may be surrendered for registration of transfer or exchange at
      the
      Securities Administrator’s office located at Sixth Street and Marquette Avenue,
      Minneapolis, Minnesota 55479, and presented for final distribution at the
      Corporate Trust Office of the Securities Administrator where notices and demands
      to or upon the Securities Administrator in respect of the Certificates and
      this
      Agreement may be served.

     

    SECTION
      9.12. Representations
      and Warranties.

     

    The
      Trustee hereby represents and warrants to the Master Servicer, the Securities
      Administrator, the Servicer and the Depositor as applicable, as of the Closing
      Date, that:

     

    (i) It
      is a
      national banking association duly organized, validly existing and in good
      standing under the laws of the United States of America.

     

    (ii) The
      execution and delivery of this Agreement by it, and the performance and
      compliance with the terms of this Agreement by it, will not violate its articles
      of association or bylaws or constitute a default (or an event which, with notice
      or lapse of time, or both, would constitute a default) under, or result in
      the
      breach of, any material agreement or other instrument to which it is a party
      or
      which is applicable to it or any of its assets.

     

    (iii) It
      has
      the full power and authority to enter into and consummate all transactions
      contemplated by this Agreement, has duly authorized the execution, delivery
      and
      performance of this Agreement, and has duly executed and delivered this
      Agreement.

     

    (iv) This
      Agreement, assuming due authorization, execution and delivery by the other
      parties hereto, constitutes a valid, legal and binding obligation of it,
      enforceable against it in accordance with the terms hereof, subject to (A)
      applicable bankruptcy, insolvency, receivership, reorganization, moratorium
      and
      other laws affecting the enforcement of creditors’ rights generally, and (B)
      general principles of equity, regardless of whether such enforcement is
      considered in a proceeding in equity or at law.

     

    (v) It
      is not
      in violation of, and its execution and delivery of this Agreement and its
      performance and compliance with the terms of this Agreement will not constitute
      a violation of, any law, any order or decree of any court or arbiter, or any
      order, regulation or demand of any federal, state or local governmental or
      regulatory authority, which violation, in its good faith and reasonable
      judgment, is likely to affect materially and adversely either the ability of
      it
      to perform its obligations under this Agreement or its financial
      condition.

     

    (vi) No
      litigation is pending or, to the best of its knowledge, threatened against
      it,
      which would prohibit it from entering into this Agreement or, in its good faith
      reasonable judgment, is likely to materially and adversely affect either the
      ability of it to perform its obligations under this Agreement or its financial
      condition.

    

    
      
        
          
          

        

        
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    ARTICLE
      X

    

    TERMINATION

     

    SECTION
      10.01. Termination
      Upon Repurchase or Liquidation of All Mortgage Loans.

     

    (a) Subject
      to Section 10.02, the respective obligations and responsibilities under this
      Agreement of the Depositor, the Master Servicer, the Securities Administrator,
      the Servicer and the Trustee (other than the obligations of the Master Servicer
      to the Trustee pursuant to Section 9.05 and of the Servicer to make remittances
      to the Securities Administrator and the Securities Administrator to make
      payments in respect of the REMIC I Regular Interests, REMIC I Regular Interests
      or the Classes of Certificates as hereinafter set forth) shall terminate upon
      payment to the Certificateholders and the deposit of all amounts held by or
      on
      behalf of the Trustee and required hereunder to be so paid or deposited on
      the
      Distribution Date coinciding with or following the earlier to occur of (i)
      the
      purchase by the Terminator (as defined below) of all Mortgage Loans and each
      REO
      Property remaining in REMIC I and (ii) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan or REO Property
      remaining in REMIC I; provided, however, that in no event shall the trust
      created hereby continue beyond the earlier of (i) the expiration of 21 years
      from the death of the last survivor of the descendants of Joseph P. Kennedy,
      the
      late ambassador of the United States to the Court of St. James, living on the
      date hereof and (ii) the Last Scheduled Distribution Date. The purchase by
      the
      Terminator of all Mortgage Loans and each REO Property remaining in REMIC I
      shall be at a price (the “Termination Price”) equal to the sum of (i) the
      greater of (A) the aggregate Purchase Price of all the Mortgage Loans included
      in REMIC I, plus the appraised value of each REO Property, if any, included
      in
      REMIC I, such appraisal to be conducted by an appraiser mutually agreed upon
      by
      the Terminator and the Trustee in their reasonable discretion and (B) the
      aggregate fair market value of all of the assets of REMIC I (as determined
      by
      the Terminator (defined below) and the Trustee, as of the close of business
      on
      the third Business Day next preceding the date upon which notice of any such
      termination is furnished to Certificateholders pursuant to the third paragraph
      of this Section 10.01), (ii) any amounts due and owing to the Swap Provider
      under the Swap Agreement and any previous swap provider as of the termination
      date (including a Swap Termination Payment owed to the Swap Provider in
      connection with such optional termination) plus (iii) any amounts due the
      Servicer and the Master Servicer in respect of unpaid Servicing Fees, Master
      Servicing Fees and outstanding P&I Advances and Servicing Advances.

     

    (b) The
      Master Servicer or, if the Master Servicer fails to exercise such optional
      termination right, the Servicer (either the Master Servicer or the Servicer,
      the
“Terminator”) shall have the right to purchase all of the Mortgage Loans and
      each REO Property remaining in REMIC I pursuant to clause (i) of the preceding
      paragraph no later than the Determination Date in the month immediately
      preceding the Distribution Date on which the Certificates will be retired;
      provided, however, that the Terminator may elect to purchase all of the Mortgage
      Loans on a servicing retained basis and each REO Property remaining in REMIC
      I
      pursuant to clause (i) above only if the aggregate Scheduled Principal Balance
      of the Mortgage Loans and each REO Property remaining in the Trust Fund at
      the
      time of such election has been reduced to less than or equal to 10% of the
      aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-off
      Date. By acceptance of the Residual Certificates, the Holder of the Residual
      Certificates agrees, in connection with any termination hereunder, to assign
      and
      transfer any portion of the Termination Price in excess of par, and to the
      extent received in respect of such termination, to pay any such amounts to
      the
      Holders of the Class CE Certificates. Notwithstanding the foregoing, the
      optional termination right may only be exercised by the Servicer if (1) the
      Servicer receives written notification from the Master Servicer that the Master
      Servicer will not exercise such optional termination right or (2) the Servicer
      does not receive such written notification from the Master Servicer, and the
      Master Servicer fails to exercise its optional termination right by the third
      Distribution Date following the date such right became exercisable; provided
      however, in no event shall the Servicer exercise its optional termination right
      under (1) or (2) above unless it first provides written notice to the Authorized
      Officers of the Sponsor that it intends to exercise such optional termination
      right. In the event the optional termination right is exercised by the Master
      Servicer, the Servicer shall remain the servicer of record of the Mortgage
      Loans
      unless the Servicer was terminated as Servicer prior to the exercise of such
      optional termination right. 

     

    
      
        
        

      

      
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    (c) Notice
      of
      the liquidation of the Certificates shall be given promptly by the Securities
      Administrator by letter to the Certificateholders mailed (a) in the event such
      notice is given in connection with the purchase of the Mortgage Loans and each
      REO Property by the Master Servicer, not earlier than the 15th day and not
      later
      than the 25th day of the month next preceding the month of the final
      distribution on the Certificates or (b) otherwise during the month of such
      final
      distribution on or before the Determination Date in such month, in each case
      specifying (i) the Distribution Date upon which the Trust Fund will terminate
      and the final payment in respect of the REMIC I Regular Interests or the
      Certificates will be made upon presentation and surrender of the related
      Certificates at the office of the Securities Administrator therein designated,
      (ii) the amount of any such final payment, (iii) that no interest shall accrue
      in respect of the REMIC I Regular Interests or the Certificates from and after
      the Interest Accrual Period relating to the final Distribution Date therefor
      and
      (iv) that the Record Date otherwise applicable to such Distribution Date is
      not
      applicable, payments being made only upon presentation and surrender of the
      Certificates at the office of the Securities Administrator. In the event such
      notice is given in connection with the purchase of all of the Mortgage Loans
      and
      each REO Property remaining in REMIC I by the Terminator, the Terminator shall
      deliver to the Securities Administrator for deposit in the Distribution Account
      not later than the Business Day prior to the Distribution Date on which the
      final distribution on the Certificates an amount in immediately available funds
      equal to the above-described Termination Price. The Securities Administrator
      shall remit to the Servicer, the Master Servicer, the Trustee and the applicable
      Custodian from such funds deposited in the Distribution Account (i) any amounts
      which the Servicer would be permitted to withdraw and retain from the Collection
      Account pursuant to Section 3.09 as if such funds had been deposited therein
      (including all unpaid Servicing Fees, Master Servicing Fees and all outstanding
      P&I Advances and Servicing Advances) and (ii) any other amounts otherwise
      payable by the Securities Administrator to the Master Servicer, the Trustee,
      the
      applicable Custodian, the Swap Provider and the Servicer from amounts on deposit
      in the Distribution Account pursuant to the terms of this Agreement prior to
      making any final distributions pursuant to Section 10.01(d) below. Upon
      certification to the Trustee by the Securities Administrator of the making
      of
      such final deposit, the Trustee shall promptly release or cause to be released
      to the Terminator the Mortgage Files for the remaining Mortgage Loans, and
      Trustee shall execute all assignments, endorsements and other instruments
      delivered to it and necessary to effectuate such transfer.

     

    
      
        
        

      

      
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    (d) Upon
      presentation of the Certificates by the Certificateholders on the final
      Distribution Date, the Securities Administrator shall distribute to each
      Certificateholder so presenting and surrendering its Certificates the amount
      otherwise distributable on such Distribution Date in accordance with Section
      5.01 in respect of the Certificates so presented and surrendered. Any funds
      not
      distributed to any Holder or Holders of Certificates being retired on such
      Distribution Date because of the failure of such Holder or Holders to tender
      their Certificates shall, on such date, be set aside and held in trust and
      credited to the account of the appropriate non-tendering Holder or Holders.
      If
      any Certificates as to which notice has been given pursuant to this Section
      10.01 shall not have been surrendered for cancellation within six months after
      the time specified in such notice, the Securities Administrator shall mail
      a
      second notice to the remaining non-tendering Certificateholders to surrender
      their Certificates for cancellation in order to receive the final distribution
      with respect thereto. If within one year after the second notice all such
      Certificates shall not have been surrendered for cancellation, the Securities
      Administrator shall, directly or through an agent, mail a final notice to the
      remaining non-tendering Certificateholders concerning surrender of their
      Certificates. The costs and expenses of maintaining the funds in trust and
      of
      contacting such Certificateholders shall be paid out of the assets remaining
      in
      the trust funds. If within one (1) year after the final notice any such
      Certificates shall not have been surrendered for cancellation, the Securities
      Administrator shall pay to the Depositor all such amounts, and all rights of
      non-tendering Certificateholders in or to such amounts shall thereupon cease.
      No
      interest shall accrue or be payable to any Certificateholder on any amount
      held
      in trust by the Securities Administrator as a result of such Certificateholder’s
      failure to surrender its Certificate(s) on the final Distribution Date for
      final
      payment thereof in accordance with this Section 10.01. Any such amounts held
      in
      trust by the Securities Administrator shall be held uninvested in an Eligible
      Account.

     

    SECTION
      10.02. Additional
      Termination Requirements.

     

    (a) In
      the
      event that the Terminator purchases all the Mortgage Loans and each REO Property
      or the final payment on or other liquidation of the last Mortgage Loan or REO
      Property remaining in REMIC I pursuant to Section 10.01, the Trust Fund shall
      be
      terminated in accordance with the following additional
      requirements:

     

    (i) The
      Securities Administrator shall specify the first day in the 90-day liquidation
      period in a statement attached to each Trust REMIC’s final Tax Return pursuant
      to Treasury regulation Section 1.860F-1 and shall satisfy all requirements
      of a
      qualified liquidation under Section 860F of the Code and any regulations
      thereunder, as evidenced by an Opinion of Counsel obtained by and at the expense
      of the Terminator;

     

    (ii) During
      such 90-day liquidation period and, at or prior to the time of making of the
      final payment on the Certificates, the Trustee shall sell all of the assets
      of
      REMIC I to the Terminator for cash; and

     

    (iii) At
      the
      time of the making of the final payment on the Certificates, the Securities
      Administrator shall distribute or credit, or cause to be distributed or
      credited, to the Holders of the Residual Certificates all cash on hand in the
      Trust Fund (other than cash retained to meet claims), and the Trust Fund shall
      terminate at that time.

     

    
      
        
        

      

      
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    (b) At
      the
      expense of the Terminator (or, if the Trust Fund is being terminated as a result
      of the occurrence of the event described in clause (ii) of the first paragraph
      of Section 10.01, at the expense of the Trust Fund), the Terminator shall
      prepare or cause to be prepared the documentation required in connection with
      the adoption of a plan of liquidation of each Trust REMIC pursuant to this
      Section 10.02.

     

    (c) By
      their
      acceptance of Certificates, the Holders thereof hereby agree to authorize the
      Securities Administrator to specify the 90-day liquidation period for each
      Trust
      REMIC, which authorization shall be binding upon all successor
      Certificateholders.

    

    
      
        
          
          

        

        
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    ARTICLE
      XI

    

    REMIC
      PROVISIONS

     

    SECTION
      11.01. REMIC
      Administration.

     

    (a) The
      Securities Administrator shall elect to treat each Trust REMIC as a REMIC under
      the Code and, if necessary, under applicable state law. Each such election
      will
      be made by the Securities Administrator on Form 1066 or other appropriate
      federal tax or information return or any appropriate state return for the
      taxable year ending on the last day of the calendar year in which the
      Certificates are issued. For the purposes of the REMIC election in respect
      of
      REMIC I, the REMIC I Regular Interests shall be designated as the “regular
      interests” in REMIC I and the Class R-I Interest shall be designated as the
“residual interest” in REMIC I. For the purposes of the REMIC election in
      respect of REMIC II, the REMIC II Regular Interests shall be designated as
      the
“regular interests” in REMIC II and the Class R-II Interest shall be designated
      as the “residual interest” in REMIC II. The Class A Certificates, the Mezzanine
      Certificates, the Class P Certificates, Class IO Interest and the Class CE
      Certificates (exclusive of any right to receive payments from or obligation
      to
      make payments to the Reserve Fund or the Supplement Interest Trust) shall be
      designated as the “regular interests” in REMIC III and the Class R-III Interest
      shall be designated as the “residual interest” in REMIC III. The Trustee shall
      not permit the creation of any “interests” in each Trust REMIC (within the
      meaning of Section 860G of the Code) other than the REMIC I Regular Interests,
      REMIC II Regular Interests, Class IO Interest and the interests represented
      by
      the Certificates.

     

    (b) The
      Closing Date is hereby designated as the “Startup Day” of each Trust REMIC
      within the meaning of Section 860G(a)(9) of the Code.

     

    (c) The
      Securities Administrator shall be reimbursed for any and all expenses relating
      to any tax audit of the Trust Fund (including, but not limited to, any
      professional fees or any administrative or judicial proceedings with respect
      to
      each Trust REMIC that involve the Internal Revenue Service or state tax
      authorities), including the expense of obtaining any tax related Opinion of
      Counsel except as specified herein. The Securities Administrator, as agent
      for
      each Trust REMIC’s tax matters person shall (i) act on behalf of the Trust Fund
      in relation to any tax matter or controversy involving any Trust REMIC and
      (ii)
      represent the Trust Fund in any administrative or judicial proceeding relating
      to an examination or audit by any governmental taxing authority with respect
      thereto. The holder of the largest Percentage Interest of each Class of Residual
      Certificates shall be designated, in the manner provided under Treasury
      regulations section 1.860F-4(d) and Treasury regulations section
      301.6231(a)(7)-1, as the tax matters person of the related REMIC created
      hereunder. By their acceptance thereof, the holder of the largest Percentage
      Interest of the Residual Certificates hereby agrees to irrevocably appoint
      the
      Securities Administrator or an Affiliate as its agent to perform all of the
      duties of the tax matters person for the Trust Fund.

     

    (d) The
      Securities Administrator shall prepare and file and the Trustee shall sign
      all
      of the Tax Returns in respect of each REMIC created hereunder. The expenses
      of
      preparing and filing such returns shall be borne by the Securities Administrator
      without any right of reimbursement therefor.

     

    
      
        
        

      

      
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    (e) The
      Securities Administrator shall perform on behalf of each Trust REMIC all
      reporting and other tax compliance duties that are the responsibility of such
      REMIC under the Code, the REMIC Provisions or other compliance guidance issued
      by the Internal Revenue Service or any state or local taxing authority. Among
      its other duties, as required by the Code, the REMIC Provisions or other such
      compliance guidance, the Securities Administrator shall provide (i) to any
      Transferor of a Residual Certificate such information as is necessary for the
      application of any tax relating to the transfer of a Residual Certificate to
      any
      Person who is not a Permitted Transferee upon receipt of additional reasonable
      compensation, (ii) to the Certificateholders such information or reports as
      are
      required by the Code or the REMIC Provisions including reports relating to
      interest, original issue discount and market discount or premium (using the
      Prepayment Assumption as required) and (iii) to the Internal Revenue Service
      the
      name, title, address and telephone number of the person who will serve as the
      representative of each Trust REMIC. The Depositor shall provide or cause to
      be
      provided to the Securities Administrator, within ten (10) days after the Closing
      Date, all information or data that the Securities Administrator reasonably
      determines to be relevant for tax purposes as to the valuations and issue prices
      of the Certificates, including, without limitation, the price, yield, prepayment
      assumption and projected cash flow of the Certificates.

     

    (f) To
      the
      extent in the control of the Trustee or the Securities Administrator, each
      such
      Person (i) shall take such action and shall cause each REMIC created hereunder
      to take such action as shall be necessary to create or maintain the status
      thereof as a REMIC under the REMIC Provisions, (ii) shall not take any action,
      cause the Trust Fund to take any action or fail to take (or fail to cause to
      be
      taken) any action that, under the REMIC Provisions, if taken or not taken,
      as
      the case may be, could (A) endanger the status of each Trust REMIC as a REMIC
      or
      (B) result in the imposition of a tax upon the Trust Fund (including but not
      limited to the tax on prohibited transactions as defined in Section 860F(a)(2)
      of the Code and the tax on contributions to a REMIC set forth in Section 860G(d)
      of the Code) (either such event, an “Adverse REMIC Event”) unless such action or
      inaction is permitted under this Agreement or the Trustee and the Securities
      Administrator have received an Opinion of Counsel, addressed to the them (at
      the
      expense of the party seeking to take such action but in no event at the expense
      of the Trustee or the Securities Administrator) to the effect that the
      contemplated action will not, with respect to any Trust REMIC, endanger such
      status or result in the imposition of such a tax, nor (iii) shall the Securities
      Administrator take or fail to take any action (whether or not authorized
      hereunder) as to which the Trustee has advised it in writing that it has
      received an Opinion of Counsel to the effect that an Adverse REMIC Event could
      occur with respect to such action; provided that the Securities Administrator
      may conclusively rely on such Opinion of Counsel and shall incur no liability
      for its action or failure to act in accordance with such Opinion of Counsel.
      In
      addition, prior to taking any action with respect to any Trust REMIC or the
      respective assets of each, or causing any Trust REMIC to take any action, which
      is not contemplated under the terms of this Agreement, the Securities
      Administrator will consult with the Trustee or its designee, in writing, with
      respect to whether such action could cause an Adverse REMIC Event to occur
      with
      respect to any Trust REMIC, and the Securities Administrator shall not take
      any
      such action or cause any Trust REMIC to take any such action as to which the
      Trustee has advised it in writing that an Adverse REMIC Event could occur.
      The
      Trustee may consult with counsel to make such written advice, and the cost
      of
      same shall be borne by the party seeking to take the action not permitted by
      this Agreement, but in no event shall such cost be an expense of the
      Trustee.

     

    
      
        
        

      

      
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    (g) In
      the
      event that any tax is imposed on “prohibited transactions” of any REMIC created
      hereunder as defined in Section 860F(a)(2) of the Code, on the “net income from
      foreclosure property” of such REMIC as defined in Section 860G(c) of the Code,
      on any contributions to any such REMIC after the Startup Day therefor pursuant
      to Section 860G(d) of the Code, or any other tax is imposed by the Code or
      any
      applicable provisions of state or local tax laws, such tax shall be charged
      (i)
      to the Trustee pursuant to Section 11.03, if such tax arises out of or results
      from a breach by the Trustee of any of its obligations under this Article XI,
      (ii) to the Securities Administrator pursuant to Section 11.03, if such tax
      arises out of or results from a breach by the Securities Administrator of any
      of
      its obligations under this Article XI, (iii) to the Master Servicer pursuant
      to
      Section 11.03, if such tax arises out of or results from a breach by the Master
      Servicer of any of its obligations under Article IV or under this Article XI,
      (iv) to the Servicer pursuant to Section 11.03, if such tax arises out of or
      results from a breach by the Servicer of any of its obligations under Article
      III or under this Article XI, or (v) in all other cases, against amounts on
      deposit in the Distribution Account and shall be paid by withdrawal
      therefrom.

     

    (h) The
      Securities Administrator shall, for federal income tax purposes, maintain books
      and records with respect to each Trust REMIC on a calendar year and on an
      accrual basis.

     

    (i) Following
      the Startup Day, neither the Securities Administrator nor the Trustee shall
      accept any contributions of assets to any Trust REMIC other than in connection
      with any Qualified Substitute Mortgage Loan delivered in accordance with Section
      2.03 unless it shall have received an Opinion of Counsel to the effect that
      the
      inclusion of such assets in the Trust Fund will not cause the related REMIC
      to
      fail to qualify as a REMIC at any time that any Certificates are outstanding
      or
      subject such REMIC to any tax under the REMIC Provisions or other applicable
      provisions of federal, state and local law or ordinances.

     

    (j) Neither
      the Trustee nor the Securities Administrator shall knowingly enter into any
      arrangement by which any Trust REMIC will receive a fee or other compensation
      for services nor permit either REMIC to receive any income from assets other
      than “qualified mortgages” as defined in Section 860G(a)(3) of the Code or
“permitted investments” as defined in Section 860G(a)(5) of the
      Code.

     

    (k) The
      Securities Administrator shall apply for an employer identification number
      with
      the Internal Revenue Service via a Form SS-4 or other comparable method for
      each
      REMIC. In connection with the foregoing, the Securities Administrator shall
      provide the name and address of the person who can be contacted to obtain
      information required to be reported to the holders of Regular Interests in
      each
      REMIC as required by IRS Form 8811.

     

    SECTION
      11.02. Prohibited
      Transactions and Activities.

     

    None
      of
      the Depositor, the Servicer, the Securities Administrator, the Master Servicer
      or the Trustee shall sell, dispose of or substitute for any of the Mortgage
      Loans (except in connection with (i) the foreclosure of a Mortgage Loan,
      including but not limited to, the acquisition or sale of a Mortgaged Property
      acquired by deed in lieu of foreclosure, (ii) the bankruptcy of REMIC I, (iii)
      the termination of REMIC I pursuant to Article X of this Agreement, (iv) a
      substitution pursuant to Article II of this Agreement or (v) a purchase of
      Mortgage Loans pursuant to Article II of this Agreement), nor acquire any assets
      for any Trust REMIC (other than REO Property acquired in respect of a defaulted
      Mortgage Loan), nor sell or dispose of any investments in the Collection Account
      or the Distribution Account for gain, nor accept any contributions to any Trust
      REMIC after the Closing Date (other than a Qualified Substitute Mortgage Loan
      delivered in accordance with Section 2.03), unless it has received an Opinion
      of
      Counsel, addressed to the Trustee and the Securities Administrator (at the
      expense of the party seeking to cause such sale, disposition, substitution,
      acquisition or contribution but in no event at the expense of the Trustee)
      that
      such sale, disposition, substitution, acquisition or contribution will not
      (a)
      affect adversely the status of any Trust REMIC as a REMIC or (b) cause any
      Trust
      REMIC to be subject to a tax on “prohibited transactions” or “contributions”
pursuant to the REMIC Provisions.

     

    
      
        
        

      

      
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    SECTION
      11.03. Indemnification.

     

    (a) The
      Trustee agrees to be liable for any taxes and costs incurred by the Trust Fund,
      the Depositor, the Master Servicer, the Securities Administrator or the Servicer
      including, without limitation, any reasonable attorneys fees imposed on or
      incurred by the Trust Fund, the Depositor, the Master Servicer, the Securities
      Administrator or the Servicer as a result of the Trustee’s failure to perform
      its covenants set forth in this Article XI in accordance with the standard
      of
      care of the Trustee set forth in this Agreement.

     

    (b) The
      Servicer agrees to indemnify the Trust Fund, the Depositor, the Master Servicer,
      the Securities Administrator and the Trustee for any taxes and costs including,
      without limitation, any reasonable attorneys’ fees imposed on or incurred by the
      Trust Fund, the Depositor, the Master Servicer, the Securities Administrator
      or
      the Trustee, as a result of the Servicer’s failure to perform its covenants set
      forth in Article III in accordance with the standard of care of the Servicer
      set
      forth in this Agreement.

     

    (c) The
      Master Servicer agrees to indemnify the Trust Fund, the Depositor, the Servicer
      and the Trustee for any taxes and costs including, without limitation, any
      reasonable attorneys’ fees imposed on or incurred by the Trust Fund, the
      Depositor, the Servicer or the Trustee, as a result of the Master Servicer’s
      failure to perform its covenants set forth in Article IV in accordance with
      the
      standard of care of the Master Servicer set forth in this
      Agreement.

     

    (d) The
      Securities Administrator agrees to be liable for any taxes and costs incurred
      by
      the Trust Fund, the Depositor, the Servicer or the Trustee including, without
      limitation, any reasonable attorneys’ fees imposed on or incurred by the Trust
      Fund, the Depositor, the Servicer or the Trustee as a result of the Securities
      Administrator’s failure to perform its covenants set forth in this Article XI in
      accordance with the standard of care of the Securities Administrator set forth
      in this Agreement.

    

    
      
        
          
          

        

        
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    ARTICLE
      XII

    

    MISCELLANEOUS
      PROVISIONS

     

    SECTION
      12.01. Amendment.

     

    This
      Agreement may be amended from time to time by the Depositor, the Servicer,
      the
      Master Servicer, the Securities Administrator and the Trustee, with the consent
      of the Swap Provider (which consent shall not be unreasonably withheld) but
      without the consent of any of the Certificateholders, (i) to cure any ambiguity
      or defect, (ii) to correct, modify or supplement any provisions herein
      (including to give effect to the expectations of Certificateholders), (iii)
      to
      ensure compliance with Regulation AB or (iv) to make any other provisions with
      respect to matters or questions arising under this Agreement which shall not
      be
      inconsistent with the provisions of this Agreement and that such action shall
      not, as evidenced by an Opinion of Counsel delivered to the Trustee, adversely
      affect in any material respect the interests of any Certificateholder; provided
      that any such amendment shall be deemed not to adversely affect in any material
      respect the interests of the Certificateholders and no such Opinion of Counsel
      shall be required if the Person requesting such amendment obtains a letter
      from
      each Rating Agency stating that such amendment would not result in the
      downgrading or withdrawal of the respective ratings then assigned to the
      Certificates. No amendment shall be deemed to adversely affect in any material
      respect the interests of any Certificateholder who shall have consented thereto,
      and no Opinion of Counsel shall be required to address the effect of any such
      amendment on any such consenting Certificateholder.

     

    This
      Agreement may also be amended from time to time by the Depositor, the Servicer,
      the Master Servicer, the Securities Administrator and the Trustee with the
      consent of the Swap Provider (which consent shall not be unreasonably withheld)
      and the Holders of Certificates entitled to at least 66% of the Voting Rights
      for the purpose of adding any provisions to or changing in any manner or
      eliminating any of the provisions of this Agreement or of modifying in any
      manner the rights of the Holders of Certificates; provided, however, that no
      such amendment shall (i) reduce in any manner the amount of, or delay the timing
      of, payments received on Mortgage Loans which are required to be distributed
      on
      any Certificate without the consent of the Holder of such Certificate, (ii)
      adversely affect in any material respect the interests of the Holders of any
      Class of Certificates in a manner, other than as described in (i), without
      the
      consent of the Holders of Certificates of such Class evidencing at least 66%
      of
      the Voting Rights allocated to such Class, or (iii) modify the consents required
      by the immediately preceding clauses (i) and (ii) without the consent of the
      Holders of all Certificates then outstanding. Notwithstanding any other
      provision of this Agreement, for purposes of the giving or withholding of
      consents pursuant to this Section 12.01, Certificates registered in the name
      of
      the Depositor or the Servicer or any Affiliate thereof shall be entitled to
      Voting Rights with respect to matters affecting such Certificates. Without
      limiting the generality of the foregoing, any amendment to this Agreement
      required in connection with the compliance with or the clarification of any
      reporting obligations described in Section 5.06 hereof shall not require the
      consent of any Certificateholder and without the need for any Opinion of Counsel
      or Rating Agency confirmation.

     

    
      
        
        

      

      
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    Notwithstanding
      any contrary provision of this Agreement, the Trustee shall not consent to
      any
      amendment to this Agreement unless it shall have first received an Opinion
      of
      Counsel to the effect that such amendment is permitted hereunder and will not
      result in the imposition of any tax on any Trust REMIC pursuant to the REMIC
      Provisions or cause any Trust REMIC to fail to qualify as a REMIC at any time
      that any Certificates are outstanding and that such amendment is authorized
      or
      permitted by this Agreement. 

     

    Promptly
      after the execution of any such amendment the Trustee shall furnish a copy
      of
      such amendment to each Certificateholder.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section 12.01
      to approve the particular form of any proposed amendment, but it shall be
      sufficient if such consent shall approve the substance thereof. The manner
      of
      obtaining such consents and of evidencing the authorization of the execution
      thereof by Certificateholders shall be subject to such reasonable regulations
      as
      the Trustee may prescribe.

     

    The
      cost
      of any Opinion of Counsel to be delivered pursuant to this Section 12.01 shall
      be borne by the Person seeking the related amendment, but in no event shall
      such
      Opinion of Counsel be an expense of the Trustee.

     

    The
      Trustee may, but shall not be obligated to enter into any amendment pursuant
      to
      this Section that affects its rights, duties and immunities under this Agreement
      or otherwise.

     

    SECTION
      12.02. Recordation
      of Agreement; Counterparts.

     

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all the counties
      or
      other comparable jurisdictions in which any or all of the properties subject
      to
      the Mortgages are situated, and in any other appropriate public recording office
      or elsewhere, such recordation to be effected by the Depositor at the expense
      of
      the Certificateholders, but only upon direction of the Trustee accompanied
      by an
      Opinion of Counsel (which opinion shall not be at the expense of the Trustee)
      to
      the effect that such recordation materially and beneficially affects the
      interests of the Certificateholders.

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall constitute but one and the same
      instrument.

     

    SECTION
      12.03. Limitation
      on Rights of Certificateholders.

     

    The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or the Trust Fund, nor entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or to take any action or
      proceeding in any court for a partition or winding up of the Trust Fund, nor
      otherwise affect the rights, obligations and liabilities of the parties hereto
      or any of them.

     

    
      
        
        

      

      
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    No
      Certificateholder shall have any right to vote (except as expressly provided
      for
      herein) or in any manner otherwise control the operation and management of
      the
      Trust Fund, or the obligations of the parties hereto, nor shall anything herein
      set forth, or contained in the terms of any of the Certificates, be construed
      so
      as to constitute the Certificateholders from time to time as partners or members
      of an association; nor shall any Certificateholder be under any liability to
      any
      third person by reason of any action taken by the parties to this Agreement
      pursuant to any provision hereof.

     

    No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to this Agreement, unless such Holder previously shall
      have given to the Trustee a written notice of default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      entitled to at least 25% of the Voting Rights shall have made written request
      upon the Trustee to institute such action, suit or proceeding in its own name
      as
      Trustee hereunder and shall have offered to the Trustee such reasonable
      indemnity as it may require against the costs, expenses and liabilities to
      be
      incurred therein or thereby, and the Trustee, for 15 days after its receipt
      of
      such notice, request and offer of indemnity, shall have neglected or refused
      to
      institute any such action, suit or proceeding. It is understood and intended,
      and expressly covenanted by each Certificateholder with every other
      Certificateholder. and the Trustee, that no one or more Holders of Certificates
      shall have any right in any manner whatsoever by virtue of any provision of
      this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of such Certificates, or to obtain or seek to obtain priority over or preference
      to any other such Holder, or to enforce any right under this Agreement, except
      in the manner herein provided and for the equal, ratable and common benefit
      of
      all Certificateholders. For the protection and enforcement of the provisions
      of
      this Section, each and every Certificateholder and the Trustee shall be entitled
      to such relief as can be given either at law or in equity.

     

    SECTION
      12.04. Governing
      Law.

     

    This
      Agreement shall be construed in accordance with the laws of the State of New
      York and the obligations, rights and remedies of the parties hereunder shall
      be
      determined in accordance with such laws without regard to conflicts of laws
      principles thereof other than Section 5-1401 of the New York General Obligations
      Law which shall govern.

     

    SECTION
      12.05. Notices.

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given when received if sent by facsimile, receipt
      confirmed, if personally delivered at or mailed by first class mail, postage
      prepaid, or by express delivery service or delivered in any other manner
      specified herein, to (a) in the case of the Depositor, ACE Securities Corp.,
      AMACAR GROUP, 6525 Morrison Boulevard, Suite 318, Charlotte, North Carolina
      28211, Attention: Juliana Johnson (telecopy number: (704) 365-1362) with a
      copy
      to Deutsche Bank Securities, Inc. 60 Wall Street, New York, New York, Attention:
      Legal Department (telecopy number: (212) 797-4561), or such other address or
      telecopy number as may hereafter be furnished to the Servicer, the Master
      Servicer, the Securities Administrator and the Trustee in writing by the
      Depositor, (b) in the case of the Servicer, Ocwen Loan Servicing, LLC, 1661
      Worthington Road, Centrepark West, Suite 100, West Palm Beach, Florida 33409,
      Attention: Secretary (telecopy number: (561) 682-8177, or such other address
      or
      telecopy number as may hereafter be furnished to the Trustee, the Master
      Servicer, the Securities Administrator and the Depositor in writing by the
      Servicer, (c) in the case of the Master Servicer and the Securities
      Administrator, P.O. Box 98, Columbia, Maryland 21046 and for overnight delivery
      to 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Ace Securities
      Corp., 2006-ASAP5 (telecopy number: (410) 715-2380), or such other address
      or
      telecopy number as may hereafter be furnished to the Trustee, the Depositor
      and
      the Servicer in writing by the Master Servicer or the Securities Administrator
      and (d) in the case of the Trustee, at the Corporate Trust Office or such other
      address or telecopy number as the Trustee may hereafter be furnish to the
      Servicer, the Master Servicer, the Securities Administrator and the Depositor
      in
      writing by the Trustee. Any notice required or permitted to be given to a
      Certificateholder shall be given by first class mail, postage prepaid, at the
      address of such Holder as shown in the Certificate Register. Any notice so
      mailed within the time prescribed in this Agreement shall be conclusively
      presumed to have been duly given when mailed, whether or not the
      Certificateholder receives such notice. A copy of any notice required to be
      telecopied hereunder also shall be mailed to the appropriate party in the manner
      set forth above.

     

    
      
        
        

      

      
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    SECTION
      12.06. Severability
      of Provisions.

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the Holders thereof.

     

    SECTION
      12.07. Notice
      to
      Rating Agencies.

     

    The
      Trustee shall use its best efforts promptly to provide notice to the Rating
      Agencies with respect to each of the following of which a Responsible Officer
      has actual knowledge:

     

    1. Any
      material change or amendment to this Agreement;

     

    2. The
      occurrence of any Servicer Event of Default or Master Servicer Event of Default
      that has not been cured or waived;

     

    3. The
      resignation or termination of the Servicer, the Master Servicer or the
      Trustee;

     

    4. The
      repurchase or substitution of Mortgage Loans pursuant to or as contemplated
      by
      Section 2.03;

     

    5. The
      final
      payment to the Holders of any Class of Certificates; and

     

    6. Any
      change in the location of the Distribution Account.

     

    
      
        
        

      

      
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    In
      addition, the Securities Administrator shall promptly make available to each
      Rating Agency copies of each report to Certificateholders described in Section
      5.02.

     

    The
      Servicer shall make available to each Rating Agency copies of the
      following:

     

    1. Each
      annual statement of compliance described in Section 3.17 of this Agreement;
      and

     

    2. Each
      assessment of compliance and attestation report described in
      Section 3.18.

     

    Any
      such
      notice pursuant to this Section 12.07 shall be in writing and shall be deemed
      to
      have been duly given if personally delivered at or mailed by first class mail,
      postage prepaid, or by express delivery service to Standard & Poor’s, a
      division of the McGraw-Hill Companies, Inc., 55 Water Street, New York, New
      York
      10041; and to Moody’s Investors Service, Inc., 99 Church Street, New York, New
      York 10007 or such other addresses as the Rating Agencies may designate in
      writing to the parties hereto.

     

    SECTION
      12.08. Article
      and Section References.

     

    All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

     

    SECTION
      12.09. Grant
      of
      Security Interest.

     

    It
      is the
      express intent of the parties hereto that the conveyance of the Mortgage Loans
      by the Depositor to the Trustee, on behalf of the Trust and for the benefit
      of
      the Certificateholders, be, and be construed as, a sale of the Mortgage Loans
      by
      the Depositor and not a pledge of the Mortgage Loans to secure a debt or other
      obligation of the Depositor. However, in the event that, notwithstanding the
      aforementioned intent of the parties, the Mortgage Loans are held to be property
      of the Depositor, then, (a) it is the express intent of the parties that such
      conveyance be deemed a pledge of the Mortgage Loans by the Depositor to the
      Trustee, on behalf of the Trust and for the benefit of the Certificateholders,
      to secure a debt or other obligation of the Depositor and (b)(1) this Agreement
      shall also be deemed to be a security agreement within the meaning of Articles
      8
      and 9 of the Uniform Commercial Code as in effect from time to time in the
      State
      of New York; (2) the conveyance provided for in Section 2.01 shall be deemed
      to
      be a grant by the Depositor to the Trustee, on behalf of the Trust and for
      the
      benefit of the Certificateholders, of a security interest in all of the
      Depositor’s right, title and interest in and to the Mortgage Loans and all
      amounts payable to the holders of the Mortgage Loans in accordance with the
      terms thereof and all proceeds of the conversion, voluntary or involuntary,
      of
      the foregoing into cash, instruments, securities or other property, including
      without limitation all amounts, other than investment earnings, from time to
      time held or invested in the Collection Account and the Distribution Account,
      whether in the form of cash, instruments, securities or other property; (3)
      the
      obligations secured by such security agreement shall be deemed to be all of
      the
      Depositor’s obligations under this Agreement, including the obligation to
      provide to the Certificateholders the benefits of this Agreement relating to
      the
      Mortgage Loans and the Trust Fund; and (4) notifications to persons holding
      such
      property, and acknowledgments, receipts or confirmations from persons holding
      such property, shall be deemed notifications to, or acknowledgments, receipts
      or
      confirmations from, financial intermediaries, bailees or agents (as applicable)
      of the Trustee for the purpose of perfecting such security interest under
      applicable law. Accordingly, the Depositor hereby grants to the Trustee, on
      behalf of the Trust and for the benefit of the Certificateholders, a security
      interest in the Mortgage Loans and all other property described in clause (2)
      of
      the preceding sentence, for the purpose of securing to the Trustee the
      performance by the Depositor of the obligations described in clause (3) of
      the
      preceding sentence. Notwithstanding the foregoing, the parties hereto intend
      the
      conveyance pursuant to Section 2.01 to be a true, absolute and unconditional
      sale of the Mortgage Loans and assets constituting the Trust Fund by the
      Depositor to the Trustee, on behalf of the Trust and for the benefit of the
      Certificateholders.

     

    
      
        
        

      

      
        241

        
          

        

      

      
        
        

      

    

     

    SECTION
      12.10. Survival
      of Indemnification.

     

    Any
      and
      all indemnities to be provided by any party to this Agreement shall survive
      the
      termination and resignation of any party hereto and the termination of this
      Agreement.

     

    SECTION
      12.11. Intention
      of the Parties and Interpretation.

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.17, 3.18,
      3.20, 4.15, 4.16, 4.17, 4.18 and 5.06 of this Agreement is to facilitate
      compliance by the Sponsor, the Master Servicer, the Securities Administrator
      and
      the Depositor with the provisions of Regulation AB promulgated by the Commission
      under the Exchange Act (17 C.F.R. §§ 229.1100 - 229.1123), as such may be
      amended from time to time and subject to clarification and interpretive advice
      as may be issued by the staff of the Commission from time to time. Therefore,
      each of the parties agrees that (a) the obligations of the parties hereunder
      shall be interpreted in such a manner as to accomplish that purpose, (b) the
      parties’ obligations hereunder will be supplemented and modified as necessary to
      be consistent with any such amendments, interpretive advice or guidance,
      convention or consensus among active participants in the asset-backed securities
      markets, advice of counsel, or otherwise in respect of the requirements of
      Regulation AB and (c) the parties shall comply with requests made by the Master
      Servicer, Securities Administrator, Sponsor or the Depositor for delivery of
      additional or different information as the Master Servicer, Securities
      Administrator, Sponsor or the Depositor may determine in good faith is necessary
      to comply with the provisions of Regulation AB.

     

    SECTION
      12.12. Indemnification.

     

    Each
      of
      the Depositor, Master Servicer, Securities Administrator, Servicer and any
      Servicing Function Participant engaged by such party, respectively, shall
      indemnify and hold harmless the Master Servicer, the Securities Administrator
      and the Depositor, respectively, and each of its directors, officers, employees,
      agents, and affiliates from and against any and all claims, losses, damages,
      penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments and other costs and expenses arising out of or based upon (a) any
      breach by such party of any if its obligations under hereunder, including
      particularly its obligations to provide any assessment of compliance,
      attestation report, annual statement of compliance or any information, data
      or
      materials required to be included in any 1934 Act report, (b) any material
      misstatement or omission in any information, data or materials provided by
      such
      party (or, in the case of the Securities Administrator or Master Servicer,
      any
      material misstatement or material omission in (i) any assessment of compliance,
      attestation report or annual statement of compliance delivered by it, or by
      any
      Servicing Function Participant engaged by it, pursuant to this Agreement, or
      (ii) any Additional Form 10-D Disclosure, Additional Form 10-K Disclosure or
      Form 8-K Disclosure concerning the Master Servicer or the Securities
      Administrator), or (c) the negligence, bad faith or willful misconduct of such
      indemnifying party in connection with its performance hereunder. If the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless the Master Servicer, the Securities Administrator or the Depositor,
      as
      the case may be, then each such party agrees that it shall contribute to the
      amount paid or payable by the Master Servicer, the Securities Administrator
      or
      the Depositor, as applicable, as a result of any claims, losses, damages or
      liabilities incurred by such party in such proportion as is appropriate to
      reflect the relative fault of the indemnified party on the one hand and the
      indemnifying party on the other. This indemnification shall survive the
      termination of this Agreement or the termination of any party to this
      Agreement.

     

    
      
        
        

      

      
        242

        
          

        

      

      
        
        

      

    

     

    SECTION
      12.13. Swap
      Provider as a Third Party Beneficiary.

     

    The
      Swap
      Provider shall be deemed a third party beneficiary of this Agreement to the
      same
      extent as if it were a party hereto, and shall have the right to enforce the
      provisions of this Agreement.

     

    
      
        
        

      

      
        243

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the Depositor, the Servicer, the Master Servicer, the
      Securities Administrator and the Trustee have caused their names to be signed
      hereto by their respective officers thereunto duly authorized, in each case
      as
      of the day and year first above written.

    
      	 	 	 
	 	
              ACE
                SECURITIES CORP.,

              as
                Depositor

            
	 
 	 
 	 
 
	 	By:  	/s/
              Evelyn Echevarria
	 	
              
Name:
              Evelyn Echevarria
	 	Title:
              Vice President

    

     

    
      	 	 	 
	 	By:  	/s/
              Doris J. Hearn
	 	
              
Name:
              Doris J. Hearn
	 	Title:
              Vice President

    

     

    
      	 	 	 
	 	
              OCWEN
                LOAN SERVICING, LLC

              as Servicer

            
	 
 	 
 	 
 
	 	By:  	/s/
              Richard Delgado
	 	
              
Name:
              Richard Delgado
	 	Title:
              Authorized Representative

    

     

    
      	 	 	 
	 	
              HSBC
                BANK USA, NATIONAL ASSOCIATION

              not in its individual capacity but solely as
                Trustee

            
	 
 	 
 	 
 
	 	By:  	/s/
              Fernando Acebedo
	 	
              
Name:
              Fernando Acebedo
	 	Title:
              Vice President

    

     

    
      	 	 	 
	 	
              WELLS
                FARGO BANK, NATIONAL ASSOCIATION

              as
                Master Servicer and Securities Administrator

            
	 
 	 
 	 
 
	 	By:  	/s/
              Stacey M. Taylor
	 	
              
Name:
              Stacey M. Taylor 
	 	Title:
              Vice President

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	
              Acknowledged
                and Agreed for purposes of Section 9.05:

               

              DB STRUCTURED PRODUCTS, INC

            
	 
 	 
 	 
 
	 	By:  	/s/
              Susan Valenti 
	 	
              
Name:

	 	Title:
              

    

     

    
      	 	 	 
	 	By:  	/s/
              Paul
              Mangione
	 	
              
Name:

	 	Title:
              

    

     

    
      	 	 	 
	 	
              Acknowledged
                and Agreed for purposes of 

              Sections
                7.08, 7.09 and 7.10:

            
	 	 
	 	
              CLAYTON FIXED INCOME SERVICES INC. 

              (f/k/a THE MURRAYHILL COMPANY)

            
	 
 	 
 	 
 
	 	By:  	/s/
              Kevin J. Kanouff
	 	
              
Name:
              Kevin J. Kanouff
	 	Title:
              President and General Counsel

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	
                STATE
                  OF

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF

              	
                )

              

      

    

     

    On
      the
      ___ day of September 2006, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of ACE Securities Corp., one of the entities that executed
      the within instrument, and also known to me to be the person who executed it
      on
      behalf of said corporation, and acknowledged to me that such corporation
      executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

    
      	 	 	 
	 
 	 
 	 
 
	 	  	 
	 	
              
                

              

              Notary
                Public

            
	 	 
	 	 
	[Notarial Seal]	My commission
              expires

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

       

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF

              	
                )

              

      

    

     

    On
      the
      ___ day of September 2006, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of ACE Securities Corp., one of the entities that executed
      the within instrument, and also known to me to be the person who executed it
      on
      behalf of said corporation, and acknowledged to me that such corporation
      executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

    
      
        	 	 	 
	 
 	 
 	 
 
	 	  	 
	 	
                
                  

                

                Notary
                  Public

              
	 	 
	 	 
	[Notarial Seal]	My commission
                expires

      

       

    

     

    
      
        
          
          

        

        
          
          

          
            

          

        

         

      

    

    

    
         

        
          	
                  STATE
                    OF

                	
                  )

                
	 	
                  )
                    ss.:

                
	
                  COUNTY
                    OF

                	
                  )

                

        

      

       

    

    On
      the
      ___ day of September 2006, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of Ocwen Loan Servicing, LLC, one of the entities that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said entity, and acknowledged to me that such entity
      executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

    
      
        	 	 	 
	 
 	 
 	 
 
	 	  	 
	 	
                
                  

                

                Notary
                  Public

              
	 	 
	 	 
	[Notarial Seal]	My commission
                expires

      

       

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

         

      

    

    

    
         

        
          	
                  STATE
                    OF

                	
                  )

                
	 	
                  )
                    ss.:

                
	
                  COUNTY
                    OF

                	
                  )

                

        

      

       

    

    On
      the
      ___ day of September 2006, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of Wells Fargo Bank, National Association, one of the
      entities that executed the within instrument, and also known to me to be the
      person who executed it on behalf of said national banking association, and
      acknowledged to me that such national banking association executed the within
      instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

    
      
        
          	 	 	 
	 
 	 
 	 
 
	 	  	 
	 	
                  
                    

                  

                  Notary
                    Public

                
	 	 
	[Notarial Seal]	My commission
                  expires

        

      

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

         

      

    

    
       

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF

              	
                )

              

      

    

     

    On
      the
      ___ day of September 2006, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of HSBC Bank USA, National Association, one of the
      entities that executed the within instrument, and also known to me to be the
      person who executed it on behalf of said national banking association, and
      acknowledged to me that such national banking association executed the within
      instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

    
      
        
          	 	 	 
	 
 	 
 	 
 
	 	  	 
	 	
                  
                    

                  

                  Notary
                    Public

                
	 	 
	 	 
	[Notarial Seal]	My commission
                  expires

        

      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A-1

     

    FORM
      OF
      CLASS A-[1A][1B][2A][2B][2C][2D] CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
      EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
      CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.

     

    PRIOR
      TO THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY PERSON ACQUIRING
      THIS
      CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS IN SECTION 6.02(c)
      OF THE AGREEMENT REFERRED TO HEREIN.

    
      
        
        

      

      
        
        

        
          

        

      

       

    

     

    
      	
              Series
                2006-ASAP5, Class A-[1A][1B][2A][2B][2C][2D]

            	 	
              Aggregate
                Certificate Principal Balance of the Class A-[1A][1B][2A][2B][2C][2D]
                Certificates as of the Issue Date: $_____________

            
	 	 	 
	
              Pass-Through
                Rate: Variable

            	 	
              Denomination:
                $____________

            
	 	 	 
	
              Date
                of Pooling and Servicing Agreement and Cut-off Date: September 1,
                2006

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	 	 	 
	
              First
                Distribution Date: October 25, 2006

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	 	 	 
	
              No.__

            	 	
              Issue
                Date: September 28, 2006

            
	 	 	 
	 	 	
              CUSIP:________________

            

    

    

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-ASAP5

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed and
      adjustable-rate first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER, THE
      TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
      THE
      UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF
      THE
      UNITED STATES.

     

    This
      certifies that ________________ is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class A-[1A][1B][2A][2B][2C][2D]
      Certificates as of the Issue Date) in that certain beneficial ownership interest
      evidenced by all of the Class A-[1A][1B][2A][2B][2C][2D] Certificates in REMIC
      III created pursuant to a Pooling and Servicing Agreement, dated as specified
      above (the “Agreement”), among ACE Securities Corp., as depositor (hereinafter
      called the “Depositor”, which term includes any successor entity under the
      Agreement), Wells Fargo Bank, National Association as master servicer (the
      “Master Servicer”) and securities administrator (the “Securities
      Administrator”), Ocwen Loan Servicing, LLC as servicer (the “Servicer”) and HSBC
      Bank USA, National Association as trustee (the “Trustee”), a summary of certain
      of the pertinent provisions of which is set forth hereafter. To the extent
      not
      defined herein, the capitalized terms used herein have the meanings assigned
      in
      the Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    
      
        
        

      

      
        A-1-2

        
          

        

      

      
        
        

      

    

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the Business
      Day
      immediately preceding such Distribution Date (the “Record Date”), in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class
      A-[1A][1B][2A][2B][2C][2D] Certificates on such Distribution Date pursuant
      to
      the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five Business Days prior to the Record Date immediately prior to such
      Distribution Date and is the registered owner of Class A-[1A][1B]
      [2A][2B][2C][2D] Certificates the aggregate initial Certificate Principal
      Balance of which is in excess of the lesser of (i) $5,000,000 or (ii) two-thirds
      of the aggregate initial Certificate Principal Balance of the Class
      A-[1A][1B][2A][2B][2C][2D] Certificates, or otherwise by check mailed by first
      class mail to the address of the Person entitled thereto, as such name and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Securities Administrator of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency appointed
      by the Securities Administrator for that purpose as provided in the
      Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall be a rate per annum equal
      to
      the lesser of (i) One-Month LIBOR plus [_____]%, in the case of each
      Distribution Date through and including the first Distribution Date on which
      the
      aggregate principal balance of the Mortgage Loans (and properties acquired
      in
      respect thereof) remaining in the Trust Fund as of the last day of the related
      Due Period has been reduced to less than or equal to 10% of the aggregate
      principal balance of the Mortgage Loans as of the Cut-off Date, or One-Month
      LIBOR plus [_____]%, in the case of any Distribution Date thereafter and (ii)
      the applicable Net WAC Pass-Through Rate for such Distribution
      Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificate of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    
      
        
        

      

      
        A-1-3

        
          

        

      

      
        
        

      

    

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans and payments received pursuant to
      the
      Swap Agreement and the Cap Contracts, as applicable, all as more specifically
      set forth herein and in the Agreement. As provided in the Agreement, withdrawals
      from the Collection Account and the Distribution Account may be made from time
      to time for purposes other than distributions to Certificateholders, such
      purposes including reimbursement of advances made, or certain expenses incurred,
      with respect to the Mortgage Loans. 

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicer and
      the
      rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicer with the consent of the Swap Provider (with respect to matters
      affecting the Swap Agreement) and the Holders of Certificates entitled to at
      least 66% of the Voting Rights. Any such consent by the Holder of this
      Certificate shall be conclusive and binding on such Holder and upon all future
      Holders of this Certificate and of any Certificate issued upon the transfer
      hereof or in exchange herefor or in lieu hereof whether or not notation of
      such
      consent is made upon this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Securities
      Administrator duly executed by, the Holder hereof or such Holder’s attorney duly
      authorized in writing, and thereupon one or more new Certificates of the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate shall be deemed to make the representations in Section 6.02(c)
      of
      the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange
      of
      Certificates, but the Securities Administrator may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or the Servicer may treat the Person in whose name
      this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer nor any such agent shall be affected by notice to the
      contrary.

     

    
      
        
        

      

      
        A-1-4

        
          

        

      

      
        
        

      

    

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) at the time of
      purchase being less than or equal to 10% of the aggregate principal balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assumes any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        A-1-5

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    
      	
              Dated:
                September ___, 2006

               

            	 	 
	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Authorized
              Officer

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class A-[1A][1B][2A][2B][2C][2D] Certificates referred to in the
      within-mentioned Agreement.

    
      	
               

            	 	 
	 	
              
                WELLS
                  FARGO BANK, N.A.

                as
                  Securities Administrator

              

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Authorized
              Signatory

      
        
          
          

        

        
          
          

          
            

          

        

         

      

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)
                (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 
	 	 	 	 
	
              Additional
                abbreviations may also be used though not in the above
                list.

            

    

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                

            
	
              unto

            	 
	 	 
	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee)

     

    a
      Percentage Interest equal to ____%
      evidenced by the within Asset Backed Pass-Through Certificate and hereby
      authorize(s) the registration of transfer of such interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (we)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      _________________________________________________________________________________________________________

    
      	 	 	
              .

            

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    EXHIBIT
      A-2

     

    FORM
      OF
      CLASS M-[1][2][3][4][5][6][7][8][9][10][11] CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
      EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
      CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES [[,/AND] CLASS M-1
      CERTIFICATES [,/AND] CLASS M-2 CERTIFICATES [,/AND] CLASS M-3 CERTIFICATES
      [,/AND] CLASS M-4 CERTIFICATES [,/AND] CLASS M-5 CERTIFICATES [,/AND] CLASS
      M-6
      CERTIFICATES [,/AND] CLASS M-7 CERTIFICATES [,/AND] CLASS M-8 CERTIFICATES
      [,/AND] CLASS M-9 CERTIFICATES [AND] CLASS M-10 CERTIFICATES] TO THE EXTENT
      DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

     

    ANY
      TRANSFEREE OF THIS CERTIFICATE SHALL BE DEEMED TO MAKE THE REPRESENTATIONS
      SET
      FORTH IN SECTION 6.02(c) OF THE AGREEMENT REFERRED TO
      HEREIN.

     

    THE
      CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
      PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO AS DESCRIBED
      IN
      THE AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE
      OF
      THE CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL
      BE
      DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE
      MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE SECURITIES
      ADMINISTRATOR NAMED HEREIN.

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    

    
      	
              Series
                2006-ASAP5, Class M-[1][2][3][4][5][6][7][8][9][10][11]

            	 	
              Aggregate
                Certificate Principal Balance of the Class
                M-[1][2][3][4][5][6][7][8][9][10][11] Certificates as of the Issue
                Date:
                $______________

            
	 	 	 
	
              Pass-Through
                Rate: Variable

            	 	
              Denomination:
                $______________

            
	 	 	 
	
              Date
                of Pooling and Servicing Agreement and
                Cut-off Date: September 1, 2006

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	 	 	 
	
              First
                Distribution Date: October 25, 2006

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	 	 	 
	
              No.___

            	 	
              Issue
                Date: September 28, 2006

            
	 	 	 
	 	 	
              CUSIP:_________________

            

    

    

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-ASAP5

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed and
      adjustable-rate first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER, THE
      TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
      THE
      UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF
      THE
      UNITED STATES.

