Document:

Unassociated Document

    AMERIQUEST
      MORTGAGE SECURITIES INC.

     

    Depositor

     

    AMERIQUEST
      MORTGAGE COMPANY

     

    Master
      Servicer

     

    and

     

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY

     

    Trustee

     

    
      	 	 	 

    

    

    POOLING
      AND SERVICING AGREEMENT

    Dated
      as of February 1, 2006

    
      	 	 	 

    

    

    

     

    

     

    ASSET-BACKED
      PASS-THROUGH CERTIFICATES

     

    SERIES
      2006-R1

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

     

       SECTION

     

     

    ARTICLE
      I

     

    DEFINITIONS

     

    
      	
              SECTION
                1.01.

            	
              Defined
                Terms. 

            
	
              SECTION
                1.02.

            	
              Allocation
                of Certain Interest Shortfalls. 

            
	
              SECTION
                1.03.

            	
              Rights
                of the NIMS Insurer. 

            

    

     

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

     

    
      	
              SECTION
                2.01.

            	
              Conveyance
                of Mortgage Loans. 

            
	
              SECTION
                2.02.

            	
              Acceptance
                of REMIC I by the Trustee. 

            
	
              SECTION
                2.03.

            	
              Repurchase
                or Substitution of Mortgage Loans by the Seller or the Depositor;
                Payment
                of Prepayment Charge Payment Amounts. 

            
	
              SECTION
                2.04.

            	
              [Reserved].
                

            
	
              SECTION
                2.05.

            	
              Representations,
                Warranties and Covenants of the Master Servicer. 

            
	
              SECTION
                2.06.

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

            
	
              SECTION
                2.07.

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

            
	
              SECTION
                2.08.

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

            

    

     

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING OF THE MORTGAGE LOANS

     

    
      	
              SECTION
                3.01.

            	
              Master
                Servicer to Act as Master Servicer. 

            
	
              SECTION
                3.02.

            	
              Collection
                of Certain Mortgage Loan Payments. 

            
	
              SECTION
                3.03.

            	
              [Reserved].
                

            
	
              SECTION
                3.04.

            	
              Collection
                Account, Escrow Account and Distribution Account. 

            
	
              SECTION
                3.05.

            	
              Permitted
                Withdrawals From the Collection Account, Escrow Account and Distribution
                Account. 

            
	
              SECTION
                3.06.

            	
              Investment
                of Funds in the Collection Account, the Escrow Account, the REO Account
                and the Distribution Account. 

            
	
              SECTION
                3.07.

            	
              Payment
                of Taxes, Insurance and Other Charges. 

            
	
              SECTION
                3.08.

            	
              Maintenance
                of Hazard Insurance. 

            
	
              SECTION
                3.09.

            	
              Maintenance
                of Mortgage Blanket Insurance. 

            
	
              SECTION
                3.10.

            	
              Fidelity
                Bond; Errors and Omissions Insurance. 

            
	
              SECTION
                3.11.

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

            
	
              SECTION
                3.12.

            	
              Realization
                Upon Defaulted Mortgage Loans. 

            
	
              SECTION
                3.13.

            	
              Title,
                Management and Disposition of REO Property. 

            
	
              SECTION
                3.14.

            	
              [Reserved].
                

            
	
              SECTION
                3.15.

            	
              Reports
                of Foreclosure and Abandonment of Mortgaged Properties.

            
	
              SECTION
                3.16.

            	
              Optional
                Purchase of Defaulted Mortgage Loans. 

            
	
              SECTION
                3.17.

            	
              Trustee
                to Cooperate; Release of Mortgage Files. 

            
	
              SECTION
                3.18.

            	
              Servicing
                Compensation. 

            
	
              SECTION
                3.19.

            	
              Statement
                as to Compliance. 

            
	
              SECTION
                3.20.

            	
              Assessments
                of Compliance and Attestation Reports. 

            
	
              SECTION
                3.21.

            	
              Access
                to Certain Documentation. 

            
	
              SECTION
                3.22.

            	
              [Reserved].
                

            
	
              SECTION
                3.23.

            	
              Advance
                Facility. 

            

    

     

    ARTICLE
      IV

     

    PAYMENTS
      TO CERTIFICATEHOLDERS

     

    
      	
              SECTION
                4.01.

            	
              Distributions.
                

            
	
              SECTION
                4.02.

            	
              Statements
                to Certificateholders. 

            
	
              SECTION
                4.03.

            	
              Remittance
                Reports and Other Reports to the Trustee; Advances; Payments in Respect
                of
                Prepayment Interest Shortfalls. 

            
	
              SECTION
                4.04.

            	
              Allocation
                of Realized Losses. 

            
	
              SECTION
                4.05.

            	
              Compliance
                with Withholding Requirements. 

            
	
              SECTION
                4.06.

            	
              Commission
                Reporting. 

            
	
              SECTION
                4.07.

            	
              [Reserved].
                

            
	
              SECTION
                4.08.

            	
              [Reserved].
                

            
	
              SECTION
                4.09.

            	
              [Reserved].
                

            
	
              SECTION
                4.10.

            	
              Swap
                Account

            
	
              SECTION
                4.11.

            	
              Tax
                Treatment of Swap Payments and Swap Termination Payments.
                

            
	
              SECTION
                4.12.

            	
              Net
                WAC Rate Carryover Reserve Account.

            

    

     

    ARTICLE
      V

     

    THE
      CERTIFICATES

     

    
      	
              SECTION
                5.01.

            	
              The
                Certificates. 

            
	
              SECTION
                5.02.

            	
              Registration
                of Transfer and Exchange of Certificates. 

            
	
              SECTION
                5.03.

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates. 

            
	
              SECTION
                5.04.

            	
              Persons
                Deemed Owners. 

            
	
              SECTION
                5.05.

            	
              Certain
                Available Information. 

            

    

     

    ARTICLE
      VI

     

    THE
      DEPOSITOR AND THE MASTER SERVICER

     

    
      	
              SECTION
                6.01.

            	
              Liability
                of the Depositor and the Master Servicer. 

            
	
              SECTION
                6.02.

            	
              Merger
                or Consolidation of the Depositor or the Master Servicer.
                

            
	
              SECTION
                6.03.

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

            
	
              SECTION
                6.04.

            	
              Limitation
                on Resignation of the Master Servicer. 

            
	
              SECTION
                6.05.

            	
              Rights
                of the Depositor in Respect of the Master Servicer. 

            
	
              SECTION
                6.06.

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

            
	
              SECTION
                6.07.

            	
              Successor
                Sub-Servicers. 

            
	
              SECTION
                6.08.

            	
              Liability
                of the Master Servicer. 

            
	
              SECTION
                6.09.

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

            
	
              SECTION
                6.10.

            	
              Assumption
                or Termination of Sub-Servicing Agreements by Trustee. 

            
	
              SECTION
                6.11.

            	
              Sub-Servicing
                Accounts. 

            

    

     

    ARTICLE
      VII

     

    DEFAULT

     

    
      	
              SECTION
                7.01.

            	
              Master
                Servicer Events of Default. 

            
	
              SECTION
                7.02.

            	
              Trustee
                to Act; Appointment of Successor. 

            
	
              SECTION
                7.03.

            	
              Notification
                to Certificateholders. 

            
	
              SECTION
                7.04.

            	
              Waiver
                of Master Servicer Events of Default.

            

    

     

    ARTICLE
      VIII

     

    CONCERNING
      THE TRUSTEE

     

    
      	
              SECTION
                8.01.

            	
              Duties
                of Trustee. 

            
	
              SECTION
                8.02.

            	
              Certain
                Matters Affecting the Trustee. 

            
	
              SECTION
                8.03.

            	
              The
                Trustee Not Liable for Certificates or Mortgage Loans. 

            
	
              SECTION
                8.04.

            	
              Trustee
                May Own Certificates. 

            
	
              SECTION
                8.05.

            	
              Trustee’s
                Fees and Expenses. 

            
	
              SECTION
                8.06.

            	
              Eligibility
                Requirements for Trustee. 

            
	
              SECTION
                8.07.

            	
              Resignation
                and Removal of the Trustee. 

            
	
              SECTION
                8.08.

            	
              Successor
                Trustee. 

            
	
              SECTION
                8.09.

            	
              Merger
                or Consolidation of Trustee. 

            
	
              SECTION
                8.10.

            	
              Appointment
                of Co-Trustee or Separate Trustee. 

            
	
              SECTION
                8.11.

            	
              Appointment
                of Custodians. 

            
	
              SECTION
                8.12.

            	
              Appointment
                of Office or Agency. 

            
	
              SECTION
                8.13.

            	
              Representations
                and Warranties of the Trustee. 

            

    

     

    ARTICLE
      IX

     

    TERMINATION

     

    
      	
              SECTION
                9.01.

            	
              Termination
                Upon Repurchase or Liquidation of All Mortgage Loans. 

            
	
              SECTION
                9.02.

            	
              Additional
                Termination Requirements. 

            

    

     

    ARTICLE
      X

     

    REMIC
      PROVISIONS

     

    
      	
              SECTION
                10.01.

            	
              REMIC
                Administration. 

            
	
              SECTION
                10.02.

            	
              Prohibited
                Transactions and Activities. 

            
	
              SECTION
                10.03.

            	
              Master
                Servicer and Trustee Indemnification.

            

    

     

    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    
      	
              SECTION
                11.01.

            	
              Amendment.
                

            
	
              SECTION
                11.02.

            	
              Recordation
                of Agreement; Counterparts. 

            
	
              SECTION
                11.03.

            	
              Limitation
                on Rights of Certificateholders. 

            
	
              SECTION
                11.04.

            	
              Governing
                Law. 

            
	
              SECTION
                11.05.

            	
              Notices.
                

            
	
              SECTION
                11.06.

            	
              Severability
                of Provisions. 

            
	
              SECTION
                11.07.

            	
              Notice
                to Rating Agencies and the NIMS Insurer. 

            
	
              SECTION
                11.08.

            	
              Article
                and Section References. 

            
	
              SECTION
                11.09.

            	
              Grant
                of Security Interest. 

            
	
              SECTION
                11.10.

            	
              Third
                Party Rights. 

            
	
              SECTION
                11.11.

            	
              Intention
                of the Parties and Interpretation. 

            

    

    

    
      	
              Exhibits

            	 
	 	 
	
              Exhibit
                A-1

            	
              Form
                of Class A-1 Certificate

            
	
              Exhibit
                A-2A

            	
              Form
                of Class A-2A Certificate

            
	
              Exhibit
                A-2B

            	
              Form
                of Class A-2B Certificate

            
	
              Exhibit
                A-2C

            	
              Form
                of Class A-2C Certificate

            
	
              Exhibit
                A-2D

            	
              Form
                of Class A-2D Certificate

            
	
              Exhibit
                A-M-1

            	
              Form
                of Class M-1 Certificate

            
	
              Exhibit
                A-M-2

            	
              Form
                of Class M-2 Certificate

            
	
              Exhibit
                A-M-3

            	
              Form
                of Class M-3 Certificate

            
	
              Exhibit
                A-M-4

            	
              Form
                of Class M-4 Certificate

            
	
              Exhibit
                A-M-5

            	
              Form
                of Class M-5 Certificate

            
	
              Exhibit
                A-M-6

            	
              Form
                of Class M-6 Certificate

            
	
              Exhibit
                A-M-7

            	
              Form
                of Class M-7 Certificate

            
	
              Exhibit
                A-M-8

            	
              Form
                of Class M-8 Certificate

            
	
              Exhibit
                A-M-9

            	
              Form
                of Class M-9 Certificate

            
	
              Exhibit
                A-M-10

            	
              Form
                of Class M-10 Certificate

            
	
              Exhibit
                A-M-11

            	
              Form
                of Class M-11 Certificate

            
	
              Exhibit
                A-CE

            	
              Form
                of Class CE Certificate

            
	
              Exhibit
                A-P

            	
              Form
                of Class P Certificate

            
	
              Exhibit
                A-R

            	
              Form
                of Class R Certificate

            
	
              Exhibit
                A-R-X

            	
              Form
                of Class R-X Certificate

            
	
              Exhibit
                B

            	
              Form
                of Lost Note Affidavit

            
	
              Exhibit
                C-1

            	
              Form
                of Trustee’s Initial Certification

            
	
              Exhibit
                C-2

            	
              Form
                of Trustee’s Final Certification

            
	
              Exhibit
                C-3

            	
              Form
                of Trustee’s Receipt of Mortgage Note

            
	
              Exhibit
                D

            	
              Form
                of Mortgage Loan Purchase Agreement

            
	
              Exhibit
                E

            	
              Request
                for Release

            
	
              Exhibit
                F-1

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

            
	
              Exhibit
                F-2

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

            
	
              Exhibit
                G

            	
              Form
                of Certification with respect to ERISA and the Code

            
	
              Exhibit
                H

            	
              Form
                of Interest Rate Swap Agreement

            
	
              Exhibit
                I

            	
              Loss
                Mitigation Action Plan

            
	
              Exhibit
                J-1 

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

            
	
              Exhibit
                J-2

            	
              Form
                of Certification to Be Provided to Depositor by the
                Trustee

            
	
              Exhibit
                K

            	
              [Reserved]

            
	
              Exhibit
                L

            	
              [Reserved]

            
	
              Exhibit
                M

            	
              Servicing
                Criteria to Be Addressed in Assessment of Compliance

            
	
              Exhibit
                N

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

            
	
              Schedule
                1

            	
              Mortgage
                Loan Schedule

            
	
              Schedule
                2

            	
              Prepayment
                Charge Schedule

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This
      Pooling and Servicing Agreement, is dated and effective as of February 1, 2006,
      among AMERIQUEST MORTGAGE SECURITIES INC., as Depositor, AMERIQUEST MORTGAGE
      COMPANY, as Master Servicer, and DEUTSCHE BANK NATIONAL TRUST COMPANY, as
      Trustee.

     

    PRELIMINARY
      STATEMENT:

     

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

     

    REMIC
      I

     

    As
      provided herein, the Trustee shall elect to treat the segregated pool of assets
      consisting of the Mortgage Loans and certain other related assets (other than
      any Master Servicer Prepayment Charge Payment Amounts, the Net WAC Rate
      Carryover Reserve Account, the Swap Account and the Interest Rate Swap
      Agreement) subject to this Agreement as a REMIC for federal income tax purposes,
      and such segregated pool of assets shall be designated as “REMIC I.” The Class
      R-I Interest shall 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 shall be certificated.

     

    

    
      	
              Designation

            	 	
              REMIC
                I

              Remittance
                Rate

            	 	
              Initial

              Uncertificated
                Balance

            	 	
              Latest
                Possible

              Maturity
                Date

              (1)

            

    

     

    
      	
              I

            	 	
              Variable(2)

            	 	
              $

            	
              77,279,108.21
                

            	 	
              March
                25, 2036

            
	
              I-1-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,089,800.46
                

            	 	
              March
                25, 2036

            
	
              I-1-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,089,800.46
                

            	 	
              March
                25, 2036

            
	
              I-2-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,462,948.33
                

            	 	
              March
                25, 2036

            
	
              I-2-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,462,948.33
                

            	 	
              March
                25, 2036

            
	
              I-3-A

            	 	
              Variable(2)

            	 	
              $

            	
              7,765,462.04
                

            	 	
              March
                25, 2036

            
	
              I-3-B

            	 	
              Variable(2)

            	 	
              $

            	
              7,765,462.04
                

            	 	
              March
                25, 2036

            
	
              I-4-A

            	 	
              Variable(2)

            	 	
              $

            	
              7,795,593.57
                

            	 	
              March
                25, 2036

            
	
              I-4-B

            	 	
              Variable(2)

            	 	
              $

            	
              7,795,593.57
                

            	 	
              March
                25, 2036

            
	
              I-5-A

            	 	
              Variable(2)

            	 	
              $

            	
              8,099,246.68
                

            	 	
              March
                25, 2036

            
	
              I-5-B

            	 	
              Variable(2)

            	 	
              $

            	
              8,099,246.68
                

            	 	
              March
                25, 2036

            
	
              I-6-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,473,438.80
                

            	 	
              March
                25, 2036

            
	
              I-6-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,473,438.80
                

            	 	
              March
                25, 2036

            
	
              I-7-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,356,284.64
                

            	 	
              March
                25, 2036

            
	
              I-7-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,356,284.64
                

            	 	
              March
                25, 2036

            
	
              I-8-A

            	 	
              Variable(2)

            	 	
              $

            	
              12,044,101.36
                

            	 	
              March
                25, 2036

            
	
              I-8-B

            	 	
              Variable(2)

            	 	
              $

            	
              12,044,101.36
                

            	 	
              March
                25, 2036

            
	
              I-9-A

            	 	
              Variable(2)

            	 	
              $

            	
              17,665,830.32
                

            	 	
              March
                25, 2036

            
	
              I-9-B

            	 	
              Variable(2)

            	 	
              $

            	
              17,665,830.32
                

            	 	
              March
                25, 2036

            
	
              I-10-A

            	 	
              Variable(2)

            	 	
              $

            	
              17,190,892.44
                

            	 	
              March
                25, 2036

            
	
              I-10-B

            	 	
              Variable(2)

            	 	
              $

            	
              17,190,892.44
                

            	 	
              March
                25, 2036

            
	
              I-11-A

            	 	
              Variable(2)

            	 	
              $

            	
              17,192,706.90
                

            	 	
              March
                25, 2036

            
	
              I-11-B

            	 	
              Variable(2)

            	 	
              $

            	
              17,192,706.90
                

            	 	
              March
                25, 2036

            
	
              I-12-A

            	 	
              Variable(2)

            	 	
              $

            	
              21,436,500.24
                

            	 	
              March
                25, 2036

            
	
              I-12-B

            	 	
              Variable(2)

            	 	
              $

            	
              21,436,500.24
                

            	 	
              March
                25, 2036

            
	
              I-13-A

            	 	
              Variable(2)

            	 	
              $

            	
              20,421,759.21
                

            	 	
              March
                25, 2036

            
	
              I-13-B

            	 	
              Variable(2)

            	 	
              $

            	
              20,421,759.21
                

            	 	
              March
                25, 2036

            
	
              I-14-A

            	 	
              Variable(2)

            	 	
              $

            	
              19,467,747.96
                

            	 	
              March
                25, 2036

            
	
              I-14-B

            	 	
              Variable(2)

            	 	
              $

            	
              19,467,747.96
                

            	 	
              March
                25, 2036

            
	
              I-15-A

            	 	
              Variable(2)

            	 	
              $

            	
              18,558,200.36
                

            	 	
              March
                25, 2036

            
	
              I-15-B

            	 	
              Variable(2)

            	 	
              $

            	
              18,558,200.36
                

            	 	
              March
                25, 2036

            
	
              I-16-A

            	 	
              Variable(2)

            	 	
              $

            	
              17,684,150.04
                

            	 	
              March
                25, 2036

            
	
              I-16-B

            	 	
              Variable(2)

            	 	
              $

            	
              17,684,150.04
                

            	 	
              March
                25, 2036

            
	
              I-17-A

            	 	
              Variable(2)

            	 	
              $

            	
              17,975,170.12
                

            	 	
              March
                25, 2036

            
	
              I-17-B

            	 	
              Variable(2)

            	 	
              $

            	
              17,975,170.12
                

            	 	
              March
                25, 2036

            
	
              I-18-A

            	 	
              Variable(2)

            	 	
              $

            	
              23,920,267.88
                

            	 	
              March
                25, 2036

            
	
              I-18-B

            	 	
              Variable(2)

            	 	
              $

            	
              23,920,267.88
                

            	 	
              March
                25, 2036

            
	
              I-19-A

            	 	
              Variable(2)

            	 	
              $

            	
              22,219,822.45
                

            	 	
              March
                25, 2036

            
	
              I-19-B

            	 	
              Variable(2)

            	 	
              $

            	
              22,219,822.45
                

            	 	
              March
                25, 2036

            
	
              I-20-A

            	 	
              Variable(2)

            	 	
              $

            	
              21,265,930.77
                

            	 	
              March
                25, 2036

            
	
              I-20-B

            	 	
              Variable(2)

            	 	
              $

            	
              21,265,930.77
                

            	 	
              March
                25, 2036

            
	
              I-21-A

            	 	
              Variable(2)

            	 	
              $

            	
              24,400,684.79
                

            	 	
              March
                25, 2036

            
	
              I-21-B

            	 	
              Variable(2)

            	 	
              $

            	
              24,400,684.79
                

            	 	
              March
                25, 2036

            
	
              I-22-A

            	 	
              Variable(2)

            	 	
              $

            	
              22,153,648.25
                

            	 	
              March
                25, 2036

            
	
              I-22-B

            	 	
              Variable(2)

            	 	
              $

            	
              22,153,648.25
                

            	 	
              March
                25, 2036

            
	
              I-23-A

            	 	
              Variable(2)

            	 	
              $

            	
              69,421,760.48
                

            	 	
              March
                25, 2036

            
	
              I-23-B

            	 	
              Variable(2)

            	 	
              $

            	
              69,421,760.48
                

            	 	
              March
                25, 2036

            
	
              I-24-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,738,505.79
                

            	 	
              March
                25, 2036

            
	
              I-24-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,738,505.79
                

            	 	
              March
                25, 2036

            
	
              I-25-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,738,505.79
                

            	 	
              March
                25, 2036

            
	
              I-25-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,738,505.79
                

            	 	
              March
                25, 2036

            
	
              I-26-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,738,504.74
                

            	 	
              March
                25, 2036

            
	
              I-26-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,738,504.74
                

            	 	
              March
                25, 2036

            
	
              I-27-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,738,505.79
                

            	 	
              March
                25, 2036

            
	
              I-27-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,738,505.79
                

            	 	
              March
                25, 2036

            
	
              I-28-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,738,505.79
                

            	 	
              March
                25, 2036

            
	
              I-28-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,738,505.79
                

            	 	
              March
                25, 2036

            
	
              I-29-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,738,505.79
                

            	 	
              March
                25, 2036

            
	
              I-29-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,738,505.79
                

            	 	
              March
                25, 2036

            
	
              I-30-A

            	 	
              Variable(2)

            	 	
              $

            	
              19,146,930.93
                

            	 	
              March
                25, 2036

            
	
              I-30-B

            	 	
              Variable(2)

            	 	
              $

            	
              19,146,930.93
                

            	 	
              March
                25, 2036

            
	
              I-31-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,849,620.97
                

            	 	
              March
                25, 2036

            
	
              I-31-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,849,620.97
                

            	 	
              March
                25, 2036

            
	
              I-32-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,849,620.97
                

            	 	
              March
                25, 2036

            
	
              I-32-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,849,620.97
                

            	 	
              March
                25, 2036

            
	
              I-33-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,849,620.97
                

            	 	
              March
                25, 2036

            
	
              I-33-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,849,620.97
                

            	 	
              March
                25, 2036

            
	
              I-34-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,849,620.97
                

            	 	
              March
                25, 2036

            
	
              I-34-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,849,620.97
                

            	 	
              March
                25, 2036

            
	
              I-35-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,849,620.97
                

            	 	
              March
                25, 2036

            
	
              I-35-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,849,620.97
                

            	 	
              March
                25, 2036

            
	
              I-36-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,383,344.12
                

            	 	
              March
                25, 2036

            
	
              I-36-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,383,344.12
                

            	 	
              March
                25, 2036

            
	
              I-37-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,267,353.10
                

            	 	
              March
                25, 2036

            
	
              I-37-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,267,353.10
                

            	 	
              March
                25, 2036

            
	
              I-38-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,136,942.91
                

            	 	
              March
                25, 2036

            
	
              I-38-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,136,942.91
                

            	 	
              March
                25, 2036

            
	
              I-39-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,038,864.67
                

            	 	
              March
                25, 2036

            
	
              I-39-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,038,864.67
                

            	 	
              March
                25, 2036

            
	
              I-40-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,936,150.66
                

            	 	
              March
                25, 2036

            
	
              I-40-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,936,150.66
                

            	 	
              March
                25, 2036

            
	
              I-41-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,862,081.99
                

            	 	
              March
                25, 2036

            
	
              I-41-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,862,081.99
                

            	 	
              March
                25, 2036

            
	
              I-42-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,792,053.38
                

            	 	
              March
                25, 2036

            
	
              I-42-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,792,053.38
                

            	 	
              March
                25, 2036

            
	
              I-43-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,737,207.47
                

            	 	
              March
                25, 2036

            
	
              I-43-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,737,207.47
                

            	 	
              March
                25, 2036

            
	
              I-44-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,687,595.17
                

            	 	
              March
                25, 2036

            
	
              I-44-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,687,595.17
                

            	 	
              March
                25, 2036

            
	
              I-45-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,598,642.72
                

            	 	
              March
                25, 2036

            
	
              I-45-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,598,642.72
                

            	 	
              March
                25, 2036

            
	
              I-46-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,516,820.13
                

            	 	
              March
                25, 2036

            
	
              I-46-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,516,820.13
                

            	 	
              March
                25, 2036

            
	
              I-47-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,432,814.95
                

            	 	
              March
                25, 2036

            
	
              I-47-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,432,814.95
                

            	 	
              March
                25, 2036

            
	
              I-48-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,354,674.77
                

            	 	
              March
                25, 2036

            
	
              I-48-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,354,674.77
                

            	 	
              March
                25, 2036

            
	
              I-49-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,284,322.07
                

            	 	
              March
                25, 2036

            
	
              I-49-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,284,322.07
                

            	 	
              March
                25, 2036

            
	
              I-50-A

            	 	
              Variable(2)

            	 	
              $

            	
              77,741,308.50
                

            	 	
              March
                25, 2036

            
	
              I-50-B

            	 	
              Variable(2)

            	 	
              $

            	
              77,741,308.50
                

            	 	
              March
                25, 2036

            
	
              II

            	 	
              Variable(2)

            	 	
              $

            	
              14,823,419.34
                

            	 	
              March
                25, 2036

            
	
              II-1-A

            	 	
              Variable(2)

            	 	
              $

            	
              784,490.79
                

            	 	
              March
                25, 2036

            
	
              II-1-B

            	 	
              Variable(2)

            	 	
              $

            	
              784,490.79
                

            	 	
              March
                25, 2036

            
	
              II-2-A

            	 	
              Variable(2)

            	 	
              $

            	
              856,066.67
                

            	 	
              March
                25, 2036

            
	
              II-2-B

            	 	
              Variable(2)

            	 	
              $

            	
              856,066.67
                

            	 	
              March
                25, 2036

            
	
              II-3-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,489,542.96
                

            	 	
              March
                25, 2036

            
	
              II-3-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,489,542.96
                

            	 	
              March
                25, 2036

            
	
              II-4-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,495,322.68
                

            	 	
              March
                25, 2036

            
	
              II-4-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,495,322.68
                

            	 	
              March
                25, 2036

            
	
              II-5-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,553,568.32
                

            	 	
              March
                25, 2036

            
	
              II-5-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,553,568.32
                

            	 	
              March
                25, 2036

            
	
              II-6-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,200,793.70
                

            	 	
              March
                25, 2036

            
	
              II-6-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,200,793.70
                

            	 	
              March
                25, 2036

            
	
              II-7-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,178,321.61
                

            	 	
              March
                25, 2036

            
	
              II-7-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,178,321.61
                

            	 	
              March
                25, 2036

            
	
              II-8-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,310,256.14
                

            	 	
              March
                25, 2036

            
	
              II-8-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,310,256.14
                

            	 	
              March
                25, 2036

            
	
              II-9-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,388,595.93
                

            	 	
              March
                25, 2036

            
	
              II-9-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,388,595.93
                

            	 	
              March
                25, 2036

            
	
              II-10-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,297,495.06
                

            	 	
              March
                25, 2036

            
	
              II-10-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,297,495.06
                

            	 	
              March
                25, 2036

            
	
              II-11-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,297,843.10
                

            	 	
              March
                25, 2036

            
	
              II-11-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,297,843.10
                

            	 	
              March
                25, 2036

            
	
              II-12-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,111,872.26
                

            	 	
              March
                25, 2036

            
	
              II-12-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,111,872.26
                

            	 	
              March
                25, 2036

            
	
              II-13-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,917,228.29
                

            	 	
              March
                25, 2036

            
	
              II-13-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,917,228.29
                

            	 	
              March
                25, 2036

            
	
              II-14-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,734,233.29
                

            	 	
              March
                25, 2036

            
	
              II-14-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,734,233.29
                

            	 	
              March
                25, 2036

            
	
              II-15-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,559,767.14
                

            	 	
              March
                25, 2036

            
	
              II-15-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,559,767.14
                

            	 	
              March
                25, 2036

            
	
              II-16-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,392,109.96
                

            	 	
              March
                25, 2036

            
	
              II-16-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,392,109.96
                

            	 	
              March
                25, 2036

            
	
              II-17-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,447,932.38
                

            	 	
              March
                25, 2036

            
	
              II-17-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,447,932.38
                

            	 	
              March
                25, 2036

            
	
              II-18-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,588,299.62
                

            	 	
              March
                25, 2036

            
	
              II-18-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,588,299.62
                

            	 	
              March
                25, 2036

            
	
              II-19-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,262,126.30
                

            	 	
              March
                25, 2036

            
	
              II-19-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,262,126.30
                

            	 	
              March
                25, 2036

            
	
              II-20-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,079,154.23
                

            	 	
              March
                25, 2036

            
	
              II-20-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,079,154.23
                

            	 	
              March
                25, 2036

            
	
              II-21-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,680,451.46
                

            	 	
              March
                25, 2036

            
	
              II-21-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,680,451.46
                

            	 	
              March
                25, 2036

            
	
              II-22-A

            	 	
              Variable(2)

            	 	
              $

            	
              4,249,433.00
                

            	 	
              March
                25, 2036

            
	
              II-22-B

            	 	
              Variable(2)

            	 	
              $

            	
              4,249,433.00
                

            	 	
              March
                25, 2036

            
	
              II-23-A

            	 	
              Variable(2)

            	 	
              $

            	
              13,316,232.02
                

            	 	
              March
                25, 2036

            
	
              II-23-B

            	 	
              Variable(2)

            	 	
              $

            	
              13,316,232.02
                

            	 	
              March
                25, 2036

            
	
              II-24-A

            	 	
              Variable(2)

            	 	
              $

            	
              717,106.71
                

            	 	
              March
                25, 2036

            
	
              II-24-B

            	 	
              Variable(2)

            	 	
              $

            	
              717,106.71
                

            	 	
              March
                25, 2036

            
	
              II-25-A

            	 	
              Variable(2)

            	 	
              $

            	
              717,106.71
                

            	 	
              March
                25, 2036

            
	
              II-25-B

            	 	
              Variable(2)

            	 	
              $

            	
              717,106.71
                

            	 	
              March
                25, 2036

            
	
              II-26-A

            	 	
              Variable(2)

            	 	
              $

            	
              717,106.51
                

            	 	
              March
                25, 2036

            
	
              II-26-B

            	 	
              Variable(2)

            	 	
              $

            	
              717,106.51
                

            	 	
              March
                25, 2036

            
	
              II-27-A

            	 	
              Variable(2)

            	 	
              $

            	
              717,106.71
                

            	 	
              March
                25, 2036

            
	
              II-27-B

            	 	
              Variable(2)

            	 	
              $

            	
              717,106.71
                

            	 	
              March
                25, 2036

            
	
              II-28-A

            	 	
              Variable(2)

            	 	
              $

            	
              717,106.71
                

            	 	
              March
                25, 2036

            
	
              II-28-B

            	 	
              Variable(2)

            	 	
              $

            	
              717,106.71
                

            	 	
              March
                25, 2036

            
	
              II-29-A

            	 	
              Variable(2)

            	 	
              $

            	
              717,106.71
                

            	 	
              March
                25, 2036

            
	
              II-29-B

            	 	
              Variable(2)

            	 	
              $

            	
              717,106.71
                

            	 	
              March
                25, 2036

            
	
              II-30-A

            	 	
              Variable(2)

            	 	
              $

            	
              3,672,695.32
                

            	 	
              March
                25, 2036

            
	
              II-30-B

            	 	
              Variable(2)

            	 	
              $

            	
              3,672,695.32
                

            	 	
              March
                25, 2036

            
	
              II-31-A

            	 	
              Variable(2)

            	 	
              $

            	
              546,604.03
                

            	 	
              March
                25, 2036

            
	
              II-31-B

            	 	
              Variable(2)

            	 	
              $

            	
              546,604.03
                

            	 	
              March
                25, 2036

            
	
              II-32-A

            	 	
              Variable(2)

            	 	
              $

            	
              546,604.03
                

            	 	
              March
                25, 2036

            
	
              II-32-B

            	 	
              Variable(2)

            	 	
              $

            	
              546,604.03
                

            	 	
              March
                25, 2036

            
	
              II-33-A

            	 	
              Variable(2)

            	 	
              $

            	
              546,604.03
                

            	 	
              March
                25, 2036

            
	
              II-33-B

            	 	
              Variable(2)

            	 	
              $

            	
              546,604.03
                

            	 	
              March
                25, 2036

            
	
              II-34-A

            	 	
              Variable(2)

            	 	
              $

            	
              546,604.03
                

            	 	
              March
                25, 2036

            
	
              II-34-B

            	 	
              Variable(2)

            	 	
              $

            	
              546,604.03
                

            	 	
              March
                25, 2036

            
	
              II-35-A

            	 	
              Variable(2)

            	 	
              $

            	
              546,604.03
                

            	 	
              March
                25, 2036

            
	
              II-35-B

            	 	
              Variable(2)

            	 	
              $

            	
              546,604.03
                

            	 	
              March
                25, 2036

            
	
              II-36-A

            	 	
              Variable(2)

            	 	
              $

            	
              648,980.88
                

            	 	
              March
                25, 2036

            
	
              II-36-B

            	 	
              Variable(2)

            	 	
              $

            	
              648,980.88
                

            	 	
              March
                25, 2036

            
	
              II-37-A

            	 	
              Variable(2)

            	 	
              $

            	
              626,731.90
                

            	 	
              March
                25, 2036

            
	
              II-37-B

            	 	
              Variable(2)

            	 	
              $

            	
              626,731.90
                

            	 	
              March
                25, 2036

            
	
              II-38-A

            	 	
              Variable(2)

            	 	
              $

            	
              601,717.09
                

            	 	
              March
                25, 2036

            
	
              II-38-B

            	 	
              Variable(2)

            	 	
              $

            	
              601,717.09
                

            	 	
              March
                25, 2036

            
	
              II-39-A

            	 	
              Variable(2)

            	 	
              $

            	
              582,904.08
                

            	 	
              March
                25, 2036

            
	
              II-39-B

            	 	
              Variable(2)

            	 	
              $

            	
              582,904.08
                

            	 	
              March
                25, 2036

            
	
              II-40-A

            	 	
              Variable(2)

            	 	
              $

            	
              563,201.84
                

            	 	
              March
                25, 2036

            
	
              II-40-B

            	 	
              Variable(2)

            	 	
              $

            	
              563,201.84
                

            	 	
              March
                25, 2036

            
	
              II-41-A

            	 	
              Variable(2)

            	 	
              $

            	
              548,994.26
                

            	 	
              March
                25, 2036

            
	
              II-41-B

            	 	
              Variable(2)

            	 	
              $

            	
              548,994.26
                

            	 	
              March
                25, 2036

            
	
              II-42-A

            	 	
              Variable(2)

            	 	
              $

            	
              535,561.62
                

            	 	
              March
                25, 2036

            
	
              II-42-B

            	 	
              Variable(2)

            	 	
              $

            	
              535,561.62
                

            	 	
              March
                25, 2036

            
	
              II-43-A

            	 	
              Variable(2)

            	 	
              $

            	
              525,041.28
                

            	 	
              March
                25, 2036

            
	
              II-43-B

            	 	
              Variable(2)

            	 	
              $

            	
              525,041.28
                

            	 	
              March
                25, 2036

            
	
              II-44-A

            	 	
              Variable(2)

            	 	
              $

            	
              515,524.83
                

            	 	
              March
                25, 2036

            
	
              II-44-B

            	 	
              Variable(2)

            	 	
              $

            	
              515,524.83
                

            	 	
              March
                25, 2036

            
	
              II-45-A

            	 	
              Variable(2)

            	 	
              $

            	
              498,462.28
                

            	 	
              March
                25, 2036

            
	
              II-45-B

            	 	
              Variable(2)

            	 	
              $

            	
              498,462.28
                

            	 	
              March
                25, 2036

            
	
              II-46-A

            	 	
              Variable(2)

            	 	
              $

            	
              482,767.37
                

            	 	
              March
                25, 2036

            
	
              II-46-B

            	 	
              Variable(2)

            	 	
              $

            	
              482,767.37
                

            	 	
              March
                25, 2036

            
	
              II-47-A

            	 	
              Variable(2)

            	 	
              $

            	
              466,653.80
                

            	 	
              March
                25, 2036

            
	
              II-47-B

            	 	
              Variable(2)

            	 	
              $

            	
              466,653.80
                

            	 	
              March
                25, 2036

            
	
              II-48-A

            	 	
              Variable(2)

            	 	
              $

            	
              451,665.23
                

            	 	
              March
                25, 2036

            
	
              II-48-B

            	 	
              Variable(2)

            	 	
              $

            	
              451,665.23
                

            	 	
              March
                25, 2036

            
	
              II-49-A

            	 	
              Variable(2)

            	 	
              $

            	
              438,170.43
                

            	 	
              March
                25, 2036

            
	
              II-49-B

            	 	
              Variable(2)

            	 	
              $

            	
              438,170.43
                

            	 	
              March
                25, 2036

            
	
              II-50-A

            	 	
              Variable(2)

            	 	
              $

            	
              14,912,057.75
                

            	 	
              March
                25, 2036

            
	
              II-50-B

            	 	
              Variable(2)

            	 	
              $

            	
              14,912,057.75
                

            	 	
              March
                25, 2036

            
	
              P

            	 	
              Variable(2)

            	 	
              $

            	
              100.00

            	 	
              March
                25, 2036

            

    

    

    ________________

    

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

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    REMIC
      II

     

    As
      provided herein, the Trustee shall 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 shall be designated as “REMIC II.”
The Class R-II Interest shall 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
      Uncertificated Balance and, for purposes of satisfying Treasury regulation
      Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the
      REMIC II Regular Interests (as defined herein). None of the REMIC II Regular
      Interests shall be certificated. 

     

    

    
      	
               

              Designation

            	 	
              REMIC
                II Remittance Rate

            	 	
              Initial
                Uncertificated Balance

            	 	
              Latest
                Possible

              Maturity
                Date

              (1)

            	 
	
              II-LTAA

            	 	
              Variable(2)

            	 	
              $

            	
              735,007,237.32
                

            	 	
              March
                25, 2036

            	 
	
              II-LTA1

            	 	
              Variable(2)

            	 	
              $

            	
              4,877,055.00
                

            	 	
              March
                25, 2036

            	 
	
              II-LTA2A

            	 	
              Variable(2)

            	 	
              $

            	
              417,650.00
                

            	 	
              March
                25, 2036

            	 
	
              II-LTA2B

            	 	
              Variable(2)

            	 	
              $

            	
              188,300.00
                

            	 	
              March
                25, 2036

            	 
	
              II-LTA2C

            	 	
              Variable(2)

            	 	
              $

            	
              192,500.00
                

            	 	
              March
                25, 2036

            	 
	
              II-LTA2D

            	 	
              Variable(2)

            	 	
              $

            	
              137,045.00
                

            	 	
              March
                25, 2036

            	 
	
              II-LTM1

            	 	
              Variable(2)

            	 	
              $

            	
              412,500.00
                

            	 	
              March
                25, 2036

            	 
	
              II-LTM2

            	 	
              Variable(2)

            	 	
              $

            	
              315,000.00
                

            	 	
              March
                25, 2036

            	 
	
              II-LTM3

            	 	
              Variable(2)

            	 	
              $

            	
              150,000.00
                

            	 	
              March
                25, 2036

            	 
	
              II-LTM4

            	 	
              Variable(2)

            	 	
              $

            	
              123,750.00
                

            	 	
              March
                25, 2036

            	 
	
              II-LTM5

            	 	
              Variable(2)

            	 	
              $

            	
              116,250.00
                

            	 	
              March
                25, 2036

            	 
	
              II-LTM6

            	 	
              Variable(2)

            	 	
              $

            	
              105,000.00
                

            	 	
              March
                25, 2036

            	 
	
              II-LTM7

            	 	
              Variable(2)

            	 	
              $

            	
              101,250.00
                

            	 	
              March
                25, 2036

            	 
	
              II-LTM8

            	 	
              Variable(2)

            	 	
              $

            	
              75,000.00
                

            	 	
              March
                25, 2036

            	 
	
              II-LTM9

            	 	
              Variable(2)

            	 	
              $

            	
              45,000.00
                

            	 	
              March
                25, 2036

            	 
	
              II-LTM10

            	 	
              Variable(2)

            	 	
              $

            	
              56,250.00
                

            	 	
              March
                25, 2036

            	 
	
              II-LTZZ

            	 	
              Variable(2)

            	 	
              $

            	
              75,000.00
                

            	 	
              March
                25, 2036

            	 
	
              II-LTP

            	 	
              Variable(2)

            	 	
              $

            	
              7,612,597.70
                

            	 	
              March
                25, 2036

            	 
	
              II-LT1SUB

            	 	
              Variable(2)

            	 	
              $

            	
              28,318.45
                

            	 	
              March
                25, 2036

            	 
	
              II-LT1GRP

            	 	
              Variable(2)

            	 	
              $

            	
              125,859.56
                

            	 	
              March
                25, 2036

            	 
	
              II-LT2SUB

            	 	
              Variable(2)

            	 	
              $

            	
              5,432.03
                

            	 	
              March
                25, 2036

            	 
	
              II-LT2GRP

            	 	
              Variable(2)

            	 	
              $

            	
              24,141.93
                

            	 	
              March
                25, 2036

            	 
	
              II-XX

            	 	
              Variable(2)

            	 	
              $

            	
              749,823,633.06
                

            	 	
              March
                25, 2036

            	 
	
              II-IO

            	 	
              Variable(2)

            	 	 	
              (3)

            	 	
              March
                25, 2036

            	 

    

    

    ________________

    

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

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

    (3)
      REMIC II Regular Interest II-IO will not have an Uncertificated Balance, but
      will accrue interest on its Uncertificated Notional Amount.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    REMIC
      III

     

    As
      provided herein, the Trustee shall 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 shall be designated as “REMIC III.”
The Class R-III Interest shall 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 and interests.

     

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

     

     

    
      	
              Designation

            	 	
              Pass-Through
                Rate

            	 	
              Initial
                Aggregate

              Certificate
                Principal

              Balance

            	 	
              Latest
                Possible

              Maturity
                Date

              (1)

            	 
	
              Class
                A-1

            	 	
              Variable(2)

            	 	
              $

            	
              975,411,000.00

            	 	
              March
                25, 2036

            	 
	
              Class
                A-2A

            	 	
              Variable(2)

            	 	
              $

            	
              83,530,000.00

            	 	
              March
                25, 2036

            	 
	
              Class
                A-2B

            	 	
              Variable(2)

            	 	
              $

            	
              37,660,000.00

            	 	
              March
                25, 2036

            	 
	
              Class
                A-2C

            	 	
              Variable(2)

            	 	
              $

            	
              38,500,000.00

            	 	
              March
                25, 2036

            	 
	
              Class
                A-2D

            	 	
              Variable(2)

            	 	
              $

            	
              27,409,000.00

            	 	
              March
                25, 2036

            	 
	
              Class
                M-1

            	 	
              Variable(2)

            	 	
              $

            	
              82,500,000.00

            	 	
              March
                25, 2036

            	 
	
              Class
                M-2

            	 	
              Variable(2)

            	 	
              $

            	
              63,000,000.00

            	 	
              March
                25, 2036

            	 
	
              Class
                M-3

            	 	
              Variable(2)

            	 	
              $

            	
              30,000,000.00

            	 	
              March
                25, 2036

            	 
	
              Class
                M-4

            	 	
              Variable(2)

            	 	
              $

            	
              24,750,000.00

            	 	
              March
                25, 2036

            	 
	
              Class
                M-5

            	 	
              Variable(2)

            	 	
              $

            	
              23,250,000.00

            	 	
              March
                25, 2036

            	 
	
              Class
                M-6

            	 	
              Variable(2)

            	 	
              $

            	
              21,000,000.00

            	 	
              March
                25, 2036

            	 
	
              Class
                M-7

            	 	
              Variable(2)

            	 	
              $

            	
              20,250,000.00

            	 	
              March
                25, 2036

            	 
	
              Class
                M-8

            	 	
              Variable(2)

            	 	
              $

            	
              15,000,000.00

            	 	
              March
                25, 2036

            	 
	
              Class
                M-9

            	 	
              Variable(2)

            	 	
              $

            	
              9,000,000.00

            	 	
              March
                25, 2036

            	 
	
              Class
                M-10

            	 	
              Variable(2)

            	 	
              $

            	
              11,250,000.00

            	 	
              March
                25, 2036

            	 
	
              Class
                M-11

            	 	
              Variable(2)

            	 	
              $

            	
              15,000,000.00

            	 	
              March
                25, 2036

            	 
	
              Class
                CE Interest

            	 	
              Variable(2)(3)

            	 	
              $

            	
              22,504,770.05

            	 	
              March
                25, 2036

            	 
	
              Class
                P Interest

            	 	
              Variable(2)(4)

            	 	
              $

            	
              100.00

            	 	
              March
                25, 2036

            	 
	
              Class
                SWAP-IO Interest

            	 	
              N/A(5)

            	 	 	
              N/A(5)

            	 	
              March
                25, 2036

            	 

    

    

    ________________

    

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

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

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

    (4) The
      Class P Interest will be entitled to 100% of amounts distributed in respect
      of
      REMIC II Regular Interest LTP.

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    REMIC
      IV

     

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

     

     

    
      	
              Designation

            	 	
              Pass-Through
                Rate

            	 	
              Initial
                Aggregate

              Certificate
                Principal Balance

            	 	
              Latest
                Possible

              Maturity
                Date

              (1)

            	 
	
              Class
                CE Certificates

            	 	
              Variable(2)

            	 	
              $

            	
              22,504,770.05

            	 	
              March
                25, 2036

            	 

    

    

    ________________

    

    
      	
              1)

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

            
	
              (2)

            	
              The
                Class CE Certificates shall receive 100% of amounts received in respect
                of
                the Class CE Interest.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    REMIC
      V

     

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

     

     

    
      	
              Designation

            	 	
              Pass-Through
                Rate

            	 	
              Initial
                Aggregate

              Certificate
                Principal Balance

            	 	
              Latest
                Possible

              Maturity
                Date

              (1)

            	 
	
              Class
                P Certificates

            	 	
              Variable(2)

            	 	
              $

            	
              100.00

            	 	
              March
                25, 2036

            	 

    

    

    ________________

    

    
      	
              1)

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

            
	
              (2)

            	
              The
                Class P Certificates shall receive 100% of amounts received in respect
                of
                the Class P Interest.

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    REMIC
      VI

     

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

     

     

    
      	
              Designation

            	 	
              Pass-Through
                Rate

            	 	
              Initial
                Aggregate

              Certificate
                Principal Balance

            	 	
              Latest
                Possible

              Maturity
                Date

              (1)

            	 
	
              SWAP-IO

            	 	
              Variable(2)

            	 	
              N/A

            	 	
              March
                25, 2036

            	 

    

    

    ________________

    

    
      	
              1)

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

            
	
              (2)

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

            

    

    

    As
      of the Cut-off Date, the Group I Mortgage Loans had an aggregate Scheduled
      Principal Balance equal to $1,258,595,596.49 and the Group II Mortgage Loans
      had
      an aggregate Scheduled Principal Balance equal to $241,419,273.56.

     

    In
      consideration of the mutual agreements herein contained, the Depositor, the
      Master Servicer 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 and all calculations on each
      Regular Interest shall be made on the basis of a 360-day year and the actual
      number of days in the month.

     

    “Accrued
      Certificate Interest”: With respect to any Class of Certificates (other than the
      Class P Certificates and the Residual Certificates) 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 Adjustable-Rate Certificates and the
      Fixed-Rate 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, shall not accrue interest. All distributions of
      interest on the Adjustable-Rate Certificates shall be calculated on the basis
      of
      a 360-day year and the actual number of days in the applicable Interest Accrual
      Period. All distributions of interest on the Fixed-Rate Certificates and the
      Class CE Certificates shall 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 or Mezzanine Certificate, shall be reduced
      by an amount equal to the portion allocable to such Certificate pursuant to
      Section 1.02 hereof 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 4.03(e) or allocated to the Class CE Certificates
      pursuant to Section 1.02 and (b) the aggregate amount of any Relief Act Interest
      Shortfall, if any, for such Distribution Date not allocated to the Class CE
      Certificates pursuant to Section 1.02. Accrued Certificate Interest with respect
      to each Distribution Date and any Class CE Certificate shall be reduced by
      (a)
      Prepayment Interest Shortfalls, if any, allocated to such Class of Certificates
      pursuant to Section 1.02 hereof, (b) Relief Act Interest Shortfalls, if any,
      allocated to such Class of Certificates pursuant to Section 1.02 hereof and
      (c)
      an amount equal to the portion of Realized Losses, if any, allocable to interest
      on the Class CE Certificate pursuant to Section 4.04 hereof.

     

    “Adjustable-Rate
      Certificates”: The Class A Certificates and the Mezzanine
      Certificates.

     

    “Adjustable-Rate
      Mortgage Loan”: Each of the Mortgage Loans identified on 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 such Mortgage Loan changes pursuant to
      the
      related Mortgage Note. The first Adjustment Date following the Cut-off Date
      as
      to each Adjustable-Rate Mortgage Loan is set forth in the Mortgage Loan
      Schedule.

     

    “Advance”:
      As to any Mortgage Loan or REO Property, any advance made by the Master Servicer
      or a successor Master Servicer in respect of any Distribution Date representing
      the aggregate of all payments of principal and interest, net of the Servicing
      Fee, that were due during the related Due Period on the Mortgage Loans and
      that
      were delinquent on the related Determination Date, plus certain amounts
      representing assumed payments not covered by any current net income on the
      Mortgaged Properties acquired by foreclosure or deed in lieu of foreclosure
      as
      determined pursuant to Section 4.03.

     

    “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.

     

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

     

    “Allocated
      Realized Loss Amount”: With respect to any Distribution Date and any Class of
      Mezzanine Certificates, the sum of (i) the Realized Losses allocated to such
      Class of Certificates on such Distribution Date and (ii) the amount of any
      Allocated Realized Loss Amount for such Class of Certificates remaining
      undistributed from the previous Distribution Date, reduced by the amount of
      the
      increase in the Certificate Principal Balance of such Class of Certificates
      due
      to the receipt of Subsequent Recoveries as provided in Section
      4.01.

     

    “Annual
      Statement of Compliance”: As defined in Section 3.19.

     

    “Applicable
      Regulations”: As to any Mortgage Loan, all federal, state and local laws,
      statutes, rules and regulations applicable thereto.

     

    “Assessment
      of Compliance”: As defined in Section 3.20.

     

    “Assignment”:
      An assignment of Mortgage, notice of transfer or equivalent instrument, in
      recordable form (excepting therefrom if applicable, the mortgage recordation
      information which has not been returned by the applicable recorder’s office
      and/or the assignee’s name), which is sufficient under the laws of the
      jurisdiction wherein the related Mortgaged Property is located to reflect of
      record the sale of the Mortgage.