     

    This
      certifies that _____________________ is the registered owner of a Percentage
      Interest (obtained by dividing the denomination of this Certificate by the
      aggregate Certificate Principal Balance of the Class
      M-[1][2][3][4][5][6][7][8][9][10][11] Certificates as of the Issue Date) in
      that
      certain beneficial ownership interest evidenced by all of the Class
      M-[1][2][3][4][5][6][7][8][9][10][11] Certificates in REMIC III created pursuant
      to a Pooling and Servicing Agreement, dated as specified above (the
“Agreement”), among ACE Securities Corp., as depositor (hereinafter called the
“Depositor”, which term includes any successor entity under the Agreement),
      Wells Fargo Bank, National Association as master servicer (the “Master
      Servicer”) and securities administrator (the “Securities Administrator”), Ocwen
      Loan Servicing, LLC as servicer (the “Servicer”) and HSBC Bank USA, National
      Association as trustee (the “Trustee”), a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      the capitalized terms used herein have the meanings assigned in the Agreement.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    
      
        
        

      

      
        A-2-2

        
          

        

      

      
        
        

      

    

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the Business
      Day
      immediately preceding such Distribution Date (the “Record Date”), in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class
      M-[1][2][3][4][5][6][7][8][9][10][11] Certificates on such Distribution Date
      pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five Business Days prior to the Record Date immediately prior to such
      Distribution Date and is the registered owner of Class
      M-[1][2][3][4][5][6][7][8][9][10][11] Certificates the aggregate initial
      Certificate Principal Balance of which is in excess of the lesser of (i)
      $5,000,000 or (ii) two-thirds of the aggregate initial Certificate Principal
      Balance of the Class M-[1][2][3][4][5][6][7][8][9][10][11] Certificates, or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Securities Administrator of the pendency
      of
      such distribution and only upon presentation and surrender of this Certificate
      at the office or agency appointed by the Securities Administrator for that
      purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) One-Month LIBOR plus [____]% , in the case of each
      Distribution Date through and including the first Distribution Date on which
      the
      aggregate principal balance of the Mortgage Loans (and properties acquired
      in
      respect thereof) remaining in the Trust Fund as of the last day of the related
      Due Period has been reduced to less than or equal to 10% of the aggregate
      principal balance of the Mortgage Loans as of the Cut-off Date, or One-Month
      LIBOR plus [____]%, in the case of any Distribution Date thereafter and (ii)
      the
      applicable Net WAC Pass-Through Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificate of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans and payments received pursuant to
      the
      Swap Agreement and the Cap Contracts, all as more specifically set forth herein
      and in the Agreement. As provided in the Agreement, withdrawals from the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    
      
        
        

      

      
        A-2-3

        
          

        

      

      
        
        

      

    

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicer and
      the
      rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicer with the consent of the Swap Provider (with respect to matters
      affecting the Swap Agreement) and the Holders of Certificates entitled to at
      least 66% of the Voting Rights. Any such consent by the Holder of this
      Certificate shall be conclusive and binding on such Holder and upon all future
      Holders of this Certificate and of any Certificate issued upon the transfer
      hereof or in exchange herefor or in lieu hereof whether or not notation of
      such
      consent is made upon this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Securities
      Administrator duly executed by, the Holder hereof or such Holder’s attorney duly
      authorized in writing, and thereupon one or more new Certificates of the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    Any
      transferee of this Certificate shall be deemed to make the representations
      set
      forth in Section 6.02(c) of the Agreement.

     

    No
      service charge will be made for any such registration of transfer or exchange
      of
      Certificates, but the Securities Administrator may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or the Servicer may treat the Person in whose name
      this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer nor any such agent shall be affected by notice to the
      contrary.

     

    
      
        
        

      

      
        A-2-4

        
          

        

      

      
        
        

      

    

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) at the time of
      purchase being less than or equal to 10% of the aggregate principal balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator by manual signature, this Certificate shall not be entitled to
      any
      benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        A-2-5

        
          

        

      

       

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    
      
        	
                Dated:
                  September ___, 2006

                 

              	 	 
	 	
                
                  
                    WELLS
                      FARGO BANK, N.A.

                    as
                      Securities Administrator

                  

                

              
	 
 	 
 	 
 
	
              	By:  	
              
	 	
                
Authorized
                Officer

      

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class M-[1][2][3][4][5][6][7][8][9][10][11] Certificates referred
      to
      in the within-mentioned Agreement.

     

    
      
        
          	
                   

                	 	 
	 	
                  
                    
                      
                        WELLS
                          FARGO BANK, N.A.

                        as
                          Securities Administrator

                      

                    

                  

                
	 
 	 
 	 
 
	
                	By:  	
                
	 	
                  
Authorized
                  Signatory

        

      

    

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)
                (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 
	 	 	 	 
	
              Additional
                abbreviations may also be used though not in the above
                list.

            

    

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                

            
	
              unto

            	 
	 	 
	 	 

    

     (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee)

     

    a
      Percentage Interest equal to _____% evidenced by the within Asset Backed
      Pass-Through Certificate and hereby authorize(s) the registration of transfer
      of
      such interest to assignee on the Certificate Register of the Trust
      Fund.

     

    I
      (we)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      _______________________________________________________________________________________________________

    
      	 	 	
              .

            

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    EXHIBIT
      A-3

     

    FORM
      OF
      CLASS CE CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES AND THE MEZZANINE
      CERTIFICATES TO THE EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO
      HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
      HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
      REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
      THE
      ACT AND OTHER APPLICABLE LAWS AND WITHIN THE UNITED STATES TO (A) “QUALIFIED
      INSTITUTIONAL BUYERS” WITHIN THE MEANING OF AND IN COMPLIANCE WITH RULE 144A
      UNDER THE ACT (“RULE 144A”) OR (B) TO INSTITUTIONAL INVESTORS THAT ARE
“ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF
“REGULATION D” UNDER THE ACT.

     

    NO
      TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
      PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(c) OF THE AGREEMENT REFERRED
      TO HEREIN.

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    

    
      	
              Series
                2006-ASAP5, Class CE

            	 	
              Aggregate
                Certificate Principal Balance of the Class CE Certificates as of
                the Issue
                Date: $_____________

            
	 	 	 
	
              Pass-Through
                Rate: Variable

            	 	
              Denomination:
                $_________________

            
	 	 	 
	
              Cut-off
                Date and date of Pooling and Servicing Agreement: September 1,
                2006

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	 	 	 
	
              First
                Distribution Date: October 25, 2006

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	 	 	 
	
              No.
                __

            	 	
              Issue
                Date: September 28, 2006

            

    

    

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-ASAP5

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed and
      adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER, THE
      TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
      THE
      UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF
      THE
      UNITED STATES.

     

    This
      certifies that ________________ is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class CE Certificates as of the Issue
      Date)
      in that certain beneficial ownership interest evidenced by all of the Class
      CE
      Certificates in REMIC III created pursuant to a Pooling and Servicing Agreement,
      dated as specified above (the “Agreement”), among ACE Securities Corp., as
      depositor (hereinafter called the “Depositor,” which term includes any successor
      entity under the Agreement), Wells Fargo Bank, National Association as master
      servicer (the “Master Servicer”) and securities administrator (the “Securities
      Administrator”), Ocwen Loan Servicing, LLC as servicer (the “Servicer”) and HSBC
      Bank USA, National Association as trustee (the “Trustee”), a summary of certain
      of the pertinent provisions of which is set forth hereafter. To the extent
      not
      defined herein, the capitalized terms used herein have the meanings assigned
      in
      the Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    
      
        
        

      

      
        A-3-2

        
          

        

      

      
        
        

      

    

     

    Interest
      on this Certificate will accrue during the month prior to the month in which
      a
      Distribution Date (as hereinafter defined) occurs on the Notional Amount (as
      defined in the Agreement) hereof at a per annum rate equal to the applicable
      Pass-Through Rate as set forth in the Agreement. Pursuant to the terms of the
      Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the last Business
      Day of the calendar month immediately preceding the month in which the related
      Distribution Date occurs (the “Record Date”), in an amount equal to the product
      of the Percentage Interest evidenced by this Certificate and the amount required
      to be distributed to the Holders of Class CE Certificates on such Distribution
      Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five Business Days prior to the Record Date immediately prior to such
      Distribution Date and is the registered owner of Class CE Certificates the
      aggregate initial Certificate Principal Balance of which is in excess of the
      lesser of (i) $5,000,000 or (ii) two-thirds of the aggregate initial Certificate
      Principal Balance of the Class CE Certificates, or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Securities Administrator of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency appointed
      by the Securities Administrator for that purpose as provided in the
      Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificate of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicer and
      the
      rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicer with the consent of the Swap Provider (with respect to matters
      affecting the Swap Agreement) and the Holders of Certificates entitled to at
      least 66% of the Voting Rights. Any such consent by the Holder of this
      Certificate shall be conclusive and binding on such Holder and upon all future
      Holders of this Certificate and of any Certificate issued upon the transfer
      hereof or in exchange herefor or in lieu hereof whether or not notation of
      such
      consent is made upon this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    
      
        
        

      

      
        A-3-3

        
          

        

      

      
        
        

      

    

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Securities
      Administrator duly executed by, the Holder hereof or such Holder’s attorney duly
      authorized in writing, and thereupon one or more new Certificates of the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the
      Securities Administrator shall require receipt of (i) if such transfer is
      purportedly being made in reliance upon Rule 144A under the 1933 Act, written
      certifications from the Holder of the Certificate desiring to effect the
      transfer, and from such Holder’s prospective transferee, substantially in the
      forms attached to the Agreement as Exhibit B-1, (ii) if such transfer is
      purportedly being made in reliance upon Rule 501(a) under the 1933 Act, written
      certifications from the Holder of the Certificate desiring to effect the
      transfer and from such Holder’s prospective transferee, substantially in the
      form attached to the Agreement as Exhibit B-2 and (iii) in all other cases,
      an
      Opinion of Counsel satisfactory to it that such transfer may be made without
      such registration or qualification (which Opinion of Counsel shall not be an
      expense of the Trust Fund or of the Depositor, the Trustee, the Master Servicer
      or the Securities Administrator in their respective capacities as such),
      together with copies of the written certification(s) of the Holder of the
      Certificate desiring to effect the transfer and/or such Holder’s prospective
      transferee upon which such Opinion of Counsel is based. None of the Depositor,
      the Trustee or the Securities Administrator is obligated to register or qualify
      the Class of Certificates specified on the face hereof under the 1933 Act or
      any
      other securities law or to take any action not otherwise required under the
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Master Servicer
      and the Securities Administrator against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of this Certificate shall be made except in accordance with Section
      6.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Securities Administrator may require payment of a sum sufficient to
      cover any tax or other governmental charge that may be imposed in connection
      with any transfer or exchange of Certificates.

     

    
      
        
        

      

      
        A-3-4

        
          

        

      

      
        
        

      

    

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or the Servicer may treat the Person in whose name
      this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) at the time of
      purchase being less than or equal to 10% of the aggregate principal balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        A-3-5

        
          

        

      

       

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

    
       

      
        
          
            	
                    
                      Dated:
                        September ___, 2006

                       

                    

                  	 	 
	 	
                    
                      
                        
                          WELLS
                            FARGO BANK, N.A.

                          as
                            Securities Administrator

                        

                      

                    

                  
	 
 	 
 	 
 
	
                  	By:  	
                  
	 	
                    
Authorized
                    Officer

          

        

      

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class CE Certificates referred to in the within-mentioned
      Agreement.

    
      
        
          
            	
                    
                       

                    

                  	 	 
	 	
                    
                      
                        
                          WELLS
                            FARGO BANK, N.A.

                          as
                            Securities Administrator

                        

                      

                    

                  
	 
 	 
 	 
 
	
                  	By:  	
                  
	 	
                    
Authorized
                    Officer

          

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)   
                 (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 
	 	 	 	 
	
              Additional
                abbreviations may also be used though not in the above
                list.

            

    

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                

            
	
              unto

            	 
	 	 
	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee) 

     

    a
      Percentage Interest equal to ____% evidenced by the within Asset Backed
      Pass-Through Certificate and hereby authorize(s) the registration of transfer
      of
      such interest to assignee on the Certificate Register of the Trust
      Fund.

     

    I
      (we)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      ________________________________________________________________________________________________________

    
      	 	 	
              .

            

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    EXHIBIT
      A-4

     

    FORM
      OF
      CLASS P CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES,
      THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
      CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
      THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
      HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
      REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
      THE
      SECURITIES ACT AND OTHER APPLICABLE LAWS AND WITHIN THE UNITED STATES TO (A)
      “QUALIFIED INSTITUTIONAL BUYERS” WITHIN THE MEANING OF AND IN COMPLIANCE WITH
      RULE 144A UNDER THE ACT (“RULE 144A”) OR (B) TO INSTITUTIONAL INVESTORS THAT ARE
“ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF
“REGULATION D” UNDER THE ACT.

     

    NO
      TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
      PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(c) OF THE AGREEMENT REFERRED
      TO HEREIN.

     

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    

    
      	
              Series
                2006-ASAP5, Class P

            	 	
              Aggregate
                Certificate Principal Balance of the Class P Certificates as of the
                Issue
                Date: $100.00

            
	 	 	 
	
              Cut-off
                Date and date of Pooling and Servicing Agreement: September 1,
                2006

            	 	
              Denomination:
                $100.00

            
	 	 	 
	
              First
                Distribution Date: October 25, 2006

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	 	 	 
	
              No.
                __

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	 	 	
              Issue
                Date: September 28, 2006

            

    

    

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-ASAP5

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed and
      adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER, THE
      TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
      THE
      UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF
      THE
      UNITED STATES.

     

    This
      certifies that____________________ is the registered owner of a Percentage
      Interest (obtained by dividing the denomination of this Certificate by the
      aggregate Certificate Principal Balance of the Class P Certificates as of the
      Issue Date) in that certain beneficial ownership interest evidenced by all
      of
      the Class P Certificates in REMIC III created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among ACE
      Securities Corp., as depositor (hereinafter called the “Depositor”, which term
      includes any successor entity under the Agreement), Wells Fargo Bank, National
      Association as master servicer (the “Master Servicer”) and securities
      administrator (the “Securities Administrator”), Ocwen Loan Servicing, LLC as
      servicer (the “Servicer”) and HSBC Bank USA, National Association as trustee
      (the “Trustee”), a summary of certain of the pertinent provisions of which is
      set forth hereafter. To the extent not defined herein, the capitalized terms
      used herein have the meanings assigned in the Agreement. This Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Certificate by virtue of the
      acceptance hereof assents and by which such Holder is bound.

     

    
      
        
        

      

      
        A-4-2

        
          

        

      

      
        
        

      

    

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the last Business
      Day of the calendar month immediately preceding the month in which the related
      Distribution Date occurs (the “Record Date”), in an amount equal to the product
      of the Percentage Interest evidenced by this Certificate and the amount required
      to be distributed to the Holders of Class P Certificates on such Distribution
      Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five Business Days prior to the Record Date immediately prior to such
      Distribution Date and is the registered owner of Class P Certificates the
      aggregate initial Certificate Principal Balance of which is in excess of the
      lesser of (i) $5,000,000 or (ii) two-thirds of the aggregate initial Certificate
      Principal Balance of the Class P Certificates, or otherwise by check mailed
      by
      first class mail to the address of the Person entitled thereto, as such name
      and
      address shall appear on the Certificate Register. Notwithstanding the above,
      the
      final distribution on this Certificate will be made after due notice by the
      Securities Administrator of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency appointed
      by the Securities Administrator for that purpose as provided in the
      Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificate of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicer and
      the
      rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicer with the consent of the Swap Provider (with respect to matters
      affecting the Swap Agreement) and the Holders of Certificates entitled to at
      least 66% of the Voting Rights. Any such consent by the Holder of this
      Certificate shall be conclusive and binding on such Holder and upon all future
      Holders of this Certificate and of any Certificate issued upon the transfer
      hereof or in exchange herefor or in lieu hereof whether or not notation of
      such
      consent is made upon this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    
      
        
        

      

      
        A-4-3

        
          

        

      

      
        
        

      

    

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Securities
      Administrator duly executed by, the Holder hereof or such Holder’s attorney duly
      authorized in writing, and thereupon one or more new Certificates of the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the
      Securities Administrator shall require receipt of (i) if such transfer is
      purportedly being made in reliance upon Rule 144A under the 1933 Act, written
      certifications from the Holder of the Certificate desiring to effect the
      transfer, and from such Holder’s prospective transferee, substantially in the
      forms attached to the Agreement as Exhibit B-1, (ii) if such transfer is
      purportedly being made in reliance upon Rule 501(a) under the 1933 Act, written
      certifications from the Holder of the Certificate desiring to effect the
      transfer and from such Holder’s prospective transferee, substantially in the
      form attached to the Agreement as Exhibit B-2 and (iii) in all other cases,
      an
      Opinion of Counsel satisfactory to it that such transfer may be made without
      such registration or qualification (which Opinion of Counsel shall not be an
      expense of the Trust Fund or of the Depositor, the Trustee, the Master Servicer
      or the Securities Administrator in their respective capacities as such),
      together with copies of the written certification(s) of the Holder of the
      Certificate desiring to effect the transfer and/or such Holder’s prospective
      transferee upon which such Opinion of Counsel is based. None of the Depositor,
      the Trustee or the Securities Administrator is obligated to register or qualify
      the Class of Certificates specified on the face hereof under the 1933 Act or
      any
      other securities law or to take any action not otherwise required under the
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Master Servicer
      and the Securities Administrator against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of this Certificate shall be made except in accordance with Section
      6.02(c) of the Agreement.

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Securities Administrator may require payment of a sum sufficient to
      cover any tax or other governmental charge that may be imposed in connection
      with any transfer or exchange of Certificates.

     

    
      
        
        

      

      
        A-4-4

        
          

        

      

      
        
        

      

    

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or the Servicer may treat the Person in whose name
      this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) at the time of
      purchase being less than or equal to 10% of the aggregate principal balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        A-4-5

        
          

        

      

       

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    Dated:
      September ___, 2006

    
      
        
          
            
              	
                      
                         

                      

                    	 	 
	 	
                      
                        
                          
                            WELLS
                              FARGO BANK, N.A.

                            as
                              Securities Administrator

                          

                        

                      

                    
	 
 	 
 	 
 
	
                    	By:  	
                    
	 	
                      
Authorized
                      Officer

            

          

        

      

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class P Certificates referred to in the within-mentioned
      Agreement.

    
      
        
          
            
              	
                      
                         

                      

                    	 	 
	 	
                      
                        
                          
                            WELLS
                              FARGO BANK, N.A.

                            as
                              Securities Administrator

                          

                        

                      

                    
	 
 	 
 	 
 
	
                    	By:  	
                    
	 	
                      
Authorized
                      Officer

            

          

        

      

    

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)   
                (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 
	 	 	 	 
	
              Additional
                abbreviations may also be used though not in the above
                list.

            

    

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                

            
	
              unto

            	 
	 	 
	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee)

     

    a
      Percentage Interest equal to ____% evidenced by the within Asset Backed
      Pass-Through Certificate and hereby authorize(s) the registration of transfer
      of
      such interest to assignee on the Certificate Register of the Trust
      Fund.

     

    I
      (we)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      ________________________________________________________________________________________________________

    
      	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    EXHIBIT
      A-5

     

    FORM
      OF
      CLASS R CERTIFICATE

     

    THIS
      CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES
      PERSON.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES,
      THIS CERTIFICATE REPRESENTS THE SOLE “RESIDUAL INTEREST” IN EACH “REAL ESTATE
      MORTGAGE INVESTMENT CONDUIT” (“REMIC”), AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IN
      ACCORDANCE WITH THE PROVISIONS OF SECTION 6.02 OF THE AGREEMENT REFERRED TO
      HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
      OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
      OR
      TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT
      AND
      UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
      OF SECTION 6.02 OF THE AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
      DESCRIBED IN SECTION 6.02(c) OF THE AGREEMENT REFERRED TO
      HEREIN.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IF
      THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE SECURITIES
      ADMINISTRATOR THAT (A) SUCH TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY
      POSSESSION THEREOF, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN
      GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY
      OF
      ANY OF THE FOREGOING, (2) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED
      IN SECTION 521 OF THE CODE) THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER
      1 OF
      THE CODE UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION
      511
      OF THE CODE, (3) ANY ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE
      CODE
      (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL
      HEREINAFTER BE REFERRED TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF
      A DISQUALIFIED ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE
      THE
      ASSESSMENT OR COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN
      ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED
      TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF
      ANY
      TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED
      ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION
      SHALL
      BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL
      NOT
      BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT
      NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER
      OF
      THIS CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO
      THE
      PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 6.02(d) OF THE
      AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A DISQUALIFIED ORGANIZATION
      IS
      PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP OF THIS
      CERTIFICATE.

     

    
      
        
        

      

      
        A-5-2

        
          

        

      

       

    

    

    
      	
              Series
                2006-ASAP5, Class R

            	 	
              Aggregate
                Percentage Interest of the Class R Certificates as of the Issue Date:
                100.00%

            
	 	 	 
	
              Date
                of Pooling and Servicing Agreement and
                Cut-off Date: September 1, 2006

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	 	 	 
	
              First
                Distribution Date: October 25, 2006

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	 	 	 
	
              No
                __

            	 	
              Issue
                Date: September 28, 2006

            

    

    

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-ASAP5

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, fixed and
      adjustable-rate first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER, THE
      TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
      THE
      UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF
      THE
      UNITED STATES.

     

    

    This
      certifies that _______________ is the registered owner of a Percentage Interest
      set forth above in that certain beneficial ownership interest evidenced by
      all
      of the Class R Certificates in REMIC III created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among ACE
      Securities Corp., as depositor (hereinafter called the “Depositor”, which term
      includes any successor entity under the Agreement), Wells Fargo Bank, National
      Association as master servicer (the “Master Servicer”) and securities
      administrator (the “Securities Administrator”), Ocwen Loan Servicing, LLC as
      servicer (the “Servicer”) and HSBC Bank USA, National Association as trustee
      (the “Trustee”), a summary of certain of the pertinent provisions of which is
      set forth hereafter. To the extent not defined herein, the capitalized terms
      used herein have the meanings assigned in the Agreement. This Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Certificate by virtue of the
      acceptance hereof assents and by which such Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th day of
      each month or, if such 25th day is not a Business Day, the Business Day
      immediately following (a “Distribution Date”), commencing on the First
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered on the last Business Day of the calendar month immediately
      preceding the month in which the related Distribution Date occurs (the “Record
      Date”), in an amount equal to the product of the Percentage Interest evidenced
      by this Certificate and the amount required to be distributed to the Holders
      of
      Class R Certificates on such Distribution Date pursuant to the
      Agreement.

     

    
      
        
        

      

      
        A-5-3

        
          

        

      

      
        
        

      

    

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five Business Days prior to the Record Date immediately prior to such
      Distribution Date and is the registered owner of Class R Certificates, or
      otherwise by check mailed by first class mail to the address of the Person
      entitled thereto, as such name and address shall appear on the Certificate
      Register. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Securities Administrator of the pendency
      of
      such distribution and only upon presentation and surrender of this Certificate
      at the office or agency appointed by the Securities Administrator for that
      purpose as provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificate of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the Percentage Interest in
      the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Collection Account and the Distribution Account may be made from time to time
      for purposes other than distributions to Certificateholders, such purposes
      including reimbursement of advances made, or certain expenses incurred, with
      respect to the Mortgage Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Trustee, the Securities Administrator, the Servicer and
      the
      rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicer with the consent of the Swap Provider (with respect to matters
      affecting the Swap Agreement) and the Holders of Certificates entitled to at
      least 66% of the Voting Rights. Any such consent by the Holder of this
      Certificate shall be conclusive and binding on such Holder and upon all future
      Holders of this Certificate and of any Certificate issued upon the transfer
      hereof or in exchange herefor or in lieu hereof whether or not notation of
      such
      consent is made upon this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Securities Administrator as provided in the Agreement,
      duly endorsed by, or accompanied by an assignment in the form below or other
      written instrument of transfer in form satisfactory to the Securities
      Administrator duly executed by, the Holder hereof or such Holder’s attorney duly
      authorized in writing, and thereupon one or more new Certificates of the same
      Class in authorized denominations evidencing the same aggregate Percentage
      Interest will be issued to the designated transferee or
      transferees.

     

    
      
        
        

      

      
        A-5-4

        
          

        

      

      
        
        

      

    

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, Certificates are exchangeable for new Certificates of the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same.

     

    No
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the
      Securities Administrator shall require receipt of (i) if such transfer is
      purportedly being made in reliance upon Rule 144A under the 1933 Act, written
      certifications from the Holder of the Certificate desiring to effect the
      transfer, and from such Holder’s prospective transferee, substantially in the
      forms attached to the Agreement as Exhibit B-1, and (ii) in all other cases,
      an
      Opinion of Counsel satisfactory to it that such transfer may be made without
      such registration or qualification (which Opinion of Counsel shall not be an
      expense of the Trust Fund or of the Depositor, the Trustee, the Master Servicer
      or the Securities Administrator in their respective capacities as such),
      together with copies of the written certification(s) of the Holder of the
      Certificate desiring to effect the transfer and/or such Holder’s prospective
      transferee upon which such Opinion of Counsel is based. None of the Depositor,
      the Trustee or the Securities Administrator is obligated to register or qualify
      the Class of Certificates specified on the face hereof under the 1933 Act or
      any
      other securities law or to take any action not otherwise required under the
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Master Servicer
      and the Securities Administrator against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of this Certificate shall be made except in accordance with Section
      6.02 of the Agreement.

     

    Prior
      to
      registration of any transfer, sale or other disposition of this Certificate,
      the
      proposed transferee shall provide to the Securities Administrator (i) an
      affidavit to the effect that such transferee is any Person other than a
      Disqualified Organization or the agent (including a broker, nominee or
      middleman) of a Disqualified Organization, and (ii) a certificate that
      acknowledges that (A) the Class R Certificates have been designated as
      representing the beneficial ownership of the residual interests in each of
      REMIC
      I, REMIC II and REMIC III, (B) it will include in its income a pro
      rata
      share of
      the net income of the Trust Fund and that such income may be an “excess
      inclusion,” as defined in the Code, that, with certain exceptions, cannot be
      offset by other losses or benefits from any tax exemption, and (C) it expects
      to
      have the financial means to satisfy all of its tax obligations including those
      relating to holding the Class R Certificates. Notwithstanding the registration
      in the Certificate Register of any transfer, sale or other disposition of this
      Certificate to a Disqualified Organization or an agent (including a broker,
      nominee or middleman) of a Disqualified Organization, such registration shall
      be
      deemed to be of no legal force or effect whatsoever and such Person shall not
      be
      deemed to be a Certificateholder for any purpose, including, but not limited
      to,
      the receipt of distributions in respect of this Certificate.

     

    
      
        
        

      

      
        A-5-5

        
          

        

      

      
        
        

      

    

     

    The
      Holder of this Certificate, by its acceptance hereof, shall be deemed to have
      consented to the provisions of Section 6.02 of the Agreement and to any
      amendment of the Agreement deemed necessary by counsel of the Depositor to
      ensure that the transfer of this Certificate to any Person other than a
      Permitted Transferee or any other Person will not cause any portion of the
      Trust
      Fund to cease to qualify as a REMIC or cause the imposition of a tax upon any
      REMIC.

     

    No
      service charge will be made for any such registration of transfer or exchange
      of
      Certificates, but the Securities Administrator may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or the Servicer may treat the Person in whose name
      this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer nor any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Securities Administrator and required to be paid to them pursuant to the
      Agreement following the earlier of (i) the final payment or other liquidation
      (or any advance with respect thereto) of the last Mortgage Loan remaining in
      REMIC I and (ii) the purchase by the party designated in the Agreement at a
      price determined as provided in the Agreement from REMIC I of all the Mortgage
      Loans and all property acquired in respect of such Mortgage Loans. The Agreement
      permits, but does not require, the party designated in the Agreement to purchase
      from REMIC I all the Mortgage Loans and all property acquired in respect of
      any
      Mortgage Loan at a price determined as provided in the Agreement. The exercise
      of such right will effect early retirement of the Certificates; however, such
      right to purchase is subject to the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) at the time of
      purchase being less than or equal to 10% of the aggregate principal balance
      of
      the Mortgage Loans as of the Cut-off Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        A-5-6

        
          

        

      

       

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    Dated:
      September ___, 2006

    
      
        
          
            
              	
                      
                         

                      

                    	 	 
	 	
                      
                        
                          
                            WELLS
                              FARGO BANK, N.A.

                            as
                              Securities Administrator

                          

                        

                      

                    
	 
 	 
 	 
 
	
                    	By:  	
                    
	 	
                      
Authorized
                      Officer

            

          

        

      

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class R Certificates referred to in the within-mentioned
      Agreement.

    
      
        
          
            
              	
                      
                         

                      

                    	 	 
	 	
                      
                        
                          
                            WELLS
                              FARGO BANK, N.A.

                            as
                              Securities Administrator

                          

                        

                      

                    
	 
 	 
 	 
 
	
                    	By:  	
                    
	 	
                      
Authorized
                      Signatory

            

          

        

      

    

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM -

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
                   Custodian      

              (Cust)   
                (Minor)

              under
                Uniform Gifts 

              to
                Minors Act

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
              ________________

              (State)

            
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	 
	 	 	 	 
	
              Additional
                abbreviations may also be used though not in the above
                list.

            

    

    

    ASSIGNMENT

     

    
      	
              FOR
                VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
                

            
	
              unto

            	 
	 	 
	 	 

    

    (Please
      print or typewrite name, address including postal zip code, and Taxpayer
      Identification Number of assignee)

     

    a
      Percentage Interest equal to _____% evidenced by the within Asset Backed
      Pass-Through Certificate and hereby authorize(s) the registration of transfer
      of
      such interest to assignee on the Certificate Register of the Trust
      Fund.

     

    I
      (we)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      _______________________________________________________________________________________________________

    
      	 	 	
              .

            

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    EXHIBIT
      B-1

    FORM
      OF
      TRANSFEROR REPRESENTATION LETTER

     

    [Date]

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      Corporate Trust ACE 2006-ASAP5

     

    
      	
              Re:

            	
              ACE
                Securities Corp. Home Equity Loan Trust, Series 2006-ASAP5 Asset
                Backed
                Pass-Through Certificates Class
                CE, Class P and Class R
                Certificates

            

    

    

    Ladies
      and Gentlemen:

     

    In
      connection with the transfer by ______________________ (the “Transferor”) to
      ___________________ (the “Transferee”) of the captioned mortgage pass-through
      certificates (the “Certificates”), the Transferor hereby certifies as
      follows:

     

    Neither
      the Transferor nor anyone acting on its behalf has (a) offered, pledged, sold,
      disposed of or otherwise transferred any Certificate, any interest in any
      Certificate or any other similar security to any person in any manner, (b)
      has
      solicited any offer to buy or to accept a pledge, disposition or other transfer
      of any Certificate, any interest in any Certificate or any other similar
      security from any person in any manner, (c) has otherwise approached or
      negotiated with respect to any Certificate, any interest in any Certificate
      or
      any other similar security with any person in any manner, (d) has made any
      general solicitation by means of general advertising or in any other manner,
      (e)
      has taken any other action, that (in the case of each of subclauses (a) through
      (e) above) would constitute a distribution of the Certificates under the
      Securities Act of 1933, as amended (the “1933 Act”), or would render the
      disposition of any Certificate a violation of Section 5 of the 1933 Act or
      any
      state securities law or would require registration or qualification pursuant
      thereto. The Transferor will not act, nor has it authorized or will it authorize
      any person to act, in any manner set forth in the foregoing sentence with
      respect to any Certificate. The Transferor will not sell or otherwise transfer
      any of the Certificates, except in compliance with the provisions of that
      certain Pooling and Servicing Agreement, dated as of September 1, 2006, among
      ACE Securities Corp. as Depositor, Wells Fargo Bank, N.A. as Master Servicer
      and
      Securities Administrator, Ocwen Loan Servicing, LLC as Servicer, and HSBC Bank
      USA, National Association as trustee (the “Pooling and Servicing Agreement”),
      pursuant to which Pooling and Servicing Agreement the Certificates were
      issued.

     

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    Capitalized
      terms used but not defined herein shall have the meanings assigned thereto
      in
      the Pooling and Servicing Agreement.

    
      	 	 	 
	 
 	
              Very
                truly yours,

              
[Transferor]

               

            
	
            	By:  	
            
	 	
              

              Name:

              
                Title:

              

            

    

     

    
      
        
        

      

      
        B-1-2

        
          

        

      

       

    

    FORM
      OF
      TRANSFEREE REPRESENTATION LETTER

     

    [Date]

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      Corporate Trust ACE 2006-ASAP5

     

    
      	
              Re:

            	
              ACE
                Securities Corp. Home Equity Loan Trust, Series 2006-ASAP5 

              Asset
                Backed Pass-Through Certificates 

              Class
                CE, Class P and Class R
                Certificates

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with the purchase from ______________________________ (the
“Transferor”) on the date hereof of the captioned trust certificates (the
“Certificates”), (the “Transferee”) hereby certifies as follows:

     

    1. The
      Transferee is a “qualified institutional buyer” as that term is defined in Rule
      144A (“Rule 144A”) under the Securities Act of 1933 (the “1933 Act”) and has
      completed either of the forms of certification to that effect attached hereto
      as
      Annex 1 or Annex 2. The Transferee is aware that the sale to it is being made
      in
      reliance on Rule 144A. The Transferee is acquiring the Certificates for its
      own
      account or for the account of a qualified institutional buyer, and understands
      that such Certificate may be resold, pledged or transferred only (i) to a person
      reasonably believed to be a qualified institutional buyer that purchases for
      its
      own account or for the account of a qualified institutional buyer to whom notice
      is given that the resale, pledge or transfer is being made in reliance on Rule
      144A, or (ii) pursuant to another exemption from registration under the 1933
      Act.

     

    2. The
      Transferee has been furnished with all information regarding (a) the
      Certificates and distributions thereon, (b) the nature, performance and
      servicing of the Mortgage Loans, (c) the Pooling and Servicing Agreement
      referred to below, and (d) any credit enhancement mechanism associated with
      the
      Certificates, that it has requested.

     

    3. The
      Transferee: (a) is not an employee benefit plan or other plan subject to the
      prohibited transaction provisions of the Employee Retirement Income Security
      Act
      of 1974, as amended (“ERISA”), or Section 4975 of the Internal Revenue Code of
      1986, as amended (the “Code”) (each, a “Plan”), or any other person (including
      an investment manager, a named fiduciary or a trustee of any Plan) acting,
      directly or indirectly, on behalf of or purchasing any Certificate with “plan
      assets” of any Plan within the meaning of the Department of Labor (“DOL”)
      regulation at 29 C.F.R. § 2510.3-101 or (b) has provided the Securities
      Administrator with an Opinion of Counsel on which the Trustee, the Depositor,
      the Master Servicer, the Securities Administrator and the Servicer may rely,
      acceptable to and in form and substance satisfactory to the Securities
      Administrator to the effect that the purchase of Certificates is permissible
      under applicable law, will not constitute or result in any non-exempt prohibited
      transaction under ERISA or Section 4975 of the Code and will not subject the
      Trust Fund, the Trustee, the Depositor, the Master Servicer, the Securities
      Administrator or the Servicer to any obligation or liability (including
      obligations or liabilities under ERISA or Section 4975 of the Code) in addition
      to those undertaken in the Pooling and Servicing Agreement.

     

    
      
        
        

      

      
        B-1-3

        
          

        

      

      
        
        

      

    

    

    In
      addition, the Transferee hereby certifies, represents and warrants to, and
      covenants with, the Depositor, the Trustee, the Securities Administrator, the
      Master Servicer and the Servicer that the Transferee will not transfer such
      Certificates to any Plan or person unless such Plan or person meets the
      requirements set forth in paragraph 3 above.

     

    All
      capitalized terms used but not otherwise defined herein have the respective
      meanings assigned thereto in the Pooling and Servicing Agreement, dated as
      of
      September 1, 2006, among ACE Securities Corp. as Depositor, Wells Fargo Bank,
      N.A. as Master Servicer and Securities Administrator, Ocwen Loan Servicing,
      LLC
      as Servicer and HSBC Bank USA, National Association as Trustee, pursuant to
      which the Certificates were issued.

    
      	
            	 	 
	 
 	
              [TRANSFEREE]

               

               

            
	
            	By:  	
            
	 	
              

              Name:

              
                Title:

              

            

    

    
      
        
        

      

      
        B-1-4

        
          

        

      

       

    

    ANNEX
      1 TO EXHIBIT B-1

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees Other Than Registered Investment Companies]

     

    The
      undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and Wells Fargo Bank, N.A., as Securities Administrator, with
      respect to the asset backed pass-through certificates (the “Certificates”)
      described in the Transferee Certificate to which this certification relates
      and
      to which this certification is an Annex:

     

    1. As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the entity purchasing the
      Certificates (the “Transferee”).

     

    2. In
      connection with purchases by the Transferee, the Transferee is a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act of 1933 (“Rule 144A”) because (i) the Transferee owned and/or invested on a
      discretionary basis $________________1 
      in
      securities (except for the excluded securities referred to below) as of the
      end
      of the Transferee’s most recent fiscal year (such amount being calculated in
      accordance with Rule 144A) and (ii) the Transferee satisfies the criteria in
      the
      category marked below.

     

    
      	
              —

            	 	
              Corporation,
                etc.
                The Transferee is a corporation (other than a bank, savings and loan
                association or similar institution), Massachusetts or similar business
                trust, partnership, or any organization described in Section 501(c)(3)
                of
                the Internal Revenue Code of 1986.

            
	 	 	 
	
              
                —

              

            	 	
              Bank.
                The Transferee (a) is a national bank or banking institution organized
                under the laws of any State, territory or the District of Columbia,
                the
                business of which is substantially confined to banking and is supervised
                by the State or territorial banking commission or similar official
                or is a
                foreign bank or equivalent institution, and (b) has an audited net
                worth
                of at least $25,000,000 as demonstrated in its latest annual financial
                statements, a
                copy of which is attached hereto.

            
	 	 	 
	
              
                —

              

            	 	
              Savings
                and Loan.
                The Transferee (a) is a savings and loan association, building and
                loan
                association, cooperative bank, homestead association or similar
                institution, which is supervised and examined by a State or Federal
                authority having supervision over any such institutions or is a foreign
                savings and loan association or equivalent institution and (b) has
                an
                audited net worth of at least $25,000,000 as demonstrated in its
                latest
                annual financial statements, a
                copy of which is attached hereto.

            

    

     

    
      

    

    
      
        	1	
                Transferee
                  must own and/or invest on a discretionary basis at least $100,000,000
                  in
                  securities unless Transferee is a dealer, and, in that case, Transferee
                  must own and/or invest on a discretionary basis at least $10,000,000
                  in
                  securities.

              

      

       

    

    
      
        
        

      

      
        B-1-5

        
          

        

      

      
        
        

      

    

     

    
      	
              
                —

              

            	 	
              Broker-dealer.
                The Transferee is a dealer registered pursuant to Section 15 of the
                Securities Exchange Act of 1934.

            
	 	 	 
	
              
                —

              

            	 	
              Insurance
                Company.
                The Transferee is an insurance company whose primary and predominant
                business activity is the writing of insurance or the reinsuring of
                risks
                underwritten by insurance companies and which is subject to supervision
                by
                the insurance commissioner or a similar official or agency of a State,
                territory or the District of Columbia.

            
	 	 	 
	
              
                —

              

            	 	
              State
                or Local Plan.
                The Transferee is a plan established and maintained by a State, its
                political subdivisions, or any agency or instrumentality of the State
                or
                its political subdivisions, for the benefit of its
                employees.

            
	 	 	 
	
              
                —

              

            	 	
              ERISA
                Plan.
                The Transferee is an employee benefit plan within the meaning of
                Title I
                of the Employee Retirement Income Security Act of 1974, as
                amended.

            
	 	 	 
	
              
                —

              

            	 	
              Investment
                Advisor. The
                Transferee is an investment advisor registered under the Investment
                Advisers Act of 1940.

            

    

     

    3. The
      term
“securities”
as
      used
      herein does
      not include
      (i)
      securities of issuers that are affiliated with the Transferee, (ii) securities
      that are part of an unsold allotment to or subscription by the Transferee,
      if
      the Transferee is a dealer, (iii) securities issued or guaranteed by the U.S.
      or
      any instrumentality thereof, (iv) bank deposit notes and certificates of
      deposit, (v) loan participations, (vi) repurchase agreements, (vii)
      securities owned but subject to a repurchase agreement and (viii) currency,
      interest rate and commodity swaps.

     

    4. For
      purposes of determining the aggregate amount of securities owned and/or invested
      on a discretionary basis by the Transferee, the Transferee used the cost of
      such
      securities to the Transferee and did not include any of the securities referred
      to in the preceding paragraph. Further, in determining such aggregate amount,
      the Transferee may have included securities owned by subsidiaries of the
      Transferee, but only if such subsidiaries are consolidated with the Transferee
      in its financial statements prepared in accordance with generally accepted
      accounting principles and if the investments of such subsidiaries are managed
      under the Transferee’s direction. However, such securities were not included if
      the Transferee is a majority-owned, consolidated subsidiary of another
      enterprise and the Transferee is not itself a reporting company under the
      Securities Exchange Act of 1934.

     

    5. The
      Transferee acknowledges that it is familiar with Rule 144A and understands
      that
      the Transferor and other parties related to the Certificates are relying and
      will continue to rely on the statements made herein because one or more sales
      to
      the Transferee may be in reliance on Rule 144A.

     

    
      	
              ___

            	
              ___

            	
              Will
                the Transferee be purchasing the Certificates

            
	
              Yes

            	
              No

            	
              only
                for the Transferee’s own account?

            

    

     

    
      
        
        

      

      
        B-1-6

        
          

        

      

      
        
        

      

    

     

    6. If
      the
      answer to the foregoing question is “no”, the Transferee agrees that, in
      connection with any purchase of securities sold to the Transferee for the
      account of a third party (including any separate account) in reliance on Rule
      144A, the Transferee will only purchase for the account of a third party that
      at
      the time is a “qualified institutional buyer” within the meaning of Rule 144A.
      In addition, the Transferee agrees that the Transferee will not purchase
      securities for a third party unless the Transferee has obtained a current
      representation letter from such third party or taken other appropriate steps
      contemplated by Rule 144A to conclude that such third party independently meets
      the definition of “qualified institutional buyer” set forth in Rule
      144A.

     

    7. The
      Transferee will notify each of the parties to which this certification is made
      of any changes in the information and conclusions herein. Until such notice
      is
      given, the Transferee’s purchase of the Certificates will constitute a
      reaffirmation of this certification as of the date of such purchase. In
      addition, if the Transferee is a bank or savings and loan as provided above,
      the
      Transferee agrees that it will furnish to such parties updated annual financial
      statements promptly after they become available.

    
       

      Dated:

    

    
      	 	 	 
	 	 
	 
 	
              Print
                Name of Transferee 

               

            
	
            	By:  	
            
	 	
              

              Name:

              
                Title:

              

            

    

     

    
      
        
        

      

      
        B-1-7

        
          

        

      

       

    

    ANNEX
      2 TO EXHIBIT B-1

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees That Are Registered Investment Companies]

     

    The
      undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and Wells Fargo Bank, N.A., as Securities Administrator, with
      respect to the asset backed pass-through certificates (the “Certificates”)
      described in the Transferee Certificate to which this certification relates
      and
      to which this certification is an Annex:

     

    1. As
      indicated below, the undersigned is the President, Chief Financial Officer
      or
      Senior Vice President of the entity purchasing the Certificates (the
“Transferee”) or, if the Transferee is a “qualified institutional buyer” as that
      term is defined in Rule 144A under the Securities Act of 1933 (“Rule 144A”)
      because the Transferee is part of a Family of Investment Companies (as defined
      below), is such an officer of the investment adviser (the
“Adviser”).

     

    2. In
      connection with purchases by the Transferee, the Transferee is a “qualified
      institutional buyer” as defined in Rule 144A because (i) the Transferee is an
      investment company registered under the Investment Company Act of 1940, and
      (ii)
      as marked below, the Transferee alone, or the Transferee’s Family of Investment
      Companies, owned at least $100,000,000 in securities (other than the excluded
      securities referred to below) as of the end of the Transferee’s most recent
      fiscal year. For purposes of determining the amount of securities owned by
      the
      Transferee or the Transferee’s Family of Investment Companies, the cost of such
      securities was used.

     

    
      	 	
              
                —

              

            	
              The
                Transferee owned $________________________ in securities (other than
                the
                excluded securities referred to below) as of the end of the Transferee’s
                most recent fiscal year (such amount being calculated in accordance
                with
                Rule 144A).

            
	 	 	 
	 	
              
                —

              

            	
              The
                Transferee is part of a Family of Investment Companies which owned
                in the
                aggregate $_______________ in securities (other than the excluded
                securities referred to below) as of the end of the Transferee’s most
                recent fiscal year (such amount being calculated in accordance with
                Rule
                144A).

            

    

     

    3. The
      term
“Family
      of Investment Companies”
as
      used
      herein means two or more registered investment companies (or series thereof)
      that have the same investment adviser or investment advisers that are affiliated
      (by virtue of being majority owned subsidiaries of the same parent or because
      one investment adviser is a majority owned subsidiary of the
      other).

     

    4. The
      term
“securities”
as
      used
      herein does not include (i) securities of issuers that are affiliated with
      the
      Transferee or are part of the Transferee’s Family of Investment Companies, (ii)
      securities issued or guaranteed by the U.S. or any instrumentality thereof,
      (iii) bank deposit notes and certificates of deposit, (iv) loan participations,
      (v) repurchase agreements, (vi) securities owned but subject to a
      repurchase agreement and (vii) currency, interest rate and commodity
      swaps.

     

    
      
        
        

      

      
        B-1-8

        
          

        

      

      
        
        

      

    

     

    5. The
      Transferee is familiar with Rule 144A and understands that the parties to which
      this certification is being made are relying and will continue to rely on the
      statements made herein because one or more sales to the Transferee will be
      in
      reliance on Rule 144A. In addition, the Transferee will only purchase for the
      Transferee’s own account.

     

    6. The
      undersigned will notify the parties to which this certification is made of
      any
      changes in the information and conclusions herein. Until such notice, the
      Transferee’s purchase of the Certificates will constitute a reaffirmation of
      this certification by the undersigned as of the date of such
      purchase.

     

    
      Dated:

      
        	 	 	 
	 	 
	 
 	
                
                  Print
                    Name of Transferee or Advisor

                   

                

              
	
              	By:  	
              
	 	
                

                Name:

                
                  Title:

                

              

      

      
        
          	 	 	 
	 	 	 
	 	
                  
                    IF
                      AN ADVISER:

                  

                   

                
	 
 	
                  
                    
                      Print
                        Name of Transferee

                    

                  

                
	
                	       	
                

        

      

    

     

    
      
        
        

      

      
        B-1-9

        
          

        

      

       

    

    FORM
      OF
      TRANSFEREE REPRESENTATION LETTER

     

    The
      undersigned hereby certifies on behalf of the purchaser named below (the
“Purchaser”) as follows:

     

    1. I
      am an
      executive officer of the Purchaser.

     

    2. The
      Purchaser is a “qualified institutional buyer”, as defined in Rule 144A, (“Rule
      144A”) under the Securities Act of 1933, as amended.

     

    3. As
      of the
      date specified below (which is not earlier than the last day of the Purchaser’s
      most recent fiscal year), the amount of “securities”, computed for purposes of
      Rule 144A, owned and invested on a discretionary basis by the Purchaser was
      in
      excess of $100,000,000.

     

    
      	
              Name
                of Purchaser 

            	 
	 	 
	
              By:
                (Signature) 

            	 
	 	 
	
              Name
                of Signatory 

            	 
	 	 
	
              Title
                

            	 
	 	 
	
              Date
                of this certificate 

            	 
	 	 
	
              Date
                of information provided in paragraph 3 

            	 

    

    

      
        
          
          

        

        
          B-1-10

          
            

          

        

         

      

    

     

    EXHIBIT
      B-2

     

    FORM
      OF
      TRANSFEROR REPRESENTATION LETTER

     

    ____________,
      20__

    

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      Corporate Trust ACE 2006-ASAP5

     

    
      	
              Re:

            	
              ACE
                Securities Corp. Home Equity Loan Trust, Series 2006-ASAP5

              Asset
                Backed Pass-Through Certificates, 

              Class
                CE, Class P and Class R
                Certificates

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with the transfer by ________________ (the “Transferor”) to
      __________________________ (the “Transferee”) of the captioned mortgage
      pass-through certificates (the “Certificates”), the Transferor hereby certifies
      as follows:

     

    Neither
      the Seller nor anyone acting on its behalf has (a) offered, pledged, sold,
      disposed of or otherwise transferred any Certificate, any interest in any
      Certificate or any other similar security to any person in any manner, (b)
      has
      solicited any offer to buy or to accept a pledge, disposition or other transfer
      of any Certificate, any interest in any Certificate or any other similar
      security from any person in any manner, (c) has otherwise approached or
      negotiated with respect to any Certificate, any interest in any Certificate
      or
      any other similar security with any person in any manner, (d) has made any
      general solicitation by means of general advertising or in any other manner,
      or
      (e) has taken any other action, that (as to any of (a) through (e) above) would
      constitute a distribution of the Certificates under the Securities Act of 1933
      (the “Act’), that would render the disposition of any Certificate a violation of
      Section 5 of the Act or any state securities law, or that would require
      registration or qualification pursuant thereto. The Seller will not act, in
      any
      manner set forth in the foregoing sentence with respect to any Certificate.
      The
      Seller has not and will not sell or otherwise transfer any of the Certificates,
      except in compliance with the provisions of the Pooling and Servicing
      Agreement.

    
      
        	 	 	 
	 	
                Very
                  truly yours,

                 

              
	 
 	
                
                  
                    (Transferor)

                     

                  

                

              
	
              	By:  	
              
	 	
                

                Name:

                
                  Title:

                

              

      

      
        

          
            
              
              

            

            
              
              

              
                

              

            

             

          

      

    

    FORM
      OF
      TRANSFEREE LETTER

    

    _______________,
      20__

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      Corporate Trust ACE 2006-ASAP5

     

    
      	
              Re:

            	
              ACE
                Securities Corp. Home Equity Loan Trust, Series 2006-ASAP5 

              Asset
                Backed Pass-Through Certificates, 

              Class
                CE, Class P and Class R
                Certificates

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with the transfer by ______________________ (the “Transferor”) to
      __________________________ (the “Transferee”) of the captioned mortgage
      pass-through certificates (the “Certificates”), the Transferee hereby certifies
      as follows:

     

    1. The
      Transferee understands that (a) the Certificates have not been and will not
      be
      registered or qualified under the Securities Act of 1933, as amended (the “Act”)
      or any state securities law, (b) the Depositor is not required to so register
      or
      qualify the Certificates, (c) the Certificates may be resold only if registered
      and qualified pursuant to the provisions of the Act or any state securities
      law,
      or if an exemption from such registration and qualification is available, (d)
      the Pooling and Servicing Agreement contains restrictions regarding the transfer
      of the Certificates and (e) the Certificates will bear a legend to the foregoing
      effect.

     

    2. The
      Transferee is acquiring the Certificates for its own account for investment
      only
      and not with a view to or for sale in connection with any distribution thereof
      in any manner that would violate the Act or any applicable state securities
      laws.

     

    3. The
      Transferee is (a) a substantial, sophisticated institutional investor having
      such knowledge and experience in financial and business matters, and, in
      particular, in such matters related to securities similar to the Certificates,
      such that it is capable of evaluating the merits and risks of investment in
      the
      Certificates, (b) able to bear the economic risks of such an investment and
      (c)
      an “accredited investor” within the meaning of Rule 501(a) promulgated pursuant
      to the Act.

     

    4. The
      Transferee has been furnished with, and has had an opportunity to review (a)
      a
      copy of the Pooling and Servicing Agreement and (b) such other information
      concerning the Certificates, the Mortgage Loans and the Depositor as has been
      requested by the Transferee from the Depositor or the Transferor and is relevant
      to the Transferee’s decision to purchase the Certificates. The Transferee has
      had any questions arising from such review answered by the Depositor or the
      Transferor to the satisfaction of the Transferee.

     

    
      
        
        

      

      
        B-2-2

        
          

        

      

      
        
        

      

    

     

    5. The
      Transferee has not and will not nor has it authorized or will it authorize
      any
      person to (a) offer, pledge, sell, dispose of or otherwise transfer any
      Certificate, any interest in any Certificate or any other similar security
      to
      any person in any manner, (b) solicit any offer to buy or to accept a pledge,
      disposition of other transfer of any Certificate, any interest in any
      Certificate or any other similar security from any person in any manner, (c)
      otherwise approach or negotiate with respect to any Certificate, any interest
      in
      any Certificate or any other similar security with any person in any manner,
      (d)
      make any general solicitation by means of general advertising or in any other
      manner or (e) take any other action, that (as to any of (a) through (e) above)
      would constitute a distribution of any Certificate under the Act, that would
      render the disposition of any Certificate a violation of Section 5 of the 1933
      Act or any state securities law, or that would require registration or
      qualification pursuant thereto. The Transferee will not sell or otherwise
      transfer any of the Certificates, except in compliance with the provisions
      of
      the Pooling and Servicing Agreement.

     

    6. The
      Transferee: (a) is not an employee benefit plan or other plan subject to the
      prohibited transaction provisions of the Employee Retirement Income Security
      Act
      of 1974, as amended (“ERISA”), or Section 4975 of the Internal Revenue Code of
      1986, as amended (the “Code”) (each, a “Plan”), or any other person (including
      an investment manager, a named fiduciary or a trustee of any Plan) acting,
      directly or indirectly, on behalf of or purchasing any Certificate with “plan
      assets” of any Plan within the meaning of the Department of Labor (“DOL”)
      regulation at 29 C.F.R. § 2510.3-101 or (b) has provided the Securities
      Administrator with an Opinion of Counsel on which the Depositor, the Master
      Servicer, the Securities Administrator, the Trustee and the Servicer may rely,
      acceptable to and in form and substance satisfactory to the Securities
      Administrator to the effect that the purchase of Certificates is permissible
      under applicable law, will not constitute or result in any non-exempt prohibited
      transaction under ERISA or Section 4975 of the Code and will not subject the
      Trust Fund, the Trustee, the Master Servicer, the Securities Administrator,
      the
      Depositor or the Servicer to any obligation or liability (including obligations
      or liabilities under ERISA or Section 4975 of the Code) in addition to those
      undertaken in the Pooling and Servicing Agreement.

     

    In
      addition, the Transferee hereby certifies, represents and warrants to, and
      covenants with, the Depositor, the Trustee, the Securities Administrator, the
      Master Servicer and the Servicer that the Transferee will not transfer such
      Certificates to any Plan or person unless such Plan or person meets the
      requirements set forth in paragraph 6 above.

    
      
        
          	 	 	 
	 	
                  Very
                    truly yours,

                
	 
 	
                  
                     

                  

                
	
                	By:  	
                
	 	
                  

                  Name:

                  
                    Title:

                  

                

        

        
           

        

      

    

    
      
        
        

      

      
        B-2-3

        
          

        

      

       

    

    EXHIBIT
      B-3

     

    TRANSFER
      AFFIDAVIT AND AGREEMENT

     

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

     

    ___________________________
      being duly sworn, deposes, represents and warrants as follows:

     

    
      	 	
              1.

            	
              I
                am a _____________________ of _______________________________ (the
                “Owner”) a corporation duly organized and existing under the laws of
                _________________________, the record owner of ACE Securities Corp.
                Home
                Equity Loan Trust, Series 2006-ASAP5 Asset Backed Pass-Through
                Certificates, Class R Certificates (the “Class R Certificates”), on behalf
                of whom I make this affidavit and agreement. Capitalized terms used
                but
                not defined herein have the respective meanings assigned thereto
                in the
                Pooling and Servicing Agreement pursuant to which the Class R Certificates
                were issued.

            

    

     

    
      	 	
              2.

            	
              The
                Owner (i) is and will be a “Permitted Transferee” as of
                ____________________. ____ and (ii) is acquiring the Class R Certificates
                for its own account or for the account of another Owner from which
                it has
                received an affidavit in substantially the same form as this affidavit.
                A
                “Permitted Transferee” is any person other than a “disqualified
                organization” or a possession of the United States. For this purpose, a
                “disqualified organization” means the United States, any state or
                political subdivision thereof, any agency or instrumentality of any
                of the
                foregoing (other than an instrumentality all of the activities of
                which
                are subject to tax and, except for the Federal Home Loan Mortgage
                Corporation, a majority of whose board of directors is not selected
                by any
                such governmental entity) or any foreign government, international
                organization or any agency or instrumentality of such foreign government
                or organization, any real electric or telephone cooperative, or any
                organization (other than certain farmers’ cooperatives) that is generally
                exempt from federal income tax unless such organization is subject
                to the
                tax on unrelated business taxable
                income.

            

    

     

    
      	 	
              3.

            	
              The
                Owner is aware (i) of the tax that would be imposed on transfers
                of the
                Class R Certificates to disqualified organizations under the Internal
                Revenue Code of 1986 that applies to all transfers of the Class R
                Certificates after April 31, 1988; (ii) that such tax would be on
                the
                transferor or, if such transfer is through an agent (which person
                includes
                a broker, nominee or middleman) for a non-Permitted Transferee, on
                the
                agent; (iii) that the person otherwise liable for the tax shall be
                relieved of liability for the tax if the transferee furnishes to
                such
                person an affidavit that the transferee is a Permitted Transferee
                and, at
                the time of transfer, such person does not have actual knowledge
                that the
                affidavit is false; and (iv) that each of the Class R Certificates
                may be
                a “noneconomic residual interest” within the meaning of proposed Treasury
                regulations promulgated under the Code and that the transferor of
                a
                “noneconomic residual interest” will remain liable for any taxes due with
                respect to the income on such residual interest, unless no significant
                purpose of the transfer is to impede the assessment or collection
                of
                tax.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              4.

            	
              The
                Owner is aware of the tax imposed on a “pass-through entity” holding the
                Class R Certificates if, at any time during the taxable year of the
                pass-through entity, a non-Permitted Transferee is the record holder
                of an
                interest in such entity. (For this purpose, a “pass-through entity”
                includes a regulated investment company, a real estate investment
                trust or
                common trust fund, a partnership, trust or estate, and certain
                cooperatives.)

            

    

     

    
      	 	
              5.

            	
              The
                Owner is aware that the Securities Administrator will not register
                the
                transfer of any Class R Certificate unless the transferee, or the
                transferee’s agent, delivers to the Securities Administrator, among other
                things, an affidavit in substantially the same form as this affidavit.
                The
                Owner expressly agrees that it will not consummate any such transfer
                if it
                knows or believes that any of the representations contained in such
                affidavit and agreement are false.

            

    

     

    
      	 	
              6.

            	
              The
                Owner consents to any additional restrictions or arrangements that
                shall
                be deemed necessary upon advice of counsel to constitute a reasonable
                arrangement to ensure that the Class R Certificates will only be
                owned,
                directly or indirectly, by an Owner that is a Permitted
                Transferee.

            

    

     

    
      	 	
              7.

            	
              The
                Owner’s taxpayer identification number is
                ________________.

            

    

     

    
      	 	
              8.

            	
              The
                Owner has reviewed the restrictions set forth on the face of the
                Class R
                Certificates and the provisions of Section 6.02(d) of the Pooling
                and
                Servicing Agreement under which the Class R Certificates were issued
                (in
                particular, clauses (iii)(A) and (iii)(B) of Section 6.02(d) which
                authorize the Securities Administrator to deliver payments to a person
                other than the Owner and negotiate a mandatory sale by the Securities
                Administrator in the event that the Owner holds such Certificate
                in
                violation of Section 6.02(d)); and that the Owner expressly agrees
                to be
                bound by and to comply with such restrictions and
                provisions.

            

    

     

    
      	 	
              9.

            	
              The
                Owner is not acquiring and will not transfer the Class R Certificates
                in
                order to impede the assessment or collection of any
                tax.

            

    

     

    
      	 	
              10.

            	
              The
                Owner anticipates that it will, so long as it holds the Class R
                Certificates, have sufficient assets to pay any taxes owed by the
                holder
                of such Class R Certificates, and hereby represents to and for the
                benefit
                of the person from whom it acquired the Class R Certificates that
                the
                Owner intends to pay taxes associated with holding such Class R
                Certificates as they become due, fully understanding that it may
                incur tax
                liabilities in excess of any cash flows generated by the Class R
                Certificates.

            

    

     

    
      	 	
              11.

            	
              The
                Owner has no present knowledge that it may become insolvent or subject
                to
                a bankruptcy proceeding for so long as it holds the Class R
                Certificates.

            

    

     

    
      
        
        

      

      
        B-3-2

        
          

        

      

      
        
        

      

    

     

    
      	 	
              12.

            	
              The
                Owner has no present knowledge or expectation that it will be unable
                to
                pay any United States taxes owed by it so long as any of the Certificates
                remain outstanding.

            

    

     

    
      	 	
              13.

            	
              The
                Owner is not acquiring the Class R Certificates with the intent to
                transfer the Class R Certificates to any person or entity that will
                not
                have sufficient assets to pay any taxes owed by the holder of such
                Class R
                Certificates, or that may become insolvent or subject to a bankruptcy
                proceeding, for so long as the Class R Certificates remain
                outstanding.

            

    

     

    
      	 	
              14.

            	
              The
                Owner will, in connection with any transfer that it makes of the
                Class R
                Certificates, obtain from its transferee the representations required
                by
                Section 6.02(d) of the Pooling and Servicing Agreement under which
                the
                Class R Certificate were issued and will not consummate any such
                transfer
                if it knows, or knows facts that should lead it to believe, that
                any such
                representations are false.

            

    

     

    
      	 	
              15.

            	
              The
                Owner will, in connection with any transfer that it makes of the
                Class R
                Certificates, deliver to the Securities Administrator an affidavit,
                which
                represents and warrants that it is not transferring the Class R
                Certificates to impede the assessment or collection of any tax and
                that it
                has no actual knowledge that the proposed transferee: (i) has insufficient
                assets to pay any taxes owed by such transferee as holder of the
                Class R
                Certificates; (ii) may become insolvent or subject to a bankruptcy
                proceeding for so long as the Class R Certificates remains outstanding;
                and (iii) is not a “Permitted
                Transferee”.

            

    

     

    
      	 	
              16.

            	
              The
                Owner is a citizen or resident of the United States, a corporation,
                partnership or other entity created or organized in, or under the
                laws of,
                the United States or any political subdivision thereof, or an estate
                or
                trust whose income from sources without the United States may be
                included
                in gross income for United States federal income tax purposes regardless
                of its connection with the conduct of a trade or business within
                the
                United States.

            

    

     

    
      	 	
              17.

            	
              The
                Owner of the Class R Certificate, hereby agrees that in the event
                that the
                Trust Fund created by the Pooling and Servicing Agreement is terminated
                pursuant to Section 10.01 thereof, the undersigned shall assign and
                transfer to the Holders of the Class CE Certificates and the Class
                P
                Certificates any amounts in excess of par received in connection
                with such
                termination. Accordingly, in the event of such termination, the Securities
                Administrator is hereby authorized to withhold any such amounts in
                excess
                of par and to pay such amounts directly to the Holders of the Class
                CE
                Certificates and the Class P Certificates. This agreement shall bind
                and
                be enforceable against any successor, transferee or assigned of the
                undersigned in the Class R Certificate. In connection with any transfer
                of
                the Class R Certificate, the Owner shall obtain an agreement substantially
                similar to this clause from any subsequent
                owner.

            

    

     

    
      
        
        

      

      
        B-3-3

        
          

        

      

       

    

    IN
      WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
      behalf, pursuant to the authority of its Board of Directors, by its [Vice]
      President, attested by its [Assistant] Secretary, this ____ day of
      _________________, ____.

    
      	
            	 	 
	 	
              
                [OWNER]

              

            
	 
 	
              
                 

              

            
	
            	By:  	
            
	 	
              

              Name:

              
                
                  Title:
                    [Vice] President

                

              

            

    

     

    ATTEST:

    
      	 	 	 	 
	
              By:

            	 	 	
            
	
              
                

              

              Name:

              
                Title:
                  [Assistant] Secretary

              

            	 	 	
            

    

     

    Personally
      appeared before me the above-named __________________, known or proved to me
      to
      be the same person who executed the foregoing instrument and to be a [Vice]
      President of the Owner, and acknowledged to me that [he/she] executed the same
      as [his/her] free act and deed and the free act and deed of the
      Owner.

     

    Subscribed
      and sworn before me this ______________ day of __________,
      ____.

    

    
      	 	________________________________
	 	
              Notary
                Public

            
	 	 
	 	
              County
                of _____________________________

            
	 	
              State
                of _______________________________

            
	 	 
	 	
              My
                Commission expires:

            

    

     

    
      
        
        

      

      
        B-3-4

        
          

        

      

       

    

    FORM
      OF
      TRANSFEROR AFFIDAVIT

     

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

     

    _________________________,
      being duly sworn, deposes, represents and warrants as follows:

     

    1. I
      am
      a ____________________
      of _________________________ (the “Owner”), a corporation duly organized and
      existing under the laws of _____________, on behalf of whom I make this
      affidavit.

     

    2. The
      Owner
      is not transferring the Class R Certificates (the “Residual Certificates”) to
      impede the assessment or collection of any tax.

     

    3. The
      Owner
      has no actual knowledge that the Person that is the proposed transferee (the
      “Purchaser”) of the Residual Certificates: (i) has insufficient assets to pay
      any taxes owed by such proposed transferee as holder of the Residual
      Certificates; (ii) may become insolvent or subject to a bankruptcy proceeding
      for so long as the Residual Certificates remain outstanding and (iii) is not
      a
      Permitted Transferee.

     

    4. The
      Owner
      understands that the Purchaser has delivered to the Securities Administrator
      or
      a transfer affidavit and agreement in the form attached to the Pooling and
      Servicing Agreement as Exhibit B-2. The Owner does not know or believe that
      any
      representation contained therein is false.

     

    5. At
      the
      time of transfer, the Owner has conducted a reasonable investigation of the
      financial condition of the Purchaser as contemplated by Treasury Regulations
      Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Owner
      has
      determined that the Purchaser has historically paid its debts as they became
      due
      and has found no significant evidence to indicate that the Purchaser will not
      continue to pay its debts as they become due in the future. The Owner
      understands that the transfer of a Residual Certificate may not be respected
      for
      United States income tax purposes (and the Owner may continue to be liable
      for
      United States income taxes associated therewith) unless the Owner has conducted
      such an investigation.

     

    6. Capitalized
      terms not otherwise defined herein shall have the meanings ascribed to them
      in
      the Pooling and Servicing Agreement.

     

    
      
        
        

      

      
        B-3-5

        
          

        

      

       

    

    IN
      WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
      behalf, pursuant to the authority of its Board of Directors, by its [Vice]
      President, attested by its [Assistant] Secretary, this ____ day of
      ________________, ____.

    
      
        	
              	 	 
	 	
                
                  [OWNER]

                

              
	 
 	
                
                   

                

              
	
              	By:  	
              
	 	
                

                Name:

                
                  
                    Title:
                      [Vice] President

                  

                

              

      

       

      ATTEST:

      
        	 	 	 	 
	
                By:

              	 	 	
              
	
                
                  

                

                Name:

                
                  Title:
                    [Assistant] Secretary

                

              	 	 	
              

      

    

     

    Personally
      appeared before me the above-named _________________, known or proved to me
      to
      be the same person who executed the foregoing instrument and to be a [Vice]
      President of the Owner, and acknowledged to me that [he/she] executed the same
      as [his/her] free act and deed and the free act and deed of the
      Owner.

     

    Subscribed
      and sworn before me this ______ day of _____________, ____.

     

    
      	 	_________________________________
	 	
              Notary
                Public

            
	 	 
	 	
              County
                of _____________________________

            
	 	
              State
                of _______________________________

            
	 	 
	 	
              My
                Commission expires:

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    EXHIBIT
      C

     

    BACK-UP
      CERTIFICATION

     

    Re: __________
      (the “Trust”)

     

    Mortgage
      Pass-Through Certificates, Series 2006-ASAP5

     

    I,
      [identify the certifying individual], certify to ACE Securities Corp. (the
      “Depositor”), HSBC Bank USA, National Association (the “Trustee”) and Wells
      Fargo Bank, National Association (the “Master Servicer”), and their respective
      officers, directors and affiliates, and with the knowledge and intent that
      they
      will rely upon this certification, that:

     

    
      	
              (1)

            	 	
              I
                have reviewed the servicer compliance statement of the Servicer provided
                in accordance with Item 1123 of Regulation AB (the “Compliance
                Statement”), the report on assessment of the Servicer’s compliance with
                the servicing criteria set forth in Item 1122(d) of Regulation AB
                (the
                “Servicing Criteria”), provided in accordance with Rules 13a-18 and 15d-18
                under Securities Exchange Act of 1934, as amended (the “Exchange Act”) and
                Item 1122 of Regulation AB (the “Servicing Assessment”), the registered
                public accounting firm’s attestation report provided in accordance with
                Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b)
                of
                Regulation AB (the “Attestation Report”), and all servicing reports,
                officer’s certificates and other information relating to the servicing of
                the Mortgage Loans by the Servicer during 200[ ] that were delivered
                by
                the Servicer to the Master Servicer pursuant to the Agreement
                (collectively, the “Servicer Servicing
                Information”);

            

    

     

    
      	
              (2)

            	 	
              Based
                on my knowledge, the Servicer Servicing Information, taken as a whole,
                does not contain any untrue statement of a material fact or omit
                to state
                a material fact necessary to make the statements made, in the light
                of the
                circumstances under which such statements were made, not misleading
                with
                respect to the period of time covered by the Servicer Servicing
                Information;

            

    

     

    
      	
              (3)

            	 	
              Based
                on my knowledge, all of the Servicer Servicing Information required
                to be
                provided by the Servicer under the Agreement has been provided to
                the
                Master Servicer;

            

    

     

    
      	
              (4)

            	 	
              I
                am responsible for reviewing the activities performed by the Servicer
                as
                servicer under the Agreement, and based on my knowledge and the compliance
                review conducted in preparing the Compliance Statement and except
                as
                disclosed in the Compliance Statement, the Servicing Assessment or
                the
                Attestation Report, the Servicer has fulfilled its obligations under
                the
                Agreement in all material respects;
                and

            

    

     

    
      	
              (5)

            	 	
              The
                Compliance Statement required to be delivered by the Servicer pursuant
                to
                the Agreement, and the Servicing Assessment and Attestation Report
                required to be provided by the Servicer and by any Subservicer or
                Subcontractor pursuant to the Agreement, have been provided to the
                Master
                Servicer. Any material instances of noncompliance described in such
                reports have been disclosed to the Master Servicer. Any material
                instance
                of noncompliance with the Servicing Criteria has been disclosed in
                such
                reports.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Capitalized
      terms used and not otherwise defined herein have the meanings assigned thereto
      in the Pooling and Servicing Agreement (the “Agreement”), dated as of September
      1, 2006, among ACE Securities Corp., Ocwen Loan Servicing, LLC, Wells Fargo
      Bank, National Association and HSBC Bank USA, National Association.

     

    
      	
              Date:

            	 
	 
	 
	
              [Signature]

            
	 
	 
	
              [Title]

            

    

     

    
      
        
        

      

      
        C-2

        
          

        

      

       

    

    EXHIBIT
      D

    

    FORM
      OF
      POWER OF ATTORNEY

    

    RECORDING
      REQUESTED BY

    AND
      WHEN
      RECORDED MAIL TO

    Ocwen
      Loan Servicing, LLC

    1661
      Worthington Road, Centrepark West, Suite 100

    West
      Palm
      Beach, Florida 33409

    

    Attn:
      _________________________________

    

    LIMITED
      POWER OF ATTORNEY

    

    KNOW
      ALL
      MEN BY THESE PRESENTS, that ________________, having its principal place of
      business at ____________________, as Trustee (the “Trustee”) pursuant to that
      Pooling and Servicing Agreement among ___________________ (the “Depositor”),
      Wells Fargo Bank, National Association, as Master Servicer and Securities
      Administrator, Ocwen Loan Servicing, LLC, as the Servicer (the “Servicer”) and
      the Trustee, dated as of September 1, 2006 (the “Pooling and Servicing
      Agreement”), hereby constitutes and appoints the Servicer, by and through the
      Servicer’s officers, the Trustee’s true and lawful Attorney-in-Fact, in the
      Trustee’s name, place and stead and for the Trustee’s benefit, in connection
      with all mortgage loans serviced by the Servicer pursuant to the Pooling and
      Servicing Agreement for the purpose of performing all acts and executing all
      documents in the name of the Trustee as may be customarily and reasonably
      necessary and appropriate to effectuate the following enumerated transactions
      in
      respect of any of the mortgages or deeds of trust (the “Mortgages” and the
“Deeds of Trust”, respectively) and promissory notes secured thereby (the
“Mortgage Notes”) for which the undersigned is acting as Trustee for various
      certificateholders (whether the undersigned is named therein as mortgagee or
      beneficiary or has become mortgagee by virtue of endorsement of the Mortgage
      Note secured by any such Mortgage or Deed of Trust) and for which the Servicer
      is acting as servicer, all subject to the terms of the Pooling and Servicing
      Agreement.

    

    This
      appointment shall apply to the following enumerated transactions
      only:

    

    
      	1.  	
              The
                modification or re-recording of a Mortgage or Deed of Trust, where
                said
                modification or re-recordings is for the purpose of correcting the
                Mortgage or Deed of Trust to conform same to the original intent
                of the
                parties thereto or to correct title errors discovered after such
                title
                insurance was issued and said modification or re-recording, in either
                instance, does not adversely affect the lien of the Mortgage or Deed
                of
                Trust as insured.

            

    

    

    
      	2.  	
              The
                subordination of the lien of a Mortgage or Deed of Trust to an easement
                in
                favor of a public utility company of a government agency or unit
                with
                powers of eminent domain; this section shall include, without limitation,
                the execution of partial satisfactions/releases, partial reconveyances
                or
                the execution or requests to trustees to accomplish
                same.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	3.  	
              The
                conveyance of the properties to the mortgage insurer, or the closing
                of
                the title to the property to be acquired as real estate owned, or
                conveyance of title to real estate
                owned.

            

    

    

    
      	4.  	
              The
                completion of loan assumption
                agreements.

            

    

    

    
      	5.  	
              The
                full satisfaction/release of a Mortgage or Deed of Trust or full
                conveyance upon payment and discharge of all sums secured thereby,
                including, without limitation, cancellation of the related Mortgage
                Note.

            

    

    

    
      	6.  	
              The
                assignment of any Mortgage or Deed of Trust and the related Mortgage
                Note,
                in connection with the repurchase of the mortgage loan secured and
                evidenced thereby.

            

    

    

    
      	7.  	
              The
                full assignment of a Mortgage or Deed of Trust upon payment and discharge
                of all sums secured thereby in conjunction with the refinancing thereof,
                including, without limitation, the assignment of the related Mortgage
                Note.

            

    

    

    
      	8.  	
              With
                respect to a Mortgage or Deed of Trust, the foreclosure, the taking
                of a
                deed in lieu of foreclosure, or the completion of judicial or non-judicial
                foreclosure or termination, cancellation or rescission of any such
                foreclosure, including, without limitation, any and all of the following
                acts:

            

    

    

    
      	a.  	
              the
                substitution of trustee(s) serving under a Deed of Trust, in accordance
                with state law and the Deed of
                Trust;

            

    

    

    
      	b.  	
              the
                preparation and issuance of statements of breach or
                non-performance;

            

    

    

    
      	c.  	
              the
                preparation and filing of notices of default and/or notices of
                sale;

            

    

    

    
      	d.  	
              the
                cancellation/rescission of notices of default and/or notices of
                sale;

            

    

    

    
      	e.  	
              the
                taking of a deed in lieu of foreclosure;
                and

            

    

    

    
      	f.  	
              the
                preparation and execution of such other documents and performance
                of such
                other actions as may be necessary under the terms of the Mortgage,
                Deed of
                Trust or state law to expeditiously complete said transactions in
                paragraphs 8.a. through 8.e.,
                above.

            

    

    

    The
      undersigned gives said Attorney-in-Fact full power and authority to execute
      such
      instruments and to do and perform all and every act and thing necessary and
      proper to carry into effect the power or powers granted by or under this Limited
      Power of Attorney as fully as the undersigned might or could do, and hereby
      does
      ratify and confirm to all that said Attorney-in-Fact shall lawfully do or cause
      to be done by authority hereof. 

    

    Third
      parties without actual notice may rely upon the exercise of the power granted
      under this Limited Power of attorney; and may be satisfied that this Limited
      Power of Attorney shall continue in full force and effect and has not been
      revoked unless an instrument of revocation has been made in writing by the
      undersigned.

    

    
      
        
        

      

      
        D-2

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, ________________ as Trustee pursuant to that Pooling and
      Servicing Agreement among the Depositor, Wells Fargo Bank, National Association,
      Ocwen Loan Servicing, LLC and the Trustee, dated as of ___________ 1, 200__
      (_____________ Asset Backed Certificates, Series 200__-___), has caused its
      corporate seal to be hereto affixed and these presents to be signed and
      acknowledged in its name and behalf by ____________ its duly elected and
      authorized Vice President this _________ day of _________, 200__.

    

    
      	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	
              as
                Trustee for _____ Asset 

              Backed
                Certificates, Series 200__-___

            
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	 

    

     

    
      	
              STATE
                OF _____________

            
	 
	
              COUNTY
                OF ___________

            

    

     

    On
      _______________, 200__, before me, the undersigned, a Notary Public in and
      for
      said state, personally appeared ____________, Vice President of
      ____________________ as Trustee for ___________ Asset Backed Certificates,
      Series 200__-___, personally known to me to be the person whose name is
      subscribed to the within instrument and acknowledged to me that he/she executed
      that same in his/her authorized capacity, and that by his/her signature on
      the
      instrument the entity upon behalf of which the person acted and executed the
      instrument.

    

    WITNESS
      my hand and official seal.

    (SEAL)

    
      	 	 
	 	
              Notary
                Public

            
	 	
              My
                Commission Expires
                _________________

            

    

     

    
      
        
        

      

      
        D-3

        
          

        

      

       

    

    EXHIBIT
      E

    SERVICING
      CRITERIA

    

    SERVICING
      CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

     

    The
      assessment of compliance to be delivered by [the Servicer] [the Master Servicer]
      [Name of Subservicer] shall address, at a minimum, the criteria identified
      as
      below as “Relevant Servicing Criteria”:

    

    
      	
              SERVICING
                CRITERIA 

            	 	
              RELEVANT
                SERVICING CRITERIA

            
	
              Reference

            	 	
              Criteria

            	 	
               

            
	
               

            	 	
              General
                Servicing Considerations

            	 	
               

            
	 	 	 	 	 
	
              1122(d)(1)(i)

            	 	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	 	
              X

            
	 	 	 	 	 
	
              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

            
	 	 	 	 	 
	
              1122(d)(1)(iii)

            	 	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the mortgage loans 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

            
	 	 	 	 	 
	
               

            	 	
              Cash
                Collection and Administration

            	 	
              X

            
	 	 	 	 	 
	
              1122(d)(2)(i)

            	 	
              Payments
                on mortgage loans 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

            
	 	 	 	 	 
	
              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

            
	 	 	 	 	 
	
              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

            
	 	 	 	 	 
	
              1122(d)(2)(iv)

            	 	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of overcollateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements.

            	 	
              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

            
	 	 	 	 	 
	
              1122(d)(2)(vi)

            	 	
              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	 	
              X

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              SERVICING
                CRITERIA 

            	 	
              RELEVANT
                SERVICING CRITERIA 

            
	
              Reference

            	 	
              Criteria

            	 	 
	
              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

            
	 	 	 	 	 
	
               

            	 	
              Investor
                Remittances and Reporting

            	 	
              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 mortgage loans serviced by the
                Servicer.

            	 	
              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

            
	 	 	 	 	 
	
              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

            
	 	 	 	 	 
	
              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

            
	 	 	 	 	 
	
               

            	 	
              Pool
                Asset Administration

            	 	
              X

            
	 	 	 	 	 
	
              1122(d)(4)(i)

            	 	
              Collateral
                or security on mortgage loans is maintained as required by the transaction
                agreements or related mortgage loan documents.

            	 	
              X

            
	 	 	 	 	 
	
              1122(d)(4)(ii)

            	 	
              Mortgage
                loan and related documents are safeguarded as required by the transaction
                agreements

            	 	
              X

            
	 	 	 	 	 
	
              1122(d)(4)(iii)

            	 	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements.

            	 	
              X

            
	 	 	 	 	 
	
              1122(d)(4)(iv)

            	 	
              Payments
                on mortgage loans, including any payoffs, made in accordance with
                the
                related mortgage loan 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 mortgage loan documents.

            	 	
              X

            
	 	 	 	 	 
	
              1122(d)(4)(v)

            	 	
              The
                Servicer’s records regarding the mortgage loans 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 mortgage loans
                (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents.

            	 	
              X

            
	 	 	 	 	 
	
              1122(d)(4)(vii)

            	 	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements.

            	 	
              X

            

    

     

    
      
        
        

      

      
        E-2

        
          

        

      

      
        
        

      

    

     

    
      	
              SERVICING
                CRITERIA 

            	 	
              RELEVANT
                SERVICING CRITERIA  

            
	
              Reference

            	 	
              Criteria

            	 	 
	
              1122(d)(4)(viii)

            	 	
              Records
                documenting collection efforts are maintained during the period a
                mortgage
                loan 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 mortgage loans 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 mortgage loans with variable
                rates are computed based on the related mortgage loan
                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 mortgage loan
                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 mortgage loan
                documents and state laws; and (C) such funds are returned to the
                obligor
                within 30 calendar days of full repayment of the related mortgage
                loans,
                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

            
	 	 	 	 	 
	
              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.

            	 	 

    

     

    [NAME
      OF
      SERVICER] [MASTER SERVICER] [NAME OF SUBSERVICER]

     

    Date: _________________________

     

    By:

     

    Name:
       ________________________________
      

     

    Title:
       ________________________________

    
      
        
        

      

      
        E-3

        
          

        

      

       

    

    Schedule
      1122 (Pooling and Servicing Agreement)

     

    Assessments
      of Compliance and Attestation Reports Servicing Criteria2 

    

      
        	
                Reg.
                  AB Item 1122(d) Servicing Criteria

              	 	
                Depositor

              	 	
                Seller

              	 	
                Servicer

              	 	
                Trustee

              	 	
                Custodian

              	 	
                Paying
                  Agent

              	 	
                Master
                  Servicer

              	 	
                Securities
                  Administrator

              
	
                (1) General
                  Servicing Considerations

              	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (i)
                  monitoring
                  performance or other triggers and events of default

              	 	 	 	 	 	
                X

              	 	 	 	 	 	 	 	
                X

              	 	
                X

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (ii)
                  monitoring
                  performance of vendors of activities outsourced

              	 	 	 	 	 	
                X

              	 	 	 	 	 	 	 	
                X

              	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (iii)
                  maintenance
                  of back-up servicer for pool assets

              	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (iv)
                  fidelity
                  bond and E&O policies in effect

              	 	 	 	 	 	
                X

              	 	 	 	 	 	 	 	
                X

              	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (2) Cash
                  Collection and Administration

              	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (i)
                  timing
                  of deposits to custodial account

              	 	 	 	 	 	
                X

              	 	 	 	 	 	
                X

              	 	
                X

              	 	
                X

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (ii)
                  wire
                  transfers to investors by authorized personnel

              	 	 	 	 	 	
                X

              	 	 	 	 	 	
                X

              	 	 	 	
                X

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (iii) 
                  advances
                  or guarantees made, reviewed and approved as required

              	 	 	 	 	 	
                X

              	 	 	 	 	 	 	 	
                X

              	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (iv)
                  accounts
                  maintained as required

              	 	 	 	 	 	
                X

              	 	 	 	 	 	
                X

              	 	
                X

              	 	
                X

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (v)
                  accounts
                  at federally insured depository institutions

              	 	 	 	 	 	
                X

              	 	 	 	 	 	
                X

              	 	
                X

              	 	
                X

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (vi)
                  unissued
                  checks safeguarded

              	 	 	 	 	 	
                X

              	 	 	 	 	 	
                X

              	 	 	 	
                X

              

      

       

      
        

      

      
        
          	*	
                  The
                    descriptions of the Item 1122(d) servicing criteria use key words
                    and
                    phrases and are not verbatim recitations of the servicing criteria.
                    Refer
                    to Regulation AB, Item 1122 for a full description of servicing
                    criteria.

                

        

         

      

      
        
          
          

        

        
          E-4

          
            

          

        

        
          
          

        

      

       

      
        	
                Reg.
                  AB Item 1122(d) Servicing Criteria

              	 	
                Depositor

              	 	
                Seller

              	 	
                Servicer

              	 	
                Trustee

              	 	
                Custodian

              	 	
                Paying
                  Agent

              	 	
                Master
                  Servicer

              	 	
                Securities
                  Administrator

              
	
                (vii)
                  monthly
                  reconciliations of accounts

              	 	 	 	 	 	
                X

              	 	 	 	 	 	
                X

              	 	
                X

              	 	
                X

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (3) Investor
                  Remittances and Reporting

              	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (i)
                  investor
                  reports

              	 	 	 	 	 	
                X

              	 	 	 	 	 	 	 	
                X

              	 	
                X

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (ii) remittances

              	 	 	 	 	 	
                X

              	 	 	 	 	 	
                X

              	 	 	 	
                X

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (iii) proper
                  posting of distributions

              	 	 	 	 	 	
                X

              	 	 	 	 	 	
                X

              	 	 	 	
                X

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (iv) reconciliation
                  of remittances and payment statements

              	 	 	 	 	 	
                X

              	 	 	 	 	 	
                X

              	 	
                X

              	 	
                X

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (4) Pool
                  Asset Administration

              	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (i) maintenance
                  of pool collateral

              	 	 	 	 	 	
                X

              	 	 	 	
                X

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (ii) safeguarding
                  of pool assets/documents

              	 	 	 	 	 	
                X

              	 	 	 	
                X

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (iii) additions,
                  removals and substitutions of pool assets

              	 	 	 	
                X

              	 	
                X

              	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (iv) posting
                  and allocation of pool asset payments to pool assets

              	 	 	 	 	 	
                X

              	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (v) reconciliation
                  of servicer records

              	 	 	 	 	 	
                X

              	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (vi) modifications
                  or other changes to terms of pool assets

              	 	 	 	 	 	
                X

              	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (vii) loss
                  mitigation and recovery actions

              	 	 	 	 	 	
                X

              	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (viii)
                  records regarding collection efforts

              	 	 	 	 	 	
                X

              	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (ix) adjustments
                  to variable interest rates on pool assets

              	 	 	 	 	 	
                X

              	 	 	 	 	 	 	 	 	 	 

      

       

      
        
          
          

        

        
          E-5

          
            

          

        

        
          
          

        

      

       

      
        	
                Reg.
                  AB Item 1122(d) Servicing Criteria

              	 	
                Depositor

              	 	
                Seller

              	 	
                Servicer

              	 	
                Trustee

              	 	
                Custodian

              	 	
                Paying
                  Agent

              	 	
                Master
                  Servicer

              	 	
                Securities
                  Administrator

              
	
                (x) matters
                  relating to funds held in trust for obligors

              	 	 	 	 	 	
                X

              	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (xi) payments
                  made on behalf of obligors (such as for taxes or
                  insurance)

              	 	 	 	 	 	
                X

              	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (xii) late
                  payment penalties with respect to payments made on behalf of obligors
                  

              	 	 	 	 	 	
                X

              	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (xiii)records
                  with respect to payments made on behalf of obligors

              	 	 	 	 	 	
                X

              	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (xiv) recognition
                  and recording of delinquencies, charge-offs and uncollectible
                  accounts

              	 	 	 	 	 	
                X

              	 	 	 	 	 	 	 	
                X

              	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                (xv) maintenance
                  of external credit enhancement or other support

              	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
                X

              

      

    

     

    
       

      
        
          
          

        

        
          E-6

          
            

          

        

        
          
          

        

      

       

    

     

    EXHIBIT
      F

    

    
      MORTGAGE
        LOAN PURCHASE AGREEMENT

       

      This
        is a
        Mortgage Loan Purchase Agreement (this “Agreement”), dated September 28, 2006,
        between DB Structured Products, Inc., a Delaware corporation (the “Seller”) and
        ACE Securities Corp., a Delaware corporation (the “Purchaser”).

       

      Preliminary
        Statement

       

      The
        Seller intends to sell the Mortgage Loans (as hereinafter identified) and
        the
        Cap Agreements (as hereinafter defined) to the Purchaser on the terms and
        subject to the conditions set forth in this Agreement. The Purchaser intends
        to
        deposit the Mortgage Loans into a mortgage pool comprising the Trust Fund.
        The
        Trust Fund will be evidenced by a single series of mortgage pass-through
        certificates designated as ACE Securities Corp. Home Equity Loan Trust, Series
        2006-ASAP5, Asset Backed Pass-Through Certificates (the “Certificates”). The
        Certificates will consist of twenty classes of certificates. The Certificates
        will be issued pursuant to a Pooling and Servicing Agreement for ACE Securities
        Corp. Home Equity Loan Trust, Series 2006-ASAP5, Asset Backed Pass-Through
        Certificates, dated as of September 1, 2006 (the “Pooling and Servicing
        Agreement”), among the Purchaser as depositor, Wells Fargo Bank, National
        Association as master servicer (the “Master Servicer”) and securities
        administrator (the “Securities Administrator”), Ocwen
        Loan Servicing, LLC as servicer (the “Servicer”)
        and HSBC
        Bank USA, National Association as trustee (the “Trustee”). The Purchaser will
        sell the Class A-1A Certificates, the Class A-1B Certificates and the Class
        A-2A, Class A-2B, Class A-2C and Class A-2D Certificates (collectively, the
        “Class A-2 Certificates”) and the Class M-1, Class M-2, Class M-3, Class M-4,
        Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class
        M-11
        Certificates (collectively, the “Mezzanine Certificates”) to Deutsche Bank
        Securities Inc. (“DBSI”), pursuant to the Second Amended and Restated
        Underwriting Agreement, dated as of June 24, 1999, as amended and restated
        to
        and including January 25, 2006, between the Purchaser and DBSI, and the Terms
        Agreement, dated September 27,
        2006
        (collectively, the “Underwriting Agreement”),
        between
        the Purchaser and DBSI. Capitalized terms used but not defined herein shall
        have
        the meanings set forth in the Pooling and Servicing Agreement.

       

      The
        parties hereto agree as follows:

       

      SECTION
        1.  Agreement
        to Purchase.
        The
        Seller hereby sells, and the Purchaser hereby purchases, on September 28,
        2006
        (the “Closing Date”), (a) certain conventional, one- to four-family,
        fixed-rate and adjustable-rate, residential, first and second lien, residential
        mortgage loans (the “Mortgage Loans”), having an aggregate principal balance as
        of the close of business on September 1, 2006 (the “Cut-off Date”) of
        approximately $808,505,580 (the “Closing Balance”), after giving effect to all
        payments due on the Mortgage Loans on or before the Cut-off Date, whether
        or not
        received, including the right to any Prepayment Charges payable by the related
        Mortgagors in connection with any Principal Prepayments on the Mortgage Loans,
        but excluding the rights to the servicing of the Mortgage Loans, which are
        owned
        by the Servicer (the “Servicing Rights”) and (b) all of the Seller’s right,
        title and interest in and to (i) the Cap Agreement between The
        Royal
        Bank of Scotland plc.
        and the
        Trustee, as trustee of ACE Securities Corp. Home Equity Loan Trust, Series
        2006-ASAP5, Asset Backed Pass-Through Certificates dated as of September
        28,
        2006 (the “Group IA Cap Agreement”), relating to the Class A-1A Certificates and
        the Mezzanine Certificates, (ii) the Cap Agreement between The Royal Bank
        of
        Scotland plc. and the Trustee, as trustee of ACE Securities Corp. Home Equity
        Loan Trust, Series 2006-ASAP5, Asset Backed Pass-Through Certificates dated
        as
        of September 28, 2006 (the “Group IB Cap Agreement”), relating to the Class A-1B
        Certificates the Mezzanine Certificates and (iii) the Cap Agreement between
        The
        Royal Bank of Scotland plc. and the Trustee, as trustee of ACE Securities
        Corp.
        Home Equity Loan Trust, Series 2006-ASAP5, Asset Backed Pass-Through
        Certificates, dated as of September 28, 2006 (the “Group II Cap Agreement”;
        together with the Group IA Cap Agreement and the Group IB Cap Agreement,
        the
“Cap Agreements”) relating to the Class A-2 Certificates and the Mezzanine
        Certificates. 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      SECTION
        2.  Mortgage
        Loan Schedule.
        The
        Purchaser and the Seller have agreed upon which of the mortgage loans owned
        by
        the Seller are to be purchased by the Purchaser pursuant to this Agreement
        and
        the Seller will prepare or cause to be prepared on or prior to the Closing
        Date
        a final schedule (the “Closing Schedule”) that shall describe such Mortgage
        Loans and set forth all of the Mortgage Loans to be purchased under this
        Agreement, including the Prepayment Charges. The Closing Schedule will conform
        to the requirements set forth in this Agreement and to the definition of
        “Mortgage Loan Schedule” under the Pooling and Servicing Agreement.

       

      SECTION
        3.  Consideration.

       

      (a)  In
        consideration for the Mortgage Loans and the Cap Agreements to be purchased
        hereunder, the Purchaser shall, as described in Section 8, (i) pay to or
        upon
        the order of the Seller in immediately available funds an amount (the “Purchase
        Price”) equal to (i) $________*
        and (ii)
        a 100% interest in the Class CE, Class P and Class R Certificates (collectively
        the “DB Certificates”). The DB Certificates shall be in the name of “Deutsche
        Bank Securities Inc.”

       

      (b)  The
        Purchaser or any assignee, transferee or designee of the Purchaser shall
        be
        entitled to all scheduled payments of principal due after the Cut-off Date,
        all
        other payments of principal due and collected after the Cut-off Date, and
        all
        payments of interest on the Mortgage Loans allocable to the period after
        the
        Cut-off Date. All scheduled payments of principal and interest due on or
        before
        the Cut-off Date and collected after the Cut-off Date shall belong to the
        Seller.

       

      (c)  Pursuant
        to the Pooling and Servicing Agreement, the Purchaser will assign all of
        its
        right, title and interest in and to the Mortgage Loans and the Cap Agreements,
        together with its rights under this Agreement, to the Trustee for the benefit
        of
        the Certificateholders.

       

      
        
          
            

          

        

        * Please
          contact the Mortgage Loan Seller for this information.

         

        
          
            
            

          

          
            -2-

            
              

            

          

          
            
            

          

        

      

       

      SECTION
        4.  Transfer
        of the Mortgage Loans.

       

      (a)  Possession
        of Mortgage Files.
        The
        Seller does hereby sell to the Purchaser, without recourse but subject to
        the
        terms of this Agreement, all of its right, title and interest in, to and
        under
        the Mortgage Loans, including the related Prepayment Charges and the Cap
        Agreements, but excluding the Servicing Rights. The contents of each Mortgage
        File not delivered to the Purchaser or to any assignee, transferee or designee
        of the Purchaser on or prior to the Closing Date are and shall be held in
        trust
        by the Seller for the benefit of the Purchaser or any assignee, transferee
        or
        designee of the Purchaser.  Upon the sale of the Mortgage Loans, the
        ownership of each Mortgage Note, the related Mortgage and the other contents
        of
        the related Mortgage File is vested in the Purchaser and the ownership of
        all
        records and documents with respect to the related Mortgage Loan prepared
        by or
        that come into the possession of the Seller on or after the Closing Date
        shall
        immediately vest in the Purchaser and shall be delivered immediately to the
        Purchaser or as otherwise directed by the Purchaser.

       

      (b)  Delivery
        of Mortgage Loan Documents.
        The
        Seller will, on or prior to the Closing Date, deliver or cause to be delivered
        to the Purchaser or any assignee, transferee or designee of the Purchaser
        each
        of the following documents for each Mortgage Loan:

       

      (i)  the
        original Mortgage Note, including any riders thereto, endorsed in blank,
        with
        all prior and intervening endorsements showing a complete chain of endorsement
        from the originator to the Person so endorsing to the Trustee;

       

      (ii)  the
        original Mortgage or a certified copy thereof, including any riders thereto,
        with evidence of recording thereon, and the original recorded power of attorney,
        if the Mortgage was executed pursuant to a power of attorney, with evidence
        of
        recording thereon, and in the case of each MOM Loan, the original Mortgage,
        noting the presence of the MIN of the Loan and either language indicating
        that
        the Mortgage Loan is a MOM Loan or if the Mortgage Loan was not a MOM Loan
        at
        origination, the original Mortgage and the assignment thereof to MERS®, with
        evidence of recording indicated thereon;

       

      (iii)  unless
        such Mortgage Loan is registered on the MERS System, original Assignment
        of
        Mortgage executed in blank;

       

      (iv)  unless
        such Mortgage Loan a MOM Loan,
        the
        original recorded Assignment or Assignments of the Mortgage, or a certified
        copy
        or copies thereof, showing a complete chain of assignment from the originator
        to
        the last Person assigning the Mortgage;

       

      (v)  the
        original or copies of each assumption, modification, written assurance or
        substitution agreement, if any;

       

      (vi)  the
        original lender’s title insurance policy, together with all endorsements or
        riders that were issued with or subsequent to the issuance of such policy,
        insuring the priority of the Mortgage as a first lien or second lien on the
        Mortgaged Property represented therein as a fee interest vested in the
        Mortgagor;

       

      (vii)  the
        original of any guarantee executed in connection with the Mortgage Note,
        if any;
        and

       

      
        
          
          

        

        
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      (viii)  the
        original of any security agreement, chattel mortgage or equivalent document
        executed in connection with the Mortgage, if any.

       

      Notwithstanding
        anything to the contrary contained in this Section 4, with respect to a maximum
        of approximately 1.0% of the Mortgage Loans, by aggregate principal balance
        of
        the Mortgage Loans as of the Cut-off Date, if any original Mortgage Note
        referred to in Section 4(b)(i) above cannot be located, the obligations of
        the
        Seller to deliver such documents shall be deemed to be satisfied upon delivery
        to the Purchaser or any assignee, transferee or designee of the Purchaser
        of a
        photocopy of such Mortgage Note, if available, with a lost note affidavit
        substantially in the form of Exhibit 1 attached hereto. If any of the original
        Mortgage Notes for which a lost note affidavit was delivered to the Purchaser
        or
        any assignee, transferee or designee of the Purchaser is subsequently located,
        such original Mortgage Note shall be delivered to the Purchaser or any assignee,
        transferee or designee of the Purchaser within three (3) Business Days; and
        if
        any document referred to in Section 4(b)(ii) or 4(b)(iv) above has been
        submitted for recording but either (x) has not been returned from the applicable
        public recording office or (y) has been lost or such public recording office
        has
        retained the original of such document, the obligations of the Seller hereunder
        shall be deemed to have been satisfied upon delivery to the Purchaser or
        any
        assignee, transferee or designee of the Purchaser promptly upon receipt thereof
        by or on behalf of the Seller of either the original or a copy of such document
        certified by the applicable public recording office to be a true and complete
        copy of the original.

       

      In
        the
        event that the original lender’s title insurance policy has not yet been issued,
        the Seller shall deliver to the Purchaser or any assignee, transferee or
        designee of the Purchaser a written commitment or interim binder or preliminary
        report of title issued by the title insurance or escrow company. The Seller
        shall deliver such original title insurance policy to the Purchaser or any
        assignee, transferee or designee of the Purchaser promptly upon receipt by
        the
        Seller, if any.

       

      Each
        original document relating to a Mortgage Loan which is not delivered to the
        Purchaser or its assignee, transferee or designee, if held by the Seller,
        shall
        be so held for the benefit of the Purchaser, its assignee, transferee or
        designee.

       

      In
        connection with the assignment of any Mortgage Loan registered on the MERS®
System, the Seller further agrees that it will cause, at the Seller’s own
        expense, within 30 days after the Closing Date, the MERS® System to indicate
        that such Mortgage Loans have been assigned by the Seller to the Purchaser
        and
        by the Purchaser to the Trustee in accordance with this Agreement for the
        benefit of the Certificateholders by including (or deleting, in the case
        of
        Mortgage Loans which are repurchased in accordance with this Agreement) in
        such
        computer files (a) the code in the field which identifies the specific Trustee
        and (b) the code in the field “Pool Field” which identifies the series of the
        Certificates issued in connection with such Mortgage Loans. The Seller further
        agrees that it will not, and will not permit the Servicer or the Master Servicer
        to alter the codes referenced in this paragraph with respect to any Mortgage
        Loan during the term of this Agreement unless and until such Mortgage Loan
        is
        repurchased in accordance with the terms of this Agreement or the Pooling
        and
        Servicing Agreement.

       

      (c)  Acceptance
        of Mortgage Loans.
        The
        documents delivered pursuant to Section 4(b) hereof shall be reviewed by
        the
        Purchaser or any assignee, transferee or designee of the Purchaser at any
        time
        before or after the Closing Date (and with respect to each document permitted
        to
        be delivered after the Closing Date, within seven days of its delivery) to
        ascertain that all required documents have been executed and received and
        that
        such documents relate to the Mortgage Loans identified on the Closing
        Schedule.

       

      
        
          
          

        

        
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      (d)  Transfer
        of Interest in Agreements.
        The
        Purchaser has the right to assign its interest under this Agreement, in whole
        or
        in part, to the Trustee, as may be required to effect the purposes of the
        Pooling and Servicing Agreement, without the consent of the Seller, and the
        assignee shall succeed to the rights and obligations hereunder of the
        Purchaser.  Any expense reasonably incurred by or on behalf of the
        Purchaser or the Trustee in connection with enforcing any obligations of
        the
        Seller under this Agreement will be promptly reimbursed by the
        Seller.

       

      (e)  Examination
        of Mortgage Files.
        Prior
        to the Closing Date, the Seller shall either (i) deliver in escrow to the
        Purchaser or to any assignee, transferee or designee of the Purchaser for
        examination the Mortgage File pertaining to each Mortgage Loan, or (ii) make
        such Mortgage Files available to the Purchaser or to any assignee, transferee
        or
        designee of the Purchaser for examination.  Such examination may be
        made by the Purchaser or the Trustee, and their respective designees, upon
        reasonable notice to the Seller during normal business hours before the Closing
        Date and within sixty (60) days after the Closing Date.  If any such
        person makes such examination prior to the Closing Date and identifies any
        Mortgage Loans that do not conform to the requirements of the Purchaser as
        described in this Agreement, such Mortgage Loans shall be deleted from the
        Closing Schedule.  The Purchaser may, at its option and without notice
        to the Seller, purchase all or part of the Mortgage Loans without conducting
        any
        partial or complete examination.  The fact that the Purchaser or any
        person has conducted or has failed to conduct any partial or complete
        examination of the Mortgage Files shall not affect the rights of the Purchaser
        or any assignee, transferee or designee of the Purchaser to demand repurchase
        or
        other relief as provided herein or under the Pooling and Servicing
        Agreement.

       

      SECTION
        5.  Representations,
        Warranties and Covenants of the Seller.

       

      The
        Seller hereby represents and warrants to the Purchaser, as of the date hereof
        and as of the Closing Date, and covenants, that:

       

      (i)  The
        Seller is a Delaware corporation with full corporate power and authority
        to
        conduct its business as presently conducted by it to the extent material
        to the
        consummation of the transactions contemplated herein. The Agreement has been
        duly authorized, executed and delivered by the Seller. The Seller had the
        full
        corporate power and authority to own the Mortgage Loans and to transfer and
        convey the Mortgage Loans to the Purchaser and has the full corporate power
        and
        authority to execute and deliver, engage in the transactions contemplated
        by,
        and perform and observe the terms and conditions of this Agreement;

       

      (ii)  The
        Seller has duly authorized the execution, delivery and performance of this
        Agreement, has duly executed and delivered this Agreement, and this Agreement,
        assuming due authorization, execution and delivery by the Purchaser, constitutes
        a legal, valid and binding obligation of the Seller, enforceable against
        it in
        accordance with its terms except as the enforceability thereof may be limited
        by
        bankruptcy, insolvency or reorganization or by general principles of
        equity;

       

      
        
          
          

        

        
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      (iii)  The
        execution, delivery and performance of this Agreement by the Seller (x) does
        not
        conflict and will not conflict with, does not breach and will not result
        in a
        breach of and does not constitute and will not constitute a default (or an
        event, which with notice or lapse of time or both, would constitute a default)
        under (A) any terms or provisions of the organizational documents of the
        Seller,
        (B) any term or provision of any material agreement, contract, instrument
        or
        indenture, to which the Seller is a party or by which the Seller or any of
        its
        property is bound, or (C) any law, rule, regulation, order, judgment, writ,
        injunction or decree of any court or governmental authority having jurisdiction
        over the Seller or any of its property and (y) does not create or impose
        and
        will not result in the creation or imposition of any lien, charge or encumbrance
        (other than any created hereby in favor of the Purchaser and its assignees)
        which would have a material adverse effect upon the Mortgage Loans or any
        documents or instruments evidencing or securing the Mortgage Loans;

       

      (iv)  No
        consent, approval, authorization or order of, registration or filing with,
        or
        notice on behalf of the Seller to any governmental authority or court is
        required, under federal laws or the laws of the State of New York, for the
        execution, delivery and performance by the Seller of, or compliance by the
        Seller with, this Agreement or the consummation by the Seller of any other
        transaction contemplated hereby and by the Pooling and Servicing Agreement;
        provided, however, that the Seller makes no representation or warranty regarding
        federal or state securities laws in connection with the sale or distribution
        of
        the Certificates;

       

      (v)  The
        Seller is not in violation of, and the execution and delivery of this Agreement
        by the Seller and its performance and compliance with the terms of this
        Agreement will not constitute a violation with respect to, any order or decree
        of any court or any order or regulation of any federal, state, municipal
        or
        governmental agency having jurisdiction over the Seller or its assets, which
        violation might have consequences that would materially and adversely affect
        the
        condition (financial or otherwise) or the operation of the Seller or its
        assets
        or might have consequences that would materially and adversely affect the
        performance of its obligations and duties hereunder;

       

      (vi)  The
        Seller does not believe, nor does it have any reason or cause to believe,
        that
        it cannot perform each and every covenant contained in this
        Agreement;

       

      (vii)  Immediately
        prior to the sale of the Mortgage Loans to the Purchaser as herein contemplated,
        the Seller was the owner of the related Mortgage and the indebtedness evidenced
        by the related Mortgage Note, and, upon the payment to the Seller of the
        Purchase Price, in the event that the Seller retains or has retained record
        title, the Seller shall retain such record title to each Mortgage, each related
        Mortgage Note and the related Mortgage Files with respect thereto in trust
        for
        the Purchaser as the owner thereof from and after the date hereof;

       

      (viii)  There
        are
        no actions or proceedings against, or investigations known to it of, the
        Seller
        before any court, administrative or other tribunal (A) that might prohibit
        its
        entering into this Agreement, (B) seeking to prevent the sale of the Mortgage
        Loans by the Seller or the consummation of the transactions contemplated
        by this
        Agreement or (C) that might prohibit or materially and adversely affect the
        performance by the Seller of its obligations under, or validity or
        enforceability of, this Agreement;

       

      
        
          
          

        

        
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      (ix)  The
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of the Seller, and the transfer, assignment and
        conveyance of the Mortgage Notes and the Mortgages by the Seller pursuant
        to
        this Agreement are not subject to the bulk transfer or any similar statutory
        provisions in effect in any relevant jurisdiction, except any as may have
        been
        complied with;

       

      (x)  The
        Seller has not dealt with any broker, investment banker, agent or other person,
        except for the Purchaser or any of its affiliates, that may be entitled to
        any
        commission or compensation in connection with the sale of the Mortgage Loans
        (except that an entity that previously financed the Seller’s ownership of the
        Mortgage Loans may be entitled to a fee to release its security interest
        in the
        Mortgage Loans, which fee shall have been paid and which security interest
        shall
        have been released on or prior to the Closing Date);

       

      (xi)  There
        is
        no litigation currently pending or, to the best of the Seller’s knowledge
        without independent investigation, threatened against the Seller that would
        reasonably be expected to adversely affect the transfer of the Mortgage Loans,
        the issuance of the Certificates or the execution, delivery, performance
        or
        enforceability of this Agreement, or that would result in a material adverse
        change in the financial condition of the Seller; and

       

      (xii)  The
        information set forth in the applicable part of the Closing Schedule relating
        to
        the existence of a Prepayment Charge is complete, true and correct in all
        material respects at the date or dates respecting which such information
        is
        furnished and each Prepayment Charge is permissible and enforceable in
        accordance with its terms upon the mortgagor’s full and voluntary principal
        prepayment under applicable law, except to the extent that: (1) the
        enforceability thereof may be limited by bankruptcy, insolvency, moratorium,
        receivership and other similar laws relating to creditors’ rights; (2) the
        collectability thereof may be limited due to acceleration in connection with
        a
        foreclosure or other involuntary prepayment; or (3) subsequent changes in
        applicable law may limit or prohibit enforceability thereof under applicable
        law.

       

      SECTION
        6.  Representations
        and Warranties of the Seller Relating to the Mortgage Loans.