     

    “Attestation
      Report”: As defined in Section 3.20.

     

    “Available
      Funds”: With respect to any Distribution Date, an amount equal to (1) the sum of
      (a) the aggregate of the amounts on deposit in the Collection Account and
      Distribution Account as of the close of business on the related Determination
      Date, including any Subsequent Recoveries, (b) the aggregate of any amounts
      received in respect of an REO Property withdrawn from any REO Account and
      deposited in the Distribution Account for such Distribution Date pursuant to
      Section 3.13, (c) Compensating Interest, if any, deposited in the Distribution
      Account by the Master Servicer in respect of Prepayment Interest Shortfalls
      for
      such Distribution Date pursuant to Section 4.03(e), (d) the aggregate of any
      Advances made by the Master Servicer for such Distribution Date pursuant to
      Section 4.03 and (e) the aggregate of any Advances made by the successor Master
      Servicer or the Trustee for such Distribution Date pursuant to Section 7.02(b),
      reduced (to not less than zero) by (2) the sum of (x) the portion of the amount
      described in clause (1)(a) above that represents (i) Monthly Payments on the
      Mortgage Loans received from a Mortgagor on or prior to the Determination Date
      but due during any Due Period subsequent to the related Due Period, (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 Master Servicer, the Trustee, the Seller or any Sub-Servicer
      pursuant to Section 3.05 or Section 3.06 or otherwise payable in respect of
      Extraordinary Trust Fund Expenses, (v) Stayed Funds, (vi) the Trustee Fee
      payable from the Distribution Account pursuant to Section 8.05, (vii) amounts
      deposited in the Collection Account or the Distribution Account in error and
      (viii) the amount of any Prepayment Charges collected by the Master Servicer
      and
      the amount of any Master Servicer Prepayment Charge Payment Amounts, (y) amounts
      reimbursable to the Trustee for an advance made pursuant to Section 7.02(b)
      which advance the Trustee has determined to be nonrecoverable from the Stayed
      Funds in respect of which it was made and (z) any Net Swap Payment or any Swap
      Termination Payments owed to the Interest Rate Swap Provider other
      than due to a Swap Provider Trigger Event (after taking into account any upfront
      payment received by the Interest Rate Swap Provider from the counterparty to
      a
      replacement similar agreement).

     

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

     

    “Bankruptcy
      Loss”: With respect to any Mortgage Loan, a Realized Loss resulting from a
      Deficient Valuation or Debt Service Reduction.

     

    “Book-Entry
      Certificate”: Any Certificate registered in the name of the Depository or its
      nominee. Initially, the Book-Entry Certificates shall be the Class A
      Certificates and the Mezzanine Certificates.

     

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

     

    “Business
      Day”: Any day other than a Saturday, a Sunday or a day on which banking or
      savings and loan institutions in the State of California, the State of New
      York,
      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.

     

    “Certificate”:
      Any one of the Depositor’s Asset-Backed Pass-Through Certificates, Series
      2006-R1, Class A-1, 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 CE, Class P, Class R and Class R-X,
      issued under this Agreement.

     

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

     

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

     

    “Certificate
      Margin”: With respect to each Class of Adjustable-Rate Certificates and, for
      purposes of the Marker Rate and the Maximum II-LTZZ Uncertificated Interest
      Deferral Amount, the specified REMIC II Regular Interest, as
      follows:

     

    
      	
              Class

            	
              REMIC
                II Regular Interest

            	
              Certificate
                Margin

            
	
              (1)
                (%)

            	
              (2)
                (%)

            
	
              A-1

            	
              REMIC
                II Regular Interest II-LTA1

            	
              0.205

            	
              0.410

            
	
              A-2A

            	
              REMIC
                II Regular Interest II-LTA2A

            	
              0.080

            	
              0.160

            
	
              A-2B

            	
              REMIC
                II Regular Interest II-LTA2B

            	
              0.140

            	
              0.280

            
	
              A-2C

            	
              REMIC
                II Regular Interest II-LTA2C

            	
              0.190

            	
              0.380

            
	
              A-2D

            	
              REMIC
                II Regular Interest II-LTA2D

            	
              0.290

            	
              0.580

            
	
              M-1

            	
              REMIC
                II Regular Interest II-LTM1

            	
              0.390

            	
              0.585

            
	
              M-2

            	
              REMIC
                II Regular Interest II-LTM2

            	
              0.410

            	
              0.615

            
	
              M-3

            	
              REMIC
                II Regular Interest II-LTM3

            	
              0.440

            	
              0.660

            
	
              M-4

            	
              REMIC
                II Regular Interest II-LTM4

            	
              0.560

            	
              0.840

            
	
              M-5

            	
              REMIC
                II Regular Interest II-LTM5

            	
              0.590

            	
              0.885

            
	
              M-6

            	
              REMIC
                II Regular Interest II-LTM6

            	
              0.720

            	
              1.080

            
	
              M-7

            	
              REMIC
                II Regular Interest II-LTM7

            	
              1.250

            	
              1.875

            
	
              M-8

            	
              REMIC
                II Regular Interest II-LTM8

            	
              1.550

            	
              2.325

            
	
              M-9

            	
              REMIC
                II Regular Interest II-LTM9

            	
              2.500

            	
              3.750

            
	
              M-10

            	
              REMIC
                II Regular Interest II-LTM10

            	
              2.500

            	
              3.750

            
	
              M-11

            	
              REMIC
                II Regular Interest II-LTM11

            	
              2.500

            	
              3.750

            

    

    

    __________

    

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

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

    

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

     

    “Certificate
      Register” and “Certificate Registrar”: The register maintained and the registrar
      appointed pursuant to Section 5.02.

     

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

     

    “Class
      A Certificate”: Any one of the Class A-1, Class A-2A, Class A-2B, Class A-2C and
      Class A-2D Certificates.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Class
      IO Distribution Amount”: As defined in Section 3.20 hereof. For purposes of
      clarity, the Class IO Distribution Amount for any Distribution Date shall equal
      the amount payable to the Swap Administrator on such Distribution Date in excess
      of the amount payable on the Class SWAP-IO Interest on such Distribution Date,
      all as further provided in Section 3.20 hereof.

     

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

     

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

     

    “Class
      M-1 Principal Distribution Amount”: With respect to any Distribution Date, an
      amount, not less than zero, equal to the lesser of (I) the Certificate Principal
      Balance of the Class M-1 Certificates immediately prior to such Distribution
      Date and (II) 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 Certificate Principal Balance of the Class M-1 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 66.00% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus
      $7,500,074.35.

     

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

     

    “Class
      M-2 Principal Distribution Amount”: With respect to any Distribution Date, an
      amount, not less than zero, equal to the lesser of (I) the Certificate Principal
      Balance of the Class M-2 Certificates immediately prior to such Distribution
      Date and (II) 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 Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date) and (iii) the Certificate Principal Balance of the
      Class M-2 Certificates immediately prior to such Distribution Date over (y)
      the
      lesser of (A) the product of (i) 74.40% and (ii) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) and (B) the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      $7,500,074.35.

     

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

     

    “Class
      M-3 Principal Distribution Amount”: With respect to any Distribution Date, an
      amount, not less than zero, equal to the lesser of (I) the Certificate Principal
      Balance of the Class M-3 Certificates immediately prior to such Distribution
      Date and (II) 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 Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date), (iii) the Certificate Principal Balance of the
      Class
      M-2 Certificates (after taking into account the payment of the Class M-2
      Principal Distribution Amount on such Distribution Date) and (iv) the
      Certificate Principal Balance of the Class M-3 Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (A) the product of (i) 78.40%
      and
      (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the
      last
      day of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus $7,500,074.35.

     

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

     

    “Class
      M-4 Principal Distribution Amount”: With respect to any Distribution Date, an
      amount, not less than zero, equal to the lesser of (I) the Certificate Principal
      Balance of the Class M-4 Certificates immediately prior to such Distribution
      Date and (II) 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 Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date), (iii) the Certificate Principal Balance of the
      Class
      M-2 Certificates (after taking into account the payment of the Class M-2
      Principal Distribution Amount on such Distribution Date), (iv) the Certificate
      Principal Balance of the Class M-3 Certificates (after taking into account
      the
      payment of the Class M-3 Principal Distribution Amount on such Distribution
      Date) and (v) the Certificate Principal Balance of the Class M-4 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 81.70% 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
      $7,500,074.35.

     

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

     

    “Class
      M-5 Principal Distribution Amount”: With respect to any Distribution Date, an
      amount, not less than zero, equal to the lesser of (I) the Certificate Principal
      Balance of the Class M-5 Certificates immediately prior to such Distribution
      Date and (II) 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 Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date), (iii) the Certificate Principal Balance of the
      Class
      M-2 Certificates (after taking into account the payment of the Class M-2
      Principal Distribution Amount on such Distribution Date), (iv) the Certificate
      Principal Balance of the Class M-3 Certificates (after taking into account
      the
      payment of the Class M-3 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
      (after taking into account the payment of the Class M-4 Principal Distribution
      Amount on such Distribution Date) and (vi) the Certificate Principal Balance
      of
      the Class M-5 Certificates immediately prior to such Distribution Date over
      (y)
      the lesser of (A) the product of (i) 84.80% 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 $7,500,074.35.

     

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

     

    “Class
      M-6 Principal Distribution Amount”: With respect to any Distribution Date, an
      amount, not less than zero, equal to the lesser of (I) the Certificate Principal
      Balance of the Class M-6 Certificates immediately prior to such Distribution
      Date and (II) 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 Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date), (iii) the Certificate Principal Balance of the
      Class
      M-2 Certificates (after taking into account the payment of the Class M-2
      Principal Distribution Amount on such Distribution Date), (iv) the Certificate
      Principal Balance of the Class M-3 Certificates (after taking into account
      the
      payment of the Class M-3 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
      (after taking into account the payment of the Class M-4 Principal Distribution
      Amount on such Distribution Date), (vi) the Certificate Principal Balance of
      the
      Class M-5 Certificates (after taking into account the payment of the Class
      M-5
      Principal Distribution Amount on such Distribution Date) and (vii) the
      Certificate Principal Balance of the Class M-6 Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (A) the product of (i) 87.60%
      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 $7,500,074.35.

     

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

     

    “Class
      M-7 Principal Distribution Amount”: With respect to any Distribution Date, an
      amount, not less than zero, equal to the lesser of (I) the Certificate Principal
      Balance of the Class M-7 Certificates immediately prior to such Distribution
      Date and (II) 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 Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date), (iii) the Certificate Principal Balance of the
      Class
      M-2 Certificates (after taking into account the payment of the Class M-2
      Principal Distribution Amount on such Distribution Date), (iv) the Certificate
      Principal Balance of the Class M-3 Certificates (after taking into account
      the
      payment of the Class M-3 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
      (after taking into account the payment of the Class M-4 Principal Distribution
      Amount on such Distribution Date), (vi) the Certificate Principal Balance of
      the
      Class M-5 Certificates (after taking into account the payment of the Class
      M-5
      Principal Distribution Amount on such Distribution Date), (vii) the 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 (viii) the Certificate Principal Balance of the Class M-7 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 90.30% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the 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
      $7,500,074.35.

     

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

     

    “Class
      M-8 Principal Distribution Amount”: With respect to any Distribution Date, an
      amount, not less than zero, equal to the lesser of (I) the Certificate Principal
      Balance of the Class M-8 Certificates immediately prior to such Distribution
      Date and (II) 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 Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date), (iii) the Certificate Principal Balance of the
      Class
      M-2 Certificates (after taking into account the payment of the Class M-2
      Principal Distribution Amount on such Distribution Date), (iv) the Certificate
      Principal Balance of the Class M-3 Certificates (after taking into account
      the
      payment of the Class M-3 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
      (after taking into account the payment of the Class M-4 Principal Distribution
      Amount on such Distribution Date), (vi) the Certificate Principal Balance of
      the
      Class M-5 Certificates (after taking into account the payment of the Class
      M-5
      Principal Distribution Amount on such Distribution Date), (vii) the 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), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the payment of the Class M-7 Principal Distribution
      Amount on such Distribution Date) and (ix) the Certificate Principal Balance
      of
      the Class M-8 Certificates immediately prior to such Distribution Date over
      (y)
      the lesser of (A) the product of (i) 92.30% and (ii) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the 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 $7,500,074.35.

     

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

     

    “Class
      M-9 Principal Distribution Amount”: With respect to any Distribution Date, an
      amount, not less than zero, equal to the lesser of (I) the Certificate Principal
      Balance of the Class M-9 Certificates immediately prior to such Distribution
      Date and (II) 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 Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date), (iii) the Certificate Principal Balance of the
      Class
      M-2 Certificates (after taking into account the payment of the Class M-2
      Principal Distribution Amount on such Distribution Date), (iv) the Certificate
      Principal Balance of the Class M-3 Certificates (after taking into account
      the
      payment of the Class M-3 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
      (after taking into account the payment of the Class M-4 Principal Distribution
      Amount on such Distribution Date), (vi) the Certificate Principal Balance of
      the
      Class M-5 Certificates (after taking into account the payment of the Class
      M-5
      Principal Distribution Amount on such Distribution Date), (vii) the 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), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the payment of the Class M-7 Principal Distribution
      Amount on such Distribution Date), (ix) the Certificate Principal Balance of
      the
      Class M-8 Certificates (after taking into account the payment of the Class
      M-8
      Principal Distribution Amount on such Distribution Date) and (x) the 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) 93.50% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus $7,500,074.35.

     

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

     

    “Class
      M-10 Principal Distribution Amount”: With respect to any Distribution Date, an
      amount, not less than zero, equal to the lesser of (I) the Certificate Principal
      Balance of the Class M-10 Certificates immediately prior to such Distribution
      Date and (II) 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 Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date), (iii) the Certificate Principal Balance of the
      Class
      M-2 Certificates (after taking into account the payment of the Class M-2
      Principal Distribution Amount on such Distribution Date), (iv) the Certificate
      Principal Balance of the Class M-3 Certificates (after taking into account
      the
      payment of the Class M-3 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
      (after taking into account the payment of the Class M-4 Principal Distribution
      Amount on such Distribution Date), (vi) the Certificate Principal Balance of
      the
      Class M-5 Certificates (after taking into account the payment of the Class
      M-5
      Principal Distribution Amount on such Distribution Date), (vii) the 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), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the payment of the Class M-7 Principal Distribution
      Amount on such Distribution Date), (ix) the Certificate Principal Balance of
      the
      Class M-8 Certificates (after taking into account the payment of the Class
      M-8
      Principal Distribution Amount on such Distribution Date), (x) the 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 (xi) the Certificate Principal Balance of the Class M-10 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 95.00% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus
      $7,500,074.35.

     

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

     

    “Class
      M-11 Principal Distribution Amount”: With respect to any Distribution Date, an
      amount, not less than zero, equal to the lesser of (I) the Certificate Principal
      Balance of the Class M-11 Certificates immediately prior to such Distribution
      Date and (II) 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 Certificate Principal Balance of the Class M-1 Certificates (after
      taking into account the payment of the Class M-1 Principal Distribution Amount
      on such Distribution Date), (iii) the Certificate Principal Balance of the
      Class
      M-2 Certificates (after taking into account the payment of the Class M-2
      Principal Distribution Amount on such Distribution Date), (iv) the Certificate
      Principal Balance of the Class M-3 Certificates (after taking into account
      the
      payment of the Class M-3 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
      (after taking into account the payment of the Class M-4 Principal Distribution
      Amount on such Distribution Date), (vi) the Certificate Principal Balance of
      the
      Class M-5 Certificates (after taking into account the payment of the Class
      M-5
      Principal Distribution Amount on such Distribution Date), (vii) the 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), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the payment of the Class M-7 Principal Distribution
      Amount on such Distribution Date), (ix) the Certificate Principal Balance of
      the
      Class M-8 Certificates (after taking into account the payment of the Class
      M-8
      Principal Distribution Amount on such Distribution Date), (x) the 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), (xi) 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 (xii) the Certificate Principal Balance
      of
      the Class M-11 Certificates immediately prior to such Distribution Date over
      (y)
      the lesser of (A) the product of (i) 97.00% and (ii) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) minus $7,500,074.35.

     

    “Class
      P Certificate”: Any one of the Class P Certificates executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-P, representing the right to distributions
      as
      set forth herein and therein and evidencing a Regular Interest in REMIC V for
      purposes of the REMIC Provisions.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Class
      R-X Certificate”: Any one of the Class R-X Certificates executed by the Trustee
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-R-X and evidencing the ownership of the
      Class R-IV Interest, the Class R-V Interest and the Class R-VI
      Interest.

     

    “Closing
      Date”: February 23, 2006.

     

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

     

    “Collection
      Account”: The account or accounts created and maintained by the Master Servicer
      pursuant to Section 3.04(a), which shall be entitled “Ameriquest Mortgage
      Company, as Master Servicer for Deutsche Bank National Trust Company, as
      Trustee, in trust for the registered holders of Ameriquest Mortgage Securities
      Inc., Asset-Backed Pass-Through Certificates, Series 2006-R1.” The Collection
      Account must be an Eligible Account.

     

    “Combined
      Loan-to-Value Ratio”: As of any date of determination, and with respect to
      second lien Mortgage Loans, the fraction, expressed as a percentage, the
      numerator of which is (i) the sum of (a) the outstanding principal balance
      of
      the related first-lien mortgage loan plus (b) the Stated Principal Balance
      of
      the related second-lien mortgage loan and the denominator of which is (ii)
      the
      Value of the related Mortgaged Property.

     

    “Commission”:
      The Securities and Exchange Commission.

     

    “Compensating
      Interest”: As defined in Section 4.03(e) hereof.

     

    “Corporate
      Trust Office”: The principal corporate trust office of the Trustee 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 1761 East St. Andrew Place, Santa Ana, California
      92705-4934, or at such other address as the Trustee may designate from time
      to
      time by notice to the Certificateholders, the Depositor and the Master
      Servicer.

     

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

     

    
      	
              REMIC
                II Regular Interest

            	
              Class

            
	
              REMIC
                II Regular Interest II-LTA1

            	
              A-1

            
	
              REMIC
                II Regular Interest II-LTA2A

            	
              A-2A

            
	
              REMIC
                II Regular Interest II-LTA2B

            	
              A-2B

            
	
              REMIC
                II Regular Interest II-LTA2C

            	
              A-2C

            
	
              REMIC
                II Regular Interest II-LTA2D

            	
              A-2D

            
	
              REMIC
                II Regular Interest II-LTM1

            	
              M-1

            
	
              REMIC
                II Regular Interest II-LTM2

            	
              M-2

            
	
              REMIC
                II Regular Interest II-LTM3

            	
              M-3

            
	
              REMIC
                II Regular Interest II-LTM4

            	
              M-4

            
	
              REMIC
                II Regular Interest II-LTM5

            	
              M-5

            
	
              REMIC
                II Regular Interest II-LTM6

            	
              M-6

            
	
              REMIC
                II Regular Interest II-LTM7

            	
              M-7

            
	
              REMIC
                II Regular Interest II-LTM8

            	
              M-8

            
	
              REMIC
                II Regular Interest II-LTM9

            	
              M-9

            
	
              REMIC
                II Regular Interest II-LTM10

            	
              M-10

            
	
              REMIC
                II Regular Interest II-LTM11

            	
              M-11

            
	
              REMIC
                II Regular Interest II-LTP

            	
              P

            

    

    

    “Credit
      Enhancement Percentage”: For any Distribution Date and the Class A Certificates
      and any Class of Mezzanine Certificates, the percentage equivalent of a
      fraction, calculated after taking into account distribution of the Group I
      Principal Distribution Amount and the Group II Principal Distribution Amount
      to
      the Certificates then entitled to distributions of principal on such
      Distribution Date, the numerator of which is the sum of the aggregate
      Certificate Principal Balance of the Classes of Certificates with a lower
      distribution priority than such Class, and the denominator of which is 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). 

     

    “Cumulative
      Loss Percentage”: With respect to any Distribution Date, the percentage
      equivalent of a fraction, the numerator of which is the aggregate amount of
      Realized Losses incurred from the Cut-off Date to the last day of the preceding
      calendar month (reduced by the aggregate amount of Subsequent Recoveries
      received from the Cut-off Date through the last day of the related Due Period)
      and the denominator of which is the aggregate Stated Principal Balance of the
      Mortgage Loans as of the Cut-off Date.

     

    “Custodian”:
      A Custodian, which shall initially be Deutsche Bank National Trust
      Company.

     

    “Cut-off
      Date”: With respect to any Mortgage Loan, the close of business on February 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.

     

    “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 Stated Principal Balance of the Mortgage Loan, which
      valuation results from a proceeding initiated under the Bankruptcy
      Code.

     

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

     

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

     

    “Delinquency
      Percentage”: With respect to any Distribution Date, the percentage equivalent of
      a fraction, the numerator of which is the aggregate Stated Principal Balance
      of
      all Mortgage Loans as of the last day of the previous calendar month that,
      as of
      such last day of the previous calendar month, are 60 or more days delinquent
      (measured under the OTS delinquency calculation methodology and with respect
      to
      modifications, measured as set forth below), 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; provided, however, that any Mortgage Loan purchased by the Master
      Servicer or the NIMS Insurer pursuant to Section 3.16 shall not be included
      in
      either the numerator or the denominator for purposes of calculating the
      Delinquency Percentage.

     

    “Depositor”:
      Ameriquest Mortgage Securities Inc., a Delaware corporation, or its successor
      in
      interest.

     

    “Depository”:
      The Depository Trust Company, or any successor Depository hereafter named.
      The
      nominee of the initial Depository, for purposes of registering those
      Certificates that are to be Book-Entry Certificates, is Cede & Co. The
      Depository shall at all times be a “clearing corporation” as defined in Section
      8-102(3) of the Uniform Commercial Code of the State of New York and a “clearing
      agency” registered pursuant to the provisions of Section 17A of the 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 that are rated “P-1” by Moody’s,
“F-1” by Fitch and “A-1” by S&P (or comparable ratings if Moody’s, Fitch and
      S&P are not the Rating Agencies).

     

    “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 10th
      day of the calendar month in which such Distribution Date occurs or, if such
      10th
      day is not a Business Day, the Business Day immediately preceding such
      10th
      day.

     

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

     

    “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 trust account or accounts created and maintained by the Trustee
      pursuant to Section 3.04(e), which shall be entitled “Deutsche Bank National
      Trust Company, as Trustee, in trust for the registered Holders of Ameriquest
      Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series
      2006-R1.” 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 next succeeding Business Day, commencing in
      March
      2006.

     

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

     

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

     

    “Eligible
      Account”: Any of (i) an account or accounts maintained with a Depository
      Institution or trust company the short-term unsecured debt obligations of which
      are rated “F-1” by Fitch, “P-1” by Moody’s and “A-1+” by S&P (or comparable
      ratings if Fitch, Moody’s and S&P are not the Rating Agencies) at the time
      any amounts are held on deposit therein, (ii) an account or accounts the
      deposits in which are fully insured by the FDIC or (iii) a trust account or
      accounts maintained with the corporate trust department of a federal or state
      chartered depository institution or trust company acting in its fiduciary
      capacity. Eligible Accounts may bear interest.

     

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

     

    “Escrow
      Account”: The account or accounts created and maintained pursuant to Section
      3.04(c).

     

    “Escrow
      Payments”: The amounts constituting taxes, and/or fire and hazard insurance
      premiums escrowed by the Mortgagor with the mortgagee pursuant to a voluntary
      escrow agreement related to any Mortgage Loan.

     

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

     

    “Excess
      Overcollateralized Amount”: With respect to the Class A Certificates and the
      Mezzanine Certificates and any Distribution Date, the excess, if any, of (i)
      the
      Overcollateralized Amount for such Distribution Date (calculated for this
      purpose only after assuming that 100% of the Principal Remittance Amount on
      such
      Distribution Date has been distributed) over (ii) the Overcollateralization
      Target Amount for such Distribution Date.

     

    “Exchange
      Act”: The Securities Exchange Act of 1934, as amended.

     

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

     

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

     

    “Extraordinary
      Trust Fund Expense”: Any amounts reimbursable to the Trustee, or any director,
      officer, employee or agent of the Trustee, from the Trust Fund pursuant to
      Section 8.05, any amounts payable from the Distribution Account in respect
      of
      taxes pursuant to Section 10.01(g)(iii) and any amounts payable by the Trustee
      for the recording of the Assignments pursuant to Section 2.01.

     

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

     

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

     

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

     

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

     

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

     

    “Fixed-Rate
      Certificates”: None.

     

    “Fixed-Rate
      Mortgage Loan”: Each of the Mortgage Loans identified on the Mortgage Loan
      Schedule as having a fixed Mortgage Rate.

     

    “Fixed
      Swap Payment”: With respect to any Distribution Date, an amount equal to the
      Fixed Rate Payer Payment Amount, as defined in the Interest Rate Swap
      Agreement.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Group
      I Interest Remittance Amount”: With respect to any Distribution Date, that
      portion of the Available Funds for such Distribution Date that represents
      interest received or advanced on the Group I Mortgage Loans, minus an
      amount equal to the Group I Net WAC Allocation Percentage of any Net
      Swap Payment or Swap Termination Payment (other than termination payments
      resulting from a Swap Provider Trigger Event) paid to the Interest Rate Swap
      Provider.

     

    “Group
      I Mortgage Loan”: A Mortgage Loan assigned to Loan Group I. All Group I Mortgage
      Loans have a principal balance at origination that conforms to Freddie Mac
      loan
      limits.

     

    “Group
      I Net WAC Allocation Percentage” for any Distribution Date will be the
      percentage equivalent of a fraction, the numerator of which will be (x) the
      aggregate principal balance of the Group I Mortgage Loans as of the first day
      of
      the related Due Period and the denominator of which will be (y) the aggregate
      principal balance of the Mortgage Loans as of the first day of the related
      Due
      Period.

     

    “Group
      I Principal Distribution Amount”: With respect to any Distribution Date, the sum
      of (i) the principal portion of each Monthly Payment on the Group I Mortgage
      Loans due during the related Due Period, to the extent received on or prior
      to
      the related Determination Date or advanced prior to such Distribution Date;
      (ii)
      the Stated Principal Balance of any Group I Mortgage Loan that was purchased
      during the related Prepayment Period pursuant to or as contemplated by Section
      2.03, Section 3.16(a) or Section 9.01 and the amount of any shortfall deposited
      in the Collection Account in connection with the substitution of a Deleted
      Mortgage Loan in Loan Group I pursuant to Section 2.03 during the related
      Prepayment Period; (iii) the principal portion of all other unscheduled
      collections (including, without limitation, Principal Prepayments, Insurance
      Proceeds, Liquidation Proceeds, Subsequent Recoveries and REO Principal
      Amortization) received during the related Prepayment Period on the Group I
      Mortgage Loans, net of any portion thereof that represents a recovery of
      principal for which an Advance was made by the Master Servicer pursuant to
      Section 4.03 in respect of a preceding Distribution Date; and (iv) the Group
      I
      Allocation Percentage of the amount of any Overcollateralization Increase Amount
      for such Distribution Date; minus
      (v) the Group I Allocation Percentage of the amount of any Overcollateralization
      Reduction Amount for such Distribution Date. In no event shall the Group I
      Principal Distribution Amount with respect to any Distribution Date be (x)
      less
      than zero or (y) greater than the then outstanding aggregate Certificate
      Principal Balance of the Class A and Mezzanine Certificates.

     

    “Group
      I 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
      I Principal Distribution Amount.

     

    “Group
      II Allocation Percentage”: With respect to the Group II Certificates and any
      Distribution Date, 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.

     

    “Group
      II Certificates”: The Class A-2A, Class A-2B, Class A-2C and Class A-2D
      Certificates.

     

    “Group
      II Interest Remittance Amount”: With respect to any Distribution Date, that
      portion of the Available Funds for such Distribution Date that represents
      interest received or advanced on the Group II Mortgage Loans, minus an
      amount equal to the Group II Net WAC Allocation Percentage of any Net
      Swap Payment or Swap Termination Payment (other than termination payments
      resulting from a Swap Provider Trigger Event) paid to the Interest Rate Swap
      Provider.

     

    “Group
      II Mortgage Loan”: A Mortgage Loan assigned to Loan Group II, all with a
      principal balance at origination that may or may not conform to Fannie Mae
      or
      Freddie Mac loan limits.

     

    “Group
      II Net WAC Allocation Percentage” for any Distribution Date will be the
      percentage equivalent of a fraction, the numerator of which will be (x) the
      aggregate principal balance of the Group II Mortgage Loans as of the first
      day
      of the related Due Period and the denominator of which will be (y) the aggregate
      principal balance of the Mortgage Loans as of the first day of the related
      Due
      Period.

     

    “Group
      II Principal Distribution Amount”: With respect to any Distribution Date, the
      sum of (i) the principal portion of each Monthly Payment on the Group II
      Mortgage Loans due during the related Due Period, to the extent received on
      or
      prior to the related Determination Date or advanced prior to such Distribution
      Date; (ii) the Stated Principal Balance of any Group II Mortgage Loan that
      was
      purchased during the related Prepayment Period pursuant to or as contemplated
      by
      Section 2.03, Section 3.16(a) or Section 9.01 and the amount of any shortfall
      deposited in the Collection Account in connection with the substitution of
      a
      Deleted Mortgage Loan in Loan Group II pursuant to Section 2.03 during the
      related Prepayment Period; (iii) the principal portion of all other unscheduled
      collections (including, without limitation, Principal Prepayments, Insurance
      Proceeds, Liquidation Proceeds, Subsequent Recoveries and REO Principal
      Amortization) received during the related Prepayment Period on the Group II
      Mortgage Loans, net of any portion thereof that represents a recovery of
      principal for which an Advance was made by the Master Servicer pursuant to
      Section 4.03 in respect of a preceding Distribution Date and (iv) the Group
      II
      Allocation Percentage of the amount of any Overcollateralization Increase Amount
      for such Distribution Date; minus
      (v) the Group II Allocation Percentage of the amount of any
      Overcollateralization Reduction Amount for such Distribution Date. In no event
      shall the Group II Principal Distribution Amount with respect to any
      Distribution Date be (x) less than zero or (y) greater than the then outstanding
      aggregate Certificate Principal Balance of the Class A and Mezzanine
      Certificates.

     

    “Group
      II 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
      II Principal Distribution Amount.

     

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

     

    “HOEPA”:
      The Home Ownership and Equity Protection Act of 1994.

     

    “Indenture”:
      An indenture relating to the issuance of notes secured by all or a portion
      of
      the Class CE Certificates, the Class P Certificates and/or the Residual
      Certificates, which may or may not be guaranteed by the NIMS
      Insurer.

     

    “Independent”:
      When used with respect to any specified Person, any such Person who (a) is
      in
      fact independent of the Depositor, the Master Servicer, the Seller and their
      respective Affiliates, (b) does not have any direct financial interest in or
      any
      material indirect financial interest in the Depositor, the Seller, the Master
      Servicer or any Affiliate thereof, and (c) is not connected with the Depositor,
      the Seller, the Master Servicer or any Affiliate thereof as an officer,
      employee, promoter, underwriter, trustee, partner, director or Person performing
      similar functions; provided, however, that a Person shall not fail to be
      Independent of the Depositor, the Seller, the Master Servicer or any Affiliate
      thereof merely because such Person is the beneficial owner of 1% or less of
      any
      class of securities issued by the Depositor or the Master Servicer or any
      Affiliate thereof, as the case may be.

     

    “Independent
      Contractor”: Either (i) any Person (other than the Master Servicer) that would
      be an “independent contractor” with respect to REMIC I within the meaning of
      Section 856(d)(3) of the Code if such REMIC 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 such REMIC does not receive or derive any
      income from such Person and provided that the relationship between such Person
      and such REMIC 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 Master 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 shall not cause such REO Property to cease to
      qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of
      the Code (determined without regard to the exception applicable for purposes
      of
      Section 860D(a) of the Code), or cause any income realized in respect of such
      REO Property to fail to qualify as Rents from Real Property.

     

    “Index”:
      With respect to each Adjustable-Rate Mortgage Loan and each related Adjustment
      Date, 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 as of the first business day 45 days or more
      prior to such Adjustment Date, as specified in the related Mortgage
      Note.

     

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

     

    “Interest
      Accrual Period”: With respect to any Distribution Date and the Adjustable-Rate
      Certificates, the period commencing on the Distribution Date in 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 II Regular
      Interests, the one-month period ending on the last day of the calendar month
      preceding the month in which such Distribution Date occurs. 

     

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

     

    “Interest
      Determination Date”: With respect to the Adjustable-Rate Certificates, and
      solely for purposes of calculating the Marker Rate, REMIC II Regular Interest
      II-LTA1, REMIC II Regular Interest II-LTA2A, REMIC II Regular Interest II-LTA2B,
      REMIC II Regular Interest II-LTA2C, REMIC II Regular Interest II-LTA2D, REMIC
      II
      Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular
      Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest
      II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7,
      REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC
      II
      Regular Interest II-LTM10 and REMIC II Regular Interest II-LTM11 and any
      Interest Accrual Period therefor (other than the first Interest Accrual Period),
      the second LIBOR Business Day preceding the commencement of such Interest
      Accrual Period.

     

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

     

    “Interest
      Rate Swap Agreement”: The 1992 ISDA Master Agreement (Multicurrency-Cross
      Border) dated as of February 23, 2006 (together with the schedule thereto,
      the
      Master Agreement) between the Interest Rate Swap Provider and the Trustee,
      an
      ISDA Credit Support Annex (Bilateral Form-New York Law) as of the same date,
      which supplements, forms part of, and is subject to the Master Agreement, and
      a
      confirmation of the same date, which supplements and forms part of the Master
      Agreement, reference #N447576N.

     

    “Interest
      Rate Swap Provider”: Deutsche Bank AG, New York Branch or any successor under
      the Interest Rate Swap Agreement.

     

    “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, whether as late payments of Monthly Payments or as Insurance Proceeds,
      Liquidation Proceeds, Subsequent Recoveries 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.

     

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

     

    “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 3.16(a) or Section 9.01. With respect to any REO
      Property, either of the following events: (i) a Final Recovery Determination
      is
      made as to such REO Property; or (ii) such REO Property is removed from REMIC
      I
      by reason of its being purchased pursuant to Section 9.01.

     

    “Liquidation
      Proceeds”: The amount (other than Insurance Proceeds or amounts received in
      respect of the rental of any REO Property prior to REO Disposition) received
      by
      the Master Servicer in connection with (i) the taking of all or a part of a
      Mortgaged Property by exercise of the power of eminent domain or condemnation,
      (ii) the liquidation of a defaulted Mortgage Loan through a trustee’s sale,
      foreclosure sale or otherwise or (iii) the repurchase, substitution or sale
      of a
      Mortgage Loan or an REO Property pursuant to or as contemplated by Section
      2.03,
      Section 3.13, Section 3.16(a) or Section 9.01.

     

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

     

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

     

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

     

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

     

    “Loss
      Mitigation Action Plan”: The policies and procedures set forth in Exhibit I
      hereto relating to the realization on delinquent Mortgage Loans, which are
      incorporated by reference into this Agreement and shall be deemed a part
      hereof.

     

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

     

    “Marker
      Rate”: With respect to the Class CE Interest and any Distribution Date, a per
      annum rate equal to two (2) times the weighted average of the REMIC II
      Remittance Rate for REMIC II Regular Interest II-LTA1, REMIC II Regular Interest
      II-LTA2A, REMIC II Regular Interest II-LTA2B, REMIC II Regular Interest
      II-LTA2C, REMIC II Regular Interest II-LTA2D, REMIC II Regular Interest II-LTM1,
      REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC
      II
      Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular
      Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest
      II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10,
      REMIC II Regular Interest II-LTM11, and REMIC II Regular Interest II-LTZZ,
      with
      the rate on each such REMIC II Regular Interest (other than REMIC II Regular
      Interest II-LTZZ) subject to the lesser of (i) LIBOR plus the related
      Certificate Margin and (ii) the related Net WAC Pass-Through Rate for the
      purpose of this calculation for such Distribution Date and with the rate on
      REMIC II Regular Interest II-LTZZ subject to a cap of zero for the purpose
      of
      this calculation; provided, however, that solely for this purpose, calculations
      of the REMIC II Remittance Rate and the related caps with respect to REMIC
      II
      Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2A, REMIC II Regular
      Interest II-LTA2B, REMIC II Regular Interest II-LTA2C, REMIC II Regular Interest
      II-LTA2D, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2,
      REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC
      II
      Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular
      Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest
      II-LTM9, REMIC II Regular Interest II-LTM10 and REMIC II Regular Interest
      II-LTM11 shall be multiplied by a fraction, the numerator of which is the actual
      number of days in the Interest Accrual Period and the denominator of which
      is
      30.

     

    “Master
      Servicer”: Ameriquest Mortgage Company or any successor master servicer
      appointed as herein provided, in its capacity as Master Servicer
      hereunder.

     

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

     

    “Master
      Servicer Prepayment Charge Payment Amount”: The amounts payable by the Master
      Servicer pursuant to Section 2.03(b) in respect of any waived (or, with respect
      to subsequent changes of law, any unenforceable) Prepayment
      Charges.

     

    “Master
      Servicer Remittance Date”: With respect to any Distribution Date, 3:00 p.m. New
      York time on the last Business Day preceding such Distribution
      Date.

     

    “Master
      Servicer Reporting Date”: With respect to any Distribution Date, 3:00 p.m. New
      York time on the 18th
      day of the calendar month in which such Distribution Date occurs or, if such
      18th
      day is not a Business Day, the Business Day immediately succeeding such
      18th
      day.

     

    “Master
      Servicer Termination Test”: With respect to any Distribution Date, the Master
      Servicer Termination Test shall be failed if the Cumulative Loss Percentage
      exceeds the level specified below for the applicable period:

     

    
      	
              Months
                (following the Closing Date)

            	
              Cumulative
                Loss (%)

            
	
              37-48

            	
              4.75

            
	
              49-60

            	
              6.25

            
	
              61-72

            	
              7.50

            
	
              73
                and thereafter

            	
              8.00

            

    

    

     

    “Maximum
      Cap Rate”: For any Distribution Date with respect to the Group I Certificates, a
      per annum rate equal to the sum of (i) the product of (x) the weighted average
      of the Expense Adjusted Net Maximum Mortgage Rates of the Group I Mortgage
      Loans
      minus an amount, expressed as a percentage, equal to the Net Swap Payment and
      Swap Termination Payment, if any (other than termination payments resulting
      from
      a Swap Provider Trigger Event), due from the Trust for such Distribution Date,
      multiplied by 12, weighted on the basis of the outstanding Stated Principal
      Balances of the Group I Mortgage Loans as of the first day of the month
      preceding the month of such Distribution Date (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) and (y) a fraction, the numerator of which is 30
      and
      the denominator of which is the actual number of days elapsed in the related
      Interest Accrual Period and (ii) an amount, expressed as a percentage, equal
      to
      a fraction, the numerator of which is equal to the Net Swap Payment made by
      the
      Interest Rate Swap Provider and the denominator of which is equal to the
      aggregate Stated Principal Balance of the Mortgage Loans, multiplied by
      12.

     

    For
      any Distribution Date with respect to the Group II Certificates, a per annum
      rate equal to the sum of (i) the product of (x) the weighted average of the
      Expense Adjusted Net Maximum Mortgage Rates of the Group II Mortgage Loans
      minus
      an amount, expressed as a percentage, equal to the Net Swap Payment and Swap
      Termination Payment, if any (other than termination payments resulting from
      a
      Swap Provider Trigger Event), due from the Trust for such Distribution Date,
      multiplied by 12, weighted on the basis of the outstanding Stated Principal
      Balances of the Group II Mortgage Loans as of the first day of the month
      preceding the month of such Distribution Date (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) and (y) a fraction, the numerator of which is 30
      and
      the denominator of which is the actual number of days elapsed in the related
      Interest Accrual Period and (ii) an amount, expressed as a percentage, equal
      to
      a fraction, the numerator of which is equal to the Net Swap Payment made by
      the
      Interest Rate Swap Provider and the denominator of which is equal to the
      aggregate Stated Principal Balance of the Mortgage Loans, multiplied by
      12.

     

    For
      any Distribution Date with respect to the Mezzanine Certificates, a per annum
      rate equal to the sum of (i) the product of (x) the weighted average (weighted
      on the basis of the results of subtracting from the aggregate Stated Principal
      Balance of the applicable Loan Group, the current Certificate Principal Balance
      of the related Class A Certificates) of the weighted average of the Expense
      Adjusted Net Maximum Mortgage Rates of the Group I Mortgage Loans and the Group
      II Mortgage Loans, in each case, weighted on the basis of the outstanding Stated
      Principal Balances of the related Mortgage Loans as of the first day of the
      month preceding the month of such Distribution Date (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period) and (y) a fraction, the numerator of which is
      30
      and the denominator of which is the actual number of days elapsed in the related
      Interest Accrual Period and (ii) an amount, expressed as a percentage, equal
      to
      a fraction, the numerator of which is equal to the Net Swap Payment made by
      the
      Interest Rate Swap Provider and the denominator of which is equal to the
      aggregate Stated Principal Balance of the Mortgage Loans, multiplied by
      12.

     

    “Maximum
      II-LTZZ Uncertificated Interest Deferral Amount”: With respect to any
      Distribution Date, the excess of (i) accrued interest at the REMIC II Remittance
      Rate applicable to REMIC II Regular Interest II-LTZZ for such Distribution
      Date
      on a balance equal to the Uncertificated Balance of REMIC II Regular Interest
      II-LTZZ minus the REMIC II Overcollateralization Amount, in each case for such
      Distribution Date, over (ii) the Uncertificated Interest on REMIC II Regular
      Interest II-LTA1, REMIC II Regular Interest II-LTA2A, REMIC II Regular Interest
      II-LTA2B, REMIC II Regular Interest II-LTA2C, REMIC II Regular Interest
      II-LTA2D, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2,
      REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC
      II
      Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular
      Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest
      II-LTM9, REMIC II Regular Interest II-LTM10 and REMIC II Regular Interest
      II-LTM11 for such Distribution Date, with the rate on each such REMIC II Regular
      Interest subject to a cap equal to the lesser of (i) LIBOR plus the related
      Certificate Margin and (ii) the related Net WAC Pass-Through Rate; provided,
      however, that solely for this purpose, calculations of the REMIC II Remittance
      Rate and the related caps with respect to REMIC II Regular Interest II-LTA1,
      REMIC II Regular Interest II-LTA2A, REMIC II Regular Interest II-LTA2B, REMIC
      II
      Regular Interest II-LTA2C, REMIC II Regular Interest II-LTA2D, REMIC II Regular
      Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest
      II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5,
      REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC
      II
      Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular
      Interest II-LTM10 and REMIC II Regular Interest II-LTM11 shall be multiplied
      by
      a fraction, the numerator of which is the actual number of days in the Interest
      Accrual Period and the denominator of which is 30.

     

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

     

    “Mezzanine
      Certificate”: Any one 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.

     

    “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.

     

    “Monthly
      Payment”: With respect to any Mortgage Loan, the scheduled monthly payment of
      principal and interest on such Mortgage Loan which is payable by the related
      Mortgagor from time to time under the related Mortgage Note, determined: (a)
      after giving effect to (i) any Deficient Valuation and/or Debt Service Reduction
      with respect to such Mortgage Loan and (ii) any reduction in the amount of
      interest collectible from the related Mortgagor pursuant to the Relief Act;
      (b)
      without giving effect to any extension granted or agreed to by the Master
      Servicer pursuant to Section 3.02; and (c) on the assumption that all other
      amounts, if any, due under such Mortgage Loan are paid when due.

     

    “Monthly
      Statement”: As defined in Section 4.02.

     

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

     

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

     

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

     

    “Mortgage
      Loan”: Each mortgage loan transferred and assigned to the Trustee pursuant to
      Section 2.01 or Section 2.03(d) of this Agreement, as held from time to time
      as
      a part of REMIC I, the Mortgage Loans so held being identified in the Mortgage
      Loan Schedule.

     

    “Mortgage
      Loan Purchase Agreement”: The agreement between the Seller and the Depositor,
      regarding the transfer of the Mortgage Loans by the Seller to or at the
      direction of the Depositor, substantially in the form of Exhibit D annexed
      hereto.

     

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

     

    
      
        	
                (1)

              	 	
                the
                  Seller’s Mortgage Loan identifying number;

              
	
                (2)

              	
                 

              	
                [reserved];

              
	
                (3)

              	 	
                the
                  state and zip code of the Mortgaged Property;

              
	
                (4)

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

              
	
                (5)

              	 	
                the
                  type of Residential Dwelling constituting the Mortgaged
                  Property;

              
	
                (6)

              	 	
                the
                  original months to maturity;

              
	
                (7)

              	 	
                the
                  Loan-to-Value Ratio or Combined Loan-to-Value Ratio at
                  origination;

              
	
                (8)

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

              
	
                (9)

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

              
	
                (10)

              	 	
                the
                  stated maturity date;

              
	
                (11)

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

              
	
                (12)

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

              
	
                (13)

              	 	
                the
                  original principal amount of the Mortgage Loan;

              
	
                (14)

              	 	
                the
                  Scheduled Principal Balance of the Mortgage Loan as of the close
                  of
                  business on the Cut-off Date;

              
	
                (15)

              	 	
                with
                  respect to the Adjustable-Rate Mortgage Loans, the Gross
                  Margin;

              
	
                (16)

              	 	
                a
                  code indicating the purpose of the Mortgage Loan (i.e.,
                  purchase, refinance debt consolidation cashout, or refinance debt
                  consolidation no cashout);

              
	
                (17)

              	 	
                with
                  respect to the Adjustable-Rate Mortgage Loans, the Maximum Mortgage
                  Rate;

              
	
                (18)

              	 	
                with
                  respect to the Adjustable-Rate Mortgage Loans, the Minimum Mortgage
                  Rate;

              
	
                (19)

              	 	
                the
                  Mortgage Rate at origination;

              
	
                (20)

              	 	
                with
                  respect to the Adjustable-Rate Mortgage Loans, the Periodic Rate
                  Cap and
                  the maximum first Adjustment Date Mortgage Rate
                  adjustment;

              
	
                (21)

              	 	
                a
                  code indicating the documentation program (i.e.,
                  Full Documentation, Limited Documentation or Stated
                  Income);

              
	
                (22)

              	 	
                with
                  respect to the Adjustable-Rate Mortgage Loans, the first Adjustment
                  Date
                  immediately following the Cut-off Date;

              
	
                (23)

              	 	
                the
                  risk grade;

              
	
                (24)

              	 	
                the
                  Value of the Mortgaged Property;

              
	
                (25)

              	 	
                the
                  sale price of the Mortgaged Property, if applicable; 

              
	
                (26)

              	 	
                the
                  FICO score of the primary Mortgagor; and

              
	
                (27)

              	 	
                [reserved].

              

      

    

    

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

     

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

     

    “Mortgage
      Pool”: The pool of Mortgage Loans, identified on Schedule 1 from time to time,
      and any REO Properties acquired in respect thereof.

     

    “Mortgage
      Rate”: With respect to each Mortgage Loan, the annual rate at which interest
      accrues on such Mortgage Loan from time to time in accordance with the
      provisions of the related Mortgage Note, which rate (i) with respect to each
      Fixed-Rate Mortgage Loan shall remain constant at the rate set forth in the
      Mortgage Loan Schedule as the Mortgage Rate in effect immediately following
      the
      Cut-off Date and (ii) 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.

     

    “Mortgaged
      Property”: The underlying property identified in the related Mortgage as
      securing a Mortgage Loan, including any REO Property, consisting of an Estate
      in
      Real Property improved by a Residential Dwelling (excluding for purposes of
      construing the representations or warranties made in the Mortgage Loan Purchase
      Agreement, any improvements thereupon not considered by the appraiser in
      determining the Value of such Mortgaged Property).

     

    “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 Funds for such Distribution Date over (y) the
      sum for such Distribution Date of (A) the Senior Interest Distribution
      Amount, (B) the Interest Distribution Amounts payable to the Mezzanine
      Certificates and (C) the Principal Remittance Amount.

     

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

     

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

     

    “Net
      WAC Pass-Through Rate”: For any Distribution Date with respect to the Group I
      Certificates, is a per annum rate equal to the product of (A) the weighted
      average of the Expense Adjusted Net Mortgage Rates of the Group I Mortgage
      Loans, weighted on the basis of the outstanding Stated Principal Balances of
      the
      Group I Mortgage Loans as of the first day of the month preceding the month
      of
      such Distribution Date (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 an amount, expressed as a percentage, equal to the Net Swap
      Payment and Swap Termination Payment, if any (other than termination payments
      resulting from a Swap Provider Trigger Event), due from the Trust for such
      Distribution Date, divided by the aggregate Stated Principal Balance of the
      Mortgage Loans, multiplied by 12, and (B) a fraction, the numerator of which
      is
      30 and the denominator of which is the actual number of days elapsed in the
      related Interest Accrual Period. For federal income tax purposes, for any
      Distribution Date with respect to the REMIC III Regular Interests the ownership
      of which is represented by the Group I Certificates, the economic equivalent
      of
      such rate shall be expressed as the weighted average (adjusted for the actual
      number of days elapsed in the related Interest Accrual Period) of the REMIC
      II
      Remittance Rate on REMIC II Regular Interest II-LT1GRP, weighted on the basis
      of
      the Uncertificated Balance of such REMIC II Regular Interest.

     

    For
      any Distribution Date with respect to the Group II Certificates, is a per annum
      rate equal to the product of (A) the weighted average of the Expense Adjusted
      Net Mortgage Rates of the Group II Mortgage Loans, weighted on the basis of
      the
      outstanding Stated Principal Balances of the Group II Mortgage Loans as of
      the
      first day of the month preceding the month of such Distribution Date (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 an amount,
      expressed as a percentage, equal to the Net Swap Payment and Swap Termination
      Payment, if any (other than termination payments resulting from a Swap Provider
      Trigger Event), due from the Trust for such Distribution Date, divided by the
      aggregate Stated Principal Balance of the Mortgage Loans, multiplied by 12
      and
      (B) a fraction, the numerator of which is 30 and the denominator of which is
      the
      actual number of days elapsed in the related Interest Accrual Period. For
      federal income tax purposes, for any Distribution Date with respect to the
      REMIC
      III Regular Interests the ownership of which is represented by the Group II
      Certificates, the economic equivalent of such rate shall be expressed as the
      weighted average (adjusted for the actual number of days elapsed in the related
      Interest Accrual Period) of the REMIC II Remittance Rate on REMIC II Regular
      Interest II-LT2GRP, weighted on the basis of the Uncertificated Balance of
      such
      REMIC II Regular Interest.

     

    For
      any Distribution Date with respect to the Mezzanine Certificates, a per annum
      rate equal to the product of (x) the weighted average (weighted on the basis
      of
      the results of subtracting from the aggregate Stated Principal Balance of each
      Loan Group the current aggregate Certificate Principal Balance of the related
      Class A Certificates) of the Net WAC Pass-Through Rate for the Group I
      Certificates and the Net WAC Pass-Through Rate for the Group II Certificates
      and
      (y) a fraction, the numerator of which is 30 and the denominator of which is
      the
      actual number of days elapsed in the related Interest Accrual Period. For
      federal income tax purposes, for any Distribution Date with respect to the
      REMIC
      III Regular Interests the ownership of which is represented by the Mezzanine
      Certificates, the economic equivalent of such rate shall be expressed as the
      weighted average (adjusted for the actual number of days elapsed in the related
      Interest Accrual Period) of the REMIC II Remittance Rates on (a) REMIC II
      Regular Interest II-LT1SUB, subject to a cap and a floor equal to the weighted
      average of the Expense Adjusted Net Mortgage Rates of the Group I Mortgage
      Loans
      and (b) REMIC II Regular Interest II-LT2SUB, subject to a cap and a floor equal
      to the weighted average of the Expense Adjusted Net Mortgage Rates of the Group
      II Mortgage Loans.