       

      The
        Seller hereby represents and warrants to the Purchaser that as to each Mortgage
        Loan as of the Closing Date:

       

      (i)  Information
        provided to the Rating Agencies, including the loan level detail, is true
        and
        correct according to the Rating Agency requirements;

       

      (ii)  No
        error,
        omission, misrepresentation, negligence, fraud or similar occurrence with
        respect to a Mortgage Loan has taken place on the part of any person, including
        without limitation the Mortgagor, any appraiser, any builder or developer,
        or
        any other party involved in the origination of the Mortgage Loan or in the
        application of any insurance in relation to such Mortgage Loan;

       

      
        
          
          

        

        
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      (iii)  Except
        as
        set forth on the Closing Schedule, all payments required to be made prior
        to the
        Cut-off Date with respect to each Mortgage Loan have been made;

       

      (iv)  [Reserved];

       

      (v)  There
        are
        no delinquent taxes, assessment liens or insurance premiums affecting the
        related Mortgaged Property;

       

      (vi)  The
        terms
        of the Mortgage Note and the Mortgage have not been materially impaired,
        waived,
        altered or modified in any respect, except by written instruments, recorded
        in
        the applicable public recording office if necessary to maintain the lien
        priority of the Mortgage. The substance of any such waiver, alteration or
        modification has been approved by the title insurer, to the extent required
        by
        the related policy. No Mortgagor has been released, in whole or in part,
        except
        in connection with an assumption agreement (approved by the title insurer
        to the
        extent required by the policy) and which assumption agreement has been delivered
        to the Trustee;

       

      (vii)  The
        Mortgaged Property is insured against loss by fire and hazards of extended
        coverage (excluding earthquake insurance) in an amount which is at least
        equal
        to the lesser of (i) the amount necessary to compensate for any damage or
        loss
        to the improvements which are a part of such property on a replacement cost
        basis or (ii) the outstanding principal balance of the Mortgage Loan. If
        the
        Mortgaged Property is in an area identified on a flood hazard map or flood
        insurance rate map issued by the Federal Emergency Management Agency as having
        special flood hazards (and such flood insurance has been made available),
        a
        flood insurance policy meeting the requirements of the current guidelines
        of the
        Federal Insurance Administration is in effect. All such insurance policies
        contain a standard mortgagee clause naming the originator of the Mortgage
        Loan,
        its successors and assigns as mortgagee and the Seller has not engaged in
        any
        act or omission which would impair the coverage of any such insurance policies.
        Except as may be limited by applicable law, the Mortgage obligates the Mortgagor
        thereunder to maintain all such insurance at the Mortgagor’s cost and expense,
        and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage
        to maintain such insurance at Mortgagor’s cost and expense and to seek
        reimbursement therefor from the Mortgagor;

       

      (viii)  Each
        Mortgage Loan and the related Prepayment Charge, if any, complied in all
        material respects with any and all requirements of any federal, state or
        local
        law including, without limitation, usury, truth in lending, anti-predatory
        lending, real estate settlement procedures, consumer credit protection, equal
        credit opportunity, fair housing, fair lending or disclosure laws applicable
        to
        the origination and servicing of the Mortgage Loans and the consummation
        of the
        transactions contemplated hereby will not involve the violation of any such
        laws;

       

      
        
          
          

        

        
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      (ix)  The
        Mortgage has not been satisfied, cancelled, subordinated (other than with
        respect to second lien Mortgage Loans, the subordination to the first lien)
        or
        rescinded, in whole or in part, and the Mortgaged Property has not been released
        from the lien of the Mortgage, in whole or in part, nor has any instrument
        been
        executed that would effect any such satisfaction, cancellation, subordination,
        rescission or release;

       

      (x)  The
        Mortgage was recorded or was submitted for recording in accordance with all
        applicable laws and is a valid, existing and enforceable first or second
        lien on
        the Mortgaged Property including all improvements on the Mortgaged
        Property;

       

      (xi)  The
        Mortgage Note and the related Mortgage are genuine and each is the legal,
        valid
        and binding obligation of the maker thereof, insured under the related title
        policy, and enforceable in accordance with its terms, except to the extent
        that
        the enforceability thereof may be limited by a bankruptcy, insolvency or
        reorganization;

       

      (xii)  The
        Seller is the sole legal, beneficial and equitable owner of the Mortgage
        Note
        and the Mortgage and has the full right to convey, transfer and sell the
        Mortgage Loan to the Purchaser free and clear of any encumbrance, equity,
        lien
        (other than with respect to second lien Mortgage Loans, the subordination
        to the
        first lien Mortgage Loan), pledge, charge, claim or security interest and
        immediately upon the sale, assignment and endorsement of the Mortgage Loans
        from
        the Seller to the Purchaser, the Purchaser shall have good and indefeasible
        title to and be the sole legal owner of the Mortgage Loans subject only to
        any
        encumbrance, equity, lien, pledge, charge, claim or security interest arising
        out of the Purchaser’s actions;

       

      (xiii)  Unless
        the Mortgaged Property is located in the State of Iowa and an attorney’s
        certificate and/or a certificate of title guaranty has been obtained, each
        Mortgage Loan is covered by a valid and binding American Land Title Association
        lender’s title insurance policy issued by a title insurer qualified to do
        business in the jurisdiction where the Mortgaged Property is located. No
        claims
        have been filed under such lender’s title insurance policy, and the Seller has
        not done, by act or omission, anything that would impair the coverage of
        the
        lender’s title insurance policy;

       

      (xiv)  There
        is
        no material default, breach, violation event or event of acceleration existing
        under the Mortgage or the Mortgage Note and no event which, with the passage
        of
        time or with notice and the expiration of any grace or cure period, would
        constitute a material default, breach, violation or event of acceleration,
        and
        the Seller has not, nor has its predecessors, waived any material default,
        breach, violation or event of acceleration;

       

      (xv)  There
        are
        no mechanics’ or similar liens or claims which have been filed for work, labor
        or material provided to the related Mortgaged Property prior to the origination
        of the Mortgage Loan which are or may be liens prior to, or equal or coordinate
        with, the lien of the related Mortgage, except as may be disclosed in the
        related title policy;

       

      (xvi)  Except
        with respect to approximately 15.33%
        of
        the Mortgage Loans by aggregate principal balance as of the Cut-off Date,
        which
        are balloon loans and approximately 44.98% of the Mortgage Loans by aggregate
        principal balance as of the Cut-off Date, which are interest only loans,
        each
        Mortgage Note is payable on the first day of each month in equal monthly
        installments of principal and interest (subject to adjustment in the case
        of the
        adjustable rate Mortgage Loans), with interest calculated on a 30/360 basis
        and
        payable in arrears, sufficient to amortize the Mortgage Loan fully by the
        stated
        maturity date over an original term from commencement of amortization to
        not
        more than 30 years and no Mortgage Loan permits negative
        amortization;

       

      
        
          
          

        

        
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      (xvii)  The
        servicing practices used in connection with the servicing of the Mortgage
        Loans
        have been in all respects reasonable and customary in the mortgage servicing
        industry of like mortgage loan servicers, servicing similar subprime mortgage
        loans originated in the same jurisdiction as the Mortgaged
        Property;

       

      (xviii)  At
        the
        time of origination of the Mortgage Loan there was no proceeding pending
        for the
        total or partial condemnation of the Mortgaged Property and, as of the date
        such
        Mortgage Loan was purchased by the Purchaser, to the best of the Purchaser’s
        knowledge there is no proceeding pending for the total or partial condemnation
        of the Mortgaged Property;

       

      (xix)  The
        Mortgage and related Mortgage Note contain customary and enforceable provisions
        such as to render the rights and remedies of the holder thereof adequate
        for the
        realization against the Mortgaged Property of the benefits of the security
        provided thereby, including, (a) in the case of a Mortgage designated as
        a deed
        of trust, by trustee’s sale, and (b) otherwise by judicial
        foreclosure;

       

      (xx)  The
        Mortgage Note is not and has not been secured by any collateral except the
        lien
        of the related Mortgage referred to in subsection (x) above;

       

      (xxi)  In
        the
        event the Mortgage constitutes a deed of trust, a trustee, duly qualified
        under
        applicable law to serve as such, has been properly designated and currently
        so
        serves and is named in the Mortgage, and no fees or expenses are or will
        become
        payable by the Seller to the trustee under the deed of trust, except in
        connection with a trustee’s sale after default by the Mortgagor;

       

      (xxii)  The
        Mortgage Loan is not subject to any valid right of rescission, set-off,
        counterclaim or defense, including without limitation the defense of usury,
        nor
        will the operation of any of the terms of the Mortgage Note or the Mortgage,
        or
        the exercise of any right thereunder, render either the Mortgage Note or
        the
        Mortgage unenforceable, in whole or in part, or subject to any such right
        of
        rescission, set-off, counterclaim or defense, including without limitation
        the
        defense of usury, and no such right of rescission, set-off, counterclaim
        or
        defense has been asserted with respect thereto;

       

      (xxiii)  The
        Mortgage Loans were underwritten in accordance with the underwriting guidelines
        in effect at the time the Mortgage Loans were purchased by the Seller (the
        “Seller’s Underwriting Guidelines”), except with respect to certain of those
        Mortgage Loans which had compensating factors permitting a deviation from
        the
        Seller’s Underwriting Guidelines;

       

      
        
          
          

        

        
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      (xxiv)  The
        Mortgaged Property is free of material damage and waste, excepting therefrom
        any
        Mortgage Loan subject to an escrow withhold as shown on the Closing
        Schedule;

       

      (xxv)  All
        of
        the improvements which were included in determining the appraised value of
        the
        Mortgaged Property lie wholly within the Mortgaged Property’s boundary lines and
        no improvements on adjoining properties encroach upon the Mortgaged Property,
        excepting therefrom: (i) any encroachment insured against in the lender’s title
        insurance policy identified in subsection (xiii), (ii) any encroachment
        generally acceptable to subprime mortgage loan originators doing business
        in the
        same jurisdiction as the Mortgaged Property, and (iii) any encroachment which
        does not materially interfere with the benefits of the security intended
        to be
        provided by such Mortgage;

       

      (xxvi)  All
        parties to the Mortgage Note had the legal capacity to execute the Mortgage
        Note
        and the Mortgage, and the Mortgage Note and the Mortgage have been duly executed
        by such parties;

       

      (xxvii)  To
        the
        best of the Seller’s knowledge, at the time of origination of the Mortgage Loan,
        no appraised improvement located on or being part of the Mortgaged Property
        was
        in violation of any applicable zoning law or regulation and all inspections,
        licenses and certificates required in connection with the origination of
        any
        Mortgage Loan with respect to the occupancy of the Mortgaged Property, have
        been
        made or obtained from the appropriate authorities;

       

      (xxviii)  No
        Mortgagor has notified the Seller of any relief requested or allowed under
        the
        Servicemembers Civil Relief Act;

       

      (xxix)  All
        parties which have held an interest in the Mortgage Loan are (or during the
        period in which they held and disposed of such interest, were) (1) in compliance
        with any and all applicable licensing requirements of the state wherein the
        Mortgaged Property is located, (2) organized under the laws of such state,
        (3)
        qualified to do business in such state, (4) a federal savings and loan
        association or national bank, (5) not doing business in such state, or (6)
        exempt from the applicable licensing requirements of such state;

       

      (xxx)  The
        Mortgage File contains an appraisal of the related Mortgaged Property which
        was
        made prior to the approval of the Mortgage Loan by a qualified appraiser,
        duly
        appointed by the related originator and was made in accordance with the
        Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and
        the
        Uniform Standards of Professional Appraisal Practice;

       

      (xxxi)  Except
        as
        may otherwise be limited by applicable law, the Mortgage contains a provision
        for the acceleration of the payment of the unpaid principal balance of the
        Mortgage Loan in the event that the Mortgaged Property is sold or transferred
        without the prior written consent of the Mortgagee thereunder;

       

      (xxxii)  The
        Mortgage Loan does not contain any provision which would constitute a “buydown”
provision and pursuant to which Monthly Payments are paid or partially paid
        with
        funds deposited in a separate account established by the related originator,
        the
        Mortgagor or anyone on behalf of the Mortgagor, or paid by any source other
        than
        the Mortgagor. The Mortgage Loan is not a “graduated payment mortgage loan” and
        the Mortgage loan does not have a shared appreciation or other contingent
        interest feature;

       

      
        
          
          

        

        
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      (xxxiii)  To
        the
        best of the Seller’s knowledge there is no action or proceeding directly
        involving the Mortgaged Property presently pending in which compliance with
        any
        environmental law, rule or regulation is at issue and the Seller has received
        no
        notice of any condition at the Mortgaged Property which is reasonably likely
        to
        give rise to an action or proceeding in which compliance with any environmental
        law, rule or regulation is at issue;

       

      (xxxiv)  Each
        Mortgage Loan is an obligation which is principally secured by an interest
        in
        real property within the meaning of Treasury Regulation section
        1.860G-2(a);

       

      (xxxv)  Each
        Mortgage Loan (a) is directly secured by a first or second lien on, and consists
        of a single parcel of, real property with a detached one-to-four family
        residence erected thereon, a townhouse, row house or an individual condominium
        unit in a condominium project, or an individual unit in a planned unit
        development (“PUD”). Any unit in a PUD or condominium project conforms to the
        requirements of the Seller’s Underwriting Guidelines regarding such dwellings.
        No residence or dwelling is a mobile home or a manufactured dwelling unless
        it
        is a manufactured dwelling, which is permanently affixed to a foundation
        and
        treated as “real estate” under applicable law. No Mortgaged Property is used for
        commercial purposes. Mortgaged Properties which contain a home office shall
        not
        be considered as being used for commercial purposes as long as the Mortgaged
        Property has not been altered for commercial purposes and is not storing
        any
        chemicals or raw materials other than those commonly used for homeowner repair,
        maintenance and/or household purposes;

       

      (xxxvi)  The
        Mortgage Interest Rate with respect to the Adjustable Rate Mortgage Loans
        is
        subject to adjustment at the time and in the amounts as are set forth in
        the
        related Mortgage Note;

       

      (xxxvii)  No
        Mortgage Loan contains a provision whereby the Mortgagor can convert an
        Adjustable Rate Mortgage Loan into a Fixed Rate Mortgage Loan;

       

      (xxxviii)  With
        respect to each Group IA Mortgage Loan and each Group IB Mortgage Loan, no
        Mortgagor obtained a prepaid single premium credit insurance policy (e.g.,
        life,
        mortgage, disability, accident, unemployment, property or health insurance
        product) or debt cancellation agreement in connection with the origination
        of
        such Group IA Mortgage Loan or Group IB Mortgage Loan. With respect to each
        Group IB Mortgage Loan, no Mortgagor was required to purchase any single
        premium
        credit insurance policy (e.g., life, mortgage, disability, accident,
        unemployment, or health insurance product) or debt cancellation agreement
        as a
        condition of obtaining the extension of credit. No proceeds from any Group
        IB
        Mortgage Loan were used to purchase single premium credit insurance policies
        (e.g., life, mortgage, disability, accident, unemployment, or health insurance
        product) or debt cancellation agreements as part of the origination of, or
        as a
        condition to closing, such Mortgage Loan; 

       

      (xxxix)  With
        respect to any Group IA Mortgage Loan that contains a provision permitting
        imposition of a penalty upon a prepayment prior to maturity: (i) such Group
        IA
        Mortgage Loan provides some benefit to the Mortgagor (e.g. a rate or fee
        reduction) in exchange for accepting such prepayment penalty, (ii) such Group
        IA
        Mortgage Loan’s originator had a written policy of offering the Mortgagor, or
        requiring third-party brokers to offer the Mortgagor, the option of obtaining
        a
        mortgage loan that did not require payment of such a penalty, (iii) the
        prepayment penalty was adequately disclosed to the Mortgagor pursuant to
        applicable state and federal law, (iv) no Group IA Mortgage Loan originated
        on
        or after October 1, 2002 will provide for Prepayment Charges for a term in
        excess of three years and any Group IA Mortgage Loan originated prior to
        such
        date, will not provide for Prepayment Charges in excess of five years; in
        each
        case unless such Group IA Mortgage Loan was modified to reduce the prepayment
        period to no more than three years from the date of the Mortgage Note and
        the
        Mortgagor was notified in writing of such reduction in prepayment period,
        and
        (v) such prepayment penalty shall not be imposed in any instance where such
        Group IA Mortgage Loan is accelerated or paid off in connection with the
        workout
        of a delinquent Mortgage or due to Mortgagor’s default, notwithstanding that the
        terms of such Group IA Mortgage Loan or state or federal law might permit
        the
        imposition of such penalty;

       

      
        
          
          

        

        
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      (xl)  No
        Mortgage Loan is subject to the Home Ownership and Equity Protection Act
        of 1994
        or any comparable law and no Mortgage Loan is classified and/or defined as
“high
        cost”, “covered” (excluding home loans defined as “covered home loans” in the
        New Jersey Home Ownership Security Act of 2002 that were originated between
        November 26, 2003 and July 7, 2004) “high risk home” or “predatory” loan under
        any other federal, state or local law (or a similarly classified loan using
        different terminology under a law imposing heightened regulatory scrutiny
        or
        additional legal liability for residential mortgage loans having high interest
        rates, points and/or fees). No Group I Mortgage Loan has an “annual percentage
        rate” or “total points and fees” payable by the Mortgagor (as each such term is
        defined under HOEPA) that equal or exceed the applicable thresholds defined
        under HOEPA (Section 32 of Regulation Z, 12 C.F.R. Section 226.32(a)(1)(i)
        and
        (ii));

       

      (xli)  There
        is
        no Mortgage Loan that was originated or modified on or after October 1, 2002
        and
        before March 7, 2003, which is secured by property located in the State of
        Georgia. There is no such Mortgage Loan underlying the Certificate that was
        originated on or after March 7, 2003, which is a “high cost home loan” as
        defined under the Georgia Fair Lending Act;

       

      (xlii)  Each
        Group IB Mortgage Loan is in compliance with the anti-predatory lending
        eligibility for purchase requirements of Fannie Mae’s Selling
        Guide;

       

      (xliii)  No
        Mortgage Loan is a “High-Cost Home Loan” as defined in the Indiana Home Loan
        Practices Act, effective January 1, 2005 (Ind. Code Ann. Sections 24-9-1
        through
        24-9-9);

       

      (xliv)  With
        respect to any Mortgage Loan that is secured by a second lien on the related
        Mortgaged Property, either (i) no consent for the Mortgage Loan is required
        by
        the holder of any related senior lien or (ii) such consent has been obtained
        and
        is contained in the Mortgage File;

       

      
        
          
          

        

        
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      (xlv)  With
        respect to a Mortgage Loan which is a second lien, as of the date hereof,
        the
        Seller has not received a notice of default of a senior lien on the related
        Mortgaged Property which has not been cured;

       

      (xlvi)  There
        is
        no Mortgage Loan that (a) is secured by property located in the State of
        Kentucky; (b) was originated on or after June 24, 2003, and (c) which is
        a “high
        cost home loan” as defined under Kentucky State Statute KRS 360.100, effective
        as of June 24, 2003;

       

      (xlvii)  There
        is
        no Mortgage Loan that (a) is secured by property located in the State of
        Arkansas, (b) has a note date on or after July 16, 2003, and (c) which is
        a
“high cost home loan” as defined under the Arkansas Home Loan Protection Act,
        effective as of July 16, 2003;

       

      (xlviii)  The
        Servicer for each Group IA Mortgage Loan has fully furnished, and will fully
        furnish, in accordance with the Fair Credit Reporting Act and its implementing
        regulations, accurate and complete information (i.e., favorable and unfavorable)
        on its borrower credit files to Equifax, Experian, and Trans Union Credit
        Information Company (three of the credit repositories), on a monthly
        basis;

       

      (xlix)  The
        original principal balance of each Group IA Mortgage Loan which is secured
        by a
        first or second lien on the related Mortgaged Property is within Freddie
        Mac’s
        dollar amount limits for conforming one-to-four family mortgage loans. No
        Group
        IA Mortgage Loan which is secured by a first lien has an original principal
        balance that exceeds the applicable Freddie Mac loan limit;

       

      (l)  No
        Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey Home
        Ownership Act effective November 27, 2003 (N.J.S.A. 46:10B-22 et seq.);

       

      (li)  No
        Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan
        Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et
        seq.);

       

      (lii)  No
        Mortgage Loan is a “High-Risk Home Loan” as defined in the Illinois High-Risk
        Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et
        seq.);

       

      (liii)  No
        Mortgage Loan originated in the City of Los Angeles is subject to the City
        of
        Los Angeles California Ordinance 175008 as a home loan;

       

      (liv)  No
        Mortgage Loan is a “High Cost Home Loan” as defined under the Maine House Bill
        383 L.D. 494, effective as of September 13, 2003;

       

      (lv)  No
        Mortgage Loan is a “High Cost” loan as defined under the New York Banking Law
        Section 6L, effective as of April 1, 2003;

       

      (lvi)  No
        Mortgage Loan is a “home loan” in the state of Nevada; 

       

      
        
          
          

        

        
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      (lvii)  No
        Mortgage Loan is a “Section 10 mortgage loan” as defined in Oklahoma House Bill
        1574;

       

      (lviii)  With
        respect to any Group IA or Group IB Mortgage Loan originated on or after
        August
        1, 2004, neither the related Mortgage nor the related Mortgage Note requires
        the
        borrower to submit to arbitration to resolve any dispute arising out of or
        relating in any way to the Mortgage Loan transaction;

       

      (lix)  No
        Mortgage Loan is a High Cost Loan or Covered Loan, as applicable (as such
        terms
        are defined in the then current Standard & Poor’s LEVELS®
        Glossary
        which is now Version 5.7, Appendix E (attached hereto as Exhibit 2)) and
        no
        Mortgage Loan originated on or after October 1, 2002 through March 6, 2003
        is
        governed by the Georgia Fair Lending Act;

       

      (lx)  No
        Mortgage Loan is a “High-Cost Home Mortgage Loan” as defined in the
        Massachusetts Predatory Home Loan Practices Act, effective November 7, 2004
        (Mass. Ann. Laws Ch. 183C);

       

      (lxi)  No
        Group
        IB Mortgage Loan is a balloon mortgage loan that has an original stated maturity
        of less than seven (7) years;

       

      (lxii)  With
        respect to each Group IA Mortgage Loan and each Group IB Mortgage Loan, no
        Mortgagor was encouraged or required to select a mortgage loan product offered
        by the related originator which is a higher cost product designed for less
        creditworthy borrowers, unless at the time of such Group IA Mortgage Loan
        or
        such Group IB Mortgage Loan’s origination, such borrower did not qualify taking
        into account credit history and debt to income ratios for a lower cost credit
        product then offered by the originator or any affiliate of the originator.
        If,
        at the time of loan application, the Mortgagor may have qualified for a lower
        cost credit product then offered by any mortgage lending affiliate of the
        originator, the originator referred the Mortgagor’s application to such
        affiliate for underwriting consideration;

       

      (lxiii)  No
        selection procedures were used by the Seller that identified the Mortgage
        Loans
        as being less desirable or valuable than other comparable mortgage loans
        in the
        Seller’s portfolio; 

       

      (lxiv)  The
        information set forth in the Closing Schedule is true and correct in all
        material respects as of the Cut-Off Date;

       

      (lxv)  With
        respect to each Group IA Mortgage Loan and Group IB Mortgage Loan, the
        methodology used in underwriting the extension of credit for each Group IA
        and
        Group IB Mortgage Loan did not rely solely on the extent of the Mortgagor’s
        equity in the collateral as the principal determining factor in approving
        such
        extension of credit. The methodology employed objective criteria such as,
        the
        Mortgagor’s income, assets or liabilities, to the proposed mortgage payment and,
        based on such methodology, the Group IA and Group IB Mortgage Loan’s originator
        made a reasonable determination that at the time of origination the Mortgagor
        had the ability to make timely payments on the Mortgage Loan;

       

      
        
          
          

        

        
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      (lxvi)  With
        respect to each Group IB Mortgage Loan that contains a provision permitting
        imposition of a premium upon a prepayment prior to maturity: (i) prior to
        the
        loan's origination, the Mortgagor agreed to such premium in exchange for
        a
        monetary benefit, including but not limited to a rate or fee reduction, (ii)
        prior to the loan's origination, the Mortgagor was offered the option of
        obtaining a mortgage loan that did not require payment of such a premium,
        (iii)
        the prepayment premium is disclosed to the Mortgagor in the loan documents
        pursuant to applicable state and federal law, (iv) the duration of the
        prepayment period shall not exceed three (3) years from the date of the note,
        and (v) notwithstanding any state or federal law to the contrary, the Servicer
        shall not impose such prepayment premium in any instance when the mortgage
        debt
        is accelerated as the result of the Mortgagor’s default in making the loan
        payments;

       

      (lxvii)  All
        points and fees related to each Group IB Mortgage Loan were disclosed in
        writing
        to the Mortgagor in accordance with applicable state and federal law and
        regulation. No Mortgagor was charged “points and fees” (whether or not financed)
        in an amount that exceeds the greater of (1) 5% of the principal amount of
        such
        Group IB Mortgage Loan, such 5% limitation is calculated in accordance with
        Fannie Mae's anti-predatory lending requirements as set forth in the Fannie
        Mae
        Selling Guide or (2) $1,000;

       

      (lxviii)  All
        points and charges (including finance charges) and whether or not financed,
        assessed, collected or to be collected in connection with the origination
        and
        servicing of each Group IB Mortgage Loan has been disclosed in writing to
        the
        borrower in accordance with applicable state and federal law and
        regulation;

       

      (lxix)  The
        Servicer will transmit full-file credit reporting data for each Group IB
        Mortgage Loan pursuant to Fannie Mae Guide Announcement 95-19 and that for
        each
        Group IB Mortgage Loan, the Servicer will report one of the following statuses
        each month as follows: new origination, current, delinquent (30-, 60-, 90-days,
        etc.), foreclosed, or charged-off;

       

      (lxx)  With
        respect to a Group IA Mortgage Loan which is a second lien, (a) such second
        lien
        Group IA Mortgage Loan is secured by a one- to four-family residence that
        was
        (or would be) the principal residence of the Mortgagor, (b) the origination
        amount for such second lien Group IA Mortgage Loan did not exceed one-half
        of
        the one-unit limitation set forth by Freddie Mac for first lien mortgage
        loans
        or $208,500 (in Alaska, Guam, Hawaii or Virgin Islands: $312,750), without
        regard to the number of units and (c) the aggregate original principal balance
        for the first lien and the second lien Mortgage Loan does not exceed Freddie
        Mac’s applicable loan limits for first lien mortgage loans for properties of
        the
        same type as the related Mortgaged Property;

       

      (lxxi)  No
        Mortgagor under a Group IA Mortgage Loan was charged “points and fees” in an
        amount greater than (a) $1,000 or (b) 5% of the principal amount of such
        Group
        IA Mortgage Loan, whichever is greater. For purposes of this representation,
        “points and fees” (x) include origination, underwriting, broker and finder’s
        fees and charges that the lender imposed as a condition of making such Group
        IA
        Mortgage Loan, whether they were paid to the lender or a third party; and
        (y)
        exclude bona fide discount points, fees paid for actual services rendered
        in
        connection with the origination of the mortgage (such as attorney’s fees,
        notaries fees and fees paid for property appraisals, credit reports, surveys,
        title examinations and extracts, flood and tax certifications, and home
        inspections); the cost of mortgage insurance or credit-risk price adjustments;
        the costs of title, hazard, and flood insurance policies; state and local
        transfer taxes or fees; escrow deposits for the future payment of taxes and
        insurance premiums; and other miscellaneous fees and charges, which
        miscellaneous fees and charges, in total, do not exceed 0.25 percent of the
        loan
        amount;

       

      
        
          
          

        

        
          -16-

          
            

          

        

        
          
          

        

      

       

      (lxxii)  No
        Mortgage Loan is secured in whole or in part by the interest of the Mortgagor
        as
        a lessee under a ground lease of the related Mortgaged Property; and

       

      (lxxiii)  With
        respect to any Group IA Mortgage Loan that is on manufactured housing, upon
        origination of each such Group IA Mortgage Loan the manufactured housing
        unit
        either: (i) will be the principal residence of the borrower or (ii) will
        be
        classified as real estate” property under applicable state law.

       

      SECTION
        7.  Repurchase
        Obligation for Defective Documentation and for Breach of Representation and
        Warranty.

       

      (a)  The
        representations and warranties contained in Section 6 shall not be impaired
        by
        any review and examination of loan files or other documents evidencing or
        relating to the Mortgage Loans or any failure on the part of the Seller or
        the
        Purchaser to review or examine such documents and shall inure to the benefit
        of
        any assignee, transferee or designee of the Purchaser, including the Trustee
        for
        the benefit of the Certificateholders. With respect to the representations
        and
        warranties contained herein as to which the Seller has no knowledge, if it
        is
        discovered that the substance of any such representation and warranty was
        inaccurate as of the date such representation and warranty was made or deemed
        to
        be made, and such inaccuracy materially and adversely affects the value of
        the
        related Mortgage Loan or the interest therein of the Purchaser or the
        Purchaser’s assignee, transferee or designee, then notwithstanding the lack of
        knowledge by the Seller with respect to the substance of such representation
        and
        warranty being inaccurate at the time the representation and warranty was
        made,
        the Seller shall take such action described in the following paragraph in
        respect of such Mortgage Loan. Notwithstanding anything to the contrary
        contained herein, any breach of a representation or warranty contained in
        clauses (viii), (xxxviii), (xxxix), (xl), (xli), (xlviii), (xlix), (lviii),
        (lxii), (lxv), (lxx), (lxxi) and/or (lxxiii) of Section 6 above, shall be
        automatically deemed to affect materially and adversely the interests of
        the
        Purchaser or the Purchaser’s assignee, transferee or designee.

       

      Upon
        discovery by the Seller, the Purchaser or any assignee, transferee or designee
        of the Purchaser of any materially defective document in, or that any material
        document was not transferred by the Seller, as listed on a Custodian’s
        preliminary exception report, as described in the Custodial Agreements, as
        part
        of any Mortgage File, or of a breach of any of the representations and
        warranties contained in Section 6 that materially and adversely affects the
        value of any Mortgage Loan or the interest therein of the Purchaser or the
        Purchaser’s assignee, transferee or designee, the party discovering such breach
        shall give prompt written notice to the Seller. Within sixty (60) days of
        its
        discovery or its receipt of notice of any such missing documentation that
        was
        not transferred by the Seller as described above, or of materially defective
        documentation, or any such breach of a representation and warranty, the Seller
        promptly shall deliver such missing document or cure such defect or breach
        in
        all material respects or, in the event the Seller cannot deliver such missing
        document or cannot cure such defect or breach, the Seller shall, within ninety
        (90) days of its discovery or receipt of notice of any such missing or
        materially defective documentation or of any such breach of a representation
        and
        warranty, either (i) repurchase the affected Mortgage Loan at the Purchase
        Price
        (as such term is defined in the Pooling and Servicing Agreement) or (ii)
        pursuant to the provisions of the Pooling and Servicing Agreement, cause
        the
        removal of such Mortgage Loan from the Trust Fund and substitute one or more
        Qualified Substitute Mortgage Loans. The Seller shall amend the Closing Schedule
        to reflect the withdrawal of such Mortgage Loan from the terms of this Agreement
        and the Pooling and Servicing Agreement. The Seller shall deliver to the
        Purchaser such amended Closing Schedule and shall deliver such other documents
        as are required by this Agreement or the Pooling and Servicing Agreement
        within
        five (5) days of any such amendment. Any repurchase pursuant to this Section
        7(a) shall be accomplished by transfer to an account designated by the Purchaser
        of the amount of the Purchase Price in accordance with Section 2.03 of the
        Pooling and Servicing Agreement. Any repurchase required by this Section
        shall
        be made in a manner consistent with Section 2.03 of the Pooling and Servicing
        Agreement.

       

      
        
          
          

        

        
          -17-

          
            

          

        

        
          
          

        

      

       

      (b)  If
        the
        representation made by the Seller in Section 5(xii) is breached, the Seller
        shall not have the right or obligation to cure, substitute or repurchase
        the
        affected Mortgage Loan but shall remit to the Servicer for deposit in the
        Collection Account, prior to the next succeeding Servicer Remittance Date,
        the
        amount of the Prepayment Charge indicated on the applicable part of the Closing
        Schedule to be due from the Mortgagor in the circumstances less any amount
        collected and remitted to the Servicer for deposit into the Collection
        Account.

       

      (c)  It
        is
        understood and agreed that the obligations of the Seller set forth in this
        Section 7 to cure or repurchase a defective Mortgage Loan (and to make payments
        pursuant to Section 7(b)) constitute the sole remedies of the Purchaser against
        the Seller respecting a missing document or a breach of the representations
        and
        warranties contained in Section 5(xii) or Section 6.

       

      SECTION
        8.  Closing;
        Payment for the Mortgage Loans.The
        closing of the purchase and sale of the Mortgage Loans and the Cap Agreements
        shall be held at the New York City office of Thacher Proffitt & Wood
llp
        at 10:00
        a.m. New York City time on the Closing Date.

       

      The
        closing shall be subject to each of the following conditions:

       

      (a)  All
        of
        the representations and warranties of the Seller under this Agreement shall
        be
        true and correct in all material respects as of the date as of which they
        are
        made and no event shall have occurred which, with notice or the passage of
        time,
        would constitute a default under this Agreement;

       

      (b)  The
        Purchaser shall have received, or the attorneys of the Purchaser shall have
        received in escrow (to be released from escrow at the time of closing), all
        closing documents as specified in Section 9 of this Agreement, in such forms
        as
        are agreed upon and acceptable to the Purchaser, duly executed by all
        signatories other than the Purchaser as required pursuant to the respective
        terms thereof;

       

      
        
          
          

        

        
          -18-

          
            

          

        

        
          
          

        

      

       

      (c)  The
        Seller shall have delivered or caused to be delivered and released to the
        Purchaser or to its designee, all documents (including without limitation,
        the
        Mortgage Loans) required to be so delivered by the Purchaser pursuant to
        Section
        2.01 of the Pooling and Servicing Agreement; and

       

      (d)  All
        other
        terms and conditions of this Agreement and the Pooling and Servicing Agreement
        shall have been complied with.

       

      Subject
        to the foregoing conditions, the Purchaser shall deliver or cause to be
        delivered to the Seller on the Closing Date, against delivery and release
        by the
        Seller to the Trustee of all documents required pursuant to the Pooling and
        Servicing Agreement, the consideration for the Mortgage Loans as specified
        in
        Section 3 of this Agreement.

       

      SECTION
        9.  Closing
        Documents.
        Without
        limiting the generality of Section 8 hereof, the closing shall be subject
        to
        delivery of each of the following documents:

       

      (a)  An
        Officers’ Certificate of the Seller, dated the Closing Date, upon which the
        Purchaser and DBSI may rely with respect to certain facts regarding the sale
        of
        the Mortgage Loans by the Seller to the Purchaser;

       

      (b)  An
        Opinion of Counsel of the Seller, dated the Closing Date and addressed to
        the
        Purchaser and DBSI;

       

      (c)  Such
        opinions of counsel as the Rating Agencies or the Trustee may request in
        connection with the sale of the Mortgage Loans by the Seller to the Purchaser
        or
        the Seller’s execution and delivery of, or performance under, this Agreement;
        and

       

      (d)  Such
        further information, certificates, opinions and documents as the Purchaser
        or
        DBSI may reasonably request.

       

      SECTION
        10.  Costs.
        The
        Seller shall pay (or shall reimburse the Purchaser or any other Person to
        the
        extent that the Purchaser or such other Person shall pay) all costs and expenses
        incurred in connection with the transfer and delivery of the Mortgage Loans,
        including without limitation, fees for title policy endorsements and
        continuations, the fees and expenses of the Seller’s accountants and attorneys,
        the costs and expenses incurred in connection with producing the Servicer’s loan
        loss, foreclosure and delinquency experience, and the costs and expenses
        incurred in connection with obtaining the documents referred to in Sections
        9(a), 9(b) and 9(c), the costs and expenses of printing (or otherwise
        reproducing) and delivering this Agreement, the Pooling and Servicing Agreement,
        the Certificates, the prospectus and prospectus supplement, and any private
        placement memorandum relating to the Certificates and other related documents,
        the initial fees, costs and expenses of the Trustee, the fees and expenses
        of
        the Purchaser’s counsel in connection with the preparation of all documents
        relating to the securitization of the Mortgage Loans, the filing fee charged
        by
        the Securities and Exchange Commission for registration of the Certificates
        and
        the fees charged by any rating agency to rate the Certificates.  All
        other costs and expenses in connection with the transactions contemplated
        hereunder shall be borne by the party incurring such expense.

       

      
        
          
          

        

        
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      SECTION
        11.  Servicing.  The
        Mortgage Loans will be master serviced by the Master Servicer and serviced
        by
        the Servicer, on behalf of the Trust under the Pooling and Servicing Agreement,
        and the Seller has represented to the Purchaser that such Mortgage Loans
        are not
        subject to any other servicing agreements with third parties.  It is
        understood and agreed between the Seller and the Purchaser that the Mortgage
        Loans are to be delivered free and clear of any servicing
        agreements.  Neither the Purchaser nor any affiliate of the Purchaser
        is servicing the Mortgage Loans under any such servicing agreement and,
        accordingly, neither the Purchaser nor any affiliate of the Purchaser is
        entitled to receive any fee for releasing the Mortgage Loans from any such
        servicing agreement.  The Seller shall arrange for the orderly
        transfer, of such servicing to the Servicer.  For so long as the
        Master Servicer master services the Mortgage Loans and the Servicer services
        the
        Mortgage Loans, the Master Servicer shall be entitled to the Master Servicing
        Fee and the Servicer shall be entitled to the Servicing Fee and such other
        payments as provided for under the terms of the Pooling and Servicing
        Agreement.

       

      SECTION
        12.  Mandatory
        Delivery; Grant of Security Interest.  The
        sale and delivery on the Closing Date of the Mortgage Loans (exclusive of
        the
        Servicing Rights) described on the Closing Schedule in accordance with the
        terms
        and conditions of this Agreement is mandatory.  It is specifically
        understood and agreed that each Mortgage Loan is unique and identifiable
        on the
        date hereof and that an award of money damages would be insufficient to
        compensate the Purchaser for the losses and damages incurred by the Purchaser
        in
        the event of the Seller’s failure to deliver the Mortgage Loans on or before the
        Closing Date.  The Seller hereby grants to the Purchaser a lien on and
        a continuing security interest in the Seller’s interest in each Mortgage Loan
        and each document and instrument evidencing each such Mortgage Loan to secure
        the performance by the Seller of its obligation hereunder, and the Seller
        agrees
        that it holds such Mortgage Loans in custody for the Purchaser, subject to
        the
        Purchaser’s (i) right, prior to the Closing Date, to reject any Mortgage Loan to
        the extent permitted by this Agreement and (ii) obligation to deliver or
        cause
        to be delivered the consideration for the Mortgage Loans pursuant to Section
        8
        hereof.  Any Mortgage Loans rejected by the Purchaser shall
        concurrently therewith be released from the security interest created
        hereby.  All rights and remedies of the Purchaser under this Agreement
        are distinct from, and cumulative with, any other rights or remedies under
        this
        Agreement or afforded by law or equity and all such rights and remedies may
        be
        exercised concurrently, independently or successively.

       

      Notwithstanding
        the foregoing, if on the Closing Date, each of the conditions set forth in
        Section 8 hereof shall have been satisfied and the Purchaser shall not have
        paid
        or caused to be paid the Purchase Price, or any such condition shall not
        have
        been waived or satisfied and the Purchaser determines not to pay or cause
        to be
        paid the Purchase Price, the Purchaser shall immediately effect the redelivery
        of the Mortgage Loans, if delivery to the Purchaser has occurred, and the
        security interest created by this Section 12 shall be deemed to have been
        released.

       

      SECTION
        13.  Notices.  All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given if personally delivered to or mailed by
        registered mail, postage prepaid, or transmitted by fax and, receipt of which
        is
        confirmed by telephone, if to the Purchaser, addressed to the Purchaser at
        6525
        Morrison Boulevard, Suite 318, Charlotte, North Carolina 28211, fax: (704)
        365-1362, Attention: Doris Hearn, or such other address as may hereafter
        be
        furnished to the Seller  in writing by the Purchaser; and if to the
        Seller, addressed to the Seller at 60 Wall Street, New York, New York 10005,
        fax: (212) 250-2740, Attention:  Michael Commaroto, or to such other
        address as the Seller may designate in writing to the Purchaser.

       

      
        
          
          

        

        
          -20-

          
            

          

        

        
          
          

        

      

       

      SECTION
        14.  Severability
        of Provisions.  Any
        part, provision, representation or warranty of this Agreement that is prohibited
        or that is held to be void or unenforceable shall be ineffective to the extent
        of such prohibition or unenforceability without invalidating the remaining
        provisions hereof.  Any part, provision, representation or warranty of
        this Agreement that is prohibited or unenforceable or is held to be void
        or
        unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
        to the extent of such prohibition or unenforceability without invalidating
        the
        remaining provisions hereof, and any such prohibition or unenforceability
        in any
        jurisdiction as to any Mortgage Loan shall not invalidate or render
        unenforceable such provision in any other jurisdiction.  To the extent
        permitted by applicable law, the parties hereto waive any provision of law
        which
        prohibits or renders void or unenforceable any provision hereof.

       

      SECTION
        15.  Agreement
        of Parties.  The
        Seller and the Purchaser each agree to execute and deliver such instruments
        and
        take such actions as either of the others may, from time to time, reasonably
        request in order to effectuate the purpose and to carry out the terms of
        this
        Agreement and the Pooling and Servicing Agreement.

       

      SECTION
        16.  Survival.  The
        Seller agrees that the representations, warranties and agreements made by
        it
        herein and in any certificate or other instrument delivered pursuant hereto
        shall be deemed to be relied upon by the Purchaser, notwithstanding any
        investigation heretofore or hereafter made by the Purchaser or on its behalf,
        and that the representations, warranties and agreements made by the Seller
        herein or in any such certificate or other instrument shall survive the delivery
        of and payment for the Mortgage Loans and shall continue in full force and
        effect, notwithstanding any restrictive or qualified endorsement on the Mortgage
        Notes and notwithstanding subsequent termination of this Agreement, the Pooling
        and Servicing Agreement or the Trust Fund.

       

      SECTION
        17.  GOVERNING
        LAW.  THIS
        AGREEMENT AND THE RIGHTS, DUTIES, OBLIGATIONS AND RESPONSIBILITIES OF THE
        PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
        LAWS
        (EXCLUDING THE CHOICE OF LAW PROVISIONS) AND DECISIONS OF THE STATE OF NEW
        YORK.  THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401
        OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS
        AGREEMENT.

       

      SECTION
        18.  Miscellaneous.
        This
        Agreement may be executed in two or more counterparts, each of which when
        so
        executed and delivered shall be an original, but all of which together shall
        constitute one and the same instrument.  This Agreement shall inure to
        the benefit of and be binding upon the parties hereto and their respective
        successors and assigns.  This Agreement supersedes all prior
        agreements and understandings relating to the subject matter
        hereof.  Neither this Agreement nor any term hereof may be changed,
        waived, discharged or terminated orally, but only by an instrument in writing
        signed by the party against whom enforcement of the change, waiver, discharge
        or
        termination is sought.  The headings in this Agreement are for
        purposes of reference only and shall not limit or otherwise affect the meaning
        hereof.

       

      
        
          
          

        

        
          -21-

          
            

          

        

        
          
          

        

      

       

      It
        is the
        express intent of the parties hereto that the conveyance of the Mortgage
        Loans
        and the Cap Agreements by the Seller to the Purchaser as provided in Section
        4
        hereof be, and be construed as, a sale of the Mortgage Loans and the Cap
        Agreements by the Seller to the Purchaser and not as a pledge of the Mortgage
        Loans and the Cap Agreements by the Seller to the Purchaser to secure a debt
        or
        other obligation of the Seller. However, in the event that, notwithstanding
        the
        aforementioned intent of the parties, the Mortgage Loans and the Cap Agreements
        are held to be property of the Seller, then (a) it is the express intent
        of the
        parties that such conveyance be deemed a pledge of the Mortgage Loans and
        the
        Cap Agreements by the Seller to the Purchaser to secure a debt or other
        obligation of the Seller and (b) (1) this Agreement shall also be deemed
        to be a
        security agreement within the meaning of Articles 8 and 9 of the New York
        Uniform Commercial Code; (2) the conveyance provided for in Section 4 hereof
        shall be deemed to be a grant by the Seller to the Purchaser of a security
        interest in all of the Seller’s right, title and interest in and to the Mortgage
        Loans and the Cap Agreements and all amounts payable to the holders of the
        Mortgage Loans and the Cap Agreements in accordance with the terms thereof
        and
        all proceeds of the conversion, voluntary or involuntary, of the foregoing
        into
        cash, instruments, securities or other property, including without limitation
        all amounts, other than investment earnings, from time to time held or invested
        in the Collection Account whether in the form of cash, instruments, securities
        or other property; (3) the possession by the Purchaser or its agent of Mortgage
        Notes, the related Mortgages and such other items of property that constitute
        instruments, money, negotiable documents or chattel paper shall be deemed
        to be
“possession by the secured party” for purposes of perfecting the security
        interest pursuant to Section 9-305 of the New York Uniform Commercial Code;
        and
        (4) notifications to persons holding such property and acknowledgments, receipts
        or confirmations from persons holding such property shall be deemed
        notifications to, or acknowledgments, receipts or confirmations from, financial
        intermediaries, bailees or agents (as applicable) of the Purchaser for the
        purpose of perfecting such security interest under applicable law. Any
        assignment of the interest of the Purchaser pursuant to Section 4(d) hereof
        shall also be deemed to be an assignment of any security interest created
        hereby. The Seller and the Purchaser shall, to the extent consistent with
        this
        Agreement, take such actions as may be necessary to ensure that, if this
        Agreement were deemed to create a security interest in the Mortgage Loans
        and
        the Cap Agreements, such security interest would be deemed to be a perfected
        security interest of first priority under applicable law and will be maintained
        as such throughout the term of this Agreement and the Pooling and Servicing
        Agreement.

       

      SECTION
        19.  Third
        Party Beneficiary.  The
        parties hereto acknowledge and agree that DBSI and each of its respective
        successors and assigns shall have all the rights of a third-party beneficiary
        in
        respect of Section 12 of this Agreement and shall be entitled to rely upon
        and
        directly enforce the provisions of Section 12 of this Agreement.

       

      
        
          
          

        

        
          -22-

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Purchaser and the Seller have caused their names to
        be
        signed by their respective officers thereunto duly authorized as of the date
        first above written.

       

      
        	 	 	 
	 	
                DB
                  STRUCTURED PRODUCTS, INC.

              
	 
 	 
 	 
 
	 	By:  	
              
	 	
                
Name:
	 	Title:

      

       

      
        	 	 	 
	 	By:  	 
	 	
                

                Name:

              
	 	Title:

      

       

      
        	 	 	 
	 	ACE
                SECURITIES
                CORP.
	 
 	 
 	 
 
	 	By:  	
              
	 	
                

                Name:

              
	 	Title:

      
        	 	 	 
	 	By:  	 
	 	
                

                Name:

              
	 	Title:

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        1

       

      Loan
        #: ________

      Borrower:
        ______  

       

      LOST
        NOTE
        AFFIDAVIT

       

      I,
        as
        _____________________ of ____________________, a _______________ am authorized
        to make this Affidavit on behalf of __________________ (the “Seller”). In
        connection with the administration of the Mortgage Loans held by
        ______________________, a _______________ [corporation] as Seller on behalf
        of
        ____________________ (the “Purchaser”), _______________________ (the
“Deponent”), being duly sworn, deposes and says that:

       

      1. The
        Seller’s address is:    __________________________________     

                                    
        __________________________________

                                          
        __________________________________

       

      2. The
        Seller previously delivered to the Purchaser a signed Initial Certification
        with
        respect to such Mortgage and/or Assignment of Mortgage;

       

      3. Such
        Mortgage Note and/or Assignment of Mortgage was assigned or sold to the
        Purchaser by __________________, a pursuant to the terms and provisions of
        a
        Mortgage Loan Purchase Agreement dated as of _____________;

       

      4. Such
        Mortgage Note and/or Assignment of Mortgage is not outstanding pursuant to
        a
        request for release of Documents;

       

      5. Aforesaid
        Mortgage Note and/or Assignment of Mortgage (the “Original”) has been
        lost;

       

      6. Deponent
        has made or caused to be made a diligent search for the Original and has
        been
        unable to find or recover same;

       

      7. The
        Seller was the Seller of the Original at the time of the loss; and

       

      8. Deponent
        agrees that, if said Original should ever come into Seller’s possession, custody
        or power, Seller will immediately and without consideration surrender the
        Original to the Purchaser.

       

      9. Attached
        hereto is a true and correct copy of (i) the Note, endorsed in blank by the
        Mortgagee and (ii) the Mortgage or Deed of Trust (strike one) which secures
        the
        Note, which Mortgage or Deed of Trust is recorded in the county where the
        property is located.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      10. Deponent
        hereby agrees that the Seller (a) shall indemnify and hold harmless the
        Purchaser, its successors and assigns, against any loss, liability or damage,
        including reasonable attorney’s fees, resulting from the unavailability of any
        Notes, including but not limited to any loss, liability or damage arising
        from
        (i) any false statement contained in this Affidavit, (ii) any claim of any
        party
        that purchased a mortgage loan evidenced by the Lost Note or any interest
        in
        such mortgage loan, (iii) any claim of any borrower with respect to the
        existence of terms of a mortgage loan evidenced by the Lost Note on the related
        property to the fact that the mortgage loan is not evidenced by an original
        note
        and (iv) the issuance of a new instrument in lieu thereof (items (i) through
        (iv) above hereinafter referred to as the “Losses”) and (b) if required by any
        Rating Agency in connection with placing such Lost Note into a Pass-Through
        Transfer, shall obtain a surety from an insurer acceptable to the applicable
        Rating Agency to cover any Losses with respect to such Lost Note.

       

      11. This
        Affidavit is intended to be relied upon by the Purchaser, its successors
        and
        assigns. Seller represents and warrants that is has the authority to perform
        its
        obligations under this Affidavit of Lost Note.

       

      Executed
        this _ day of _______, 200_.

       

      
        	 	 	 
	 	 	
                

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

                Name:

              
	 	Title:

      

       

      
        On
          this
          __ day of ______, 200_, before me appeared ______________________ to me
          personally known, who being duly sworn did say that he is the
          _______________________ of ____________________, a ______________________
          and
          that said Affidavit of Lost Note was signed and sealed on behalf of such
          corporation and said acknowledged this instrument to be the free act and
          deed of
          said entity.

      

       

      Signature:

       

      [Seal]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        2

       

      APPENDIX
        E – Standard
        & Poor’s Predatory Lending Categories

       

      Standard
        & Poor’s has categorized loans governed by anti-predatory lending laws in
        the Jurisdictions listed below into three categories based upon a combination
        of
        factors that include (a) the risk exposure associated with the assignee
        liability and (b) the tests and thresholds set forth in those laws. Note
        that
        certain loans classified by the relevant statute as Covered are included
        in
        Standard & Poor’s High Cost Loan Category because they included thresholds
        and tests that are typical of what is generally considered High Cost by the
        industry. 

       

      Standard
        & Poor’s High Cost Loan Categorization

       

      
        
          	
                  State/Jurisdiction

                	 	
                  Name
                    of Anti-Predatory Lending Law/Effective Date

                	 	
                  Category
                    under Applicable Anti-Predatory Lending Law

                
	
                  Arkansas

                	 	
                  Home
                    Loan Protection Act, Ark. 

                  Code
                    Ann. §§ 23-53-101 et 
                    seq.

                   

                  Effective
                    July 16, 2003

                	 	
                  High
                    Cost Home Loan

                
	 	 	 	 	 
	
                  Cleveland
                    Heights, OH

                	 	
                  Ordinance
                    No. 72-2003 (PSH), Mun. Code §§ 757.01 

                  et 
                    seq.

                   

                  Effective
                    June 2, 2003

                	 	
                  Covered
                    Loan

                
	 	 	 	 	 
	
                  Colorado

                	 	
                  Consumer
                    Equity Protection, Colo. Stat. Ann. 

                  §§
                    5-3.5-101 et 
                    seq.

                   

                  Effective
                    for covered loans offered or entered into on or after January
                    1, 2003.
                    Other provisions of the Act took effect on June 7, 2002

                	 	
                  Covered
                    Loan

                
	 	 	 	 	 
	
                  Connecticut

                	 	
                  Connecticut
                    Abusive Home Loan Lending Practices Act, Conn. Gen. Stat. §§36a-746
                    et 
                    seq.

                   

                  Effective
                    October 1, 2001

                	 	
                  High
                    Cost Home Loan

                
	 	 	 	 	 
	
                  District
                    of Columbia

                	 	
                  Home
                    Loan Protection Act, D.C. Code §§ 26-1151.01 et 
                    seq.
                    

                   

                  Effective
                    for loans closed on or after January 28, 2003

                	 	
                  Covered
                    Loan

                
	 	 	 	 	 
	
                  Florida

                	 	
                  Fair
                    Lending Act, Fla. Stat. Ann. §§ 494.0078 et 
                    seq.
                    

                   

                  Effective
                    October 2, 2002

                	 	
                  High
                    Cost Home Loan 

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          
            	
                    State/Jurisdiction

                  	 	
                    Name
                      of Anti-Predatory Lending Law/Effective Date

                  	 	
                    Category
                      under Applicable Anti-Predatory Lending
                      Law

                  

          

        

        
          	
                  Georgia
                    (Oct.
                    1, 2002 - Mar. 6, 2003)

                	 	
                  Fair
                    Lending Act, Ga. Code Ann. §§ 7-6A-1 et 
                    seq.

                   

                  Effective
                    October 1, 2002 - March 6, 2003

                	 	
                  High
                    Cost Home Loan

                
	 	 	 	 	 
	
                  Georgia
                    as amended (Mar. 7, 2003 - current)

                	 	
                  Georgia
                    Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 

                  et 
                    seq.

                   

                  Effective
                    for loans closed on or after March 7, 2003

                	 	
                  High
                    Cost Home Loan

                
	 	 	 	 	 
	
                  HOEPA
                    Section 32

                	 	
                  Home
                    Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1639, 12 C.F.R.
                    §§ 226.32 and 226.34

                   

                  Effective
                    October 1, 1995, amendments October 1, 2002

                	 	
                  High
                    Cost Loan

                
	 	 	 	 	 
	
                  Illinois

                	 	
                  High
                    Risk Home Loan Act, Ill. Comp. Stat. tit. 815, §§ 137/5 et 
                    seq.

                   

                  Effective
                    January 1, 2004 (prior to this date, regulations under Residential
                    Mortgage License Act effective from May 14, 2001)

                	 	
                  High
                    Risk Home Loan

                
	 	 	 	 	 
	
                  Kansas

                	 	
                  Consumer
                    Credit Code, Kan. Stat. Ann. §§ 16a-1-101 et 
                    seq.

                   

                  Section
                    16a-1-301 and 16a-3-207 became effective April 14, 1999; Section
                    16a-3-308a became effective July 1, 1999

                	 	
                  High
                    Loan to Value Consumer Loan (id. § 16a-3-207) and;

                   

                  High
                    APR Consumer Loan (id. §16a-3-308a)

                
	 	 	 	 	 
	
                  Kentucky

                	 	
                  2003
                    KY H.B. 287 - High Cost Home Loan Act, Ky. Rev. Stat §§360.100
                    et 
                    seq.

                   

                  Effective
                    June 24, 2003

                	 	
                  High
                    Cost Home Loan

                
	 	 	 	 	 
	
                  Maine

                	 	
                  Truth
                    in Lending, Me. Rev. Stat. tit. 9-A, §§ 8-101 

                  et 
                    seq.

                   

                  Effective
                    September 29, 1995 and as amended from time to time

                	 	
                  High
                    Rate High Fee Mortgage

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	 

                  State/Jurisdiction

                	 	 

                  Name
                    of Anti-Predatory Lending Law/Effective Date

                	 	
                  Category
                    under Applicable Anti-Predatory Lending Law

                
	
                  Massachusetts

                	 	
                  Part
                    40 and Part 32, 209 C.M.R. §§ 32.00 et 
                    seq.
                    and 209 C.M.R. §§ 40.01 et 
                    seq.

                   

                  Effective
                    March 22, 2001 and amended from time to time

                	 	
                  High
                    Cost Home Loan

                
	 	 	 	 	 
	
                  Nevada

                	 	
                  Assembly
                    Bill No. 284, Nev. Rev. Stat §§ 598D.010 et 
                    seq.

                   

                  Effective
                    October 1, 2003

                	 	
                  Home
                    Loan

                
	 	 	 	 	 
	
                  New
                    Jersey

                	 	
                  New
                    Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                    et 
                    seq.

                   

                  Effective
                    for loans closed on or after November 27, 2003

                	 	
                  High
                    Cost Home Loan

                
	 	 	 	 	 
	
                  New
                    Mexico

                	 	
                  Home
                    Loan Protection Act, N.M. Rev. Stat. §§ 

                  58-21A-1
                    et 
                    seq.

                   

                  Effective
                    as of January 1, 2004; Revised as of February 26, 2004

                	 	
                  High
                    Cost Home Loan

                
	 	 	 	 	 
	
                  New
                    York

                	 	
                  N.Y.
                    Banking Law Article 6-1

                   

                  Effective
                    for applications made on or after April 1, 2003

                	 	
                  High
                    Cost Home Loan

                
	 	 	 	 	 
	
                  North
                    Carolina

                	 	
                  Restrictions
                    and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                    et 
                    seq.

                   

                  Effective
                    July 1, 2000; amended October 1, 2003 (adding open-end lines
                    of
                    credit)

                	 	
                  High
                    Cost Home Loan

                
	 	 	 	 	 
	
                  Ohio

                	 	
                  H.B.
                    386 (codified in various sections of the Ohio Code), Ohio Rev.
                    Code Ann.
                    §§ 1349.25 et 
                    seq.

                   

                  Effective
                    May 24, 2002

                	 	
                  Covered
                    Loan

                
	 	 	 	 	 
	
                  Oklahoma

                	 	
                  Consumer
                    Credit Code (codified in various sections of Title 14A)

                   

                  Effective
                    July 1, 2000; amended effective January 1, 2004

                	 	
                  Subsection
                    10 Mortgage

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	 

                  State/Jurisdiction

                	 	 

                  Name
                    of Anti-Predatory Lending Law/Effective Date

                	 	
                  Category
                    under Applicable Anti-Predatory Lending Law

                
	
                  South
                    Carolina

                	 	
                  South
                    Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                    et 
                    seq.

                   

                  Effective
                    for loans taken on or after January 1, 2004

                	 	
                  High
                    Cost Home Loan

                
	 	 	 	 	 
	
                  West
                    Virginia

                	 	
                  West
                    Virginia Residential Mortgage Lender, Broker and Servicer Act,
                    W. Va. Code
                    Ann. §§ 31-17-1 et 
                    seq.

                   

                  Effective
                    June 5, 2002

                	 	
                  West
                    Virginia Mortgage Loan Act
                    Loan

                

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Standard
        & Poor’s Covered Loan Categorization 

       

      
        	
                State/Jurisdiction

              	 	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	 	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Georgia
                  (Oct. 1, 2002 - Mar. 6, 2003)

              	 	
                Georgia
                  Fain Lending Act, Ga. Code Ann. §§ 7-6A-1 et 
                  seq.

                 

                Effective
                  October 1, 2002 - March 6, 2003

              	 	
                Covered
                  Loan

              
	 	 	 	 	 
	
                New
                  Jersey

              	 	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat §§ 46:10B-22
                  et 
                  seq.

                 

                Effective
                  November 27, 2003 - July 5, 2004

              	 	
                Covered
                  Home Loan

              

      

       

      Standard
        & Poor’s Home Loan Categorization 

       

      
        	
                State/Jurisdiction

              	 	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	 	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Georgia
                  (Oct. 1, 2002 - Mar. 6, 2003)

              	 	
                Georgia
                  Fain Lending Act, Ga. Code Ann. §§ 7-6A-1 et 
                  seq.

                 

                Effective
                  October 1, 2002 - March 6, 2003

              	 	
                Home
                  Loan

              
	 	 	 	 	 
	
                New
                  Jersey

              	 	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat §§ 46:10B-22
                  et 
                  seq.

                 

                Effective
                  for loans closed on or after November 27, 2003

              	 	
                Home
                  Loan

              
	 	 	 	 	 
	
                New
                  Mexico

              	 	
                Home
                  Loan Protection Act, N.M. Rev. Stat. §§ 

                58-21A-1
                  et 
                  seq.

                 

                Effective
                  as of January 1, 2004; Revised as of February 26, 2004

              	 	
                Home
                  Loan

              
	 	 	 	 	 
	
                North
                  Carolina

              	 	
                Restrictions
                  and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                  et 
                  seq.

                 

                Effective
                  July 1, 2000; amended October 1, 2003 (adding open-end lines of
                  credit)

              	 	
                Consumer
                  Home Loan

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Standard & Poor’s Home Loan Categorization

       

      
        	 

                State/Jurisdiction

              	 	 

                Name
                  of Anti-Predatory Lending Law/Effective Date

              	 	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                South
                  Carolina

              	 	
                South
                  Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                  et 
                  seq.

                 

                Effective
                  for loans taken on or after January 1, 2004

              	 	
                Consumer
                  Home Loan

              

      

       

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      G

    

    FORM
      10-D, FORM 8-K AND FORM 10-K

    REPORTING
      RESPONSIBILITY

    

    As
      to
      each item described below, the entity indicated as the Responsible Party shall
      be primarily responsible for reporting the information to the party identified
      as responsible for preparing the Securities Exchange Act Reports pursuant to
      Section 5.06(a)(ii). 

    

    Under
      Item 1 of Form 10-D: a) items marked “monthly statement” are required to be
      included in the periodic Distribution Date statement under Section 5.02,
      provided by the Securities Administrator based on information received from
      the
      Master Servicer; and b) items marked “Form 10-D report” are required to be in
      the Form 10-D report but not the monthly statement, provided by the party
      indicated. Information under all other Items of Form 10-D is to be included
      in
      the Form 10-D report.

    

      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicers

              	
                Master
                  Servicer

              	
                Securities
                  
Administrator

              	
                Custodian

              	
                Trustee

              	 	
                Depositor

              	 	
                Sponsor

              
	
                10-D

              	
                Must
                  be filed within 15 days of the distribution date for the asset-backed
                  securities.

                 

              	 	 	 	 	 	 
	
                1

              	
                Distribution
                  and Pool Performance Information

                 

              	 	 	 	 	 	 	 	 	 
	
                Item
                  1121(a) - Distribution and Pool Performance Information

                 

              	 	 	 	 	 	 	 	 	 	 
	
                (1)
                  Any applicable record dates, accrual dates, determination dates
                  for
                  calculating distributions and actual distribution dates for the
                  distribution period.

                 

              	 	 	
                X

                 

                (monthly
                  statement)

              	 	 	 	 	 	 	 
	
                (2)
                  Cash flows received and the sources thereof for distributions,
                  fees and
                  expenses.

              	 	 	
                X

                 

                (monthly
                  statement)

              	 	 	 	 	 	 	 

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    
      	
              Form

            	
              Item

            	
              Description

            	
              Servicers

            	
              Master
                Servicer

            	
              Securities
Administrator

            	
              Custodian

            	
              Trustee

            	
              Depositor

            	 	
              Sponsor

            
	 	 	
              (3)
                Calculated amounts and distribution of the flow of funds for the
                period
                itemized by type and priority of payment, including:

               

            	 	 	
              X

               

              (monthly
                statement)

            	 	 	 	 	 
	
              (i)
                Fees or expenses accrued and paid, with an identification of the
                general
                purpose of such fees and the party receiving such fees or
                expenses.

               

            	 	 	
              X

               

              (monthly
                statement)

            	 	 	 	 	 	 
	
              (ii)
                Payments accrued or paid with respect to enhancement or other support
                identified in Item 1114 of Regulation AB (such as insurance premiums
                or
                other enhancement maintenance fees), with an identification of the
                general
                purpose of such payments and the party receiving such
                payments.

               

            	 	 	
              X

               

              (monthly
                statement)

            	 	 	 	 	 	 
	
              (iii)
                Principal, interest and other distributions accrued and paid on the
                asset-backed securities by type and by class or series and any principal
                or interest shortfalls or carryovers.