     

    “Net
      WAC Rate Carryover Amount”: With respect to any Class of Class A Certificates
      and the Mezzanine Certificates and any Distribution Date, the sum of (A) the
      excess, if any, of (i) the amount of interest such Certificates would have
      accrued for such Distribution Date had the applicable Pass-Through Rate been
      calculated at the related Formula Rate, over (ii) the amount of interest accrued
      on such Certificates at the related Net WAC Pass-Through Rate for such
      Distribution Date and (B) the related Net WAC Rate Carryover Amount for the
      previous Distribution Date not previously paid, together with interest thereon
      at a rate equal to the related Formula Rate applicable for such Class in each
      case for the Interest Accrual Period for the current Distribution
      Date.

     

    “Net
      WAC Rate Carryover Reserve Account”: The Net WAC Rate Carryover Reserve Account
      established and maintained pursuant to Section 4.11.

     

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

     

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

     

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

     

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

     

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

     

    “Notional
      Amount”: With respect to the Class CE Interest and any Distribution Date, the
      aggregate Uncertificated Balance of the REMIC II Regular Interests (other than
      REMIC II Regular Interest II-IO and REMIC II Regular Interest II-LTP),
      immediately prior to such Distribution Date. For federal income tax purposes,
      the Class CE Certificates will not have a Notional Amount, but will be entitled
      to 100% of amounts distributed in respect of the Class CE Interest.

     

    “Offered
      Certificate”: Any one of the Class A Certificates and the Mezzanine Certificates
      (other than the Private Mezzanine Certificates) issued under this
      Agreement.

     

    “Officers’
      Certificate”: With respect to the Depositor, a certificate signed by the
      Chairman of the Board, the Vice Chairman of the Board, the President or a vice
      president (however denominated), and by the Treasurer, the Secretary, or one
      of
      the assistant treasurers or assistant secretaries. With respect to the Master
      Servicer, any officer who is authorized to act for the Master Servicer in
      matters relating to this Agreement, and whose action is binding upon the Master
      Servicer, initially including those individuals whose names appear on the list
      of authorized officers delivered at the closing.

     

    “One-Month
      LIBOR”: With respect to the Adjustable-Rate Certificates, REMIC II Regular
      Interest II-LTA1, REMIC II Regular Interest II-LTA2A, REMIC II Regular Interest
      II-LTA2B, REMIC II Regular Interest II-LTA2C, REMIC II Regular Interest
      II-LTA2D, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2,
      REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC
      II
      Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular
      Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest
      II-LTM9, REMIC II Regular Interest II-LTM10 and REMIC II Regular Interest
      II-LTM11 and any Interest Accrual Period therefor, the rate determined by the
      Trustee 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 shall 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 Trustee shall 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 Trustee shall select, after
      consultation with the Depositor and the NIMS Insurer, an alternative comparable
      index (over which the Trustee has no control), used for determining one-month
      Eurodollar lending rates that is calculated and published (or otherwise made
      available) by an independent party.

     

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

     

    “Optional
      Termination Date”: The first Distribution Date on which the aggregate Stated
      Principal Balance of the Mortgage Loans (and properties acquired in respect
      thereof) remaining in the Trust Fund is reduced to an amount less than 10%
      of
      the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    “Originator”:
      Ameriquest Mortgage Company.

     

    “Overcollateralization
      Deficiency Amount”: With respect to any Distribution Date, the excess, if any,
      of (a) the Overcollateralization Target Amount applicable to such Distribution
      Date over (b) the Overcollateralized Amount applicable to such Distribution
      Date
      (calculated for this purpose only, after assuming that 100% of the Principal
      Remittance Amount on such Distribution Date has been distributed).

     

    “Overcollateralization
      Increase Amount”: With respect to any Distribution Date, the lesser of (a) the
      Overcollateralization Deficiency Amount as of such Distribution Date and (b)
      the
      Net Monthly Excess Cashflow for such Distribution Date.

     

    “Overcollateralization
      Reduction Amount”: With respect to any Distribution Date, an amount equal to the
      lesser of (a) the Excess Overcollateralized Amount and (b) the Principal
      Remittance Amount.

     

    “Overcollateralization
      Target Amount”: With respect to any Distribution Date (i) prior to the Stepdown
      Date, 1.50% of the aggregate Stated 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) 3.00% of the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced and unscheduled collections
      of
      principal received during the related Prepayment Period) and (y) $7,500,074.35,
      or (iii) on or after the Stepdown Date and if a Trigger Event is in effect,
      the
      Overcollateralization Target 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 the Mezzanine Certificates to zero, the
      Overcollateralization Target Amount shall be zero.

     

    “Overcollateralized
      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 (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period), over (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 giving effect
      to
      distributions to be made on such Distribution Date).

     

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

     

    “Pass-Through
      Rate”: With respect to any Class A or Mezzanine Certificates and any
      Distribution Date, the lesser of (x) the related Formula Rate for such
      Distribution Date and (y) the related Net WAC Pass-Through Rate for such
      Distribution Date.

     

    With
      respect to the Class CE Interest and any Distribution Date, a rate per annum
      equal to the percentage equivalent of a fraction, the numerator of which is
      (x)
      the sum of (i) 100% of the interest on REMIC II Regular Interest II-LTP and
      (ii)
      interest on the Uncertificated Balance of each REMIC II Regular Interest listed
      in clause (y) at a rate equal to the related REMIC II Remittance Rate minus
      the
      Marker Rate and the denominator of which is (y) the aggregate Uncertificated
      Balance of REMIC
      II Regular Interest II-LTAA, REMIC II Regular Interest II-LTA1, REMIC II Regular
      Interest II-LTA2A, REMIC II Regular Interest II-LTA2B, REMIC II Regular Interest
      II-LTA2C, REMIC II Regular Interest II-LTA2D, REMIC II Regular Interest II-LTM1,
      REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC
      II
      Regular Interest II-LTM4,
      REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC
      II
      Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular
      Interest II-LTM9, REMIC II Regular Interest II-LTM10, REMIC II Regular Interest
      II-LTM11 and REMIC III Regular Interest LTZZ.

     

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

     

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

     

    “Percentage
      Interest”: With respect to any Class of Certificates (other than the Residual
      Certificates), the undivided percentage ownership in such Class evidenced by
      such Certificate, expressed as a percentage, the numerator of which is the
      initial Certificate Principal Balance or Notional Amount represented by such
      Certificate and the denominator of which is the aggregate initial Certificate
      Principal Balance or Notional Amount of all of the Certificates of such Class.
      The
      Group I Certificates are issuable only in minimum Percentage Interests
      corresponding to minimum initial Certificate Principal Balances of $100,000
      and
      integral multiples of $1.00 in excess thereof.
      The Group II Certificates and the Mezzanine Certificates (other than the Private
      Mezzanine Certificates) are issuable only in minimum Percentage Interests
      corresponding to minimum initial Certificate Principal Balances of $100,000
      and
      integral multiples of $1.00 in excess thereof. The Private Mezzanine
      Certificates are issuable only in minimum Percentage Interests corresponding
      to
      minimum initial Certificate Principal Balances of $100,000 and integral
      multiples of $1.00 in excess thereof. The Class P Certificates are issuable
      only
      in minimum Percentage Interests corresponding to minimum 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 Amount of $10,000 and integral multiples of $1.00
      in
      excess thereof; provided, however, that a single Certificate of such Class
      of
      Certificates may be issued having a Percentage Interest corresponding to the
      remainder of the aggregate initial Certificate Principal Balance or Notional
      Amount of such Class or to an otherwise authorized denomination for such Class
      plus such remainder. With respect to any Residual Certificate, the undivided
      percentage ownership in such Class evidenced by such Certificate, as set forth
      on the face of such Certificate. The Residual Certificates are issuable in
      Percentage Interests of 20% and multiples thereof.

     

    “Periodic
      Rate Cap”: With respect to each Adjustable-Rate Mortgage Loan and any Adjustment
      Date therefor, the fixed percentage set forth in the related Mortgage Note,
      which is the maximum amount by which the Mortgage Rate for such Mortgage Loan
      may increase or decrease (without regard to the Maximum Mortgage Rate or the
      Minimum Mortgage Rate) on such Adjustment Date 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 Master Servicer, the NIMS Insurer, 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)     demand
      and time deposits in, certificates of deposit of, or bankers’ acceptances (which
      shall each have an original maturity of not more than 90 days and, in the case
      of bankers’ acceptances, shall in no event have an original maturity of more
      than 365 days or a remaining maturity of more than 30 days) denominated in
      United States dollars and issued by, any Depository Institution;

     

    (iii)     repurchase
      obligations with respect to any security described in clause (i) above entered
      into with a Depository Institution (acting as principal);

     

    (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, including money market funds advised by the Trustee
      or an
      Affiliate thereof, that have been rated “Aaa” by Moody’s, “AAA” by Fitch and
“AAAm” by S&P; and

     

    (vii)     if
      previously confirmed in writing to the Trustee and consented to by the NIMS
      Insurer, any other demand, money market or time deposit, or any other
      obligation, security or investment, as may be acceptable to the Rating Agencies
      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, 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
      Section 406 of ERISA or Section 4975 of the Code.

     

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

     

    “Prepayment
      Charge”: With respect to any Prepayment Period, any prepayment premium, fee or
      charge payable by a Mortgagor in connection with any full and voluntary
      Principal Prepayment pursuant to the terms of the related Mortgage Note as
      from
      time to time held as a part of the Trust Fund, the Prepayment Charges so held
      being identified in the Prepayment Charge Schedule (other than any Master
      Servicer Prepayment Charge Payment Amount).

     

    “Prepayment
      Charge Schedule”: As of any date, the list of Prepayment Charges included in the
      Trust Fund on such date, attached hereto as Schedule 2 (including the prepayment
      charge summary attached thereto). The Prepayment Charge Schedule shall set
      forth
      the following information with respect to each Prepayment Charge:

     

     

      (i)        
the
        Master
        Servicer’s 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.

    

    

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

     

    “Prepayment
      Interest Excess”: With respect to any Distribution Date, for each Mortgage Loan
      that was the subject of a Principal Prepayment in full during the portion of
      the
      related Prepayment Period occurring between the first day of the calendar month
      in which such Distribution Date occurs and the Determination Date 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 Master Servicer may withdraw such Prepayment Interest Excess
      from
      the Collection Account in accordance with Section 3.05(a)(iv).

     

    “Prepayment
      Interest Shortfall”: With respect to any Distribution Date, for each Mortgage
      Loan that was the subject of a Principal Prepayment in full during the portion
      of the related Prepayment Period 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, 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 day after the last date on which interest
      is
      collected from the related Mortgagor and ending on the last day of the calendar
      month preceding such Distribution Date. The obligations of the Master Servicer
      in respect of any Prepayment Interest Shortfall are set forth in Section
      4.03(e). 

     

    “Prepayment
      Period”: With respect to any Distribution Date, the period commencing on the day
      after the Determination Date in the calendar month preceding the calendar month
      in which such Distribution Date occurs (or, in the case of the first
      Distribution Date, commencing on February 1, 2006) and ending on the
      Determination Date of the calendar month in which such Distribution Date
      occurs.

     

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

     

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

     

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

     

    “Prospectus
      Supplement”: The Prospectus Supplement, dated February 9, 2006, relating to the
      public offering of the Offered Certificates.

     

    “PTCE”:
      A Prohibited Transaction Class Exemption.

     

    “Purchase
      Price”: With respect to any Mortgage Loan or REO Property to be purchased
      pursuant to or as contemplated by Section 2.03, Section 3.16(a) or Section
      9.01,
      and as confirmed by an Officers’ Certificate from the Master Servicer to the
      Trustee, an amount equal to the sum of (i) 100% of the Stated Principal Balance
      thereof as of the date of purchase (or such other price as provided in Section
      9.01), (ii) in the case of (x) a Mortgage Loan, accrued interest on such Stated
      Principal Balance at the applicable Net Mortgage Rate in effect from time to
      time from the Due Date as to which interest was last covered by a payment by
      the
      Mortgagor or an Advance by the Master Servicer, which payment or Advance had
      as
      of the date of purchase been distributed pursuant to Section 4.01, through
      the
      end of the calendar month in which the purchase is to be effected and (y) an
      REO
      Property, the sum of (1) accrued interest on such Stated Principal Balance
      at
      the applicable Net Mortgage Rate in effect from time to time from the Due Date
      as to which interest was last covered by a payment by the Mortgagor or an
      advance by the Master Servicer through the end of the calendar month immediately
      preceding the calendar month in which such REO Property was acquired plus (2)
      REO Imputed Interest for such REO Property for each calendar month commencing
      with the calendar month in which such REO Property was acquired and ending
      with
      the calendar month in which such purchase is to be effected, net of the total
      of
      all net rental income, Insurance Proceeds, Liquidation Proceeds and Advances
      that as of the date of purchase had been distributed as or to cover REO Imputed
      Interest pursuant to Section 4.01, (iii) any unreimbursed Servicing Advances
      and
      Advances and any unpaid Servicing Fees allocable to such Mortgage Loan or REO
      Property, (iv) any amounts previously withdrawn from the Collection Account
      in
      respect of such Mortgage Loan or REO Property pursuant to Sections 3.05(a)(v)
      and 3.16(a) and (v) in the case of a Mortgage Loan required to be purchased
      pursuant to Section 2.03, expenses reasonably incurred or to be incurred by
      the
      Master Servicer, the NIMS Insurer or the Trustee in respect of the breach or
      defect giving rise to the purchase obligation, as well as any costs and damages
      incurred by the Trust Fund in connection with any violation by such loan of
      any
      predatory or abusive lending law.

     

    “Qualified
      Substitute Mortgage Loan”: A mortgage loan substituted for a Deleted Mortgage
      Loan pursuant to the terms of this Agreement which must, on the date of such
      substitution, (i) have an outstanding Stated Principal Balance, after
      application of all scheduled payments of principal and interest due during
      or
      prior to the month of substitution, not in excess of 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) with respect to any Adjustable-Rate Mortgage Loan,
      have a Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the
      Deleted Mortgage Loan, (iv) with respect to any Adjustable-Rate Mortgage Loan,
      have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the
      Deleted Mortgage Loan, (v) with respect to Adjustable-Rate Mortgage Loan, have
      a
      Gross Margin equal to the Gross Margin of the Deleted Mortgage Loan, (vi) with
      respect to any Adjustable-Rate Mortgage Loan, have a next Adjustment Date not
      more than two months later than the next Adjustment Date on the Deleted Mortgage
      Loan, (vii) have a remaining term to maturity not greater than (and not more
      than one year less than) that of the Deleted Mortgage Loan, (viii) have the
      same
      Due Date as the Due Date on the Deleted Mortgage Loan, (ix) have a Loan-to-Value
      Ratio or Combined Loan-to-Value Ratio as of the date of substitution equal
      to or
      lower than the Loan-to-Value Ratio or Combined Loan-to-Value Ratio of the
      Deleted Mortgage Loan as of such date, (x) have a risk grading determined by
      the
      Seller at least equal to the risk grading assigned on the Deleted Mortgage
      Loan,
      (xi) have been underwritten or reunderwritten by the Seller or an Affiliate
      of
      the Seller in accordance with the same underwriting criteria and guidelines
      as
      the Deleted Mortgage Loan, (xii) have a Prepayment Charge provision at least
      equal to the Prepayment Charge provision of the Deleted Mortgage Loan, (xiii)
      not be more than 59 or more days delinquent or any additional days delinquent
      than the Deleted Mortgage Loan and (xiv) 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
      Stated 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 terms to maturity, the Loan-to-Value Ratios or Combined
      Loan-to-Value Ratios described in clause (ix) hereof shall be satisfied as
      to
      each such mortgage loan, the risk gradings described in clause (x) hereof shall
      be satisfied as to each such mortgage loan and, except to the extent otherwise
      provided in this sentence, the representations and warranties described in
      clause (xiv) hereof must be satisfied as to each Qualified Substitute Mortgage
      Loan or in the aggregate, as the case may be.

     

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

     

    “Realized
      Loss”: With respect to each Mortgage Loan as to which a Final Recovery
      Determination has been made, an amount (not less than zero) equal to (i) the
      unpaid Stated 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 3.05(a)(v) and Section 3.12(c), 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 Master Servicer with respect to such Mortgage
      Loan
      pursuant to Section 3.05(a)(ii). If the Master Servicer receives Subsequent
      Recoveries with respect to any Mortgage Loan, the amount of Realized Losses
      with
      respect to that Mortgage Loan shall be reduced to the extent such recoveries
      are
      applied to principal distributions on any Distribution Date.

     

    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 Stated 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
      3.05(a)(v) and Section 3.12(c), minus (v) the aggregate of all Advances made
      by
      the Master Servicer in respect of such REO Property or the related Mortgage
      Loan
      for which the Master Servicer has been or, in connection with such Final
      Recovery Determination, shall be reimbursed pursuant to Section 3.13 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, shall be
      transferred to the Distribution Account pursuant to Section 3.13.

     

    With
      respect to each Mortgage Loan which has become the subject of a Deficient
      Valuation, the difference between the Stated Principal Balance of the Mortgage
      Loan outstanding immediately prior to such Deficient Valuation and the Stated
      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.

     

    If
      the Master Servicer receives Subsequent Recoveries with respect to any Mortgage
      Loan, the amount of the Realized Loss with respect to that Mortgage Loan shall
      be reduced to the extent such recoveries are applied to principal distributions
      on any Distribution Date.

     

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

     

    “Reference
      Banks”: Deutsche Bank, 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 Trustee (after consultation with the
      Depositor and the NIMS Insurer, if any) 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 Trustee.

     

    “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 P
      Certificate or Class CE Certificate.

     

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

     

    “Relief
      Act”: The Servicemembers Civil Relief Act or any applicable state law providing
      similar relief.

     

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

     

    “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) to the extent conveyed pursuant to Section 2.01 and (v) the Collection
      Account (other than any amounts representing any Master Servicer Prepayment
      Charge Payment Amounts), the Distribution Account (other than any amounts
      representing any Master Servicer Prepayment Charge Payment Amounts) 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 any Master Servicer Prepayment Charge Payment Amounts,
      the
      Net WAC Rate Carryover Reserve Account, the Interest Rate Swap Agreement, the
      Swap Account, all payments and other collections of principal and interest
      due
      on the Mortgage Loans on or before the Cut-off Date and all Prepayment Charges
      payable in connection with Principal Prepayments made before the Cut-off
      Date.

     

    “REMIC
      I Group I Regular Interests”: REMIC
      I Regular Interest I and REMIC I Regular Interest I-1-A through REMIC I Regular
      Interest I-50-B as designated in the Preliminary Statement hereto.

     

    “REMIC
      I Group II Regular Interests”: REMIC I Regular Interest II and REMIC I Regular
      Interest II-1-A through REMIC II Regular Interest I-50-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. The designations for the respective REMIC I
      Regular Interests are set forth in the Preliminary Statement hereto. The REMIC
      I
      Regular Interests consist of the REMIC I Group I Regular Interests, the REMIC
      I
      Group II Regular Interests and REMIC I Regular Interest P.

     

    “REMIC
      I Remittance Rate”: With respect to REMIC I Regular Interest I and REMIC I
      Regular Interest P, a per annum rate equal to the weighted average of the
      Expense Adjusted Net Mortgage Rates of the Group I Mortgage Loans. With respect
      to each REMIC I Group I Regular Interest ending with the designation “A”, a per
      annum rate equal to the weighted average of the Expense Adjusted Net Mortgage
      Rates of the Group I Mortgage Loans multiplied by 2, subject to a maximum rate
      of 9.9560%. With respect to each REMIC I Group I Regular Interest ending with
      the designation “B”, the greater of (x) a per annum rate equal to the excess, if
      any, of (i) 2 multiplied by the weighted average of the Expense Adjusted Net
      Mortgage Rates of the Group I Mortgage Loans over (ii) 9.9560% and (y) 0.00%.
      With respect to REMIC I Regular Interest II, a per annum rate equal to the
      weighted average of the Expense Adjusted Net Mortgage Rates of the Group II
      Mortgage Loans With respect to each REMIC I Group II Regular Interest ending
      with the designation “A”, a per annum rate equal to the weighted average of the
      Expense Adjusted Net Mortgage Rates of the Group II Mortgage Loans multiplied
      by
      2, subject to a maximum rate of 9.9560%. 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 Expense Adjusted Net Mortgage Rates of the Group II Mortgage Loans over
      (ii)
      9.9560% and (y) 0.00%.

     

    “REMIC
      II”: The segregated pool of assets described in the Preliminary
      Statement.

     

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

     

    “REMIC
      II Marker Allocation Percentage”: 50% of any amount payable or loss attributable
      from the Mortgage Loans, which shall be allocated to REMIC II Regular Interest
      II-LTAA, REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2A,
      REMIC II Regular Interest II-LTA2B, REMIC II Regular Interest II-LTA2C, REMIC
      II
      Regular Interest II-LTA2D, REMIC II Regular Interest II-LTM1, REMIC II Regular
      Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest
      II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6,
      REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC
      II
      Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10, REMIC II Regular
      Interest II-LTM11, REMIC II Regular Interest II-LTZZ and REMIC II Regular
      Interest II-LTP.

     

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

     

    “REMIC
      II Overcollateralized Amount”: With respect to any date of determination, (i)
      0.50% of the aggregate Uncertificated Balance of the REMIC II Regular Interests
      minus (ii) the aggregate Uncertificated Balance of REMIC II Regular Interest
      II-LTA1, REMIC II Regular Interest II-LTA2A, REMIC II Regular Interest II-LTA2B,
      REMIC II Regular Interest II-LTA2C, REMIC II Regular Interest II-LTA2D, REMIC
      II
      Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular
      Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest
      II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7,
      REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC
      II
      Regular Interest II-LTM10, REMIC II Regular Interest II-LTM11 and REMIC II
      Regular Interest II-LTP in each case as of such date of
      determination.

     

    “REMIC
      II Principal Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to the product of (i) 50% of the aggregate Stated Principal Balance
      of the Mortgage Loans and REO Properties then outstanding and (ii) one minus
      a
      fraction, the numerator of which is two times the aggregate Uncertificated
      Balance of REMIC II Regular Interest II-LTA1, REMIC II Regular Interest
      II-LTA2A, REMIC II Regular Interest II-LTA2B, REMIC II Regular Interest
      II-LTA2C, REMIC II Regular Interest II-LTA2D, REMIC II Regular Interest II-LTM1,
      REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC
      II
      Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular
      Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest
      II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10
      and REMIC II Regular Interest II-LTM11 and the denominator of which is the
      aggregate Uncertificated Balance of REMIC II Regular Interest II-LTA1, REMIC
      II
      Regular Interest II-LTA2A, REMIC II Regular Interest II-LTA2B, REMIC II Regular
      Interest II-LTA2C, REMIC II Regular Interest II-LTA2D, REMIC II Regular Interest
      II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3,
      REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC
      II
      Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular
      Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest
      II-LTM10, REMIC II Regular Interest II-LTM11 and REMIC II Regular Interest
      II-LTZZ.

     

    “REMIC
      II Regular Interest”: Any of the separate non-certificated beneficial ownership
      interests in REMIC II issued hereunder and designated as a “regular interest” in
      REMIC II. Each REMIC II Regular Interest shall accrue interest at the related
      REMIC II Remittance Rate in effect from time to time, and shall be entitled
      to
      distributions of principal (other than REMIC II Regular Interest II-IO), 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
      following is a list of each of the REMIC II Regular Interests: REMIC II Regular
      Interest II-LTAA, REMIC II Regular Interest II-LTA1, REMIC II Regular Interest
      II-LTA2A, REMIC II Regular Interest II-LTA2B, REMIC II Regular Interest
      II-LTA2C, REMIC II Regular Interest II-LTA2D, REMIC II Regular Interest II-LTM1,
      REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC
      II
      Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular
      Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest
      II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10,
      , REMIC II Regular Interest II-LTM11, REMIC II Regular Interest II-LTZZ, REMIC
      II Regular Interest II-LTXX, REMIC II Regular Interest II-LTP, REMIC II Regular
      Interest II-LT1SUB, REMIC II Regular Interest II-LT1GRP, REMIC II Regular
      Interest II-LT2SUB, REMIC II Regular Interest II-LT2GRP and REMIC II Regular
      Interest II-IO.

     

    “REMIC
      II Remittance Rate”: With respect to REMIC II Regular Interest II-LTAA, REMIC II
      Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2A, REMIC II Regular
      Interest II-LTA2B, REMIC II Regular Interest II-LTA2C, REMIC II Regular Interest
      II-LTA2D, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2,
      REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC
      II
      Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular
      Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest
      II-LTM9, REMIC II Regular Interest II-LTM10, REMIC II Regular Interest II-LTM11,
      REMIC II Regular Interest II-LTZZ, REMIC II Regular Interest II-LT1SUB, REMIC
      II
      Regular Interest II-LT2SUB and REMIC II Regular Interest II-LTXX, a per annum
      rate (but not less than zero) equal to the weighted average of: (x) with respect
      to REMIC I Regular Interest I, REMIC I Regular Interest II and each REMIC I
      Regular Interest ending with the designation “B”, the weighted average of the
      REMIC I Remittance Rates for such REMIC I Regular Interests, weighted on the
      basis of the Uncertificated Balances of such REMIC I Regular Interests for
      each
      such Distribution Date and (y) with respect to REMIC I Regular Interests ending
      with the designation “A”, for each Distribution Date listed below, the weighted
      average of the rates listed below for each such REMIC I Regular Interest listed
      below, weighted on the basis of the Uncertificated Balances of each such REMIC
      I
      Regular Interest for each such Distribution Date:

     

    

    
      	
              Distribution
                Date

            	
              REMIC
                I Regular Interest

            	
              Rate

            
	
              1

            	
              I-1-A
                through I-50-A

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

            
	 	
              II-1-A
                through II-50-A

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

            
	
              2

            	
              I-2-A
                through I-50-A

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

            
	 	
              II-2-A
                through II-50-A

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

            
	 	
              I-1-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A

            	
              REMIC
                I Remittance Rate

            
	
              3

            	
              I-3-A
                through I-50-A

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

            
	 	
              II-3-A
                through II-50-A

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

            
	 	
              I-1-A
                and I-2-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                and II-2-A

            	
              REMIC
                I Remittance Rate

            
	
              4

            	
              I-4-A
                through I-50-A

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

            
	 	
              II-4-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-3-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-3-A

            	
              REMIC
                I Remittance Rate

            
	
              5

            	
              I-5-A
                through I-50-A

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

            
	 	
              II-5-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-4-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-4-A

            	
              REMIC
                I Remittance Rate

            
	
              6

            	
              I-6-A
                through I-50-A

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

            
	 	
              II-6-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-5-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-5-A

            	
              REMIC
                I Remittance Rate

            
	
              7

            	
              I-7-A
                through I-50-A

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

            
	 	
              II-7-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-6-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-6-A

            	
              REMIC
                I Remittance Rate

            
	
              8

            	
              I-8-A
                through I-50-A

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

            
	 	
              II-8-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-7-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-7-A

            	
              REMIC
                I Remittance Rate

            
	
              9

            	
              I-9-A
                through I-50-A

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

            
	 	
              II-9-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-8-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-8-A

            	
              REMIC
                I Remittance Rate

            
	
              10

            	
              I-10-A
                through I-50-A

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

            
	 	
              II-10-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-9-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-9-A

            	
              REMIC
                I Remittance Rate

            
	
              11

            	
              I-11-A
                through I-50-A

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

            
	 	
              II-11-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-10-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-10-A

            	
              REMIC
                I Remittance Rate

            
	
              12

            	
              I-12-A
                through I-50-A

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

            
	 	
              II-12-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-11-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-11-A

            	
              REMIC
                I Remittance Rate

            
	
              13

            	
              I-13-A
                through I-50-A

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

            
	 	
              II-13-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-12-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-12-A

            	
              REMIC
                I Remittance Rate

            
	
              14

            	
              I-14-A
                through I-50-A

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

            
	 	
              II-14-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-13-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-13-A

            	
              REMIC
                I Remittance Rate

            
	
              15

            	
              I-15-A
                through I-50-A

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

            
	 	
              II-15-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-14-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-14-A

            	
              REMIC
                I Remittance Rate

            
	
              16

            	
              I-16-A
                through I-50-A

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

            
	 	
              II-16-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-15-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-15-A

            	
              REMIC
                I Remittance Rate

            
	
              17

            	
              I-17-A
                through I-50-A

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

            
	 	
              II-17-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-16-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-16-A

            	
              REMIC
                I Remittance Rate

            
	
              18

            	
              I-18-A
                through I-50-A

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

            
	 	
              II-18-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-17-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-17-A

            	
              REMIC
                I Remittance Rate

            
	
              19

            	
              I-19-A
                through I-50-A

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

            
	 	
              II-19-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-18-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-18-A

            	
              REMIC
                I Remittance Rate

            
	
              20

            	
              I-20-A
                through I-50-A

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

            
	 	
              II-20-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-19-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-19-A

            	
              REMIC
                I Remittance Rate

            
	
              21

            	
              I-21-A
                through I-50-A

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

            
	 	
              II-21-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-20-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-20-A

            	
              REMIC
                I Remittance Rate

            
	
              22

            	
              I-22-A
                through I-50-A

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

            
	 	
              II-22-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-21-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-21-A

            	
              REMIC
                I Remittance Rate

            
	
              23

            	
              I-23-A
                through I-50-A

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

            
	 	
              II-23-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-22-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-22-A

            	
              REMIC
                I Remittance Rate

            
	
              24

            	
              I-24-A
                through I-50-A

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

            
	 	
              II-24-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-23-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-23-A

            	
              REMIC
                I Remittance Rate

            
	
              25

            	
              I-25-A
                through I-50-A

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

            
	 	
              II-25-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-24-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-24-A

            	
              REMIC
                I Remittance Rate

            
	
              26

            	
              I-26-A
                through I-50-A

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

            
	 	
              II-26-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-25-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-25-A

            	
              REMIC
                I Remittance Rate

            
	
              27

            	
              I-27-A
                through I-50-A

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

            
	 	
              II-27-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-26-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-26-A

            	
              REMIC
                I Remittance Rate

            
	
              28

            	
              I-28-A
                through I-50-A

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

            
	 	
              II-28-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-27-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-27-A

            	
              REMIC
                I Remittance Rate

            
	
              29

            	
              I-29-A
                through I-50-A

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

            
	 	
              II-29-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-28-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-28-A

            	
              REMIC
                I Remittance Rate

            
	
              30

            	
              I-30-A
                through I-50-A

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

            
	 	
              II-30-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-29-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-29-A

            	
              REMIC
                I Remittance Rate

            
	
              31

            	
              I-31-A
                through I-50-A

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

            
	 	
              II-31-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-30-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-30-A

            	
              REMIC
                I Remittance Rate

            
	
              32

            	
              I-32-A
                through I-50-A

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

            
	 	
              II-32-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-31-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-31-A

            	
              REMIC
                I Remittance Rate

            
	
              33

            	
              I-33-A
                through I-50-A

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

            
	 	
              II-33-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-32-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-32-A

            	
              REMIC
                I Remittance Rate

            
	
              34

            	
              I-34-A
                through I-50-A

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

            
	 	
              II-34-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-33-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-33-A

            	
              REMIC
                I Remittance Rate

            
	
              35

            	
              I-35-A
                through I-50-A

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

            
	 	
              II-35-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-34-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-34-A

            	
              REMIC
                I Remittance Rate

            
	
              36

            	
              I-36-A
                through I-50-A

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

            
	 	
              II-36-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-35-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-35-A

            	
              REMIC
                I Remittance Rate

            
	
              37

            	
              I-37-A
                through I-50-A

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

            
	 	
              II-37-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-36-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-36-A

            	
              REMIC
                I Remittance Rate

            
	
              38

            	
              I-38-A
                through I-50-A

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

            
	 	
              II-38-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-37-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-37-A

            	
              REMIC
                I Remittance Rate

            
	
              39

            	
              I-39-A
                through I-50-A

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

            
	 	
              II-39-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-38-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-38-A

            	
              REMIC
                I Remittance Rate

            
	
              40

            	
              I-40-A
                through I-50-A

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

            
	 	
              II-40-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-39-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-39-A

            	
              REMIC
                I Remittance Rate

            
	
              41

            	
              I-41-A
                through I-50-A

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

            
	 	
              II-41-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-40-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-40-A

            	
              REMIC
                I Remittance Rate

            
	
              42

            	
              I-42-A
                through I-50-A

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

            
	 	
              II-42-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-41-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-41-A

            	
              REMIC
                I Remittance Rate

            
	
              43

            	
              I-43-A
                through I-50-A

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

            
	 	
              II-43-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-42-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-42-A

            	
              REMIC
                I Remittance Rate

            
	
              44

            	
              I-44-A
                through I-50-A

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

            
	 	
              II-44-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-43-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-43-A

            	
              REMIC
                I Remittance Rate

            
	
              45

            	
              I-45-A
                through I-50-A

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

            
	 	
              II-41-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-44-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-39-A

            	
              REMIC
                I Remittance Rate

            
	
              46

            	
              I-46-A
                through I-50-A

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

            
	 	
              II-46-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-45-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-45-A

            	
              REMIC
                I Remittance Rate

            
	
              47

            	
              I-47-A
                through I-50-A

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

            
	 	
              II-47-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-46-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-46-A

            	
              REMIC
                I Remittance Rate

            
	
              48

            	
              I-48-A
                through I-50-A

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

            
	 	
              II-48-A
                through II-50-A

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

            
	 	
              I-1-A
                through I-47-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-47-A

            	
              REMIC
                I Remittance Rate

            
	
              49

            	
              I-49-A
                and II-50-A 

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

            
	 	
              II-49-A
                and II-50-A

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

            
	 	
              I-1-A
                through I-48-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-48-A

            	
              REMIC
                I Remittance Rate

            
	
              50

            	
              I-50-A
                

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

            
	 	
              II-50-A
                

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

            
	 	
              I-1-A
                through I-49-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-49-A

            	
              REMIC
                I Remittance Rate

            
	
              thereafter

            	
              I-1-A
                through I-50-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-50-A

            	
              REMIC
                I Remittance Rate

            

    

    

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

     

    

    
      	
              Distribution
                Date

            	
              REMIC
                I Regular Interest

            	
              Rate

            
	
              1

            	
              I-1-A
                through I-50-A

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

            
	 	 	 
	
              2

            	
              I-2-A
                through I-50-A

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

            
	 	
              I-1-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              3

            	
              I-3-A
                through I-50-A

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

            
	 	
              I-1-A
                and I-2-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              4

            	
              I-4-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-3-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              5

            	
              I-5-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-4-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              6

            	
              I-6-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-5-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              7

            	
              I-7-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-6-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              8

            	
              I-8-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-7-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              9

            	
              I-9-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-8-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              10

            	
              I-10-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-9-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              11

            	
              I-11-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-10-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              12

            	
              I-12-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-11-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              13

            	
              I-13-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-12-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              14

            	
              I-14-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-13-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              15

            	
              I-15-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-14-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              16

            	
              I-16-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-15-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              17

            	
              I-17-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-16-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              18

            	
              I-18-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-17-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              19

            	
              I-19-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-18-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              20

            	
              I-20-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-19-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              21

            	
              I-21-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-20-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              22

            	
              I-22-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-21-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              23

            	
              I-23-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-22-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              24

            	
              I-24-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-23-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              25

            	
              I-25-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-24-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              26

            	
              I-26-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-25-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              27

            	
              I-27-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-26-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              28

            	
              I-28-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-27-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              29

            	
              I-29-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-28-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              30

            	
              I-30-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-29-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              31

            	
              I-31-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-30-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              32

            	
              I-32-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-31-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              33

            	
              I-33-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-32-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              34

            	
              I-34-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-33-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              35

            	
              I-35-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-34-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              36

            	
              I-36-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-35-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              37

            	
              I-37-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-36-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              38

            	
              I-38-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-37-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              39

            	
              I-39-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-38-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              40

            	
              I-40-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-39-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              41

            	
              I-41-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-40-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              42

            	
              I-42-A
                through I-50-A 

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

            
	 	
              I-1-A
                through I-41-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              43

            	
              I-43-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-42-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              44

            	
              I-44-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-43-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              45

            	
              I-45-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-44-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              46

            	
              I-46-A
                through I-50-A 

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

            
	 	
              I-1-A
                through I-45-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              47

            	
              I-47-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-46-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              48

            	
              I-48-A
                through I-50-A

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

            
	 	
              I-1-A
                through I-47-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              49

            	
              I-49-A
                and I-50-A 

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

            
	 	
              I-1-A
                through I-48-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              50

            	
              I-50-A
                

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

            
	 	
              I-1-A
                through I-49-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              thereafter

            	
              I-1-A
                through I-50-A

            	
              REMIC
                I Remittance Rate

            

    

    

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

     

    

    
      	
              Distribution
                Date

            	
              REMIC
                I Regular Interest

            	
              Rate

            
	
              1

            	
              II-1-A
                through II-50-A

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

            
	 	 	 
	
              2

            	
              II-2-A
                through II-50-A

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

            
	 	
              II-1-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              3

            	
              II-3-A
                through II-50-A

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

            
	 	
              II-1-A
                and II-2-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              4

            	
              II-4-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-3-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              5

            	
              II-5-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-4-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              6

            	
              II-6-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-5-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              7

            	
              II-7-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-6-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              8

            	
              II-8-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-7-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              9

            	
              II-9-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-8-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              10

            	
              II-10-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-9-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              11

            	
              II-11-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-10-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              12

            	
              II-12-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-11-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              13

            	
              II-13-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-12-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              14

            	
              II-14-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-13-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              15

            	
              II-15-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-14-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              16

            	
              II-16-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-15-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              17

            	
              II-17-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-16-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              18

            	
              II-18-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-17-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              19

            	
              II-19-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-18-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              20

            	
              II-20-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-19-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              21

            	
              II-21-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-20-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              22

            	
              II-22-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-21-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              23

            	
              II-23-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-22-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              24

            	
              II-24-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-23-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              25

            	
              II-25-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-24-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              26

            	
              II-26-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-25-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              27

            	
              II-27-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-26-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              28

            	
              II-28-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-27-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              29

            	
              II-29-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-28-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              30

            	
              II-30-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-29-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              31

            	
              II-31-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-30-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              32

            	
              II-32-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-31-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              33

            	
              II-33-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-32-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              34

            	
              II-34-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-33-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              35

            	
              II-35-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-34-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              36

            	
              II-36-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-35-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              37

            	
              II-37-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-36-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              38

            	
              II-38-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-37-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              39

            	
              II-39-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-38-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              40

            	
              II-40-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-39-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              41

            	
              II-41-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-40-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              42

            	
              II-42-A
                through II-50-A 

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

            
	 	
              II-1-A
                through II-41-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              43

            	
              II-43-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-42-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              44

            	
              II-44-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-43-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              45

            	
              II-45-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-44-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              46

            	
              II-46-A
                through II-50-A 

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

            
	 	
              II-1-A
                through II-45-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              47

            	
              II-47-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-46-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              48

            	
              II-48-A
                through II-50-A

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

            
	 	
              II-1-A
                through II-47-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              49

            	
              II-49-A
                and II-50-A

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

            
	 	
              II-1-A
                through II-48-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              50

            	
              II-50-A
                

            	
              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

            
	 	 	 
	
              thereafter

            	
              II-1-A
                through II-50-A

            	
              REMIC
                I Remittance Rate

            

    

    

    With
      respect to REMIC II Regular Interest II-IO, and (i) the first Distribution
      Date
      through the 50th
      Distribution Date, the excess of (x) the weighted average of the REMIC I
      Remittance Rates for REMIC I Regular Interests including the designation “A”,
      over (y) 2 multiplied by Swap LIBOR and (ii) thereafter, 0.00%. With respect
      to
      REMIC II Regular Interest II-LTP, a per annum rate equal to the weighted average
      of the Expense Adjusted Net Mortgage Rates of the Group I Mortgage
      Loans.

     

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

     

    “REMIC
      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 Mortgage Loans in the
      related Loan Group over (y) the current Certificate Principal Balance of Class
      A
      Certificates in the related Loan Group.

     

    “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 Holders
      of
      the Regular Certificates (other than the Class CE Certificates and Class P
      Certificates), the Class CE Interest, Class P Interest, the Class SWAP-IO
      Interest and the Class R Certificate (in respect of the Class R-III Interest),
      pursuant to Article II hereunder, and all amounts deposited therein, with
      respect to which a separate REMIC election is to be made.

     

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

     

    “REMIC
      III Regular Interest”: Any of the Regular Interests in REMIC III the ownership
      of which is represented by the Certificates (other than the Class CE
      Certificates and Class P Certificates), the Class CE Interest, Class P Interest
      and the Class SWAP-IO Interest.

     

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

     

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

     

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

     

    “REMIC
      Provisions”: Provisions of the federal income tax law relating to 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.

     

    “REMIC
      Regular Interest”: Any REMIC I Regular Interest, REMIC II Regular Interest,
      Class CE Interest, Class P Interest or SWAP-IO Interest.

     

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

     

    “Remittance
      Report”: A report in form and substance that is acceptable to the Trustee and
      the NIMS Insurer on a magnetic disk or tape prepared by the Master Servicer
      pursuant to Section 4.03 with such additions, deletions and modifications as
      agreed to by the Trustee and the Master Servicer.

     

    “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”: Each of the accounts maintained by the Master Servicer in respect of
      an REO Property pursuant to Section 3.13, which account may be the Collection
      Account subject to Section 3.13.

     

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

     

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

     

    “REO
      Principal Amortization”: With respect to any REO Property, for any calendar
      month, the excess, if any, of (a) the aggregate of all amounts received in
      respect of such REO Property during such calendar month, whether in the form
      of
      rental income, sale proceeds (including, without limitation, that portion of
      the
      Termination Price paid in connection with a purchase of all of the Mortgage
      Loans and REO Properties pursuant to Section 9.01 that is allocable to such
      REO
      Property) or otherwise, net of any portion of such amounts (i) payable pursuant
      to Section 3.13(c) in respect of the proper operation, management and
      maintenance of such REO Property or (ii) payable or reimbursable to the Master
      Servicer pursuant to Section 3.13(d) for unpaid Servicing Fees in respect of
      the
      related Mortgage Loan and unreimbursed Servicing Advances and 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 Master Servicer on behalf of
      REMIC I through foreclosure or deed-in-lieu of foreclosure, as described in
      Section 3.13.

     

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

     

    “Reserve
      Interest Rate”: With respect to any Interest Determination Date, the rate per
      annum that the Trustee 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 Trustee
      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 Trustee can determine no such arithmetic mean, the lowest one-month
      U.S. dollar lending rate which New York City banks selected by the Trustee
      are
      quoting on such Interest Determination Date to leading European
      banks.

     

    “Residential
      Dwelling”: Any one of the following: (i) an attached or detached one-family
      dwelling, (ii) a detached two- to four-family dwelling, (iii) a one-family
      dwelling unit in a condominium project or (iv) a detached or attached one-family
      dwelling in a planned unit development, none of which is a co-operative, mobile
      or manufactured home (unless such mobile or manufactured home is defined as
      real
      property under applicable state law).

     

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

     

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

     

    “Responsible
      Officer”: When used with respect to the Trustee, any director, any vice
      president, any assistant vice president, any associate, any assistant secretary,
      any trust officer or any other officer of the Trustee, customarily performing
      functions similar to those performed by any of the above designated officers
      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.

     

    “Scheduled
      Principal Balance”: With respect to any Mortgage Loan: (a) as of the Cut-off
      Date, the outstanding Stated 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 such 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.

     

    “Seller”:
      Ameriquest Mortgage Company, or its successor in interest, in its capacity
      as
      seller under the Mortgage Loan Purchase Agreement.

     

    “Senior
      Group I Principal Distribution Amount”: With respect to any Distribution Date,
      an amount, not less than zero, equal to the excess of (x) the aggregate
      Certificate Principal Balance of the Group I Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (A) the product of (i) 55.00%
      and
      (ii) the aggregate Stated Principal Balance of the Group I Mortgage Loans as
      of
      the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) and (B) the aggregate Stated Principal Balance of
      the
      Group I Mortgage Loans as of the last day of the related Due Period (after
      giving effect to scheduled payments of principal due during the related Due
      Period, to the extent received or advanced, and unscheduled collections of
      principal received during the related Prepayment Period) minus
      $6,292,977.98.

     

    “Senior
      Group II Principal Distribution Amount”: With respect to any Distribution Date,
      an amount, not less than zero, equal to the excess of (x) the aggregate
      Certificate Principal Balance of the Group II Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (A) the product of (i) 55.00%
      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
      $1,207,096.37.

     

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

     

    “Servicing
      Advances”: The reasonable “out-of-pocket” costs and expenses incurred by the
      Master Servicer in connection with a default, delinquency or other unanticipated
      event by the Master 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 foreclosures, in respect of a particular Mortgage Loan,
      (iii) the management (including reasonable fees in connection therewith) and
      liquidation of any REO Property and (iv) the performance of its obligations
      under Section 3.01, Section 3.04(d), Section 3.08, Section 3.12 and Section
      3.13. The Master Servicer shall not be required to make any Servicing Advance
      in
      respect of a Mortgage Loan or REO Property that, in the good faith business
      judgment of the Master Servicer, would not be ultimately recoverable from
      related Insurance Proceeds or Liquidation Proceeds on such Mortgage Loan or
      REO
      Property as provided herein.

     

    “Servicing
      Criteria”: As set forth in Exhibit M hereto.

     

    “Servicing
      Fee”: With respect to each Mortgage Loan and for any calendar month, an amount
      equal to one month’s interest (or in the event of any payment of interest which
      accompanies a Principal Prepayment in full made by the Mortgagor during such
      calendar month, interest for the number of days covered by such payment of
      interest) at the applicable Servicing Fee Rate on the same principal amount
      on
      which interest on such Mortgage Loan accrues for such calendar month. A portion
      of such Servicing Fee may be retained by any Sub-Servicer as its servicing
      compensation.

     

    “Servicing
      Fee Rate”: 0.50% per annum.

     

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

     

    “Servicing
      Standard”: The standards set forth in the first paragraph of Section
      3.01.

     

    “Single
      Certificate”: With respect to any Class of Certificates (other than the Class P
      Certificates and the Residual Certificates), a hypothetical Certificate of
      such
      Class evidencing a Percentage Interest for such Class corresponding to an
      initial Certificate Principal Balance or Notional Amount of $1,000. With respect
      to the Class P Certificates and the Residual Certificates, a hypothetical
      Certificate of such Class evidencing a 20% Percentage Interest in such
      Class.

     

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

     

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

     

    “Stated
      Principal Balance”: With respect to any Mortgage Loan: (a) as of any date of
      determination up to but not including the Distribution Date on which the
      proceeds, if any, of a Liquidation Event with respect to such Mortgage Loan
      would be distributed, the outstanding 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 Master Servicer and distributed pursuant to Section 4.01 on or before such
      date of determination, (ii) all Principal Prepayments received after the Cut-off
      Date, to the extent distributed pursuant to Section 4.01 on or before such
      date
      of determination, (iii) all Liquidation Proceeds and Insurance Proceeds applied
      by the Master Servicer as recoveries of principal in accordance with the
      provisions of Section 3.12, to the extent distributed pursuant to Section 4.01
      on or before such date of determination and (iv) any Realized Loss incurred
      with
      respect thereto as a result of a Deficient Valuation made during or prior to
      the
      Prepayment Period for the most recent Distribution Date coinciding with or
      preceding such date of determination; and (b) as of any date of determination
      coinciding with or subsequent to the Distribution Date on which the proceeds,
      if
      any, of a Liquidation Event with respect to such Mortgage Loan would be
      distributed, zero. With respect to any REO Property: (a) as of any date of
      determination up to but not including the Distribution Date on which the
      proceeds, if any, of a Liquidation Event with respect to such REO Property
      would
      be distributed, an amount (not less than zero) equal to the Stated Principal
      Balance of the related Mortgage Loan as of the date on which such REO Property
      was acquired on behalf of REMIC I, minus the sum of (i) if such REO Property
      was
      acquired before the Distribution Date in any calendar month, the principal
      portion of the Monthly Payment due on the Due Date in the calendar month of
      acquisition, to the extent advanced by the Master Servicer and distributed
      pursuant to Section 4.01 on or before such date of determination, and (ii)
      the
      aggregate amount of REO Principal Amortization in respect of such REO Property
      for all previously ended calendar months, to the extent distributed pursuant
      to
      Section 4.01 on or before such date of determination; and (b) as of any date
      of
      determination coinciding with or subsequent to the Distribution Date on which
      the proceeds, if any, of a Liquidation Event with respect to such REO Property
      would be distributed, zero.

     

    “Stayed
      Funds”: If the Master Servicer is the subject of a proceeding under the
      Bankruptcy Code and the making of a Remittance (as defined in Section 7.02(b))
      is prohibited by Section 362 of the Bankruptcy Code, funds that are in the
      custody of the Master Servicer, a trustee in bankruptcy or a federal bankruptcy
      court and should have been the subject of such Remittance absent such
      prohibition.

     

    “Stepdown
      Date”: The earlier to occur of (i) the first Distribution Date on which the
      aggregate Certificate Principal Balance of the Class A Certificates has been
      reduced to zero and (ii) the later to occur of (a) the Distribution Date
      occurring in March 2009 and (b) the first Distribution Date on which the Credit
      Enhancement Percentage for the Class A Certificates (calculated for this purpose
      only after taking into account distributions of principal on the Mortgage Loans
      but prior to any distribution of the Group I Principal Distribution Amount
      and
      the Group II Principal Distribution Amount to the Certificates then entitled
      to
      distributions of principal on such Distribution Date) is equal to or greater
      than 45.00%.

     

    “Sub-Servicer”:
      Any Person with which the Master Servicer has entered into a Sub-Servicing
      Agreement and which meets the qualifications of a Sub-Servicer pursuant to
      Section 6.06.

     

    “Sub-Servicing
      Account”: An account established by a Sub-Servicer which meets the requirements
      set forth in Section 6.11 and is otherwise acceptable to the Master
      Servicer.

     

    “Sub-Servicing
      Agreement”: The written contract between the Master Servicer and a Sub-Servicer
      relating to servicing and administration of certain Mortgage Loans as provided
      in Section 6.06.

     

    “Subsequent
      Recoveries”: As of any Distribution Date, unexpected amounts received by the
      Master Servicer (net of any related expenses permitted to be reimbursed pursuant
      to Section 3.04) specifically related to a Mortgage Loan that was the subject
      of
      a liquidation or an REO Disposition prior to the related Prepayment Period
      that
      resulted in a Realized Loss.

     

    “Substitution
      Shortfall Amount”: As defined in Section 2.03(d).

     

    “Swap
      Administration Agreement”: As defined in Section 4.10(b).

     

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

     

    “Swap
      Administrator”: Deutsche Bank National Trust Company, a national banking
      association, or its successor in interest, or any successor Swap Administrator
      appointed pursuant to the Swap Administration Agreement.