            	 	 	
              X

               

              (monthly
                statement)

            	 	 	 	 	 	 

    

     

    
      
        
        

      

      
        G-2

        
          

        

      

      
        
        

      

    

    

      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicers

              	
                Master
                  Servicer

              	
                Securities
                  
Administrator

              	
                Custodian

              	
                Trustee

              	
                Depositor

              	 	
                Sponsor

              
	 	 	
                (iv)
                  The amount of excess cash flow or excess spread and the disposition
                  of
                  excess cash flow.

                 

              	 	 	
                X

                 

                (monthly
                  statement)

              	 	 	 	 	 
	
                (4)
                  Beginning and ending principal balances of the asset-backed
                  securities.

                 

              	 	 	
                X

                 

                (monthly
                  statement)

              	 	 	 	 	 	 
	
                (5)
                  Interest rates applicable to the pool assets and the asset-backed
                  securities, as applicable. Consider providing interest rate information
                  for pool assets in appropriate distributional groups or incremental
                  ranges.

                 

              	 	 	
                X

                 

                (monthly
                  statement)

              	 	 	 	 	 	 
	
                (6)
                  Beginning and ending balances of transaction accounts, such as
                  reserve
                  accounts, and material account activity during the period.

                 

              	 	 	
                X

                 

                (monthly
                  statement)

              	 	 	 	 	 	 
	
                (7)
                  Any amounts drawn on any credit enhancement or other support identified
                  in
                  Item 1114 of Regulation AB, as applicable, and the amount of coverage
                  remaining under any such enhancement, if known and
                  applicable.

              	 	 	
                X

                 

                (monthly
                  statement)

              	 	 	 	 	 	 

      

    

     

    
      
        
        

      

      
        G-3

        
          

        

      

      
        
        

      

    

    

      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicers

              	
                Master
                  Servicer

              	
                Securities
                  
Administrator

              	
                Custodian

              	
                Trustee

              	
                Depositor

              	
                Sponsor

              
	 	 	
                (8)
                  Number and amount of pool assets at the beginning and ending of
                  each
                  period, and updated pool composition information, such as weighted
                  average
                  coupon, weighted average remaining term, pool factors and prepayment
                  amounts.

              	 	 	
                X

                 

                (monthly
                  statement)

              	 	 	
                Updated
                  pool composition information fields to be as specified by Depositor
                  from
                  time to time

                 

                 

              	 
	
                (9)
                  Delinquency and loss information for the period.

              	
                X

              	
                X

              	
                X

                 

                (monthly
                  statement)

                 

              	 	 	 	 
	
                In
                  addition, describe any material changes to the information specified
                  in
                  Item 1100(b)(5) of Regulation AB regarding the pool assets.
                  (methodology)

                 

              	
                X

              	
                X

              	 	 	 	 	 
	
                (10)
                  Information on the amount, terms and general purpose of any advances
                  made
                  or reimbursed during the period, including the general use of funds
                  advanced and the general source of funds for
                  reimbursements.

              	
                X

              	
                X

              	
                X

                 

                (monthly
                  statement)

              	 	 	 	 

      

    

     

    
      
        
        

      

      
        G-4

        
          

        

      

      
        
        

      

    

    

      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicers

              	
                Master
                  Servicer

              	
                Securities
                  
Administrator

              	
                Custodian

              	
                Trustee

              	
                Depositor

              	 	
                Sponsor

              
	 	 	
                (11)
                  Any material modifications, extensions or waivers to pool asset
                  terms,
                  fees, penalties or payments during the distribution period or that
                  have
                  cumulatively become material over time.

                 

              	
                X

              	
                X

              	
                X

                 

                (monthly
                  statement)

              	
                 

              	 	 	 	 
	
                (12)
                  Material breaches of pool asset representations or warranties or
                  transaction covenants.

                 

              	
                X

              	
                X

              	
                 

              	
                 

              	
                 

              	
                X

              	 	 	 
	
                (13)
                  Information on ratio, coverage or other tests used for determining
                  any
                  early amortization, liquidation or other performance trigger and
                  whether
                  the trigger was met.

                 

              	 	 	
                X

                 

                (monthly
                  statement)

              	 	 	 	 	 	 
	
                (14)
                  Information regarding any new issuance of asset-backed securities
                  backed
                  by the same asset pool, 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

              	 	 	 	 	 	 

      

    

     

    
      
        
        

      

      
        G-5

        
          

        

      

      
        
        

      

    

     

    
      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicers

              	
                Master
                  Servicer

              	
                Securities
                  
Administrator

              	
                Custodian

              	
                Trustee

              	
                Depositor

              	 	
                Sponsor

              
	 	 	 	 	 	 	 	 	 	 	 
	 	 	
                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

              

      

    

     

    
      
        
        

      

      
        G-6

        
          

        

      

      
        
        

      

    

     

    

      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicers

              	
                Master
                  Servicer

              	
                Securities
                  
Administrator

              	
                Custodian

              	
                Trustee

              	
                Depositor

              	 	
                Sponsor

              
	 	
                2

              	
                Legal
                  Proceedings

              	 	 	 	 	 	 	 	 
	
                Item
                  1117 - Legal proceedings pending against the following entities,
                  or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

                 

              	 	 	 	 	 	 	 	 	 
	
                Sponsor
                  (Seller)

                 

              	 	 	 	 	 	 	
                 

              	
                X

              	 
	
                Depositor

                 

              	 	 	 	 	 	
                X

              	 	 	 
	
                Trustee

                 

              	 	 	 	 	
                X

              	 	 	 	 
	
                Issuing
                  entity

                 

              	 	 	 	 	 	
                X

              	 	 	 
	
                Master
                  Servicer, affiliated Servicer, other Servicer servicing 20% or
                  more of
                  pool assets at time of report, other material servicers

                 

              	
                X

              	
                X

              	 	 	 	 	 	 	 
	
                Securities
                  Administrator

                 

              	 	 	
                X

              	 	 	 	 	 	 
	
                Originator
                  of 20% or more of pool assets as of the Cut-off Date

              	 	 	 	 	 	
                X

              	 	 	 

      

    

     

    
      
        
        

      

      
        G-7

        
          

        

      

      
        
        

      

    

    

      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicers

              	
                Master
                  Servicer

              	
                Securities
                  Administrator

              	
                Custodian

              	
                Trustee

              	 	
                Depositor

              	 	
                Sponsor

              
	 	 	
                Custodian

              	 	 	 	
                X

              	 	 	 	 	 
	
                3

              	
                Sales
                  of Securities and Use of Proceeds

                 

              	 	 	 	 	 	 	 	 	 
	
                Information
                  from Item 2(a) of Part II of Form 10-Q:

                 

                With
                  respect to any sale of securities by the sponsor, depositor or
                  issuing
                  entity, that are backed by the same asset pool or are otherwise
                  issued by
                  the issuing entity, whether or not registered, provide the sales
                  and use
                  of proceeds information in Item 701 of Regulation S-K. Pricing
                  information
                  can be omitted if securities were not registered.

                 

              	 	 	 	 	 	
                 

              	
                X

              	 	 	 
	
                4

              	
                Defaults
                  Upon Senior Securities

                 

              	 	 	 	 	 	 	 	 	 
	
                Information
                  from Item 3 of Part II of Form 10-Q:

                 

                Report
                  the occurrence of any Event of Default (after expiration of any
                  grace
                  period and provision of any required notice)

              	 	 	
                X

              	
                 

              	
                X

              	 	 	 	 	 

      

    

     

    
      
        
        

      

      
        G-8

        
          

        

      

      
        
        

      

    

    

      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicers

              	
                Master
                  Servicer

              	
                Securities
                  Administrator

              	
                Custodian

              	
                Trustee

              	 	
                Depositor

              	 	
                Sponsor

              
	 	
                5

              	
                Submission
                  of Matters to a Vote of Security Holders

                 

              	 	 	 	 	 	 	 	 	 
	
                Information
                  from Item 4 of Part II of Form 10-Q

                 

              	 	 	
                X

              	
                 

              	
                X

              	
                 

              	 	 	 	 
	
                6

              	
                Significant
                  Obligors of Pool Assets

                 

              	 	 	 	 	 	 	 	 	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information*

                 

              	 	 	 	 	 	
              	
                X

              	
                 

              	
                X

              	 
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

                 

              	 	 	 	 	 	 	 	 	 	 
	
                7

              	
                Significant
                  Enhancement Provider Information

                 

              	 	 	 	 	 	 	 	 	 
	
                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information*

                 

              	 	 	 	 	 	 	 	 	 	 
	
                Determining
                  applicable disclosure threshold

                 

              	 	 	
                X

              	 	 	 	 	 	 	 
	
                Requesting
                  required financial information or effecting incorporation by
                  reference

              	 	 	
                X

              	 	 	 	 	 	 	 

      

    

     

    
      
        
        

      

      
        G-9

        
          

        

      

      
        
        

      

    

    

      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicers

              	
                Master
                  Servicer

              	
                Securities
                  Administrator

              	
                Custodian

              	
                Trustee

              	 	
                Depositor

              	 	
                Sponsor

              
	 	 	
                Item
                  1115(b) - Derivative Counterparty Financial Information*

                 

              	 	 	 	 	 	 	 	 	 
	
                Determining
                  current maximum probable exposure

                 

              	 	 	 	 	 	
                 

              	
                X

              	 	 	 
	
                Determining
                  current significance percentage

                 

              	 	 	
                X

              	 	 	 	 	 	 	 
	
                Requesting
                  required financial information or effecting incorporation by
                  reference

                 

              	 	 	
                X

              	 	 	 	 	 	 	 
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

                 

              	 	 	 	 	 	 	 	 	 	 
	
                8

              	
                Other
                  Information

                 

              	 	 	 	 	 	 	 	 	 
	
                Disclose
                  any information required to be reported on Form 8-K during the
                  period
                  covered by the Form 10-D but not reported

              	
                    
                   The Responsible Party for the applicable Form 8-K item as indicated
                  below.

              	 

      

    

     

    
      
        
        

      

      
        G-10

        
          

        

      

      
        
        

      

    

    

    
      	
              Form

            	
              Item

            	
              Description

            	
              Servicers

            	
              Master
                Servicer

            	
              Securities
                Administrator

            	
              Custodian

            	
              Trustee

            	
              Depositor

            	
              Sponsor

            
	 	
              9

            	
              Exhibits

               

            	 	 	 	 	 	 	 
	
              Distribution
                report

               

            	 	 	
              X

            	 	 	 	 
	
              Exhibits
                required by Item 601 of Regulation S-K, such as material
                agreements

               

            	 	 	 	 	 	
              X

            	 
	
              8-K

            	
              Must
                be filed within four business days of an event reportable on Form
                8-K.

               

            	 	 	 	 
	
              1.01

            	
              Entry
                into a Material Definitive Agreement

               

            	 	 	 	 	 	 	 
	
              Disclosure
                is required regarding entry into or amendment of any definitive agreement
                that is material to the securitization, even if depositor is not
                a party.
                

               

              Examples:
                servicing agreement, custodial agreement.

               

              Note:
                disclosure not required as to definitive agreements that are fully
                disclosed in the prospectus

               

            	
              X

            	
              X

            	
              X
                (if Master Servicer is not a party)

            	 	
              X
                (if Master Servicer is not a party)

            	
              X
                (if Master Servicer is not a party)

            	
              X
                (if Master Servicer is not a party)

            
	
              1.02

            	
              Termination
                of a Material Definitive Agreement

               

            	
              X

            	
              X

            	
              X
                (if Master Servicer is not a party)

            	 	
              X
                (if Master Servicer is not a party)

            	
              X
                (if Master Servicer is not a party)

            	
              X
                (if Master Servicer is not a party)

            
	
              Disclosure
                is required regarding termination of any definitive agreement that
                is
                material to the securitization (other than expiration in accordance
                with
                its terms), even if depositor is not a party. 

               

               

              Examples:
                servicing agreement, custodial agreement.

            	 	 	 	 	 	 	 

    

     

    
      
        
        

      

      
        G-11

        
          

        

      

      
        
        

      

    

     

    
      	
              Form

            	
              Item

            	
              Description

            	
              Servicers

            	
              Master
                Servicer

            	
              Securities
                
Administrator

            	
              Custodian

            	
              Trustee

            	
              Depositor

            	 	
              Sponsor

            
	 	
              1.03

            	
              Bankruptcy
                or Receivership

               

            	 	 	 	 	 	 	 	 
	
              Disclosure
                is required regarding the bankruptcy or receivership, if known to
                the
                Master Servicer, with respect to any of the following: 

               

              Sponsor
                (Seller), Depositor, Master Servicer, affiliated Servicer, other
                Servicer
                servicing 20% or more of pool assets at time of report, other material
                servicers, Certificate Administrator, Trustee, significant obligor,
                credit
                enhancer (10% or more), derivatives counterparty,
                Custodian

            	
              X

            	
              X

            	
              X

            	
              X

            	
              X

            	
              X

            	
               

            	
              X

            	 

    

     

    
      
        
        

      

      
        G-12

        
          

        

      

      
        
        

      

    

    

      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicers

              	
                Master
                  Servicer

              	
                Securities
                  Administrator

              	
                Custodian

              	
                Trustee

              	
                Depositor

              	 	
                Sponsor

              
	 	
                2.04

              	
                Triggering
                  Events that Accelerate or Increase a Direct Financial Obligation
                  or an
                  Obligation under an Off-Balance Sheet Arrangement

                 

              	 	 	 	 	 	 	 	 
	
                Includes
                  an early amortization, performance trigger or other event, including
                  event
                  of default, that would materially alter the payment priority/distribution
                  of cash flows/amortization schedule.

                 

                Disclosure
                  will be made of events other than waterfall triggers which are
                  disclosed
                  in the monthly statement

                 

              	 	
                X

              	
                X

              	 	 	 	 	 	 
	
                3.03

              	
                Material
                  Modification to Rights of Security Holders

                 

              	 	 	 	 	 	 	 	 
	
                Disclosure
                  is required of any material modification to documents defining
                  the rights
                  of Certificateholders, including the Pooling and Servicing
                  Agreement

              	 	
                X

              	
                X

              	
                 

              	
                X

              	
                X

              	 	 	 

      

    

     

    
      
        
        

      

      
        G-13

        
          

        

      

      
        
        

      

    

    

      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicers

              	
                Master
                  Servicer

              	
                Securities
                  Administrator

              	
                Custodian

              	
                Trustee

              	 	
                Depositor

              	
                Sponsor

              
	 	
                5.03

              	
                Amendments
                  to Articles of Incorporation or Bylaws; Change in Fiscal
                  Year

                 

              	 	 	 	 	 	 	 	 
	
                Disclosure
                  is required of any amendment “to the governing documents of the issuing
                  entity”

                 

              	 	 	 	 	
                X

              	
                 

              	
                X

              	 
	
                5.06

              	
                Change
                  in Shell Company Status

                 

              	 	 	 	 	 	 	 	 
	
                [Not
                  applicable to ABS issuers]

                 

              	 	 	 	 	 	
                 

              	
                X

              	 
	
                6.01

              	
                ABS
                  Informational and Computational Material

                 

              	 	 	 	 	 	 	 	 
	
                [Not
                  included in reports to be filed under Section 3.18]

                 

              	 	 	 	 	 	
                 

              	
                X

              	 
	
                6.02

              	
                Change
                  of Servicer or Trustee

                 

              	 	 	 	 	 	 	 	 
	
                Requires
                  disclosure of any removal, replacement, substitution or addition
                  of any
                  master servicer, affiliated servicer, other servicer servicing
                  10% or more
                  of pool assets at time of report, other material servicers, certificate
                  administrator or trustee. 

                 

              	
                X

              	
                X

              	
                X

              	
                 

              	
                X

              	
                 

              	
                X

              	 
	 	
                Reg
                  AB disclosure about any new servicer (from entity appointing new
                  servicer)
                  or trustee (from Depositor) is also required.

              	
                X

              	
                 

              	
                 

              	
                 

              	
                X

              	
                 

              	
                X

              	 

      

    

     

    
      
        
        

      

      
        G-14

        
          

        

      

      
        
        

      

    

    

      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicers

              	
                Master
                  Servicer

              	
                Securities
                  Administrator

              	
                Custodian

              	
                Trustee

              	
                Depositor

              	 	
                Sponsor

              
	 	
                6.03

              	
                Change
                  in Credit Enhancement or Other External Support

                 

              	 	 	 	 	 	 	 	 
	
                Covers
                  termination of any enhancement in manner other than by its terms,
                  the
                  addition of an enhancement, or a material change in the enhancement
                  provided. Applies to external credit enhancements as well as derivatives.
                  

                 

              	 	 	
                X

              	
                 

              	
                X

              	
                X

              	 	 	 
	 	
                Reg
                  AB disclosure about any new enhancement provider is also
                  required.

                 

              	 	 	 	 	 	
                X

              	 	 
	
                6.04

              	
                Failure
                  to Make a Required Distribution

                 

              	 	 	
                X

              	
                 

              	
                X

              	
                 

              	
                 

              	 
	
                6.05

              	
                Securities
                  Act Updating Disclosure

                 

              	 	 	 	 	 	 	 	 
	
                If
                  any material pool characteristic differs by 5% or more at the time
                  of
                  issuance of the securities from the description in the final prospectus,
                  provide updated Reg AB disclosure about the actual asset
                  pool.

                 

              	 	 	 	 	 	
                X

              	
                 

              	 	 
	
                If
                  there are any new servicers or originators required to be disclosed
                  under
                  Regulation AB as a result of the foregoing, provide the information
                  called
                  for in Items 1108 and 1110 respectively.

              	 	 	 	 	 	
                X

              	 	 	 

      

    

     

    
      
        
        

      

      
        G-15

        
          

        

      

      
        
        

      

    

    

      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicers

              	
                Master
                  Servicer

              	
                Securities
                  Administrator

              	
                Custodian

              	
                Trustee

              	
                Depositor

              	 	
                Sponsor

              
	 	
                7.01

              	
                Regulation
                  FD Disclosure

                 

              	
                X

              	
                X

              	
                X

              	
                 

              	
                X

              	
                X

              	 	
                X

              
	
                8.01

              	
                Other
                  Events

                 

              	 	 	 	 	 	 	 	 
	
                Any
                  event, with respect to which information is not otherwise called
                  for in
                  Form 8-K, that the registrant deems of importance to security
                  holders.

                 

              	 	 	 	 	 	
                X

              	 	 	 
	
                9.01

              	
                Financial
                  Statements and Exhibits

                 

              	
                        The
                  Responsible Party applicable to reportable event.

              	 
	
                10-K

              	
                Must
                  be filed within 90 days of the fiscal year end for the
                  registrant.

                 

              	 	 	 	 	 
	
                9B

              	
                Other
                  Information

                 

              	 	 	 	 	 	 	 	 
	 	 	
                Disclose
                  any information required to be reported on Form 8-K during the
                  fourth
                  quarter covered by the Form 10-K but not reported

              	
                        
                  The Responsible Party for the applicable Form 8-K as indicated
                  above.

              

      

    

     

    
      
        
        

      

      
        G-16

        
          

        

      

      
        
        

      

    

    

      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicers

              	
                Master
                  Servicer

              	
                Securities
                  
Administrator

              	
                Custodian

              	
                Trustee

              	
                Depositor

              	 	
                Sponsor

              
	 	
                15

              	
                Exhibits
                  and Financial Statement Schedules

                 

              	 	 	 	 	 	 	 	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information

                 

              	 	 	 	 	 	
                X

              	
                 

              	
                X

              	 
	
                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information

                 

              	 	 	 	 	 	 	 	 	 
	
                Determining
                  applicable disclosure threshold

                 

              	 	 	
                X

              	 	 	 	 	 	 
	
                Requesting
                  required financial information or effecting incorporation by
                  reference

                 

              	 	 	
                X

              	 	 	 	 	 	 
	
                Item
                  1115(b) - Derivative Counterparty Financial Information

                 

              	 	 	 	 	 	 	 	 	 
	
                Determining
                  current maximum probable exposure

                 

              	 	 	 	 	 	
                X

              	 	 	 
	 	 	
                Determining
                  current significance percentage

                 

              	 	 	
                X

              	 	 	 	 	 
	
                Requesting
                  required financial information or effecting incorporation by
                  reference

              	 	 	
                X

              	 	 	 	 	 	 

      

    

     

    
      
        
        

      

      
        G-17

        
          

        

      

      
        
        

      

    

    

      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicers

              	
                Master
                  Servicer

              	
                Securities
                  
Administrator

              	
                Custodian

              	
                Trustee

              	
                Depositor

              	 	
                Sponsor

              
	 	 	
                Item
                  1117 - Legal proceedings pending against the following entities,
                  or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

                 

              	 	 	 	 	 	 	 	 
	
                Sponsor
                  (Seller)

                 

              	 	 	 	 	 	 	
                 

              	
                X

              	 
	
                Depositor

                 

              	 	 	 	 	 	
                X

              	 	 	 
	
                Trustee

                 

              	 	 	 	 	
                X

              	 	 	 	 
	
                Issuing
                  entity

                 

              	 	 	 	 	 	
                X

              	 	 	 
	
                Master
                  Servicer, affiliated Servicer, other Servicer servicing 20% or
                  more of
                  pool assets at time of report, other material servicers

                 

              	
                X

              	
                X

              	 	 	 	 	 	 	 
	
                Securities
                  Administrator

                 

              	 	 	
                X

              	 	 	 	 	 	 
	
                Originator
                  of 20% or more of pool assets as of the Cut-off Date

                 

              	 	 	 	 	 	
                X

              	
                 

              	
                X

              	 
	
                Custodian

              	 	 	 	
                X

              	 	 	 	 	 

      

    

     

    
      
        
        

      

      
        G-18

        
          

        

      

      
        
        

      

    

    

      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicers

              	
                Master
                  Servicer

              	
                Securities
                  
Administrator

              	
                Custodian

              	
                Trustee

              	
                Depositor

              	 	
                Sponsor

              
	 	 	
                Item
                  1119 - Affiliations and relationships between the following entities,
                  or
                  their respective affiliates, that are material to
                  Certificateholders:

                 

              	 	 	 	 	 	 	 	 
	
                Sponsor
                  (Seller)

                 

              	 	 	 	 	 	 	
              	
                X

              	 
	
                Depositor

                 

              	 	 	 	 	 	
                X

              	 	 	 
	
                Trustee

                 

              	 	 	 	 	
                X (with
                  respect to 1119(a) affiliations only)

                 

              	 	 	 	 
	
                Master
                  Servicer, affiliated Servicer, other Servicer servicing 20% or
                  more of
                  pool assets at time of report, other material servicers

                 

              	
                X

              	
                X

              	 	 	 	 	 	 	 
	
                Securities
                  Administrator

                 

              	 	 	
                X

              	 	 	 	 	 	 
	
                Originator

                 

              	 	 	 	 	 	
                X

              	
              	
                X

              	 
	
                Custodian

              	 	 	 	
                X (with
                  respect to affiliations only)

                 

              	 	 	 	 	 
	
                Credit
                  Enhancer/Support Provider

                 

              	 	 	 	 	 	
                X

              	
                 

              	
                X

              	 
	
                Significant
                  Obligor

              	 	 	 	 	 	
                X

              	
                 

              	
                X

              	 

      

       

      
        
          
          

        

        
          G-19

          
            

          

        

        
          
          

        

      

    

     

    
      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicers

              	
                Master
                  Servicer

              	
                Securities
                  
Administrator

              	
                Custodian

              	
                Trustee

              	
                Depositor

              	 	
                Sponsor

              
	 	 	
                Item
                  1122 - Assessment of Compliance with Servicing Criteria

                 

              	
                X

              	
                X

              	
                X

              	
                X

              	
                 

              	 	 	 
	
                Item
                  1123 - Servicer Compliance Statement

              	
                X

              	
                X

              	 	 	 	 	 	 	 

      

    

     

    
      
        
        

      

      
        G-20

        
          

        

      

      
        
        

      

    

    
       

      EXHIBIT
        H

      

      ADDITIONAL
        DISCLOSURE NOTIFICATION

      

      **SEND
        VIA FAX TO [XXX-XXX-XXXX] AND VIA EMAIL TO [_______________] AND VIA OVERNIGHT
        MAIL TO THE ADDRESS IMMEDIATELY BELOW

      

      Wells
        Fargo Bank, N.A. as [Securities Administrator] 

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Fax:
        (410) 715-2380

      E-mail:
        cts.sec.notifications@wellsfargo.com

      Attn:
        Corporate Trust Services - ACE 2006-ASAP5 - SEC REPORT PROCESSING

      

      ACE
        Securities Corp.

      6525
        Morrison Boulevard, Suite 318, Charlotte

      North
        Carolina 28211

      Attention:
        Juliana Johnson

      Fax:
        (704) 365-1362

      Attn:
        ACE
        2006-ASAP5

      

      RE:
        **Additional Form [10-D][10-K][8-K] Disclosure** Required

      

      Ladies
        and Gentlemen:

      

      In
        accordance with Section [__] of the Pooling and Servicing Agreement,
dated
        as
        of September 1, 2006 (the “Pooling and Servicing Agreement”), among Ace
        Securities Corp., as depositor, Ocwen Loan Servicing, LLC, as servicer, Wells
        Fargo, National Association, as master servicer and as securities administrator,
        and HSBC Bank USA, National Association, as trustee, the undersigned, as
        [_____________________] hereby notifies you that certain events have come
        to our
        attention that [will][may] need to be disclosed on Form
        [10-D][10-K][8-K].

      

      Description
        of Additional Form [10-D][10-K][8-K] Disclosure:

      

      List
        of any Attachments hereto to be included in the Additional Form
        [10-D][10-K][8-K] Disclosure:

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Any
        inquiries related to this notification should be directed to [______________],
        phone number [__________]; email address [_______________].

       

      
        	 	 	 
	 	[NAME
                OF
                PARTY]
	 	As [role]
	 
 	 	 
 
	 	By:  	 
	 	 	
                

              
	 	Name:	 
	 	Title:	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

      

      SWAP
        AGREEMENT

       

      
         

        
          	 	
                  
 
	 	
                  Financial
                    Markets

                  280
                    Bishopsgate

                  London
                    EC2M 4RB
 
	
                  Memorandum

                	
                  September
                    28, 2006

                

        

        

        
          	
                  To:

                	 	
                  HSBC
                    Bank USA, National Association, not in its individual capacity,
                    but solely
                    as Supplemental Interest Trust Trustee for the Supplemental Interest
                    Trust
                    with respect to Ace Securities Corp. Home Equity Loan Trust,
Series
                    2006-ASAP5, Asset Backed Pass-Through Certificates (“Party
                    B”)

                   

                  452
                    Fifth Avenue

                  New
                    York, New York 10018

                  Attn:
                    Corporate Trust & Loan Agency

                  Tel:
                    212-525-1309

                  Fax:
                    212-525-1300

                  E-Mail:
                    fernando.acebedo@us.hsbc.com

                
	 	 	 

        

        
          	
                  Copy
                    To:

                	 	
                  Wells
                    Fargo Bank, National Association

                  9062
                    Old Annapolis Road

                  Columbia,
                    Maryland 21045

                  Tel:
                    410-884-2000

                  Attn:
                    Client Manager, ACE 2006-ASAP5

                  Fax:
                    410-715-2380

                
	 	 	 

        

        
          	
                  From:

                   

                   

                   

                   

                	 	
                  The
                    Royal Bank of Scotland plc (“Party
                    A”)

                  c/o
                    RBS Financial Markets

                  Level
                    7, 135 Bishopsgate

                  London
                    EC2M 3UR

                  Attn:
                    Head of Legal, Financial Markets 

                  Tel:
                    44 207 085 5000

                  Fax:
                    44 207 085 8411

                
	 	 	 
	
                  Copy
                    To:

                	 	
                  Greenwich
                    Capital Markets, Inc.

                  600
                    Steamboat Road

                  Greenwich,
                    CT 06830

                  Attn:
                    Legal Department - Derivatives Documentation

                  Tel.:
                    203-618-2576

                  Fax:
                    203-618-2533/34

                
	 	 	 
	
                  Our
                    Reference Number:

                	 	
                  D16089879

                

        

        
          
            
            

          

          
            
            

            
              

            

          

           

        

         

        Dear
          Sir
          or Madam:

         

        The
          purpose of this letter agreement is to confirm the terms and conditions
          of the
          Transaction entered into between Party A and HSBC Bank USA, National Association
          as supplemental interest trust trustee of the supplemental interest trust
          (the
“Supplemental
          Interest Trust Trustee”
and
          the
“Supplemental
          Interest Trust”,
          respectively) under the  Pooling
          and Servicing Agreement (the “Pooling
          and Servicing Agreement”),
          dated
          and effective as of September 1, 2006, among Ace Securities Corp., as Depositor,
          Ocwen Loan Servicing, LLC, as Servicer, Wells Fargo Bank, National Association,
          as Master Servicer and Securities Administrator and the Supplemental Interest
          Trust Trustee (each a “party”
and
          together “the
          parties”)
          on the
          Trade Date specified below (the “Transaction”).
          This
          letter agreement (the “Agreement”)
          constitutes the sole and complete “Confirmation”,
          as
          referred to in the Master Agreement (as defined below).

         

        The
          definitions and provisions contained in the 2000 ISDA Definitions (the
          “Definitions”)
          as
          published by the International Swaps and Derivatives Association, Inc.,
          (“ISDA”)
          are
          incorporated into this Confirmation. Any reference to a “Swap Transaction” in
          the Definitions is deemed to be a reference to a “Transaction” for purposes of
          this Agreement, and any reference to a “Transaction” in this Agreement is deemed
          to be a reference to a “Swap Transaction” for purposes of the Definitions. This
          Confirmation will be governed by and subject to the terms and conditions
          which
          would be applicable if, prior to the Trade Date, the parties had executed
          and
          delivered an ISDA Master Agreement (Multicurrency-Cross Border), in the
          form
          published by ISDA in 1992 (the “Master
          Agreement”)
          (but
          without any Schedule except for the elections noted in Schedule B hereto).
          For
          the avoidance of doubt, the Transaction described herein shall be the sole
          Transaction governed by such Master Agreement. In the event of any inconsistency
          between the provisions of the Master Agreement and this Confirmation, this
          Confirmation will govern. Terms capitalized but not defined herein or in
          the
          Definitions incorporated herein shall have the respective meanings attributed
          to
          them in the Pooling and Servicing Agreement.

         

        
          	1  	
                  This
                    Confirmation evidences a complete binding agreement between the
                    parties as
                    to the terms of the Transaction to which this Confirmation relates.
                    In
                    addition, each party represents to the other party and will be
                    deemed to
                    represent to the other party on the date on which it enters into
                    a
                    Transaction that (absent a written agreement between the parties
                    that
                    expressly imposes affirmative obligations to the contrary for
                    that
                    Transaction):

                

        

         

        
          	(i)  	
                  Principal
                    In
                    the case of Party A, it is acting as principal and not as agent
                    when
                    entering into the Transaction and in the case of Party B, it
                    is acting as
                    Supplemental Interest Trust Trustee when entering into the
                    Transaction.

                

        

         

        
          	(ii)  	
                  Non-Reliance
                    In
                    the case of Party A, it is acting for its own account and, in
                    the case of
                    Party B, it is acting as Supplemental Interest Trust Trustee,
                    and in the
                    case of both parties, it has made its own independent decisions
                    to enter
                    into the Transaction and as to whether the Transaction is appropriate
                    or
                    proper for it based upon its own judgment and upon advice from
                    such
                    advisors as it has deemed necessary and, with respect to Party
                    B, as
                    directed under the Pooling and Servicing Agreement. It is not
                    relying on
                    any communication (written or oral) of the other party as investment
                    advice or as a recommendation to enter into the Transaction;
                    it being
                    understood that information and explanations related to the terms
                    and
                    conditions of the Transaction shall not be considered investment
                    advice or
                    a recommendation to enter into the Transaction. No communication
                    (written
                    or oral) received from the other party shall be deemed to be
                    an assurance
                    or guarantee as to the expected results of the
                    Transaction.

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

           

        

         

        
          	(iii)  	
                  Evaluation
                    and Understanding
                    It
                    is capable of evaluating and understanding (on its own behalf
                    or through
                    independent professional advice), and understands and accepts,
                    the terms,
                    conditions and risks of the Agreement and that Transaction. It
                    is also
                    capable of assuming, and assumes, the financial and other risks
                    of the
                    Agreement and that Transaction.

                

        

         

        
          	(iv)  	
                  Status
                    of Parties
                    The other party is not acting as an agent, fiduciary or advisor
                    for it in
                    respect of that Transaction.

                

        

         

        
          	2  	
                  The
                    terms of the particular Transaction to which this Confirmation
                    relates are
                    as follows:

                

        

         

        
          	
                  Notional
                    Amount:

                	
                  With
                    respect to any Calculation Period, the amount set forth on Schedule
                    A
                    attached hereto.

                
	 	 
	
                  Trade
                    Date:

                	
                  September
                    26, 2006

                
	 	 
	
                  Effective
                    Date:

                	
                  September
                    28, 2006

                
	 	 
	
                  Termination
                    Date:

                	
                  December
                    25, 2011, subject to adjustment in accordance with the Business
                    Day
                    Convention (provided, however, solely for the purpose of determining
                    the
                    Fixed Rated Payer Period End Date with respect to the final Calculation
                    Period, such date shall be subject to No Adjustment).

                
	 	 
	
                  Fixed
                    Amounts:

                	 
	 	 
	
                  Fixed
                    Rate Payer:

                	
                  Party
                    B

                
	 	 
	
                  Fixed
                    Rate Payer Period 

                  End
                    Dates:

                	
                  The
                    25th
                    day of each month of each year commencing April 25, 2007, through
                    and
                    including the Termination Date, subject to no adjustment.

                   

                  For
                    the avoidance of doubt, the initial Fixed Rate Payer Calculation
                    Period
                    will commence on (and including) March 25, 2007 and end on (and
                    excluding)
                    April 25, 2007. 

                
	 	 
	
                  Fixed
                    Rate Payer

                  Payment
                    Dates:

                	
                  Early
                    Payment shall be applicable. The Fixed Rate Payer Payment Dates
                    shall be
                    one (1) Business Day prior to each Fixed Rate Payer Period End
                    Date,
                    subject to adjustment in accordance with the Business Day Convention.
                    

                
	 	 
	
                  Fixed
                    Rate:

                	
                  4.951%

                
	 	 
	
                  Fixed
                    Rate Day

                  Count
                    Fraction:

                	
                  30/360

                
	 	 
	
                  Floating
                    Amounts:

                	 
	 	 
	
                  Floating
                    Rate Payer:

                	
                  Party
                    A

                
	 	 
	
                  Floating
                    Rate Payer Period End Dates:

                	
                  The
                    25th
                    day of each month of each year commencing April 25, 2007, through
                    and
                    including the Termination Date, subject to adjustment in accordance
                    with
                    the Business Day Convention.

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

           

        

        

        
          	 	
                  For
                    the avoidance of doubt, the initial Floating Rate Payer Calculation
                    Period
                    will commence on (and including) March 25, 2007 and end on (and
                    excluding)
                    April 25, 2007. 

                
	 	 
	
                  Floating
                    Rate Payer Payment Dates:

                	
                  Early
                    Payment shall be applicable. The Floating Rate Payer Payment
                    Dates shall
                    be one (1) Business Day prior to each Floating Rate Payer Period
                    End Date,
                    subject to adjustment in accordance with the Business Day
                    Convention.

                
	 	 
	
                  Floating
                    Rate Option:

                	
                  USD-LIBOR-BBA

                
	 	 
	
                  Designated
                    Maturity:

                	
                  One
                    month

                
	 	 
	
                  Spread:

                	
                  None

                
	 	 
	
                  Floating
                    Rate Day Count Fraction:

                	
                  Actual/360

                
	 	 
	
                  Reset
                    Dates:

                	
                  First
                    day of each Calculation Period

                
	 	 
	
                  Business
                    Days for payment:

                	
                  New
                    York

                
	 	 
	
                  Business
                    Day Convention:

                	
                  Following

                
	 	 
	
                  Calculation
                    Agent:

                	
                  Party
                    A

                

        

         

        
          	3  	
                  Recording
                    of Conversations

                

        

         

        Each
          party (i) consents to the recording of the telephone conversations of trading
          and marketing personnel of the parties and (ii) agrees to obtain any necessary
          consent of, and give notice of such recording to, such personnel of
          it.

         

        
          	4  	
                  Account
                    Details:

                

        

         

        
          	
                  Account
                    for payments to Party A:

                	
                  For
                    the account of The Royal Bank of Scotland Financial Markets Fixed
                    Income
                    and Interest Rate Derivative Operations, London SWIFT RBOSGB2RTCM
                    with
                    JPMorgan Chase Bank, New York CHASUS33, ABA # 021000021
                    Account
                    Number 400930153

                
	 	 
	
                  Account
                    for payments to Party B:

                	
                  Wells
                    Fargo Bank, NA

                  ABA
                    #  121000248

                  Account
                    Name: SAS Clearing Account  #3970771416

                  FFC
                    to:  50952202,
                    ACE 2006-ASAP5 Supplemental Interest Trust
                    Account

                

        

        
          
            
            

          

          
            
            

            
              

            

          

           

        

         

        
          	5  	
                  Offices:

                

        

         

        
          	
                  The
                    Office of Party A for this Transaction is:

                	
                  London

                
	 	 
	
                  The
                    Office of Party B for this Transaction is:

                	
                  New
                    York

                

        

         

        
          	6  	
                  Other
                    Provisions:

                

        

         

        
          	6.1  	
                  Agency
                    Role of Greenwich Capital Markets, Inc. This Transaction has
                    been entered
                    into by Greenwich Capital Markets, Inc., as agent for The Royal
                    Bank of
                    Scotland plc. Greenwich Capital Markets, Inc. has not guaranteed
                    and is
                    not otherwise responsible for the obligations of Party A under
                    this
                    Transaction.

                

        

         

         
          [REMAINDER
          OF THIS PAGE INTENTIONALLY LEFT BLANK]

         

        
          
            
            

          

          
            
            

            
              

            

          

           

        

        Please
          promptly confirm that the foregoing correctly sets forth the terms of the
          Transaction entered into between us by executing this Confirmation and
          returning
          it to us by facsimile to:

         

        The
          Royal Bank of Scotland plc

        Attention:
          Derivatives Documentation

        Fax:
          0207 375 6724 / 6486 Phone: 0207 375 4225

         

        THE
          ROYAL BANK OF SCOTLAND PLC

        By:
          Greenwich Capital Markets, Inc., its agent

         

        
          	By 	 	 	
                
	
                  
                    

                  

                  Name:

                  
                    Title:

                  

                	 	 	
                

        

         

        Accepted
          and confirmed as of the Trade Date written above:

         

        HSBC
          BANK USA, NATIONAL ASSOCIATION, NOT
          IN
          ITS INDIVIDUAL CAPACITY, BUT SOLELY AS 

        SUPPLEMENTAL
          INTEREST TRUST TRUSTEE FOR THE SUPPLEMENTAL INTEREST TRUST WITH RESPECT
          TO ACE
          SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-ASAP5, ASSET BACKED
          PASS-THROUGH CERTIFICATES

         

        
          	 	 	 	 
	By 	 	 	
                
	
                  
                    

                  

                  Name:

                  
                    Title:

                  

                	 	 	
                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

           

        

        Schedule
          A to the Confirmation dated as of September 28, 2006

         

        Re:
          Reference Number D16089879

         

        Amortization
          Schedule,
          all
          such
          dates subject to No Adjustment with respect to Fixed Rate Payer Period
          End Dates
          and subject to adjustment in accordance with the Business Day Convention
          with
          respect to Floating Rate Payer Period End Dates 

         

        
          	
                  From
                    and Including

                	 	
                  To
                    but Excluding

                	 	
                  Notional
                    Amount (USD)

                
	
                  3/25/2007

                	 	
                  4/25/2007

                	 	
                  719,985,572.00
                    

                
	
                  4/25/2007

                	 	
                  5/25/2007

                	 	
                  698,228,539.00
                    

                
	
                  5/25/2007

                	 	
                  6/25/2007

                	 	
                  674,692,377.00
                    

                
	
                  6/25/2007

                	 	
                  7/25/2007

                	 	
                  649,501,814.00
                    

                
	
                  7/25/2007

                	 	
                  8/25/2007

                	 	
                  622,842,072.00
                    

                
	
                  8/25/2007

                	 	
                  9/25/2007

                	 	
                  597,004,811.00
                    

                
	
                  9/25/2007

                	 	
                  10/25/2007

                	 	
                  572,234,850.00
                    

                
	
                  10/25/2007

                	 	
                  11/25/2007

                	 	
                  548,495,423.00
                    

                
	
                  11/25/2007

                	 	
                  12/25/2007

                	 	
                  525,743,544.00
                    

                
	
                  12/25/2007

                	 	
                  1/25/2008

                	 	
                  503,938,026.00
                    

                
	
                  1/25/2008

                	 	
                  2/25/2008

                	 	
                  483,039,402.00
                    

                
	
                  2/25/2008

                	 	
                  3/25/2008

                	 	
                  463,009,857.00
                    

                
	
                  3/25/2008

                	 	
                  4/25/2008

                	 	
                  443,813,155.00
                    

                
	
                  4/25/2008

                	 	
                  5/25/2008

                	 	
                  425,414,574.00
                    

                
	
                  5/25/2008

                	 	
                  6/25/2008

                	 	
                  407,744,101.00
                    

                
	
                  6/25/2008

                	 	
                  7/25/2008

                	 	
                  390,397,280.00
                    

                
	
                  7/25/2008

                	 	
                  8/25/2008

                	 	
                  334,950,493.00
                    

                
	
                  8/25/2008

                	 	
                  9/25/2008

                	 	
                  285,052,372.00
                    

                
	
                  9/25/2008

                	 	
                  10/25/2008

                	 	
                  243,494,335.00
                    

                
	
                  10/25/2008

                	 	
                  11/25/2008

                	 	
                  209,091,243.00
                    

                
	
                  11/25/2008

                	 	
                  12/25/2008

                	 	
                  197,599,143.00
                    

                
	
                  12/25/2008

                	 	
                  1/25/2009

                	 	
                  188,622,508.00
                    

                
	
                  1/25/2009

                	 	
                  2/25/2009

                	 	
                  180,107,265.00
                    

                
	
                  2/25/2009

                	 	
                  3/25/2009

                	 	
                  171,982,709.00
                    

                
	
                  3/25/2009

                	 	
                  4/25/2009

                	 	
                  164,230,666.00
                    

                
	
                  4/25/2009

                	 	
                  5/25/2009

                	 	
                  156,833,818.00
                    

                
	
                  5/25/2009

                	 	
                  6/25/2009

                	 	
                  149,775,663.00
                    

                
	
                  6/25/2009

                	 	
                  7/25/2009

                	 	
                  143,040,473.00
                    

                
	
                  7/25/2009

                	 	
                  8/25/2009

                	 	
                  136,613,331.00
                    

                
	
                  8/25/2009

                	 	
                  9/25/2009

                	 	
                  130,481,631.00
                    

                
	
                  9/25/2009

                	 	
                  10/25/2009

                	 	
                  124,630,215.00
                    

                
	
                  10/25/2009

                	 	
                  11/25/2009

                	 	
                  119,045,711.00
                    

                
	
                  11/25/2009

                	 	
                  12/25/2009

                	 	
                  113,715,758.00
                    

                
	
                  12/25/2009

                	 	
                  1/25/2010

                	 	
                  108,628,581.00
                    

                
	
                  1/25/2010

                	 	
                  2/25/2010

                	 	
                  103,772,956.00
                    

                
	
                  2/25/2010

                	 	
                  3/25/2010

                	 	
                  99,138,192.00
                    

                
	
                  3/25/2010

                	 	
                  4/25/2010

                	 	
                  94,714,101.00
                    

                
	
                  4/25/2010

                	 	
                  5/25/2010

                	 	
                  90,490,942.00
                    

                
	
                  5/25/2010

                	 	
                  6/25/2010

                	 	
                  86,459,448.00
                    

                
	
                  6/25/2010

                	 	
                  7/25/2010

                	 	
                  82,610,785.00
                    

                
	
                  7/25/2010

                	 	
                  8/25/2010

                	 	
                  78,936,532.00
                    

                
	
                  8/25/2010

                	 	
                  9/25/2010

                	 	
                  75,428,660.00
                    

                
	
                  9/25/2010

                	 	
                  10/25/2010

                	 	
                  72,079,514.00
                    

                
	
                  10/25/2010

                	 	
                  11/25/2010

                	 	
                  68,881,799.00
                    

                
	
                  11/25/2010

                	 	
                  12/25/2010

                	 	
                  65,828,555.00
                    

                
	
                  12/25/2010

                	 	
                  1/25/2011

                	 	
                  62,913,150.00
                    

                
	
                  1/25/2011

                	 	
                  2/25/2011

                	 	
                  60,129,259.00
                    

                
	
                  2/25/2011

                	 	
                  3/25/2011

                	 	
                  57,470,852.00
                    

                
	
                  3/25/2011

                	 	
                  4/25/2011

                	 	
                  54,932,179.00
                    

                
	
                  4/25/2011

                	 	
                  5/25/2011

                	 	
                  52,507,755.00
                    

                
	
                  5/25/2011

                	 	
                  6/25/2011

                	 	
                  50,192,354.00
                    

                
	
                  6/25/2011

                	 	
                  7/25/2011

                	 	
                  47,980,990.00
                    

                
	
                  7/25/2011

                	 	
                  8/25/2011

                	 	
                  45,868,814.00
                    

                
	
                  8/25/2011

                	 	
                  9/25/2011

                	 	
                  43,842,598.00
                    

                
	
                  9/25/2011

                	 	
                  10/25/2011

                	 	
                  41,906,914.00
                    

                
	
                  10/25/2011

                	 	
                  11/25/2011

                	 	
                  40,058,306.00
                    

                
	
                  11/25/2011

                	 	
                  12/25/2011

                	 	
                  38,292,808.00
                    

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

           

        

         

        Schedule
          B to the Confirmation dated as of September 28, 2006

         

        Re:
          Reference Number D16089879

         

        Between
          The Royal Bank of Scotland plc (“Party
          A”)
          and
          HSBC Bank USA, National Association, not in its individual capacity, but
          solely
          as Supplemental Interest Trust Trustee for the Supplemental Interest Trust
          with
          respect to Ace Securities Corp. Home Equity Loan Trust, Series 2006-ASAP5,
          Asset
          Backed Pass-Through Certificates (“Party
          B”)
          

         

        Part.
          1 Termination Provisions

         

        
          	(a)  	
                  “Specified
                    Entity”
                    means in relation to Party A for the purpose of the Master
                    Agreement:

                

        

         

        Section
          5(a)(v): none.

         

        Section
          5(a)(vi): none.

         

        Section
          5(a)(vii): none.

         

        Section
          5(b)(iv): none.

         

        and
          in
          relation to Party B for the purpose of the Master Agreement:

         

        Section
          5(a)(v): none.

         

        Section
          5(a)(vi): none.

         

        Section
          5(a)(vii): none.

         

        Section
          5(b)(iv): none.

         

        
          	(b)  	
                  “Specified
                    Transaction”
                    is not applicable to Party A or Party B for any purpose, and
                    accordingly,
                    Section 5(a)(v) of the Master Agreement shall not apply to Party
                    A or
                    Party B. 

                

        

         

        
          	(c)  	
                  The
                    “Breach
                    of Agreement”
                    provisions of Section 5(a)(ii) of the Master Agreement will be
                    inapplicable to Party A and Party
                    B.

                

        

         

        
          	(d)  	
                  The
                    “Credit
                    Support Default”
                    provisions of Section 5(a)(iii) of the Master Agreement will
                    be
                    inapplicable to Party A and Party
                    B.

                

        

         

        
          	(e)  	
                  The
                    “Misrepresentation”
                    provisions of Section 5(a)(iv) of the Master Agreement will be
                    inapplicable to Party A and Party
                    B.

                

        

         

        
          	(f)  	
                  The
                    “Default
                    Under Specified Transaction”
                    provisions of Section 5(a)(v) of the Master Agreement will be
                    inapplicable
                    to Party A and Party B.

                

        

         

        
          	(g)  	
                  The
                    “Cross
                    Default”
                    provisions of Section 5(a)(vi) of the Master Agreement will be
                    inapplicable to Party A and Party
                    B.

                

        

         

        
          	(h)  	
                  The
                    “Bankruptcy”
                    provision of Section 5(a)(vii)(2) of the Master Agreement will
                    be
                    inapplicable to Party B.

                

        

         

        
          	(i)  	
                  The
                    “Credit
                    Event Upon Merger”
                    provisions of Section 5(b)(iv) of the Master Agreement will be
                    inapplicable to Party A and Party
                    B.

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

           

        

         

        
          	(j)  	
                  The
                    “Automatic
                    Early Termination”
                    provision of Section 6(a) of the Master Agreement will be inapplicable
                    to
                    Party A and Party B; provided that where there is an Event of
                    Default
                    under Section 5(a)(vii)(1), (3), (4), (5), (6) or, to the extent
                    analogous
                    thereto, (8), and the Defaulting Party is governed by a system
                    of law that
                    does not permit termination to take place after the occurrence
                    of such
                    Event of Default, then the Automatic Early Termination provisions
                    of
                    Section 6(a) will apply.

                

        

         

        If
          an
          Early Termination Date has occurred under Section 6(a) of the Master Agreement
          as a result of Automatic Early Termination, and if the Non-defaulting Party
          determines that it has either sustained or incurred a loss or damage or
          benefited from a gain in respect of any Transaction, as a result of movement
          in
          interest rates, currency exchange rates, other relevant rates or market
          quotations between the Early Termination Date and the date upon which the
          Non-defaulting Party first becomes aware that such Event of Default has
          occurred
          under Section 6(a) of the Agreement, then (i) the amount of such loss or
          damage
          shall be added to the amount due by the Defaulting Party or deducted from
          the
          amount due by the Non-defaulting Party, as the case may be (in both cases
          pursuant to Section 6(e)(i)(3) of the Master Agreement); or (ii) the amount
          of
          such gain shall be deducted from the amount due by the Defaulting Party
          or added
          to the amount due by the Non-defaulting Party, as the case may be (in both
          cases
          pursuant to Section 6(e)(i)(3) of the Master Agreement).

         

        
          	(k)  	
                  Payments
                    on Early Termination For
                    the purpose of Section 6(e) of the Master
                    Agreement:

                

        

         

        
          	(i)  	
                  Market
                    Quotation will apply; and

                

        

         

        
          	(ii)  	
                  The
                    Second Method will apply.

                

        

         

        
          	(l)  	
                  “Termination
                    Currency”
                    means United States Dollars.

                

        

         

        Part.
          2 Tax Representations 

         

        Payer
          Representations For
          the
          purpose of Section 3(e) of the Master Agreement, each of Party A and Party
          B
          will make the following representation:

         

        It
          is not
          required by any applicable law, as modified by the practice of any relevant
          governmental revenue authority, of any Relevant Jurisdiction to make any
          deduction or withholding for or on account of any Tax from any payment
          (other
          than interest under Section 2(e), 6(d)(ii) or 6(e) of the Master Agreement)
          to
          be made by it to the other party under this Agreement. In making this
          representation, it may rely on (i) the accuracy of any representations
          made by
          the other party pursuant to Section 3(f) of the Master Agreement, (ii)
          the
          satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii)
          of the
          Master Agreement and the accuracy and effectiveness of any document provided
          by
          the other party pursuant to Section 4(a)(i) or 4(a)(iii) of the Master
          Agreement
          and (iii) the satisfaction of the agreement of the other party contained
          in
          Section 4(d) of the Master Agreement, provided that it shall not be a breach
          of
          this representation where reliance is placed on clause (ii) and the other
          party
          does not deliver a form or document under Section 4(a)(iii) of the Master
          Agreement by reason of material prejudice to its legal or commercial position.
          

         

        
          
            
            

          

          
            
            

            
              

            

          

           

        

         

        Payee
          Representations For
          the
          purpose of Section 3(f) of the Master Agreement, Party A and Party B make
          the
          following representations:

         

        
          	(i)  	
                  Party
                    A represents that 

                

        

         

        
          	(A)  	
                  it
                    is a tax resident of the United
                    Kingdom;

                

        

         

        
          	(B)  	
                  it
                    is a "foreign person" within the meaning of the applicable U.S.
                    Treasury
                    Regulations concerning information reporting and backup withholding
                    tax
                    (as in effect on January 1, 2001), unless Party A provides
                    written notice to Party B that it is no longer a foreign
                    person;

                

        

         

        
          	(C)  	
                  in
                    respect of each Transaction it enters into through an office
                    or
                    discretionary agent in the United States or which otherwise is
                    allocated
                    (in whole or part) for United States federal income tax purposes
                    to such
                    United States trade or business, each payment received or to
                    be received
                    by it under such Transaction (or portion thereof, if applicable)
                    will be
                    effectively connected with its conduct of a trade or business
                    in the
                    United States; and

                

        

         

        
          	(D)  	
                  in
                    respect of all other Transactions or portions thereof, no such
                    payment
                    received or to be received by it in connection with this Agreement
                    is
                    attributable to a trade or business carried on by it through
                    a permanent
                    establishment in the United States.

                

        

         

        
          	(ii)  	
                  Party
                    B represents that it is the Supplemental Interest Trust Trustee
                    of the
                    Supplemental Interest Trust created under the Pooling
                    and Servicing Agreement.

                

        

         

        Part.
          3 Agreement to Deliver Documents

         

        For
          the
          purpose of Sections 4(a)(i) and (ii) of the Master Agreement, Party A and
          Party
          B agree to deliver the following documents, as applicable:

         

        
          	(a)  	
                  Tax
                    forms, documents or certificates to be delivered
                    are:

                

        

         

        
          	
                  Party
                    Required to Deliver Document

                	 	
                  Form/Document/Certificate

                	 	
                  Date
                    by Which to be Delivered

                
	
                  Party
                    A and Party B

                	 	
                  Any
                    form or document required or reasonably requested to allow the
                    other party
                    to make payments under the Agreement without any deduction or
                    withholding
                    for or on account of any Tax, or with such deduction or withholding
                    at a
                    reduced rate.

                	 	
                  Promptly
                    upon reasonable demand by the other
                    party.

                

        

         

        
          	(b)  	
                  Other
                    documents to be delivered and covered by the Section 3(d) representation
                    are:--

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

           

        

         

        
          	
                  Party
                    required to deliver

                	 	
                  Form/Document/or
                    Certificate

                	 	
                  Date
                    by which to be delivered

                	 	
                  Covered
                    by Section 3(d) representation

                
	
                  Party
                    A and Party B

                	 	
                  Incumbency
                    Certificate (or, if available the current authorized signature
                    book or
                    equivalent authorizing documentation) specifying the names, titles,
                    authority and specimen signatures of the persons authorized to
                    execute the
                    Confirmation which sets forth the specimen signatures of each
                    signatory to
                    the Confirmation signing on its behalf. 

                	 	
                  Concurrently
                    with the execution and delivery of the Confirmation unless previously
                    delivered and still in full force and effect.

                	 	
                  Yes

                
	 	 	 	 	 	 	 
	
                  Party
                    B 

                	 	
                  The
                    Pooling and Servicing Agreement

                	 	
                  Concurrently
                    with the execution and delivery of the Confirmation.

                	 	
                  No

                
	 	 	 	 	 	 	 
	
                  Party
                    A and Party B

                	 	
                  Legal
                    opinion[s]
                    with respect to such party and its Credit Support Provider, if
                    any, for
                    it, reasonably satisfactory in form and substance to the other
                    party
                    relating to the enforceability of the party’s obligation under this
                    Agreement.

                	 	
                  Upon
                    the execution and delivery of this Agreement and any
                    Confirmation

                	 	
                  No

                

        

         

        Part.
          4 Miscellaneous

         

        
          	(a)  	
                  Addresses
                    for Notices For
                    the purposes of Section 12(a) of the Master
                    Agreement:

                

        

         

        Addresses
          for notices or communications to Party A and to Party B shall be those
          set forth
          on the first page of the Confirmation.

         

        
          	(b)  	
                  Process
                    Agent For
                    the purpose of Section 13(c) of the Master
                    Agreement:

                

        

         

        Party
          A
          appoints as its Process Agent: none.

         

        Party
          B
          appoints as its Process Agent: none.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	(c)  	
                  Offices
                    With
                    respect to Party A, the provisions of Section 10(a) of the Master
                    Agreement will apply.

                

        

         

        
          	(d)  	
                  Multibranch
                    Party For
                    the purpose of Section 10(c) of the Master
                    Agreement:

                

        

         

        Party
          A
          is not a Multibranch Party.

         

        Party
          B
          is not a Multibranch Party.

         

        
          	(e)  	
                  Calculation
                    Agent The
                    Calculation Agent is Party A.

                

        

         

        
          	(f)  	
                  Credit
                    Support Document Details
                    of any Credit Support Document:
                    none

                

        

         

        
          	(g)  	
                  Credit
                    Support Provider 

                

        

         

        Credit
          Support Provider means in relation to Party A: none.

         

        Credit
          Support Provider means in relation to Party B: none.

         

        
          	(h)  	
                  Governing
                    Law This
                    Agreement will be governed by and construed in accordance with
                    the laws of
                    the State of New York (without reference to conflicts of law
                    doctrine
                    other than New York General Obligations Law Sections 5-1401 and
                    5-1402).

                

        

         

        
          	(i)  	
                  Netting
                    of Payments Subparagraph
                    (ii) of Section 2(c) of the Agreement will apply to the Transaction
                    evidenced by the Confirmation.

                

        

         

        
          	(j)  	
                  “Affiliate”
                    Party B shall be deemed to have no Affiliates for purposes of
                    this
                    Transaction.