     

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

     

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

     

    “Swap
      Payment Date”: A Payment Date as defined in the Interest Rate Swap
      Agreement.

     

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

     

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

     

    “Tax
      Returns”: The federal income tax return on Internal Revenue Service Form 1066,
      U.S. Real Estate Mortgage Investment Conduit Income Tax Return, including
      Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC
      Taxable Income or Net Loss Allocation, or any successor forms, to be filed
      on
      behalf of each REMIC in the Trust Fund due to its classification as a REMIC
      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 Moneyline Telerate (or
      such other page as may replace page 3750 on that report for the purpose of
      displaying London interbank offered rates of major banks).

     

    “Termination
      Price”: As defined in Section 9.01.

     

    “Terminator”:
      As defined in Section 9.01.

     

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

     

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

     

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

     

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

     

    (a) the
      Delinquency Percentage for the Mortgage Loans exceeds the applicable percentages
      of the Credit Enhancement Percentage for the prior Distribution Date as set
      forth below for the most senior Class of Certificates then
      outstanding:

     

    

    
      	
              Class

            	
              Percentage

            
	
              A

            	
              35.50%

            
	
              M-1

            	
              47.06%

            
	
              M-2

            	
              62.50%

            
	
              M-3

            	
              74.07%

            
	
              M-4

            	
              87.43%

            
	
              M-5

            	
              105.26%

            
	
              M-6

            	
              129.03%

            
	
              M-7

            	
              164.95%

            
	
              M-8

            	
              207.79%

            
	
              M-9

            	
              246.15%

            
	
              M-10

            	
              320.00%

            
	
              M-11

            	
              533.33%

            

    

    or

     

    (b) the
      Cumulative Loss Percentage exceeds the applicable percentages set forth below
      with respect to such Distribution Date: 

    

    
      	
              Distribution
                Date Occurring In

            	
              Percentage

            
	
              March
                2008 through February 2009

            	
              1.25%
                for the first month plus an additional 1/12th
                of 1.55% for each month thereafter

            
	
              March
                2009 through February 2010

            	
              2.80%
                for the first month plus an additional 1/12th
                of 1.60% for each month thereafter

            
	
              March
                2010 through February 2011

            	
              4.40%
                for the first month plus an additional 1/12th
                of 1.10% for each month thereafter

            
	
              March
                2011 through February 2012

            	
              5.50%
                for the first month plus an additional 1/12th
                of 0.50% for each month thereafter

            
	
              March
                2012 and thereafter

            	
              6.00%

            

    

    

    “Trust
      Fund”: Collectively, all of the assets of each Trust REMIC, any Master Servicer
      Prepayment Charge Payment Amounts, the Net WAC Rate Carryover Reserve Account,
      distributions made to the Trustee by the Swap Administrator under the Swap
      Administration Agreement and the Swap Account.

     

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

     

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

     

    “Trustee
      Fee”: The amount payable to the Trustee on each Distribution Date pursuant to
      Section 8.05 as compensation for all services rendered by it and in the exercise
      and performance of any of the powers and duties of the Trustee hereunder, which
      amount shall equal the Trustee Fee Rate accrued for one month multiplied by
      the
      aggregate Scheduled Principal Balance of the Mortgage Loans and any REO
      Properties as of the Due Date in the prior month (or, in the case of the initial
      Distribution Date, as of the Cut-off Date), calculated on the basis of a 360-day
      year consisting of twelve 30-day months.

     

    “Trustee
      Fee Rate”: 0.0014% per annum.

     

    “Uncertificated
      Balance”: The amount of any REMIC Regular Interest (other than REMIC II Regular
      Interest II-IO) outstanding as of any date of determination. As of the Closing
      Date, the Uncertificated Balance of each REMIC Regular Interest (other than
      REMIC II Regular Interest II-IO) shall equal the amount set forth in the
      Preliminary Statement hereto as its initial uncertificated balance. On each
      Distribution Date, the Uncertificated Balance of each REMIC Regular Interest
      (other than REMIC II Regular Interest II-IO) shall be reduced by all
      distributions of principal made on such REMIC Regular Interest on such
      Distribution Date pursuant to Section 4.01 and, if and to the extent necessary
      and appropriate, shall be further reduced on such Distribution Date by Realized
      Losses as provided in Section 4.04. The Uncertificated Balance of REMIC II
      Regular Interest II-LTZZ shall be increased by interest deferrals as provided
      in
      Section 4.01(a)(1). The Uncertificated Balance of each REMIC Regular Interest
      shall never be less than zero. 

     

    “Uncertificated
      Interest”: With respect to any REMIC Regular Interest for any Distribution Date,
      one month’s interest at the REMIC Remittance Rate applicable to such REMIC
      Regular Interest for such Distribution Date, accrued on the Uncertificated
      Balance or Uncertificated Notional Amount thereof immediately prior to such
      Distribution Date. Uncertificated Interest in respect of any REMIC Regular
      Interest shall accrue on the basis of a 360-day year consisting of twelve 30-day
      months. Uncertificated Interest with respect to each Distribution Date, as
      to
      any REMIC Regular Interest, shall be reduced by an amount equal to the sum
      of
      (a) the aggregate Prepayment Interest Shortfall, if any, for such Distribution
      Date to the extent not covered by payments pursuant to Section 4.03(e) and
      (b)
      the aggregate amount of any Relief Act Interest Shortfall, if any, allocated,
      in
      each case, to such REMIC Regular Interest pursuant to Section 1.02. In addition,
      Uncertificated Interest with respect to each Distribution Date, as to any REMIC
      Regular Interest shall be reduced by Realized Losses, if any, allocated to
      such
      REMIC Regular Interest pursuant to Section 1.02 and Section 4.04.

     

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

     

    

    

    
      	
              Distribution
                Date

            	
              REMIC
                I Regular Interests

            
	
              1

            	
              I-1-A
                through I-50-A and II-1-A through II-50-A 

            
	
              2

            	
              I-2-A
                through I-50-A and II-2-A through II-50-A 

            
	
              3

            	
              I-3-A
                through I-50-A and II-3-A through II-50-A 

            
	
              4

            	
              I-4-A
                through I-50-A and II-4-A through II-50-A 

            
	
              5

            	
              I-5-A
                through I-50-A and II-5-A through II-50-A 

            
	
              6

            	
              I-6-A
                through I-50-A and II-6-A through II-50-A 

            
	
              7

            	
              I-7-A
                through I-50-A and II-7-A through II-50-A 

            
	
              8

            	
              I-8-A
                through I-50-A and II-8-A through II-50-A

            
	
              9

            	
              I-9-A
                through I-50-A and II-9-A through II-50-A 

            
	
              10

            	
              I-10-A
                through I-50-A and II-10-A through II-50-A 

            
	
              11

            	
              I-11-A
                through I-50-A and II-11-A through II-50-A 

            
	
              12

            	
              I-12-A
                through I-50-A and II-12-A through II-50-A 

            
	
              13

            	
              I-13-A
                through I-50-A and II-13-A through II-50-A 

            
	
              14

            	
              I-14-A
                through I-50-A and II-14-A through II-50-A 

            
	
              15

            	
              I-15-A
                through I-50-A and II-15-A through II-50-A 

            
	
              16

            	
              I-16-A
                through I-50-A and II-16-A through II-50-A 

            
	
              17

            	
              I-17-A
                through I-50-A and II-17-A through II-50-A 

            
	
              18

            	
              I-18-A
                through I-50-A and II-18-A through II-50-A 

            
	
              19

            	
              I-19-A
                through I-50-A and II-19-A through II-50-A 

            
	
              20

            	
              I-20-A
                through I-50-A and II-20-A through II-50-A 

            
	
              21

            	
              I-21-A
                through I-50-A and II-21-A through II-50-A 

            
	
              22

            	
              I-22-A
                through I-50-A and II-22-A through II-50-A 

            
	
              23

            	
              I-23-A
                through I-50-A and II-23-A through II-50-A 

            
	
              24

            	
              I-24-A
                through I-50-A and II-24-A through II-50-A 

            
	
              25

            	
              I-25-A
                through I-50-A and II-25-A through II-50-A 

            
	
              26

            	
              I-26-A
                through I-50-A and II-26-A through II-50-A 

            
	
              27

            	
              I-27-A
                through I-50-A and II-27-A through II-50-A 

            
	
              28

            	
              I-28-A
                through I-50-A and II-28-A through II-50-A 

            
	
              29

            	
              I-29-A
                through I-50-A and II-29-A through II-50-A

            
	
              30

            	
              I-30-A
                through I-50-A and II-30-A through II-50-A 

            
	
              31

            	
              I-31-A
                through I-50-A and II-31-A through II-50-A 

            
	
              32

            	
              I-32-A
                through I-50-A and II-32-A through II-50-A 

            
	
              33

            	
              I-33-A
                through I-50-A and II-33-A through II-50-A 

            
	
              34

            	
              I-34-A
                through I-50-A and II-34-A through II-50-A 

            
	
              35

            	
              I-35-A
                through I-50-A and II-35-A through II-50-A 

            
	
              36

            	
              I-36-A
                through I-50-A and II-36-A through II-50-A 

            
	
              37

            	
              I-37-A
                through I-50-A and II-37-A through II-50-A 

            
	
              38

            	
              I-38-A
                through I-50-A and II-38-A through II-50-A 

            
	
              39

            	
              I-39-A
                through I-50-A and II-39-A through II-50-A 

            
	
              40

            	
              I-40-A
                through I-50-A and II-40-A through II-50-A 

            
	
              41

            	
              I-41-A
                through I-50-A and II-41-A through II-50-A

            
	
              42

            	
              I-42-A
                through I-50-A and II-42-A through II-50-A

            
	
              43

            	
              I-43-A
                through I-50-A and II-43-A through II-50-A

            
	
              44

            	
              I-44-A
                through I-50-A and II-44-A through II-50-A

            
	
              45

            	
              I-45-A
                through I-50-A and II-45-A through II-50-A

            
	
              46

            	
              I-46-A
                through I-50-A and II-46-A through II-50-A

            
	
              47

            	
              I-47-A
                through I-50-A and II-47-A through II-50-A

            
	
              48

            	
              I-48-A
                through I-50-A and II-48-A through II-50-A

            
	
              49

            	
              I-49-A
                and I-50-A and II-49-A and II-50-A

            
	
              50

            	
              I-50-A
                and II-50-A

            
	
              thereafter

            	
              $0.00

            

    

    

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

     

    “Underwriters”:
      Each of Merrill Lynch, Pierce, Fenner & Smith Incorporated and Greenwich
      Capital Markets, Inc.

     

    “Underwriters’
      Exemption”: As defined in the Prospectus Supplement.

     

    “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 3.08.

     

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

     

    “Value”:
      With respect to any Mortgaged Property, the lesser of (i) the value thereof
      as
      determined by an appraisal made for the originator of the Mortgage Loan at
      the
      time of origination of the Mortgage Loan by an appraiser who met the minimum
      requirements of the Financial Institutions Reform, Recovery and Enforcement
      Act
      of 1989, and (ii) the purchase price paid for the related Mortgaged Property
      by
      the Mortgagor with the proceeds of the Mortgage Loan, provided, however, in
      the
      case of a Refinanced Mortgage Loan, such value of the Mortgaged Property is
      based solely upon the value determined by an appraisal made for the originator
      of such Refinanced Mortgage Loan at the time of origination of such Refinanced
      Mortgage Loan by an appraiser who met the minimum requirements of the Financial
      Institutions Reform, Recovery and Enforcement Act of 1989 or, subject to the
      Originator’s underwriting guidelines, an insured automated valuation
      model.

     

    “Voting
      Rights”: The portion of the voting rights of all of the Certificates which is
      allocated to any Certificate. With respect to any date of determination, 98%
      of
      all Voting Rights shall 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 shall be allocated to the
      Holders of the Class P Certificates and 1% of all Voting Rights shall be
      allocated among the Holders of the Residual Certificates. The Voting Rights
      allocated to each Class of Certificate shall be allocated among Holders of
      each
      such Class in accordance with their respective Percentage Interests as of the
      most recent Record Date.

     

     

    
      SECTION
        1.02.  Allocation
        of Certain Interest Shortfalls.

    

     

    For
      purposes of calculating the amount of 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,
      the aggregate amount of any Prepayment Interest Shortfalls (to the extent not
      covered by payments by the Master Servicer pursuant to Section 4.03(e)) and
      any
      Relief Act Interest Shortfalls incurred in respect of the Mortgage Loans for
      any
      Distribution Date shall be allocated first, to reduce the interest accrued
      on
      the Class CE Certificates, based on, and to the extent of, one month’s interest
      at the applicable Pass-Through Rate on the Notional Amount of such Certificates,
      and thereafter, among the Class A Certificates and the Mezzanine Certificates
      on
      a pro
      rata
      basis based on, and to the extent of, one month’s interest at the then
      applicable respective Pass-Through Rates on the respective Certificate Principal
      Balances of each such Certificate.

     

    For
      purposes of calculating the amount of Uncertificated Interest for the REMIC
      I
      Group I Regular Interests for any Distribution Date, the aggregate amount of
      any
      Prepayment Interest Shortfalls (to the extent not covered by payments by the
      Master Servicer pursuant to Section 4.03(e)) and any Relief Act Interest
      Shortfalls incurred in respect of Loan Group I shall be allocated
      first, to REMIC I Regular Interest I and to the REMIC I Group I Regular
      Interests ending with the designation “B”, pro
      rata
      based on, and to the extent of, one month’s interest at the then applicable
      respective REMIC I Remittance Rates on the respective Uncertificated Principal
      Balances of each such REMIC I Regular Interest , and then, to REMIC I Group
      I
      Regular Interests ending with the designation “A”, pro rata based on, and to the
      extent of, one month’s interest at the then applicable respective REMIC I
      Remittance Rates on the respective Uncertificated Principal 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 Master Servicer pursuant to
      Section 4.03(e)) and any Relief Act Interest Shortfalls incurred in respect
      of
      Loan Group II shall be allocated first, to REMIC I Regular Interest II and
      to
      the REMIC I Group II Regular Interests ending with the designation “B”,
pro
      rata
      based on, and to the extent of, one month’s interest at the then applicable
      respective REMIC I Remittance Rates on the respective Uncertificated 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 Principal 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:

     

    (i)     The
      REMIC II Marker Allocation Percentage of the aggregate amount of any Prepayment
      Interest Shortfalls (to the extent not covered by payments by the Master
      Servicer pursuant to Section 4.03(e)) 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 II-LTA1, II Regular Interest II-LTA2A, REMIC II Regular
      Interest II-LTA2B, REMIC II Regular Interest II-LTA2C, REMIC II Regular Interest
      II-LTA2D, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2,
      REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC
      II
      Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular
      Interest II-LTM7, REMIC II Regular Interest II-LTM8,
      REMIC II Regular Interest II-LTM9,
      REMIC II Regular Interest II-LTM10, REMIC II Regular Interest II-LTM11 and
      REMIC
      II Regular Interest II-LTZZ, on a pro
      rata
      basis, based on, and to the extent of, one month’s interest at the then
      applicable respective REMIC II Remittance Rates on the respective Uncertificated
      Balances of each such REMIC II Regular Interest; and

     

    (ii)     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 Master
      Servicer pursuant to Section 4.03(e)) 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 to Uncertificated
      Interest payable to REMIC II Regular Interest II-LT1SUB, REMIC II Regular
      Interest II-LT1GRP, REMIC II Regular Interest II-LT2SUB, REMIC II Regular
      Interest II-LT2GRP and REMIC II Regular Interest II-LTXX, on a pro
      rata
      basis, based on, and to the extent of, one month’s interest at the then
      applicable respective REMIC II Remittance Rates on the respective Uncertificated
      Balances of each such REMIC II Regular Interest.

     

    
      SECTION
        1.03.    Rights
        of the NIMS Insurer.

    

     

    Each
      of the rights of the NIMS Insurer set forth in this Agreement shall exist so
      long as (i) the NIMS Insurer has undertaken to guarantee certain payments of
      notes issued pursuant to an Indenture and (ii) any series of notes issued
      pursuant to one or more Indentures remain outstanding or the NIMS Insurer is
      owed amounts in respect of its guarantee of payment on such notes; provided,
      however, the NIMS Insurer shall not have any rights hereunder (except pursuant
      to Section 11.01 in the case of clause (ii) below) during the period of time,
      if
      any, that (i) the NIMS Insurer has not undertaken to guarantee certain payments
      of notes issued pursuant to the Indenture or (ii) any default has occurred
      and
      is continuing under the insurance policy issued by the NIMS Insurer with respect
      to such notes.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      II  

     

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

     

    SECTION
      2.01.    Conveyance of
      Mortgage Loans.

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee without recourse
      for the benefit of the Certificateholders all the right, title and interest
      of
      the Depositor, including any security interest therein for the benefit of the
      Depositor, in and to the Mortgage Loans identified on the Mortgage Loan
      Schedule, the rights of the Depositor under the Mortgage Loan Purchase
      Agreement, all other assets included or to be included in REMIC I, payments
      made
      to the Trustee by the Swap Administrator under the Swap Administration Agreement
      and the Swap Account. Such assignment includes all interest and principal
      received by the Depositor or the Master Servicer on or with respect to the
      Mortgage Loans (other than payments of principal and interest due on such
      Mortgage Loans on or before the Cut-off Date). The Depositor herewith delivers
      to the Trustee an executed copy of the Mortgage Loan Purchase Agreement, and
      the
      Trustee, on behalf of the Certificateholders, acknowledges receipt of the
      same.

     

    In
      connection with such transfer and assignment, the Depositor does hereby deliver
      to, and deposit with, the Trustee the following documents or instruments with
      respect to each Mortgage Loan so transferred and assigned, and the Depositor
      shall deliver or cause to be delivered to the Custodian the following documents
      or instruments (a “Mortgage File”):

     

    (i) the
      original Mortgage Note, endorsed in blank, without recourse, or in the following
      form: “Pay to the order of Deutsche Bank National Trust Company, as Trustee
      under the applicable agreement, without recourse,” with all prior and
      intervening endorsements showing a complete chain of endorsement from the
      originator to the Person so endorsing to the Trustee, or with respect to any
      lost Mortgage Note, an original Lost Note Affidavit; provided however, that
      such
      substitutions of Lost Note Affidavits for original Mortgage Notes may occur
      only
      with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance
      of
      which is less than or equal to 2.00% of the Pool Balance as of the Cut-off
      Date;

     

    (ii)     the
      original Mortgage, with evidence of recording thereon, and a copy, certified
      by
      the appropriate recording office, of the recorded power of attorney, if the
      Mortgage was executed pursuant to a power of attorney, with evidence of
      recording thereon;

     

    (iii)     an
      original Assignment assigned in blank, without recourse;

     

    (iv)     the
      original recorded intervening Assignment or Assignments showing a complete
      chain
      of assignment from the originator to the Person assigning the Mortgage to the
      Trustee as contemplated by the immediately preceding clause (iii) or the
      original unrecorded intervening Assignments;

     

    (v)     the
      original or copies of each assumption, modification, written assurance or
      substitution agreement, if any; and

     

    (vi)     the
      original lender’s title insurance policy or an attorney’s opinion of title or
      similar guarantee of title acceptable to mortgage lenders generally in the
      jurisdiction where the Mortgaged Property is
      located, together with all endorsements or riders which were issued with or
      subsequent to the issuance of such policy, or in the event such original title
      policy is unavailable, a written commitment or uniform binder or preliminary
      report of title issued by the title insurance or escrow
      company.

     

    If
      any of the documents referred to in Sections 2.01(ii), (iii) or (iv) above
      has
      as of the Closing Date been submitted for recording but either (x) has not
      been
      returned from the applicable public recording office or (y) has been lost or
      such public recording office has retained the original of such document, the
      obligations of the Depositor to deliver such documents shall be deemed to be
      satisfied upon (1) delivery to the Trustee, or to the appropriate Custodian
      on
      behalf of the Trustee, of a copy of each such document certified by the
      Originator in the case of (x) above or the applicable public recording office
      in
      the case of (y) above to be a true and complete copy of the original that was
      submitted for recording and (2) if such copy is certified by the Originator,
      delivery to the Trustee, or to the appropriate Custodian on behalf of the
      Trustee, promptly upon receipt thereof of either the original or a copy of
      such
      document certified by the applicable public recording office to be a true and
      complete copy of the original. If the original lender’s title insurance policy
      was not delivered pursuant to Section 2.01(vi) above, the Depositor shall
      deliver or cause to be delivered to the Trustee, or to the appropriate Custodian
      on behalf of the Trustee, promptly after receipt thereof, the original lender’s
      title insurance policy. The Depositor shall deliver or cause to be delivered
      to
      the Trustee, or to the appropriate Custodian on behalf of the Trustee, promptly
      upon receipt thereof any other original documents constituting a part of a
      Mortgage File received with respect to any Mortgage Loan, including, but not
      limited to, any original documents evidencing an assumption or modification
      of
      any Mortgage Loan.

     

    The
      Master Servicer (in its capacity as Seller) shall promptly (and in no event
      later than thirty (30) Business Days, subject to extension upon a mutual
      agreement between the Master Servicer and the Trustee, following the later
      of
      (i) the Closing Date, (ii) the date on which the Seller receives the Assignment
      from the Custodian and (iii) the date of receipt by the Master Servicer of
      the
      recording information for a Mortgage) submit or cause to be submitted for
      recording, at no expense to the Trust Fund or the Trustee, in the appropriate
      public office for real property records, each Assignment referred to in Sections
      2.01(iii) and (iv) above and shall execute each original Assignment referred
      to
      in Section 2.01(iii) above in the following form: “Deutsche Bank National Trust
      Company, as Trustee under the applicable agreement.” In the event that any such
      Assignment is lost or returned unrecorded because of a defect therein, the
      Master Servicer (in its capacity as Seller) shall promptly prepare or cause
      to
      be prepared a substitute Assignment or cure or cause to be cured such defect,
      as
      the case may be, and thereafter cause each such Assignment to be duly
      recorded.

     

    Notwithstanding
      the foregoing, however, for administrative convenience and facilitation of
      servicing and to reduce closing costs, the Assignments shall not be required
      to
      be submitted for recording (except with respect to any Mortgage Loan located
      in
      Maryland) unless such failure to record would result in a withdrawal or a
      downgrading by any Rating Agency of the rating on any Class of Certificates;
      provided further, however, each Assignment shall be submitted for recording
      by
      the Seller in the manner described above, at no expense to the Trust Fund or
      the
      Trustee, upon the earliest to occur of: (i) reasonable direction by Holders
      of
      Certificates entitled to at least 25% of the Voting Rights or the NIMS Insurer,
      (ii) failure of the Master Servicer Termination Test, (iii) the occurrence
      of a
      bankruptcy or insolvency relating to the Seller, (iv) the occurrence of a
      servicing transfer as described in Section 7.02 hereof and (v) if the Seller
      is
      not the Master Servicer and with respect to any one Assignment or Mortgage,
      the
      occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor
      under the related Mortgage. Notwithstanding the foregoing, if the Master
      Servicer is unable to pay the cost of recording the Assignments, such expense
      shall be paid by the Trustee and shall be reimbursable to the Trustee as an
      Extraordinary Trust Fund Expense.

     

    All
      original documents relating to the Mortgage Loans that are not delivered to
      the
      Trustee, or to the appropriate Custodian on behalf of the Trustee, are and
      shall
      be held by or on behalf of the Seller, the Depositor or the Master Servicer,
      as
      the case may be, in trust for the benefit of the Trustee on behalf of the
      Certificateholders. In the event that any such original document is required
      pursuant to the terms of this Section to be a part of a Mortgage File, such
      document shall be delivered promptly to the Trustee, or to the appropriate
      Custodian on behalf of the Trustee. Any such original document delivered to
      or
      held by the Depositor that is not required pursuant to the terms of this Section
      to be a part of a Mortgage File, shall be delivered promptly to the Master
      Servicer.

     

    The
      parties hereto understand and agree that it is not intended that any mortgage
      loan be included in the Trust that is a “High-Cost Home Loan” as defined by
      HOEPA or any other applicable predatory or abusive lending laws.

     

    SECTION
      2.02.    Acceptance of REMIC I
      by the Trustee.

     

    Subject
      to the provisions of Section 2.01 and subject to any exceptions noted on the
      exception report described in the next paragraph below, the Trustee acknowledges
      receipt (or, with respect to Mortgage Loans subject to a Custodial Agreement,
      receipt by the respective Custodian as the duly appointed agent of the Trustee)
      of the documents referred to in Section 2.01 (other than such documents
      described in Section 2.01(v)) above and all interests 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, or such Custodian as its agent, holds and shall hold such documents
      and
      the other documents delivered to it constituting a Mortgage File, and that
      it
      holds or shall 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.

     

    On
      or prior to the Closing Date, the Trustee agrees, for the benefit of the
      Certificateholders, to execute and deliver (or cause the Custodian to execute
      and deliver) to the Depositor and the NIMS Insurer an acknowledgment of receipt
      of the Mortgage Note (with any exceptions noted), substantially in the form
      attached as Exhibit C-3 hereto.

     

    The
      Trustee agrees, for the benefit of the Certificateholders, to review (or cause
      a
      Custodian on its behalf to review) each Mortgage Note within 45 days of the
      Closing Date and to certify in substantially the form attached hereto as Exhibit
      C-1 (or cause the Custodian to certify in the form of the Initial Certification
      attached to the Custodial Agreement) that, as to each Mortgage Loan listed
      in
      the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or any
      Mortgage Loan specifically identified in the exception report annexed thereto
      as
      not being covered by such certification), (i) all documents constituting part
      of
      such Mortgage File (other than such documents described in Section 2.01(v))
      required to be delivered to it pursuant to this Agreement are in its possession,
      (ii) such documents have been reviewed by it or such Custodian and are not
      mutilated, torn or defaced unless initialed by the related borrower and relate
      to such Mortgage Loan, (iii) based on its or the Custodian’s examination and
      only as to the foregoing, the information set forth in the Mortgage Loan
      Schedule that corresponds to items (1) through (3), (6), (9), (10), (13), (15)
      and (19) of the definition of “Mortgage Loan Schedule” accurately reflects
      information set forth in the Mortgage File. It is herein acknowledged that,
      in
      conducting such review, the Trustee or such Custodian was under no duty or
      obligation (i) to inspect, review or examine any such documents, instruments,
      certificates or other papers to determine whether they are genuine, enforceable,
      or appropriate for the represented purpose or whether they have actually been
      recorded or that they are other than what they purport to be on their face
      or
      (ii) to determine whether any Mortgage File should include any of the documents
      specified in clause (v) of Section 2.01.

     

    Prior
      to the first anniversary date of this Agreement the Trustee shall deliver to
      the
      Depositor, the Master Servicer and the NIMS Insurer a final certification in
      the
      form annexed hereto as Exhibit C-2 (or shall cause the Custodian to deliver
      to
      the Trustee, the Depositor, the Master Servicer and the NIMS Insurer a final
      certification in the form attached to the Custodial Agreement) evidencing the
      completeness of the Mortgage Files, with any applicable exceptions noted
      thereon, with respect to all of the Mortgage Loans. Upon the request of the
      Master Servicer, any exception report related to the final certification shall
      be provided in an electronic computer readable format as mutually agreed upon
      by
      the Master Servicer and the Trustee.

     

    If
      in the process of reviewing the Mortgage Files and making or preparing, as
      the
      case may be, the certifications referred to above, the Trustee or any Custodian
      finds any document or documents constituting a part of a Mortgage File to be
      missing, mutilated, torn or defaced or does not conform to the requirements
      identified above, at the conclusion of its review the Trustee (or a Custodian
      on
      behalf of the Trustee) shall so notify the Depositor, the NIMS Insurer and
      the
      Master Servicer. In addition, upon the discovery by the Depositor, the NIMS
      Insurer, the Master Servicer or the Trustee of a breach of any of the
      representations and warranties made by the Seller in the Mortgage Loan Purchase
      Agreement in respect of any Mortgage Loan which materially adversely affects
      such Mortgage Loan or the interests of the related Certificateholders in such
      Mortgage Loan, the party discovering such breach shall give prompt written
      notice to the other parties.

     

    The
      Trustee (or a Custodian on behalf of the Trustee) shall, at the written request
      and expense of any Certificateholder, Certificate Owner, provide a written
      report to such Certificateholder, Certificate Owner, of all Mortgage Files
      released to the Master Servicer for servicing purposes.

     

    SECTION
      2.03.    Repurchase
      or Substitution of Mortgage Loans by the Seller or the Depositor; Payment of
      Prepayment Charge Payment 

                  Amounts.

     

    (a)     Upon
      discovery or receipt of notice (including notice under Section 2.02) of any
      materially defective document in, or that a document is missing from, the
      Mortgage File or of the breach by the Seller of any representation, warranty
      or
      covenant under the Mortgage Loan Purchase Agreement in respect of any Mortgage
      Loan which materially adversely affects the value of such Mortgage Loan or
      the
      interest therein of the Certificateholders, the Trustee shall promptly notify
      the Seller, the NIMS Insurer and the Master Servicer of such defect, missing
      document or breach and request that the Seller deliver such missing document
      or
      cure such defect or breach within 90 days from the date the Seller had knowledge
      or was notified of such missing document, defect or breach, and if the Seller
      does not deliver such missing document or cure such defect or breach in all
      material respects during such period, the Master Servicer (or, in accordance
      with Section 6.06(b), the Trustee) shall enforce the obligations of the Seller
      under the Mortgage Loan Purchase Agreement to repurchase such Mortgage Loan
      from
      REMIC I at the Purchase Price within 90 days after the date on which the Seller
      was notified (subject to Section 2.03(d)) of such missing document, defect
      or
      breach, if and to the extent that the Seller is obligated to do so under the
      Mortgage Loan Purchase Agreement. The Purchase Price for the repurchased
      Mortgage Loan shall be deposited in the Collection Account, and the Trustee,
      upon receipt of written certification from the Master Servicer of such deposit,
      shall release to the Seller the related Mortgage File and shall execute and
      deliver such instruments of transfer or assignment, in each case without
      recourse, as the Seller shall furnish to it and as shall be necessary to vest
      in
      the Seller 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 Seller 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(c). It is understood and
      agreed that the obligation of the Seller to cure or to repurchase (or to
      substitute for) any Mortgage Loan as to which a document is missing, a material
      defect in a 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 on behalf of the
      Certificateholders.

     

    (b)     (i)     Promptly
      upon the earlier of discovery by the Master Servicer or receipt of notice by
      the
      Master Servicer of the breach of any representation, warranty or covenant of
      the
      Master Servicer set forth in Section 2.05, which materially and adversely
      affects the interests of the Certificateholders in any Mortgage Loan, the Master
      Servicer shall cure such breach in all material respects.

     

    (ii)     Notwithstanding
      the provisions of Section 2.03(b)(i) above,

     

    (A)     on
      the later of (x) the Master Servicer Remittance Date next following the earlier
      of discovery by the Master Servicer or receipt of notice by the Master Servicer
      of the breach of the representation made by the Master Servicer in Section
      2.05(vii), which breach materially and adversely affects the interests of the
      Holders of the Class P Certificates to any Prepayment Charge and (y) the Master
      Servicer Remittance Date next following the Prepayment Period relating to such
      a
      breach, the Master Servicer shall deposit into the Collection Account the amount
      of the scheduled Prepayment Charge, less any amount collected and deposited
      by
      the Master Servicer into the Collection Account in respect of such Prepayment
      Charge; and

     

    (B)     on
      the later of (x) the Master Servicer Remittance Date next following the earlier
      of discovery by the Master Servicer or receipt of notice by the Master Servicer
      of the breach of the covenant made by the Master Servicer in Section 2.05(viii),
      which breach materially and adversely affects the interests of the Holders
      of
      the Class P Certificates to any Prepayment Charge and (y) the Master Servicer
      Remittance Date next following the Prepayment Period relating to such a breach,
      the Master Servicer shall deposit into the Collection Account, as a Master
      Servicer Prepayment Charge Payment Amount, the amount of the waived Prepayment
      Charge, but only to the extent required under Section 2.03(b)(iii)
      below.

     

    (iii)     If
      with respect to any Prepayment Period,

     

    (A)     the
      dollar amount of Prepayment Charges that are the subject of breaches by the
      Master Servicer of the covenant made by the Master Servicer in Section
      2.05(viii), which breaches materially and adversely affect the interests of
      the
      Holders of the Class P Certificates to such Prepayment Charges,
      exceeds

     

    (B)     5%
      of the total dollar amount of Prepayment Charges payable by Mortgagors in
      connection with Principal Prepayments on the related Mortgage Loans that
      occurred during such Prepayment Period,

     

    then
      the amount required to be paid by the Master Servicer pursuant to Section
      2.03(b)(ii)(B) above shall be limited to an amount, that when added to the
      amount of Prepayment Charges actually collected by the Master Servicer in
      respect of Prepayment Charges relating to Principal Prepayments on the related
      Mortgage Loans that occurred during such Prepayment Period, shall yield a sum
      equal to 95% of the total dollar amount of Prepayment Charges (exclusive of
      (A)
      Prepayment Charges not enforced or collected upon because (i) the enforceability
      thereof shall have been limited by bankruptcy, insolvency, moratorium,
      receivership and other similar laws relating to creditors’ rights generally or
      (ii) the collectability thereof shall have been limited due to acceleration
      in
      connection with a foreclosure or other involuntary payment and (B) Prepayment
      Charges waived by the Master Servicer when such waiver does not breach the
      covenant set forth in Section 2.05(viii)) payable by Mortgagors in connection
      with Principal Prepayments on the related Mortgage Loans that occurred during
      such Prepayment Period.

     

    (c)     Any
      substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage Loans
      made pursuant to Section 2.03(a), in the case of the Seller, or Section 2.03(b),
      in the case of the Depositor, 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 Seller or the Depositor substitutes
      a
      Qualified Substitute Mortgage Loan or Loans, such substitution shall be effected
      by the Seller or the Depositor, as the case may be, delivering to the Trustee
      (or a 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 2.01, 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
      Trustee (or a Custodian on behalf of the Trustee) shall acknowledge receipt
      for
      such Qualified Substitute Mortgage Loan or Loans and, within ten Business Days
      thereafter, review such documents as specified in Section 2.02 and deliver
      to
      the Depositor, the NIMS Insurer, the Trustee and the Master Servicer, with
      respect to such Qualified Substitute Mortgage Loan or Loans, a certification
      substantially in the form attached hereto as Exhibit C-1, with any applicable
      exceptions noted thereon. Within one year of the date of substitution, the
      Trustee shall deliver to the Depositor, the NIMS Insurer and the Master Servicer
      a certification substantially in the form of Exhibit C-2 hereto with respect
      to
      such Qualified Substitute Mortgage Loan or Loans, with any applicable exceptions
      noted thereon. Monthly Payments due with respect to Qualified Substitute
      Mortgage Loans in the month of substitution are not part of REMIC I and shall
      be
      retained by the Depositor or the Seller, as the case may be. For the month
      of
      substitution, distributions to Certificateholders shall reflect the Monthly
      Payment due on such Deleted Mortgage Loan on or before the Due Date in the
      month
      of substitution, and the Depositor or the Seller, as the case may be, 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, the NIMS Insurer that such
      substitution has taken place, shall amend the Mortgage Loan Schedule and, if
      applicable, the Prepayment Charge 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 NIMS Insurer. Upon such
      substitution, such Qualified Substitute Mortgage Loan or Loans shall constitute
      part of the Mortgage Pool and shall be subject in all respects to the terms
      of
      this Agreement and, in the case of a substitution effected by the Seller, the
      Mortgage Loan Purchase Agreement, including all applicable representations
      and
      warranties thereof.

     

    For
      any month in which the Depositor or the Seller substitutes one or more Qualified
      Substitute Mortgage Loans for one or more Deleted Mortgage Loans, the Master
      Servicer shall 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. On the date of such substitution, the Depositor or the
      Seller, as the case may be, shall deliver or cause to be delivered to the Master
      Servicer for deposit in the Collection Account an amount equal to the
      Substitution Shortfall Amount, if any, and the Trustee, upon receipt of the
      related Qualified Substitute Mortgage Loan or Loans and certification by the
      Master Servicer of such deposit, shall release to the Depositor or the Seller,
      as the case may be, the related Mortgage File or Files and shall execute and
      deliver such instruments of transfer or assignment, in each case without
      recourse, as the Depositor or the Seller, as the case may be, shall deliver
      to
      it and as shall be necessary to vest therein any Deleted Mortgage Loan released
      pursuant hereto.

     

    In
      addition, the Depositor or the Seller, as the case may be, shall obtain at
      its
      own expense and deliver to the Trustee and the NIMS Insurer an Opinion of
      Counsel to the effect that such substitution shall 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.

     

    (d)     Upon
      discovery by the Depositor, the NIMS Insurer, the Seller, the Master 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 Business Days give written notice thereof to the other
      parties. In connection therewith, the Seller or the Depositor shall repurchase
      or, subject to the limitations set forth in Section 2.03(c), substitute one
      or
      more Qualified Substitute Mortgage Loans for the affected Mortgage Loan within
      90 days of the earlier of discovery or receipt of such notice with respect
      to
      such affected Mortgage Loan. Such repurchase or substitution shall be made
      by
      the Seller. Any such repurchase or substitution shall be made in the same manner
      as set forth in Section 2.03(a). The Trustee shall reconvey to the Depositor
      or
      the Seller, as the case may be, the Mortgage Loan to be released pursuant hereto
      in the same manner, and on the same terms and conditions, as it would a Mortgage
      Loan repurchased for breach of a representation or warranty.

     

    SECTION
      2.04.    [Reserved].

     

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

     

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

     

    (i)     The
      Master Servicer is a corporation duly organized, validly existing and in good
      standing under the laws of the State of Delaware and is duly authorized and
      qualified to transact any and all business contemplated by this Agreement to
      be
      conducted by the Master 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
      Master Servicer has the full corporate power and authority to service each
      Mortgage Loan, and to execute, deliver and perform, and to enter into and
      consummate the transactions contemplated by this Agreement and has duly
      authorized by all necessary corporate action on the part of the Master Servicer
      the execution, delivery and performance of this Agreement; and this Agreement,
      assuming the due authorization, execution and delivery thereof by the Depositor
      and the Trustee, constitutes a legal, valid and binding obligation of the Master
      Servicer, enforceable against the Master Servicer in accordance with its terms,
      except to the extent that (a) the enforceability thereof may be limited by
      bankruptcy, insolvency, moratorium, receivership and other similar laws relating
      to creditors’ rights generally and (b) the remedy of specific performance and
      injunctive and other forms of equitable relief may be subject to the equitable
      defenses and to the discretion of the court before which any proceeding therefor
      may be brought;

     

    (iii)     The
      execution and delivery of this Agreement by the Master Servicer, the servicing
      of the Mortgage Loans by the Master Servicer hereunder, the consummation 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 or 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 is an approved seller/servicer for Fannie Mae or Freddie Mac
      in
      good standing and is a HUD approved mortgagee pursuant to Section 203 and
      Section 211 of the National Housing Act;

     

    (v)     Except
      as disclosed in the Prospectus Supplement, 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 service the Mortgage Loans or to perform any of its other
      obligations hereunder in accordance with the terms hereof;

     

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

     

    (vii)     The
      information set forth in the Prepayment Charge Schedule attached hereto as
      Schedule 2 (including the prepayment charge summary attached thereto) 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 (except to the extent
      that (i) the enforceability thereof may be limited by bankruptcy, insolvency,
      moratorium, receivership and other similar laws relating to creditors’ rights
      generally and (ii) the collectability thereof may be limited due to acceleration
      in connection with a foreclosure or other involuntary payment;

     

    (viii)     The
      Master Servicer shall not waive any Prepayment Charge or part of a Prepayment
      Charge unless, (i) the enforceability thereof shall have been limited by
      bankruptcy, insolvency, moratorium, receivership and other similar laws relating
      to creditors’ rights generally or (ii) the collectability thereof shall have
      been limited due to acceleration in connection with a foreclosure or other
      involuntary payment or (iii) in the Master Servicer’s reasonable judgment as
      described in Section 3.01 hereof, (x) such waiver relates to a default or a
      reasonably foreseeable default, (y) such waiver would maximize recovery of
      total
      proceeds taking into account the value of such Prepayment Charge and related
      Mortgage Loan and (z) doing so is standard and customary in servicing similar
      Mortgage Loans (including any waiver of a Prepayment Charge in connection with
      a
      refinancing of a Mortgage Loan that is related to a default or a reasonably
      foreseeable default). In no event shall the Master Servicer waive a Prepayment
      Charge in connection with a refinancing of a Mortgage Loan that is not related
      to a default or a reasonably foreseeable default;

     

    (ix)     The
      information set forth in the “monthly tape” provided to the Trustee or any of
      its affiliates is true and correct in all material respects;

     

    (x)     With
      respect to each Mortgage Loan, the Assignment is in recordable form; (except
      that the name of the assignee and the recording information with respect to
      such
      Mortgage Loan is blank) and each Mortgage Loan was originated in the name of
      the
      Master Servicer or an affiliate thereof;

     

    (xi)     The
      Master Servicer has fully furnished and shall 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; and

     

    (xii)     The
      Master Servicer shall transmit full-file credit reporting data for each Mortgage
      Loan pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage
      Loan,
      the Master Servicer shall report one of the following statuses each month as
      follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
      foreclosed, or charged-off.

     

    It
      is understood and agreed that the representations, warranties and covenants
      set
      forth in this Section 2.05 shall survive delivery of the Mortgage Files to
      the
      Trustee or to a Custodian, as the case may be, and shall inure to the benefit
      of
      the Trustee, the Depositor and the Certificateholders. Upon discovery by any
      of
      the Depositor, the NIMS Insurer, the Master Servicer or the Trustee of a breach
      of any of the foregoing representations, warranties and covenants which
      materially and adversely affects the value of any Mortgage Loan, Prepayment
      Charge or the interests therein of the Certificateholders, the party discovering
      such breach shall give prompt written notice (but in no event later than two
      Business Days following such discovery) to the NIMS Insurer and the Trustee.
      Subject to Section 7.01, the obligation of the Master Servicer set forth in
      Section 2.03(b) to cure breaches (or in the case of the representations,
      warranties and covenants set forth in Section 2.05(vii) and Section 2.05(viii)
      above, to otherwise remedy such breaches pursuant to Section 2.03(b)) shall
      constitute the sole remedies against the Master 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. The preceding sentence shall not,
      however, limit any remedies available to the Certificateholders, the Depositor
      or the Trustee on behalf of the Certificateholders (other than in the case
      of
      the representations, warranties and covenants set forth in Section 2.05(vii)
      and
      Section 2.05(viii) above) pursuant to the Mortgage Loan Purchase Agreement
      signed by the Master Servicer in its capacity as Seller, respecting a breach
      of
      the representations, warranties and covenants of the Master Servicer in its
      capacity as Seller contained in the Mortgage Loan Purchase
      Agreement.

     

    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 it of the Mortgage Files, subject to the provisions of Section 2.01 and
      Section 2.02, together with the assignment to it of all other assets included
      in
      REMIC I, the receipt of which is hereby acknowledged. Concurrently with such
      assignment and delivery and in exchange therefor, the Trustee, pursuant to
      the
      written request of the Depositor executed by an officer of the Depositor, has
      executed, authenticated and delivered to or upon the order of the Depositor,
      the
      Class R-I Interest in authorized denominations. 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 Class R
      Certificateholders and REMIC II (as holder of the REMIC I Regular Interests)
      to
      receive distributions from the proceeds of REMIC I in respect of the Class
      R-I
      Interest and the REMIC I Regular Interests, respectively, and all ownership
      interests evidenced or constituted by the Class R-I Interest and the REMIC
      I
      Regular Interests, shall be as set forth in this Agreement.

     

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

     

    (a)     The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the assets
      described in the definition of REMIC I for the benefit of the Holders of the
      REMIC I Regular Interests (which are uncertificated) and the Class R
      Certificates (in respect of the Class R-I Interest). The Trustee acknowledges
      receipt of the assets described in the definition of REMIC I and declares that
      it holds and shall hold the same in trust for the exclusive use and benefit
      of
      the Holders of the REMIC I Regular Interests and the Class R Certificates (in
      respect of the Class R-I Interest). The interests evidenced by the Class R-I
      Interest, together with the REMIC I Regular Interests, constitute the entire
      beneficial ownership interest in REMIC I.

     

    (b)     The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      I Regular Interests (which are uncertificated) for the benefit of the Holders
      of
      the REMIC II Regular Interests and the Class R Certificates (in respect of
      the
      Class R-II Interest). The Trustee acknowledges receipt of the REMIC I Regular
      Interests and declares that it holds and shall hold the same in trust for the
      exclusive use and benefit of the Holders of the REMIC II Regular Interests
      and
      the Class R Certificates (in respect of the Class R-II Interest). The interests
      evidenced by the Class R-II Interest, together with the REMIC II Regular
      Interests, constitute the entire beneficial ownership interest in REMIC
      II.

     

    (c)     The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      II Regular Interests (which are uncertificated) for the benefit of the Holders
      of the REMIC III Regular Interests and the Class R Certificates (in respect
      of
      the Class R-III Interest). The Trustee acknowledges receipt of the REMIC III
      Regular Interests and declares that it holds and shall hold the same in trust
      for the exclusive use and benefit of the Holders of the REMIC III Regular
      Interests and the Class R Certificates (in respect of the Class R-III Interest).
      The interests evidenced by the Class R-III Interest, together with the Regular
      Certificates (other than the Class CE Certificates and Class P Certificates),
      the Class CE Interest, Class P Interest and Class SWAP-IO Interest, constitute
      the entire beneficial ownership interest in REMIC III.

     

    (d)     The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      CE Interest (which is uncertificated) for the benefit of the Holders of the
      Class CE Certificates and the Class R Certificates (in respect of the Class
      R-IV
      Interest). The Trustee acknowledges receipt of the Class CE Interest and
      declares that it holds and shall hold the same in trust for the exclusive use
      and benefit of the Holders of the Class CE Certificates and the Class R
      Certificates (in respect of the Class R-IV Interest). The interests evidenced
      by
      the Class R-IV Interest, together with the Class CE Certificates, constitute
      the
      entire beneficial ownership interest in REMIC IV.

     

    (e)     The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      P Interest (which is uncertificated) for the benefit of the Holders of the
      Class
      P Certificates and the Class R Certificates (in respect of the Class R-V
      Interest). The Trustee acknowledges receipt of the Class P Interest and declares
      that it holds and shall hold the same in trust for the exclusive use and benefit
      of the Holders of the Class P Certificates and the Class R Certificates (in
      respect of the Class R-V Interest). The interests evidenced by the Class R-V
      Interest, together with the Class P Certificates, constitute the entire
      beneficial ownership interest in REMIC V.

     

    (f)     The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      SWAP-IO Interest (which is uncertificated) for the benefit of the Holders of
      REMIC VI Regular Interest SWAP-IO and the Class R Certificates (in respect
      of
      the Class R-VI Interest). The Trustee acknowledges receipt of the Class SWAP-IO
      Interest and declares that it holds and shall hold the same in trust for the
      exclusive use and benefit of the Holders of the REMIC VI Regular Interest
      SWAP-IO and the Class R Certificates (in respect of the Class R-VI Interest).
      The interests evidenced by the Class R-VI Interest, together with REMIC VI
      Regular Interest SWAP-IO, constitute the entire beneficial ownership interest
      in
      REMIC VI.

     

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

     

    (a)     The
      Trustee acknowledges the assignment to it of the REMIC I Regular Interests
      and,
      concurrently therewith and in exchange therefor, pursuant to the written request
      of the Depositor executed by an officer of the Depositor, the Trustee has
      executed, authenticated and delivered to or upon the order of the Depositor,
      the
      Class R Certificates in authorized denominations. The interests evidenced by
      the
      Class R Certificates, together with the REMIC I Regular Interests, the REMIC
      II
      Regular Interests, the Regular Certificates (other than the Class CE
      Certificates and the Class P Certificates) the Class CE Interest, the Class
      P
      Interest and the Class SWAP-IO Interest constitute the entire beneficial
      ownership interest in REMIC I, REMIC II and REMIC III.

     

    (b)     The
      Trustee acknowledges the assignment to it of the Class CE Interest, the Class
      P
      Interest and the SWAP-IO Interest and, concurrently therewith and in exchange
      therefor, pursuant to the written request of the Depositor executed by an
      officer of the Depositor, the Trustee has executed, authenticated and delivered
      to or upon the order of the Depositor, the Class R-X Certificates in authorized
      denominations. The interests evidenced by the Class R-X Certificates, together
      with the Class CE Certificates and the Class P Certificates constitute the
      entire beneficial ownership interest in REMIC IV, REMIC V and REMIC
      VI.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      III  

     

     

    ADMINISTRATION
      AND SERVICING

    OF
      THE MORTGAGE LOANS

     

     

    SECTION
      3.01.    Master
      Servicer to Act as Master Servicer.

     

    The
      Master Servicer shall service and administer the Mortgage Loans on behalf of
      the
      Trustee and in the best interests of and for the benefit of the
      Certificateholders (as determined by the Master Servicer in its reasonable
      judgment) in accordance with (i) the terms of the respective Mortgage Loans
      and
      any insurance policies related thereto, (ii) all Applicable Regulations, (iii)
      the terms of this Agreement, (iv) the Loss Mitigation Action Plan, if
      applicable, and (v) to the extent consistent with the preceding requirements,
      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 Master Servicer, any Sub-Servicer or any Affiliate of
      the
      Master Servicer or any Sub-Servicer may have with the related
      Mortgagor;

     

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

     

    (iii)     the
      Master Servicer’s obligation to make Advances or Servicing Advances;
      or

     

    (iv)     the
      Master Servicer’s or any Sub-Servicer’s right to receive compensation for its
      services hereunder or with respect to any particular transaction (the “Servicing
      Standard”).

     

    Subject
      only to the above-described servicing standards and the terms of this Agreement
      and of the respective Mortgage Loans, the Master Servicer shall have full power
      and authority, acting alone or through Sub-Servicers as provided in Section
      6.06, to do or cause to be done any and all things in connection with such
      servicing and administration which it may deem necessary or desirable. Without
      limiting the generality of the foregoing, the Master Servicer in its own name
      or
      in the name of a Sub-Servicer is hereby authorized and empowered by the Trustee,
      in accordance with the servicing standards set forth above, (i) to execute
      and
      deliver, on behalf of the Certificateholders and the Trustee, any and all
      instruments of satisfaction or cancellation, or of partial or full release
      or
      discharge, or of forbearance, or of modification and all other comparable
      instruments, with respect to the Mortgage Loans and the Mortgaged Properties,
      (ii) to institute foreclosure proceedings or obtain a deed-in-lieu of
      foreclosure to convert the ownership of such properties, and to hold or cause
      to
      be held title to such properties, in the name of the Trust Fund, on behalf
      of
      the Trustee and the Certificateholders, (iii) to market, sell and transfer
      title
      of REO Properties held in the name of the Trust Fund to third party purchasers
      upon terms and conditions the Master Servicer deems reasonable under the
      Servicing Standard, (iv) to bring or respond to civil actions or complaints
      (in
      its own name or that of the Trust Fund or the Trustee on behalf of the Trust
      Fund) related to any Mortgage Loan, Mortgaged Property or REO Property held
      by
      the Trust Fund and (v) to execute any other document necessary or appropriate
      to
      enable the Master Servicer to carry out its servicing and administrative duties
      hereunder consistent with the Servicing Standard.

     

    At
      the written request of the Master Servicer, the Trustee shall execute and
      furnish to the Master Servicer such documents as are necessary or appropriate
      to
      enable the Master Servicer to carry out its servicing and administrative duties
      hereunder. By execution of this Agreement, the Trustee, on behalf of the Trust
      Fund, hereby grants to the Master Servicer a power of attorney to execute any
      and all documents necessary to carry out any and all servicing duties described
      in this Agreement (including the taking of and transferring title of REO
      Properties to third parties held in the name of the Trustee for the benefit
      of
      the Trust) and expressly confirms that this paragraph along with the face page
      and a copy of the signature page (duly executed) to this Agreement shall
      constitute the power of attorney for evidentiary and/or recording purposes.
      The
      Trustee shall not be liable for the actions of the Master Servicer or any
      Sub-Servicers under such powers of attorney.

     

    Subject
      to Section 3.04(d) hereof, in accordance with the Servicing Standard, the Master
      Servicer shall advance or cause to be advanced funds as necessary for the
      purpose of effecting the timely payment of taxes on the Mortgaged Properties,
      which advances shall be Servicing Advances reimbursable in the first instance
      from related collections from the Mortgagors pursuant to Section 3.04(d), and
      further as provided in Section 3.05(a). Any cost incurred by the Master Servicer
      or by Sub-Servicers in effecting the timely payment of taxes on a Mortgaged
      Property shall not, for the purpose of calculating distributions to
      Certificateholders, be added to the unpaid Stated Principal Balance of the
      related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan
      so
      permit.

     

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

     

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

     

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

     

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

     

    To
      the extent consistent with the terms of this Agreement, including Section 2.03
      and Section 2.05, the Master Servicer may 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 (ii)
      such waiver relates to a default or a reasonably foreseeable default and would,
      in the reasonable judgment of the Master Servicer, maximize recovery of total
      proceeds taking into account the value of such Prepayment Charge and the related
      Mortgage Loan.

     

    The
      Master Servicer may delegate its responsibilities under this Agreement;
      provided, however, that no such delegation shall release the Master Servicer
      from the responsibilities or liabilities arising under this Agreement. All
      references to Master Servicer in this Agreement shall be deemed to include
      any
      Sub-Servicer duly appointed by the Master Servicer pursuant to this
      Agreement.

     

    SECTION
      3.02.    Collection
      of Certain Mortgage Loan Payments.

     

    The
      Master Servicer shall make reasonable efforts to collect all payments called
      for
      under the terms and provisions of the Mortgage Loans, and shall, to the extent
      such procedures shall be consistent with this Agreement and the terms and
      provisions of any applicable insurance policies, 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
      Master Servicer may in its discretion (i) waive any late payment charge or,
      if
      applicable, penalty interest, (ii) waive any provision of any Mortgage Loan
      requiring the related Mortgagor to submit to mandatory arbitration with respect
      to disputes arising thereunder or (iii) extend the due dates for the Monthly
      Payments due on a Mortgage Note for a period of not greater than 180 days;
      provided that any extension pursuant to clause (iii) above shall not affect
      the
      amortization schedule of any Mortgage Loan for purposes of any computation
      hereunder. The NIMS Insurer’s prior written consent shall be required for any
      modification, waiver or amendment if the aggregate number of outstanding
      Mortgage Loans which have been modified, waived or amended exceeds 5% of the
      number of Mortgage Loans as of the Cut-off Date. In the event of any such
      arrangement pursuant to clause (iii) above, the Master Servicer shall make
      timely advances on such Mortgage Loan during such extension pursuant to Section
      4.03 and in accordance with the amortization schedule of such Mortgage Loan
      without modification thereof by reason of such arrangements.

     

    Notwithstanding
      the foregoing, in the event that any Mortgage Loan is in default or, in the
      judgment of the Master Servicer, such default is reasonably foreseeable, the
      Master Servicer, consistent with the Servicing Standard, may also waive, modify
      or vary any term of such Mortgage Loan (including modifications that would
      change the Mortgage Rate, forgive the payment of principal or interest or extend
      the final maturity date of such Mortgage Loan), accept payment from the related
      Mortgagor of an amount less than the Stated Principal Balance in final
      satisfaction of such Mortgage Loan, or consent to the postponement of strict
      compliance with any such term or otherwise grant indulgence to any Mortgagor
      (any and all such waivers, modifications, variances, forgiveness of principal
      or
      interest, postponements, or indulgences collectively referred to herein as
      “forbearance”), provided, however, that in determining which course of action
      permitted by this sentence it shall pursue, the Master Servicer shall adhere
      to
      the Loss Mitigation Action Plan. The Master Servicer’s analysis supporting any
      forbearance and the conclusion that any forbearance meets the standards of
      Section 3.01 and the Loss Mitigation Action Plan shall be reflected in writing
      in the Mortgage File.

     

    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 Master
      Servicer in a manner not consistent with the terms of the related Mortgage
      Note
      and this Agreement, the Master Servicer, upon discovery or receipt of notice
      thereof, immediately shall deliver to the Trustee 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 Depositor
      and
      any successor master servicer in respect of any such liability. Such indemnities
      shall survive the termination or discharge of this Agreement.

     

    SECTION
      3.03.    [Reserved].

     

    SECTION
      3.04.    Collection
      Account, Escrow Account and Distribution Account.

     

    (a)     Collection
      Account.
      On behalf of the Trust Fund, the Master Servicer shall segregate and hold all
      funds collected and received pursuant to each Mortgage Loan separate and apart
      from any of its own funds and general assets and shall establish and maintain
      in
      the name of the Trustee one or more accounts (such account or accounts, the
      “Collection Account”) in accordance with this Section 3.04, held in trust for
      the benefit of the Trustee and the Certificateholders.

     

    (b)     Deposits
      to the Collection Account.
      On behalf of the Trust Fund, the Master Servicer shall deposit or cause to
      be
      deposited in the clearing account (which account must be an Eligible 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 Master Servicer’s receipt thereof,
      and shall thereafter deposit in the Collection Account, in no event more than
      two Business Days after the deposit of such funds into the clearing account,
      as
      and when received or as otherwise required hereunder, and retain therein, the
      following payments and collections received or made by it subsequent to the
      Cut-off Date with respect to the Mortgage Loans, or payments (other than
      Principal Prepayments) received by it on or prior to the Cut-off Date but
      allocable to a Due Period subsequent thereto:

     

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

     

    (ii)     all
      payments on account of interest on the Mortgage Loans and REO Properties
      adjusted to the Net Mortgage Rate;

     

    (iii)   
all
      Insurance Proceeds and Liquidation Proceeds (other than proceeds to be held
      in
      the Escrow Account and applied to the restoration or repair of the Mortgaged
      Property or released to the Mortgagor in accordance with the Servicing
      Standard), Subsequent Recoveries and any amounts received in respect of the
      rental of any REO Property prior to REO Disposition;

     

    (iv)     all
      proceeds related to the purchase, substitution or repurchase of any Mortgage
      Loan or REO Property in accordance with Section 2.03;

     

    (v)     any
      amounts required to be deposited by the Master Servicer pursuant to Section
      3.09
      in connection with the deductible clause in any blanket hazard insurance policy,
      such deposit being made from the Master Servicer’s own funds, without
      reimbursement therefor;

     

    (vi)     any
      amounts required to be deposited by the Master Servicer pursuant to Section
      3.06
      in connection with any losses realized on Permitted Investments with respect
      to
      funds held in the Collection Account;

     

    (vii)     all
      amounts required to be deposited in connection with shortfalls in principal
      amount of Qualified Substitute Mortgage Loans pursuant to Section 2.03 (for
      purposes of this clause (vii), the Cut-off Date with respect to any Qualified
      Substitute Mortgage Loan shall be deemed to be the date of
      substitution);

     

    (viii)     any
      amounts required to be deposited by the Master Servicer pursuant to Section
      4.03(b); and

     

    (ix)     all
      Prepayment Charges collected by the Master Servicer, all Prepayment Charges
      payable by the Master Servicer pursuant to Section 2.03(b)(ii)(A) and all Master
      Servicer Prepayment Charge Payment Amounts payable by the Master Servicer
      pursuant to Section 2.03(b)(ii)(B) as limited by Section
      2.03(b)(iii).

     

    The
      foregoing requirements for deposit to the Collection Account shall be exclusive,
      it being understood and agreed that, without limiting the generality of the
      foregoing, payments in the nature of late payment charges, assumption fees,
      insufficient funds charges, modification fees and other ancillary fees (but
      not
      Prepayment Charges) need not be deposited by the Master Servicer in the
      Collection Account and shall upon collection, belong to the Master Servicer
      as
      additional compensation for its servicing activities. In the event the Master
      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.

     

    (c)     Escrow
      Account.
      The Master Servicer shall segregate and hold all funds collected and received
      pursuant to each Mortgage Loan which constitute Escrow Payments separate and
      apart from any of its own funds and general assets and shall establish and
      maintain in the name of the Trustee one or more accounts (such account or
      accounts, the “Escrow Account”) held in trust for the benefit of the
      Certificateholders and the Trustee.

     

    (d)     Deposits
      to the Escrow Account.
      The Master Servicer shall deposit or cause to be deposited in the clearing
      account (which account must be an Eligible 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 Master Servicer’s receipt thereof, and shall
      thereafter deposit in the Escrow Account, in no event more than two Business
      Days after the deposit of such funds into the clearing account, as and when
      received or as otherwise required hereunder, and retain therein:

     

    (i)     all
      Escrow Payments collected on account of the Mortgage Loans, for the purpose
      of
      effecting timely payment of any such items as required under the terms of this
      Agreement; and

     

    (ii)     all
      Insurance Proceeds which are to be applied to the restoration or repair of
      any
      Mortgaged Property.

     

    (e)     Distribution
      Account.
      On behalf of the Trust Fund, the Trustee shall segregate and hold all funds
      collected and received pursuant to this Agreement separate and apart from any
      of
      its own funds and general assets and shall establish and maintain in the name
      of
      the Trust Fund one or more segregated accounts (such account or accounts, the
      “Distribution Account”), held in trust for the benefit of the
      Certificateholders.

     

    (f)     Trustee
      Deposits to the Distribution Account.
      Upon receipt, the Trustee shall deposit or cause to be deposited into the
      Distribution Account all payments of any nature received from the Master
      Servicer in accordance with this Agreement. The Trustee shall deposit in the
      Distribution Account any amounts required to be deposited pursuant to Section
      3.06 in connection with losses realized on Permitted Investments with respect
      to
      funds held in the Distribution Account. Furthermore, promptly upon receipt
      of
      any Stayed Funds, whether from the Master Servicer, a trustee in bankruptcy,
      or
      federal bankruptcy court or other source, the Trustee shall deposit such funds
      in the Distribution Account, subject to withdrawal thereof pursuant to Section
      7.02(b) or as otherwise permitted hereunder.

     

    (g)     Master
      Servicer Transfer of Funds to the Distribution Account.
      On behalf of the Trust Fund, the Master Servicer shall deliver to the Trustee
      in
      immediately available funds for deposit in the Distribution Account by 3:00
      p.m.
      (New York time) on the Master Servicer Remittance Date, (i) that portion of
      Available Funds (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, (ii) without duplication, the amount of all Prepayment Charges
      collected by the Master Servicer, all Prepayment Charges payable by the Master
      Servicer pursuant to Section 2.03(b)(ii)(A) and all Master Servicer Prepayment
      Charge Payment Amounts payable by the Master Servicer pursuant to Section
      2.03(b)(ii)(B), subject to Section 2.03(b)(iii) (in each case to the extent
      not
      related to Principal Prepayments occurring after the related Prepayment Period)
      and (iii) any amounts reimbursable to an Advancing Person pursuant to Section
      3.23 and the terms of the related Advance Facility.

     

    In
      addition, the Master Servicer shall deliver to the Trustee from time to time
      as
      required by this Agreement, for deposit and the Trustee shall so deposit, in
      the
      Distribution Account:

     

    (i)     any
      Advances, as required pursuant to Section 4.03;

     

    (ii)     any
      amounts required to be deposited pursuant to Section 3.13 in connection with
      any
      REO Property;

     

    (iii)     any
      amounts to be paid in connection with a purchase of Mortgage Loans and REO
      Properties pursuant to Section 3.16 and Section 9.01;

     

    (iv)     any
      Compensating Interest as required pursuant to Section 4.03(e);

     

    (v)     any
      Stayed Funds, as soon as permitted by the federal bankruptcy court having
      jurisdiction in such matters;

     

    (vi)     any
      amounts required to be paid by the Master Servicer pursuant to Section 3.06
      in
      connection with any losses realized on Permitted Investments with respect to
      funds held in the Collection Account; and

     

    (vii)     any
      amounts required to be paid to the Trustee from the assets of the Trust Fund
      on
      deposit in the Collection Account pursuant to this Agreement, including but
      not
      limited to amounts required to be paid to the Trustee pursuant to Section 7.02
      and Section 8.05.

     

    Funds
      held in the Collection Account pursuant to Section 3.04(b) may at any time
      be
      delivered by the Master Servicer to the Trustee for deposit into the
      Distribution Account and for all purposes of this Agreement shall be deemed
      to
      be a part of the Collection Account until the Business Day prior to the
      Distribution Date; provided, however, that the Trustee shall have the sole
      authority to withdraw any funds held pursuant to this paragraph. In the event
      the Master Servicer shall deliver to the Trustee for deposit in the Distribution
      Account any amount not required to be deposited therein, it may at any time
      request that the Trustee withdraw such amount from the Distribution Account
      and
      remit to it any such amount, any provision herein to the contrary
      notwithstanding.

     

    (h)     Investment
      of Account Funds.
      Funds on deposit in the Collection Account, the Distribution Account, any REO
      Account and any Escrow Account may be invested in Permitted Investments in
      accordance with the provisions set forth in Section 3.06. Any investment
      earnings or interest paid on funds deposited in the Collection Account, any
      REO
      Account and any Escrow Account (subject to Section 3.05(b)) shall accrue to
      the
      benefit of the Master Servicer and the Master Servicer shall be entitled to
      retain and withdraw such interest from each such account on a daily basis.
      Any
      investment earnings or interest paid on funds deposited in the Distribution
      Account, shall accrue to the benefit of the Trustee and the Trustee shall be
      entitled to retain and withdraw such interest from each such account on a daily
      basis.

     

    (i)     Creation,
      Location and Subsequent Transfers of Accounts.
      Each account created pursuant to this Agreement must be an Eligible Account.
      On
      or prior to the Closing Date, the Master Servicer and the Trustee shall give
      notice, to each other, the NIMS Insurer and the Depositor of the location of
      any
      account created by it pursuant to this Agreement. From time to time, the Master
      Servicer and the Trustee may each transfer any account created by it to a
      different depository institution provided that upon such transfer the written
      notice is provided to all other parties listed in the preceding
      sentence.

     

    (j)     To
      help fight the funding of terrorism and money laundering activities, the Trustee
      will obtain, verify, and record information that identifies individuals or
      entities that establish a relationship or open an account with the Trustee.
      The
      Trustee will ask for the name, address, tax identification number and other
      information that will allow the Trustee to identify the individual or entity
      who
      is establishing the relationship or opening the account. The Trustee may also
      ask for formation documents such as articles of incorporation, an offering
      memorandum, or other identifying documents to be provided.

     

    SECTION
      3.05.    Permitted
      Withdrawals From the Collection Account, Escrow Account and Distribution
      Account.

     

    (a)     Collection
      Account.
      The Master Servicer may, from time to time, withdraw from the Collection Account
      for the following purposes or as described in Section 4.03:

     

    (i)     to
      remit to the Trustee for deposit in the Distribution Account the amounts
      required to be so remitted pursuant to Section 3.04(g) or permitted to be so
      remitted pursuant to the last paragraph of Section 3.04(g);

     

    (ii)     subject
      to Section 3.12(c), to reimburse itself for (a) any unpaid Servicing Fees,
      (b)
      any unreimbursed Servicing Advances and (c) any unreimbursed Advances, the
      Master Servicer’s right to reimburse itself pursuant to this subclause (ii)
      being limited to any Late Collections, Liquidation Proceeds, Subsequent
      Recoveries and Insurance Proceeds received on the related Mortgage Loan and
      any
      amounts received in respect of the rental of the related REO Property prior
      to
      an REO Disposition that represent payments of principal and/or interest
      respecting which any such advance was made;

     

    (iii)     to
      reimburse itself for (a) any unpaid Servicing Fees to the extent not recoverable
      under Section 3.05(a)(ii) and (b) any unpaid Advances or Servicing Advances
      that
      have been deemed Nonrecoverable Advances or Nonrecoverable Servicing
      Advances;

     

    (iv)     to
      pay to itself any Prepayment Interest Excess;

     

    (v)     to
      reimburse itself for any amounts paid pursuant to Section 3.12(b) (and not
      otherwise previously reimbursed);

     

    (vi)     to
      pay to itself as servicing compensation any interest earned on funds in the
      Collection Account;

     

    (vii)    subject
      to Section 4.03(b), to reimburse the Master Servicer in respect of any
      unreimbursed Advances to the extent of funds held in the Collection Account
      for
      future distribution that were not included in Available Funds for the preceding
      Distribution Date;

     

    (viii)   
to
      reimburse the Master Servicer or the Depositor for expenses incurred by or
      reimbursable to the Master Servicer or the Depositor, as the case may be,
      pursuant to Section 6.03;

     

    (ix)     to
      remit to the Trustee any amounts that the Trustee is permitted to be paid or
      reimbursed from the assets of the Trust Fund pursuant to the terms of this
      Agreement, including the terms of Section 7.02(a) and Section 8.05 of this
      Agreement;

     

    (x)     to
      reimburse the NIMS Insurer, the Master Servicer (if the Master Servicer is
      not
      an Affiliate of the Seller) or the Trustee, as the case may be, for enforcement
      expenses reasonably incurred in respect of the breach or defect giving rise
      to
      the purchase obligation under Section 2.03 of this Agreement that were included
      in the Purchase Price of the Mortgage Loan, including any expenses arising
      out
      of the enforcement of the purchase obligation;

     

    (xi)    to
      pay to the Master Servicer, the Depositor or the Seller, 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 3.16(a) all amounts received
      thereon subsequent to the date of purchase or substitution, as the case may
      be;

     

    (xii)   
to
      transfer funds in the Collection Account maintained at a particular depository
      to the Collection Account maintained at a different depository, pursuant to
      Section 3.04(i); and

     

    (xiii)   
to
      clear and terminate the Collection Account upon the termination of this
      Agreement.

     

    On
      each Business Day as of the commencement of which the balance on deposit in
      the
      Collection Account exceeds $75,000 following any withdrawals pursuant to the
      next succeeding sentence, the amount of such excess shall be remitted to the
      Trustee, but only if the Collection Account constitutes an Eligible Account
      solely pursuant to clause (ii) of the definition of “Eligible Account.” If the
      balance on deposit in the Collection Account exceeds $75,000 as of the
      commencement of business on any Business Day and the Collection Account
      constitutes an Eligible Account solely pursuant to clause (ii) of the definition
      of “Eligible Account,” the Master Servicer shall, on or before 3:00 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 Master Servicer, the
      Trustee or any Sub-Servicer pursuant to Section 3.05 and shall pay such amounts
      to the Persons entitled thereto.

     

    The
      foregoing requirements for withdrawal from the Collection Account shall be
      exclusive. In the event the Master 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.

     

    The
      Master Servicer shall keep and maintain separate accounting, on a Mortgage
      Loan
      by Mortgage Loan basis, for the purpose of justifying any withdrawal from the
      Collection Account, to the extent held by or on behalf of it, pursuant to
      subclauses (ii), (iii), (iv), (v), (vi), (vii), (viii) and (xi) above. The
      Master Servicer shall provide written notification to the Trustee and the NIMS
      Insurer on or prior to the next succeeding Master Servicer Reporting Date,
      upon
      making any withdrawals from the Collection Account pursuant to subclause (viii)
      above.

     

    (b)     Escrow
      Account.
      The Master Servicer may, from time to time, withdraw from the Escrow Account
      for
      the following purposes:

     

    (i)     to
      effect payments of ground rents, taxes, hazard insurance premiums and comparable
      items;

     

    (ii)     to
      reimburse the Master Servicer for any Servicing Advance made by the Master
      Servicer with respect to a related Mortgage Loan but only from amounts received
      on the related Mortgage Loan which represent late payments or Late Collections
      of Escrow Payments thereunder;

     

    (iii)     to
      refund to the Mortgagor any funds as may be determined to be
      overages;

     

    (iv)     for
      transfer to the Collection Account in accordance with the terms of this
      Agreement;

     

    (v)     for
      application to restoration or repair of the Mortgaged Property;

     

    (vi)    to
      pay to the Master Servicer, or to the Mortgagor to the extent required by the
      related Mortgage Loan or Applicable Regulations, any interest paid on the funds
      deposited in the Escrow Account;

     

    (vii)    to
      clear and terminate the Escrow Account on the termination of this Agreement;
      and

     

    (viii)    to
      transfer to the Collection Account any Insurance Proceeds.

     

    In
      the event the Master Servicer shall deposit in an Escrow Account any amount
      not
      required to be deposited therein, it may at any time withdraw such amount from
      such Escrow Account, any provision herein to the contrary notwithstanding.
      As
      part of its servicing duties, the Master Servicer shall pay to the Mortgagor
      interest on funds in the Escrow Account, to the extent required by the related
      Mortgage Loan or Applicable Regulations, and to the extent that interest earned
      on funds in the Escrow Account is insufficient, shall pay such interest from
      its
      own funds, without any reimbursement therefor. The Master Servicer may pay
      to
      itself any excess interest on funds in the Escrow Account, to the extent such
      action is in conformity with the Servicing Standard, is permitted by law and
      such amounts are not required to be paid to Mortgagors or used for any of the
      other purposes set forth above.

     

    (c) Distribution
      Account.
      The Trustee shall, from time to time, make withdrawals from the Distribution
      Account, for any of the following purposes:

     

    (i) to
      make distributions to the Swap Account in accordance with Section
      4.10;

     

    (ii) to
      make distributions to Certificateholders in accordance with Section
      4.01;

     

    (iii) to
      pay to itself amounts to which it is entitled pursuant to Section
      8.05;

     

    (iv) to
      pay itself any interest income earned on funds deposited in the Distribution
      Account pursuant to Section 3.06;

     

    (v) to
      reimburse itself pursuant to Section 7.01 and Section 7.02(b);

     

    (vi) to
      pay any amounts in respect of taxes pursuant to Section
      10.01(g)(iii);

     

    (vii) to
      reimburse the NIMS Insurer for Net Swap Payments paid by the NIMS Insurer to
      the
      Interest Rate Swap Provider pursuant to Section 4.10 (only to the extent the
      Trustee’s failure to make distributions in accordance with Section 3.05(c)(i) is
      not due to insufficient funds in the Distribution Account); and

     

    (viii) to
      clear and terminate the Distribution Account pursuant to Section
      9.01.

     

    
      	SECTION
              3.06.  	
              Investment
                of Funds in the Collection Account, the Escrow Account, the REO Account
                and the Distribution Account.

            

    

     

    (a) The
      Master Servicer may direct any depository institution maintaining the Collection
      Account, the Escrow Account (subject to Section 3.05(b)), and the REO Account
      and the Trustee may direct any depository institution maintaining the
      Distribution Account (for purposes of this Section 3.06, each an “Investment
      Account”), to invest the funds in such 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 Trustee is the
      obligor thereon, and (ii) no later than the date on which such funds are
      required to be withdrawn from such Investment Account pursuant to this
      Agreement, if the Trustee is the obligor thereon. All such Permitted Investments
      shall be held to maturity, unless payable on demand. Any investment of funds
      in
      an Investment Account shall be made in the name of the Trustee (in its capacity
      as such) or in the name of a nominee of the Trustee. The Trustee shall be
      entitled to sole possession (except with respect to investment direction of
      funds held in the Collection Account, the Escrow Account, and the REO Account)
      over each such investment and (except with respect to the income on funds held
      in the Collection Account, the Escrow Account and the REO Account) the income
      thereon, and any certificate or other instrument evidencing any such investment
      shall be delivered directly to the Trustee 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 an Investment Account
      are at any time invested in a Permitted Investment payable on demand, the
      Trustee shall:

     

    (i) 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

     

    (ii) demand
      payment of all amounts due thereunder promptly upon determination by a
      Responsible Officer of the Trustee that such Permitted Investment would not
      constitute a Permitted Investment in respect of funds thereafter on deposit
      in
      the Investment Account.

     

    (b) All
      income in the nature of interest from the investment of funds in the Collection
      Account, the Escrow Account (subject to Section 3.05(b)) and the REO Account
      shall be for the benefit of the Master Servicer as compensation for the Master
      Servicer’s services pursuant to this Agreement. The Master Servicer shall
      deposit in the Collection Account, the Escrow Account, and the REO Account
      , as
      applicable, from its own funds 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.

     

    (c) All
      income in the nature of interest or earnings from the investment of funds in
      the
      Distribution Account shall be for the benefit of the Trustee as compensation
      for
      the Trustee’s services pursuant to this Agreement. The Trustee shall deposit in
      the Distribution Account from its own funds the amount of any loss incurred
      on
      Permitted Investments in the Distribution Account.

     

    (d) Funds
      on deposit in the Net WAC Rate Carryover Reserve Account may be invested in
      Permitted Investments in accordance with Section 4.11 and any investment
      earnings or interest paid shall accrue to the benefit of the party designated
      in
      such section and the party so designated shall deposit in the related account
      from its own funds the amount of any loss incurred on Permitted Investments
      in
      such account.

     

    (e) 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 8.01 and Section 8.02(a)(v), upon the request of
      the
      NIMS Insurer or the Holders of Certificates representing more than 50% of the
      Voting Rights allocated to any Class of Certificates, shall take such action
      as
      may be appropriate to enforce such payment or performance, including the
      institution and prosecution of appropriate proceedings.

     

    (f) The
      Trustee or its Affiliates are permitted to receive compensation that could
      be
      deemed to be in the Trustee’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 pursuant to Section
      3.05.

     

    
      	SECTION
              3.07.  	
              Payment
                of Taxes, Insurance and Other
                Charges.

            

    

     

    With
      respect to each Mortgage Loan, the Master Servicer shall maintain accurate
      records reflecting the status of ground rents, taxes and other charges which
      are
      or may become a lien upon the Mortgaged Property and the status of fire and
      hazard insurance coverage and, as to those Mortgage Loans subject to a voluntary
      escrow agreement, shall obtain, from time to time, all bills for the payment
      of
      such charges (including renewal premiums) and shall effect payment thereof
      prior
      to the applicable penalty or termination date and at a time appropriate for
      securing maximum discounts allowable, employing for such purpose deposits of
      the
      Mortgagor in the Escrow Account which shall have been estimated and accumulated
      by the Master Servicer in amounts sufficient for such purposes, as allowed
      under
      the terms of the Mortgage or Applicable Regulations. The Master Servicer assumes
      full responsibility for the timely payment of all such bills and shall effect
      timely 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 from its own funds to effect such payments. To
      the
      extent that the Mortgage does not provide for Escrow Payments, the Master
      Servicer shall use reasonable efforts consistent with the Servicing Standard
      to
      determine that any such payments are made by the Mortgagor at the time they
      first become due and shall ensure that the Mortgaged Property is not lost to
      a
      tax lien as a result of nonpayment and that such Mortgaged Property is not
      left
      uninsured.

     

    
      	SECTION
              3.08.  	
              Maintenance
                of Hazard Insurance.

            

    

     

    The
      Master Servicer shall cause to be maintained for each Mortgage Loan fire
      insurance with extended coverage on the related Mortgaged Property in an amount
      which is at least equal to the least of (i) the current Stated Principal Balance
      of such Mortgage Loan, (ii) the amount necessary to fully compensate for any
      damage or loss to the improvements that are a part of such property on a
      replacement cost basis and (iii) the maximum insurable value of the improvements
      which are a part of such Mortgaged Property, in each case in an amount not
      less
      than such amount as is necessary to avoid the application of any coinsurance
      clause contained in the related hazard insurance policy. The Master Servicer
      shall also cause to be maintained fire insurance with extended coverage on
      each
      REO Property 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 Stated Principal Balance of the related Mortgage Loan,
      plus accrued interest at the Mortgage Rate and related Servicing Advances (each
      measured at the time it became an REO Property). The Master Servicer shall
      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 Master Servicer under any such policies (other than amounts
      to
      be applied to the restoration or repair of the property subject to the related
      Mortgage or amounts to be released to the Mortgagor in accordance with the
      procedures that the Master Servicer would follow in servicing loans held for
      its
      own account, subject to the terms and conditions of the related Mortgage and
      Mortgage Note) shall be deposited in the Collection Account, subject to
      withdrawal pursuant to Section 3.05, if received in respect of a Mortgage Loan,
      or in the REO Account, subject to withdrawal pursuant to Section 3.13, if
      received in respect of an REO Property. Any cost incurred by the Master Servicer
      in maintaining any such insurance shall not, for the purpose of calculating
      distributions to Certificateholders, be added to the unpaid Stated Principal
      Balance of the related Mortgage Loan, notwithstanding that the terms of such
      Mortgage Loan so permit. 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 Master
      Servicer shall 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 Stated Principal Balance of the related Mortgage Loan; (ii) the
      maximum amount of such insurance available for the related Mortgaged Property
      under the national flood insurance program (assuming that the area in which
      such
      Mortgaged Property is located is participating in such program); and (iii)
      the
      maximum insurable value of the improvements which are part of the related
      Mortgaged Property.

     

    
      	SECTION
              3.09.  	
              Maintenance
                of Mortgage Blanket Insurance.

            

    

     

    In
      the event that the Master Servicer shall obtain and maintain a blanket policy
      with an insurer having a General Policy Rating of “A:V” or better in Best’s Key
      Rating Guide (or such other rating that is comparable to such rating) insuring
      against hazard losses on all of the Mortgage Loans, it shall conclusively be
      deemed to have satisfied its obligations as set forth in the first two sentences
      of Section 3.08, it being understood and agreed that such policy may contain
      a
      deductible clause, in which case the Master Servicer shall, in the event that
      there shall not have been maintained on the related Mortgaged Property or REO
      Property a policy complying with the first two sentences of Section 3.08, 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 Mortgage
      Loans, the Master Servicer agrees to prepare and present, on behalf of itself,
      the Trustee and the Certificateholders, claims under any such blanket policy
      in
      a timely fashion in accordance with the terms of such policy.

     

    
      	SECTION
              3.10.  	
              Fidelity
                Bond; Errors and Omissions
                Insurance.

            

    

     

    The
      Master Servicer shall keep in force during the term of this Agreement a policy
      or policies of insurance covering errors and omissions for failure in the
      performance of the Master Servicer’s obligations under this Agreement, which
      policy or policies shall be in such form and amount that would meet the
      requirements of Fannie Mae or Freddie Mac if it were the purchaser of the
      Mortgage Loans, unless the Master Servicer has obtained a waiver of such
      requirements from Fannie Mae or Freddie Mac. The Master 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 Master Servicer has obtained a waiver
      of such requirements from Fannie Mae or Freddie Mac. The Master Servicer shall
      provide the Trustee and the NIMS Insurer (upon reasonable request) with copies
      of any such insurance policies and fidelity bond. The Master Servicer shall
      be
      deemed to have complied with this provision if an Affiliate of the Master
      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 Master Servicer. Any such errors and omissions policy
      and fidelity bond shall by its terms not be cancelable without thirty days’
prior written notice to the Trustee. The Master Servicer shall also cause each
      Sub-Servicer to maintain a policy of insurance covering errors and omissions
      and
      a fidelity bond which would meet such requirements.

     

    
      	SECTION
              3.11.  	
              Enforcement
                of Due-On-Sale Clauses; Assumption
                Agreements.

            

    

     

    The
      Master Servicer shall, to the extent it has knowledge of any conveyance or
      prospective conveyance of any Mortgaged Property by any Mortgagor (whether
      by
      absolute conveyance or by contract of sale, and whether or not the Mortgagor
      remains or is to remain liable under the Mortgage Note and/or the Mortgage),
      exercise its rights to accelerate the maturity of such Mortgage Loan under
      the
“due-on-sale” clause, if any, applicable thereto; provided, however, that the
      Master Servicer shall not exercise any such rights if prohibited by law from
      doing so. If the Master Servicer reasonably believes it is unable under
      applicable law to enforce such “due-on-sale” clause, or if any of the other
      conditions set forth in the proviso to the preceding sentence apply, the Master
      Servicer is authorized to 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 Master 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 underwriting
      criteria of the Master Servicer. In connection with any assumption or
      substitution, the Master 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 Master 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, or a new policy meeting
      the requirements of this Section is obtained. Any fee collected by the Master
      Servicer in respect of an assumption or substitution of liability agreement
      shall be retained by the Master 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 or otherwise permitted under Section 3.01. The
      Master Servicer shall notify the Trustee and any respective Custodian that
      any
      such substitution or assumption agreement has been completed by forwarding
      to
      the Trustee or to such Custodian, as the case may be, the executed original
      of
      such substitution or assumption agreement, which document shall be added to
      the
      related Mortgage File and shall, for all purposes, be considered a part of
      such
      Mortgage File to the same extent as all other documents and instruments
      constituting a part thereof.

     

    Notwithstanding
      the foregoing paragraph or any other provision of this Agreement, the Master
      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 Master Servicer may be restricted by law from preventing, for any reason
      whatever. For purposes of this Section 3.11, 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
              3.12.  	
              Realization
                Upon Defaulted Mortgage Loans.

            

    

     

    (a) The
      Master Servicer shall, consistent with the Servicing Standard and the Loss
      Mitigation Action Plan, 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 3.02. The Master Servicer
      shall be responsible for all costs and expenses incurred by it in any such
      proceedings; provided, however, that such costs and expenses shall be
      recoverable as Servicing Advances by the Master Servicer as contemplated in
      Section 3.05 and Section 3.13. The foregoing is subject to the provision that:
      (i) in any case in which Mortgaged Property shall have suffered damage from
      an
      Uninsured Cause, the Master 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 shall increase the proceeds of liquidation
      of
      the related Mortgage Loan after reimbursement to itself for such expenses and
      (ii) with respect to any second lien Mortgage Loan, if, after such Mortgage
      Loan
      becomes 180 days or more delinquent and the Master Servicer, after making a
      Final Recovery Determination, determines that a net recovery that would
      eliminate or reduce a Realized Loss by more than an immaterial amount is not
      possible through foreclosure, such Mortgage Loan may be charged off and such
      Mortgage Loan shall be treated as a Liquidated Mortgage Loan giving rise to
      a
      Realized Loss.

     

    (b) Notwithstanding
      the foregoing provisions of this Section 3.12 or any other provision of this
      Agreement, with respect to any Mortgage Loan as to which the Master 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 Master Servicer
      shall not, on behalf of the Trustee, either (i) obtain title to such Mortgaged
      Property as a result of or in lieu of foreclosure or otherwise or (ii) otherwise
      acquire possession of, or take any other action with respect to, such Mortgaged
      Property, if, as a result of any such action, the Trustee, the Trust Fund or
      the
      Certificateholders would be considered to hold title to, to be a
“mortgagee-in-possession” of, or to be an “owner” or “operator” of such
      Mortgaged Property within the meaning of the Comprehensive Environmental
      Response, Compensation and Liability Act of 1980, as amended from time to time,
      or any comparable law, unless the Master Servicer has also previously
      determined, based on its reasonable judgment and a report prepared by a Person
      who regularly conducts environmental audits using customary industry standards,
      that:

     

    (i) 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

     

    (ii) 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.

     

    Notwithstanding
      the foregoing, if such environmental audit reveals, or if the Master Servicer
      has actual knowledge or notice, that such Mortgaged Property contains such
      toxic
      or hazardous wastes or substances, the Master Servicer shall not foreclose
      or
      accept a deed in lieu of foreclosure without the prior written consent of the
      NIMS Insurer.

     

    The
      cost of the environmental audit report contemplated by this Section 3.12 shall
      be advanced by the Master Servicer, subject to the Master Servicer’s right to be
      reimbursed therefor from the Collection Account as provided in Section
      3.05(a)(v), 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 Master 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 Master
      Servicer shall take such action as it deems to be in the best economic interest
      of the Trust Fund; provided, however, that the Master Servicer shall not proceed
      with foreclosure or acceptance of a deed in lieu of foreclosure if the estimated
      costs of the environmental clean up, as estimated in the environmental audit
      report, together with the Advances made by the Master Servicer and the estimated
      costs of foreclosure or acceptance of a deed in lieu of foreclosure exceeds
      the
      estimated value of the Mortgaged Property. The cost of any such compliance,
      containment, cleanup or remediation shall be advanced by the Master Servicer,
      subject to the Master Servicer’s right to be reimbursed therefor from the
      Collection Account as provided in Section 3.05(a)(v), such right of
      reimbursement being prior to the rights of Certificateholders to receive any
      amount in the Collection Account received in respect of the affected Mortgage
      Loan or other Mortgage Loans.

     

    (c) Proceeds
      received in connection with any Final Recovery Determination, as well as any
      recovery resulting from a partial collection of Insurance Proceeds, Subsequent
      Recoveries or Liquidation Proceeds, in respect of any Mortgage Loan, shall
      be
      applied in the following order of priority: first,
      to reimburse the Master Servicer or any Sub-Servicer for any related
      unreimbursed Servicing Advances and Advances, pursuant to Section 3.05(a)(ii);
      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 shall be
      allocated by the Master 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 Master Servicer
      or any Sub-Servicer pursuant to Section 3.05(a)(ii).

     

    
      	SECTION
              3.13.  	
              Title,
                Management and Disposition of REO
                Property.

            

    

     

    (a) The
      deed or certificate of sale of any REO Property shall be taken in the name
      of
      the Trustee, or its nominee, in trust for the benefit of the Certificateholders.
      Pursuant to the power of attorney granted in Section 3.01, the Master Servicer
      is hereby authorized to transfer the title of any REO Property taken in the
      name
      of the Trustee to a third party purchaser pursuant to this Section 3.13 without
      further documentation of its authority as attorney-in-fact for the Trustee
      on
      behalf of the Trust. The Master Servicer, on behalf of the Trust Fund (and
      on
      behalf of the Trustee for the benefit of the Certificateholders), shall either
      sell any REO Property before the close of the third taxable year after the
      year
      the Trust Fund acquires ownership of such REO Property for purposes of Section
      860G(a)(8) of the Code or request from the Internal Revenue Service, no later
      than 60 days before the day on which the three-year grace period would otherwise
      expire, an extension of the three-year grace period, unless the Master Servicer
      shall have delivered to the Trustee, the NIMS Insurer and the Depositor an
      Opinion of Counsel, addressed to the Trustee, the NIMS Insurer and the
      Depositor, to the effect that the holding by the Trust Fund of such REO Property
      subsequent to three years after its acquisition shall not result in the
      imposition on any Trust REMIC of taxes on “prohibited transactions” thereof, as
      defined in Section 860F of the Code, or cause any Trust REMIC to fail to qualify
      as a REMIC under Federal law at any time that any Certificates are outstanding.
      The Master Servicer shall manage, conserve, protect and operate each REO
      Property for the benefit of the Certificateholders and 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
      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
      Master 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 for the benefit of
      the
      Certificateholders (the “REO Account”), which shall be an Eligible Account. The
      Master Servicer shall be permitted to allow the Collection Account to serve
      as
      the REO Account, subject to separate ledgers for each REO Property. The Master
      Servicer shall be entitled to retain or withdraw any interest income paid on
      funds deposited in the REO Account.

     

    (c) The
      Master Servicer shall have full power and authority, subject only to the
      specific requirements and prohibitions of this Agreement (including the Loss
      Mitigation Action Plan), to do any and all things in connection with any REO
      Property as are consistent with the manner in which the Master Servicer manages
      and operates similar property owned by the Master Servicer or any of its
      Affiliates, all on such terms and for such period as the Master Servicer deems
      to be in the best interests of Certificateholders and appropriate to effect
      the
      prompt disposition and sale of the REO Property. In connection therewith, the
      Master Servicer shall deposit, or cause to be deposited in the clearing account
      (which account must be an Eligible 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 Master Servicer’s receipt thereof, and shall thereafter deposit in
      the REO Account, in no event more than two Business Days after the deposit
      of
      such funds into the clearing account, all revenues received by it with respect
      to an REO Property and shall withdraw therefrom funds necessary for the proper
      operation, management and maintenance of such REO Property including, without
      limitation:

     

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

     

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

     

    (iii) all
      costs and expenses necessary to maintain 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 Master Servicer shall advance
      from its own funds such amount as is necessary for such purposes if, but only
      if, the Master Servicer would make such advances if the Master Servicer owned
      the REO Property and if in the Master Servicer’s judgment, the payment of such
      amounts shall be recoverable from the rental or sale of the REO
      Property.

     

    Notwithstanding
      the Master Servicer’s obligation to the Certificateholders to manage and operate
      (including the collection of rents from existing tenants and management of
      any
      leases acquired with the REO property to the extent applicable) the REO Property
      from the date of acquisition until the date of sale, neither the Master Servicer
      nor the Trustee shall knowingly:

     

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

     

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

     

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

     

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

     

    unless,
      in any such case, the Master Servicer has obtained an Opinion of Counsel,
      provided to the Trustee and the NIMS Insurer, to the effect that such action
      shall not cause such REO Property to fail to qualify as “foreclosure property”
within the meaning of Section 860G(a)(8) of the Code at any time that it is
      held
      by the Trust Fund, and (B) the Master Servicer has received written notice
      from
      the Trustee that it has received written consent from the NIMS Insurer (which
      consent shall not be unreasonably withheld) that the specific action may be
      taken.

     

    The
      Master 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 Master
      Servicer as soon as practicable, but in no event later than thirty days
      following the receipt thereof by such Independent Contractor;

     

    (iii) none
      of the provisions of this Section 3.13(c) relating to any such contract or
      to
      actions taken through any such Independent Contractor shall be deemed to relieve
      the Master Servicer of any of its duties and obligations to the Trustee on
      behalf of the Certificateholders with respect to the operation and management
      of
      any such REO Property; and

     

    (iv) the
      Master 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
      Master 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 Master Servicer by such
      Independent Contractor, and nothing in this Agreement shall be deemed to limit
      or modify such indemnification. The Master Servicer shall be solely liable
      for
      all fees owed by it to any such Independent Contractor, irrespective of whether
      the Master Servicer’s compensation pursuant to Section 3.18 is sufficient to pay
      such fees. The Master Servicer shall not engage an Independent Contractor to
      engage in any activities that the Master Servicer would not be permitted to
      engage in itself in accordance with the other provisions of this Agreement
      (including the Loss Mitigation Action Plan).

     

    (d) In
      addition to the withdrawals permitted under Section 3.13(c), the Master Servicer
      may from time to time make withdrawals from the REO Account for any REO
      Property: (i) to pay itself or any Sub-Servicer unpaid Servicing Fees in respect
      of the related Mortgage Loan; and (ii) to reimburse itself or any Sub-Servicer
      for unreimbursed Servicing Advances and Advances made in respect of such REO
      Property or the related Mortgage Loan. On the Master Servicer Remittance Date,
      the Master Servicer shall withdraw from each REO Account maintained by it and
      deposit into the Distribution Account in accordance with Section 3.04(g)(ii),
      for distribution on the related Distribution Date in accordance with Section
      4.01, the income from the related REO Property received during the prior
      calendar month, net of any withdrawals made pursuant to Section 3.13(c) or
      this
      Section 3.13(d).

     

    (e) Subject
      to the time constraints set forth in Section 3.13(a) (including the constraint
      that the Master Servicer hold and manage each REO Property “solely for the
      purpose of its prompt disposition”) each REO disposition shall be carried out by
      the Master Servicer at such price and upon such terms and conditions as shall
      be
      in conformity with the requirements of the Loss Mitigation Action Plan and
      as
      shall be normal and usual in its general servicing activities for similar
      properties.

     

    (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 Master Servicer or any Sub-Servicer as provided above,
      shall be deposited in the Distribution Account in accordance with Section
      3.04(g)(ii) on the Master Servicer Remittance Date in the month following the
      receipt thereof for distribution on the related Distribution Date in accordance
      with Section 4.01. Any REO Disposition shall be for cash only (unless changes
      in
      the REMIC Provisions made subsequent to the Startup Day allow a sale for other
      consideration).

     

    
      	SECTION
              3.14.  	
              [Reserved].

            

    

     

    
      	SECTION
              3.15.  	
              Reports
                of Foreclosure and Abandonment of Mortgaged
                Properties.

            

    

     

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

     

    
      	SECTION
              3.16.  	
              Optional
                Purchase of Defaulted Mortgage
                Loans.

            

    

     

    (a) 
      (i) The NIMS Insurer may, at its option, purchase a Mortgage Loan which has
      become 90 or more days delinquent or for which the Master Servicer has accepted
      a deed in lieu of foreclosure. Prior to purchase pursuant to this Section
      3.16(a)(i), the Master Servicer shall be required to continue to make Advances
      pursuant to Section 4.03. The NIMS Insurer shall not use any procedure in
      selecting Mortgage Loans to be repurchased which is materially adverse to the
      interests of the Certificateholders. The NIMS Insurer shall purchase such
      delinquent Mortgage Loan at a price equal to the Purchase Price of such Mortgage
      Loan. Any such purchase of a Mortgage Loan pursuant to this Section 3.16(a)(i)
      shall be accomplished by remittance to the Master Servicer for deposit in the
      Collection Account of the amount of the Purchase Price. The Trustee shall
      effectuate the conveyance of such delinquent Mortgage Loan to the NIMS Insurer
      to the extent necessary, as requested, and the Trustee shall promptly deliver
      all documentation to the NIMS Insurer.

     

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

     

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

     

    
      	SECTION
              3.17.  	
              Trustee
                to Cooperate; Release of Mortgage
                Files.

            

    

     

    (a) Upon
      the payment in full of any Mortgage Loan, or the receipt by the Master Servicer
      of a notification that payment in full shall be escrowed in a manner customary
      for such purposes, the Master Servicer shall promptly notify the Trustee and
      any
      related Custodian by a certification in the form of Exhibit E or such other
      form
      supplied by the Master Servicer provided that it does not differ from the
      substantive content of Exhibit E (which certification shall include a statement
      to the effect that all amounts received or to be received in connection with
      such payment which are required to be deposited in the Collection Account
      pursuant to Section 3.04(b) have been or shall be so deposited) of a Servicing
      Officer and shall request delivery to it of the Mortgage File. Upon receipt
      of
      such certification and request, the Trustee or such Custodian, as the case
      may
      be, shall promptly release (and in no event more than three (3) Business Days
      thereafter) the related Mortgage File to the Master Servicer. No expenses
      incurred in connection with any instrument of satisfaction or deed of
      reconveyance shall be chargeable to the Collection Account or the Distribution
      Account.

     

    (b) From
      time to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan, including, for this purpose, collection under any insurance policy
      relating to the Mortgage Loans, the Trustee and any related Custodian shall,
      upon request of the Master Servicer and delivery to the Trustee or such
      Custodian, as the case may be, of a Request for Release in the form of Exhibit
      E
      or such other form supplied by the Master Servicer provided that it does not
      differ from the substantive content of Exhibit E, release the related Mortgage
      File to the Master Servicer, and the Trustee shall, at the direction of the
      Master Servicer, execute such documents as shall be necessary to the prosecution
      of any such proceedings and the Master Servicer shall retain such Mortgage
      File
      in trust for the benefit of the Certificateholders. Such Request for Release
      shall obligate the Master Servicer to return each and every document previously
      requested from the Mortgage File to the Trustee or to such Custodian when the
      need therefor by the Master Servicer no longer exists, unless the Mortgage
      Loan
      has been liquidated and the Liquidation Proceeds relating to the Mortgage Loan
      have been deposited in the Collection Account or the Mortgage File or such
      document has been delivered to an attorney, or to a public trustee or other
      public official as required by law, for purposes of initiating or pursuing
      legal
      action or other proceedings for the foreclosure of the Mortgaged Property either
      judicially or non-judicially, and the Master Servicer has delivered to the
      Trustee a certificate of a Servicing Officer certifying as to the name and
      address of the Person to which such Mortgage File or such document was delivered
      and the purpose or purposes of such delivery. Upon receipt of a certificate
      of a
      Servicing Officer stating that such Mortgage Loan was liquidated and that all
      amounts received or to be received in connection with such liquidation that
      are
      required to be deposited into the Collection Account have been so deposited,
      or
      that such Mortgage Loan has become an REO Property, upon request, a copy of
      the
      Request for Release shall be released by the Trustee or such Custodian to the
      Master Servicer.

     

    (c) Upon
      written certification of a Servicing Officer, the Trustee shall execute and
      deliver to the Master Servicer any court pleadings, requests for trustee’s sale
      or other documents reasonably 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 shall 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.

     

    (d) The
      Trustee and the Master Servicer may mutually agree on policies and procedures
      (commercially reasonable in nature) to allow the submission of any and all
      requests for the release of a Mortgage File electronically with a digital
      signature or other identifier to designate the Servicing Officer of the Master
      Servicer requesting such collateral.

     

    
      	SECTION
              3.18.  	
              Servicing
                Compensation.

            

    

     

    As
      compensation for the activities of the Master Servicer hereunder, the Master
      Servicer shall be entitled to the Servicing Fee with respect to each Mortgage
      Loan payable solely from payments of interest in respect of such Mortgage Loan,
      subject to Section 4.03(e). In addition, the Master Servicer shall be entitled
      to recover unpaid Servicing Fees out of Insurance Proceeds, Subsequent
      Recoveries or Liquidation Proceeds to the extent permitted by Section
      3.05(a)(ii), out of general funds in the Collection Account to the extent
      permitted by Section 3.05(a) and out of amounts derived from the operation
      and
      sale of an REO Property to the extent permitted by Section 3.13. 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 Master Servicer’s responsibilities
      and obligations under this Agreement.

     

    Additional
      servicing compensation in the form of assumption fees, late payment charges,
      insufficient funds fees, reconveyance fees and other similar fees and charges
      (other than Prepayment Charges) shall be retained by the Master Servicer only
      to
      the extent such amounts, fees or charges are received by the Master Servicer.
      The Master Servicer shall also be entitled pursuant to Section 3.05(a)(vi)
      to
      withdraw from the Collection Account, pursuant to Section 3.04(h) to withdraw
      from any Escrow Account and pursuant to Section 3.13(b) to withdraw from any
      REO
      Account, as additional servicing compensation, interest or other income earned
      on deposits therein, subject to Section 3.06. The Master Servicer shall be
      required to pay all expenses incurred by it in connection with its servicing
      activities hereunder (including premiums for the insurance required by Section
      3.08, Section 3.09 and Section 3.10, to the extent such premiums are not paid
      by
      the related Mortgagors or by a Sub-Servicer, servicing compensation of each
      Sub-Servicer, and to the extent provided in Section 8.05, the fees and expenses
      of the Trustee) and shall not be entitled to reimbursement therefor except
      as
      specifically provided herein.

     

    
      	SECTION
              3.19.  	
              Statement
                as to Compliance.