                

        

         

        
          	(k)  	
                  Jurisdiction
                    Section
                    13(b) of the Master Agreement is hereby amended by: (i) deleting
                    in the
                    second line of subparagraph (i) thereof the word “non-”: and (ii) deleting
                    the final paragraph thereof.

                

        

         

        Part.
          5 Other Provisions 

         

        
          	(a)  	
                  Modifications
                    to the Agreement Section
                    3(a) of the Master Agreement shall be amended to include the
                    following
                    additional representations after paragraph
                    3(a)(v):

                

        

         

        (vi)
           Eligible
          Contract Participant etc.
          It is
          an “eligible contract participant” as defined in Section 1a(12) of the U.S.
          Commodity Exchange Act (7 U.S.C. 1a), as amended by the Commodity Futures
          Modernization Act of 2000 and the Transaction evidenced hereby has been
          the
          subject of individual negotiations and is intended to be exempt from, or
          otherwise not subject to regulation thereunder.

         

        
          	(b)  	
                  Waiver
                    of Right to Trial by Jury Each
                    party hereby irrevocably waives any and all rights to trial by
                    jury in any
                    legal proceeding arising out of or relating to this Agreement
                    or any
                    Transaction hereunder.

                

        

         

        
          	(c)  	
                  Absence
                    of Litigation In
                    Section 3(c) of the Master Agreement the words “or any of its Affiliates”
                    shall be deleted.

                

        

         

        
          	(d)  	
                  Tax
                    Event In
                    Section 5(b)(ii)(y) of the Master Agreement the words “, or there is a
                    substantial likelihood that it will,” shall be
                    deleted.

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

           

        

         

        
          	(e)  	
                  Transfer
                    and Amendment

                

        

         

        Subject
          to Part 5(j) herein, no transfer, amendment, waiver, supplement, assignment
          or
          other modification of this Transaction shall be permitted by either party
          unless
          (i) each of Standard and Poor’s Ratings Services, a Division of The McGraw-Hill
          Companies, Inc. (“S&P”)
          and
          Moody’s Investors Service, Inc. (“Moody’s”)
          (each
          a “Rating
          Agency”)
          has
          been provided notice of the same and (ii) each of S&P and Moody’s confirm in
          writing (including by facsimile transmission) that they will not downgrade,
          qualify, withdraw or otherwise modify their then-current rating of the
          Certificates and any notes backed by the Certificates (“Notes”).

         

        
          	(f)  	
                  Supplemental
                    Interest Trust Trustee
                    Capacity

                

        

         

        It
          is
          expressly understood and agreed by the parties hereto that insofar as this
          Confirmation is executed by the Supplemental Interest Trust Trustee (i)
          this
          Confirmation is executed and delivered by HSBC Bank USA, National Association,
          not in its individual capacity but solely as Supplemental Interest Trust
          Trustee
          of the Supplemental Interest Trust created under the Pooling and Servicing
          Agreement in the exercise of the powers and authority conferred and vested
          in it
          thereunder (ii) each of the representations, undertakings and agreements
          herein
          made on behalf of the Trust is made and intended not as personal representations
          of the Supplemental Interest Trust Trustee but is made and intended for
          the
          purpose of binding only the Supplemental Trust created under the Pooling
          and
          Servicing Agreement, and (iii) under no circumstances will HSBC Bank USA,
          National Association in its individual capacity be personally liable for
          the
          payment of any indebtedness or expenses or be personally liable for the
          breach
          or failure of any obligation, representation, warranty or covenant made
          or
          undertaken under this Confirmation.

         

        
          	(g)  	
                  Proceedings

                

        

         

        Party
          A
          shall not institute against or cause any other person to institute against,
          or
          join any other person in instituting against, Party B, or Ace Securities
          Corp.
          Home Equity Loan Trust, Series 2006-ASAP5, Asset Backed Pass-Through
          Certificates created under the Pooling and Servicing Agreement, any bankruptcy,
          reorganization, arrangement, insolvency or liquidation proceedings, or
          other
          proceedings under any federal or state bankruptcy, dissolution or similar
          law,
          for a period of one year and one day (or, if longer, the applicable preference
          period) following indefeasible payment in full of the Certificates, provided
          that nothing herein shall preclude, or be deemed to estop Party A from
          taking
          any action in any case or proceeding voluntarily filed or commenced by
          or on
          behalf of Party B or in any involuntary case or proceeding after it has
          been
          commenced.

         

        
          	(h)  	
                  Set-off

                

        

         

        Notwithstanding
          any provision of this Agreement or any other existing or future agreement,
          each
          party irrevocably waives any and all rights it may have to set-off, net
          recoup
          or otherwise withhold or suspend or condition payment or performance of
          any
          obligation between it and the other party hereunder against any obligation
          between it and the other party under any other agreements. The provisions
          for
          Set-off set forth in Section 6(e) of the Master Agreement shall not apply
          for
          purposes of this Transaction.

         

        
          
            
            

          

          
            
            

            
              

            

          

           

        

         

        
          	(i)  	
                  Section
                    1(c)

                

        

         

        For
          purposes of Section 1(c) of the Master Agreement, this Transaction shall
          be the
          sole Transaction under the Agreement.

         

        
          	(j)  	
                  Rating
                    Agency Downgrade

                

        

         

        If
          a
          Ratings Event (as defined below) occurs with respect to Party A (or any
          applicable credit support provider), then Party A shall, within (30) days
          of
          such Ratings Event subject to the Rating Agency Condition (as hereinafter
          defined) and at its own expense (unless, within 30 days of such Ratings
          Event,
          each of S&P and Moody’s has reconfirmed the rating of the Certificates and
          Notes which was in effect immediately prior to such Ratings Event),
          (i) assign this Transaction hereunder to a third party that meets or
          exceeds, or as to which any applicable credit support provider of such
          third
          party meets or exceeds, the Approved Ratings Thresholds (as defined below)
          on
          terms substantially similar to this Confirmation, (ii) obtain a guaranty
          of
          Party A’s obligations under this Transaction from a third party that meets or
          exceeds the Approved Ratings Threshold, in form and substance, (iii) post
          collateral, or (iv) establish any other arrangement, which will be sufficient
          to
          restore the immediately prior ratings of the Certificates and Notes. For
          purposes of this Transaction, a “Ratings
          Event”
shall
          occur with respect to Party A (or any applicable credit support provider),
          if
          its short-term unsecured and unsubordinated debt ceases to be rated at
          least
“A-1” by S&P or its short-term unsecured and unsubordinated debt ceases to
          be rated at least “P-1” by Moody’s or its long-term unsecured and unsubordinated
          debt ceases to be rated at least “A1” by Moody’s (including in connection with a
          merger, consolidation or other similar transaction by Party A or any applicable
          credit support provider) such ratings being referred to herein as the
“Approved
          Ratings Thresholds.”
If
          a
          Further Ratings Event (as defined below) occurs with respect to Party A
          (or any
          applicable credit support provider), then Party A shall, within (10) days
          of
          such Downgrade Event subject to the Rating Agency Condition (as hereinafter
          defined) and at its own expense (unless, within 10 days of such Ratings
          Event,
          S&P has reconfirmed the rating of the Certificates and Notes which was in
          effect immediately prior to such Further Ratings Event), (i) assign this
          Transaction hereunder to a third party that meets or exceeds, or as to
          which any
          applicable credit support provider of such third party meets or exceeds,
          the
          Approved Ratings Thresholds on terms substantially similar to this Confirmation
          or (ii) obtain a guaranty of Party A’s obligations under this Transaction from a
          third party that meets or exceeds the Approved Ratings Threshold. For purposes
          of this Transaction, a “Further
          Ratings Event”
shall
          occur with respect to Party A (or any applicable credit support provider),
          if
          its long-term unsecured and unsubordinated debt ceases to be rated at least
          “BBB-” by S&P or its short-term unsecured and unsubordinated debt ceases to
          be rated at least “P-1” on watch for downgrade by Moody’s or its long-term
          unsecured and unsubordinated debt ceases to be rated at least “A2” on watch for
          downgrade by Moody’s (including in connection with a merger, consolidation or
          other similar transaction by Party A or any applicable credit support provider).
          "Rating
          Agency Condition"
          means,
          with respect to any particular proposed act or omission to act hereunder
          that
          the party acting or failing to act must consult with each Rating Agency
          then
          providing a rating of the Certificates and Notes and receive from each
          Rating
          Agency a prior written confirmation that the proposed action or inaction
          would
          not cause a downgrade or withdrawal of the then-current rating of the
          Certificates and Notes.

         

        
          
            
            

          

          
            
            

            
              

            

          

           

        

         

        
          	(k)  	
                  Additional
                    Termination Events

                

        

         

        Additional
          Termination Events will apply as specified below:

         

        The
          occurrence of the following shall constitute an Additional Termination
          Event:

         

        If
          a
          Rating Agency Downgrade has occurred and Party A has not complied with
          paragraph
          (j) above, then an Additional Termination Event shall have occurred with
          respect
          to Party A and Party A shall be the sole Affected Party with respect to
          such an
          Additional Termination Event.

         

        If,
          at
          any time, the Terminator purchases the Mortgage Loans pursuant to Section
          10.01
          of the Pooling and Servicing Agreement, then an Additional Termination
          Event
          shall have occurred and Party B shall be the sole Affected Party with respect
          thereto; provided, however, that notwithstanding Section 6(b)(iv) of the
          Master
          Agreement, both Party A and Party B shall have the right to designate an
          Early
          Termination Date in respect of this Additional Termination Event; provided,
          further, that the Early Termination Date shall not be prior to the Optional
          Termination Date.

         

        If,
          at
          any time, the Pooling and Servicing Agreement is amended or modified without
          the
          prior written consent of Party A (such consent not to be unreasonably withheld),
          where such consent is required under the terms of the Pooling and Servicing
          Agreement, then an Additional Termination Event shall have occurred and
          Party B
          shall be the sole Affected Party.

         

        If,
          upon
          the occurrence of a Regulation AB Event (as defined in Part 5(o) below)
          Party A
          has not, within 30 days after such Regulation AB Event complied with any
          of the
          provisions set forth in Part 5(o)(iii) below (provided that if the significance
          percentage reaches 10% after a Regulation AB Event has occurred, Party
          A must
          comply with the provisions set forth in Part 5(o)(iii) below within 10
          calendar
          days of Party A being informed of the significance percentage reaching
          10%),
          then an Additional Termination Event shall have occurred with respect to
          Party A
          and Party A shall be the sole Affected Party with respect to such Additional
          Termination Event.

         

        
          	(l)  	
                  Amendment
                    to ISDA Form

                

        

         

        The
          “Failure to Pay or Deliver” provision in Section 5(a)(i) of the Master Agreement
          is hereby amended by deleting the word “third” in the third line thereof and
          inserting the word “first” in place thereof.

         

        
          	(m)  	
                  Severability
                    

                

        

         

        If
          any
          term, provision, covenant, or condition of the Agreement, or the application
          thereof to any other party or circumstance, shall be held invalid or
          unenforceable (in whole or in part) for any reason, the remaining terms,
          provisions, covenants, and conditions hereof shall continue in full force
          and
          effect as if the Agreement has been executed with the invalid or unenforceable
          provision portion eliminated, so long as the Agreement as so modified continues
          to express, without material change, the original intentions of the parties
          as
          to the subject matter of the Agreement and the deletion of such portion
          of the
          Agreement will not substantially impair the respective benefits or expectations
          of the parties. The parties shall endeavor to engage in good faith negotiations
          to replace any invalid or unenforceable term, provision, covenant or conditions
          with a valid or enforceable term, provision, covenant or condition, the
          economic
          effect of which comes as close as possible to that of the invalid or
          unenforceable term, provision, covenant or condition.

        
          
            
            

          

          
            
            

            
              

            

          

           

        

         

        
          	(n)  	
                  Priority
                    of Payments

                

        

         

        Party
          A
          hereby agrees that, notwithstanding any provision of this agreement to
          the
          contrary, Party B’s obligations to pay any amounts owing under this Agreement
          shall be subject to Section  5.01
          and
          Section 5.07 of the Pooling and Servicing Agreement and Party A’s right to
          receive payment of such amounts shall be subject to Section  5.01
          and
          Section 5.07 of the Pooling and Servicing Agreement. This provision will
          survive
          the termination of this Agreement.

         

        
          	(o)  	
                  Compliance
                    with Regulation AB

                

        

         

        
          	 	
                  (i)

                	
                  Party
                    A agrees and acknowledges that while reporting requirements with
                    respect
                    to this Transaction are operative by force of law, DB Structured
                    Products,
                    Inc. (“DBSP”)
                    and ACE Securities Corp. (“ACE”)
                    are required under Regulation AB under the Securities Act of
                    1933, as
                    amended, and the Securities Exchange Act of 1934, as amended
                    (“Regulation
                    AB”),
                    to disclose certain information set forth in Regulation AB regarding
                    Party
                    A or its group of affiliated entities, if applicable, depending
                    on the
                    aggregate “significance percentage” of this Agreement and any other
                    derivative contracts between Party A or its group of affiliated
                    entities,
                    if applicable, and Party B, as calculated from time to time in
                    accordance
                    with Item 1115 of Regulation AB. 

                

        

         

        
          	 	
                  (ii)

                	
                  If,
                    solely while the relevant reporting requirements apply by force
                    of law to
                    this Transaction, DBSP or ACE determines, reasonably and in good
                    faith,
                    that the significance percentage of this Agreement has increased
                    to nine
                    (9) percent, then DBSP or ACE, as the case may be, may notify
                    Party A on a
                    Business Day after the date hereof of such increase in the significance
                    percentage (such notification, a “Regulation
                    AB Event”).
                    DBSP and/or ACE, as applicable hereby agree with Party A to provide
                    Party
                    A with the calculations and any other information reasonably
                    requested by
                    Party A with respect to the determination that led to a Regulation
                    AB
                    Event.

                

        

         

        
          	
                	(iii)	
                  Upon
                    the occurrence of a Regulation AB Event, Party A, at its own
                    expense,
                    shall (1) provide DBSP and ACE with the information set forth
                    in Item
                    1115(b) of Regulation AB (the “Regulation
                    AB Information”),
                    (2) subject to Rating Agency Condition, secure another entity
                    to replace
                    Party A as party to this Agreement on terms substantially similar
                    to this
                    Agreement, which entity is able to provide the Regulation AB
                    Information
                    or (3) subject to Rating Agency Condition, obtain a guaranty
                    of Party A’s
                    obligations under this Agreement from an affiliate of Party A
                    that is able
                    to provide the Regulation AB Information, such that disclosure
                    provided in
                    respect of the affiliate will satisfy any disclosure requirements
                    applicable to Party A, and cause such affiliate to provide the
                    Regulation
                    AB Information. If permitted by Regulation AB, any required Regulation
                    AB
                    Information may be provided by incorporation by reference from
                    reports
                    filed pursuant to the Securities Exchange Act. For purposes of
                    clause (2)
                    above, the parties agree that National Westminster Bank Plc (“NatWest”)
                    shall be an acceptable replacement for Party A, so long as NatWest
                    is able
                    to provide suitable Regulation AB
                    Information.

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

           

        

         

        
          	(p)  	
                  Non-Recourse

                

        

         

        Notwithstanding
          any provision herein or in the Master Agreement to the contrary, the obligations
          of Party B hereunder are limited recourse obligations of Party B, payable
          solely
          from the Supplemental Interest Trust and the proceeds thereof, in accordance
          with the terms of the Pooling and Servicing Agreement. In the event that
          the
          Supplemental Interest Trust and the proceeds thereof, should be insufficient
          to
          satisfy all claims outstanding and following the realization of the account
          held
          by the Supplemental Interest Trust and the proceeds thereof, any claims
          against
          or obligations of Party B under the Master Agreement or any other confirmation
          thereunder still outstanding shall be extinguished and thereafter not revive.
          The Supplemental Interest Trust Trustee shall not have liability for any
          failure
          or delay in making a payment hereunder to Party A due to any failure or
          delay in
          receiving amounts in the account held by the Supplemental Interest Trust
          from
          the trust created pursuant to the Pooling and Servicing Agreement.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      EXHIBIT
        J

      

      CAP
        CONTRACTS

      
         

         

        
          	 	
                  

                
	 	 
	 	
                  Financial
                    Markets

                  280
                    Bishopsgate

                  London
                    EC2M 4RB

                

        

         

        
          	
                  Memorandum

                	
                  September
                    28, 2006

                

        

        

        
          	
                  To:

                	 	
                  HSBC
                    Bank USA, National Association, not in its individual capacity,
                    but

                  solely
                    as Trustee for the ACE Securities Corp. Home Equity Loan Trust,
                    

                  Series
                    2006-ASAP5, Asset Backed Pass-Through Certificates (“Party
                    B”)

                   

                  452
                    Fifth Avenue

                  New
                    York, New York 10018

                  Attn:
                    Corporate Trust & Loan Agency

                  Tel:
                    212-525-1309

                  Fax:
                    212-525-1300

                  E-Mail:
                    fernando.acebedo@us.hsbc.com

                

        

        
          	 	 	 
	
                  Copy
                    To:

                	 	
                  Wells
                    Fargo Bank, National Association

                  9062
                    Old Annapolis Road

                  Columbia,
                    Maryland 21045

                  Tel:
                    410-884-2000

                  Attn:
                    Client Manager, ACE 2006-ASAP5

                  Fax:
                    410-715-2380

                

        

        
          	 
	
                  From:

                   

                   

                   

                   

                	 	
                  The
                    Royal Bank of Scotland plc (“Party
                    A”)

                  c/o
                    RBS Financial Markets

                  Level
                    7, 135 Bishopsgate

                  London
                    EC2M 3UR

                  Attn:
                    Head of Legal, Financial Markets 

                  Tel:
                    44 207 085 5000

                  Fax:
                    44 207 085 8411

                
	 	 	 
	
                  Copy
                    To:

                	 	
                  Greenwich
                    Capital Markets, Inc.

                  600
                    Steamboat Road

                  Greenwich,
                    CT 06830

                  Attn:
                    Legal Department - Derivatives Documentation

                  Tel.:
                    203-618-2576

                  Fax:
                    203-618-2533/34

                
	 	 	 
	
                  Our
                    Reference Number:

                	 	
                  IRG16089884

                

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Dear
          Sir
          or Madam:

         

        The
          purpose of this letter agreement is to confirm the terms and conditions
          of the
          Transaction entered into between Party A and HSBC Bank USA, National Association
          as trustee of the ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASAP5
          Asset Backed Pass-Through Certificates (the “Trustee”
and
          the
“Trust”,
          respectively) under the Pooling and Servicing Agreement (the “Pooling
          and Servicing Agreement”),
          dated
          and effective as of September 1, 2006, among Ace Securities Corp., as Depositor,
          Ocwen Loan Servicing, LLC, as Servicer, Wells Fargo Bank, National Association,
          as Master Servicer and Securities Administrator and the Trustee (each a
          “party”
and
          together “the
          parties”)
          on the
          Trade Date specified below (the “Transaction”).
          This
          letter agreement (the “Agreement”)
          constitutes the sole and complete “Confirmation”,
          as
          referred to in the Master Agreement (as defined below).

         

        The
          definitions and provisions contained in the 2000 ISDA Definitions (the
          “Definitions”)
          as
          published by the International Swaps and Derivatives Association, Inc.,
          (“ISDA”)
          are
          incorporated into this Confirmation. Any reference to a “Cap Transaction” in the
          Definitions is deemed to be a reference to a “Transaction” for purposes of this
          Agreement, and any reference to a “Transaction” in this Agreement is deemed to
          be a reference to a “Cap Transaction” for purposes of the Definitions. This
          Confirmation will be governed by and subject to the terms and conditions
          which
          would be applicable if, prior to the Trade Date, the parties had executed
          and
          delivered an ISDA Master Agreement (Multicurrency-Cross Border), in the
          form
          published by ISDA in 1992 (the “Master
          Agreement”)
          (but
          without any Schedule except for the elections noted in Schedule B hereto).
          For
          the avoidance of doubt, the Transaction described herein shall be the sole
          Transaction governed by such Master Agreement. In the event of any inconsistency
          between the provisions of the Master Agreement and this Confirmation, this
          Confirmation will govern. Terms capitalized but not defined herein or in
          the
          Definitions incorporated herein shall have the respective meanings attributed
          to
          them in the Pooling and Servicing Agreement.

         

        
          	1          
                    	
                  This
                    Confirmation evidences a complete binding agreement between the
                    parties as
                    to the terms of the Transaction to which this Confirmation relates.
                    In
                    addition, each party represents to the other party and will be
                    deemed to
                    represent to the other party on the date on which it enters into
                    a
                    Transaction that (absent a written agreement between the parties
                    that
                    expressly imposes affirmative obligations to the contrary for
                    that
                    Transaction):

                

        

         

        
          	(i)  	
                  Principal
                    In
                    the case of Party A, it is acting as principal and not as agent
                    when
                    entering into the Transaction and in the case of Party B, it
                    is acting as
                    Trustee when entering into the
                    Transaction.

                

        

         

        
          	(ii)  	
                  Non-Reliance
                    In
                    the case of Party A, it is acting for its own account and, in
                    the case of
                    Party B, it is acting as Trustee, and in the case of both parties,
                    it has
                    made its own independent decisions to enter into the Transaction
                    and as to
                    whether the Transaction is appropriate or proper for it based
                    upon its own
                    judgment and upon advice from such advisors as it has deemed
                    necessary
                    and, with respect to Party B, as directed under the Pooling and
                    Servicing
                    Agreement. It is not relying on any communication (written or
                    oral) of the
                    other party as investment advice or as a recommendation to enter
                    into the
                    Transaction; it being understood that information and explanations
                    related
                    to the terms and conditions of the Transaction shall not be considered
                    investment advice or a recommendation to enter into the Transaction.
                    No
                    communication (written or oral) received from the other party
                    shall be
                    deemed to be an assurance or guarantee as to the expected results
                    of the
                    Transaction.

                

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

        
          	(iii)  	
                  Evaluation
                    and Understanding
                    It
                    is capable of evaluating and understanding (on its own behalf
                    or through
                    independent professional advice), and understands and accepts,
                    the terms,
                    conditions and risks of the Agreement and that Transaction. It
                    is also
                    capable of assuming, and assumes, the financial and other risks
                    of the
                    Agreement and that Transaction.

                

        

         

        
          	(iv)  	
                  Status
                    of Parties
                    The other party is not acting as an agent, fiduciary or advisor
                    for it in
                    respect of that Transaction.

                

        

         

        
          	2          
                   	
                  The
                    terms of the particular Transaction to which this Confirmation
                    relates are
                    as follows:

                

        

         

        
          	
                  Notional
                    Amount:

                	 	
                  With
                    respect to any Calculation Period, shall equal the lesser of
                    (1) the
                    Notional Amount as detailed in Schedule A attached hereto and
                    (2) the
                    aggregate Certificate Principal Balance of the Class A-1A Certificates,
                    the Mezzanine Certificates and the Class CE Certificates (together,
                    the
                    “Certificates”)
                    immediately preceding the Distribution Date which occurs in the
                    calendar
                    month of the Floating Rate Payer Payment Date for such Calculation
                    Period
                    (determined for this purpose without regard to any adjustment
                    of the
                    Floating Rate Payer Payment Date or Distribution Date relating
                    to business
                    days). The Securities Administrator shall make available each
                    month, and
                    in any event no later than five (5) business days prior to the
                    related
                    Floating Rate Payer Payment Date, via the Securities Administrator’s
                    website a Distribution Date statement containing the aggregate
                    Certificate
                    Principal Balance of the Certificates as of the first day of
                    such
                    Calculation Period. Party A shall rely upon the statement of
                    Certificate
                    Principal Balance of the Certificates made available on the Securities
                    Administrator’s website. The Securities Administrator’s internet website
                    shall initially be located at www.ctslink.com and assistance
                    in using the
                    website can be obtained by calling the Securities Administrator’s investor
                    relations desk at (301) 815-6600.

                  Any
                    payment by Party A to Party B in excess of the amount due under
                    this
                    Transaction on any Floating Rate Payer Payment Date shall be
                    promptly
                    returned by Party B to Party A and Party B shall promptly notify
                    Party A
                    after Party B is aware of such overpayment. Other than the return
                    of such
                    overpayment, neither party shall incur any penalty or liability
                    hereunder
                    with respect to such overpayment.

                
	 	 	 
	
                  Trade
                    Date:

                	 	
                  September
                    26, 2006

                
	 	 	 
	
                  Effective
                    Date:

                	 	
                  September
                    28, 2006

                
	 	 	 
	
                  Termination
                    Date:

                	 	
                  March
                    25, 2007, subject to adjustment in accordance with the Business
                    Day
                    Convention.

                
	 	 	 
	
                  Fixed
                    Amount:

                	 	 
	 	 	 
	
                  Fixed
                    Rate Payer:

                	 	
                  Party
                    B

                
	 	 	 
	
                  Fixed
                    Rate Payer Payment Date:

                	 	
                  September
                    28, 2006

                

        

        
          	 	 	 
	
                  Fixed
                    Amount:

                	 	
                  USD
                    1000.00

                

        

         

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

        

        
          	 	 	 
	
                  Floating
                    Amounts:

                	 	 
	 	 	 
	
                  Floating
                    Rate Payer:

                	 	
                  Party
                    A

                
	 	 	 
	
                  Cap
                    Rate:

                	 	
                  7.50%

                
	 	 	 
	
                  Floating
                    Rate Payer Period End Dates:

                	 	
                  The
                    25th calendar day of each month of each year, commencing October
                    25, 2006,
                    through and including the Termination Date, subject to adjustment
                    in
                    accordance with the Business Day Convention.

                
	 	 	 
	
                  Floating
                    Rate Payer Payment Dates:

                	 	
                  Early
                    Payment shall be applicable. The Floating Rate Payer Payment
                    Dates shall
                    be one (1) Business Day prior to each Floating Rate Payer Period
                    End Date,
                    subject to adjustment in accordance with the Business Day
                    Convention.

                
	 	 	 
	
                  Floating
                    Rate Option:

                	 	
                  USD-LIBOR-BBA

                
	 	 	 
	
                  Floating
                    Amount

                	 	
                  To
                    be determined in accordance with the following formula: the greater
                    of (i)
                    (Floating Rate Option - Cap Rate) * Notional Amount * Floating
                    Rate Day
                    Count Fraction and (ii) zero.

                
	 	 	 
	
                  Designated
                    Maturity:

                	 	
                  One
                    month.

                
	 	 	 
	
                  Floating
                    Rate Day Count Fraction:

                	 	
                  Actual/360

                
	 	 	 
	
                  Reset
                    Dates:

                	 	
                  First
                    day of each Calculation Period

                
	 	 	 
	
                  Compounding:

                	 	
                  Inapplicable

                
	 	 	 
	
                  Business
                    Days:

                	 	
                  New
                    York 

                
	 	 	 
	
                  Business
                    Day Convention:

                	 	
                  Following

                
	 	 	 
	
                  Calculation
                    Agent:

                	 	
                  Party
                    A

                

        

         

        
          	3          
                    	
                  Recording
                    of Conversations

                

        

         

        Each
          party (i) consents to the recording of the telephone conversations of trading
          and marketing personnel of the parties and (ii) agrees to obtain any necessary
          consent of, and give notice of such recording to, such personnel of
          it.

         

        
          	4          
                    	
                  Account
                    Details:

                

        

         

        
          	 	 	 
	
                  Account
                    for payments to Party A:

                	 	
                  For
                    the account of The Royal Bank of Scotland Financial Markets Fixed
                    Income
                    and Interest Rate Derivative Operations, London SWIFT RBOSGB2RTCM
                    with
                    JPMorgan Chase Bank, New York CHASUS33, ABA # 021000021

                  Account
                    Number 400930153

                

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

        
          	
                  Account
                    for payments to Party B:

                	 	
                  Wells
                    Fargo Bank, NA

                  ABA
                    # 121000248

                  Account
                    Name: SAS Clearing Account #3970771416

                  FFC
                    to: 50952201, ACE 2006-ASAP5 Reserve
                    Fund

                

        

         

        
          	5          
                    	
                  Offices:

                

        

         

        
          	
                  The
                    Office of Party A for this Transaction is:

                	
                  London

                
	 	 
	
                  The
                    Office of Party B for this Transaction is:

                	
                  New
                    York

                

        

         

        
          	6          
                    	
                  Other
                    Provisions:

                

        

         

        
          	6.1  	
                  Agency
                    Role of Greenwich Capital Markets, Inc. This Transaction has
                    been entered
                    into by Greenwich Capital Markets, Inc., as agent for The Royal
                    Bank of
                    Scotland plc. Greenwich Capital Markets, Inc. has not guaranteed
                    and is
                    not otherwise responsible for the obligations of Party A under
                    this
                    Transaction.

                

        

         

        [REMAINDER
          OF THIS PAGE INTENTIONALLY LEFT BLANK]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Please
          promptly confirm that the foregoing correctly sets forth the terms of the
          Transaction entered into between us by executing this Confirmation and
          returning
          it to us by facsimile to:

         

        The
          Royal Bank of Scotland plc

        Attention:
          Derivatives Documentation

        Fax:
          0207 375 6724 / 6486 Phone: 0207 375 4225

        

         

        
          	
                  THE
                    ROYAL BANK OF SCOTLAND PLC

                  By:
                    Greenwich Capital Markets, Inc., its agent

                	 	 	 
	 	 	 	 
	 	 	 	 
	By  	 	 	 
	
                  
                    
Name:

                	 	 	
                
	
                  Title:

                	 	 	 

        

         

        Accepted
          and confirmed as of the Trade Date written above:

         

        HSBC
          BANK USA, NATIONAL ASSOCIATION, NOT
          IN
          ITS INDIVIDUAL CAPACITY, BUT SOLELY AS TRUSTEE
          FOR THE ACE SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-ASAP5,
          ASSET
          BACKED PASS-THROUGH CERTIFICATES

        

        
          	 	 	 	 
	By  	 	 	 
	
                  
                    
Name:

                	 	 	
                
	
                  Title:

                	 	 	 

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Schedule
          A to the Confirmation dated as of September 28, 2006

         

        Re:
          Reference Number IRG16089884

         

        Amortization
          Schedule,
          all
          such
          dates subject to adjustment in accordance with the Business Day
          Convention

         

        
          	
                  From
                    and Including

                	 	
                  To
                    but Excluding

                	 	
                  Notional
                    Amount (USD)

                
	
                  9/28/2006

                	 	
                  10/25/2006

                	 	
                   256,740,978.00
                    

                
	
                  10/25/2006

                	 	
                  11/25/2006

                	 	
                   254,711,790.00
                    

                
	
                  11/25/2006

                	 	
                  12/25/2006

                	 	
                   252,239,240.00
                    

                
	
                  12/25/2006

                	 	
                  1/25/2007

                	 	
                   249,326,760.00
                    

                
	
                  1/25/2007

                	 	
                  2/25/2007

                	 	
                   245,979,775.00
                    

                
	
                  2/25/2007

                	 	
                  3/25/2007

                	 	
                   242,206,025.00
                    

                

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        Schedule
          B to the Confirmation dated as of September 28, 2006

         

        Re:
          Reference Number IRG16089884

         

        Between
          The Royal Bank of Scotland plc (“Party
          A”)
          and
          HSBC Bank USA, National Association, not in its individual capacity, but
          solely
          as Trustee for the ACE Securities Corp. Home Equity Loan Trust, Series
          2006-ASAP5, Asset Backed Pass-Through Certificates (“Party
          B”)
          

         

        Part.
          1 Termination Provisions

         

        
          	(a)  	
                  “Specified
                    Entity”
                    means in relation to Party A for the purpose of the Master
                    Agreement:

                

        

         

        Section
          5(a)(v): none.

         

        Section
          5(a)(vi): none.

         

        Section
          5(a)(vii): none.

         

        Section
          5(b)(iv): none.

         

        and
          in
          relation to Party B for the purpose of the Master Agreement:

         

        Section
          5(a)(v): none.

         

        Section
          5(a)(vi): none.

         

        Section
          5(a)(vii): none.

         

        Section
          5(b)(iv): none.

         

        
          	(b)  	
                  “Specified
                    Transaction”
                    is not applicable to Party A or Party B for any purpose, and
                    accordingly,
                    Section 5(a)(v) of the Master Agreement shall not apply to Party
                    A or
                    Party B. 

                

        

         

        
          	(c)  	
                  The
                    “Breach
                    of Agreement”
                    provisions of Section 5(a)(ii) of the Master Agreement will be
                    inapplicable to Party A and Party
                    B.

                

        

         

        
          	(d)  	
                  The
                    “Credit
                    Support Default”
                    provisions of Section 5(a)(iii) of the Master Agreement will
                    be
                    inapplicable to Party A and Party
                    B.

                

        

         

        
          	(e)  	
                  The
                    “Misrepresentation”
                    provisions of Section 5(a)(iv) of the Master Agreement will be
                    inapplicable to Party A and Party
                    B.

                

        

         

        
          	(f)  	
                  The
                    “Default
                    Under Specified Transaction”
                    provisions of Section 5(a)(v) of the Master Agreement will be
                    inapplicable
                    to Party A and Party B.

                

        

         

        
          	(g)  	
                  The
                    “Cross
                    Default”
                    provisions of Section 5(a)(vi) of the Master Agreement will be
                    inapplicable to Party A and Party
                    B.

                

        

         

        
          	(h)  	
                  The
                    “Bankruptcy”
                    provision of Section 5(a)(vii)(2) of the Master Agreement will
                    be
                    inapplicable to Party B.

                

        

         

        
          	(i)  	
                  The
                    “Merger
                    Without Assumption”
                    provision of Section 5(a)(viii) will not apply to Party
                    B.

                

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

        
          	(j)  	
                  The
                    “Credit
                    Event Upon Merger”
                    provisions of Section 5(b)(iv) of the Master Agreement will be
                    inapplicable to Party A and Party
                    B.

                

        

         

        
          	(k)  	
                  The
                    “Automatic
                    Early Termination”
                    provision of Section 6(a) of the Master Agreement will be inapplicable
                    to
                    Party A and Party B; provided that where there is an Event of
                    Default
                    under Section 5(a)(vii)(1), (3), (4), (5), (6) or, to the extent
                    analogous
                    thereto, (8), and the Defaulting Party is governed by a system
                    of law that
                    does not permit termination to take place after the occurrence
                    of such
                    Event of Default, then the Automatic Early Termination provisions
                    of
                    Section 6(a) will apply.

                

        

         

        If
          an
          Early Termination Date has occurred under Section 6(a) of the Master Agreement
          as a result of Automatic Early Termination, and if the Non-defaulting Party
          determines that it has either sustained or incurred a loss or damage or
          benefited from a gain in respect of any Transaction, as a result of movement
          in
          interest rates, currency exchange rates, other relevant rates or market
          quotations between the Early Termination Date and the date upon which the
          Non-defaulting Party first becomes aware that such Event of Default has
          occurred
          under Section 6(a) of the Agreement, then (i) the amount of such loss or
          damage
          shall be added to the amount due by the Defaulting Party or deducted from
          the
          amount due by the Non-defaulting Party, as the case may be (in both cases
          pursuant to Section 6(e)(i)(3) of the Master Agreement); or (ii) the amount
          of
          such gain shall be deducted from the amount due by the Defaulting Party
          or added
          to the amount due by the Non-defaulting Party, as the case may be (in both
          cases
          pursuant to Section 6(e)(i)(3) of the Master Agreement).

         

        
          	(l)  	
                  Payments
                    on Early Termination For
                    the purpose of Section 6(e) of the Master
                    Agreement:

                

        

         

        
          	(i)  	
                  Market
                    Quotation will apply; and

                

        

         

        
          	(ii)  	
                  The
                    Second Method will apply.

                

        

         

        
          	(m)  	
                  “Termination
                    Currency”
                    means United States Dollars.

                

        

         

        Part. 2 
          Tax Representations 

         

        Payer
          Representations For
          the
          purpose of Section 3(e) of the Master Agreement, each of Party A and Party
          B
          will make the following representation:

         

        It
          is not
          required by any applicable law, as modified by the practice of any relevant
          governmental revenue authority, of any Relevant Jurisdiction to make any
          deduction or withholding for or on account of any Tax from any payment
          (other
          than interest under Section 2(e), 6(d)(ii) or 6(e) of the Master Agreement)
          to
          be made by it to the other party under this Agreement. In making this
          representation, it may rely on (i) the accuracy of any representations
          made by
          the other party pursuant to Section 3(f) of the Master Agreement, (ii)
          the
          satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii)
          of the
          Master Agreement and the accuracy and effectiveness of any document provided
          by
          the other party pursuant to Section 4(a)(i) or 4(a)(iii) of the Master
          Agreement
          and (iii) the satisfaction of the agreement of the other party contained
          in
          Section 4(d) of the Master Agreement, provided that it shall not be a breach
          of
          this representation where reliance is placed on clause (ii) and the other
          party
          does not deliver a form or document under Section 4(a)(iii) of the Master
          Agreement by reason of material prejudice to its legal or commercial position.
          

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        Payee
          Representations For
          the
          purpose of Section 3(f) of the Master Agreement, Party A and Party B make
          the
          following representations:

         

        
          	(i)  	
                  Party
                    A represents that 

                

        

         

        
          	(A)  	
                  it
                    is a tax resident of the United
                    Kingdom;

                

        

         

        
          	(B)  	
                  it
                    is a "foreign person" within the meaning of the applicable U.S.
                    Treasury
                    Regulations concerning information reporting and backup withholding
                    tax
                    (as in effect on January 1, 2001), unless Party A provides
                    written notice to Party B that it is no longer a foreign
                    person;

                

        

         

        
          	(C)  	
                  in
                    respect of each Transaction it enters into through an office
                    or
                    discretionary agent in the United States or which otherwise is
                    allocated
                    (in whole or part) for United States federal income tax purposes
                    to such
                    United States trade or business, each payment received or to
                    be received
                    by it under such Transaction (or portion thereof, if applicable)
                    will be
                    effectively connected with its conduct of a trade or business
                    in the
                    United States; and

                

        

         

        
          	(D)  	
                  in
                    respect of all other Transactions or portions thereof, no such
                    payment
                    received or to be received by it in connection with this Agreement
                    is
                    attributable to a trade or business carried on by it through
                    a permanent
                    establishment in the United States.

                

        

         

        
          	(ii)  	
                  Party
                    B represents that it is the Trustee of the Trust created under
                    the
                    Pooling
                    and Servicing Agreement.

                

        

         

        Part. 3 Agreement
          to Deliver Documents

         

        For
          the
          purpose of Sections 4(a)(i) and (ii) of the Master Agreement, Party A and
          Party
          B agree to deliver the following documents, as applicable:

         

        
          	(a)  	
                  Tax
                    forms, documents or certificates to be delivered
                    are:

                

        

         

        
          	
                  Party
                    Required to Deliver Document

                	 	
                  Form/Document/Certificate

                	 	
                  Date
                    by Which to be Delivered

                
	
                  Party
                    A and Party B

                	 	
                  Any
                    form or document required or reasonably requested to allow the
                    other party
                    to make payments under the Agreement without any deduction or
                    withholding
                    for or on account of any Tax, or with such deduction or withholding
                    at a
                    reduced rate.

                	 	
                  Promptly
                    upon reasonable demand by the other
                    party.

                

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

        
          	(b)  	
                  Other
                    documents to be delivered and covered by the Section 3(d) representation
                    are:—

                

        

         

        
          	
                  Party
                    required to deliver

                	 	
                  Form/Document/or
                    Certificate

                	 	
                  Date
                    by which to be delivered

                	 	
                  Covered
                    by Section 3(d) representation

                
	
                  Party
                    A and Party B

                	 	
                  Incumbency
                    Certificate (or, if available the current authorized signature
                    book or
                    equivalent authorizing documentation) specifying the names, titles,
                    authority and specimen signatures of the persons authorized to
                    execute the
                    Confirmation which sets forth the specimen signatures of each
                    signatory to
                    the Confirmation signing on its behalf. 

                	 	
                  Concurrently
                    with the execution and delivery of the Confirmation unless previously
                    delivered and still in full force and effect.

                	 	
                  Yes

                
	 	 	 	 	 	 	 
	
                  Party
                    B 

                	 	
                  The
                    Pooling and Servicing Agreement

                	 	
                  Concurrently
                    with the execution and delivery of the Confirmation.

                	 	
                  No

                
	 	 	 	 	 	 	 
	
                  Party
                    A

                	 	
                  Legal
                    opinion[s] with respect to Party A and its Credit Support Provider,
                    if
                    any, reasonably satisfactory in form and substance to Party B
                    to the
                    enforceability of Party A’s obligation under this
                    Agreement.

                	 	
                  Upon
                    the execution and delivery of this Agreement and any
                    Confirmation

                	 	
                  No

                

        

         

        Part.
          4 Miscellaneous

         

        
          	(a)  	
                  Addresses
                    for Notices For
                    the purposes of Section 12(a) of the Master
                    Agreement:

                

        

         

        Addresses
          for notices or communications to Party A and to Party B shall be those
          set forth
          on the first page of the Confirmation.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	(b)  	
                  Process
                    Agent For
                    the purpose of Section 13(c) of the Master
                    Agreement:

                

        

         

        Party
          A
          appoints as its Process Agent: none.

         

        Party
          B
          appoints as its Process Agent: none.

         

        
          	(c)  	
                  Offices
                    With
                    respect to Party A, the provisions of Section 10(a) of the Master
                    Agreement will apply.

                

        

         

        
          	(d)  	
                  Multibranch
                    Party For
                    the purpose of Section 10(c) of the Master
                    Agreement:

                

        

         

        Party
          A
          is not a Multibranch Party.

         

        Party
          B
          is not a Multibranch Party.

         

        
          	(e)  	
                  Calculation
                    Agent The
                    Calculation Agent is Party A.

                

        

         

        
          	(f)  	
                  Credit
                    Support Document Details
                    of any Credit Support Document:
                    none

                

        

         

        
          	(g)  	
                  Credit
                    Support Provider 

                

        

         

        Credit
          Support Provider means in relation to Party A: none.

         

        Credit
          Support Provider means in relation to Party B: none.

         

        
          	(h)  	
                  Governing
                    Law This
                    Agreement will be governed by and construed in accordance with
                    the laws of
                    the State of New York (without reference to conflicts of law
                    doctrine
                    other than New York General Obligations Law Sections 5-1401 and
                    5-1402).

                

        

         

        
          	(i)  	
                  Netting
                    of Payments Subparagraph
                    (ii) of Section 2(c) of the Agreement will apply to the Transaction
                    evidenced by the Confirmation.

                

        

         

        
          	(j)  	
                  “Affiliate”
                    Party B shall be deemed to have no Affiliates for purposes of
                    this
                    Transaction.

                

        

         

        
          	(k)  	
                  Jurisdiction
                    Section
                    13(b) of the Master Agreement is hereby amended by: (i) deleting
                    in the
                    second line of subparagraph (i) thereof the word “non-”: and (ii) deleting
                    the final paragraph thereof.

                

        

         

        Part.
          5 Other Provisions 

         

        
          	(a)  	
                  Modifications
                    to the Agreement Section
                    3(a) of the Master Agreement shall be amended to include the
                    following
                    additional representations after paragraph
                    3(a)(v):

                

        

         

        (vi)
           Eligible
          Contract Participant etc.
          It is
          an “eligible contract participant” as defined in Section 1a(12) of the U.S.
          Commodity Exchange Act (7 U.S.C. 1a), as amended by the Commodity Futures
          Modernization Act of 2000 and the Transaction evidenced hereby has been
          the
          subject of individual negotiations and is intended to be exempt from, or
          otherwise not subject to regulation thereunder.

         

        
          	(b)  	
                  Waiver
                    of Right to Trial by Jury Each
                    party hereby irrevocably waives any and all rights to trial by
                    jury in any
                    legal proceeding arising out of or relating to this Agreement
                    or any
                    Transaction hereunder.

                

        

         

        
          	(c)  	
                  Absence
                    of Litigation In
                    Section 3(c) of the Master Agreement the words “or any of its Affiliates”
                    shall be deleted.

                

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

        
          	(d)  	
                  Tax
                    Event In
                    Section 5(b)(ii)(y) of the Master Agreement the words “, or there is a
                    substantial likelihood that it will,” shall be
                    deleted.

                

        

         

        
          	(e)  	
                   Transfer
                    and Amendment

                

        

         

        Subject
          to Part 5(j) herein, no transfer, amendment, waiver, supplement, assignment
          or
          other modification of this Transaction shall be permitted by either party
          unless
          (i) each of Standard and Poor’s Ratings Services, a Division of The McGraw-Hill
          Companies, Inc. (“S&P”)
          and
          Moody’s Investors Service, Inc. (“Moody’s”)
          (each
          a “Rating
          Agency”)
          has
          been provided notice of the same and (ii) each of S&P and Moody’s confirm in
          writing (including by facsimile transmission) that they will not downgrade,
          qualify, withdraw or otherwise modify their then-current rating of the
          Certificates.

         

        
          	(f)  	
                  Trustee
                    Capacity

                

        

         

        It
          is
          expressly understood and agreed by the parties hereto that insofar as this
          Confirmation is executed by the Trustee (i) this Confirmation is executed
          and
          delivered by HSBC Bank USA, National Association, not in its individual
          capacity
          but solely as Trustee of the Trust created under the Pooling and Servicing
          Agreement in the exercise of the powers and authority conferred and vested
          in it
          thereunder (ii) each of the representations, undertakings and agreements
          herein
          made on behalf of the Trust is made and intended not as personal representations
          of the Trustee but is made and intended for the purpose of binding only
          the
          Trust created under the Pooling and Servicing Agreement, and (iii) under
          no
          circumstances will HSBC Bank USA, National Association in its individual
          capacity be personally liable for the payment of any indebtedness or expenses
          or
          be personally liable for the breach or failure of any obligation,
          representation, warranty or covenant made or undertaken under this
          Confirmation.

         

        
          	(g)  	
                  Proceedings

                

        

         

        Party
          A
          shall not institute against or cause any other person to institute against,
          or
          join any other person in instituting against, Party B or the Supplemental
          Interest Trust created pursuant to the Pooling and Servicing Agreement,
          any
          bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
          or other proceedings under any federal or state bankruptcy, dissolution
          or
          similar law, for a period of one year and one day (or, if longer, the applicable
          preference period) following indefeasible payment in full of the Certificates,
          provided that nothing herein shall preclude, or be deemed to estop Party
          A from
          taking any action in any case or proceeding voluntarily filed or commenced
          by or
          on behalf of Party B or in any involuntary case or proceeding after it
          has been
          commenced.

         

        
          	(h)  	
                  Set-off

                

        

         

        Notwithstanding
          any provision of this Agreement or any other existing or future agreement,
          each
          party irrevocably waives any and all rights it may have to set-off, net
          recoup
          or otherwise withhold or suspend or condition payment or performance of
          any
          obligation between it and the other party hereunder against any obligation
          between it and the other party under any other agreements. The provisions
          for
          Set-off set forth in Section 6(e) of the Master Agreement shall not apply
          for
          purposes of this Transaction.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	(i)  	
                  Section
                    1(c)

                

        

         

        For
          purposes of Section 1(c) of the Master Agreement, this Transaction shall
          be the
          sole Transaction under the Agreement.

         

        
          	(j)  	
                  Rating
                    Agency Downgrade

                

        

         

        If
          a
          Ratings Event (as defined below) occurs with respect to Party A (or any
          applicable credit support provider), then Party A shall, within (30) days
          of
          such Ratings Event subject to the Rating Agency Condition (as hereinafter
          defined) and at its own expense (unless, within 30 days of such Ratings
          Event,
          each of S&P and Moody’s has reconfirmed the rating of the Certificates which
          was in effect immediately prior to such Ratings Event), (i) assign this
          Transaction hereunder to a third party that meets or exceeds, or as to
          which any
          applicable credit support provider of such third party meets or exceeds,
          the
          Approved Ratings Thresholds (as defined below) on terms substantially similar
          to
          this Confirmation, (ii) obtain a guaranty of Party A’s obligations under this
          Transaction from a third party that meets or exceeds the Approved Ratings
          Threshold, in form and substance, (iii) post collateral, or (iv) establish
          any
          other arrangement, which will be sufficient to restore the immediately
          prior
          ratings of the Certificates. For purposes of this Transaction, a “Ratings
          Event”
shall
          occur with respect to Party A (or any applicable credit support provider),
          if
          its short-term unsecured and unsubordinated debt ceases to be rated at
          least
“A-1” by S&P or its short-term unsecured and unsubordinated debt ceases to
          be rated at least “P-1” by Moody’s or its long-term unsecured and unsubordinated
          debt ceases to be rated at least “A1” by Moody’s (including in connection with a
          merger, consolidation or other similar transaction by Party A or any applicable
          credit support provider) such ratings being referred to herein as the
“Approved
          Ratings Thresholds.”
If
          a
          Further Ratings Event (as defined below) occurs with respect to Party A
          (or any
          applicable credit support provider), then Party A shall, within (10) days
          of
          such Downgrade Event subject to the Rating Agency Condition (as hereinafter
          defined) and at its own expense (unless, within 10 days of such Ratings
          Event,
          S&P has reconfirmed the rating of the Certificates which was in effect
          immediately prior to such Further Ratings Event), (i) assign this Transaction
          hereunder to a third party that meets or exceeds, or as to which any applicable
          credit support provider of such third party meets or exceeds, the Approved
          Ratings Thresholds on terms substantially similar to this Confirmation
          or (ii)
          obtain a guaranty of Party A’s obligations under this Transaction from a third
          party that meets or exceeds the Approved Ratings Threshold. For purposes
          of this
          Transaction, a “Further
          Ratings Event”
shall
          occur with respect to Party A (or any applicable credit support provider),
          if
          its long-term unsecured and unsubordinated debt ceases to be rated at least
          “BBB-” by S&P or its short-term unsecured and unsubordinated debt ceases to
          be rated at least “P-1” on watch for downgrade by Moody’s or its long-term
          unsecured and unsubordinated debt ceases to be rated at least “A2” on watch for
          downgrade by Moody’s (including in connection with a merger, consolidation or
          other similar transaction by Party A or any applicable credit support provider).
          "Rating
          Agency Condition"
          means,
          with respect to any particular proposed act or omission to act hereunder
          that
          the party acting or failing to act must consult with each Rating Agency
          then
          providing a rating of the Certificates and receive from each Rating Agency
          a
          prior written confirmation that the proposed action or inaction would not
          cause
          a downgrade or withdrawal of the then-current rating of the
          Certificates.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	(k)  	
                  Additional
                    Termination Events

                

        

         

        Additional
          Termination Events will apply as specified below:

         

        The
          occurrence of the following shall constitute an Additional Termination
          Event:

         

        If
          a
          Rating Agency Downgrade has occurred and Party A has not complied with
          paragraph
          (j) above, then an Additional Termination Event shall have occurred with
          respect
          to Party A and Party A shall be the sole Affected Party with respect to
          such an
          Additional Termination Event.

         

        If,
          at
          any time, the Terminator purchases the Mortgage Loans pursuant to Section
          10.01
          of the Pooling and Servicing Agreement, then an Additional Termination
          Event
          shall have occurred and Party B shall be the sole Affected Party with respect
          thereto; provided, however, that notwithstanding Section 6(b)(iv) of the
          Master
          Agreement, only Party B shall have the right to designate an Early Termination
          Date in respect of this Additional Termination Event; provided, further,
          that
          the Early Termination Date shall not be prior to the Optional Termination
          Date.

         

        If,
          upon
          the occurrence of a Regulation AB Event (as defined in Part 5(o) below)
          Party A
          has not, within 30 days after such Regulation AB Event complied with any
          of the
          provisions set forth in Part 5(o)(iii) below (provided that if the significance
          percentage reaches 10% after a Regulation AB Event has occurred, Party
          A must
          comply with the provisions set forth in Part 5(o)(iii) below within 10
          calendar
          days of Party A being informed of the significance percentage reaching
          10%),
          then an Additional Termination Event shall have occurred with respect to
          Party A
          and Party A shall be the sole Affected Party with respect to such Additional
          Termination Event.

         

        
          	(l)  	
                  Amendment
                    to ISDA Form

                

        

         

        The
          “Failure to Pay or Deliver” provision in Section 5(a)(i) of the Master Agreement
          is hereby amended by deleting the word “third” in the third line thereof and
          inserting the word “first” in place thereof.

         

        
          	(m)  	
                  Severability
                    

                

        

         

        If
          any
          term, provision, covenant, or condition of the Agreement, or the application
          thereof to any other party or circumstance, shall be held invalid or
          unenforceable (in whole or in part) for any reason, the remaining terms,
          provisions, covenants, and conditions hereof shall continue in full force
          and
          effect as if the Agreement has been executed with the invalid or unenforceable
          provision portion eliminated, so long as the Agreement as so modified continues
          to express, without material change, the original intentions of the parties
          as
          to the subject matter of the Agreement and the deletion of such portion
          of the
          Agreement will not substantially impair the respective benefits or expectations
          of the parties. The parties shall endeavor to engage in good faith negotiations
          to replace any invalid or unenforceable term, provision, covenant or conditions
          with a valid or enforceable term, provision, covenant or condition, the
          economic
          effect of which comes as close as possible to that of the invalid or
          unenforceable term, provision, covenant or condition.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	(n)  	
                  [Reserved]

                

        

         

        
          	(o)  	
                  Compliance
                    with Regulation AB

                

        

         

        
          	 	
                  (i)

                	
                  Party
                    A agrees and acknowledges that while reporting requirements with
                    respect
                    to this Transaction are operative by force of law, DB Structured
                    Products,
                    Inc. (“DBSP”)
                    and ACE Securities Corp. (“ACE”)
                    are required under Regulation AB under the Securities Act of
                    1933, as
                    amended, and the Securities Exchange Act of 1934, as amended
                    (“Regulation
                    AB”),
                    to disclose certain information set forth in Regulation AB regarding
                    Party
                    A or its group of affiliated entities, if applicable, depending
                    on the
                    aggregate “significance percentage” of this Agreement and any other
                    derivative contracts between Party A or its group of affiliated
                    entities,
                    if applicable, and Party B, as calculated from time to time in
                    accordance
                    with Item 1115 of Regulation AB. 

                

        

         

        
          	 	
                  (ii)

                	
                  If,
                    solely while the relevant reporting requirements apply by force
                    of law to
                    this Transaction, DBSP or ACE determines, reasonably and in good
                    faith,
                    that the significance percentage of this Agreement has increased
                    to nine
                    (9) percent, then DBSP or ACE, as the case may be, may notify
                    Party A on a
                    Business Day after the date hereof of such increase in the significance
                    percentage (such notification, a “Regulation
                    AB Event”).
                    DBSP and/or ACE, as applicable hereby agree with Party A to provide
                    Party
                    A with the calculations and any other information reasonably
                    requested by
                    Party A with respect to the determination that led to a Regulation
                    AB
                    Event.

                

        

         

        
          	 	
                  (iii)

                	
                  Upon
                    the occurrence of a Regulation AB Event, Party A, at its own
                    expense,
                    shall (1) provide DBSP and ACE with the information set forth
                    in Item
                    1115(b) of Regulation AB (the “Regulation
                    AB Information”),
                    (2) subject to Rating Agency Condition, secure another entity
                    to replace
                    Party A as party to this Agreement on terms substantially similar
                    to this
                    Agreement, which entity is able to provide the Regulation AB
                    Information
                    or (3) subject to Rating Agency Condition, obtain a guaranty
                    of Party A’s
                    obligations under this Agreement from an affiliate of Party A
                    that is able
                    to provide the Regulation AB Information, such that disclosure
                    provided in
                    respect of the affiliate will satisfy any disclosure requirements
                    applicable to Party A, and cause such affiliate to provide the
                    Regulation
                    AB Information. If permitted by Regulation AB, any required Regulation
                    AB
                    Information may be provided by incorporation by reference from
                    reports
                    filed pursuant to the Securities Exchange Act. For purposes of
                    clause (2)
                    above, the parties agree that National Westminster Bank Plc (“NatWest”)
                    shall be an acceptable replacement for Party A, so long as NatWest
                    is able
                    to provide suitable Regulation AB
                    Information.

                

        

         

        
          	(p)  	
                  Limitation
                    on Events of Default

                

        

         

        Notwithstanding
          the terms of Sections 5 and 6 of the Master Agreement, if at any time and
          so
          long as the Party B has satisfied in full all its payment obligations under
          Section 2(a)(i) of the Master Agreement and has at the time no future payment
          obligations, whether absolute or contingent, under such Section, then unless
          Party A is required pursuant to appropriate proceedings to return to the
          Party B
          or otherwise returns to the Party B upon demand of the Party B any portion
          of
          any such payment, (a) the occurrence of an event described in Section 5(a)
          of
          the Master Agreement with respect to the Party B shall not constitute an
          Event
          of Default or Potential Event of Default with respect to the Party B as
          Defaulting Party and (b) Party A shall be entitled to designate an Early
          Termination Date pursuant to Section 6 of the Master Agreement only as
          a result
          of the occurrence of a Termination Event set forth in either Section 5(b)(i)
          or
          5(b)(ii) of the Master Agreement with respect to Party A as the Affected
          Party,
          or Section 5(b)(iii) with respect to Party A as the Burdened Party. For
          purposes
          of the Transaction to which this Agreement relates, Party B’s only obligation
          under Section 2(a)(i) of the Master Agreement is to pay the Fixed Amount
          on the
          Fixed Rate Payer Payment Date.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

        
          	 	
                   

                
	 	 
	 	
                  Financial
                    Markets

                  280
                    Bishopsgate
London
                    EC2M 4RB

                

        

         

        
          	
                  Memorandum

                	
                  September
                    28, 2006

                

        

        

        
          	
                  To:

                	
                  HSBC
                    Bank USA, National Association, not in its individual capacity,
                    but

                  solely
                    as Trustee for the ACE Securities Corp. Home Equity Loan Trust,
                    Series
                    2006-ASAP5, 

                  Asset
                    Backed Pass-Through Certificates (“Party
                    B”)

                   

                  452
                    Fifth Avenue

                  New
                    York, New York 10018

                  Attn:
                    Corporate Trust & Loan Agency

                  Tel:
                    212-525-1309

                  Fax:
                    212-525-1300

                  E-Mail:
                    fernando.acebedo@us.hsbc.com

                

        

        
        

         

        
          	
                  Copy
                    To:

                	
                  Wells
                    Fargo Bank, National Association

                  9062
                    Old Annapolis Road

                  Columbia,
                    Maryland 21045

                  Tel:
                    410-884-2000

                  Attn:
                    Client Manager, ACE 2006-ASAP5

                  Fax:
                    410-715-2380

                

        

        
          	 
	
                  From:

                   

                   

                   

                   

                	
                  The
                    Royal Bank of Scotland plc (“Party
                    A”)

                  c/o
                    RBS Financial Markets

                  Level
                    7, 135 Bishopsgate

                  London
                    EC2M 3UR

                  Attn:
                    Head of Legal, Financial Markets 

                  Tel:
                    44 207 085 5000

                  Fax:
                    44 207 085 8411

                

        

         

        
          	
                  Copy
                    To:

                	
                  Greenwich
                    Capital Markets, Inc.