            

    

     

    The
      Master Servicer will deliver to the Trustee, not later than March 20th
      of each calendar year beginning in 2007, an Officers’ Certificate (an “Annual
      Statement of Compliance”) stating, as to each signatory thereof, that (i) a
      review of the activities of the Master Servicer during the preceding calendar
      year and of performance under this Agreement has been made under such officers’
supervision and (ii) to the best of such officers’ knowledge, based on such
      review, the Master Servicer has fulfilled all of its obligations under this
      Agreement in all material respects throughout such year, or, if there has been
      a
      failure to fulfill any such obligation in any material respect, specifying
      each
      such failure known to such officer and the nature and status of cure provisions
      thereof. Such Annual Statement of Compliance shall contain no restrictions
      or
      limitations on its use. The Master Servicer shall deliver a similar Annual
      Statement of Compliance by any Sub-Servicer to which the Master Servicer has
      delegated any servicing responsibilities with respect to the Mortgage Loans,
      to
      the Trustee as described above as and when required with respect to the Master
      Servicer.

     

    The
      Master Servicer shall indemnify and hold harmless the Trustee and its officers,
      directors and Affiliates from and against any actual losses, damages, penalties,
      fines, forfeitures, reasonable and necessary legal fees and related costs,
      judgments and other costs and expenses that the Trustee may sustain based upon
      a
      breach of the Master Servicer’s obligations under this Section
      3.19.

     

    SECTION
      3.20.  Assessments
      of Compliance and Attestation Reports.

     

    The
      Master Servicer shall service and administer the Mortgage Loans in accordance
      with all applicable requirements of the Servicing Criteria (as set forth in
      Exhibit M hereto). Pursuant to Rules 13a-18 and 15d-18 of the Exchange Act
      and
      Item 1122 of Regulation AB, the Master Servicer shall deliver to the Trustee
      on
      or before March 20th
      of each calendar year beginning in 2007, a report regarding the Master
      Servicer’s assessment of compliance (an “Assessment of Compliance”) with the
      Servicing Criteria during the preceding calendar year. The Assessment of
      Compliance shall contain the following:

     

    (a)  A
      statement by such officer of its responsibility for assessing compliance with
      the Servicing Criteria applicable to the Master Servicer;

     

    (b)  A
      statement by such officer that such officer used the Servicing Criteria, and
      which will also be attached to the Assessment of Compliance, to assess
      compliance with the Servicing Criteria applicable to the Master
      Servicer;

     

    (c)  An
      assessment by such officer of the Master Servicer’s compliance with the
      applicable Servicing Criteria for the period consisting of the preceding
      calendar year, including disclosure of any material instance of noncompliance
      with respect thereto during such period, which assessment shall be based on
      the
      activities it performs with respect to asset-backed securities transactions
      taken as a whole involving the Master Servicer, that are backed by the same
      asset type as the Mortgage Loans;

     

    (d)  A
      statement that a registered public accounting firm has issued an Attestation
      Report on the Master Servicer’s Assessment of Compliance for the period
      consisting of the preceding calendar year; and

     

    (e)  A
      statement as to which of the Servicing Criteria, if any, are not applicable
      to
      the Master Servicer, which statement shall be based on the activities it
      performs with respect to asset-backed securities transactions taken as a whole
      involving the Master Servicer, that are backed by the same asset type as the
      Mortgage Loans.

     

    Such
      report at a minimum shall address each of the Servicing Criteria specified
      on
      Exhibit M hereto which are indicated as applicable to the Master
      Servicer.

     

    On
      or before March 20th
      of each calendar year beginning in 2007, the Master Servicer shall furnish
      to
      the Trustee a report (an “Attestation Report”) by a registered public accounting
      firm that attests to, and reports on, the Assessment of Compliance made by
      the
      Master Servicer, as required by Rules 13a-18 and 15d-18 of the Exchange Act
      and
      Item 1122(b) of Regulation AB, which Attestation Report must be made in
      accordance with standards for attestation reports issued or adopted by the
      Public Company Accounting Oversight Board.

     

    The
      Master Servicer shall cause any Sub-Servicer, and each subcontractor determined
      by the Master Servicer to be “participating in the servicing function” within
      the meaning of Item 1122 of Regulation AB, to deliver to the Trustee and the
      Depositor an Assessment of Compliance and Attestation Report as and when
      provided above.

     

    Such
      Assessment of Compliance, as to any Sub-Servicer, shall at a minimum address
      each of the Servicing Criteria specified on Exhibit M hereto which are indicated
      as applicable to any “primary servicer.” Notwithstanding the foregoing, as to
      any subcontractor, an Assessment of Compliance is not required to be delivered
      unless it is required as part of a Form 10-K with respect to the Trust
      Fund.

     

    The
      Master Servicer shall deliver any Assessment of Compliance or Attestation Report
      by March 20th
      of such year.

     

    Failure
      of the Master Servicer to timely comply with this Section 3.20 shall be deemed
      a
      Master Servicer Event of Termination, and the Trustee may, in addition to
      whatever rights the Trustee may have under this Agreement and at law or equity
      or to damages, including injunctive relief and specific performance, upon notice
      immediately terminate all 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.

     

    The
      Trustee shall also provide an Assessment of Compliance and Attestation Report,
      as and when provided above, which shall address each of the Servicing Criteria
      specified on Exhibit M hereto which are indicated as applicable to the
“trustee”.

     

    
      	SECTION
              3.21.  	
              Access
                to Certain Documentation.

            

    

     

    The
      Master Servicer shall provide to the Office of Thrift Supervision, the FDIC,
      and
      any other federal or state banking or insurance regulatory authority that may
      exercise authority over any Certificateholder or Certificate Owner, access
      to
      the documentation regarding the Mortgage Loans required by applicable laws
      and
      regulations. Such access shall be afforded without charge, but only upon
      reasonable request and during normal business hours at the offices of the Master
      Servicer designated by it. In addition, access to the documentation regarding
      the Mortgage Loans shall be provided to any Certificateholder or Certificate
      Owner, the Trustee, the NIMS Insurer and to any Person identified to the Master
      Servicer as a prospective transferee of a Certificate, upon reasonable request
      during normal business hours at the offices of the Master Servicer designated
      by
      it at the expense of the Person requesting such access. In each case, access
      to
      any documentation regarding the Mortgage Loans may be conditioned upon the
      requesting party’s acknowledgment in writing of a confidentiality agreement
      regarding any information that is required to remain confidential under the
      Gramm-Leach-Bliley Act of 1999.

     

    
      	SECTION
              3.22.  	
              [Reserved].

            

    

     

    
      	SECTION
              3.23.  	
              Advance
                Facility.

            

    

     

    (a) The
      Master Servicer and/or the Trustee on behalf of the Trust Fund, in either case,
      with the consent of the NIMS Insurer and the Master Servicer in the case of
      the
      Trustee, is hereby authorized to enter into a facility (an “Advance Facility”)
      with any Person (an “Advancing Person”) (1) under which the Master Servicer
      sells, assigns or pledges to the Advancing person the Master Servicer’s rights
      under this Agreement to be reimbursed for any Advances and/or Servicing Advances
      or (2) which provides that the Advancing Person may fund Advances and/or
      Servicing Advances to the Trust Fund under this Agreement, although no such
      facility shall reduce or otherwise affect the Master Servicer’s obligation to
      fund such Advances and/or Servicing Advances. If the Master Servicer enters
      into
      such an Advance Facility pursuant to this Section 3.23, upon reasonable request
      of the Advancing Person, the Trustee shall execute a letter of acknowledgment,
      confirming its receipt of notice of the existence of such Advance Facility.
      To
      the extent that an Advancing Person funds any Advance or any Servicing Advance
      or is assigned the right to be reimbursed for any Advance or Servicing Advance
      and provides the Trustee with notice acknowledged by the Master Servicer that
      such Advancing Person is entitled to reimbursement directly from the Trustee
      pursuant to the terms of the Advance Facility, such Advancing Person shall
      be
      entitled to receive reimbursement pursuant to this Agreement for such amount
      to
      the extent provided in Section 3.23(b). Such notice from the Advancing Person
      must specify the amount of the reimbursement, the Section of this Agreement
      that
      permits the applicable Advance or Servicing Advance to be reimbursed and the
      section(s) of the Advance Facility that entitle the Advancing Person to request
      reimbursement from the Trustee, rather than the Master Servicer, and include
      the
      Master Servicer’s acknowledgment thereto or proof of an Event of Default under
      the Advance Facility. The Trustee shall have no duty or liability with respect
      to any calculation of any reimbursement to be paid to an Advancing Person and
      shall be entitled to rely without independent investigation on the Advancing
      Person’s notice provided pursuant to this Section 3.23. An Advancing Person
      whose obligations hereunder are limited to the funding of Advances and/or
      Servicing Advances shall not be required to meet the qualifications of a Master
      Servicer or a Sub-Servicer pursuant to Section 6.06 hereof and shall not be
      deemed to be a Sub-Servicer under this Agreement. If the terms of a facility
      proposed to be entered into with an Advancing Person by the Trust Fund would
      not
      materially and adversely affect the interests of any Certificateholder, then
      the
      NIMS Insurer shall not withhold its consent to the Trust Fund’s entering such
      facility.

     

    (b) If,
      pursuant to the terms of the Advance Facility, an Advancing Person is entitled
      to reimbursement directly from the Trustee, then the Master Servicer shall
      not
      reimburse itself therefor under Section 3.05(a)(ii), Section 3.05(a)(iii) or
      Section 3.05(a)(v) prior to the remittance to the Trust Fund, but instead the
      Master Servicer shall include such amounts in the applicable remittance to
      the
      Trustee made pursuant to Section 3.04(g) to the extent of amounts on deposit
      in
      the Collection Account on the related Master Servicer Remittance Date. The
      Trustee is hereby authorized to pay to the Advancing Person reimbursements
      for
      Advances and Servicing Advances from the Distribution Account, to the extent
      permitted under the terms of the Advance Facility, to the same extent the Master
      Servicer would have been permitted to reimburse itself for such Advances and/or
      Servicing Advances in accordance with Section 3.05(a)(ii), Section 3.05(a)(iii)
      or Section 3.05(a)(v), as the case may be, had the Master Servicer itself funded
      such Advance or Servicing Advance. The Trustee is hereby authorized to pay
      directly to the Advancing Person such portion of the Servicing Fee as the
      parties to any Advance Facility agree to in writing delivered to the Trustee.
      An
      Advance Facility may provide that the Master Servicer will otherwise cause
      the
      remittance of Advance and/or Servicing Advance reimbursement amounts to the
      Advancing Person, in which case the foregoing sentences in this Section 3.23(b)
      shall not apply.

     

    (c) All
      Advances and Servicing Advances made pursuant to the terms of this Agreement
      shall be deemed made and shall be reimbursed on a “first in first out” (FIFO)
      basis.

     

    (d) In
      the event the Master Servicer is terminated pursuant to Section 7.01, the
      Advancing Person shall succeed to the terminated Master Servicer’s right of
      reimbursement set forth in Section 7.02(c) to the extent of such Advancing
      Person’s financing of or receipt of assignment or pledge of the right to be
      reimbursed for Advances or Servicing Advances hereunder then remaining
      unreimbursed.

     

    (e) None
      of the Trust Fund, any party to this Agreement or any other Person shall have
      any right or claim (including without limitation any right of offset or
      recoupment) to any amounts allocable under this Agreement to the reimbursement
      of Advances or Servicing Advances that have been assigned, conveyed or pledged
      to an Advancing Person, or that relate to Advances or Servicing Advances that
      were funded by an Advancing Person.

     

    (f) Any
      amendment to this Section 3.23 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 3.23, including amendments to add provisions
      relating to a successor master servicer, may be entered into by the Trustee
      and
      the Master Servicer without the consent of any Certificateholder but with the
      consent of the NIMS Insurer and written confirmation from each Rating Agency
      that the amendment shall not result in the reduction or withdrawal of the
      then-current ratings of any outstanding Class of Certificates or any other
      notes
      secured by collateral which includes all or a portion of the Class CE
      Certificates, the Class P Certificates and/or the Residual Certificates,
      notwithstanding anything to the contrary in this Agreement.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      IV  

     

    PAYMENTS
      TO CERTIFICATEHOLDERS

     

    
      	SECTION
              4.01.  	
              Distributions.

            

    

     

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

     

    With
      respect to the Group I Mortgage Loans:

     

        (1) to
      Holders of REMIC I Regular Interest I, and each of REMIC I Regular Interest
      I-1-A through I-50-B, pro
      rata,
      in an amount equal to (A) Uncertificated Interest for such REMIC I Regular
      Interests for such Distribution Date, plus (B) any amounts payable in respect
      thereof remaining unpaid from previous Distribution Dates.

     

    (2) to
      the extent of amounts remaining after the distributions made pursuant to clause
      (1) above, payments of principal shall be allocated as follows: first,
to
      REMIC I Regular Interest I, then to
      REMIC I Regular interests I-1-A through I-50-B starting with the lowest
      numerical denomination until the Uncertificated Balance of each such REMIC
      I
      Regular Interest is reduced to zero, provided that, for REMIC I Regular
      Interests with the same numerical denomination, such payments of principal
      shall
      be allocated pro
      rata
      between such REMIC I Regular Interests, and second, to the extent of the product
      of (a) any Overcollateralization Reduction Amounts multiplied by (b) a fraction,
      the numerator of which is the aggregate Scheduled Principal Balance of the
      Group
      I Mortgage Loans and the denominator of which is the aggregate Scheduled
      Principal Balance of the Mortgage Loans, to REMIC I Regular Interest I until
      the
      Uncertificated Balance of such REMIC I Regular Interest is reduced to zero;
      and

     

    (3) to
      the Holders of REMIC I Regular Interest P, (A) all amounts representing
      Prepayment Charges in respect of the Group I Mortgage Loans received during
      the
      related Prepayment Period and (B) on the Distribution Date immediately following
      the expiration of the latest Prepayment Charge as identified on the Prepayment
      Charge Schedule or any Distribution Date thereafter until $100 has been
      distributed pursuant to this clause. 

     

    With
      respect to the Group II Mortgage Loans:

     

    (1) to
      Holders of REMIC I Regular Interest II and each of REMIC I Regular Interest
      II-1-A through II-50-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.

     

    to
      the extent of amounts remaining after the distributions made pursuant to clause
      (1) above, payments of principal shall be allocated as follows: first, to REMIC
      I Regular Interest II, then to REMIC I Regular Interest II-1-A through II-50-B
      starting with the lowest numerical denomination until the Uncertificated Balance
      of each such REMIC I Regular Interest is reduced to zero, provided that, for
      REMIC I Regular Interests with the same numerical denomination, such payments
      of
      principal shall be allocated pro
      rata
      between such REMIC I Regular Interests, and second, to the extent of the product
      of (a) any Overcollateralization Reduction Amounts multiplied by (b) a fraction,
      the numerator of which is the aggregate Scheduled Principal Balance of the
      Group
      II Mortgage Loans and the denominator of which is the aggregate Scheduled
      Principal Balance of the Mortgage Loans, to REMIC I Regular Interest II until
      the Uncertificated Balance of such REMIC I Regular Interest is reduced to
      zero.

     

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

     

    (b) 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
      II
      Regular Interests 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 II-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 extent of the REMIC II Marker Allocation
      Percentage of the Available Funds remaining after the distributions pursuant
      to
      clause (i), to the Holders of REMIC II Regular Interest II-LTAA, REMIC II
      Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2A, REMIC II Regular
      Interest II-LTA2B, REMIC II Regular Interest II-LTA2C, REMIC II Regular Interest
      II-LTA2D, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2,
      REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC
      II
      Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular
      Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest
      II-LTM9, REMIC II Regular Interest II-LTM10, REMIC II Regular Interest II-LTM11,
      REMIC II Regular Interest II-LTZZ, pro
      rata,
      in an amount equal to (A) the Uncertificated Interest for such Distribution
      Date, plus (B) any amounts in respect thereof remaining unpaid from previous
      Distribution Dates. Amounts payable as Uncertificated Interest in respect of
      REMIC II Regular Interest II-LTZZ shall be reduced and deferred when the REMIC
      II Overcollateralized Amount is less than the REMIC II Overcollateralization
      Target Amount, by the lesser of (x) the amount of such difference and (y) the
      Maximum II-LTZZ Uncertificated Interest Deferral Amount and such amount shall
      be
      payable to the Holders of REMIC II Regular Interest II-LTA1, REMIC II Regular
      Interest II-LTA2A, REMIC II Regular Interest II-LTA2B, REMIC II Regular Interest
      II-LTA2C, REMIC II Regular Interest II-LTA2D, REMIC II Regular Interest II-LTM1,
      REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC
      II
      Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular
      Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest
      II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10
      and REMIC II Regular Interest II-LTM11 in the same proportion as the
      Overcollateralization Increase Amount is allocated to the Corresponding
      Certificates and the Uncertificated Principal Balance of the REMIC II Regular
      Interest II-LTZZ shall be increased by such amount;

     

    (ii) to
      the extent of the REMIC II Sub WAC Allocation Percentage of the Interest Funds
      remaining after the distribution pursuant to clause (i)(A) and (B), to the
      Holders of REMIC II Regular Interest II-LT1SUB, REMIC II Regular Interest
      II-LT1GRP, REMIC II Regular Interest II-LT2SUB, REMIC II Regular Interest
      II-LT2GRP and REMIC II Regular Interest II-LTXX, pro
      rata,
      in an amount equal to (A) the Uncertificated Interest for such Distribution
      Date, plus (B) any amounts in respect thereof remaining unpaid from previous
      Distribution Dates;

     

    (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) and (ii)
      above, allocated as follows:

     

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

     

    (b) 2.00%
      of such remainder (other than amounts payable under clause (c) below) first,
      to
      the Holders of REMIC II Regular Interest II-LTA1, REMIC II Regular Interest
      II-LTA2A, REMIC II Regular Interest II-LTA2B, REMIC II Regular Interest
      II-LTA2C, REMIC II Regular Interest II-LTA2D, REMIC II Regular Interest II-LTM1,
      REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC
      II
      Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular
      Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest
      II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10
      and REMIC II Regular Interest II-LTM11, 1.00% and in the same proportion as
      principal payments are allocated to the Corresponding Certificates, until the
      Uncertificated Balances of such REMIC II Regular Interests are reduced to zero
      and second, to the Holders of REMIC II Regular Interest II-LTZZ, until the
      Uncertificated Balance of such REMIC II Regular Interest is reduced to zero;
      and

     

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

     

    provided,
      however, that (i) 98.00% and (ii) 2.00% of any principal payments that are
      attributable to an Overcollateralization Reduction Amount shall be allocated
      to
      the Holders of (i) REMIC II Regular Interest II-LTAA and REMIC II Regular
      Interest II-LTP, in that order and (ii) REMIC II Regular Interest II-LTZZ,
      respectively; provided that REMIC II Regular Interest II-LTP shall not be
      reduced until the Distribution Date immediately following the expiration of
      the
      latest Prepayment Charge as identified on the Prepayment Charge Schedule or
      any
      Distribution Date thereafter, at which point such amount shall be distributed
      to
      REMIC II Regular Interest II-LTP, until $100 has been distributed pursuant
      to
      this clause; and

    

    (v) to
      the Holders of REMIC II Regular Interests, in an amount equal to the remainder
      of the REMIC II Sub WAC Allocation Percentage of the REMIC Available Funds
      for
      such Distribution Date after the distributions made pursuant to clause (i)
      and
      (ii) above such that distributions of interest are deemed to be made to REMIC
      II
      Regular Interest II-LT1SUB, REMIC II Regular Interest II-LT1GRP, REMIC II
      Regular Interest II-LT2SUB, REMIC II Regular Interest II-LT2GRP and REMIC II
      Regular Interest II-LTXX, pro rata, in an amount equal to (A) the Uncertificated
      Interest for each such REMIC II Regular Interest for such Distribution Date,
      plus (B) any amounts in respect thereof remaining unpaid from previous
      Distribution Dates and 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 II-LTXX.

     

    Notwithstanding
      the priorities and amounts of distribution of funds pursuant to this Section
      4.01(a)(1), actual distributions of Available Funds shall be made only in
      accordance with Section 4.01(a)(2), (3) and (4).

     

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

     

    (2)(I) On
      each Distribution Date, the Trustee shall withdraw from the Distribution Account
      an amount equal to the Group I Interest Remittance Amount and distribute to
      the
      Certificateholders the following amounts, in the following order of
      priority:

     

    (i) to
      the Holders of the Group I Certificates, the Senior Interest Distribution Amount
      related to such Certificates; and

     

    (ii) concurrently,
      to the Holders of each Class of Group II Certificates, on a pro
      rata
      basis based on the entitlement of each such Class, the Senior Interest
      Distribution Amount for each such Class remaining undistributed after the
      distribution of the Group II Interest Remittance Amount as set forth in Section
      4.01(a)(2)(II)(i) below.

     

    (II) On
      each Distribution Date, the Trustee shall withdraw from the Distribution Account
      an amount equal to the Group II Interest Remittance Amount and distribute to
      the
      Certificateholders the following amounts, in the following order of
      priority:

     

    (i) concurrently,
      to the Holders of each Class of Group II Certificates, on a pro
      rata
      basis based on the entitlement of each such Class, the Senior Interest
      Distribution Amount related to such Certificates; and

     

    (ii) to
      the Holders of the Group I Certificates, the Senior Interest Distribution Amount
      for such Class remaining undistributed after the distribution of the Group
      I
      Interest Remittance Amount as set forth in Section 4.01(a)(2)(I)(i)
      above.

     

    (III) On
      each Distribution Date, following the distributions made pursuant to Section
      4.01(a)(2)(I) and (II) above, the Trustee shall withdraw from the Distribution
      Account an amount equal to any remaining Group I Interest Remittance Amount
      and
      Group II Interest Remittance Amount and distribute such amount 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
      an amount equal to the Interest Distribution Amount for each such
      Class.

     

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

     

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

     

    (ii) to
      the Holders of the Group II Certificates (allocated among the Classes of Group
      II Certificates in the priority described in Section 4.01(a)(5) below), after
      taking into account the distribution of the Group II Principal Distribution
      Amount as described in Section 4.01(a)(3)(II) below, until the Certificate
      Principal Balances of such Classes have been reduced to zero.

     

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

     

    (i) to
      the Holders of the Group II Certificates (allocated among the Classes of Group
      II Certificates in the priority described in Section 4.01(a)(5) below), until
      the Certificate Principal Balances of such Classes have been reduced to zero;
      and

     

    (ii) to
      the Holders of the Group I Certificates, after taking into account the
      distribution of the Group I Principal Distribution Amount as described in
      Section 4.01(a)(3)(I) above, until the Certificate Principal Balance of such
      Class has been reduced to zero.

     

    (III) On
      each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event is in effect, the Trustee shall withdraw from the Distribution Account
      an
      amount equal to the sum of the Group I Principal Distribution Amount and the
      Group II Principal Distribution Amount remaining undistributed for such
      Distribution Date and shall distribute such amount 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, until the Certificate Principal Balance of such Class has been reduced
      to
      zero.

     

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

     

    (i) to
      the Holders of the Group I Certificates, the Senior Group I Principal
      Distribution Amount, until the Certificate Principal Balance of such Class
      has
      been reduced to zero; and

     

    (ii) to
      the Holders of the Group II Certificates (allocated among the Classes of Group
      II Certificates in the priority described in Section 4.01(a)(5) below), after
      taking into account the distribution of the Group II Principal Distribution
      Amount as described in Section 4.01(a)(3)(V)(i) below, up to an amount equal
      to
      the Senior Group II Principal Distribution Amount remaining undistributed,
      until
      the Certificate Principal Balances of such Classes have been reduced to
      zero.

     

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

     

    (i) to
      the Holders of the Group II Certificates (allocated among the Classes of Group
      II Certificates in the priority described in Section 4.01(a)(5) below), the
      Senior Group II Principal Distribution Amount, until the Certificate Principal
      Balances of such Classes have been reduced to zero; and

     

    (ii) to
      the Holders of the Group I Certificates, after taking into account the
      distribution of the Group I Principal Distribution Amount as described in
      Section 4.01(a)(3)(IV)(i) above, up to an amount equal to the Senior Group
      I
      Principal Distribution Amount remaining undistributed, until the Certificate
      Principal Balance of such Class has been reduced to zero.

     

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

     

    (i) to
      the Holders of the Class M-1 Certificates, the Class M-1 Principal Distribution
      Amount, until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (ii) to
      the Holders of the Class M-2 Certificates, the Class M-2 Principal Distribution
      Amount, until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (iii) to
      the Holders of the Class M-3 Certificates, the Class M-3 Principal Distribution
      Amount, until the Certificate Principal Balance thereof has been reduced to
      zero;

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (i) to
      the Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to the
      Overcollateralization Increase Amount, applied as part of the Group I Principal
      Distribution Amount or the Group II Principal Distribution Amount, as
      applicable, to reduce the Certificate Principal Balance of such Certificates
      until the aggregate Certificate Principal Balance of such Certificates is
      reduced to zero;

     

    (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 each case up to the Interest Carry Forward
      Amount for each such Class of Mezzanine Certificates for such Distribution
      Date;

     

    (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 each case up to the Allocated Realized Loss
      Amount for each such Class of Mezzanine Certificates for such Distribution
      Date;

     

    (iv) to
      the Net WAC Rate Carryover Reserve Account, the amount required by Section
      4.11(b), without taking into account amounts received under the Interest Rate
      Swap Agreement;

     

    (v) to
      the Interest Rate Swap Provider, any Swap Termination Payment due to a Interest
      Rate Swap Provider Trigger Event, owed to the Interest Rate Swap Provider
      pursuant to the Interest Rate Swap Agreement

     

    (vi) to
      the Holders of the Class CE Certificates, (a) the Interest Distribution Amount
      and any Overcollateralization Reduction Amount for such Distribution Date and
      (b) on any Distribution Date on which the Certificate Principal Balances of
      the
      Class A Certificates and the Mezzanine Certificates have been reduced to zero,
      any remaining amounts in reduction of the Certificate Principal Balance of
      the
      Class CE Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; and

     

    (vii) to
      the Holders of the Class R Certificates, 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 shall 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.

     

    (5) With
      respect to the Group II Certificates, all principal distributions will be
      distributed sequentially, to the Class A-2A, Class A-2B, Class A-2C and Class
      A-2D Certificates, in that order, until their respective Certificate Principal
      Balances have been reduced to zero.

     

    Notwithstanding
      the foregoing, if the aggregate Certificate Principal Balance of the Group
      II
      Certificates exceeds the aggregate Stated Principal Balance of the Group II
      Mortgage Loans, principal distributions to the Classes of Group II Certificates
      will be allocated concurrently, on a pro rata basis.

     

    On
      each Distribution Date, following the foregoing distributions, an amount equal
      to the amount of Subsequent Recoveries deposited into the Collection Account
      pursuant to Section 3.05 and included in the Available Funds for such
      Distribution Date shall be applied to increase the Certificate Principal Balance
      of the Class of Certificates with the Highest Priority up to the extent of
      such
      Realized Losses previously allocated to that Class of Certificates pursuant
      to
      Section 4.04. An amount equal to the amount of any remaining Subsequent
      Recoveries shall be applied to increase the Certificate Principal Balance of
      the
      Class of Certificates with the next Highest Priority, up to the amount of such
      Realized Losses previously allocated to that Class of Certificates pursuant
      to
      Section 4.04, and so on. Holders of such Certificates shall not be entitled
      to
      any distribution in respect of 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 Certificate of such Class in accordance with its respective Percentage
      Interest.

     

    (c) On
      each Distribution Date, after making the distributions of the Available Funds
      as
      set forth above, the Trustee shall first,
      withdraw from the Net WAC Rate Carryover Reserve Account all net income from
      the
      investment of funds in the Net WAC Rate Carryover Reserve Account and distribute
      such amount to the Holders of the Class CE Certificates, and second,
      withdraw from the Net WAC Rate Carryover Reserve Account, to the extent of
      amounts remaining on deposit therein, the amount of any Net WAC Rate Carryover
      Amount for such Distribution Date and distribute such amount as
      follows:

     

    first,
      concurrently, to each Class of Class A Certificates, the related Net WAC Rate
      Carryover Amount, on a pro
      rata
      basis based on such respective Net WAC Rate Carryover Amounts; and

     

    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 Net WAC Rate Carryover
      Amount.

     

    On
      each Distribution Date, the Trustee shall withdraw any amounts then on deposit
      in the Distribution Account that represent Prepayment Charges collected by
      the
      Master Servicer, Prepayment Charges payable by the Master Servicer pursuant
      to
      Section 2.03(b)(ii)(A) and Master Servicer Prepayment Charge Payment Amounts
      payable by the Master Servicer pursuant to Section 2.03(b)(ii)(B), subject
      to
      Section 2.03(b)(iii), in each case to the extent not related to Principal
      Prepayments occurring after the related Prepayment Period, and the Trustee
      shall
      distribute such amounts to the Holders of the Class P Certificates. Such
      distributions shall not be applied to reduce the Certificate Principal Balance
      of the Class P Certificates.

     

    (d) All
      distributions made with respect to each Class of Certificates on each
      Distribution Date shall be allocated pro
      rata
      among the outstanding Certificates in such Class based on their respective
      Percentage Interests. Payments in respect of each Class of Certificates on
      each
      Distribution Date shall be made to the Holders of the respective Class of record
      on the related Record Date (except as otherwise provided in Section 4.01(g)
      or
      Section 9.01 respecting the final distribution on such Class), based on the
      aggregate Percentage Interest represented by their respective Certificates,
      and
      shall be made by wire transfer of immediately available funds to the account
      of
      any such Holder at a bank or other entity having appropriate facilities
      therefor, if such Holder shall have so notified the Trustee in writing at least
      five Business Days prior to the Record Date immediately prior to such
      Distribution Date, 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 shall be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      maintained for such purpose pursuant to Section 8.12 or such other location
      specified in the notice to Certificateholders of such final
      distribution.

     

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

     

    (e) The
      rights of the Certificateholders to receive distributions in respect of the
      Certificates, and all interests of the Certificateholders in such distributions,
      shall be as set forth in this Agreement. Neither the Holders of any Class of
      Certificates nor the Trustee nor the Master Servicer shall in any way be
      responsible or liable to the Holders of any other Class of Certificates in
      respect of amounts properly previously distributed on the
      Certificates.

     

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

     

    first,
      to the Interest Rate Swap Provider, any Net Swap Payment owed to the Interest
      Rate Swap Provider pursuant to the Interest Rate Swap Agreement for such
      Distribution Date;

     

    second,
      to the Interest Rate Swap Provider, any Swap Termination Payment owed to the
      Interest Rate Swap Provider not due to a Swap Provider Trigger Event pursuant
      to
      the Interest Rate Swap Agreement;

     

    third,
      concurrently, to each Class of Class A Certificates, the related Senior Interest
      Distribution Amount remaining undistributed after the distributions of the
      Group
      I Interest Remittance Amount and the Group II Interest Remittance Amount, on
      a
pro
      rata
      basis based on such respective remaining Senior Interest Distribution
      Amount;

     

    fourth,
      sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11
      Certificates, in that order, the related Interest Distribution Amount and
      Interest Carry Forward Amount, to the extent remaining undistributed after
      the
      distributions of the Group I Interest Remittance Amount, the Group II Interest
      Remittance Amount and the Net Monthly Excess Cashflow;

     

    fifth,
      concurrently, to each Class of Class A Certificates, the related Net WAC Rate
      Carryover Amount remaining unpaid after distributions from the Net WAC Rate
      Carryover Reserve Account, on a pro
      rata
      basis based on such respective remaining Net WAC Rate Carryover
      Amounts;

     

    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 remaining
      unpaid after distributions from the Net WAC Rate Carryover Reserve
      Account;

     

    seventh,
      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
      applicable Overcollateralization Target Amount equal to the difference between
      (x) the Overcollateralization Increase Amount (for the purpose of this section
      only, without giving effect to clause (B) of the definition of
“Overcollateralization Increase Amount”) and (y) the amount distributed pursuant
      to Section 4.01(a)(4)(i) of this Agreement; and

     

    eighth,
      sequentially to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class
      M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates,
      in
      that order, 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.

     

    (g) Except
      as otherwise provided in Section 9.01, whenever the Trustee expects that the
      final distribution with respect to any Class of Certificates shall be made
      on
      the next Distribution Date, the Trustee shall, no later than five (5) days
      after
      the related Determination Date, mail to each Holder on such date of such Class
      of Certificates a notice to the effect that:

     

    (i) the
      Trustee expects that the final distribution with respect to such Class of
      Certificates shall be made on such Distribution Date, but only upon presentation
      and surrender of such Certificates at the office of the Trustee therein
      specified or its agent; 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 Trustee and credited to the account of the appropriate non-tendering Holder
      or Holders. If any Certificates as to which notice has been given pursuant
      to
      this Section 4.01(g) shall not have been surrendered for cancellation within
      six
      months after the time specified in such notice, the Trustee 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 Trustee
      shall, directly or through an agent, mail a final notice to 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 Trustee
      shall
      pay to the Underwriters all remaining 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 Trustee as a result of such Certificateholder’s failure to surrender its
      Certificate(s) for final payment thereof in accordance with this Section
      4.01(g).

     

    (h) Notwithstanding
      anything to the contrary herein, (i) in no event shall the Certificate Principal
      Balance of a Class A Certificate or a Mezzanine Certificate be reduced more
      than
      once in respect of any particular amount both (a) allocated to such Certificate
      in respect of Realized Losses pursuant to Section 4.04 and (b) distributed
      to
      the Holder of such Certificate in reduction of the Certificate Principal Balance
      thereof pursuant to this Section 4.01 from Net Monthly Excess Cashflow and
      (ii)
      in no event shall the Uncertificated Balance of a REMIC 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
      4.04 and (b) distributed on such REMIC Regular Interest in reduction of the
      Uncertificated Balance thereof pursuant to this Section 4.01. 

     

    (i) It
      is the intention of all of the parties hereto that the Class CE Certificates
      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 Trustee determines that the Residual
      Certificates are entitled to any distributions, the Trustee, prior to any such
      distribution to any Residual Certificate, shall notify the Depositor of such
      impending distribution. Upon such notification, the Depositor will request
      an
      amendment to the Pooling and Servicing Agreement to revise such mistake in
      the
      distribution provisions. The Residual Certificate Holders, by their acceptance
      of their Certificates, and the Master Servicer hereby agree and no further
      consent shall be necessary (other than the consent of the NIMS Insurer),
      notwithstanding anything to the contrary in Section 11.01 of the Pooling and
      Servicing Agreement.

     

    
      	SECTION
              4.02.  	
              Statements
                to Certificateholders.

            

    

     

    On
      each Distribution Date, the Trustee shall prepare and make available to each
      Holder of the Regular Certificates, the Interest Rate Swap Provider and the
      NIMS
      Insurer, a statement (the “Monthly Statement”) as to the distributions made on
      such Distribution Date setting forth:

     

    (i) the
      amount of the distribution made on such Distribution Date to the Holders of
      the
      Certificates of each Class allocable to principal, and the amount of
      distribution made on such Distribution Date to the Holders of the Class P
      Certificates allocable to Prepayment Charges or Master Servicer Prepayment
      Charge Payment Amounts;

     

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

     

    (iii) the
      aggregate Servicing Fee received by the Master Servicer during the related
      Due
      Period, the Trustee Fee paid to the Trustee on such Distribution Date and such
      other customary information as the Trustee deems necessary or desirable, or
      which a Certificateholder reasonably requests, to enable Certificateholders
      to
      prepare their tax returns;

     

    (iv) the
      aggregate amount of Advances for such Distribution Date (including the general
      purpose of such Advance, in the aggregate, so long as such information is
      provided to the Trustee by the Master Servicer) and the aggregate amount of
      unreimbursed Advances and the aggregate amount of Advances reimbursed to the
      Master Servicer from amounts on deposit in the Collection Account;

     

    (v) the
      aggregate Stated Principal Balance of the Mortgage Loans and any REO Properties
      as of the close of business on such Distribution Date;

     

    (vi) the
      number, aggregate Stated Principal Balance, weighted average remaining term
      to
      maturity and weighted average Mortgage Rate of the Mortgage Loans as of the
      related Due Date;

     

    (vii) the
      number and aggregate unpaid Stated Principal Balance of Mortgage Loans (a)
      delinquent 30-59 days, (b) delinquent 60-89 days, (c) delinquent 90 or more
      days, in each case, as of the last day of the preceding calendar month, (d)
      as
      to which foreclosure proceedings have been commenced and (e) with respect to
      which the related Mortgagor has filed for protection under applicable bankruptcy
      laws, with respect to whom bankruptcy proceedings are pending or with respect
      to
      whom bankruptcy protection is in force;

     

    (viii) with
      respect to any Mortgage Loan that became an REO Property during the preceding
      calendar month, the loan number of such Mortgage Loan, the unpaid Stated
      Principal Balance and the Stated Principal Balance of such Mortgage Loan as
      of
      the date it became an REO Property;

     

    (ix) the
      book value and the Stated Principal Balance of any REO Property as of the close
      of business on the last Business Day of the calendar month preceding the
      Distribution Date;

     

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

     

    (xi) the
      aggregate amount of Realized Losses incurred during the related Prepayment
      Period (or, in the case of Bankruptcy Losses allocable to interest, during
      the
      related Due Period), separately identifying whether such Realized Losses
      constituted Bankruptcy Losses and the aggregate amount of Realized Losses
      incurred since the Closing Date and the aggregate amount of Subsequent
      Recoveries received during the related Prepayment Period and the aggregate
      amount of Subsequent Recoveries received since the Closing Date;

     

    (xii) the
      aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the
      Collection Account or the Distribution Account for such Distribution Date and
      the reason for such expense as identified to the Trustee, identifying to whom
      such amount was paid;

     

    (xiii) the
      aggregate Certificate Principal Balance of each Class of Certificates, after
      giving effect to the distributions, and allocations of Realized Losses, made
      on
      such Distribution Date, separately identifying any reduction thereof due to
      allocations of Realized Losses;

     

    (xiv) the
      Certificate Factor for each such Class of Certificates applicable to such
      Distribution Date;

     

    (xv) the
      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 Adjustable-Rate Certificates and the Class CE Certificates,
      separately identifying any reduction thereof due to allocations of Realized
      Losses, Prepayment Interest Shortfalls and Relief Act Interest
      Shortfalls;

     

    (xvi) the
      aggregate amount of any Prepayment Interest Shortfall for such Distribution
      Date, to the extent not covered by payments by the Master Servicer pursuant
      to
      Section 4.03(e) or allocated to the Class CE Certificates;

     

    (xvii) the
      aggregate amount of Relief Act Interest Shortfalls for such Distribution
      Date;

     

    (xviii) the
      Net Monthly Excess Cashflow, the Overcollateralized Amount,
      Overcollateralization Target Amount and the Credit Enhancement Percentage for
      such Distribution Date;

     

    (xix) the
      Overcollateralization Increase Amount, if any, for such Distribution
      Date;

     

    (xx) the
      Overcollateralization Reduction Amount, if any, for such Distribution
      Date;

     

    (xxi) with
      respect to any Mortgage Loan as to which foreclosure proceedings have been
      concluded, the loan number and unpaid Stated Principal Balance of such Mortgage
      Loan as of the date of such conclusion of foreclosure proceedings;

     

    (xxii) with
      respect to Mortgage Loans as to which a Final Liquidation has occurred, the
      number of Mortgage Loans, the unpaid Stated Principal Balance of such Mortgage
      Loans as of the date of such Final Liquidation and the amount of proceeds
      (including Liquidation Proceeds and Insurance Proceeds) collected in respect
      of
      such Mortgage Loans; 

     

    (xxiii) the
      respective Pass-Through Rates applicable to the Class A Certificates, the
      Mezzanine Certificates and the Class CE Certificates for such Distribution
      Date
      and the Pass-Through Rate applicable to the Adjustable-Rate Certificates for
      the
      immediately succeeding Distribution Date;

     

    (xxiv) the
      amount on deposit in the Net WAC Rate Carryover Reserve Account as of the
      Determination Date;

     

    (xxv) whether
      a Trigger Event is in effect;

     

    (xxvi) the
      Net WAC Rate Carryover Amount for the Class A Certificates and the Mezzanine
      Certificates, if any, for such Distribution Date, the amount remaining unpaid
      after reimbursements therefor on such Distribution Date;

     

    (xxvii) the
      amount of any Net Swap Payments or Swap Termination Payments;

     

    (xxviii) all
      amounts received on the Mortgage Loans during the related Due Period and the
      related Prepayment Period and any amounts received from any other source used
      to
      make distributions on the Certificates, separately identifying the source
      thereof;

     

    (xxix) the
      amount on deposit in the Collection Account as of the end of the related Due
      Period, the amount on deposit in the Distribution Account and any other account
      maintained for the benefit of the certificateholders as of the last Business
      Day
      of the immediately preceding calendar month, and any material account activity
      during such preceding month (which has not been otherwise reported);
      and

     

    (xxx) the
      aggregate principal balance of each Class of Certificates issued by the Trust
      Fund as of such Distribution Date after giving effect to all distributions
      and
      allocations made on such Distribution Date, separately identifying any reduction
      in the Certificate Principal Balance due to the allocation of any Realized
      Loss;

     

    

    With
      respect to the items described in (v), (vi), (vii), (viii), (x), (xi) and (xxii)
      above, the Trustee shall set forth such information with respect to each Loan
      Group and with respect to the Mortgage Pool.

     

    The
      Trustee shall make such Monthly Statement (and, at its option, any additional
      files containing the same information in an alternative format) available each
      month to the Certificateholders, the NIMS Insurer, the Master Servicer and
      the
      Rating Agencies via the Trustee’s internet website. The Trustee’s internet
      website shall initially be located at https://www.tss.db.com/invr. Assistance
      in
      using the website can be obtained by calling the Trustee’s investor relations
      desk at (800) 735-7777. 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 investor relations desk and indicating such. The Trustee shall
      have
      the right to change the way such Monthly Statements are distributed in order
      to
      make such distribution more convenient and/or more accessible to the above
      parties and the Trustee shall provide timely and adequate notification to all
      above parties regarding any such changes. 

     

    In
      the case of information furnished pursuant to subclauses (i) through (iii)
      above, the amounts shall be expressed as a dollar amount per Single Certificate
      of the relevant Class.

     

    Within
      a reasonable period of time after the end of each calendar year, the Trustee
      shall furnish to the NIMS Insurer and 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 Trustee shall be deemed to have been
      satisfied to the extent that substantially comparable information shall be
      provided by the Trustee 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 Trustee
      shall furnish to the NIMS Insurer and 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. Such
      obligation of the Trustee shall be deemed to have been satisfied to the extent
      that substantially comparable information shall be prepared by the Trustee
      and
      furnished to such Holders pursuant to the rules and regulations of the Code
      as
      are in force from time to time.

     

    The
      Trustee shall, upon request, furnish to each Certificateholder or Certificate
      Owner and the NIMS Insurer, during the term of this Agreement, such periodic,
      special, or other reports or information, whether or not provided for herein,
      as
      shall be reasonable with respect to the Certificateholder or Certificate Owner,
      or otherwise with respect to the purposes of this Agreement, all such reports
      or
      information to be provided at the expense of the Certificateholder or
      Certificate Owner in accordance with such reasonable and explicit instructions
      and directions as the Certificateholder or Certificate Owner may provide. For
      purposes of this Section 4.02, the Trustee’s duties are limited to the extent
      that the Trustee receives timely reports as required from the Master
      Servicer.

     

    On
      each Distribution Date the Trustee 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 Trustee
      and Bloomberg.

     

    
      	SECTION
              4.03.  	
              Remittance
                Reports and Other Reports to the Trustee; Advances; Payments in Respect
                of
                Prepayment Interest Shortfalls.

            

    

     

    (a) On
      the Master Servicer Reporting Date, the Master Servicer shall deliver to the
      Trustee and the NIMS Insurer by telecopy (or by such other means as the Master
      Servicer, the Trustee and the NIMS Insurer may agree from time to time) a
      Remittance Report with respect to the related Distribution Date. Such Remittance
      Report shall include (i) the amount of Advances to be made by the Master
      Servicer in respect of the related Distribution Date, the aggregate amount
      of
      Advances outstanding after giving effect to such Advances, and the aggregate
      amount of Nonrecoverable Advances in respect of such Distribution Date and
      (ii)
      such other information with respect to the Mortgage Loans as the Trustee may
      reasonably require to perform the calculations necessary to make the
      distributions contemplated by Section 4.01 and to prepare the Monthly Statements
      to Certificateholders contemplated by Section 4.02. The Trustee shall not be
      responsible to recompute, recalculate or verify any information provided to
      it
      by the Master Servicer.

     

    Not
      later than fifteen days after each Distribution Date, the Master Servicer shall
      forward to the Trustee, the NIMS Insurer and the Depositor a statement prepared
      by the Master Servicer 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 of each category of deposit specified in Section
      3.04(b) and each category of withdrawal specified in Section 3.05. Such
      statement may be in the form of the then current Fannie Mae Monthly Accounting
      Report for its Guaranteed Mortgage Pass-Through Program with appropriate
      additions and changes, and shall also include information as to the aggregate
      of
      the outstanding Stated Principal Balances of all of the Mortgage Loans as of
      the
      last day of the calendar month immediately preceding such Distribution Date.
      Copies of such statement shall be provided by the Trustee to any
      Certificateholder and to any Person identified to the Trustee as a prospective
      transferee of a Certificate, upon request at the expense of the requesting
      party, provided such statement is delivered by the Master Servicer to the
      Trustee.

     

    (b) The
      amount of Advances to be made by the Master Servicer for any Distribution Date
      shall equal, subject to Section 4.03(d), the sum of (i) the aggregate amount
      of
      Monthly Payments (with each interest portion thereof net of the related
      Servicing Fee), due on the related Due Date in respect of the Mortgage Loans,
      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
      REO
      Property was acquired during or prior to the related Prepayment Period and
      as to
      which such REO Property an REO Disposition did not occur during the related
      Prepayment Period, an amount equal to the excess, if any, of the Monthly
      Payments (with each interest portion thereof net of the related Servicing Fee)
      that would have been due on the related Due Date in respect of the related
      Mortgage Loans, over the net income from such REO Property transferred to the
      Distribution Account pursuant to Section 3.13 for distribution on such
      Distribution Date.

     

    On
      or before 3:00 p.m. New York time on the Master Servicer Remittance Date, the
      Master Servicer shall remit in immediately available funds to the Trustee for
      deposit in the Distribution Account an amount equal to the aggregate amount
      of
      Advances, if any, to be made in respect of the Mortgage Loans and REO Properties
      for the related Distribution Date either (i) from its own funds or (ii) from
      the
      Collection Account, to the extent of funds held therein for future distribution
      (in which case, it shall cause to be made an appropriate entry in the records
      of
      the Collection Account that amounts held for future distribution have been,
      as
      permitted by this Section 4.03, used by the Master Servicer in discharge of
      any
      such Advance) or (iii) in the form of any combination of (i) and (ii)
      aggregating the total amount of Advances to be made by the Master Servicer
      with
      respect to the Mortgage Loans and REO Properties. Any amounts held for future
      distribution used by the Master Servicer to make an Advance as permitted in
      the
      preceding sentence or withdrawn by the Master Servicer as permitted in Section
      3.05(a)(vii) in reimbursement of Advances previously made shall be appropriately
      reflected in the Master Servicer’s records and replaced by the Master Servicer
      by deposit in the Collection Account on or before any future Master Servicer
      Remittance Date to the extent that the Available Funds for the related
      Distribution Date (determined without regard to Advances to be made on the
      Master Servicer Remittance Date) shall be less than the total amount that would
      be distributed to the Classes of Certificateholders pursuant to Section 4.01
      on
      such Distribution Date if such amounts held for future distributions had not
      been so used to make Advances. The Trustee shall provide notice to the Master
      Servicer and the NIMS Insurer by telecopy by the close of business on any Master
      Servicer Remittance Date in the event that the amount remitted by the Master
      Servicer to the Trustee on such date is less than the Advances required to
      be
      made by the Master Servicer for the related Distribution Date.

     

    (c) The
      obligation of the Master Servicer to make such Advances is mandatory,
      notwithstanding any other provision of this Agreement but subject to (d) below,
      and, with respect to any Mortgage Loan or REO Property, shall continue until
      a
      Final Recovery Determination in connection therewith or the removal thereof
      from
      REMIC I pursuant to any applicable provision of this Agreement, except as
      otherwise provided in this Section.

     

    (d) Notwithstanding
      anything herein to the contrary, no Advance or Servicing Advance shall be
      required to be made hereunder by the Master Servicer if such Advance or
      Servicing Advance would, if made, constitute a Nonrecoverable Advance or
      Nonrecoverable Servicing Advance. The determination by the Master Servicer
      that
      it has made a Nonrecoverable Advance or a Nonrecoverable Servicing Advance
      or
      that any proposed Advance or Servicing Advance, if made, would constitute a
      Nonrecoverable Advance or Nonrecoverable Servicing Advance, respectively, shall
      be evidenced by an Officers’ Certificate of the Master Servicer delivered to the
      Trustee and the NIMS Insurer.

     

    (e) The
      Master Servicer shall deliver to the Trustee for deposit into the Distribution
      Account on or before 3:00 p.m. New York time on the Master Servicer Remittance
      Date from its own funds an amount (“Compensating Interest”) equal to the lesser
      of (i) the aggregate of the Prepayment Interest Shortfalls for the related
      Distribution Date resulting solely from Principal Prepayments during the related
      Prepayment Period and (ii) the amount of its aggregate Servicing Fee for the
      most recently ended calendar month. The Master Servicer shall not have the
      right
      to reimbursement for any amounts remitted to the Trustee in respect of
      Prepayment Interest Shortfalls. Such amounts so remitted shall be included
      in
      the Available Funds and distributed therewith on the next Distribution Date.
      The
      Master Servicer shall not be obligated to pay any amounts with respect to Relief
      Act Interest Shortfalls.

     

    (f) At
      the request of a Holder of a Class CE, Class P or Residual Certificate, the
      Master Servicer shall forward to such Holder any statements or reports provided
      to the Trustee by the Master Servicer pursuant to this Section 4.03 and other
      loan level information relating to the Mortgage Loans as reasonably requested
      by
      such Holder, provided, that such requesting Holder (i) enters into an agreement
      with the Master Servicer, at the satisfaction of the Master Servicer, regarding
      certain procedures with respect to the release of such information and (ii)
      agrees to cover all expenses in connection with such request.

     

    
      	SECTION
              4.04.  	
              Allocation
                of Realized Losses.

            

    

     

    (a) On
      or before each Determination Date, the Master Servicer shall determine as to
      each Mortgage Loan and REO Property: (i) the total amount of Realized Losses,
      if
      any, incurred in connection with any Final Recovery Determinations made during
      the related Prepayment Period; (ii) whether and the extent to which such
      Realized Losses constituted Bankruptcy Losses; and (iii) the respective portions
      of such Realized Losses allocable to interest and allocable to principal. On
      or
      before each Determination Date, the Master Servicer shall also determine as
      to
      each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred
      in
      connection with any Deficient Valuations made during the related Prepayment
      Period; and (B) the total amount of Realized Losses, if any, incurred in
      connection with Debt Service Reductions in respect of Monthly Payments due
      during the related Due Period. The information described in the two preceding
      sentences that is to be supplied by the Master Servicer shall be evidenced
      by an
      Officers’ Certificate delivered to the Trustee by the Master Servicer on the
      Master Servicer Reporting Date immediately following the end of (x) in the
      case
      of Bankruptcy Losses allocable to interest, the Due Period during which any
      such
      Realized Loss was incurred, and (y) in the case of all other Realized Losses,
      the Prepayment Period during which any such Realized Loss was
      incurred.

     

    (b) All
      Realized Losses on the Mortgage Loans shall be allocated by the Trustee on
      each
      Distribution Date as follows: first,
      in reduction of interest accrued on and otherwise distributable to the Class
      CE
      Certificates to the extent of Net Monthly Excess Cashflow used to pay principal
      on the Class A Certificates and the Mezzanine Certificates under clause (i)
      of
      Section 4.01 hereof; second,
      in reduction of interest accrued on and otherwise distributable to the Class
      CE
      Certificates to the extent of Net Monthly Excess Cashflow available for
      distribution pursuant to clauses (ii) through (vi) of Section 4.01(a)(4) hereof;
      and third,
      in reduction of the Certificate Principal Balance of the Class CE Certificates
      (determined after taking into account all distributions made on the Certificates
      on such Distribution Date), until the Certificate Principal Balance thereof
      has
      been reduced to zero. If on any Distribution Date, after all distributions
      are
      made by the Trustee pursuant to Section 4.01 hereof, the aggregate Certificate
      Principal Balance of the Class A Certificates, the Mezzanine Certificates and
      the Class P Certificates exceeds the sum of the Stated Principal Balance of
      the
      Mortgage Loans as of the last day of the related Due Period (after taking into
      account prepayments during the related Prepayment Period), the amount of such
      excess shall be allocated: first,
      to the Class M-11 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero, second,
      to the Class M-10 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero, third,
      to the Class M-9 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero, fourth,
      to the Class M-8 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero, fifth,
      to the Class M-7 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero, sixth,
      to the Class M-6 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero, seventh,
      to the Class M-5 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero, eighth,
      to the Class M-4 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero, ninth,
      to the Class M-3 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero, tenth,
      to the Class M-2 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero, and eleventh,
      to the Class M-1 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero. All Realized Losses to be allocated to the Certificate
      Principal Balances of all Classes on any Distribution Date shall be so allocated
      after the actual distributions to be made on such date as provided
      above.

     

    Any
      such allocation to a Class of Mezzanine Certificates on any Distribution Date
      shall be made by reducing the Certificate Principal Balance thereof (after
      the
      actual distributions to be made on such Distribution Date pursuant to Section
      4.01 hereof) by the amount so allocated; any allocation of Realized Losses
      to a
      Class CE Certificate shall be made by reducing the amount otherwise payable
      in
      respect thereof pursuant to Section 4.01(a)(4)(v). No allocations of any
      Realized Losses shall be made to the Certificate Principal Balances of the
      Class
      A Certificates or the Class P Certificates.

     

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

     

    (c)(i) All
      Realized Losses on the Group I Loans shall be allocated on each Distribution
      Date
      first, to REMIC I Regular Interest I until the Uncertificated Balance of such
      REMIC I Regular Interest has been reduced to zero and second, to REMIC I Regular
      Interest I-1-A through REMIC I Regular Interest I-49-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
      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-49-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.

     

    (c)(ii) The
      REMIC II Marker Allocation Percentage of all Realized Losses on the Mortgage
      Loans shall be allocated by the Trustee on each Distribution Date to the
      following REMIC II Regular Interests in the specified percentages, as follows:
      first, to Uncertificated Interest payable to the REMIC II Regular Interest
      II-LTAA and REMIC II Regular Interest II-LTZZ up to an aggregate amount equal
      to
      the REMIC II Interest Loss Allocation Amount, 98% and 2%, respectively; second,
      to the Uncertificated Balances of the REMIC II Regular Interest II-LTAA and
      REMIC II Regular Interest II-LTZZ up to an aggregate amount equal to the REMIC
      II Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the
      Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular
      Interest II-LTM10 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      II-LTM10 has been reduced to zero; fourth, to the Uncertificated Balances of
      REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM9 and REMIC
      II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Balance of REMIC II Regular Interest II-LTM9 has been reduced
      to
      zero; fifth, to the Uncertificated Balances of REMIC II Regular Interest
      II-LTAA, REMIC II Regular Interest II-LTM8 and REMIC II Regular Interest
      II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of
      REMIC
      II Regular Interest II-LTM8 has been reduced to zero; sixth, to the
      Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular
      Interest II-LTM7 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      II-LTM7 has been reduced to zero; seventh, to the Uncertificated Balances of
      REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM6 and REMIC
      II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Balance of REMIC II Regular Interest II-LTM6 has been reduced
      to
      zero; eighth, to the Uncertificated Balances of REMIC II Regular Interest
      II-LTAA, REMIC II Regular Interest II-LTM5 and REMIC II Regular Interest
      II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of
      REMIC
      II Regular Interest II-LTM5 has been reduced to zero; ninth, to the
      Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular
      Interest II-LTM4 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      II-LTM4 has been reduced to zero; tenth, to the Uncertificated Balances of
      REMIC
      II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM3 and REMIC II
      Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated
      Balance of REMIC II Regular Interest II-LTM3 has been reduced to zero; eleventh,
      to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC
      II
      Regular Interest II-LTM2 and REMIC II Regular Interest II-LTZZ, 98%, 1% and
      1%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      II-LTM2 has been reduced to zero; and twelfth, to the Uncertificated Balances
      of
      REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM1 and REMIC
      II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Balance of REMIC II Regular Interest II-LTM1 has been reduced
      to
      zero.

     

    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
      II-LTXX.

     

    All
      Realized Losses shall be allocated on each Distribution Date in the same manner
      and priority as such Realized Losses are allocated to the Corresponding
      Certificates.

     

    
      	SECTION
              4.05.  	
              Compliance
                with Withholding Requirements.

            

    

     

    Notwithstanding
      any other provision of this Agreement, the Trustee 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 Trustee does withhold any amount from interest
      or
      original issue discount payments or advances thereof to any Certificateholder
      pursuant to federal withholding requirements, the Trustee shall indicate the
      amount withheld to such Certificateholders.

     

    
      	SECTION
              4.06.  	
              Commission
                Reporting.

            

    

     

    (a) (i) The
      Trustee and the Master Servicer shall reasonably cooperate with the Depositor
      in
      connection with the Trust Fund’s satisfying the reporting requirements under the
      Exchange Act.

     

    (ii) Within
      15 days after each Distribution Date, the Trustee shall, pursuant to Rule 13a-17
      or Rule 15d-17 of the Exchange Act, file with the Commission via the Electronic
      Data Gathering and Retrieval System (“EDGAR”), a report on Form 10-D
      (“Distribution Report”), signed by the Depositor, that includes a copy of the
      Monthly Statement to be furnished by the Trustee to the Certificateholders
      for
      such Distribution Date pursuant to Section 4.02 and such other information
      required to be reported by the Trust on Form 10-D, provided, however, that
      such
      information is provided to the Trustee (with a copy to the Depositor) on or
      prior to the related Distribution Date prior to the applicable filing deadline.
      The Trustee will compile the information provided by the Depositor, Master
      Servicer and any other parties in the Form 10-D and provide such completed
      Form
      10-D to the Depositor to review and verify the completed Form 10-D. The
      Depositor shall sign the completed Form 10-D and deliver such signed Form 10-D
      to the Trustee by no later than two Business Days prior to the applicable filing
      date. The Trustee shall not be responsible for determining what information
      is
      required to be filed on Form 10-D (unless such information is specific to the
      Trustee, in which case the Trustee will be responsible for making such
      determination). The Trustee shall have no liability for any loss, expense,
      damage or claim arising out of or with respect to any failure to properly
      prepare or timely file such Form 10-D, where such failure results from the
      Trustee’s failure to receive, on a timely basis as required by this paragraph,
      any required information from any other party hereto needed to prepare, arrange
      for execution or file such Form 10-D. Any disclosure in addition to the Monthly
      Statement that is required to be included on Form 10-D shall be approved by
      the
      Depositor and provided to the Trustee as described in clause (a)(v)
      below.

     

    (iii) For
      so long as the Trust is subject to the Exchange Act reporting requirements,
      no
      later than 12:00 noon on the second Business Day after the occurrence of an
      event requiring disclosure on Form 8-K (each such event, a “Reportable Event”)
      (i) the parties set forth in Exhibit N shall be required pursuant to Section
      4.06(a)(v) below to provide to the Trustee and the Depositor, to the extent
      known, in EDGAR-compatible form, or in such other form as otherwise agreed
      upon
      by the Trustee and the Depositor and such party, the form and substance of
      any
      disclosure or information related to a Reportable Event or that is otherwise
      required to be included on Form 8-K (“Form 8-K Disclosure Information”), if
      applicable, and (ii) the Depositor will approve, as to form and substance,
      or
      disapprove, as the case may be, the inclusion of the Form 8-K Disclosure
      Information on Form 8-K. The Depositor will be responsible for any reasonable
      fees and expenses assessed or incurred by the Trustee in connection with
      including any Form 8-K Disclosure Information on Form 8-K pursuant to this
      Section 4.06(a)(iii). Within four (4) Business Days after the occurrence of
      a
      Reportable Event, the Depositor shall prepare and the Trustee shall file on
      behalf of the Trust any Form 8-K, as required by the Exchange Act, provided
      that
      the Depositor shall file the initial Form 8-K in connection with the issuance
      of
      the Certificates. Any Form 8-K Disclosure Information shall be approved by
      the
      Depositor.

     

    No
      later than the end of business New York City time on the third Business Day
      after the Reportable Event, a senior officer of the Depositor shall sign the
      Form 8-K and deliver an electronic or fax copy of such signed Form 8-K in
      EDGAR-compatible form (with an original executed hard copy to follow by
      overnight mail) to the Trustee. The Trustee shall not be responsible for
      determining what information is required to be filed on a Form 8-K in connection
      with the transactions contemplated by this Agreement (unless such information
      is
      specific to the Trustee, in which case the Trustee will be responsible for
      making such a determination) or what events shall cause a Form 8-K to be
      required to be filed (unless such event is specific to the Trustee, in which
      case the Trustee will be responsible for causing such Form 8-K to be filed).
      The
      Trustee shall have no liability for any loss, expense, damage, claim arising
      out
      of or with respect to any failure to properly prepare or timely file such Form
      8-K, where such failure results from the Trustee’s failure to receive, on a
      timely basis as required by this paragraph, any Form 8-K from the
      Depositor.

     

    (iv) Prior
      to January 30 of the first year in which the Trustee is able to do so in
      accordance with applicable law, the Trustee shall, pursuant to Rule 12h-3 of
      the
      Exchange Act, file a Form 15 Suspension Notice with respect to the Trust Fund,
      if applicable. Prior to (x) March 15, 2007 and (y) unless and until a Form
      15
      Suspension Notice shall have been filed, prior to March 20th
      of each year thereafter, the Master Servicer shall provide the Trustee with
      the
      Assessment of Compliance and Attestation Report to be delivered by the Master
      Servicer pursuant to Section 3.20 (including with respect to any Sub-Servicer
      or
      subcontractor, if required to be filed). Prior to (x) March 31, 2007 and (y)
      unless and until a Form 15 Suspension Notice shall have been filed, March
      31st
      of each year thereafter, the Trustee shall, subject to subsection (d) below,
      file a Form 10-K, in substance as required by applicable law or applicable
      Commission staff’s interpretations and conforming to industry standards, with
      respect to the Trust Fund. Such Form 10-K shall include the Assessment of
      Compliance, the Attestation Report and other documentation provided by the
      Master Servicer pursuant to Sections 3.19 and 3.20 (including with respect
      to
      any Sub-Servicer or subcontractor, if required to be filed) and the Assessment
      of Compliance and the Attestation Report with respect to the Trustee, and the
      Form 10-K certification in the form attached hereto as Exhibit J-1 (the
“Certification”) signed by the senior officer of the Depositor in charge of
      securitization; provided that the Trustee shall have received no later than
      March 1st
      (other than the Assessment of Compliance, the Attestation Report and the
      Certification, no later than March 20th)
      of each calendar year prior to the filing deadline for the Form 10-K all
      information, data and exhibits required to be provided or filed with such Form
      10-K and required to be provided to the Trustee as described in clause (c)(v)
      below. If they are not so timely delivered, the Trustee shall file an amended
      Form 10-K including such documents as exhibits reasonably promptly after
      they are delivered to the Trustee. The Trustee will compile the information
      provided by the Depositor and the Master Servicer in the Form 10-K and provide
      such completed Form 10-K to the Depositor to review and verify the completed
      Form 10-K. The Depositor shall sign the Form 10-K and deliver the signed Form
      10-K, together with the Certification, to the Trustee by no later than March
      20th
      (or if such day is not a Business Day, the preceding Business Day). The Trustee
      shall not be responsible for determining what information is required to be
      filed on a Form 10-K in connection with the transactions contemplated by this
      Agreement (other than any items specifically set forth in this Agreement or
      unless such information is specific to the Trustee, in which case the Trustee
      will be responsible for making such determination). The Trustee shall have
      no
      liability for any loss, expense, damage or claim arising out of or with respect
      to any failure to properly prepare or timely file such Form 10-K, where such
      failure results from the Trustee’s failure to receive, on a timely basis as
      required by this paragraph, any information from any other party hereto needed
      to prepare, arrange for execution or file such Form 10-K.

     

    (v) As
      to each item of information required to be included in any Form 10-D, Form
      8-K
      or Form 10-K, the Trustee’s obligation to include or provide the information in
      the applicable report is subject to receipt from the entity that is indicated
      in
      Exhibit N as the responsible party for providing that information, if other
      than
      the Trustee, as and when required as described above. Each of the Master
      Servicer, the Depositor and the Trustee hereby agree to notify and provide
      to
      the other parties all information that is required to be included in any Form
      10-D, Form 8-K or Form 10-K, with respect to which that entity is indicated
      in
      Exhibit N as the responsible party for providing that information by no later
      than the times set forth in (iv) above. The Master Servicer shall be responsible
      for determining the pool concentration applicable to any Sub-Servicer or
      originator at any time, for purposes of disclosure as required by Items 1117
      and
      1119 of Regulation AB. The Trustee will provide electronic or paper copies
      of
      all Form 10-D, 8-K and 10-K filings free of charge to any Certificateholder
      upon
      request.

     

    (vi) The
      Trustee shall sign a certification (in the form attached hereto as
      Exhibit J-2) for the benefit of the Depositor and its officers, directors
      and Affiliates regarding certain aspects in respect of items 1 through 3 of
      the
      Certification (provided, however, that the Trustee shall not undertake an
      analysis of the Attestation Report attached as an exhibit to the Form 10-K).
      The
      Trustee's certification shall be delivered to the Depositor by no later than
      March 18th
      of each year (or if such day is not a Business Day, the immediately preceding
      Business Day) and the Depositor shall deliver the Certification to the Trustee
      for filing no later than March 20th
      of each year (or if such day is not a Business Day, the immediately preceding
      Business Day).

     

    In
      addition, the Trustee shall indemnify and hold harmless the Depositor and the
      Master Servicer and its officers, directors and Affiliates from and against
      any
      losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
      fees and related costs, judgments and other costs and expenses arising out
      of or
      based upon the Trustee’s failure to timely file any Form 10-D, Form 8-K or Form
      10-K as required by this Agreement and/or any untrue statement of a material
      fact or omission to state a material fact required to be stated or necessary
      to
      make the statements made not misleading contained in any information provided
      by
      the Trustee (other than the Attestation Report for the Trustee). The Master
      Servicer shall indemnify and hold harmless the Trustee and its officers,
      directors and Affiliates from and against any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses arising out of or based upon the Depositor’s or the
      Master Servicer’s failure to timely deliver any information required hereunder
      and/or any untrue statement of a material fact or omission to state a material
      fact required to be stated or necessary to make the statements made not
      misleading contained in any information provided by the Depositor or the Master
      Servicer. If the indemnification provided for herein is unavailable or
      insufficient to hold harmless the Master Servicer or the Depositor on the one
      hand or the Trustee on the other, then the other party, in connection with
      its
      respective obligations to indemnify hereunder, agrees that it shall contribute
      to the amount paid or payable by the other party as a result of the losses,
      claims, damages or liabilities of the other party in such proportion as is
      appropriate to reflect the relative fault of the Master Servicer or the
      Depositor on the one hand and the Trustee on the other.

    

     

    Upon
      any filing with the Securities and Exchange Commission, the Trustee shall
      promptly deliver to the Depositor a copy of any such executed report, statement
      or information.

     

    
      	SECTION
              4.07.  	
              [Reserved].

            

    

     

    
      	SECTION
              4.08.  	
              [Reserved].

            

    

     

    
      	SECTION
              4.09.  	
              [Reserved].

            

    

     

    
      	SECTION
              4.10.  	
              Swap
                Account

            

    

     

    (a)  No
      later than the Closing Date, the Trustee shall establish and maintain with
      itself, as agent for the Trustee, a separate, segregated trust account titled,
      “Swap Account, Deutsche Bank National Trust Company, as Trustee, in trust for
      the Interest Rate Swap Provider and the registered holders of Ameriquest
      Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series
      2006-R1.” Such account shall be an Eligible Account and amounts therein shall be
      held uninvested.

     

    (b)  On
      each Distribution Date, prior to any distribution to any Certificate, the
      Trustee shall deposit into the Swap Account pursuant to 3.05(c)(i): (i) the
      amount of any Net Swap Payment or Swap Termination Payment owed to the Interest
      Rate Swap Provider (after taking into account any upfront payment received
      by
      the Interest Rate Swap Provider from the counterparty to a replacement similar
      agreement) from funds collected and received with respect to the Mortgage Loans
      prior to the determination of Available Funds and (ii) amounts received by
      the
      Trustee from the Swap Administrator, for distribution in accordance with
      subsection (e) below, pursuant to the Swap Administration Agreement, dated
      as of
      the Closing Date (the “Swap Administration Agreement”), among Deutsche Bank
      National Trust Company in its capacity as Trustee, Deutsche Bank National Trust
      Company in its capacity as Swap Administrator and Ameriquest Mortgage Company.
      For federal income tax purposes, any amounts paid to the Interest Rate Swap
      Provider on each Distribution Date shall first be deemed paid to the Interest
      Rate Swap Provider in respect of the Class SWAP-IO Interest to the extent of
      the
      amount distributable on such Class SWAP-IO Interest on such Distribution Date,
      and any remaining amount shall be deemed paid to the Interest Rate Swap Provider
      in respect of a Class IO Distribution Amount (as defined below).

     

    If
      the Trustee fails to pay any Net Swap Payment owed to the Interest Rate Swap
      Provider and such failure to pay is not related to insufficient funds in the
      Distribution Account and such failure to pay would, pursuant to the terms of
      the
      Interest Rate Swap Agreement, cause a Swap Termination Payment to be owed to
      the
      Interest Rate Swap Provider, the NIMS Insurer may, on behalf of the Trustee
      and
      after consultation with the Trustee, pay such Net Swap Payment owed to the
      Interest Rate Swap Provider. The NIMS Insurer shall be reimbursed by the Trustee
      pursuant to Section 3.05(c).

     

    (c)  For
      federal income tax purposes, the Swap Account shall be owned by the majority
      Holder of the Class CE Certificates. 

     

    (d)  The
      Trustee shall treat the Holders of Certificates (other than the Class P, Class
      CE, Class R and Class R-X Certificates) as having entered into a notional
      principal contract with respect to the Holders of the Class CE Certificates.
      Pursuant to each such notional principal contract, all Holders of Certificates
      (other than the Class P, Class CE, Class R and Class R-X Certificates) shall
      be
      treated as having agreed to pay, on each Distribution Date, to the Holder of
      the
      Class CE Certificates an aggregate amount equal to the excess, if any, of (i)
      the amount payable on such Distribution Date on the REMIC III Regular Interest
      corresponding to such Class of Certificates over (ii) the amount payable on
      such
      Class of Certificates on such Distribution Date (such excess, a “Class IO
      Distribution Amount”). A Class IO Distribution Amount payable from interest
      collections shall be allocated pro
      rata
      among such Certificates based on the 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 Certificates
      with an outstanding principal balance to the extent of such balance. In
      addition, pursuant to such notional principal contract, the Holder of the Class
      CE Certificates shall be treated as having agreed to pay Net WAC Rate Carryover
      Amounts to the Holders of the Certificates (other than the Class CE, Class
      P,
      Class R and Class R-X Certificates) in accordance with the terms of this
      Agreement. Any payments to the Certificates from amounts deemed received in
      respect of this notional principal contract shall not be payments with respect
      to a Regular Interest in a REMIC within the meaning of Code Section 860G(a)(1).
      However, any payment from the Certificates (other than the Class CE, Class
      P and
      Class R Certificates) of a Class IO Distribution Amount shall be treated for
      tax
      purposes as having been received by the Holders of such Certificates in respect
      of their interests in REMIC III and as having been paid by such Holders to
      the
      Swap Administrator pursuant to the notional principal contract. Thus, each
      Certificate (other than the Class P Certificates, Class R Certificates and
      Class
      R-X Certificates) shall be treated as representing not only ownership of Regular
      Interests in REMIC III, but also ownership of an interest in, and obligations
      with respect to, a notional principal contract.

     

    (e)  In
      connection with paragraph 7(i) of the ISDA Credit Support Annex (as defined
      in
      the definition of Interest Rate Swap Agreement herein), upon the Interest Rate
      Swap Provider’s failure to post collateral with the Trustee, the Trustee (to the
      extent it has actual knowledge) shall provide, no later than the next Business
      Day after the date such collateral was required to be posted, to the Interest
      Rate Swap Provider a written notice of such failure.

     

    
      	SECTION
              4.11.  	
              Tax
                Treatment of Swap Payments and Swap Termination
                Payments.

            

    

     

    For
      federal income tax purposes, each holder of a Class A or Mezzanine Certificate
      is deemed to own an undivided beneficial ownership interest in a REMIC regular
      interest and the right to receive payments from either the Net WAC Rate
      Carryover Reserve Account or the Swap Account in respect of the Net WAC Rate
      Carryover Amount or the obligation to make payments to the Swap Account. For
      federal income tax purposes, the Trustee will account for payments to each
      Class
      A and Mezzanine Certificates as follows: each Class A and Class M Certificate
      will be treated as receiving their entire payment from REMIC III (regardless
      of
      any Swap Termination Payment or obligation under the Interest Rate Swap
      Agreement) and subsequently paying their portion of any Swap Termination Payment
      in respect of each such Class’ obligation under the Interest Rate Swap
      Agreement. In the event that any such Class is resecuritized in a REMIC, the
      obligation under the Interest Rate Swap Agreement to pay any such Swap
      Termination Payment (or any shortfall in 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 Class A or Mezzanine Certificate. Resecuritization of any Class A or
      Mezzanine Certificate in a REMIC will be permissible only if the Trustee
      hereunder is the trustee in such resecuritization.

     

    The
      REMIC regular interest corresponding to a Class A or Mezzanine Certificate
      will
      be entitled to receive interest and principal payments at the times and in
      the
      amounts equal to those made on the certificate to which it corresponds, except
      that (i) the maximum interest rate of that REMIC regular interest will equal
      the
      Net WAC Pass-Through Rate computed for this purpose by limiting the Base
      Calculation Amount of the Interest Rate Swap Agreement to the aggregate
      principal balance of the Mortgage Loans and (ii) any Swap Termination Payment
      will be treated as being payable solely from Net Monthly Excess Cashflow. As
      a
      result of the foregoing, the amount of distributions and taxable income on
      the
      REMIC regular interest corresponding to a Class A or Mezzanine Certificate
      may
      exceed the actual amount of distributions on the Class A or Mezzanine
      Certificate.

     

    
      	SECTION
              4.12.  	
              Net
                WAC Rate Carryover Reserve Account.

            

    

     

    (a) No
      later than the Closing Date, the Trustee shall establish and maintain with
      itself, as agent for the Trustee, a separate, segregated trust account titled,
      “Net WAC Rate Carryover Reserve Account, Deutsche Bank National Trust Company,
      as Trustee, in trust for the registered Holders of Ameriquest Mortgage
      Securities Inc., Asset-Backed Pass-Through Certificates, Series 2006-R1.” The
      Trustee shall deposit into the Net WAC Rate Carryover Reserve Account any
      payments received by it pursuant to Section 4.01(a)(4)(iv).

     

    (b) On
      each Distribution Date as to which there is a Net WAC Rate Carryover Amount
      payable to the Class A Certificates or the Mezzanine Certificates, the Trustee
      has been directed by the Class CE Certificateholders to, and therefore shall,
      deposit into the Net WAC Rate Carryover Reserve Account the amount of such
      Net
      WAC Rate Carryover Amount rather than distributing such amounts to the Class
      CE
      Certificateholders. On each such Distribution Date, the Trustee shall hold
      all
      such amounts for the benefit of the Holders of the Class A Certificates and
      the
      Mezzanine Certificates, and shall distribute such amounts to the Holders of
      the
      Class A Certificates and the Mezzanine Certificates in the amounts and
      priorities set forth in Section 4.01(a).

     

    (c) For
      federal and state income tax purposes, the Class CE Certificateholders shall
      be
      deemed to be the owners of the Net WAC Rate Carryover Reserve Account and all
      amounts deposited into the Net WAC Rate Carryover Reserve Account shall be
      treated as amounts distributed by REMIC IV to the Holders of the Class CE
      Interest and from the Class CE Interest to the Class CE Certificates. Upon
      the
      termination of the Trust, or the payment in full of the Class A Certificates
      and
      the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC
      Rate
      Carryover Reserve Account shall be released by the Trust and distributed to
      the
      Class CE Certificateholders or their designees. The Net WAC Rate Carryover
      Reserve Account shall be part of the Trust 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 shall not be payments with
      respect to a “regular interest” in a REMIC within the meaning of Code Section
      860(G)(a)(1).

     

    (d) By
      accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees
      to direct the Trustee, and the Trustee hereby is directed, to deposit into
      the
      Net WAC Rate Carryover Reserve Account the amounts described above on each
      Distribution Date as to which there is any Net WAC Rate Carryover Amount rather
      than distributing such amounts to the Class CE Certificateholders. By accepting
      a Class CE Certificate, each Class CE Certificateholder further agrees that
      such
      direction is given for good and valuable consideration, the receipt and
      sufficiency of which is acknowledged by such acceptance.

     

    (e) At
      the written direction of the Holders of a majority in Percentage Interest in
      the
      Class CE Certificates, the Trustee shall direct any depository institution
      maintaining the Net WAC Rate Carryover Reserve Account 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 Trustee 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 Trustee or an Affiliate manages
      or
      advises such investment. If no investment direction of the Holders of a majority
      in Percentage Interest in the Class CE Certificates with respect to the Net
      WAC
      Rate Carryover Reserve Account is received by the Trustee, the Trustee shall
      invest the funds in the Deutsche Bank Institutional Cash Management Fund 541
      so
      long as it is a Permitted Investment. Interest earned on such investment shall
      be deposited into the Net WAC Rate Carryover Reserve Account.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      V  

     

    THE
      CERTIFICATES

     

    
      	SECTION
              5.01.  	
              The
                Certificates.

            

    

     

    (a) The
      Certificates in the aggregate shall represent the entire beneficial ownership
      interest in the Mortgage Loans and all other assets included in REMIC I. At
      the
      Closing Date, the aggregate Certificate Principal Balance of the Certificates
      shall equal the aggregate Stated Principal Balance of the Mortgage
      Loans.

     

    The
      Certificates shall be substantially in the forms annexed hereto as Exhibits
      A-1
      through A-R-X. The Certificates of each Class shall be issuable in registered
      form only, in denominations of authorized Percentage Interests as described
      in
      the definition thereof. Each Certificate shall share ratably in all rights
      of
      the related Class.

     

    Upon
      original issue, the Certificates shall be executed and delivered by the Trustee
      and the Trustee shall cause the Certificates to be authenticated by the
      Certificate Registrar to or upon the order of the Depositor. The Certificates
      shall be executed and attested by manual or facsimile signature on behalf of
      the
      Trustee by an authorized signatory. Certificates bearing the manual or facsimile
      signatures of individuals who were at any time the proper officers of the
      Trustee shall bind the Trustee 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 Certificate Registrar 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 Trustee 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 Trustee is hereby initially appointed as the
      Book-Entry Custodian and hereby agrees to act as such in accordance herewith
      and
      in accordance with the agreement that it has with the Depository authorizing
      it
      to act as such. The Book-Entry Custodian may, and if it is no longer qualified
      to act as such, the Book-Entry Custodian shall, appoint, by a written
      instrument delivered to the Depositor, the Master Servicer, the Trustee (if
      the
      Trustee is not the Book-Entry Custodian) and 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 Trustee resigns or is removed in accordance with the terms
      hereof, if it so elects, the Depository shall immediately succeed to its
      predecessor’s duties as Book-Entry Custodian. The Depositor shall have the right
      to inspect, and to obtain copies of, any Certificates held as Book-Entry
      Certificates by the Book-Entry Custodian.

     

    The
      Trustee, the 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
      Trustee 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 Trustee in writing that the Depository is
      no
      longer willing or able to properly discharge its responsibilities as Depository,
      and (B) the Depositor is unable to locate a qualified successor or (ii) after
      the occurrence of a Master Servicer Event of Default, Certificate Owners
      representing in the aggregate not less than 51% of the Ownership Interests
      of
      the Book-Entry Certificates advise the Trustee 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 Trustee 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 Trustee of the Book-Entry
      Certificates by the Book-Entry Custodian or the Depository, as applicable,
      accompanied by registration instructions from the Depository for registration
      of
      transfer, the Trustee shall issue the Definitive Certificates. Such Definitive
      Certificates shall be issued in minimum denominations of $100,000 in the case
      of
      the Class A and Mezzanine Certificates, except that any beneficial ownership
      that was represented by a Book-Entry Certificate in an amount less than $100,000
      immediately prior to the issuance of a Definitive Certificate shall be issued
      in
      a minimum denomination equal to the amount represented by such Book-Entry
      Certificate. None of the Depositor, the Master Servicer 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 Trustee, to the extent applicable with respect to such
      Definitive Certificates, and the Trustee shall recognize the Holders of the
      Definitive Certificates as Certificateholders hereunder.

     

    
      	SECTION
              5.02.  	
              Registration
                of Transfer and Exchange of
                Certificates.

            

    

     

    (a) The
      Trustee shall cause to be kept at one of the offices or agencies to be appointed
      by the Trustee in accordance with the provisions of Section 8.12 a Certificate
      Register for the Certificates in which, subject to such reasonable regulations
      as it may prescribe, the Trustee shall provide for the registration of
      Certificates and of transfers and exchanges of Certificates as herein provided.
      The Trustee shall initially serve as Certificate Registrar for the purpose
      of
      registering Certificates and transfers and exchanges of Certificates as herein
      provided. The Certificate Registrar may appoint, by a written instrument
      delivered to the Master Servicer and the Depositor, any other bank or trust
      company to act as Certificate Registrar under such conditions as the predecessor
      Certificate Registrar may prescribe, provided that the predecessor Certificate
      Registrar shall not be relieved of any of its duties or responsibilities
      hereunder by reason of such appointment. If the Trustee shall at any time not
      be
      the Certificate Registrar, the Trustee shall have and maintain the right to
      inspect the Certificate Register or to obtain a copy thereof at all reasonable
      times, and to rely conclusively upon a certificate of the Certificate Registrar
      as to the information set forth in the Certificate Register.

     

    (b) No
      transfer of any Private Mezzanine Certificate, 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 of
      1933, as amended (the “1933 Act”), and an effective registration or
      qualification under applicable state securities laws, or is made in a
      transaction that does not require such registration or qualification. In the
      event that such a transfer of a Private Mezzanine Certificate, Class CE
      Certificate, Class P Certificate or Residual Certificate is to be made without
      registration or qualification (other than in connection with (i) the initial
      transfer of any such Certificate by the Depositor to an affiliate of the
      Depositor, (ii) the transfer of any such Class CE, Class P or Residual
      Certificate to the issuer under the Indenture or the indenture trustee under
      the
      Indenture or (iii) a transfer of any such Certificate from the issuer under
      the
      Indenture or the indenture trustee under the Indenture to the Depositor or
      an
      Affiliate of the Depositor), the Trustee and the Certificate Registrar shall
      each require receipt of: (i) if such transfer is purportedly being made in
      reliance upon Rule 144A under the 1933 Act, written certifications from the
      Certificateholder desiring to effect the transfer and from such
      Certificateholder’s prospective transferee, substantially in the forms attached
      hereto as Exhibit F-1; and (ii) in all other cases, an Opinion of Counsel
      satisfactory to it that such transfer may be made without such registration
      (which Opinion of Counsel shall not be an expense of the Depositor, the Trustee,
      the Master Servicer, in its capacity as such, or the Trust Fund), together
      with
      copies of the written certification(s) of the Certificateholder desiring to
      effect the transfer and/or such Certificateholder’s prospective transferee upon
      which such Opinion of Counsel is based, if any. None of the Depositor, the
      Certificate Registrar or the Trustee is obligated to register or qualify the
      Private Mezzanine Certificates, the Class CE Certificates, the Class P
      Certificates or the Residual Certificates under the 1933 Act or any other
      securities laws or to take any action not otherwise required under this
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. If a transfer of an Ownership Interest in the Private Mezzanine
      Certificates is to be made without registration under the 1933 Act (other than
      in connection with the initial transfer of any such Certificate by the Depositor
      to an affiliate of the Depositor), then the Certificate Registrar shall refuse
      to register such transfer unless it receives (and upon receipt, may conclusively
      rely upon) a certificate from the Certificateholder desiring to effect such
      transfer and a certificate from such Certificateholder’s prospective transferee
      (which in the case of the Book-Entry Certificates, the Certificateholder and
      the
      Certificateholder’s prospective transferee shall be deemed to have represented
      such certification), to the effect that, among other things, the transfer is
      being made to a qualified institutional buyer as defined in Rule 144A under
      the
      Securities Act in accordance with Rule 144A. Any Certificateholder desiring
      to
      effect the transfer of a Private Mezzanine Certificate, Class CE Certificate,
      Class P Certificate or Residual Certificate shall, and does hereby agree to,
      indemnify the Trustee, the Depositor, the Certificate Registrar and the Master
      Servicer against any liability that may result if the transfer is not so exempt
      or is not made in accordance with such federal and state laws.

     

    Notwithstanding
      the foregoing, no certification or Opinion of Counsel described in this Section
      5.02(b) shall be required in connection with the transfer, on the Closing Date,
      of any Class R Certificate by the Depositor to an “accredited investor” within
      the meaning of Rule 501(d) of the 1933 Act.

     

    (c) No
      transfer of a Certificate or any interest therein shall be made to any Plan,
      any
      Person acting, directly or indirectly, on behalf of a Plan or any Person
      acquiring such Certificates with “Plan Assets” of a Plan within the meaning of
      the Department of Labor regulation promulgated at 29 C.F.R. § 2510.3-101 (“Plan
      Assets”), as certified by such transferee in the form of Exhibit G (or, in the
      case of a Book-Entry Certificate, such transferee shall be deemed to represent
      that it is not a Plan or acquiring with Plan Assets of a Plan), unless the
      Trustee is provided with an Opinion of Counsel for the benefit of the Trust
      Fund, the Depositor, the Trustee, the NIMS Insurer and the Master Servicer
      and
      on which they may rely, which shall be to the effect that the purchase and
      holding of such Certificates is permissible under applicable law, shall not
      constitute or result in any non-exempt prohibited transaction under ERISA or
      Section 4975 of the Code and shall not subject the Depositor, the Master
      Servicer, the NIMS Insurer, the Trustee or the Trust Fund to any obligation
      or
      liability (including obligations or liabilities under ERISA or Section 4975
      of
      the Code) in addition to those undertaken in this Agreement, which Opinion
      of
      Counsel shall not be an expense of the Depositor, the Master Servicer, the
      NIMS
      Insurer, the Trustee or the Trust Fund. Neither an Opinion of Counsel nor any
      certification shall be required in connection with (i) the initial transfer
      of
      any such Certificate by the Depositor to an affiliate of the Depositor, (ii)
      the
      transfer of any such Certificate to the issuer under the Indenture or the
      indenture trustee under the Indenture or (iii) a transfer of any such
      Certificate from the issuer under the Indenture or the indenture trustee under
      the Indenture to the Depositor or an Affiliate of the Depositor (in which case
      such transferee shall be deemed to have represented that it is not purchasing
      with Plan Assets of a Plan) and the Trustee shall be entitled to conclusively
      rely upon a representation (which, upon the request of the Trustee, shall be
      a
      written representation) from the Depositor of the status of such transferee
      as
      an affiliate of the Depositor.

     

    If
      any Certificate or any interest therein is acquired or held in violation of
      the
      provisions of the preceding paragraphs, the next preceding permitted beneficial
      owner shall be treated as the beneficial owner of that Certificate retroactive
      to the date of transfer to the purported beneficial owner. Any purported
      beneficial owner whose acquisition or holding of any such Certificate or
      interest therein was effected in violation of the provisions of the preceding
      paragraph shall indemnify and hold harmless the Depositor, the Master Servicer,
      the Trustee, the NIMS Insurer, and the Trust Fund from and against any and
      all
      liabilities, claims, costs or expenses incurred by those parties as a result
      of
      that acquisition or holding.

     

    (d) 
      (i) Each Person who has or who acquires any Ownership Interest in a Residual
      Certificate shall be deemed by the acceptance or acquisition of such Ownership
      Interest to have agreed to be bound by the following provisions and to have
      irrevocably authorized the Certificate Registrar 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 Certificate
      Registrar 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 Certificate Registrar shall require delivery to it and shall
      not register the Transfer of any Residual Certificate until its receipt of
      an
      affidavit and agreement (a “Transfer Affidavit and Agreement”), in the form
      attached hereto as Exhibit F-2 from the proposed Transferee, in form and
      substance satisfactory to the Certificate Registrar, 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 shall endeavor to remain a
      Permitted Transferee, and that it has reviewed the provisions of this Section
      5.02(d) and agrees to be bound by them.

     

    (C) Notwithstanding
      the delivery of a Transfer Affidavit and Agreement by a proposed Transferee
      under clause (B) above, if a Responsible Officer of the Certificate Registrar
      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 F-2),
      to
      the Certificate Registrar stating that, among other things, it has no actual
      knowledge that such other Person is not a Permitted Transferee.

     

    (E) Each
      Person holding or acquiring an Ownership Interest in a Residual Certificate,
      by
      purchasing an Ownership Interest in such Certificate, agrees to give the
      Certificate Registrar 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
      Certificate Registrar shall 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 Certificate
      Registrar as a condition to such registration. In addition, no Transfer of
      a
      Residual Certificate shall be made unless the Certificate Registrar 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 5.02(d), then the last preceding
      Permitted Transferee shall be restored, to the extent permitted by law, to
      all
      rights as Holder thereof retroactive to the date of registration of such
      Transfer of such Residual Certificate. The Certificate Registrar shall be under
      no liability to any Person for any registration of Transfer of a Residual
      Certificate that is in fact not permitted by this Section 5.02(d) or for making
      any payments due on such Certificate to the Holder thereof or for taking any
      other action with respect to such Holder under the provisions of this
      Agreement.

     

    (B) If
      any purported Transferee shall become a Holder of a Residual Certificate in
      violation of the restrictions in this Section 5.02(d) and to the extent that
      the
      retroactive restoration of the rights of the Holder of such Residual Certificate
      as described in clause (iii)(A) above shall be invalid, illegal or
      unenforceable, then the Certificate Registrar 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 Certificate Registrar
      on such terms as the Certificate Registrar may choose. Such purported Transferee
      shall promptly endorse and deliver each Residual Certificate in accordance
      with
      the instructions of the Certificate Registrar. Such purchaser may be the
      Certificate Registrar itself or any Affiliate of the Certificate Registrar.
      The
      proceeds of such sale, net of the commissions (which may include commissions
      payable to the Certificate Registrar or its Affiliates), expenses and taxes
      due,
      if any, shall be remitted by the Certificate Registrar 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 Certificate Registrar, and
      the
      Certificate Registrar shall not be liable to any Person having an Ownership
      Interest in a Residual Certificate as a result of its exercise of such
      discretion.

     

    (iv) The
      Trustee 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 accepted by the Trustee.

     

    (v) The
      provisions of this Section 5.02(d) set forth prior to this subsection (v) may
      be
      modified, added to or eliminated, provided that there shall have been delivered
      to the Trustee 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 shall 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 Trustee, to the
      effect that such modification of, addition to or elimination of such provisions
      shall not cause any Trust REMIC to cease to qualify as a REMIC and shall 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 (y) a Person other than the prospective transferee
      to be
      subject to a REMIC-tax caused by the Transfer of a Residual Certificate to
      a
      Person that is not a Permitted Transferee.

     

    The
      Trustee shall forward to the NIMS Insurer a copy of the items delivered to
      it
      pursuant to (A) and (B) above.

     

    (e) Subject
      to the preceding subsections, upon surrender for registration of transfer of
      any
      Certificate at any office or agency of the Trustee maintained for such purpose
      pursuant to Section 8.12, the Trustee shall execute and the Certificate
      Registrar shall 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 Trustee maintained for such purpose
      pursuant to Section 8.12. Whenever any Certificates are so surrendered for
      exchange the Trustee, shall execute and cause the Certificate Registrar to
      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 Trustee) be duly endorsed
      by,
      or be accompanied by a written instrument of transfer in the form satisfactory
      to the Trustee and the Certificate Registrar duly executed by, the Holder
      thereof or his attorney duly authorized in writing. In addition, (i) with
      respect to each Class R Certificate, the Holder thereof may exchange, in the
      manner described above, the Class R Certificate for four separate Certificates,
      each representing such Holder’s respective Percentage Interest in the Class R-I
      Interest, the Class R-II Interest, the Class R-III Interest and the Class R-IV
      Interest, respectively, in each case that was evidenced by the Class R
      Certificate being exchanged and (ii) with respect to each Class R-X Certificate,
      the Holder thereof may exchange, in the manner described above, the Class R-X
      Certificate for four separate Certificates, each representing such Holder’s
      respective Percentage Interest in the Class R-IV Interest, the Class R-V
      Interest and the Class R-VI Interest, respectively, in each case that was
      evidenced by the Class R-X Certificate being exchanged.

     

    (g) No
      service charge to the Certificateholders shall be made for any transfer or
      exchange of Certificates, but the Trustee 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 Certificate Registrar in accordance with its customary
      procedures.

     

    (i) The
      Trustee shall cause the Certificate Registrar (unless the Trustee is acting
      as
      Certificate Registrar) to provide notice to the Trustee of each transfer of
      a
      Certificate and to provide the Trustee with an updated copy of the Certificate
      Register on the first Business Day in March and August of each year, commencing
      in March 2006.

     

    (j) Any
      attempted or purported transfer of any Certificate in violation of the
      provisions of Section 5.02(c) hereof shall be void ab
      initio
      and such Certificate shall be considered to have been held continuously by
      the
      prior permitted Holder.

     

    
      	SECTION
              5.03.  	
              Mutilated,
                Destroyed, Lost or Stolen
                Certificates.

            

    

     

    If
      (i) any mutilated Certificate is surrendered to the Trustee or the Certificate
      Registrar, or the Trustee and the Certificate Registrar receive evidence to
      their satisfaction of the destruction, loss or theft of any Certificate, and
      (ii) there is delivered to the Trustee, the NIMS Insurer and the Certificate
      Registrar such security or indemnity as may be required by them to save each
      of
      them harmless, then, in the absence of actual knowledge by the Trustee or the
      Certificate Registrar that such Certificate has been acquired by a bona fide
      purchaser or the Trustee shall execute 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 Trustee 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 Certificate Registrar) connected therewith. Any replacement
      Certificate issued pursuant to this Section shall constitute complete and
      indefeasible evidence of ownership in the applicable REMIC created hereunder,
      as
      if originally issued, whether or not the lost, stolen or destroyed Certificate
      shall be found at any time.

     

    
      	SECTION
              5.04.  	
              Persons
                Deemed Owners.

            

    

     

    The
      Depositor, the Master Servicer, the Trustee, the NIMS Insurer, the Certificate
      Registrar and any agent of any of them may treat the Person in whose name any
      Certificate is registered as the owner of such Certificate for the purpose
      of
      receiving distributions pursuant to Section 4.01 and for all other purposes
      whatsoever, and none of the Depositor, the Master Servicer, the Trustee, the
      Certificate Registrar, the NIMS Insurer or any agent of any of them shall be
      affected by notice to the contrary.

     

    
      	SECTION
              5.05.  	
              Certain
                Available Information.

            

    

     

    On
      or prior to the date of the first sale of any Private Mezzanine Certificate,
      Class CE Certificate, Class P Certificate or Residual Certificate to an
      Independent third party, the Depositor shall provide to the Trustee ten copies
      of any private placement memorandum or other disclosure document used by the
      Depositor in connection with the offer and sale of the Private Mezzanine
      Certificates, the Class CE Certificates, the Class P Certificates or the
      Residual Certificates. In addition, if any such private placement memorandum
      or
      disclosure document is revised, amended or supplemented at any time following
      the delivery thereof to the Trustee, the Depositor promptly shall inform the
      Trustee of such event and shall deliver to the Trustee ten copies of the private
      placement memorandum or disclosure document, as revised, amended or
      supplemented. The Trustee shall maintain at its Corporate Trust Office and
      shall
      make available free of charge during normal business hours for review by any
      Holder of a Certificate and/or Certificate Owner or any Person identified to
      the
      Trustee as a prospective transferee of a Certificate, originals or copies of
      the
      following items: (i) in the case of a Holder, Certificate Owner or prospective
      transferee of a Private Mezzanine Certificate, a Class CE Certificate, a Class
      P
      Certificate or a Residual Certificate, the private placement memorandum or
      other
      disclosure document relating to such Certificate, if any, in the form most
      recently provided to the Trustee; and (ii) in all cases, (A) this Agreement
      and
      any amendments hereof entered into pursuant to Section 11.01, (B) all monthly
      statements required to be delivered to Certificateholders of the relevant Class
      pursuant to Section 4.02 since the Closing Date, and all other notices, reports,
      statements and written communications delivered to the Certificateholders of
      the
      relevant Class pursuant to this Agreement since the Closing Date, (C) all
      certifications delivered by a Responsible Officer of the Trustee since the
      Closing Date pursuant to Section 10.01(h), (D) any and all Officers’
Certificates delivered to the Trustee by the Master Servicer since the Closing
      Date to evidence the Master Servicer’s determination that any Advance or
      Servicing Advance was, or if made, would be a Nonrecoverable Advance or
      Nonrecoverable Servicing Advance, respectively, and (E) any and all Officers’
Certificates delivered to the Trustee by the Master Servicer since the Closing
      Date pursuant to Section 4.04(a). Copies and mailing of any and all of the
      foregoing items shall be available from the Trustee upon request at the expense
      of the person requesting the same.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      VI  

     

    THE
      DEPOSITOR AND THE MASTER SERVICER

     

    
      	SECTION
              6.01.  	
              Liability
                of the Depositor and the Master
                Servicer.

            

    

     

    The
      Depositor and the Master Servicer each shall be liable in accordance herewith
      only to the extent of the obligations specifically imposed by this Agreement
      and
      undertaken hereunder by the Depositor and the Master Servicer
      herein.

     

    
      	SECTION
              6.02.  	
              Merger
                or Consolidation of the Depositor or the Master
                Servicer.

            

    

     

    Subject
      to the following paragraph, the Depositor shall 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
      Master Servicer shall keep in full effect its existence, rights and franchises
      as a corporation under the laws of the jurisdiction of its incorporation and
      its
      qualification as an approved conventional seller/servicer for Fannie Mae or
      Freddie Mac in good standing. The Depositor and the Master Servicer each shall
      obtain and preserve its qualification to do business as a foreign corporation
      in
      each jurisdiction in which such qualification is or shall be necessary to
      protect the validity and enforceability of this Agreement, the Certificates
      or
      any of the Mortgage Loans and to perform its respective duties under this
      Agreement.

     

    The
      Depositor 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 or the Master Servicer shall be a party, or any Person succeeding
      to
      the business of the Depositor or the Master Servicer, shall be the successor
      of
      the Depositor or the Master Servicer, as the case may be, hereunder, without
      the
      execution or filing of any paper or any further act on the part of any of the
      parties hereto, anything herein to the contrary notwithstanding; provided,
      however, that the successor or surviving Person to the Master Servicer shall
      be
      qualified to service mortgage loans on behalf of Fannie Mae or Freddie Mac;
      and
      provided further that the Rating Agencies’ ratings of the Class A Certificates
      and the Mezzanine Certificates in effect immediately prior to such merger or
      consolidation shall not be qualified, reduced or withdrawn as a result thereof
      (as evidenced by a letter to such effect from the Rating Agencies).

     

    
      	SECTION
              6.03.  	
              Limitation
                on Liability of the Depositor, the Master Servicer and
                Others.

            

    

     

    None
      of the Depositor, the NIMS Insurer, the Master Servicer or any of the directors,
      officers, employees or agents of the Depositor or the Master Servicer shall
      be
      under any liability to the Trust Fund or the Certificateholders for any action
      taken or for refraining from the taking of any action in good faith pursuant
      to
      this Agreement, or for errors in judgment; provided, however, that this
      provision shall not protect the Depositor, the NIMS Insurer, the Master Servicer
      or any such person against any breach of warranties, representations or
      covenants made herein, or against any specific liability imposed on the Master
      Servicer pursuant hereto, or against any liability which would otherwise be
      imposed by reason of willful misfeasance, bad faith or negligence in the
      performance of duties or by reason of reckless disregard of obligations and
      duties hereunder. The Depositor, the NIMS Insurer, the Master Servicer or the
      Trustee and any director, officer, employee or agent of the Depositor, the
      NIMS
      Insurer, the Master Servicer or the Trustee 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 NIMS Insurer, the Master Servicer and any director, officer,
      employee or agent of the Depositor, the NIMS Insurer, 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 or the Certificates, other than any loss, liability or expense
      relating to any specific Mortgage Loan or Mortgage Loans (except as any such
      loss, liability or expense shall be otherwise reimbursable pursuant to this
      Agreement) or, in the case of the Depositor and the Master Servicer, any loss,
      liability or expense incurred by reason of willful misfeasance, bad faith or
      negligence in the performance of duties hereunder or by reason of reckless
      disregard of obligations and duties hereunder. None of the Depositor, the NIMS
      Insurer 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
      NIMS Insurer 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, unless the Depositor or the Master
      Servicer acts without the consent of the Holders of Certificates entitled to
      at
      least 51% of the Voting Rights (which consent shall not be necessary in the
      case
      of litigation or other legal action by either to enforce their respective rights
      or defend themselves hereunder), 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 negligence in the
      performance of duties hereunder or by reason of reckless disregard of
      obligations and duties hereunder) shall be expenses, costs and liabilities
      of
      the Trust Fund, and the Depositor, the NIMS Insurer and the Master Servicer
      shall be entitled to be reimbursed therefor from the Collection Account as
      and
      to the extent provided in Section 3.05, any such right of reimbursement being
      prior to the rights of the Certificateholders to receive any amount in the
      Collection Account.

     

    
      	SECTION
              6.04.  	
              Limitation
                on Resignation of the Master
                Servicer.

            

    

     

    The
      Master 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) with the written consent of the
      Trustee, the NIMS Insurer and written confirmation from each Rating Agency
      (which confirmation shall be furnished to the Depositor, the NIMS Insurer and
      the Trustee) that such resignation shall not cause such Rating Agency to reduce
      the then current rating of the Class A Certificates or the Mezzanine
      Certificates. Any such determination pursuant to clause (i) of 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 NIMS Insurer. No resignation
      of
      the Master Servicer shall become effective until the Trustee or a successor
      servicer acceptable to the NIMS Insurer 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.