                  600
                    Steamboat Road

                  Greenwich,
                    CT 06830

                  Attn:
                    Legal Department - Derivatives Documentation

                  Tel.:
                    203-618-2576

                  Fax:
                    203-618-2533/34

                

        

         

        
          	
                  Our
                    Reference Number:

                	
                  IRG16089889

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

           

        

         

        Dear
          Sir
          or Madam:

         

        The
          purpose of this letter agreement is to confirm the terms and conditions
          of the
          Transaction entered into between Party A and HSBC Bank USA, National Association
          as trustee of the ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASAP5
          Asset Backed Pass-Through Certificates (the “Trustee”
and
          the
“Trust”,
          respectively) under the Pooling and Servicing Agreement (the “Pooling
          and Servicing Agreement”),
          dated
          and effective as of September 1, 2006, among Ace Securities Corp., as Depositor,
          Ocwen Loan Servicing, LLC, as Servicer, Wells Fargo Bank, National Association,
          as Master Servicer and Securities Administrator and the Trustee (each a
          “party”
and
          together “the
          parties”)
          on the
          Trade Date specified below (the “Transaction”).
          This
          letter agreement (the “Agreement”)
          constitutes the sole and complete “Confirmation”,
          as
          referred to in the Master Agreement (as defined below).

         

        The
          definitions and provisions contained in the 2000 ISDA Definitions (the
          “Definitions”)
          as
          published by the International Swaps and Derivatives Association, Inc.,
          (“ISDA”)
          are
          incorporated into this Confirmation. Any reference to a “Cap Transaction” in the
          Definitions is deemed to be a reference to a “Transaction” for purposes of this
          Agreement, and any reference to a “Transaction” in this Agreement is deemed to
          be a reference to a “Cap Transaction” for purposes of the Definitions. This
          Confirmation will be governed by and subject to the terms and conditions
          which
          would be applicable if, prior to the Trade Date, the parties had executed
          and
          delivered an ISDA Master Agreement (Multicurrency-Cross Border), in the
          form
          published by ISDA in 1992 (the “Master
          Agreement”)
          (but
          without any Schedule except for the elections noted in Schedule B hereto).
          For
          the avoidance of doubt, the Transaction described herein shall be the sole
          Transaction governed by such Master Agreement. In the event of any inconsistency
          between the provisions of the Master Agreement and this Confirmation, this
          Confirmation will govern. Terms capitalized but not defined herein or in
          the
          Definitions incorporated herein shall have the respective meanings attributed
          to
          them in the Pooling and Servicing Agreement. 

         

        
          
            
              	
                      
                        1

                      

                    	
                      This
                        Confirmation evidences a complete binding agreement between
                        the parties as
                        to the terms of the Transaction to which this Confirmation
                        relates. In
                        addition, each party represents to the other party and will
                        be deemed to
                        represent to the other party on the date on which it enters
                        into a
                        Transaction that (absent a written agreement between the
                        parties that
                        expressly imposes affirmative obligations to the contrary
                        for that
                        Transaction):

                    

            

          

        

         

        
          	 	
                  (i)

                	
                  Principal
                    In
                    the case of Party A, it is acting as principal and not as agent
                    when
                    entering into the Transaction and in the case of Party B, it
                    is acting as
                    Trustee when entering into the
                    Transaction.

                

        

         

        
          	 	
                  (ii)

                	
                  Non-Reliance
                    In
                    the case of Party A, it is acting for its own account and, in
                    the case of
                    Party B, it is acting as Trustee, and in the case of both parties,
                    it has
                    made its own independent decisions to enter into the Transaction
                    and as to
                    whether the Transaction is appropriate or proper for it based
                    upon its own
                    judgment and upon advice from such advisors as it has deemed
                    necessary
                    and, with respect to Party B, as directed under the Pooling and
                    Servicing
                    Agreement. It is not relying on any communication (written or
                    oral) of the
                    other party as investment advice or as a recommendation to enter
                    into the
                    Transaction; it being understood that information and explanations
                    related
                    to the terms and conditions of the Transaction shall not be considered
                    investment advice or a recommendation to enter into the Transaction.
                    No
                    communication (written or oral) received from the other party
                    shall be
                    deemed to be an assurance or guarantee as to the expected results
                    of the
                    Transaction.

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

           

        

        

         

        
          	 	
                  (iii)

                	
                  Evaluation
                    and Understanding
                    It
                    is capable of evaluating and understanding (on its own behalf
                    or through
                    independent professional advice), and understands and accepts,
                    the terms,
                    conditions and risks of the Agreement and that Transaction. It
                    is also
                    capable of assuming, and assumes, the financial and other risks
                    of the
                    Agreement and that Transaction.

                

        

         

        
          	 	
                  (iv)

                	
                  Status
                    of Parties
                    The other party is not acting as an agent, fiduciary or advisor
                    for it in
                    respect of that Transaction.

                

        

         

        
          
            
              	
                    	2	
                      The
                        terms of the particular Transaction to which this Confirmation
                        relates are
                        as follows:

                    

            

          

        

         

        
          	
                  Notional
                    Amount:

                	 	
                  With
                    respect to any Calculation Period, shall equal the lesser of
                    (1) the
                    Notional Amount as detailed in Schedule A attached hereto and
                    (2) the
                    aggregate Certificate Principal Balance of the Class A-1B Certificates,
                    the Mezzanine Certificates and the Class CE Certificates (together,
                    the
                    “Certificates”)
                    immediately preceding the Distribution Date which occurs in the
                    calendar
                    month of the Floating Rate Payment Date for such Calculation
                    Period
                    (determined for this purpose without regard to any adjustment
                    of the
                    Floating Rate Payer Payment Date or Distribution Date relating
                    to business
                    days). The Securities Administrator shall make available each
                    month, and
                    in any event no later than five (5) business days prior to the
                    related
                    Floating Rate Payer Payment Date, via the Securities Administrator’s
                    website a Distribution Date statement containing the aggregate
                    Certificate
                    Principal Balance of the Certificates as of the first day of
                    such
                    Calculation Period. Party A shall rely upon the statement of
                    Certificate
                    Principal Balance of the Certificates made available on the Securities
                    Administrator’s website. The Securities Administrator’s internet website
                    shall initially be located at www.ctslink.com and assistance
                    in using the
                    website can be obtained by calling the Securities Administrator’s investor
                    relations desk at (301) 815-6600.

                   

                  Any
                    payment by Party A to Party B in excess of the amount due under
                    this
                    Transaction on any Floating Rate Payer Payment Date shall be
                    promptly
                    returned by Party B to Party A and Party B shall promptly notify
                    Party A
                    after Party B is aware of such overpayment. Other than the return
                    of such
                    overpayment, neither party shall incur any penalty or liability
                    hereunder
                    with respect to such overpayment.

                   

                
	
                  Trade
                    Date:

                	 	
                   

                  September
                    26, 2006

                
	
                  Effective
                    Date:

                	 	
                   

                  September
                    28, 2006

                
	
                   

                  Termination
                    Date:

                	 	
                   

                  March
                    25, 2007, subject to adjustment in accordance with the Business
                    Day
                    Convention.

                
	 	 	 
	
                  Fixed
                    Amount:

                	 	 
	
                  Fixed
                    Rate Payer:

                	 	
                   

                  Party
                    B

                
	
                  Fixed
                    Rate Payer Payment Date:

                	 	
                   

                  September
                    28, 2006

                
	
                  Fixed
                    Amount:

                	 	
                   

                  USD
                    1000.00

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

           

        

        

        
          	
                  Floating
                    Amounts:

                	 	 
	 	 	 
	
                  Floating
                    Rate Payer:

                	 	
                  Party
                    A

                
	 	 	 
	
                  Cap
                    Rate:

                	 	
                  7.50%

                
	 	 	 
	
                  Floating
                    Rate Payer Period End Dates:

                	 	
                  The
                    25th calendar day of each month of each year, commencing October
                    25, 2006,
                    through and including the Termination Date, subject to adjustment
                    in
                    accordance with the Business Day Convention.

                
	 	 	 
	
                  Floating
                    Rate Payer Payment Dates:

                	 	
                  Early
                    Payment shall be applicable. The Floating Rate Payer Payment
                    Dates shall
                    be one (1) Business Day prior to each Floating Rate Payer Period
                    End Date,
                    subject to adjustment in accordance with the Business Day
                    Convention.

                
	 	 	 
	
                  Floating
                    Rate Option:

                	 	
                  USD-LIBOR-BBA

                
	 	 	 
	
                  Floating
                    Amount

                	 	
                  To
                    be determined in accordance with the following formula: the greater
                    of (i)
                    (Floating Rate Option - Cap Rate) * Notional Amount * Floating
                    Rate Day
                    Count Fraction and (ii) zero.

                
	 	 	 
	
                  Designated
                    Maturity:

                	 	
                  One
                    month.

                
	 	 	 
	
                  Floating
                    Rate Day Count Fraction:

                	 	
                  Actual/360

                
	 	 	 
	
                  Reset
                    Dates:

                	 	
                  First
                    day of each Calculation Period

                
	 	 	 
	
                  Compounding:

                	 	
                  Inapplicable

                
	 	 	 
	
                  Business
                    Days:

                	 	
                  New
                    York 

                
	 	 	 
	
                  Business
                    Day Convention:

                	 	
                  Following

                
	 	 	 
	
                  Calculation
                    Agent:

                	 	
                  Party
                    A

                

        

         

        
          
            
              	
                    	3	
                      Recording
                        of
                        Conversations

                    

            

          

        

         

        Each
          party (i) consents to the recording of the telephone conversations of trading
          and marketing personnel of the parties and (ii) agrees to obtain any necessary
          consent of, and give notice of such recording to, such personnel of
          it.

         

        
          
            
              	
                    	4	
                      Account
                        Details:

                    

            

          

        

         

        
          	
                  Account
                    for payments to Party A:

                	 	
                  For
                    the account of The Royal Bank of Scotland Financial Markets Fixed
                    Income
                    and Interest Rate Derivative Operations, London SWIFT RBOSGB2RTCM
                    with
                    JPMorgan Chase Bank, New York CHASUS33, ABA # 021000021
                    Account
                    Number 400930153

                

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

        
          	
                  Account
                    for payments to Party B:

                	 	
                  Wells
                    Fargo Bank, NA

                  ABA
                    # 121000248

                  Account
                    Name: SAS Clearing Account #3970771416

                  FFC
                    to: 50952201, ACE 2006-ASAP5 Reserve
                    Fund

                

        

         

        
          
            
              	
                    	5	
                      Offices:

                    

            

          

        

         

        
          	
                  The
                    Office of Party A for this Transaction is:

                	 	
                  London

                
	 	 	 
	
                  The
                    Office of Party B for this Transaction is:

                	 	
                  New
                    York

                

        

         

        
          
            
              	
                    	6	
                      Other
                        Provisions:

                    

            

          

        

         

        
          
            
              	
                    	6.1	
                      Agency
                        Role of Greenwich Capital Markets, Inc. This Transaction
                        has been entered
                        into by Greenwich Capital Markets, Inc., as agent for The
                        Royal Bank of
                        Scotland plc. Greenwich Capital Markets, Inc. has not guaranteed
                        and is
                        not otherwise responsible for the obligations of Party A
                        under this
                        Transaction.

                    

            

          

        

         

        [REMAINDER
          OF THIS PAGE INTENTIONALLY LEFT BLANK]

         

        
          
            
            

          

          
            
            

            
              

            

          

           

        

        Please
          promptly confirm that the foregoing correctly sets forth the terms of the
          Transaction entered into between us by executing this Confirmation and
          returning
          it to us by facsimile to:

         

        The
          Royal Bank of Scotland plc

        Attention:
          Derivatives Documentation

        Fax:
          0207 375 6724 / 6486 Phone: 0207 375 4225

         

        
          	
                  THE
                    ROYAL BANK OF SCOTLAND PLC

                  By:
                    Greenwich Capital Markets, Inc., its agent

                	 	 	 
	 	 	 	 
	 	 	 	 
	By	 	 	 
	
                  
                    
Name:

                	 	 	
                
	
                  Title:

                	 	 	 

        

         

        Accepted
          and confirmed as of the Trade Date written above:

         

        HSBC
          BANK USA, NATIONAL ASSOCIATION, NOT
          IN
          ITS INDIVIDUAL CAPACITY, BUT SOLELY AS TRUSTEE
          FOR THE ACE SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-ASAP5,
          ASSET
          BACKED PASS-THROUGH CERTIFICATES

         

        
          	 	 	 	 
	By 	 	 	 
	
                  
                    
Name:

                	 	 	
                
	
                  Title:

                	 	 	 

        

        
            

        

        
          
            
            

          

          
            
            

            
              

            

          

           

        

        Schedule
          A to the Confirmation dated as of September 28, 2006

         

        Re:
          Reference Number IRG16089889

         

        Amortization
          Schedule,
          all
          such
          dates subject to adjustment in accordance with the Business Day
          Convention

         

        
          	
                  From
                    and Including

                	 	
                  To
                    but Excluding

                	 	
                  Notional
                    Amount (USD)

                
	
                  9/28/2006

                	 	
                  10/25/2006

                	 	
                  394,679,210.00
                    

                
	
                  10/25/2006

                	 	
                  11/25/2006

                	 	
                  391,629,433.00
                    

                
	
                  11/25/2006

                	 	
                  12/25/2006

                	 	
                  387,901,087.00
                    

                
	
                  12/25/2006

                	 	
                  1/25/2007

                	 	
                  383,498,678.00
                    

                
	
                  1/25/2007

                	 	
                  2/25/2007

                	 	
                  378,430,186.00
                    

                
	
                  2/25/2007

                	 	
                  3/25/2007

                	 	
                  372,707,119.00
                    

                

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

           

        

         

        Schedule
          B to the Confirmation dated as of September 28, 2006

         

        Re:
          Reference Number IRG16089889

         

        Between
          The Royal Bank of Scotland plc (“Party
          A”)
          and
          HSBC Bank USA, National Association, not in its individual capacity, but
          solely
          as Trustee for the ACE Securities Corp. Home Equity Loan Trust, Series
          2006-ASAP5, Asset Backed Pass-Through Certificates (“Party
          B”)
          

         

        Part.
          1 Termination
          Provisions

         

        
          	 	
                  (a)

                	
                  “Specified
                    Entity”
                    means in relation to Party A for the purpose of the Master
                    Agreement:

                

        

         

        Section
          5(a)(v): none.

         

        Section
          5(a)(vi): none.

         

        Section
          5(a)(vii): none.

         

        Section
          5(b)(iv): none.

         

        and
          in
          relation to Party B for the purpose of the Master Agreement:

         

        Section
          5(a)(v): none.

         

        Section
          5(a)(vi): none.

         

        Section
          5(a)(vii): none.

         

        Section
          5(b)(iv): none.

         

        
          	 	
                  (b)

                	
                  “Specified
                    Transaction”
                    is not applicable to Party A or Party B for any purpose, and
                    accordingly,
                    Section 5(a)(v) of the Master Agreement shall not apply to Party
                    A or
                    Party B. 

                

        

         

        
          	 	
                  (c)

                	
                  The
                    “Breach
                    of Agreement”
                    provisions of Section 5(a)(ii) of the Master Agreement will be
                    inapplicable to Party A and Party
                    B.

                

        

         

        
          	 	
                  (d)

                	
                  The
                    “Credit
                    Support Default”
                    provisions of Section 5(a)(iii) of the Master Agreement will
                    be
                    inapplicable to Party A and Party
                    B.

                

        

         

        
          	 	
                  (e)

                	
                  The
                    “Misrepresentation”
                    provisions of Section 5(a)(iv) of the Master Agreement will be
                    inapplicable to Party A and Party
                    B.

                

        

         

        
          	 	
                  (f)

                	
                  The
                    “Default
                    Under Specified Transaction”
                    provisions of Section 5(a)(v) of the Master Agreement will be
                    inapplicable
                    to Party A and Party B.

                

        

         

        
          	 	
                  (g)

                	
                  The
                    “Cross
                    Default”
                    provisions of Section 5(a)(vi) of the Master Agreement will be
                    inapplicable to Party A and Party
                    B.

                

        

         

        
          	 	
                  (h)

                	
                  The
                    “Bankruptcy”
                    provision of Section 5(a)(vii)(2) of the Master Agreement will
                    be
                    inapplicable to Party B.

                

        

         

        
          	 	
                  (i)

                	
                  The
                    “Merger
                    Without Assumption”
                    provision of Section 5(a)(viii) will not apply to Party
                    B.

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

           

        

         

        
          	 	
                  (j)

                	
                  The
                    “Credit
                    Event Upon Merger”
                    provisions of Section 5(b)(iv) of the Master Agreement will be
                    inapplicable to Party A and Party
                    B.

                

        

         

        
          	 	
                  (k)

                	
                  The
                    “Automatic
                    Early Termination”
                    provision of Section 6(a) of the Master Agreement will be inapplicable
                    to
                    Party A and Party B; provided that where there is an Event of
                    Default
                    under Section 5(a)(vii)(1), (3), (4), (5), (6) or, to the extent
                    analogous
                    thereto, (8), and the Defaulting Party is governed by a system
                    of law that
                    does not permit termination to take place after the occurrence
                    of such
                    Event of Default, then the Automatic Early Termination provisions
                    of
                    Section 6(a) will apply.

                

        

         

        If
          an
          Early Termination Date has occurred under Section 6(a) of the Master Agreement
          as a result of Automatic Early Termination, and if the Non-defaulting Party
          determines that it has either sustained or incurred a loss or damage or
          benefited from a gain in respect of any Transaction, as a result of movement
          in
          interest rates, currency exchange rates, other relevant rates or market
          quotations between the Early Termination Date and the date upon which the
          Non-defaulting Party first becomes aware that such Event of Default has
          occurred
          under Section 6(a) of the Agreement, then (i) the amount of such loss or
          damage
          shall be added to the amount due by the Defaulting Party or deducted from
          the
          amount due by the Non-defaulting Party, as the case may be (in both cases
          pursuant to Section 6(e)(i)(3) of the Master Agreement); or (ii) the amount
          of
          such gain shall be deducted from the amount due by the Defaulting Party
          or added
          to the amount due by the Non-defaulting Party, as the case may be (in both
          cases
          pursuant to Section 6(e)(i)(3) of the Master Agreement).

         

        
          	 	
                  (l)

                	
                  Payments
                    on Early Termination For
                    the purpose of Section 6(e) of the Master
                    Agreement:

                

        

         

        
          	 	
                  (i)

                	
                  Market
                    Quotation will apply; and

                

        

         

        
          	 	
                  (ii)

                	
                  The
                    Second Method will apply.

                

        

         

        
          	 	
                  (m)

                	
                  “Termination
                    Currency”
                    means United States Dollars.

                

        

         

        Part.
          2 Tax
          Representations 

         

        Payer
          Representations For
          the
          purpose of Section 3(e) of the Master Agreement, each of Party A and Party
          B
          will make the following representation:

         

        It
          is not
          required by any applicable law, as modified by the practice of any relevant
          governmental revenue authority, of any Relevant Jurisdiction to make any
          deduction or withholding for or on account of any Tax from any payment
          (other
          than interest under Section 2(e), 6(d)(ii) or 6(e) of the Master Agreement)
          to
          be made by it to the other party under this Agreement. In making this
          representation, it may rely on (i) the accuracy of any representations
          made by
          the other party pursuant to Section 3(f) of the Master Agreement, (ii)
          the
          satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii)
          of the
          Master Agreement and the accuracy and effectiveness of any document provided
          by
          the other party pursuant to Section 4(a)(i) or 4(a)(iii) of the Master
          Agreement
          and (iii) the satisfaction of the agreement of the other party contained
          in
          Section 4(d) of the Master Agreement, provided that it shall not be a breach
          of
          this representation where reliance is placed on clause (ii) and the other
          party
          does not deliver a form or document under Section 4(a)(iii) of the Master
          Agreement by reason of material prejudice to its legal or commercial position.
          

        
          
            
            

          

          
            
            

            
              

            

          

           

        

         

        Payee
          Representations For
          the
          purpose of Section 3(f) of the Master Agreement, Party A and Party B make
          the
          following representations:

         

        
          	 	
                  (i)

                	
                  Party
                    A represents that 

                

        

         

        
          	
                	(A)	
                  it
                    is a tax resident of the United
                    Kingdom;

                

        

         

        
          	
                	(B)	
                  it
                    is a "foreign person" within the meaning of the applicable U.S.
                    Treasury
                    Regulations concerning information reporting and backup withholding
                    tax
                    (as in effect on January 1, 2001), unless Party A provides
                    written notice to Party B that it is no longer a foreign
                    person;

                

        

         

        
          	
                	(C)	
                  in
                    respect of each Transaction it enters into through an office
                    or
                    discretionary agent in the United States or which otherwise is
                    allocated
                    (in whole or part) for United States federal income tax purposes
                    to such
                    United States trade or business, each payment received or to
                    be received
                    by it under such Transaction (or portion thereof, if applicable)
                    will be
                    effectively connected with its conduct of a trade or business
                    in the
                    United States; and

                

        

         

        
          	
                	(D)	
                  in
                    respect of all other Transactions or portions thereof, no such
                    payment
                    received or to be received by it in connection with this Agreement
                    is
                    attributable to a trade or business carried on by it through
                    a permanent
                    establishment in the United States.

                

        

         

        
          	 	
                  (ii)

                	
                  Party
                    B represents that it is the Trustee of the Trust created under
                    the Pooling
                    and Servicing Agreement.

                

        

         

        Part.
          3 Agreement
          to Deliver Documents

         

        For
          the
          purpose of Sections 4(a)(i) and (ii) of the Master Agreement, Party A and
          Party
          B agree to deliver the following documents, as applicable:

         

        
          	 	
                  (a)

                	
                  Tax
                    forms, documents or certificates to be delivered
                    are:

                

        

         

        
          	
                  Party
                    Required to Deliver Document

                	 	
                  Form/Document/Certificate

                	 	
                  Date
                    by Which to be Delivered

                
	
                  Party
                    A and Party B

                	 	
                  Any
                    form or document required or reasonably requested to allow the
                    other party
                    to make payments under the Agreement without any deduction or
                    withholding
                    for or on account of any Tax, or with such deduction or withholding
                    at a
                    reduced rate.

                	 	
                  Promptly
                    upon reasonable demand by the other
                    party.

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

           

        

        

         

        
          	 	
                  (b)

                	
                  Other
                    documents to be delivered and covered by the Section 3(d) representation
                    are: —

                

        

         

        
          	
                  Party
                    required to deliver

                	 	
                  Form/Document/or
                    Certificate

                	 	
                  Date
                    by which to be delivered

                	 	
                  Covered
                    by Section 3(d) representation

                
	
                  Party
                    A and Party B

                	 	
                  Incumbency
                    Certificate (or, if available the current authorized signature
                    book or
                    equivalent authorizing documentation) specifying the names, titles,
                    authority and specimen signatures of the persons authorized to
                    execute the
                    Confirmation which sets forth the specimen signatures of each
                    signatory to
                    the Confirmation signing on its behalf. 

                	 	
                  Concurrently
                    with the execution and delivery of the Confirmation unless previously
                    delivered and still in full force and effect.

                	 	
                  Yes

                
	 	 	 	 	 	 	 
	
                  Party
                    B 

                	 	
                  The
                    Pooling
                    and Servicing Agreement

                	 	
                  Concurrently
                    with the execution and delivery of the Confirmation.

                	 	
                  No

                
	 	 	 	 	 	 	 
	
                  Party
                    A

                	 	
                  Legal
                    opinion[s] with respect to Party A and its Credit Support Provider,
                    if
                    any, reasonably satisfactory in form and substance to Party B
                    to the
                    enforceability of Party A’s obligation under this
                    Agreement.

                	 	
                  Upon
                    the execution and delivery of this Agreement and any
                    Confirmation

                	 	
                  No

                

        

        

        Part.
          4 Miscellaneous

         

        
          	 	
                  (a)

                	
                  Addresses
                    for Notices For
                    the purposes of Section 12(a) of the Master
                    Agreement:

                

        

         

        Addresses
          for notices or communications to Party A and to Party B shall be those
          set forth
          on the first page of the Confirmation.

         

        
          
            
            

          

          
            
            

            
              

            

          

           

        

         

        
          	 	
                  (b)

                	
                  Process
                    Agent For
                    the purpose of Section 13(c) of the Master
                    Agreement:

                

        

         

        Party
          A
          appoints as its Process Agent: none.

         

        Party
          B
          appoints as its Process Agent: none.

         

        
          	 	
                  (c)

                	
                  Offices
                    With
                    respect to Party A, the provisions of Section 10(a) of the Master
                    Agreement will apply.

                

        

         

        
          	 	
                  (d)

                	
                  Multibranch
                    Party For
                    the purpose of Section 10(c) of the Master
                    Agreement:

                

        

         

        Party
          A
          is not a Multibranch Party.

         

        Party
          B
          is not a Multibranch Party.

         

        
          	 	
                  (e)

                	
                  Calculation
                    Agent The
                    Calculation Agent is Party A.

                

        

         

        
          	 	
                  (f)

                	
                  Credit
                    Support Document Details
                    of any Credit Support Document:
                    none

                

        

         

        
          	 	
                  (g)

                	
                  Credit
                    Support Provider 

                

        

         

        Credit
          Support Provider means in relation to Party A: none.

         

        Credit
          Support Provider means in relation to Party B: none.

         

        
          	 	
                  (h)

                	
                  Governing
                    Law This
                    Agreement will be governed by and construed in accordance with
                    the laws of
                    the State of New York (without reference to conflicts of law
                    doctrine
                    other than New York General Obligations Law Sections 5-1401 and
                    5-1402).

                

        

         

        
          	 	
                  (i)

                	
                  Netting
                    of Payments Subparagraph
                    (ii) of Section 2(c) of the Agreement will apply to the Transaction
                    evidenced by the Confirmation.

                

        

         

        
          	 	
                  (j)

                	
                  “Affiliate”
                    Party B shall be deemed to have no Affiliates for purposes of
                    this
                    Transaction.

                

        

         

        
          	
                	(k)	
                  Jurisdiction
                    Section
                    13(b) of the Master Agreement is hereby amended by: (i) deleting
                    in the
                    second line of subparagraph
                    (i) thereof the word “non-”: and (ii) deleting the final paragraph
                    thereof.

                

        

         

        Part.
          5 Other
          Provisions 

         

        
          	 	
                  (a)

                	
                  Modifications
                    to the Agreement Section
                    3(a) of the Master Agreement shall be amended to include the
                    following
                    additional representations after paragraph
                    3(a)(v):

                

        

         

        (vi)
           Eligible
          Contract Participant etc.
          It is
          an “eligible contract participant” as defined in Section 1a(12) of the U.S.
          Commodity Exchange Act (7 U.S.C. 1a), as amended by the Commodity Futures
          Modernization Act of 2000 and the Transaction evidenced hereby has been
          the
          subject of individual negotiations and is intended to be exempt from, or
          otherwise not subject to regulation thereunder.

         

        
          	 	
                  (b)

                	
                  Waiver
                    of Right to Trial by Jury Each
                    party hereby irrevocably waives any and all rights to trial by
                    jury in any
                    legal proceeding arising out of or relating to this Agreement
                    or any
                    Transaction hereunder.

                

        

         

        
          	 	
                  (c)

                	
                  Absence
                    of Litigation In
                    Section 3(c) of the Master Agreement the words “or any of its Affiliates”
                    shall be deleted.

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

           

        

        

         

        
          	 	
                  (d)

                	
                  Tax
                    Event In
                    Section 5(b)(ii)(y) of the Master Agreement the words “, or there is a
                    substantial likelihood that it will,” shall be
                    deleted.

                

        

         

        
          	
                	(e)	
                  Transfer
                    and Amendment

                

        

         

        Subject
          to Part 5(j) herein, no transfer, amendment, waiver, supplement, assignment
          or
          other modification of this Transaction shall be permitted by either party
          unless
          (i) each of Standard and Poor’s Ratings Services, a Division of The McGraw-Hill
          Companies, Inc. (“S&P”)
          and
          Moody’s Investors Service, Inc. (“Moody’s”)
          (each
          a “Rating
          Agency”)
          has
          been provided notice of the same and (ii) each of S&P and Moody’s confirm in
          writing (including by facsimile transmission) that they will not downgrade,
          qualify, withdraw or otherwise modify their then-current rating of the
          Certificates.

         

        
          
            	
                  	(f)	
                    Trustee
                      Capacity

                  

          

        

         

        It
          is
          expressly understood and agreed by the parties hereto that insofar as this
          Confirmation is executed by the Trustee (i) this Confirmation is executed
          and
          delivered by HSBC Bank USA, National Association, not in its individual
          capacity
          but solely as Trustee of the Trust created under the Pooling and Servicing
          Agreement in the exercise of the powers and authority conferred and vested
          in it
          thereunder (ii) each of the representations, undertakings and agreements
          herein
          made on behalf of the Trust is made and intended not as personal representations
          of the Trustee but is made and intended for the purpose of binding only
          the
          Trust created under the Pooling and Servicing Agreement, and (iii) under
          no
          circumstances will HSBC Bank USA, National Association in its individual
          capacity be personally liable for the payment of any indebtedness or expenses
          or
          be personally liable for the breach or failure of any obligation,
          representation, warranty or covenant made or undertaken under this
          Confirmation.

         

        
          	 	
                  (g)

                	
                  Proceedings

                

        

         

        Party
          A
          shall not institute against or cause any other person to institute against,
          or
          join any other person in instituting against, Party B or the Supplemental
          Interest Trust created pursuant to the Pooling and Servicing Agreement,
          any
          bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
          or other proceedings under any federal or state bankruptcy, dissolution
          or
          similar law, for a period of one year and one day (or, if longer, the applicable
          preference period) following indefeasible payment in full of the Certificates,
          provided that nothing herein shall preclude, or be deemed to estop Party
          A from
          taking any action in any case or proceeding voluntarily filed or commenced
          by or
          on behalf of Party B or in any involuntary case or proceeding after it
          has been
          commenced.

         

        
          	 	
                  (h)

                	
                  Set-off

                

        

         

        Notwithstanding
          any provision of this Agreement or any other existing or future agreement,
          each
          party irrevocably waives any and all rights it may have to set-off, net
          recoup
          or otherwise withhold or suspend or condition payment or performance of
          any
          obligation between it and the other party hereunder against any obligation
          between it and the other party under any other agreements. The provisions
          for
          Set-off set forth in Section 6(e) of the Master Agreement shall not apply
          for
          purposes of this Transaction.

        
          
            
            

          

          
            
            

            
              

            

          

           

        

         

         

        
          	 	
                  (i)

                	
                  Section
                    1(c)

                

        

         

        For
          purposes of Section 1(c) of the Master Agreement, this Transaction shall
          be the
          sole Transaction under the Agreement.

         

        
          	
                	(j)	
                  Rating
                    Agency Downgrade

                

        

         

        If
          a
          Ratings Event (as defined below) occurs with respect to Party A (or any
          applicable credit support provider), then Party A shall, within (30) days
          of
          such Ratings Event subject to the Rating Agency Condition (as hereinafter
          defined) and at its own expense (unless, within 30 days of such Ratings
          Event,
          each of S&P and Moody’s has reconfirmed the rating of the Certificates which
          was in effect immediately prior to such Ratings Event), (i) assign this
          Transaction hereunder to a third party that meets or exceeds, or as to
          which any
          applicable credit support provider of such third party meets or exceeds,
          the
          Approved Ratings Thresholds (as defined below) on terms substantially similar
          to
          this Confirmation, (ii) obtain a guaranty of Party A’s obligations under this
          Transaction from a third party that meets or exceeds the Approved Ratings
          Threshold, in form and substance, (iii) post collateral, or (iv) establish
          any
          other arrangement, which will be sufficient to restore the immediately
          prior
          ratings of the Certificates. For purposes of this Transaction, a “Ratings
          Event”
shall
          occur with respect to Party A (or any applicable credit support provider),
          if
          its short-term unsecured and unsubordinated debt ceases to be rated at
          least
“A-1” by S&P or its short-term unsecured and unsubordinated debt ceases to
          be rated at least “P-1” by Moody’s or its long-term unsecured and unsubordinated
          debt ceases to be rated at least “A1” by Moody’s (including in connection with a
          merger, consolidation or other similar transaction by Party A or any applicable
          credit support provider) such ratings being referred to herein as the
“Approved
          Ratings Thresholds.”
If
          a
          Further Ratings Event (as defined below) occurs with respect to Party A
          (or any
          applicable credit support provider), then Party A shall, within (10) days
          of
          such Downgrade Event subject to the Rating Agency Condition (as hereinafter
          defined) and at its own expense (unless, within 10 days of such Ratings
          Event,
          S&P has reconfirmed the rating of the Certificates which was in effect
          immediately prior to such Further Ratings Event), (i) assign this Transaction
          hereunder to a third party that meets or exceeds, or as to which any applicable
          credit support provider of such third party meets or exceeds, the Approved
          Ratings Thresholds on terms substantially similar to this Confirmation
          or (ii)
          obtain a guaranty of Party A’s obligations under this Transaction from a third
          party that meets or exceeds the Approved Ratings Threshold. For purposes
          of this
          Transaction, a “Further
          Ratings Event”
shall
          occur with respect to Party A (or any applicable credit support provider),
          if
          its long-term unsecured and unsubordinated debt ceases to be rated at least
          “BBB-” by S&P or its short-term unsecured and unsubordinated debt ceases to
          be rated at least “P-1” on watch for downgrade by Moody’s or its long-term
          unsecured and unsubordinated debt ceases to be rated at least “A2” on watch for
          downgrade by Moody’s (including in connection with a merger, consolidation or
          other similar transaction by Party A or any applicable credit support provider).
          "Rating
          Agency Condition"
          means,
          with respect to any particular proposed act or omission to act hereunder
          that
          the party acting or failing to act must consult with each Rating Agency
          then
          providing a rating of the Certificates and receive from each Rating Agency
          a
          prior written confirmation that the proposed action or inaction would not
          cause
          a downgrade or withdrawal of the then-current rating of the
          Certificates.

        
          
            
            

          

          
            
            

            
              

            

          

           

        

        

         

        
          	 	
                  (k)

                	
                  Additional
                    Termination Events

                

        

         

        Additional
          Termination Events will apply as specified below:

         

        The
          occurrence of the following shall constitute an Additional Termination
          Event:

         

        If
          a
          Rating Agency Downgrade has occurred and Party A has not complied with
          paragraph
          (j) above, then an Additional Termination Event shall have occurred with
          respect
          to Party A and Party A shall be the sole Affected Party with respect to
          such an
          Additional Termination Event.

         

        If,
          at
          any time, the Terminator purchases the Mortgage Loans pursuant to Section
          10.01
          of the Pooling
          and Servicing Agreement, then an Additional Termination Event shall have
          occurred and Party B shall be the sole Affected Party with respect thereto;
          provided, however, that notwithstanding Section 6(b)(iv) of the Master
          Agreement, only Party B shall have the right to designate an Early Termination
          Date in respect of this Additional Termination Event; provided, further,
          that
          the Early Termination Date shall not be prior to the Optional Termination
          Date.

         

        If,
          upon
          the occurrence of a Regulation AB Event (as defined in Part 5(o) below)
          Party A
          has not, within 30 days after such Regulation AB Event complied with any
          of the
          provisions set forth in Part 5(o)(iii) below (provided that if the significance
          percentage reaches 10% after a Regulation AB Event has occurred, Party
          A must
          comply with the provisions set forth in Part 5(o)(iii) below within 10
          calendar
          days of Party A being informed of the significance percentage reaching
          10%),
          then an Additional Termination Event shall have occurred with respect to
          Party A
          and Party A shall be the sole Affected Party with respect to such Additional
          Termination Event.

         

        
          	 	
                  (l)

                	
                  Amendment
                    to ISDA Form

                

        

         

        The
          “Failure to Pay or Deliver” provision in Section 5(a)(i) of the Master Agreement
          is hereby amended by deleting the word “third” in the third line thereof and
          inserting the word “first” in place thereof.

         

        
          	 	
                  (m)

                	
                  Severability
                    

                

        

         

        If
          any
          term, provision, covenant, or condition of the Agreement, or the application
          thereof to any other party or circumstance, shall be held invalid or
          unenforceable (in whole or in part) for any reason, the remaining terms,
          provisions, covenants, and conditions hereof shall continue in full force
          and
          effect as if the Agreement has been executed with the invalid or unenforceable
          provision portion eliminated, so long as the Agreement as so modified continues
          to express, without material change, the original intentions of the parties
          as
          to the subject matter of the Agreement and the deletion of such portion
          of the
          Agreement will not substantially impair the respective benefits or expectations
          of the parties. The parties shall endeavor to engage in good faith negotiations
          to replace any invalid or unenforceable term, provision, covenant or conditions
          with a valid or enforceable term, provision, covenant or condition, the
          economic
          effect of which comes as close as possible to that of the invalid or
          unenforceable term, provision, covenant or condition.

         

        
          
            
            

          

          
            
            

            
              

            

          

           

        

         

         

        
          	
                	(n)	
                  [Reserved]

                

        

         

        
          	 	
                  (o)

                	
                  Compliance
                    with Regulation AB

                

        

         

        
          	 	
                  (i)

                	
                  Party
                    A agrees and acknowledges that while reporting requirements with
                    respect
                    to this Transaction are operative by force of law, DB Structured
                    Products,
                    Inc. (“DBSP”)
                    and ACE Securities Corp. (“ACE”)
                    are required under Regulation AB under the Securities Act of
                    1933, as
                    amended, and the Securities Exchange Act of 1934, as amended
                    (“Regulation
                    AB”),
                    to disclose certain information set forth in Regulation AB regarding
                    Party
                    A or its group of affiliated entities, if applicable, depending
                    on the
                    aggregate “significance percentage” of this Agreement and any other
                    derivative contracts between Party A or its group of affiliated
                    entities,
                    if applicable, and Party B, as calculated from time to time in
                    accordance
                    with Item 1115 of Regulation AB. 

                

        

         

        
          	 	
                  (ii)

                	
                  If,
                    solely while the relevant reporting requirements apply by force
                    of law to
                    this Transaction, DBSP or ACE determines, reasonably and in good
                    faith,
                    that the significance percentage of this Agreement has increased
                    to nine
                    (9) percent, then DBSP or ACE, as the case may be, may notify
                    Party A on a
                    Business Day after the date hereof of such increase in the significance
                    percentage (such notification, a “Regulation
                    AB Event”).
                    DBSP and/or ACE, as applicable hereby agree with Party A to provide
                    Party
                    A with the calculations and any other information reasonably
                    requested by
                    Party A with respect to the determination that led to a Regulation
                    AB
                    Event.

                

        

         

        
          	 	
                  (iii)

                	
                  Upon
                    the occurrence of a Regulation AB Event, Party A, at its own
                    expense,
                    shall (1) provide DBSP and ACE with the information set forth
                    in Item
                    1115(b) of Regulation AB (the “Regulation
                    AB Information”),
                    (2) subject to Rating Agency Condition, secure another entity
                    to replace
                    Party A as party to this Agreement on terms substantially similar
                    to this
                    Agreement, which entity is able to provide the Regulation AB
                    Information
                    or (3) subject to Rating Agency Condition, obtain a guaranty
                    of Party A’s
                    obligations under this Agreement from an affiliate of Party A
                    that is able
                    to provide the Regulation AB Information, such that disclosure
                    provided in
                    respect of the affiliate will satisfy any disclosure requirements
                    applicable to Party A, and cause such affiliate to provide the
                    Regulation
                    AB Information. If permitted by Regulation AB, any required Regulation
                    AB
                    Information may be provided by incorporation by reference from
                    reports
                    filed pursuant to the Securities Exchange Act. For purposes of
                    clause (2)
                    above, the parties agree that National Westminster Bank Plc (“NatWest”)
                    shall be an acceptable replacement for Party A, so long as NatWest
                    is able
                    to provide suitable Regulation AB
                    Information.

                

        

         

        
          	 	
                  (p)

                	
                  Limitation
                    on Events of Default

                

        

         

        Notwithstanding
          the terms of Sections 5 and 6 of the Master Agreement, if at any time and
          so
          long as the Party B has satisfied in full all its payment obligations under
          Section 2(a)(i) of the Master Agreement and has at the time no future payment
          obligations, whether absolute or contingent, under such Section, then unless
          Party A is required pursuant to appropriate proceedings to return to the
          Party B
          or otherwise returns to the Party B upon demand of the Party B any portion
          of
          any such payment, (a) the occurrence of an event described in Section 5(a)
          of
          the Master Agreement with respect to the Party B shall not constitute an
          Event
          of Default or Potential Event of Default with respect to the Party B as
          Defaulting Party and (b) Party A shall be entitled to designate an Early
          Termination Date pursuant to Section 6 of the Master Agreement only as
          a result
          of the occurrence of a Termination Event set forth in either Section 5(b)(i)
          or
          5(b)(ii) of the Master Agreement with respect to Party A as the Affected
          Party,
          or Section 5(b)(iii) with respect to Party A as the Burdened Party. For
          purposes
          of the Transaction to which this Agreement relates, Party B’s only obligation
          under Section 2(a)(i) of the Master Agreement is to pay the Fixed Amount
          on the
          Fixed Rate Payer Payment Date.

        
          
            
            

          

          
            
            

            
              

            

          

           

        

         

        
          	 	
	 	 
	
                	
                  Financial
                    Markets

                  280
                    Bishopsgate

                  London
                    EC2M 4RB

                

        

         

        
          	
                  Memorandum

                	
                  September
                    28, 2006

                

        

        

        
          	
                  To:

                	 	
                  HSBC
                    Bank USA, National Association, not in its individual capacity,
                    but

                  solely
                    as Trustee for the ACE Securities Corp. Home Equity Loan Trust,
                    

                  Series
                    2006-ASAP5, Asset Backed Pass-Through Certificates (“Party
                    B”)

                   

                  452
                    Fifth Avenue

                  New
                    York, New York 10018

                  Attn:
                    Corporate Trust & Loan Agency

                  Tel:
                    212-525-1309

                  Fax:
                    212-525-1300

                  E-Mail:
                    fernando.acebedo@us.hsbc.com

                
	 	 	 
	
                  Copy
                    To:

                	 	
                  Wells
                    Fargo Bank, National Association

                  9062
                    Old Annapolis Road

                  Columbia,
                    Maryland 21045

                  Tel:
                    410-884-2000

                  Attn:
                    Client Manager, ACE 2006-ASAP5

                  Fax:
                    410-715-2380

                
	 	 	 
	From:	 	
                  The
                    Royal Bank of Scotland plc (“Party
                    A”)

                  c/o
                    RBS Financial Markets

                  Level
                    7, 135 Bishopsgate

                  London
                    EC2M 3UR

                  Attn:
                    Head of Legal, Financial Markets 

                  Tel:
                    44 207 085 5000

                  Fax:
                    44 207 085 8411

                
	 	 	 
	
                  Copy
                    To:

                	 	
                  Greenwich
                    Capital Markets, Inc.

                  600
                    Steamboat Road

                  Greenwich,
                    CT 06830

                  Attn:
                    Legal Department - Derivatives Documentation

                  Tel.:
                    203-618-2576

                  Fax:
                    203-618-2533/34

                
	 	 	 
	
                  Our
                    Reference Number:

                	 	
                  IRG16089895

                

        

        
        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        Dear
          Sir
          or Madam:

         

        The
          purpose of this letter agreement is to confirm the terms and conditions
          of the
          Transaction entered into between Party A and HSBC Bank USA, National Association
          as trustee of the ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASAP5
          Asset Backed Pass-Through Certificates (the “Trustee”
and
          the
“Trust”,
          respectively) under the Pooling and Servicing Agreement (the “Pooling
          and Servicing Agreement”),
          dated
          and effective as of September 1, 2006, among Ace Securities Corp., as Depositor,
          Ocwen Loan Servicing, LLC, as Servicer, Wells Fargo Bank, National Association,
          as Master Servicer and Securities Administrator and the Trustee (each a
          “party”
and
          together “the
          parties”)
          on the
          Trade Date specified below (the “Transaction”).
          This
          letter agreement (the “Agreement”)
          constitutes the sole and complete “Confirmation”,
          as
          referred to in the Master Agreement (as defined below).

         

        The
          definitions and provisions contained in the 2000 ISDA Definitions (the
          “Definitions”)
          as
          published by the International Swaps and Derivatives Association, Inc.,
          (“ISDA”)
          are
          incorporated into this Confirmation. Any reference to a “Cap Transaction” in the
          Definitions is deemed to be a reference to a “Transaction” for purposes of this
          Agreement, and any reference to a “Transaction” in this Agreement is deemed to
          be a reference to a “Cap Transaction” for purposes of the Definitions. This
          Confirmation will be governed by and subject to the terms and conditions
          which
          would be applicable if, prior to the Trade Date, the parties had executed
          and
          delivered an ISDA Master Agreement (Multicurrency-Cross Border), in the
          form
          published by ISDA in 1992 (the “Master
          Agreement”)
          (but
          without any Schedule except for the elections noted in Schedule B hereto).
          For
          the avoidance of doubt, the Transaction described herein shall be the sole
          Transaction governed by such Master Agreement. In the event of any inconsistency
          between the provisions of the Master Agreement and this Confirmation, this
          Confirmation will govern. Terms capitalized but not defined herein or in
          the
          Definitions incorporated herein shall have the respective meanings attributed
          to
          them in the Pooling and Servicing Agreement.

         

        
          	1           
                   	
                  This
                    Confirmation evidences a complete binding agreement between the
                    parties as
                    to the terms of the Transaction to which this Confirmation relates.
                    In
                    addition, each party represents to the other party and will be
                    deemed to
                    represent to the other party on the date on which it enters into
                    a
                    Transaction that (absent a written agreement between the parties
                    that
                    expressly imposes affirmative obligations to the contrary for
                    that
                    Transaction):

                

        

         

        
          	(i)  	
                  Principal
                    In
                    the case of Party A, it is acting as principal and not as agent
                    when
                    entering into the Transaction and in the case of Party B, it
                    is acting as
                    Trustee when entering into the
                    Transaction.

                

        

         

        
          	(ii)  	
                  Non-Reliance
                    In
                    the case of Party A, it is acting for its own account and, in
                    the case of
                    Party B, it is acting as Trustee, and in the case of both parties,
                    it has
                    made its own independent decisions to enter into the Transaction
                    and as to
                    whether the Transaction is appropriate or proper for it based
                    upon its own
                    judgment and upon advice from such advisors as it has deemed
                    necessary
                    and, with respect to Party B, as directed under the Pooling and
                    Servicing
                    Agreement. It is not relying on any communication (written or
                    oral) of the
                    other party as investment advice or as a recommendation to enter
                    into the
                    Transaction; it being understood that information and explanations
                    related
                    to the terms and conditions of the Transaction shall not be considered
                    investment advice or a recommendation to enter into the Transaction.
                    No
                    communication (written or oral) received from the other party
                    shall be
                    deemed to be an assurance or guarantee as to the expected results
                    of the
                    Transaction.

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	(iii)  	
                  Evaluation
                    and Understanding
                    It
                    is capable of evaluating and understanding (on its own behalf
                    or through
                    independent professional advice), and understands and accepts,
                    the terms,
                    conditions and risks of the Agreement and that Transaction. It
                    is also
                    capable of assuming, and assumes, the financial and other risks
                    of the
                    Agreement and that Transaction.

                

        

         

        
          	(iv)  	
                  Status
                    of Parties
                    The other party is not acting as an agent, fiduciary or advisor
                    for it in
                    respect of that Transaction.

                

        

         

         

        
          	2           
                   	
                  The
                    terms of the particular Transaction to which this Confirmation
                    relates are
                    as follows:

                

        

         

        
          	
                  Notional
                    Amount:

                	
                  With
                    respect to any Calculation Period, shall equal the lesser of
                    (1) the
                    Notional Amount as detailed in Schedule A attached hereto and
                    (2) the
                    aggregate Certificate Principal Balance of the Class A-2 Certificates,
                    the
                    Mezzanine Certificates and the Class CE Certificates (together,
                    the
                    “Certificates”)
                    immediately preceding the Distribution Date which occurs in the
                    calendar
                    month of the Floating Rate Payer Payment Date for such Calculation
                    Period
                    (determined for this purpose without regard to any adjustment
                    of the
                    Floating Rate Payer Payment Date or the Distribution Date relating
                    to
                    business days). The Securities Administrator shall make available
                    each
                    month, and in any event no later than five (5) business days
                    prior to the
                    related Floating Rate Payer Payment Date, via the Securities
                    Administrator’s website a Distribution Date statement containing the
                    aggregate Certificate Principal Balance of the Certificates as
                    of the
                    first day of such Calculation Period. Party A shall rely upon
                    the
                    statement of Certificate Principal Balance of the Certificates
                    made
                    available on the Securities Administrator’s website. The Securities
                    Administrator’s internet website shall initially be located at
                    www.ctslink.com and assistance in using the website can be obtained
                    by
                    calling the Securities Administrator’s investor relations desk at (301)
                    815-6600.

                   

                  Any
                    payment by Party A to Party B in excess of the amount due under
                    this
                    Transaction on any Floating Rate Payer Payment Date shall be
                    promptly
                    returned by Party B to Party A and Party B shall promptly notify
                    Party A
                    after Party B is aware of such overpayment. Other than the return
                    of such
                    overpayment, neither party shall incur any penalty or liability
                    hereunder
                    with respect to such overpayment.

                
	 	 
	
                  Trade
                    Date:

                	
                  September
                    26, 2006

                
	 	 
	
                  Effective
                    Date:

                	
                  September
                    28, 2006

                
	 	 
	
                  Termination
                    Date:

                	
                  March
                    25, 2007, subject to adjustment in accordance with the Business
                    Day
                    Convention.

                
	 	 
	
                  Fixed
                    Amount:

                	 
	 	 
	
                  Fixed
                    Rate Payer:

                	
                  Party
                    B

                
	 	 
	
                  Fixed
                    Rate Payer Payment Date:

                	
                  September
                    28, 2006

                
	 	 

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	
                  Fixed
                    Amount:

                	
                  USD
                    1000.00

                
	 	 
	
                  Floating
                    Amounts:

                	 
	 	 
	
                  Floating
                    Rate Payer:

                	
                  Party
                    A

                
	 	 
	
                  Cap
                    Rate:

                	
                  7.50%

                
	 	 
	
                  Floating
                    Rate Payer Period End Dates:

                	
                  The
                    25th calendar day of each month of each year, commencing October
                    25, 2006,
                    through and including the Termination Date, subject to adjustment
                    in
                    accordance with the Business Day Convention.

                
	 	 
	
                  Floating
                    Rate Payer Payment Dates:

                	
                  Early
                    Payment shall be applicable. The Floating Rate Payer Payment
                    Dates shall
                    be one (1) Business Day prior to each Floating Rate Payer Period
                    End Date,
                    subject to adjustment in accordance with the Business Day
                    Convention.

                
	 	 
	
                  Floating
                    Rate Option:

                	
                  USD-LIBOR-BBA

                
	 	 
	
                  Floating
                    Amount

                	
                  To
                    be determined in accordance with the following formula: the greater
                    of (i)
                    (Floating Rate Option - Cap Rate) * Notional Amount * Floating
                    Rate Day
                    Count Fraction and (ii) zero.

                
	 	 
	
                  Designated
                    Maturity:

                	
                  One
                    month.

                
	 	 
	
                  Floating
                    Rate Day Count Fraction:

                	
                  Actual/360

                
	 	 
	
                  Reset
                    Dates:

                	
                  First
                    day of each Calculation Period

                
	 	 
	
                  Compounding:

                	
                  Inapplicable

                
	 	 
	
                  Business
                    Days:

                	
                  New
                    York 

                
	 	 
	
                  Business
                    Day Convention:

                	
                  Following

                
	 	 
	
                  Calculation
                    Agent:

                	
                  Party
                    A

                

        

         

        
          	3 
                           
                   	
                  Recording
                    of Conversations

                

        

         

        Each
          party (i) consents to the recording of the telephone conversations of trading
          and marketing personnel of the parties and (ii) agrees to obtain any necessary
          consent of, and give notice of such recording to, such personnel of
          it.

         

         

        
          	4    
                          	
                  Account
                    Details:

                

        

         

        
          	
                  Account
                    for payments to Party A:

                	
                  For
                    the account of The Royal Bank of Scotland Financial Markets Fixed
                    Income
                    and Interest Rate Derivative Operations, London SWIFT RBOSGB2RTCM
                    with
                    JPMorgan Chase Bank, New York CHASUS33, ABA # 021000021
                    Account
                    Number 400930153

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	
                  Account
                    for payments to Party B:

                	
                  Wells
                    Fargo Bank, NA

                  ABA
                    # 121000248

                  Account
                    Name: SAS Clearing Account #3970771416

                  FFC
                    to: 50952201, ACE 2006-ASAP5 Reserve
                    Fund

                

        

         

        
          	5          
                    	
                  Offices:

                

        

         

        
          	
                  The
                    Office of Party A for this Transaction is:

                	
                  London

                
	 	 
	
                  The
                    Office of Party B for this Transaction is:

                	
                  New
                    York

                

        

         

        
          	6      
                        	
                  Other
                    Provisions:

                

        

         

        
          	6.1  	
                  Agency
                    Role of Greenwich Capital Markets, Inc. This Transaction has
                    been entered
                    into by Greenwich Capital Markets, Inc., as agent for The Royal
                    Bank of
                    Scotland plc. Greenwich Capital Markets, Inc. has not guaranteed
                    and is
                    not otherwise responsible for the obligations of Party A under
                    this
                    Transaction.

                

        

         

        [REMAINDER
          OF THIS PAGE INTENTIONALLY LEFT BLANK]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Please
          promptly confirm that the foregoing correctly sets forth the terms of the
          Transaction entered into between us by executing this Confirmation and
          returning
          it to us by facsimile to:

         

        The
          Royal Bank of Scotland plc

        Attention:
          Derivatives Documentation

        Fax:
          0207 375 6724 / 6486 Phone: 0207 375 4225

        

          	THE ROYAL BANK OF SCOTLAND
                  PLC	 	 	 
	
                  By:
                    Greenwich Capital Markets, Inc., its agent

                	 	 	 
	 	 	 	 
	 	 	 	 
	By
                  	 	 	
                
	
                  
                    
Name:

                	 	 	
                
	
                  Title:

                	 	 	
                

        

         

        Accepted
          and confirmed as of the Trade Date written above:

         

        HSBC
          BANK USA, NATIONAL ASSOCIATION, NOT
          IN
          ITS INDIVIDUAL CAPACITY, BUT SOLELY AS TRUSTEE
          FOR THE ACE SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-ASAP5,
          ASSET
          BACKED PASS-THROUGH CERTIFICATES

         

        
          	 	 	 
	
By	 
 	 
 
	
                  
                    
Name:

                	 	
                
	
                  Title:

                	
                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Schedule
          A to the Confirmation dated as of September 28, 2006

         

        Re:
          Reference Number IRG16089895

         

        Amortization
          Schedule,
          all
          such
          dates subject to adjustment in accordance with the Business Day
          Convention

         

        
          	
                  From
                    and Including

                	 	
                  To
                    but Excluding

                	 	
                  Notional
                    Amount (USD)

                
	
                  9/28/2006

                	 	
                  10/25/2006

                	 	
                  157,085,662.00

                
	
                  10/25/2006

                	 	
                  11/25/2006

                	 	
                  155,842,558.00

                
	
                  11/25/2006

                	 	
                  12/25/2006

                	 	
                  154,331,661.00

                
	
                  12/25/2006

                	 	
                  1/25/2007

                	 	
                  152,554,956.00

                
	
                  1/25/2007

                	 	
                  2/25/2007

                	 	
                  150,515,794.00

                
	
                  2/25/2007

                	 	
                  3/25/2007

                	 	
                  148,218,907.00

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        Schedule
          B to the Confirmation dated as of September 28, 2006

         

        Re:
          Reference Number IRG16089895

         

        Between
          The Royal Bank of Scotland plc (“Party
          A”)
          and
          HSBC Bank USA, National Association, not in its individual capacity, but
          solely
          as Trustee for the ACE Securities Corp. Home Equity Loan Trust, Series
          2006-ASAP5, Asset Backed Pass-Through Certificates (“Party
          B”)
          

         

        
          	Part.
                  1  	
                  Termination
                    Provisions

                

        

         

        
          	(a)  	
                  “Specified
                    Entity”
                    means in relation to Party A for the purpose of the Master
                    Agreement:

                

        

         

        Section
          5(a)(v): none.

         

        Section
          5(a)(vi): none.

         

        Section
          5(a)(vii): none.

         

        Section
          5(b)(iv): none.

         

        and
          in
          relation to Party B for the purpose of the Master Agreement:

         

        Section
          5(a)(v): none.

         

        Section
          5(a)(vi): none.

         

        Section
          5(a)(vii): none.

         

        Section
          5(b)(iv): none.

         

        
          	(b)  	
                  “Specified
                    Transaction”
                    is not applicable to Party A or Party B for any purpose, and
                    accordingly,
                    Section 5(a)(v) of the Master Agreement shall not apply to Party
                    A or
                    Party B. 

                

        

         

        
          	(c)  	
                  The
                    “Breach
                    of Agreement”
                    provisions of Section 5(a)(ii) of the Master Agreement will be
                    inapplicable to Party A and Party
                    B.

                

        

         

        
          	(d)  	
                  The
                    “Credit
                    Support Default”
                    provisions of Section 5(a)(iii) of the Master Agreement will
                    be
                    inapplicable to Party A and Party
                    B.

                

        

         

        
          	(e)  	
                  The
                    “Misrepresentation”
                    provisions of Section 5(a)(iv) of the Master Agreement will be
                    inapplicable to Party A and Party
                    B.

                

        

         

        
          	(f)  	
                  The
                    “Default
                    Under Specified Transaction”
                    provisions of Section 5(a)(v) of the Master Agreement will be
                    inapplicable
                    to Party A and Party B.

                

        

         

        
          	(g)  	
                  The
                    “Cross
                    Default”
                    provisions of Section 5(a)(vi) of the Master Agreement will be
                    inapplicable to Party A and Party
                    B.

                

        

         

        
          	(h)  	
                  The
                    “Bankruptcy”
                    provision of Section 5(a)(vii)(2) of the Master Agreement will
                    be
                    inapplicable to Party B.

                

        

         

        
          	(i)  	
                  The
                    “Merger
                    Without Assumption”
                    provision of Section 5(a)(viii) will not apply to Party
                    B.

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	(j)  	
                  The
                    “Credit
                    Event Upon Merger”
                    provisions of Section 5(b)(iv) of the Master Agreement will be
                    inapplicable to Party A and Party
                    B.

                

        

         

        
          	(k)  	
                  The
                    “Automatic
                    Early Termination”
                    provision of Section 6(a) of the Master Agreement will be inapplicable
                    to
                    Party A and Party B; provided that where there is an Event of
                    Default
                    under Section 5(a)(vii)(1), (3), (4), (5), (6) or, to the extent
                    analogous
                    thereto, (8), and the Defaulting Party is governed by a system
                    of law that
                    does not permit termination to take place after the occurrence
                    of such
                    Event of Default, then the Automatic Early Termination provisions
                    of
                    Section 6(a) will apply.

                

        

         

        If
          an
          Early Termination Date has occurred under Section 6(a) of the Master Agreement
          as a result of Automatic Early Termination, and if the Non-defaulting Party
          determines that it has either sustained or incurred a loss or damage or
          benefited from a gain in respect of any Transaction, as a result of movement
          in
          interest rates, currency exchange rates, other relevant rates or market
          quotations between the Early Termination Date and the date upon which the
          Non-defaulting Party first becomes aware that such Event of Default has
          occurred
          under Section 6(a) of the Agreement, then (i) the amount of such loss or
          damage
          shall be added to the amount due by the Defaulting Party or deducted from
          the
          amount due by the Non-defaulting Party, as the case may be (in both cases
          pursuant to Section 6(e)(i)(3) of the Master Agreement); or (ii) the amount
          of
          such gain shall be deducted from the amount due by the Defaulting Party
          or added
          to the amount due by the Non-defaulting Party, as the case may be (in both
          cases
          pursuant to Section 6(e)(i)(3) of the Master Agreement).

         

        
          	(l)  	
                  Payments
                    on Early Termination For
                    the purpose of Section 6(e) of the Master
                    Agreement:

                

        

         

        
          	(i)  	
                  Market
                    Quotation will apply; and

                

        

         

        
          	(ii)  	
                  The
                    Second Method will apply.

                

        

         

        
          	(m)  	
                  “Termination
                    Currency”
                    means United States Dollars.

                

        

         

        
          	Part.
                  2  	
                  Tax
                    Representations 

                

        

         

        Payer
          Representations For
          the
          purpose of Section 3(e) of the Master Agreement, each of Party A and Party
          B
          will make the following representation:

         

        It
          is not
          required by any applicable law, as modified by the practice of any relevant
          governmental revenue authority, of any Relevant Jurisdiction to make any
          deduction or withholding for or on account of any Tax from any payment
          (other
          than interest under Section 2(e), 6(d)(ii) or 6(e) of the Master Agreement)
          to
          be made by it to the other party under this Agreement. In making this
          representation, it may rely on (i) the accuracy of any representations
          made by
          the other party pursuant to Section 3(f) of the Master Agreement, (ii)
          the
          satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii)
          of the
          Master Agreement and the accuracy and effectiveness of any document provided
          by
          the other party pursuant to Section 4(a)(i) or 4(a)(iii) of the Master
          Agreement
          and (iii) the satisfaction of the agreement of the other party contained
          in
          Section 4(d) of the Master Agreement, provided that it shall not be a breach
          of
          this representation where reliance is placed on clause (ii) and the other
          party
          does not deliver a form or document under Section 4(a)(iii) of the Master
          Agreement by reason of material prejudice to its legal or commercial position.
          

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        Payee
          Representations For
          the
          purpose of Section 3(f) of the Master Agreement, Party A and Party B make
          the
          following representations:

         

        
          	(i)  	
                  Party
                    A represents that 

                

        

         

        
          	(A)  	
                  it
                    is a tax resident of the United
                    Kingdom;

                

        

         

        
          	(B)  	
                  it
                    is a "foreign person" within the meaning of the applicable U.S.
                    Treasury
                    Regulations concerning information reporting and backup withholding
                    tax
                    (as in effect on January 1, 2001), unless Party A provides
                    written notice to Party B that it is no longer a foreign
                    person;

                

        

         

        
          	(C)  	
                  in
                    respect of each Transaction it enters into through an office
                    or
                    discretionary agent in the United States or which otherwise is
                    allocated
                    (in whole or part) for United States federal income tax purposes
                    to such
                    United States trade or business, each payment received or to
                    be received
                    by it under such Transaction (or portion thereof, if applicable)
                    will be
                    effectively connected with its conduct of a trade or business
                    in the
                    United States; and

                

        

         

        
          	(D)  	
                  in
                    respect of all other Transactions or portions thereof, no such
                    payment
                    received or to be received by it in connection with this Agreement
                    is
                    attributable to a trade or business carried on by it through
                    a permanent
                    establishment in the United States.

                

        

         

        
          	(ii)  	
                  Party
                    B represents that it is the Trustee of the Trust created under
                    the
                    Pooling
                    and Servicing Agreement.

                

        

         

        
          	Part.
                  3  	
                  Agreement
                    to Deliver Documents

                

        

         

        For
          the
          purpose of Sections 4(a)(i) and (ii) of the Master Agreement, Party A and
          Party
          B agree to deliver the following documents, as applicable:

         

        
          	(a)  	
                  Tax
                    forms, documents or certificates to be delivered
                    are:

                

        

         

        
          	
                  Party
                    Required to Deliver Document

                	 	
                  Form/Document/Certificate

                	 	
                  Date
                    by Which to be Delivered

                
	
                  Party
                    A and Party B

                	 	
                  Any
                    form or document required or reasonably requested to allow the
                    other party
                    to make payments under the Agreement without any deduction or
                    withholding
                    for or on account of any Tax, or with such deduction or withholding
                    at a
                    reduced rate.

                	 	
                  Promptly
                    upon reasonable demand by the other
                    party.

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	(b)  	
                  Other
                    documents to be delivered and covered by the Section 3(d) representation
                    are:—

                

        

         

        
          	
                  Party
                    required to deliver

                	 	
                  Form/Document/or
                    Certificate

                	 	
                  Date
                    by which to be delivered

                	 	
                  Covered
                    by Section 3(d) representation

                
	
                  Party
                    A and Party B

                	 	
                  Incumbency
                    Certificate (or, if available the current authorized signature
                    book or
                    equivalent authorizing documentation) specifying the names, titles,
                    authority and specimen signatures of the persons authorized to
                    execute the
                    Confirmation which sets forth the specimen signatures of each
                    signatory to
                    the Confirmation signing on its behalf. 

                	 	
                  Concurrently
                    with the execution and delivery of the Confirmation unless previously
                    delivered and still in full force and effect.

                	 	
                  Yes

                
	 	 	 	 	 	 	 
	
                  Party
                    B 

                	 	
                  The
                    Pooling
                    and Servicing Agreement

                	 	
                  Concurrently
                    with the execution and delivery of the Confirmation.

                	 	
                  No

                
	 	 	 	 	 	 	 
	
                  Party
                    A

                	 	
                  Legal
                    opinion[s] with respect to Party A and its Credit Support Provider,
                    if
                    any, reasonably satisfactory in form and substance to Party B
                    to the
                    enforceability of Party A’s obligation under this
                    Agreement.

                	 	
                  Upon
                    the execution and delivery of this Agreement and any
                    Confirmation

                	 	
                  No

                

        

         

        
          	Part.
                  4  	
                  Miscellaneous

                

        

         

        
          	(a)  	
                  Addresses
                    for Notices For
                    the purposes of Section 12(a) of the Master
                    Agreement:

                

        

         

        Addresses
          for notices or communications to Party A and to Party B shall be those
          set forth
          on the first page of the Confirmation.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	(b)  	
                  Process
                    Agent For
                    the purpose of Section 13(c) of the Master
                    Agreement:

                

        

         

        Party
          A
          appoints as its Process Agent: none.

         

        Party
          B
          appoints as its Process Agent: none.

         

        
          	(c)  	
                  Offices
                    With
                    respect to Party A, the provisions of Section 10(a) of the Master
                    Agreement will apply.

                

        

         

        
          	(d)  	
                  Multibranch
                    Party For
                    the purpose of Section 10(c) of the Master
                    Agreement:

                

        

         

        Party
          A
          is not a Multibranch Party.

         

        Party
          B
          is not a Multibranch Party.

         

        
          	(e)  	
                  Calculation
                    Agent The
                    Calculation Agent is Party A.

                

        

         

        
          	(f)  	
                  Credit
                    Support Document Details
                    of any Credit Support Document:
                    none

                

        

         

        
          	(g)  	
                  Credit
                    Support Provider 

                

        

         

        Credit
          Support Provider means in relation to Party A: none.

         

        Credit
          Support Provider means in relation to Party B: none.

         

        
          	(h)  	
                  Governing
                    Law This
                    Agreement will be governed by and construed in accordance with
                    the laws of
                    the State of New York (without reference to conflicts of law
                    doctrine
                    other than New York General Obligations Law Sections 5-1401 and
                    5-1402).

                

        

         

        
          	(i)  	
                  Netting
                    of Payments Subparagraph
                    (ii) of Section 2(c) of the Agreement will apply to the Transaction
                    evidenced by the Confirmation.

                

        

         

        
          	(j)  	
                  “Affiliate”
                    Party B shall be deemed to have no Affiliates for purposes of
                    this
                    Transaction.

                

        

         

        
          	(k)  	
                  Jurisdiction
                    Section
                    13(b) of the Master Agreement is hereby amended by: (i) deleting
                    in the
                    second line of  subparagraph
                    (i) thereof the word “non-”: and (ii) deleting the final paragraph
                    thereof.

                

        

        

          	Part. 5  	
                  Other
                    Provisions 

                

        

         

        
          	(a)  	
                  Modifications
                    to the Agreement Section
                    3(a) of the Master Agreement shall be amended to include the
                    following
                    additional representations after paragraph
                    3(a)(v):

                

        

         

        (vi)
           Eligible
          Contract Participant etc.
          It is
          an “eligible contract participant” as defined in Section 1a(12) of the U.S.
          Commodity Exchange Act (7 U.S.C. 1a), as amended by the Commodity Futures
          Modernization Act of 2000 and the Transaction evidenced hereby has been
          the
          subject of individual negotiations and is intended to be exempt from, or
          otherwise not subject to regulation thereunder.

         

        
          	(b)  	
                  Waiver
                    of Right to Trial by Jury Each
                    party hereby irrevocably waives any and all rights to trial by
                    jury in any
                    legal proceeding arising out of or relating to this Agreement
                    or any
                    Transaction hereunder.

                

        

         

        
          	(c)  	
                  Absence
                    of Litigation In
                    Section 3(c) of the Master Agreement the words “or any of its Affiliates”
                    shall be deleted.

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	(d)  	
                  Tax
                    Event In
                    Section 5(b)(ii)(y) of the Master Agreement the words “, or there is a
                    substantial likelihood that it will,” shall be
                    deleted.

                

        

         

        
          	(e)  	
                   Transfer
                    and Amendment

                

        

         

        Subject
          to Part 5(j) herein, no transfer, amendment, waiver, supplement, assignment
          or
          other modification of this Transaction shall be permitted by either party
          unless
          (i) each of Standard and Poor’s Ratings Services, a Division of The McGraw-Hill
          Companies, Inc. (“S&P”)
          and
          Moody’s Investors Service, Inc. (“Moody’s”)
          (each
          a “Rating
          Agency”)
          has
          been provided notice of the same and (ii) each of S&P and Moody’s confirm in
          writing (including by facsimile transmission) that they will not downgrade,
          qualify, withdraw or otherwise modify their then-current rating of the
          Certificates.

         

        
          	(f)  	
                  Trustee
                    Capacity

                

        

         

        It
          is
          expressly understood and agreed by the parties hereto that insofar as this
          Confirmation is executed by the Trustee (i) this Confirmation is executed
          and
          delivered by HSBC Bank USA, National Association, not in its individual
          capacity
          but solely as Trustee of the Trust created under the Pooling and Servicing
          Agreement in the exercise of the powers and authority conferred and vested
          in it
          thereunder (ii) each of the representations, undertakings and agreements
          herein
          made on behalf of the Trust is made and intended not as personal representations
          of the Trustee but is made and intended for the purpose of binding only
          the
          Trust created under the Pooling and Servicing Agreement, and (iii) under
          no
          circumstances will HSBC Bank USA, National Association in its individual
          capacity be personally liable for the payment of any indebtedness or expenses
          or
          be personally liable for the breach or failure of any obligation,
          representation, warranty or covenant made or undertaken under this
          Confirmation.

         

        
          	(g)  	
                  Proceedings

                

        

         

        Party
          A
          shall not institute against or cause any other person to institute against,
          or
          join any other person in instituting against, Party B or the Supplemental
          Interest Trust created pursuant to the Pooling and Servicing Agreement,
          any
          bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
          or other proceedings under any federal or state bankruptcy, dissolution
          or
          similar law, for a period of one year and one day (or, if longer, the applicable
          preference period) following indefeasible payment in full of the Certificates,
          provided that nothing herein shall preclude, or be deemed to estop Party
          A from
          taking any action in any case or proceeding voluntarily filed or commenced
          by or
          on behalf of Party B or in any involuntary case or proceeding after it
          has been
          commenced.

         

        
          	(h)  	
                  Set-off

                

        

         

        Notwithstanding
          any provision of this Agreement or any other existing or future agreement,
          each
          party irrevocably waives any and all rights it may have to set-off, net
          recoup
          or otherwise withhold or suspend or condition payment or performance of
          any
          obligation between it and the other party hereunder against any obligation
          between it and the other party under any other agreements. The provisions
          for
          Set-off set forth in Section 6(e) of the Master Agreement shall not apply
          for
          purposes of this Transaction.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	(i)  	
                  Section
                    1(c)

                

        

         

        For
          purposes of Section 1(c) of the Master Agreement, this Transaction shall
          be the
          sole Transaction under the Agreement.

         

        
          	(j)  	
                  Rating
                    Agency Downgrade

                

        

         

        If
          a
          Ratings Event (as defined below) occurs with respect to Party A (or any
          applicable credit support provider), then Party A shall, within (30) days
          of
          such Ratings Event subject to the Rating Agency Condition (as hereinafter
          defined) and at its own expense (unless, within 30 days of such Ratings
          Event,
          each of S&P and Moody’s has reconfirmed the rating of the Certificates which
          was in effect immediately prior to such Ratings Event), (i) assign this
          Transaction hereunder to a third party that meets or exceeds, or as to
          which any
          applicable credit support provider of such third party meets or exceeds,
          the
          Approved Ratings Thresholds (as defined below) on terms substantially similar
          to
          this Confirmation, (ii) obtain a guaranty of Party A’s obligations under this
          Transaction from a third party that meets or exceeds the Approved Ratings
          Threshold, in form and substance, (iii) post collateral, or (iv) establish
          any
          other arrangement, which will be sufficient to restore the immediately
          prior
          ratings of the Certificates. For purposes of this Transaction, a “Ratings
          Event”
shall
          occur with respect to Party A (or any applicable credit support provider),
          if
          its short-term unsecured and unsubordinated debt ceases to be rated at
          least
“A-1” by S&P or its short-term unsecured and unsubordinated debt ceases to
          be rated at least “P-1” by Moody’s or its long-term unsecured and unsubordinated
          debt ceases to be rated at least “A1” by Moody’s (including in connection with a
          merger, consolidation or other similar transaction by Party A or any applicable
          credit support provider) such ratings being referred to herein as the
“Approved
          Ratings Thresholds.”
If
          a
          Further Ratings Event (as defined below) occurs with respect to Party A
          (or any
          applicable credit support provider), then Party A shall, within (10) days
          of
          such Downgrade Event subject to the Rating Agency Condition (as hereinafter
          defined) and at its own expense (unless, within 10 days of such Ratings
          Event,
          S&P has reconfirmed the rating of the Certificates which was in effect
          immediately prior to such Further Ratings Event), (i) assign this Transaction
          hereunder to a third party that meets or exceeds, or as to which any applicable
          credit support provider of such third party meets or exceeds, the Approved
          Ratings Thresholds on terms substantially similar to this Confirmation
          or (ii)
          obtain a guaranty of Party A’s obligations under this Transaction from a third
          party that meets or exceeds the Approved Ratings Threshold. For purposes
          of this
          Transaction, a “Further
          Ratings Event”
shall
          occur with respect to Party A (or any applicable credit support provider),
          if
          its long-term unsecured and unsubordinated debt ceases to be rated at least
          “BBB-” by S&P or its short-term unsecured and unsubordinated debt ceases to
          be rated at least “P-1” on watch for downgrade by Moody’s or its long-term
          unsecured and unsubordinated debt ceases to be rated at least “A2” on watch for
          downgrade by Moody’s (including in connection with a merger, consolidation or
          other similar transaction by Party A or any applicable credit support provider).
          "Rating
          Agency Condition"
          means,
          with respect to any particular proposed act or omission to act hereunder
          that
          the party acting or failing to act must consult with each Rating Agency
          then
          providing a rating of the Certificates and receive from each Rating Agency
          a
          prior written confirmation that the proposed action or inaction would not
          cause
          a downgrade or withdrawal of the then-current rating of the
          Certificates.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	(k)  	
                  Additional
                    Termination Events

                

        

         

        Additional
          Termination Events will apply as specified below:

         

        The
          occurrence of the following shall constitute an Additional Termination
          Event:

         

        If
          a
          Rating Agency Downgrade has occurred and Party A has not complied with
          paragraph
          (j) above, then an Additional Termination Event shall have occurred with
          respect
          to Party A and Party A shall be the sole Affected Party with respect to
          such an
          Additional Termination Event.

         

        If,
          at
          any time, the Terminator purchases the Mortgage Loans pursuant to Section
          10.01
          of the Pooling
          and Servicing Agreement, then an Additional Termination Event shall have
          occurred and Party B shall be the sole Affected Party with respect thereto;
          provided, however, that notwithstanding Section 6(b)(iv) of the Master
          Agreement, only Party B shall have the right to designate an Early Termination
          Date in respect of this Additional Termination Event; provided, further,
          that
          the Early Termination Date shall not be prior to the Optional Termination
          Date.

         

        If,
          upon
          the occurrence of a Regulation AB Event (as defined in Part 5(o) below)
          Party A
          has not, within 30 days after such Regulation AB Event complied with any
          of the
          provisions set forth in Part 5(o)(iii) below (provided that if the significance
          percentage reaches 10% after a Regulation AB Event has occurred, Party
          A must
          comply with the provisions set forth in Part 5(o)(iii) below within 10
          calendar
          days of Party A being informed of the significance percentage reaching
          10%),
          then an Additional Termination Event shall have occurred with respect to
          Party A
          and Party A shall be the sole Affected Party with respect to such Additional
          Termination Event.

         

        
          	(l)  	
                  Amendment
                    to ISDA Form

                

        

         

        The
          “Failure to Pay or Deliver” provision in Section 5(a)(i) of the Master Agreement
          is hereby amended by deleting the word “third” in the third line thereof and
          inserting the word “first” in place thereof.

         

        
          	(m)  	
                  Severability
                    

                

        

         

        If
          any
          term, provision, covenant, or condition of the Agreement, or the application
          thereof to any other party or circumstance, shall be held invalid or
          unenforceable (in whole or in part) for any reason, the remaining terms,
          provisions, covenants, and conditions hereof shall continue in full force
          and
          effect as if the Agreement has been executed with the invalid or unenforceable
          provision portion eliminated, so long as the Agreement as so modified continues
          to express, without material change, the original intentions of the parties
          as
          to the subject matter of the Agreement and the deletion of such portion
          of the
          Agreement will not substantially impair the respective benefits or expectations
          of the parties. The parties shall endeavor to engage in good faith negotiations
          to replace any invalid or unenforceable term, provision, covenant or conditions
          with a valid or enforceable term, provision, covenant or condition, the
          economic
          effect of which comes as close as possible to that of the invalid or
          unenforceable term, provision, covenant or condition.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	(n)  	
                  [Reserved]

                

        

         

        
          	(o)  	
                  Compliance
                    with Regulation AB

                

        

         

        
          	 	
                  (i)

                	
                  Party
                    A agrees and acknowledges that while reporting requirements with
                    respect
                    to this Transaction are operative by force of law, DB Structured
                    Products,
                    Inc. (“DBSP”)
                    and ACE Securities Corp. (“ACE”)
                    are required under Regulation AB under the Securities Act of
                    1933, as
                    amended, and the Securities Exchange Act of 1934, as amended
                    (“Regulation
                    AB”),
                    to disclose certain information set forth in Regulation AB regarding
                    Party
                    A or its group of affiliated entities, if applicable, depending
                    on the
                    aggregate “significance percentage” of this Agreement and any other
                    derivative contracts between Party A or its group of affiliated
                    entities,
                    if applicable, and Party B, as calculated from time to time in
                    accordance
                    with Item 1115 of Regulation AB. 

                

        

         

        
          	 	
                  (ii)

                	
                  If,
                    solely while the relevant reporting requirements apply by force
                    of law to
                    this Transaction, DBSP or ACE determines, reasonably and in good
                    faith,
                    that the significance percentage of this Agreement has increased
                    to nine
                    (9) percent, then DBSP or ACE, as the case may be, may notify
                    Party A on a
                    Business Day after the date hereof of such increase in the significance
                    percentage (such notification, a “Regulation
                    AB Event”).
                    DBSP and/or ACE, as applicable hereby agree with Party A to provide
                    Party
                    A with the calculations and any other information reasonably
                    requested by
                    Party A with respect to the determination that led to a Regulation
                    AB
                    Event.

                

        

         

        
          	 	
                  (iii)

                	
                  Upon
                    the occurrence of a Regulation AB Event, Party A, at its own
                    expense,
                    shall (1) provide DBSP and ACE with the information set forth
                    in Item
                    1115(b) of Regulation AB (the “Regulation
                    AB Information”),
                    (2) subject to Rating Agency Condition, secure another entity
                    to replace
                    Party A as party to this Agreement on terms substantially similar
                    to this
                    Agreement, which entity is able to provide the Regulation AB
                    Information
                    or (3) subject to Rating Agency Condition, obtain a guaranty
                    of Party A’s
                    obligations under this Agreement from an affiliate of Party A
                    that is able
                    to provide the Regulation AB Information, such that disclosure
                    provided in
                    respect of the affiliate will satisfy any disclosure requirements
                    applicable to Party A, and cause such affiliate to provide the
                    Regulation
                    AB Information. If permitted by Regulation AB, any required Regulation
                    AB
                    Information may be provided by incorporation by reference from
                    reports
                    filed pursuant to the Securities Exchange Act. For purposes of
                    clause (2)
                    above, the parties agree that National Westminster Bank Plc (“NatWest”)
                    shall be an acceptable replacement for Party A, so long as NatWest
                    is able
                    to provide suitable Regulation AB
                    Information.

                

        

         

        
          	(p)  	
                  Limitation
                    on Events of Default

                

        

         

        Notwithstanding
          the terms of Sections 5 and 6 of the Master Agreement, if at any time and
          so
          long as the Party B has satisfied in full all its payment obligations under
          Section 2(a)(i) of the Master Agreement and has at the time no future payment
          obligations, whether absolute or contingent, under such Section, then unless
          Party A is required pursuant to appropriate proceedings to return to the
          Party B
          or otherwise returns to the Party B upon demand of the Party B any portion
          of
          any such payment, (a) the occurrence of an event described in Section 5(a)
          of
          the Master Agreement with respect to the Party B shall not constitute an
          Event
          of Default or Potential Event of Default with respect to the Party B as
          Defaulting Party and (b) Party A shall be entitled to designate an Early
          Termination Date pursuant to Section 6 of the Master Agreement only as
          a result
          of the occurrence of a Termination Event set forth in either Section 5(b)(i)
          or
          5(b)(ii) of the Master Agreement with respect to Party A as the Affected
          Party,
          or Section 5(b)(iii) with respect to Party A as the Burdened Party. For
          purposes
          of the Transaction to which this Agreement relates, Party B’s only obligation
          under Section 2(a)(i) of the Master Agreement is to pay the Fixed Amount
          on the
          Fixed Rate Payer Payment Date.

      

      
        
          
          

        

        
          
          

          
            

          

        

         

      

      SCHEDULE
        1

      

      MORTGAGE
        LOAN SCHEDULE

      

      [PROVIDED
        UPON REQUEST]

      
        
          
          

        

        
          
          

          
            

          

        

         

      

      SCHEDULE
        2

      

      PREPAYMENT
        CHARGE SCHEDULE

      

      [PROVIDED
        UPON REQUEST]

      
        
          
          

        

        
          
          

          
            

          

        

         

      

      SCHEDULE
        3

      

      [RESERVED]

      
        
          
          

        

        
          
          

          
            

          

        

         

      

      SCHEDULE
        4

      

      STANDARD
        FILE LAYOUT- DELINQUENCY REPORTING

       

      Exhibit: Standard
        File Layout - Delinquency Reporting

      

      
        	
                Column/Header
                  Name

              	 	
                Description

              	 	
                Decimal

              	 	
                Format
                  Comment

              
	
                SERVICER_LOAN_NBR

              	 	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR

              	 	 	 	
                 

              
	 	 	 	 	 	 	 
	
                LOAN_NBR

              	 	
                A
                  unique identifier assigned to each loan by the originator.

              	 	 	 	
                 

              
	 	 	 	 	 	 	 
	
                CLIENT_NBR

              	 	
                Servicer
                  Client Number

              	 	 	 	 
	 	 	 	 	 	 	 
	
                SERV_INVESTOR_NBR

              	 	
                Contains
                  a unique number as assigned by an external servicer to identify
                  a group of
                  loans in their system.

              	 	 	 	
                 

              
	 	 	 	 	 	 	 
	
                BORROWER_FIRST_NAME

              	 	
                First
                  Name of the Borrower.

              	 	 	 	 
	 	 	 	 	 	 	 
	
                BORROWER_LAST_NAME

              	 	
                Last
                  name of the borrower.

              	 	 	 	 
	 	 	 	 	 	 	 
	
                PROP_ADDRESS

              	 	
                Street
                  Name and Number of Property

              	 	 	 	
                 

              
	 	 	 	 	 	 	 
	
                PROP_STATE

              	 	
                The
                  state where the property located.

              	 	 	 	
                 

              
	 	 	 	 	 	 	 
	
                PROP_ZIP

              	 	
                Zip
                  code where the property is located.

              	 	 	 	
                 

              
	 	 	 	 	 	 	 
	
                BORR_NEXT_PAY_DUE_DATE

              	 	
                The
                  date that the borrower's next payment is due to the servicer at
                  the end of
                  processing cycle, as reported by Servicer.

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                LOAN_TYPE

              	 	
                Loan
                  Type (i.e. FHA, VA, Conv)

              	 	 	 	
                 

              
	 	 	 	 	 	 	 
	
                BANKRUPTCY_FILED_DATE

              	 	
                The
                  date a particular bankruptcy claim was filed.

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                BANKRUPTCY_CHAPTER_CODE

              	 	
                The
                  chapter under which the bankruptcy was filed.

              	 	 	 	
                 

              
	 	 	 	 	 	 	 
	
                BANKRUPTCY_CASE_NBR

              	 	
                The
                  case number assigned by the court to the bankruptcy
                  filing.

              	 	 	 	
                 

              
	 	 	 	 	 	 	 
	
                POST_PETITION_DUE_DATE

              	 	
                The
                  payment due date once the bankruptcy has been approved by the
                  courts

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                BANKRUPTCY_DCHRG_DISM_DATE

              	 	
                The
                  Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                  Discharged
                  and/or a Motion For Relief Was Granted. 

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                LOSS_MIT_APPR_DATE

              	 	
                The
                  Date The Loss Mitigation Was Approved By The Servicer

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                LOSS_MIT_TYPE

              	 	
                The
                  Type Of Loss Mitigation Approved For A Loan Such As;

              	 	 	 	 
	 	 	 	 	 	 	 
	
                LOSS_MIT_EST_COMP_DATE

              	 	
                The
                  Date The Loss Mitigation /Plan Is Scheduled To End/Close

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                LOSS_MIT_ACT_COMP_DATE

              	 	
                The
                  Date The Loss Mitigation Is Actually Completed

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                FRCLSR_APPROVED_DATE

              	 	
                The
                  date DA Admin sends a letter to the servicer with instructions
                  to begin
                  foreclosure proceedings.

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                ATTORNEY_REFERRAL_DATE

              	 	
                Date
                  File Was Referred To Attorney to Pursue Foreclosure

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                FIRST_LEGAL_DATE

              	 	
                Notice
                  of 1st legal filed by an Attorney in a Foreclosure Action

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                FRCLSR_SALE_EXPECTED_DATE

              	 	
                The
                  date by which a foreclosure sale is expected to occur.

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                FRCLSR_SALE_DATE

              	 	
                The
                  actual date of the foreclosure sale.

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                FRCLSR_SALE_AMT

              	 	
                The
                  amount a property sold for at the foreclosure sale.

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              
	 	 	 	 	 	 	 
	
                EVICTION_START_DATE

              	 	
                The
                  date the servicer initiates eviction of the borrower.

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                EVICTION_COMPLETED_DATE

              	 	
                The
                  date the court revokes legal possession of the property from the
                  borrower.

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                LIST_PRICE

              	 	
                The
                  price at which an REO property is marketed.

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              
	 	 	 	 	 	 	 
	
                LIST_DATE

              	 	
                The
                  date an REO property is listed at a particular price.

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                OFFER_AMT

              	 	
                The
                  dollar value of an offer for an REO property.

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              
	 	 	 	 	 	 	 
	
                OFFER_DATE_TIME

              	 	
                The
                  date an offer is received by DA Admin or by the Servicer.

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                REO_CLOSING_DATE

              	 	
                The
                  date the REO sale of the property is scheduled to close.

              	 	 	 	
                MM/DD/YYYY

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

         

      

       

      
        	
                Column/Header
                  Name

              	 	
                Description

              	 	
                Decimal

              	 	
                Format
                  Comment

              
	
                REO_ACTUAL_CLOSING_DATE

              	 	
                Actual
                  Date Of REO Sale

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                OCCUPANT_CODE

              	 	
                Classification
                  of how the property is occupied.

              	 	 	 	
                 

              
	 	 	 	 	 	 	 
	
                PROP_CONDITION_CODE

              	 	
                A
                  code that indicates the condition of the property.

              	 	 	 	
                 

              
	 	 	 	 	 	 	 
	
                PROP_INSPECTION_DATE

              	 	
                The
                  date a property inspection is performed.

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                APPRAISAL_DATE

              	 	
                The
                  date the appraisal was done.

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                CURR_PROP_VAL

              	 	
                 The
                  current "as is" value of the property based on brokers price opinion
                  or
                  appraisal.

              	 	
                2

              	 	
                 

              
	 	 	 	 	 	 	 
	
                REPAIRED_PROP_VAL

              	 	
                The
                  amount the property would be worth if repairs are completed pursuant
                  to a
                  broker's price opinion or appraisal.

              	 	
                2

              	 	
                 

              
	 	 	 	 	 	 	 
	
                If
                  applicable:

              	 	
                 

              	 	 	 	
                 

              
	 	 	 	 	 	 	 
	
                DELINQ_STATUS_CODE

              	 	
                FNMA
                  Code Describing Status of Loan

              	 	 	 	 
	 	 	 	 	 	 	 
	
                DELINQ_REASON_CODE

              	 	
                The
                  circumstances which caused a borrower to stop paying on a loan.
                  Code
                  indicates the reason why the loan is in default for this
                  cycle.

              	 	 	 	 
	 	 	 	 	 	 	 
	
                MI_CLAIM_FILED_DATE

              	 	
                Date
                  Mortgage Insurance Claim Was Filed With Mortgage Insurance
                  Company.

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                MI_CLAIM_AMT

              	 	
                Amount
                  of Mortgage Insurance Claim Filed

              	 	 	 	
                No
                  commas(,) or dollar signs ($)

              
	 	 	 	 	 	 	 
	
                MI_CLAIM_PAID_DATE

              	 	
                Date
                  Mortgage Insurance Company Disbursed Claim Payment

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                MI_CLAIM_AMT_PAID

              	 	
                Amount
                  Mortgage Insurance Company Paid On Claim

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              
	 	 	 	 	 	 	 
	
                POOL_CLAIM_FILED_DATE

              	 	
                Date
                  Claim Was Filed With Pool Insurance Company

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                POOL_CLAIM_AMT

              	 	
                Amount
                  of Claim Filed With Pool Insurance Company

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              
	 	 	 	 	 	 	 
	
                POOL_CLAIM_PAID_DATE

              	 	
                Date
                  Claim Was Settled and The Check Was Issued By The Pool
                  Insurer

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                POOL_CLAIM_AMT_PAID

              	 	
                Amount
                  Paid On Claim By Pool Insurance Company

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              
	 	 	 	 	 	 	 
	
                FHA_PART_A_CLAIM_FILED_DATE

              	 	
                 Date
                  FHA Part A Claim Was Filed With HUD

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                FHA_PART_A_CLAIM_AMT

              	 	
                 Amount
                  of FHA Part A Claim Filed

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              
	 	 	 	 	 	 	 
	
                FHA_PART_A_CLAIM_PAID_DATE

              	 	
                 Date
                  HUD Disbursed Part A Claim Payment

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                FHA_PART_A_CLAIM_PAID_AMT

              	 	
                 Amount
                  HUD Paid on Part A Claim

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              
	 	 	 	 	 	 	 
	
                FHA_PART_B_CLAIM_FILED_DATE

              	 	
                  Date
                  FHA Part B Claim Was Filed With HUD

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                FHA_PART_B_CLAIM_AMT

              	 	
                  Amount
                  of FHA Part B Claim Filed

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              
	 	 	 	 	 	 	 
	
                FHA_PART_B_CLAIM_PAID_DATE

              	 	
                   Date
                  HUD Disbursed Part B Claim Payment

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                FHA_PART_B_CLAIM_PAID_AMT

              	 	
                 Amount
                  HUD Paid on Part B Claim

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              
	 	 	 	 	 	 	 
	
                VA_CLAIM_FILED_DATE

              	 	
                 Date
                  VA Claim Was Filed With the Veterans Admin

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                VA_CLAIM_PAID_DATE

              	 	
                 Date
                  Veterans Admin. Disbursed VA Claim Payment

              	 	 	 	
                MM/DD/YYYY

              
	 	 	 	 	 	 	 
	
                VA_CLAIM_PAID_AMT

              	 	
                 Amount
                  Veterans Admin. Paid on VA Claim

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

         

      

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting

       

      The
        Loss
        Mit Type
        field
        should show the approved Loss Mitigation Code as follows: 

       

      ·   
         ASUM- Approved
        Assumption
·  
          BAP-  Borrower
        Assistance Program
· 
           CO- 
        Charge
        Off
·  
          DIL- Deed-in-Lieu

      · 
           FFA- 
        Formal
        Forbearance Agreement

      ·  
          MOD- 
        Loan
        Modification

      
        
          
            ·     
              PRE-
              Pre-Sale

            ·   
                SS- Short
              Sale

          

        

      

      ·   
MISC-  Anything
        else approved by the PMI or Pool Insurer

       

      NOTE:
        Wells
        Fargo Bank will accept alternative Loss Mitigation Types to those above,
        provided that they are consistent with industry standards. If Loss Mitigation
        Types other than those above are used, the Servicer must supply Wells Fargo
        Bank
        with a description of each of the Loss Mitigation Types prior to sending
        the
        file.

       

      The
        Occupant
        Code
        field
        should show the current status of the property code as follows:

       

      
        
          ·     
            Mortgagor

        

      

      
        
          ·     
            Tenant

        

      

      
        
          ·     
            Unknown
            

        

      

      
        
          ·     
            Vacant

        

      

       

      The
        Property
        Condition
        field
        should show the last reported condition of the property as follows:

       

      ·  
          Damaged

      ·  
           Excellent

      ·   
          Fair

      ·  
           Gone

      ·  
           Good

      ·   
          Poor

      ·    
         Special
        Hazard

      ·    
         Unknown

      
        
          
          

        

        
          
          

          
            

          

        

         

      

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting, Continued

       

      The
        FNMA
        Delinquent Reason Code
        field
        should show the Reason for Delinquency as follows: 

       

      
        	
                Delinquency
                  Code

              	 	
                Delinquency
                  Description

              
	
                001

              	 	
                FNMA-Death
                  of principal mortgagor

              
	
                002

              	 	
                FNMA-Illness
                  of principal mortgagor

              
	
                003

              	 	
                FNMA-Illness
                  of mortgagor’s family member

              
	
                004

              	 	
                FNMA-Death
                  of mortgagor’s family member

              
	
                005

              	 	
                FNMA-Marital
                  difficulties

              
	
                006

              	 	
                FNMA-Curtailment
                  of income

              
	
                007

              	 	
                FNMA-Excessive
                  Obligation

              
	
                008

              	 	
                FNMA-Abandonment
                  of property

              
	
                009

              	 	
                FNMA-Distant
                  employee transfer

              
	
                011

              	 	
                FNMA-Property
                  problem

              
	
                012

              	 	
                FNMA-Inability
                  to sell property

              
	
                013

              	 	
                FNMA-Inability
                  to rent property

              
	
                014

              	 	
                FNMA-Military
                  Service

              
	
                015

              	 	
                FNMA-Other

              
	
                016

              	 	
                FNMA-Unemployment

              
	
                017

              	 	
                FNMA-Business
                  failure

              
	
                019

              	 	
                FNMA-Casualty
                  loss

              
	
                022

              	 	
                FNMA-Energy
                  environment costs

              
	
                023

              	 	
                FNMA-Servicing
                  problems

              
	
                026

              	 	
                FNMA-Payment
                  adjustment

              
	
                027

              	 	
                FNMA-Payment
                  dispute

              
	
                029

              	 	
                FNMA-Transfer
                  of ownership pending

              
	
                030

              	 	
                FNMA-Fraud

              
	
                031

              	 	
                FNMA-Unable
                  to contact borrower

              
	
                INC

              	 	
                FNMA-Incarceration

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting, Continued

       

      The
        FNMA
        Delinquent Status Code
        field
        should show the Status of Default as follows: 

       

      
        	
                Status
                  Code

              	 	
                Status
                  Description

              
	
                09

              	 	
                Forbearance

              
	
                17

              	 	
                Pre-foreclosure
                  Sale Closing Plan Accepted

              
	
                24

              	 	
                Government
                  Seizure

              
	
                26

              	 	
                Refinance

              
	
                27

              	 	
                Assumption

              
	
                28

              	 	
                Modification

              
	
                29

              	 	
                Charge-Off

              
	
                30

              	 	
                Third
                  Party Sale

              
	
                31

              	 	
                Probate

              
	
                32

              	 	
                Military
                  Indulgence

              
	
                43

              	 	
                Foreclosure
                  Started

              
	
                44

              	 	
                Deed-in-Lieu
                  Started

              
	
                49

              	 	
                Assignment
                  Completed

              
	
                61

              	 	
                Second
                  Lien Considerations

              
	
                62

              	 	
                Veteran’s
                  Affairs-No Bid

              
	
                63

              	 	
                Veteran’s
                  Affairs-Refund

              
	
                64

              	 	
                Veteran’s
                  Affairs-Buydown

              
	
                65

              	 	
                Chapter
                  7 Bankruptcy

              
	
                66

              	 	
                Chapter
                  11 Bankruptcy

              
	
                67

              	 	
                Chapter
                  13 Bankruptcy

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        : Calculation
        of Realized Loss/Gain Form 332- Instruction Sheet

      

      NOTE:
        Do not net or combine items. Show all expenses individually and all credits
        as
        separate line items. Claim packages are due on the remittance report date.
        Late
        submissions may result in claims not being passed until the following
        month.

       

      1. 

       

      2.         
         The
        numbers on the 332 form correspond with the numbers listed below.

       

      Liquidation
        and Acquisition Expenses:

       

      1.
    The
        Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
        an
        Amortization Schedule from date of default through liquidation breaking out
        the
        net interest and servicing fees advanced is required.

       

      2.
    The
        Total
        Interest Due less the aggregate amount of servicing fee that would have been
        earned if all delinquent payments had been made as agreed. For documentation,
        an
        Amortization Schedule from date of default through liquidation breaking out
        the
        net interest and servicing fees advanced is required.

       

      3. 
                  Accrued
        Servicing Fees based upon the Scheduled Principal Balance of the Mortgage
        Loan
        as calculated on a monthly basis. For documentation, an Amortization Schedule
        from date of default through liquidation breaking out the net interest and
        servicing fees advanced is required.

       

      4-12.   
         Complete
        as applicable. Required documentation:

       

      *      For
        taxes and insurance advances - see page 2 of 332 form - breakdown required
        showing period of
        coverage, base tax, interest, penalty. Advances prior to default require
        evidence of servicer efforts to recover advances.

       

      *    
         For escrow advances - complete payment history 

      (to
        calculate advances from last positive escrow balance forward)

       

      *     
        Other expenses -  copies of corporate advance history showing all payments

       

      *     
        REO repairs > $1500 require explanation

       

      *     
        REO repairs >$3000 require evidence of at least 2 bids.

       

      *     
        Short Sale or Charge Off require P&L supporting the decision and
        WFB’s approved Officer Certificate 

       

      *     
        Unusual or extraordinary items may require further documentation. 

       

      13.          The
        total
        of lines 1 through 12.

       

      3.        
         Credits:
        

       

      14-21. 
         Complete
        as applicable. Required documentation:

       

      *     
        Copy of the HUD 1 from the REO sale. If a 3rd
        Party
        Sale, bid instructions and Escrow
        Agent / Attorney

       

      Letter
        of
        Proceeds
        Breakdown.

       

      *     
        Copy of EOB for any MI or gov't guarantee 

       

      *     
        All other credits need to be clearly defined on the 332
        form      
     

       

      
        	 	
                22.

              	
                The
                  total of lines 14 through 21.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

         

      

      Please
        Note: For
        HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b) for
        Part
        B/Supplemental proceeds.

       

      Total
        Realized Loss (or Amount of Any Gain)

       

      23.       
         The
        total
        derived from subtracting line 22 from 13. If the amount represents a realized
        gain, show
        the
        amount in parenthesis (  ). 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        3A: Calculation
        of Realized Loss/Gain Form 332

       

      Prepared
        by: __________________   Date:
        _______________

       

      Phone:
        ______________________ Email Address:_____________________

       

      
        	
                Servicer
                  Loan No.

              	 	
                Servicer
                  Name

              	 	
                Servicer
                  Address 

                 

              

      

       

      WELLS
        FARGO BANK, N.A. Loan No._____________________________

       

      Borrower's
        Name: _________________________________________________________

       

      Property
        Address: _________________________________________________________

       

      Liquidation
        Type: REO Sale  
        3rd
        Party Sale  Short
        Sale Charge
        Off 

       

      Was
        this loan granted a Bankruptcy deficiency or cramdown  Yes      No
        

      If
“Yes”,
        provide deficiency or cramdown amount 
_______________________________

       

      Liquidation
        and Acquisition Expenses:

       

      
        	
                (1)

              	
                Actual
                  Unpaid Principal Balance of Mortgage Loan

              	 	
                $
                  ______________

              	
                (1)

              
	
                (2)

              	
                Interest
                  accrued at Net Rate

              	 	
                ________________

              	
                (2)

              
	
                (3)

              	
                Accrued
                  Servicing Fees

              	 	
                ________________

              	
                (3)

              
	
                (4)

              	
                Attorney's
                  Fees

              	 	
                ________________

              	
                (4)

              
	
                (5)

              	
                Taxes
                  (see page 2)

              	 	
                ________________

              	
                (5)

              
	
                (6)

              	
                Property
                  Maintenance

              	 	
                ________________

              	
                (6)

              
	
                (7)

              	
                MI/Hazard
                  Insurance Premiums (see page 2)

              	 	
                ________________

              	
                (7)

              
	
                (8)

              	
                Utility
                  Expenses

              	 	
                ________________

              	
                (8)

              
	
                (9)

              	
                Appraisal/BPO

              	 	
                ________________

              	
                (9)

              
	
                (10)

              	
                Property
                  Inspections

              	 	
                ________________

              	
                (10)

              
	
                (11)

              	
                FC
                  Costs/Other Legal Expenses

              	 	
                ________________

              	
                (11)

              
	
                (12)

              	
                Other
                  (itemize)

              	 	
                ________________

              	
                (12)

              
	 	
                Cash
                  for Keys ________________________________

              	
                ________________

              	
                (12)

              
	 	
                HOA/Condo
                  Fees 
                  ____________________________

              	
                ________________

              	
                (12)

              
	 	
                ___________________________________________

              	
                ________________

              	
                (12)

              
	 	 	 	 	 
	 	
                Total
                  Expenses

              	 	
                $
                  _____________

              	
                (13)

              
	 	 	 	 
	
                Credits:

              	 	 	 
	
                (14)

              	
                Escrow
                  Balance

              	 	
                $
                  _____________

              	
                (14)

              
	
                (15)

              	
                HIP
                  Refund

              	 	
                ________________

              	
                (15)

              
	
                (16)

              	
                Rental
                  Receipts

              	 	
                ________________

              	
                (16)

              
	
                (17)

              	
                Hazard
                  Loss Proceeds

              	 	
                ________________

              	
                (17)

              
	
                (18)

              	
                Primary
                  Mortgage Insurance / Gov’t Insurance

              	
                ________________

              	
                (18a)
                  HUD Part A

              
	 	 	 	
                ________________

              	
                (18b)
                  HUD Part B

              
	
                (19)

              	
                Pool
                  Insurance Proceeds

              	 	
                ________________

              	
                (19)

              
	
                (20)

              	
                Proceeds
                  from Sale of Acquired Property

              	
                ________________

              	
                (20)

              
	
                (21)

              	
                Other
                  (itemize)

              	 	
                ________________

              	
                (21)

              
	 	
                _________________________________________

              	
                ________________

              	
                (21)

              
	 	 	 	 	 
	 	
                Total
                  Credits

              	 	
                $_______________

              	
                (22)

              
	
                Total
                  Realized Loss (or Amount of Gain)

              	
                $______________

              	
                (23)

              
	 	 	 	 	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Escrow
        Disbursement Detail

       

      
        	
                Type

                (Tax
                  /Ins.)

              	 	
                Date
                  Paid

              	 	
                Period
                  of Coverage

              	 	
                Total
                  Paid

              	 	
                Base
                  Amount

              	 	
                Penalties

              	 	
                Interest

              
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

         

      

      SCHEDULE
        5

      

      STANDARD
        FILE LAYOUT- MASTER SERVICING

      

      
        	
                Standard
                  File Layout - Master Servicing

              

      

      

      
        	
                Column
                  Name

              	 	
                Description

              	 	
                Decimal

              	 	
                Format
                  Comment

              	 	
                Max
                  Size

              
	
                SER_INVESTOR_NBR

              	 	
                A
                  value assigned by the Servicer to define a group of loans.

              	 	
                 

              	 	
                Text
                  up to 10 digits

              	 	
                20

              
	 	 	 	 	 	 	 	 	 
	
                LOAN_NBR

              	 	
                A
                  unique identifier assigned to each loan by the investor.

              	 	
                 

              	 	
                Text
                  up to 10 digits

              	 	
                10

              
	 	 	 	 	 	 	 	 	 
	
                SERVICER_LOAN_NBR

              	 	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR.

              	 	
                 

              	 	
                Text
                  up to 10 digits

              	 	
                10

              
	 	 	 	 	 	 	 	 	 
	
                BORROWER_NAME

              	 	
                The
                  borrower name as received in the file. It is not separated by first
                  and
                  last name.

              	 	
                 

              	 	
                Maximum
                  length of 30 (Last, First)

              	 	
                30

              
	 	 	 	 	 	 	 	 	 
	
                SCHED_PAY_AMT

              	 	
                Scheduled
                  monthly principal and scheduled interest payment that a borrower
                  is
                  expected to pay, P&I constant.

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              
	 	 	 	 	 	 	 	 	 
	
                NOTE_INT_RATE

              	 	
                The
                  loan interest rate as reported by the Servicer.

              	 	
                4

              	 	
                Max
                  length of 6

              	 	
                6

              
	 	 	 	 	 	 	 	 	 
	
                NET_INT_RATE

              	 	
                The
                  loan gross interest rate less the service fee rate as reported
                  by the
                  Servicer.

              	 	
                4

              	 	
                Max
                  length of 6

              	 	
                6

              
	 	 	 	 	 	 	 	 	 
	
                SERV_FEE_RATE

              	 	
                The
                  servicer's fee rate for a loan as reported by the Servicer.
                  

              	 	
                4

              	 	
                Max
                  length of 6

              	 	
                6

              
	 	 	 	 	 	 	 	 	 
	
                SERV_FEE_AMT

              	 	
                The
                  servicer's fee amount for a loan as reported by the Servicer.
                  

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              
	 	 	 	 	 	 	 	 	 
	
                NEW_PAY_AMT

              	 	
                The
                  new loan payment amount as reported by the Servicer. 

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              
	 	 	 	 	 	 	 	 	 
	
                NEW_LOAN_RATE

              	 	
                The
                  new loan rate as reported by the Servicer. 

              	 	
                4

              	 	
                Max
                  length of 6

              	 	
                6

              
	 	 	 	 	 	 	 	 	 
	
                ARM_INDEX_RATE

              	 	
                The
                  index the Servicer is using to calculate a forecasted
                  rate.

              	 	
                4

              	 	
                Max
                  length of 6

              	 	
                6

              
	 	 	 	 	 	 	 	 	 
	
                ACTL_BEG_PRIN_BAL

              	 	
                The
                  borrower's actual principal balance at the beginning of the processing
                  cycle.

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              
	 	 	 	 	 	 	 	 	 
	
                ACTL_END_PRIN_BAL

              	 	
                The
                  borrower's actual principal balance at the end of the processing
                  cycle.

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              
	 	 	 	 	 	 	 	 	 
	
                BORR_NEXT_PAY_DUE_DATE

              	 	
                The
                  date at the end of processing cycle that the borrower's next payment
                  is
                  due to the Servicer, as reported by Servicer.

              	 	
                 

              	 	
                MM/DD/YYYY

              	 	
                10

              
	 	 	 	 	 	 	 	 	 
	
                SERV_CURT_AMT_1

              	 	
                The
                  first curtailment amount to be applied.

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              
	 	 	 	 	 	 	 	 	 
	
                SERV_CURT_DATE_1

              	 	
                The
                  curtailment date associated with the first curtailment amount.
                  

              	 	
                 

              	 	
                MM/DD/YYYY

              	 	
                10

              
	 	 	 	 	 	 	 	 	 
	
                CURT_ADJ_
                  AMT_1

              	 	
                The
                  curtailment interest on the first curtailment amount, if
                  applicable.

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              
	 	 	 	 	 	 	 	 	 
	
                SERV_CURT_AMT_2

              	 	
                The
                  second curtailment amount to be applied.

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              
	 	 	 	 	 	 	 	 	 
	
                SERV_CURT_DATE_2

              	 	
                The
                  curtailment date associated with the second curtailment
                  amount.

              	 	
                 

              	 	
                MM/DD/YYYY

              	 	
                10

              
	 	 	 	 	 	 	 	 	 
	
                CURT_ADJ_
                  AMT_2

              	 	
                The
                  curtailment interest on the second curtailment amount, if
                  applicable.

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              
	 	 	 	 	 	 	 	 	 
	
                SERV_CURT_AMT_3

              	 	
                The
                  third curtailment amount to be applied.

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

         

      

      

      
        	
                Standard
                  File Layout - Master Servicing

              

      

      

      
        	
                Column
                  Name

              	 	
                Description

              	 	
                Decimal

              	 	
                Format
                  Comment

              	 	
                Max
                  Size

              
	
                SERV_CURT_DATE_3

              	 	
                The
                  curtailment date associated with the third curtailment
                  amount.

              	 	
                 

              	 	
                MM/DD/YYYY

              	 	
                10

              
	 	 	 	 	 	 	 	 	 
	
                CURT_ADJ_AMT_3

              	 	
                The
                  curtailment interest on the third curtailment amount, if
                  applicable.

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              
	 	 	 	 	 	 	 	 	 
	
                PIF_AMT

              	 	
                The
                  loan "paid in full" amount as reported by the Servicer.

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              
	 	 	 	 	 	 	 	 	 
	
                PIF_DATE

              	 	
                The
                  paid in full date as reported by the Servicer.

                 

              	 	
                 

              	 	
                MM/DD/YYYY

              	 	
                10

              
	
                
                  ACTION_CODE

                

              	 	
                
                  The
                    standard FNMA numeric code used to indicate the default/delinquent
                    status
                    of a particular loan.

                

              	 	
                 

              	 	
                Action
                  Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                  65=Repurchase,70=REO 

                 

              	 	
                2 
                  

              

      

      
        	
                INT_ADJ_AMT

              	 	
                The
                  amount of the interest adjustment as reported by the
                  Servicer.

                 

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              
	
                SOLDIER_SAILOR_ADJ_AMT

              	 	
                The
                  Soldier and Sailor Adjustment amount, if applicable.

                 

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              
	
                NON_ADV_LOAN_AMT

              	 	
                The
                  Non Recoverable Loan Amount, if applicable.

                 

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              
	
                LOAN_LOSS_AMT

              	 	
                The
                  amount the Servicer is passing as a loss, if applicable.

                 

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              
	
                SCHED_BEG_PRIN_BAL

              	 	
                The
                  scheduled outstanding principal amount due at the beginning of
                  the cycle
                  date to be passed through to investors.

                 

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              
	
                SCHED_END_PRIN_BAL

              	 	
                The
                  scheduled principal balance due to investors at the end of a processing
                  cycle.

                 

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              
	
                SCHED_PRIN_AMT

              	 	
                The
                  scheduled principal amount as reported by the Servicer for the
                  current
                  cycle -- only applicable for Scheduled/Scheduled Loans.

                 

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              
	
                SCHED_NET_INT

              	 	
                The
                  scheduled gross interest amount less the service fee amount for
                  the
                  current cycle as reported by the Servicer -- only applicable for
                  Scheduled/Scheduled Loans.

                 

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              
	
                ACTL_PRIN_AMT

              	 	
                The
                  actual principal amount collected by the Servicer for the current
                  reporting cycle -- only applicable for Actual/Actual Loans.

                 

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              
	
                ACTL_NET_INT

              	 	
                The
                  actual gross interest amount less the service fee amount for the
                  current
                  reporting cycle as reported by the Servicer -- only applicable
                  for
                  Actual/Actual Loans.

                 

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              
	
                PREPAY_PENALTY_
                  AMT

              	 	
                The
                  penalty amount received when a borrower prepays on his loan as
                  reported by
                  the Servicer. 

                 

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              
	
                PREPAY_PENALTY_
                  WAIVED

              	 	
                The
                  prepayment penalty amount for the loan waived by the
                  servicer.

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              
	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              	 	
                 

              
	
                MOD_DATE

              	 	
                The
                  Effective Payment Date of the Modification for the loan.

                 

              	 	
                 

              	 	
                MM/DD/YYYY

              	 	
                
                  10

                

              
	
                MOD_TYPE

              	 	
                The
                  Modification Type.

              	 	
                 

              	 	
                Varchar
                  - value can be alpha or numeric

                 

                 

              	 	
                
                  30
 

              
	
                DELINQ_P&I_ADVANCE_AMT

              	 	
                The
                  current outstanding principal and interest advances made by
                  Servicer.

              	 	
                2

              	 	
                No
                  commas(,) or dollar signs ($)

              	 	
                11

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

         

      

      SCHEDULE
        6

      

      DATA
        REQUIREMENTS OF SERVICING ADVANCES INCURRED PRIOR TO CUT-OFF DATE

      

      

      
        	
                [LOAN
                  NUMBER]

              	
                [PRE-CUT-OFF
                  DATE ADVANCE AMOUNT]

              

      

      

      [PROVIDED
        UPON REQUEST]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}]]