     

    Except
      as expressly provided herein, the Master Servicer shall not assign or transfer
      any of its rights, benefits or privileges hereunder to any other Person, nor
      delegate to or subcontract with, nor authorize or appoint any other Person
      to
      perform any of the duties, covenants or obligations to be performed by the
      Master Servicer hereunder. If, pursuant to any provision hereof, the duties
      of
      the Master Servicer are transferred to a successor master servicer, the entire
      amount of the Servicing Fee and other compensation payable to the Master
      Servicer pursuant hereto shall thereafter be payable to such successor master
      servicer.

     

    
      	SECTION
              6.05.  	
              Rights
                of the Depositor in Respect of the Master
                Servicer.

            

    

     

    The
      Master Servicer shall afford (and any Sub-Servicing Agreement shall provide
      that
      each Sub-Servicer shall afford) the Depositor, the NIMS Insurer and the
      Trustee, upon reasonable notice, during normal business hours, access to all
      records maintained by the Master Servicer (and any such Sub-Servicer) in respect
      of the Master Servicer’s rights and obligations hereunder and access to officers
      of the Master Servicer (and those of any such Sub-Servicer) responsible for
      such
      obligations. Upon request, the Master Servicer shall furnish to the Depositor,
      the NIMS Insurer and the Trustee its (and any such Sub-Servicer’s) most recent
      financial statements and such other information relating to the Master
      Servicer’s capacity to perform its obligations under this Agreement that it
      possesses. To the extent such information is not otherwise available to the
      public, the Depositor, the NIMS Insurer and the Trustee shall not disseminate
      any information obtained pursuant to the preceding two sentences without the
      Master Servicer’s (or any such Sub-Servicer’s) written consent, except as
      required pursuant to this Agreement or to the extent that it is appropriate
      to
      do so (i) in working with legal counsel, auditors, taxing authorities or other
      governmental agencies, rating agencies or reinsurers or (ii) pursuant to any
      law, rule, regulation, order, judgment, writ, injunction or decree of any court
      or governmental authority having jurisdiction over the Depositor, the Trustee
      or
      the Trust Fund, and in either case, the Depositor, the NIMS Insurer or the
      Trustee, as the case may be, shall use its best efforts to assure the
      confidentiality of any such disseminated non-public information. The Depositor
      may, but is not obligated to, enforce the obligations of the Master 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 under
      this
      Agreement or exercise the rights of the Master Servicer under this Agreement;
      provided that the Master Servicer shall not be relieved of any of its
      obligations under this Agreement by virtue of such performance by the Depositor
      or its designee. The Depositor shall not have any responsibility or liability
      for any action or failure to act by the Master Servicer and is not obligated
      to
      supervise the performance of the Master Servicer under this Agreement or
      otherwise.

     

    
      	SECTION
              6.06.  	
              Sub-Servicing
                Agreements Between the Master Servicer and
                Sub-Servicers.

            

    

     

    (a) The
      Master Servicer may enter into Sub-Servicing Agreements (provided that such
      agreements would not result in a withdrawal or a downgrade by any Rating Agency
      of the ratings on any Class of Certificates and the NIMS Insurer shall have
      consented to such Sub-Servicing Agreement) with Sub-Servicers, for the servicing
      and administration of the Mortgage Loans.

     

    Each
      Sub-Servicer shall be (i) authorized to transact business in the state or states
      in which 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, (ii) an
      institution approved as a mortgage loan originator by the Federal Housing
      Administration or an institution the deposit accounts in which are insured
      by
      the FDIC and (iii) a Freddie Mac or Fannie Mae approved mortgage servicer.
      Each
      Sub-Servicing Agreement must impose on the Sub-Servicer requirements conforming
      to the provisions set forth in Section 6.11 and provide for servicing of the
      Mortgage Loans consistent with the terms of this Agreement. The Master Servicer
      shall examine each Sub-Servicing Agreement and shall be familiar with the terms
      thereof. The terms of any Sub-Servicing Agreement shall not be inconsistent
      with
      any of the provisions of this Agreement. The Master Servicer and the
      Sub-Servicers may enter into and make amendments to the Sub-Servicing Agreements
      or enter into different forms of Sub-Servicing Agreements; provided, however,
      that any such amendments or different forms shall be consistent with and not
      violate the provisions of this Agreement, and that no such amendment or
      different form shall be made or entered into which could be reasonably expected
      to be materially adverse to the interests of the Certificateholders, without
      the
      consent of the Holders of Certificates entitled to at least 66% of the Voting
      Rights. Any variation without the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights from the provisions set forth
      in
      Section 6.11, provisions relating to insurance in Section 3.10 or priority
      requirements of Sub-Servicing Accounts, or credits and charges to the
      Sub-Servicing Accounts or the timing and amount of remittances by the
      Sub-Servicers to the Master Servicer, are conclusively deemed to be inconsistent
      with this Agreement and therefore prohibited. The Master Servicer shall deliver
      to the Trustee and the NIMS Insurer copies of all Sub-Servicing Agreements,
      and
      any amendments or modifications thereof, promptly upon the Master Servicer’s
      execution and delivery of such instruments.

     

    (b) As
      part of its servicing activities hereunder, the Master Servicer (except as
      otherwise provided in the last sentence of this paragraph), for the benefit
      of
      the Trustee and the Certificateholders, shall enforce the obligations of each
      Sub-Servicer under the related Sub-Servicing Agreement and of the Seller under
      the Mortgage Loan Purchase Agreement, including, without limitation, any
      obligation to make advances in respect of delinquent payments as required by
      a
      Sub-Servicing Agreement, or to purchase a Mortgage Loan on account of missing
      or
      defective documentation or on account of a breach of a representation, warranty
      or covenant, as described in Section 2.03(a). Such enforcement, including,
      without limitation, the legal prosecution of claims, termination of
      Sub-Servicing Agreements, and the pursuit of other appropriate remedies, shall
      be in such form and carried out to such an extent and at such time as the Master
      Servicer, in its good faith business judgment, would require were it the owner
      of the related Mortgage Loans. The Master Servicer shall pay the costs of such
      enforcement at its own expense, and shall be reimbursed therefor only (i) from
      a
      general recovery resulting from such enforcement, to the extent, if any, that
      such recovery exceeds all amounts due in respect of the related Mortgage Loans
      or (ii) from a specific recovery of costs, expenses or attorneys’ fees against
      the party against whom such enforcement is directed. Enforcement of the Mortgage
      Loan Purchase Agreement against the Seller shall be effected by the Master
      Servicer to the extent it is not the Seller, and otherwise by the Trustee,
      in
      accordance with the foregoing provisions of this paragraph.

     

    
      	SECTION
              6.07.  	
              Successor
                Sub-Servicers.

            

    

     

    The
      Master Servicer, with the consent of the NIMS Insurer, shall be entitled to
      terminate any Sub-Servicing Agreement and the rights and obligations of any
      Sub-Servicer pursuant to any Sub-Servicing Agreement in accordance with the
      terms and conditions of such Sub-Servicing Agreement. In the event of
      termination of any Sub-Servicer, all servicing obligations of such Sub-Servicer
      shall be assumed simultaneously by the Master Servicer without any act or deed
      on the part of such Sub-Servicer or the Master Servicer, and the Master Servicer
      either shall service directly the related Mortgage Loans or shall enter into
      a
      Sub-Servicing Agreement with a successor Sub-Servicer which qualifies under
      Section 6.06.

     

    Any
      Sub-Servicing Agreement shall include the provision that such agreement may
      be
      immediately terminated by the Trustee without fee, in accordance with the terms
      of this Agreement, in the event that the Master Servicer shall, for any reason,
      no longer be the Master Servicer (including termination due to a Master Servicer
      Event of Default).

     

    
      	SECTION
              6.08.  	
              Liability
                of the Master Servicer.

            

    

     

    Notwithstanding
      any Sub-Servicing Agreement, any of the provisions of this Agreement relating
      to
      agreements or arrangements between the Master Servicer and a Sub-Servicer or
      reference to actions taken through a Sub-Servicer or otherwise, the Master
      Servicer shall remain obligated and primarily liable to the Trustee and the
      Certificateholders for the servicing and administering of the Mortgage Loans
      in
      accordance with the provisions of Section 3.01 without diminution of such
      obligation or liability by virtue of such Sub-Servicing Agreements or
      arrangements or by virtue of indemnification from the Sub-Servicer and to the
      same extent and under the same terms and conditions as if the Master Servicer
      alone were servicing and administering the Mortgage Loans. The Master Servicer
      shall be entitled to enter into any agreement with a Sub-Servicer for
      indemnification of the Master Servicer by such Sub-Servicer and nothing
      contained in this Agreement shall be deemed to limit or modify such
      indemnification.

     

    
      	SECTION
              6.09.  	
              No
                Contractual Relationship Between Sub-Servicers and the NIMS Insurer,
                the
                Trustee or Certificateholders.

            

    

     

    Any
      Sub-Servicing Agreement that may be entered into and any transactions or
      services relating to the Mortgage Loans involving a Sub-Servicer in its capacity
      as such shall be deemed to be between the Sub-Servicer and the Master Servicer
      alone, and the NIMS Insurer, the Trustee and Certificateholders shall not be
      deemed parties thereto and shall have no claims, rights, obligations, duties
      or
      liabilities with respect to the Sub-Servicer except as set forth in Section
      6.10. The Master Servicer shall be solely liable for all fees owed by it to
      any
      Sub-Servicer, irrespective of whether the Master Servicer’s compensation
      pursuant to this Agreement is sufficient to pay such fees.

     

    
      	SECTION
              6.10.  	
              Assumption
                or Termination of Sub-Servicing Agreements by
                Trustee.

            

    

     

    In
      the event the Master Servicer shall for any reason no longer be the master
      servicer (including termination due to a Master Servicer Event of Default),
      the
      Trustee or its designee shall thereupon assume (or cause its designee or the
      successor master servicer for the Trustee appointed pursuant to Section 7.02
      to
      assume) all of the rights and obligations of the Master Servicer under each
      Sub-Servicing Agreement that the Master Servicer may have entered into, unless
      the Trustee elects to terminate any Sub-Servicing Agreement in accordance with
      its terms as provided in Section 6.07. Upon such assumption, the Trustee, its
      designee or the successor servicer for the Trustee appointed pursuant to Section
      7.02 shall be deemed, subject to Section 6.07, to have assumed all of the Master
      Servicer’s interest therein and to have replaced the Master Servicer as a party
      to each Sub-Servicing Agreement to the same extent as if each Sub-Servicing
      Agreement had been assigned to the assuming party, except that (i) the Master
      Servicer shall not thereby be relieved of any liability or obligations under
      any
      Sub-Servicing Agreement and (ii) none of the Trustee, its designee or any
      successor Master Servicer shall be deemed to have assumed any liability or
      obligation of the Master Servicer that arose before it ceased to be the Master
      Servicer.

     

    The
      Master Servicer at its expense shall, upon request of the Trustee, deliver
      to
      the assuming party all documents and records relating to each Sub-Servicing
      Agreement and the Mortgage Loans then being serviced and an accounting of
      amounts collected and held by or on behalf of it, and otherwise use its best
      efforts to effect the orderly and efficient transfer of the Sub-Servicing
      Agreements to the assuming party.

     

    
      	SECTION
              6.11.  	
              Sub-Servicing
                Accounts.

            

    

     

    In
      those cases where a Sub-Servicer is servicing a Mortgage Loan pursuant to a
      Sub-Servicing Agreement, the Sub-Servicer shall be required to establish and
      maintain one or more accounts (collectively, the “Sub-Servicing Account”). The
      Sub-Servicing Account shall be an Eligible Account. The Sub-Servicer shall
      deposit in the clearing account (which account must be an Eligible Account)
      in
      which it customarily deposits payments and collections on mortgage loans in
      connection with its mortgage loan servicing activities on a daily basis, and
      in
      no event more than one Business Day after the Sub-Servicer’s receipt thereof,
      all proceeds of Mortgage Loans received by the Sub-Servicer less its servicing
      compensation to the extent permitted by the Sub-Servicing Agreement, and shall
      thereafter deposit such amounts in the Sub-Servicing Account, in no event more
      than two Business Days after the deposit of such funds into the clearing
      account. The Sub-Servicer shall thereafter deposit such proceeds in the
      Collection Account or remit such proceeds to the Master Servicer for deposit
      in
      the Collection Account not later than two Business Days after the deposit of
      such amounts in the Sub-Servicing Account. For purposes of this Agreement,
      the
      Master Servicer shall be deemed to have received payments on the Mortgage Loans
      when the Sub-Servicer receives such payments.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      VII  

     

    DEFAULT

     

    
      	SECTION
              7.01.  	
              Master
                Servicer Events of Default.

            

    

     

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

     

    (i) any
      failure by the Master Servicer to remit to the Trustee for distribution to
      the
      Certificateholders any payment (other than an Advance required to be made from
      its own funds on any Master Servicer Remittance Date pursuant to Section 4.03)
      required to be made under the terms of the Certificates and this Agreement
      which
      continues unremedied for a period of one Business Day after the date upon which
      written notice of such failure, requiring the same to be remedied, shall have
      been given to the Master Servicer by the Depositor or the Trustee (in which
      case
      notice shall be provided by telecopy), or to the Master Servicer, the Depositor
      and the Trustee by the NIMS Insurer or the Holders of Certificates entitled
      to
      at least 25% of the Voting Rights; or

     

    (ii) any
      failure on the part of the Master Servicer duly to observe or perform in any
      material respect any of the covenants or agreements on the part of the Master
      Servicer contained in the Certificates or in this Agreement (or, if the Master
      Servicer is the Seller, the failure of the Seller to repurchase a Mortgage
      Loan
      as to which a breach has been established that requires a repurchase pursuant
      to
      the terms of Section 7 of the Mortgage Loan Purchase Agreement) which continues
      unremedied for a period of 45 days after the earlier of (i) the date on which
      written notice of such failure, requiring the same to be remedied, shall have
      been given to the Master Servicer by the Depositor or the Trustee, or to the
      Master Servicer, the Depositor and the Trustee by the NIMS Insurer or the
      Holders of Certificates entitled to at least 25% of the Voting Rights and (ii)
      actual knowledge of such failure by a Servicing Officer of the Master Servicer;
      or

     

    (iii) a
      decree or order of a court or agency or supervisory authority having
      jurisdiction in the premises in an involuntary case under any present or future
      federal or state bankruptcy, insolvency or similar law or the appointment of
      a
      conservator or receiver or liquidator in any insolvency, readjustment of debt,
      marshaling 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 if such proceeding is being contested by the Master Servicer
      in good faith, such decree or order shall have remained in force undischarged
      or
      unstayed for a period of 60 days or results in the entry of an order for relief
      or any such adjudication or appointment; or

     

    (iv) the
      Master Servicer shall consent to the appointment of a conservator or receiver
      or
      liquidator in any insolvency, readjustment of debt, marshaling of assets and
      liabilities or similar proceedings of or relating to the Master Servicer or
      of
      or relating to all or substantially all of its property; or

     

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

     

    (vi) any
      failure by the Master Servicer of the Master Servicer Termination Test;
      or

     

    (vii) any
      failure of the Master Servicer to make any Advance on any Master Servicer
      Remittance Date required to be made from its own funds pursuant to Section
      4.03
      which continues unremedied until 3:00 p.m. New York time on the Business Day
      immediately following the Master Servicer Remittance Date.

     

    If
      a Master Servicer Event of Default described in clauses (i) through (vi) of
      this
      Section shall occur, then, and in each and every such case, so long as such
      Master Servicer Event of Default shall not have been remedied, the Depositor,
      the NIMS Insurer or the Trustee may, at the written direction of the Holders
      of
      Certificates entitled to at least 51% of Voting Rights, or at the direction
      of
      the NIMS Insurer, the Trustee shall, by notice in writing to the Master Servicer
      and the Depositor, 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.
      If
      a Master Servicer Event of Default described in clause (vii) hereof shall occur,
      the Trustee shall, by notice in writing to the Master Servicer and the
      Depositor, terminate all of the rights and obligations of the Master Servicer
      in
      its capacity as Master Servicer under this Agreement and in and to the Mortgage
      Loans and the proceeds thereof and the Trustee as successor Master Servicer
      or a
      successor Master Servicer appointed in accordance with Section 7.02, shall
      immediately make such Advance(which Advance shall be part of Available Funds
      for
      such Distribution Date) and assume, pursuant to Section 7.02, the duties of
      a
      successor Master Servicer. 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, 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, at its sole cost and expense, 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, including, without limitation, the transfer within one
      Business Day to the Trustee for administration by it of all cash amounts which
      at the time shall be or should have been credited by the Master Servicer to
      the
      Collection Account held by or on behalf of the Master Servicer, the Distribution
      Account or any REO Account or Escrow Account held by or on behalf of the Master
      Servicer or thereafter be received with respect to the Mortgage Loans or any
      REO
      Property serviced by the Master Servicer (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, whether
      in respect of Advances or otherwise, and shall continue to be entitled to the
      benefits of Section 6.03, notwithstanding any such termination, with respect
      to
      events occurring prior to such termination). For purposes of this Section 7.01,
      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 is received by the Trustee of any such event and such notice
      references the Certificates, REMIC I or this Agreement.

     

    The
      Trustee shall be entitled to be reimbursed by the Master Servicer (or by the
      Trust Fund if the Master Servicer is unable to fulfill its obligations
      hereunder) for all costs associated with the transfer of servicing from the
      predecessor servicer, including without limitation, any costs or expenses
      associated with the complete transfer of all servicing data and the completion,
      correction or manipulation of such servicing data as may be required by the
      Trustee to correct any errors or insufficiencies in the servicing data or
      otherwise to enable the Trustee to service the Mortgage Loans properly and
      effectively.

     

    
      	SECTION
              7.02.  	
              Trustee
                to Act; Appointment of Successor.

            

    

     

    (a) 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 in its
      capacity as Master Servicer under this Agreement and the transactions set forth
      or provided for herein and shall be subject to all the responsibilities, duties
      and liabilities relating thereto and arising thereafter placed on the Master
      Servicer (except for any representations or warranties of the Master Servicer
      under this Agreement, the responsibilities, duties and liabilities contained
      in
      Section 2.03(c) and its obligation to deposit amounts in respect of losses
      pursuant to Section 3.06) by the terms and provisions hereof including, without
      limitation, the Master Servicer’s obligations to make Advances pursuant to
      Section 4.03; 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 Advances pursuant to
      Section 4.03; 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 7.01 shall not be considered a default by the Trustee as
      successor to the Master Servicer hereunder; provided, however, it is understood
      and acknowledged by the parties that there shall be a period of transition
      (not
      to exceed 90 days) before the servicing transfer is fully effected. As
      compensation therefor, effective from and after the time the Master Servicer
      receives a notice of termination or immediately upon assumption of the
      obligations to make Advances, the Trustee shall be entitled to the Servicing
      Fee
      and all funds relating to the Mortgage Loans to which the Master Servicer would
      have been entitled if it had continued to act hereunder (other than amounts
      which were due or would become due to the Master Servicer prior to its
      termination or resignation). Notwithstanding the above and subject to the next
      paragraph, the Trustee may, if it shall be unwilling to so act, or shall, if
      it
      is unable to so act or if it is prohibited by law from making advances regarding
      delinquent mortgage loans, or if the Holders of Certificates entitled to at
      least 51% of the Voting Rights or the NIMS Insurer so request in writing to
      the
      Trustee promptly appoint or petition a court of competent jurisdiction to
      appoint, an established mortgage loan servicing institution acceptable to each
      Rating Agency (with confirmation from the Rating Agencies that such appointment
      shall not result in the reduction or withdrawal of the rating of any outstanding
      Class of Certificates) and acceptable to the NIMS Insurer and having a net
      worth
      of not less than $15,000,000 as the successor to the Master Servicer under
      this
      Agreement in the assumption of all or any part of the responsibilities, duties
      or liabilities of the Master Servicer under this Agreement. No appointment
      of a
      successor to the Master Servicer under this Agreement shall be effective until
      the assumption by the successor of all of the Master 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 Mortgage
      Loans as it and such successor shall agree; provided, however, that no such
      compensation shall be in excess of that permitted the Master Servicer 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 Master Servicer under
      this
      Agreement, the Trustee shall act in such capacity as hereinabove
      provided.

     

    Upon
      removal or resignation of the Master Servicer, the Trustee, with the cooperation
      of the Depositor, (x) shall solicit bids for a successor Master Servicer as
      described below and (y) pending the appointment of a successor Master Servicer
      as a result of soliciting such bids, shall serve as Master Servicer of the
      Mortgage Loans serviced by such predecessor Master Servicer. The Trustee shall
      solicit, by public announcement, bids from housing and home finance
      institutions, banks and mortgage servicing institutions meeting the
      qualifications set forth above (including the Trustee or any affiliate thereof)
      (including that such mortgage loan servicing institution shall be acceptable
      to
      each Rating Agency and the NIMS Insurer). Such public announcement shall specify
      that the successor Master Servicer shall be entitled to the servicing
      compensation agreed upon between the Trustee, the successor Master Servicer
      and
      the Depositor; provided, however, that no such fee shall exceed the Servicing
      Fee. Within thirty days after any such public announcement, the Trustee, with
      the cooperation of the Depositor, shall negotiate in good faith and effect
      the
      sale, transfer and assignment of the servicing rights and responsibilities
      hereunder to the qualified party submitting the highest satisfactory bid as
      to
      the price they shall pay to obtain such servicing. The Trustee upon receipt
      of
      the purchase price shall pay such purchase price to the Master Servicer being
      so
      removed, after deducting from any sum received by the Trustee from the successor
      to the Master Servicer in respect of such sale, transfer and assignment all
      costs and expenses of any public announcement and of any sale, transfer and
      assignment of the servicing rights and responsibilities reasonably incurred
      hereunder. After such deductions, the remainder of such sum shall be paid by
      the
      Trustee to the Master Servicer at the time of such sale.

     

    (b) If
      the Master Servicer fails to remit to the Trustee for distribution to the
      Certificateholders any payment required to be made under the terms of the
      Certificates and this Agreement (for purposes of this Section 7.02(b), a
“Remittance”) because the Master Servicer is the subject of a proceeding under
      the federal Bankruptcy Code and the making of such Remittance is prohibited
      by
      Section 362 of the federal Bankruptcy Code, the Trustee shall upon notice of
      such prohibition, regardless of whether it has received a notice of termination
      under Section 7.01, advance the amount of such Remittance by depositing such
      amount in the Distribution Account on the related Distribution Date. The Trustee
      shall be obligated to make such advance only if (i) such advance, in the good
      faith judgment of the Trustee can reasonably be expected to be ultimately
      recoverable from Stayed Funds and (ii) the Trustee is not prohibited by law
      from
      making such advance or obligating itself to do so. Upon remittance of the Stayed
      Funds to the Trustee or the deposit thereof in the Distribution Account by
      the
      Master Servicer, a trustee in bankruptcy or a federal bankruptcy court, the
      Trustee may recover the amount so advanced, without interest, by withdrawing
      such amount from the Distribution Account; however, nothing in this Agreement
      shall be deemed to affect the Trustee’s rights to recover from the Master
      Servicer’s own funds interest on the amount of any such advance. If the Trustee
      at any time makes an advance under this Subsection which it later determines
      in
      its good faith judgment shall not be ultimately recoverable from the Stayed
      Funds with respect to which such advance was made, the Trustee shall be entitled
      to reimburse itself for such advance, without interest, by withdrawing from
      the
      Distribution Account, out of amounts on deposit therein, an amount equal to
      the
      portion of such advance attributable to the Stayed Funds.

     

    (c) If
      the Master Servicer is terminated pursuant to Section 7.01, then the successor
      Master Servicer shall not be permitted to reimburse itself directly for Advances
      or Servicing Advances under Section 3.05(a)(ii), Section 3.05(a)(iii), Section
      3.05(a)(v) or Section 3.05(a)(vii) if the Master Servicer has not been fully
      reimbursed for its Advances and Servicing Advances, but instead the successor
      Master Servicer shall include such amounts in the applicable remittance to
      the
      Trustee made pursuant to Section 3.04(g) to the extent of amounts on deposit
      in
      the Collection Account on the related Master Servicer Remittance Date. The
      Trustee is hereby authorized to pay to the terminated Master Servicer (or the
      related Advancing Person in accordance with Section 3.23) and the successor
      Master Servicer, as applicable, reimbursements for Advances and Servicing
      Advances from the Distribution Account to the same extent each such Master
      Servicer would have been permitted to reimburse itself for such Advances and/or
      Servicing Advances in accordance with Section 3.05(a)(ii), Section 3.05(a)(iii),
      Section 3.05(a)(v) or Section 3.05(a)(vii), as the case may be. All Advances
      and
      Servicing Advances made pursuant to the terms of this Agreement shall be deemed
      made and shall be reimbursed on a “first in-first out” (FIFO) basis. At such
      time as the Master Servicer (or related Advancing Person) has been reimbursed
      for all Advances and Servicing Advances made by it, the successor Master
      Servicer shall no longer be required to remit in accordance with the first
      sentence of this Section 7.02(c) and shall then be permitted to reimburse itself
      directly for Advances and Servicing Advances in accordance with Section
      3.05(a)(ii), Section 3.05(a)(iii), Section 3.05(a)(v) or Section
      3.05(a)(vii).

     

    
      	SECTION
              7.03.  	
              Notification
                to Certificateholders.

            

    

     

    (a) Upon
      any termination of the Master Servicer pursuant to Section 7.01 above or any
      appointment of a successor to the Master Servicer pursuant to Section 7.02
      above, the Trustee shall give prompt written notice thereof to
      Certificateholders and the NIMS Insurer at their respective addresses appearing
      in the Certificate Register.

     

    (b) Not
      later than the later of 60 days after the occurrence of any event, which
      constitutes or which, with notice or lapse of time or both, would constitute
      a
      Master Servicer Event of Default or five days after a Responsible Officer of
      the
      Trustee becomes aware of the occurrence of such an event, the Trustee shall
      transmit by mail to the NIMS Insurer and to all Holders of Certificates notice
      of each such occurrence, unless such default or Master Servicer Event of Default
      shall have been cured or waived.

     

    
      	SECTION
              7.04.  	
              Waiver
                of Master Servicer Events of
                Default.

            

    

     

    The
      Holders representing at least 66% of the Voting Rights (with the consent of
      the
      NIMS Insurer) evidenced by all Classes of Certificates affected by any default
      or Master Servicer Event of Default hereunder may waive such default or Master
      Servicer Event of Default; provided,
      however,
      that a default or Master Servicer Event of Default under clause (i) or (vii)
      of
      Section 7.01 may be waived only by all of the Holders of the Regular
      Certificates (with the consent of the NIMS Insurer). Upon any such waiver of
      a
      default or Master Servicer Event of Default, such 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 or Master Servicer Event of Default or impair any right consequent
      thereon except to the extent expressly so waived.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      VIII  

     

    CONCERNING
      THE TRUSTEE

     

    
      	SECTION
              8.01.  	
              Duties
                of Trustee.

            

    

     

    The
      Trustee, prior to the occurrence of a Master Servicer Event of Default and
      after
      the curing of all Master Servicer Events of Default which may have occurred,
      undertakes to perform such duties and only such duties as are specifically
      set
      forth in this Agreement. During 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 their 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.

     

    The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to the Trustee which
      are specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they conform on their face
      to
      the requirements of this Agreement. If any such instrument is found not to
      conform on its face to the requirements of this Agreement in a material manner,
      the Trustee shall take such action as it deems appropriate to have the
      instrument corrected, and if the instrument is not corrected to its respective
      satisfaction, such dissatisfied party shall provide notice thereof to the
      Certificateholders and the NIMS Insurer.

     

    No
      provision of this Agreement shall be construed to relieve the Trustee 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
      of
      all such Master Servicer Events of Default which may have occurred, the duties
      and obligations of the Trustee shall be determined solely by the express
      provisions of this Agreement, the Trustee shall not be liable except for the
      performance of such duties and obligations as are specifically set forth in
      this
      Agreement, no implied covenants or obligations shall be read into this Agreement
      against the Trustee and, in the absence of bad faith on the part of the Trustee,
      the Trustee 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 that conform to the requirements of this
      Agreement;

     

    (ii) The
      Trustee shall not be personally liable for an error of judgment made in good
      faith by a Responsible Officer or Responsible Officers of the Trustee unless
      it
      shall be proved that the Trustee was negligent in ascertaining the pertinent
      facts; and

     

    (iii) The
      Trustee shall not be personally liable with respect to any action taken,
      suffered or omitted to be taken by it in good faith in accordance with the
      direction of the NIMS Insurer or the Holders of Certificates 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 exercising
      any trust or power conferred upon it, under this Agreement.

     

    The
      Trustee shall not be required to expend or risk its own funds or otherwise
      incur
      financial liability in the performance of any of its duties hereunder, or in
      the
      exercise of any of its rights or powers, if there is reasonable ground for
      believing that the repayment of such funds or adequate indemnity against such
      risk or liability is not reasonably assured to it, and none of the provisions
      contained in this Agreement shall in any event require it to perform, or be
      responsible for the manner of performance of, any of the obligations of the
      Master Servicer under this Agreement, except during such time, if any, as the
      Trustee shall be the successor to, and be vested with the rights, duties, powers
      and privileges of, the Master Servicer in accordance with the terms of this
      Agreement.

     

    
      	SECTION
              8.02.  	
              Certain
                Matters Affecting the Trustee.

            

    

     

    (a) Except
      as otherwise provided in Section 8.01:

     

    (i) The
      Trustee 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 may consult with counsel and any Opinion of Counsel shall be full and
      complete authorization and protection in respect of any action taken or suffered
      or omitted by it hereunder in good faith and in accordance with such Opinion
      of
      Counsel;

     

    (iii) The
      Trustee shall not 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 or the NIMS Insurer, pursuant to the provisions
      of
      this Agreement, unless such Certificateholders or the NIMS Insurer, as
      applicable, shall have offered to the Trustee security or indemnity reasonably
      satisfactory to it against the costs, expenses and liabilities which may be
      incurred therein or thereby; nothing contained herein shall, however, relieve
      the Trustee of the obligation, upon the occurrence of a Master Servicer Event
      of
      Default (which has not been cured or waived), to exercise such of the rights
      and
      powers vested in it by this Agreement, and to use the same degree of care and
      skill in their exercise as a prudent person would exercise or use under the
      circumstances in the conduct of such person’s own affairs;

     

    (iv) The
      Trustee shall not be personally liable for any action taken, suffered or omitted
      by it in good faith and believed by it to be authorized or within the discretion
      or rights or powers conferred upon it by this Agreement;

     

    (v) Prior
      to the occurrence of a Master Servicer Event of Default hereunder and after
      the
      curing of all Master Servicer Events of Default which may have occurred, the
      Trustee shall not 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 NIMS Insurer or the Holders of
      Certificates entitled to at least 25% of the Voting Rights; provided, however,
      that if the payment within a reasonable time to the Trustee 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 not reasonably assured to the
      Trustee by such Certificateholders, the Trustee may require reasonable indemnity
      against such expense, or liability from such Certificateholders or the NIMS
      Insurer 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

     

    (vii) The
      Trustee shall not be personally liable for any loss resulting from the
      investment of funds held in the Collection Account, the Escrow Account or the
      REO Account made at the direction of the Master Servicer pursuant to Section
      3.06.

     

    (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 the name of the Trustee for the benefit of all
      the
      Holders of such Certificates, subject to the provisions of this
      Agreement.

     

    (c) The
      Depositor hereby directs the Trustee to execute, deliver and perform its
      obligations under the Interest Rate Swap Agreement and to assign any rights
      to
      receive payments from the Interest Rate Swap Provider pursuant to the Interest
      Rate Swap Agreement to the Swap Administrator pursuant to the Swap
      Administration Agreement and the Depositor further directs the Trustee to
      execute, deliver and perform its obligations under the Swap Administration
      Agreement. The Seller, the Depositor, the Master Servicer and the Holders of
      the
      Class A Certificates and the Mezzanine Certificates by their acceptance of
      such
      Certificates acknowledge and agree that the Trustee shall execute, deliver
      and
      perform its obligations under the Interest Rate Swap Agreement and the Swap
      Administration Agreement and shall do so solely in its capacity as Trustee
      of
      the Trust Fund or as Swap Administrator, as the case may be, and not in its
      individual capacity. Every provision of this Agreement relating to the conduct
      or affecting the liability of or affording protection to the Trustee shall
      apply
      to the Trustee’s execution of the Interest Rate Swap Agreement and the Swap
      Administration Agreement, and the performance of its duties and satisfaction
      of
      its obligations thereunder.

     

    
      	SECTION
              8.03.  	
              The
                Trustee Not Liable for Certificates or Mortgage
                Loans.

            

    

     

    The
      recitals contained herein and in the Certificates (other than the signature
      of
      the Trustee, the authentication of the Certificate Registrar on the
      Certificates, the acknowledgments of the Trustee contained in Article II and
      the
      representations and warranties of the Trustee in Section 8.13) shall be taken
      as
      the statements of the Depositor and the Trustee assumes no responsibility for
      their correctness. The Trustee makes no representations or warranties as to
      the
      validity or sufficiency of this Agreement (other than as specifically set forth
      with respect to such party in Section 8.13) or of the Certificates (other than
      the signature of the Trustee and authentication of the Certificate Registrar
      on
      the Certificates) or of any Mortgage Loan or related document. The Trustee
      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 Master Servicer, other than, subject to Section 8.01, any funds held
      by
      or on behalf of the Trustee in accordance with Section 3.04.

     

    
      	SECTION
              8.04.  	
              Trustee
                May Own Certificates.

            

    

     

    The
      Trustee in its individual capacity or any other capacity may become the owner
      or
      pledgee of Certificates with the same rights it would have if it were not
      Trustee.

     

    
      	SECTION
              8.05.  	
              Trustee’s
                Fees and Expenses.

            

    

     

    (a) The
      Trustee shall withdraw from the Distribution Account on each Distribution Date
      and pay to itself the Trustee Fee and, to the extent that the funds therein
      are
      at any time insufficient for such purpose, the Depositor shall pay such fees.
      The Trustee, or any director, officer, employee or agent of the Trustee shall
      be
      indemnified by REMIC I and held harmless against any loss, liability or expense
      (not including expenses, disbursements and advances incurred or made by the
      Trustee (including the compensation and the expenses and disbursements of its
      agents and counsel) in the ordinary course of the Trustee’s performance in
      accordance with the provisions of this Agreement) incurred by the Trustee 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 obligations and duties under this Agreement, other than
      any loss, liability or expense (i) resulting from a breach of the Master
      Servicer’s obligations and duties under this Agreement and the Mortgage Loans
      (for which the Master Servicer shall indemnify pursuant to Section 8.05(b)),
      (ii) that constitutes a specific liability of the Trustee pursuant to Section
      10.01(c) or (iii) any loss, liability or expense incurred by reason of its
      willful misfeasance, bad faith or negligence in the performance of its duties
      hereunder or by reason of reckless disregard of its obligations and duties
      hereunder or as a result of a breach of its obligations under Article X hereof.
      Any amounts payable to the Trustee, or any director, officer, employee or agent
      of the Trustee in respect of the indemnification provided by this paragraph
      (a),
      or pursuant to any other right of reimbursement from the Trust Fund that the
      Trustee, or any director, officer, employee or agent of the Trustee may have
      hereunder in its capacity as such, may be withdrawn by the Trustee from the
      Distribution Account at any time.

     

    (b) The
      Master Servicer agrees to indemnify the Trustee from, and hold it harmless
      against, any loss, liability or expense resulting from a breach of the Master
      Servicer’s obligations and duties under this Agreement. Such indemnity shall
      survive the termination or discharge of this Agreement and the resignation
      or
      removal of the Trustee. Any payment hereunder made by the Master Servicer to
      the
      Trustee shall be from the Master Servicer’s own funds, without reimbursement
      from the Trust Fund therefor.

     

    (c) The
      Master Servicer shall pay any annual rating agency fees of the Rating Agencies
      for ongoing surveillance from its own funds without right of
      reimbursement.

     

    
      	SECTION
              8.06.  	
              Eligibility
                Requirements for Trustee.

            

    

     

    The
      Trustee hereunder shall at all times be a corporation or an association (other
      than the Depositor, the Seller, 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 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 shall cease to be eligible in
      accordance with the provisions of this Section, the Trustee shall resign
      immediately in the manner and with the effect specified in Section
      8.07.

     

    
      	SECTION
              8.07.  	
              Resignation
                and Removal of the Trustee.

            

    

     

    The
      Trustee may at any time resign and be discharged from the trust hereby created
      by giving written notice thereof to the Depositor, the NIMS Insurer, the Master
      Servicer and the Certificateholders. Upon receiving such notice of resignation
      of the Trustee, the Depositor shall promptly appoint a successor trustee
      acceptable to the NIMS Insurer by written instrument, in duplicate, which
      instrument shall be delivered to the resigning Trustee and to the successor
      trustee. A copy of such instrument shall be delivered to the Certificateholders,
      the Trustee and the Master Servicer by the Depositor. If no successor trustee
      shall have been so appointed and have accepted appointment within 30 days after
      the giving of such notice of resignation, the resigning Trustee may petition
      any
      court of competent jurisdiction for the appointment of a successor
      trustee.

     

    If
      at any time the Trustee shall cease to be eligible in accordance with the
      provisions of Section 8.06 and shall fail to resign after written request
      therefor by the Depositor or the NIMS Insurer, or if at any time the Trustee
      shall become incapable of acting, or shall be adjudged bankrupt or insolvent,
      or
      a receiver of the Trustee or of its respective property shall be appointed,
      or
      any public officer shall take charge or control of the Trustee or of its
      respective property or affairs for the purpose of rehabilitation, conservation
      or liquidation, then the Depositor or the NIMS Insurer may remove the Trustee
      and appoint a successor trustee acceptable to the NIMS Insurer by written
      instrument, in duplicate, which instrument shall be delivered to the Trustee
      so
      removed and to the successor trustee. A copy of such instrument shall be
      delivered to the Certificateholders and the Master Servicer by the
      Depositor.

     

    The
      Holders of Certificates entitled to at least 51% of the Voting Rights (or the
      NIMS Insurer upon failure of the Trustee to perform its obligations hereunder)
      may at any time remove the Trustee and appoint a successor trustee acceptable
      to
      the NIMS Insurer by written instrument or instruments, in triplicate, signed
      by
      such Holders or their attorneys-in-fact duly authorized, one complete set of
      which instruments shall be delivered to the Depositor, one complete set to
      the
      Trustee so removed and one complete set to the successor so appointed. A copy
      of
      such instrument shall be delivered to the Certificateholders and the Master
      Servicer by the Depositor.

     

    Any
      resignation or removal of the Trustee and appointment of a successor trustee
      pursuant to any of the provisions of this Section shall not become effective
      until acceptance of appointment by the successor trustee as provided in Section
      8.08.

     

    
      	SECTION
              8.08.  	
              Successor
                Trustee.

            

    

     

    Any
      successor trustee appointed as provided in Section 8.07 shall execute,
      acknowledge and deliver to the Depositor, the NIMS Insurer and to its
      predecessor trustee an instrument accepting such appointment hereunder, and
      thereupon the resignation or removal of the predecessor trustee shall become
      effective and such successor trustee without any further act, deed or
      conveyance, shall become fully vested with all the rights, powers, duties and
      obligations of its predecessor hereunder, with the like effect as if originally
      named as trustee herein. The predecessor trustee shall deliver to the successor
      trustee all Mortgage Files and related documents and statements, as well as
      all
      moneys, held by it hereunder (other than any Mortgage Files at the time held
      by
      a Custodian, which Custodian shall become the agent of any successor trustee
      hereunder), and the Depositor and the predecessor trustee 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
      all
      such rights, powers, duties and obligations.

     

    No
      successor trustee shall accept appointment as provided in this Section unless
      at
      the time of such acceptance such successor trustee shall be eligible under
      the
      provisions of Section 8.06 and the appointment of such successor trustee shall
      not result in a downgrading of any Class of Certificates by each Rating Agency,
      as evidenced by a letter from each Rating Agency.

     

    Upon
      acceptance of appointment by a successor trustee 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 10 days after
      acceptance of appointment by the successor trustee, the successor trustee shall
      cause such notice to be mailed at the expense of the Depositor.

     

    
      	SECTION
              8.09.  	
              Merger
                or Consolidation of Trustee.

            

    

     

    Any
      corporation or association into which the Trustee 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 shall be
      a
      party, or any corporation or association succeeding to the business of the
      Trustee shall be the successor of the Trustee hereunder, provided such
      corporation or association shall be eligible under the provisions of Section
      8.06, without the execution or filing of any paper or any further act on the
      part of any of the parties hereto, anything herein to the contrary
      notwithstanding.

     

    
      	SECTION
              8.10.  	
              Appointment
                of Co-Trustee or Separate Trustee.

            

    

     

    Notwithstanding
      any other provisions hereof, at any time, for the purpose of meeting any legal
      requirements of any jurisdiction in which any part of REMIC I or property
      securing the same may at the time be located, the Master Servicer and the
      Trustee acting jointly shall have the power and shall execute and deliver all
      instruments to appoint one or more Persons approved by the Trustee and the
      NIMS
      Insurer to act as co-trustee or co-trustees, jointly with the Trustee, or
      separate trustee or separate trustees, of all or any part of REMIC I, and to
      vest in such Person or Persons, in such capacity, such title to REMIC I, or
      any
      part thereof, and, subject to the other provisions of this Section 8.10, such
      powers, duties, obligations, rights and trusts as the Master Servicer and the
      Trustee may consider necessary or desirable. Any such co-trustee or separate
      trustee shall be subject to the written approval of the Master Servicer and
      the
      NIMS Insurer. If the Master Servicer and the NIMS Insurer shall not have joined
      in such appointment within 15 days after the receipt by it of a request so
      to
      do, or in case a Master Servicer Event of Default shall have occurred and be
      continuing, the Trustee alone shall have the power to make such appointment.
      No
      co-trustee or separate trustee hereunder shall be required to meet the terms
      of
      eligibility as a successor trustee under Section 8.06 hereunder and no notice
      to
      the Holders of Certificates of the appointment of co-trustee(s) or separate
      trustee(s) shall be required under Section 8.08 hereof.

     

    In
      the case of any appointment of a co-trustee or separate trustee pursuant to
      this
      Section 8.10, all rights, powers, duties and obligations conferred or imposed
      upon the Trustee shall be conferred or imposed upon and exercised or performed
      by the Trustee and such separate trustee or co-trustee jointly, except to the
      extent that under any law of any jurisdiction in which any particular act or
      acts are to be performed by the Trustee (whether as Trustee hereunder or as
      successor to the Master Servicer hereunder), the Trustee shall be incompetent
      or
      unqualified to perform such act or acts, in which event such rights, powers,
      duties and obligations (including the holding of title to REMIC I or any portion
      thereof in any such jurisdiction) shall be exercised and performed by such
      separate trustee or co-trustee at the direction of the Trustee.

     

    Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them. Every instrument appointing any separate trustee
      or
      co-trustee shall refer to this Agreement and the conditions of this Article
      VIII. Each separate trustee and co-trustee, upon its acceptance of the trust
      conferred, shall be vested with the estates or property specified in its
      instrument of appointment, either jointly with the Trustee or separately, as
      may
      be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee and a copy thereof given to
      the
      Depositor, the Master Servicer and the NIMS Insurer.

     

    Any
      separate trustee or co-trustee may, at any time, constitute the Trustee, its
      agent or attorney-in-fact, with full power and authority, to the extent not
      prohibited by law, to do any lawful act under or in respect of this Agreement
      on
      its behalf and in its name. If any separate trustee or co-trustee shall die,
      become incapable of acting, resign or be removed, all of its estates,
      properties, rights, remedies and trusts shall vest in and be exercised by the
      Trustee, to the extent permitted by law, without the appointment of a new or
      successor trustee.

     

    
      	SECTION
              8.11.  	
              Appointment
                of Custodians.

            

    

     

    The
      Trustee may, with the consent of the Depositor and the Master Servicer appoint
      one or more Custodians to hold all or a portion of the Mortgage Files as agent
      for the Trustee, by entering into a Custodial Agreement. The appointment of
      any
      Custodian may at any time be terminated and a substitute Custodian appointed
      therefor upon the reasonable request of the Master Servicer to the Trustee,
      the
      consent to which shall not be unreasonably withheld. The Trustee shall pay
      any
      and all fees and expenses of any Custodian in accordance with each Custodial
      Agreement (provided that if expenses of the kind that would be reimbursable
      to
      the Trustee pursuant to Section 8.05 if incurred by the Trustee are incurred
      by
      the Custodian, the Trustee shall be entitled to reimbursement under Section
      8.05
      for such kind of expenses to the extent the Trustee has paid such expenses
      on
      behalf of the Custodian or for which the Trustee has reimbursed the Custodian).
      The Trustee initially appoints the Custodian as Custodian, and the Depositor
      and
      the Master Servicer consent to such appointment. Subject to Article VIII hereof,
      the Trustee agrees to comply with the terms of each Custodial Agreement and
      to
      enforce the terms and provisions thereof against the Custodian for the benefit
      of the Certificateholders having an interest in any Mortgage File held by such
      Custodian. Each Custodian shall be a depository institution or trust company
      subject to supervision by federal or state authority, shall have combined
      capital and surplus of at least $10,000,000 and shall be qualified to do
      business in the jurisdiction in which it holds any Mortgage File. Each Custodial
      Agreement may be amended only as provided in Section 11.01. In no event shall
      the appointment of any Custodian pursuant to a Custodial Agreement diminish
      the
      obligations of the Trustee hereunder.

     

    
      	SECTION
              8.12.  	
              Appointment
                of Office or Agency.

            

    

     

    The
      Trustee shall designate an office or agency in the United States where the
      Certificates may be surrendered for registration of transfer or exchange, and
      presented for final distribution. As of the Closing Date, the Trustee designates
      the office of its agent located c/o DB Services Tennessee, 648 Grassmere Park
      Road, Nashville, Tennessee 37211-3658, Attention: Transfer Unit, for such
      purposes. 

     

    
      	SECTION
              8.13.  	
              Representations
                and Warranties of the Trustee.

            

    

     

    The
      Trustee hereby represents and warrants, to the Master Servicer and the
      Depositor, as of the Closing Date, that:

     

    (i) It
      is a national banking association duly organized, validly existing and in good
      standing under the laws of the United States.

     

    (ii) The
      execution and delivery of this Agreement by it, and the performance and
      compliance with the terms of this Agreement by it, shall not violate its charter
      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 shall 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 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 its
      ability to perform its obligations under this Agreement or its financial
      condition.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      IX  

     

    TERMINATION

     

    
      	SECTION
              9.01.  	
              Termination
                Upon Repurchase or Liquidation of All Mortgage
                Loans.

            

    

     

    (a) Subject
      to Section 9.02, the respective obligations and responsibilities under this
      Agreement of the Depositor, the Master Servicer and the Trustee (other than
      the
      obligations of the Master Servicer to the Trustee pursuant to Section 8.05
      and
      of the Master Servicer to provide for and the Trustee to make payments in
      respect of the REMIC 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
      (a) the “latest possible maturity date” and (b) 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. 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 (x) any Swap Termination Payment owed to the Interest Rate
      Swap Provider and (y) the greater of (A) the aggregate fair market value of
      all
      of the assets of REMIC I and (B) the sum of the Stated Principal Balance of
      the
      Mortgage Loans (after giving effect to scheduled payments of principal due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) and the appraised fair market value of the REO Properties plus accrued
      interest through the end of the calendar month preceding the month of the final
      Distribution Date and any unreimbursed Advances and Servicing Advances(in the
      case of fair market values required to be determined under (A) or (B) above,
      as
      determined by the Terminator, the Trustee and, if the Terminator is not the
      NIMS
      Insurer, the NIMS Insurer, 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 9.01);
      provided, however, such option may only be exercised if the Termination Price
      is
      sufficient to pay all interest accrued on, as well as amounts necessary to
      retire the note balance of, each class of notes issued pursuant to the Indenture
      and any amounts owed to the NIMS Insurer at the time the option is
      exercised.

     

    (b) The
      majority holders of the Class CE Certificates or the Master Servicer, in that
      order, (or if the holders of the Class CE Certificates and the Master Servicer
      fail to exercise such right, the NIMS Insurer) shall have the right (the party
      exercising such right, the “Terminator”), to purchase all of the Mortgage Loans
      and each REO Property remaining in REMIC I pursuant to clause (i) of the
      preceding paragraph no later than the Determination Date in the month
      immediately preceding the Distribution Date on which the Certificates shall
      be
      retired; provided, however, that the Terminator may elect to purchase all of
      the
      Mortgage Loans and each REO Property remaining in REMIC I pursuant to clause
      (i)
      above only (A) if the aggregate Stated Principal Balance of the Mortgage Loans
      and each REO Property remaining in the Trust Fund at the time of such election
      is less than 10% of the aggregate Stated Principal Balance of the Mortgage
      Loans
      as of the Cut-off Date and (B) if the Terminator is the Master Servicer and
      is
      an affiliate of the Seller, the Master Servicer shall have delivered to the
      Trustee and the NIMS Insurer a written certification that the burdens of
      servicing the Mortgage Loans and REO Properties remaining in REMIC I exceed
      the
      benefits of the Servicing Fees that would be realized by the Master Servicer
      if
      it continued to service such assets on behalf of the Trust Fund. By acceptance
      of the Residual Certificates, the Holders of the Residual Certificates agree,
      in
      connection with any termination hereunder, to pledge any amounts in excess
      of
      par, and to the extent received in respect of such termination, to pay any
      such
      amounts to the Holders of the Class CE Certificates.

     

    (c) Notice
      of the liquidation of the REMIC Regular Interests shall be given promptly by
      the
      Trustee by letter to 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 Terminator, 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 shall terminate and final payment
      in
      respect of the REMIC Regular Interests and the Certificates shall be made upon
      presentation and surrender of the related Certificates at the office of the
      Trustee therein designated, (ii) the amount of any such final payment, (iii)
      that no interest shall accrue in respect of the REMIC 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 Trustee.
      The
      Trustee shall give such notice to the Certificate Registrar at the time such
      notice is given to Certificateholders. 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
      Trustee for deposit in the Distribution Account not later than the last Business
      Day preceding the final Distribution Date on the Certificates an amount in
      immediately available funds equal to the above-described purchase price. Upon
      certification to the Trustee by a Servicing Officer 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 the Trustee
      shall execute all assignments, endorsements and other instruments necessary
      to
      effectuate such transfer.

     

    (d) Upon
      presentation of the Certificates by the Certificateholders on the final
      Distribution Date, the Trustee shall distribute to each Certificateholder so
      presenting and surrendering its Certificates the amount otherwise distributable
      on such Distribution Date in accordance with Section 4.01 in respect of the
      Certificates so presented and surrendered. Any funds not distributed to any
      Holder or Holders of Certificates being retired on such Distribution Date
      because of the failure of such Holder or Holders to tender their Certificates
      shall, on such date, be set aside and held in trust by the Trustee and credited
      to the account of the appropriate non-tendering Holder or Holders. If any
      Certificates as to which notice has been given pursuant to this Section 9.01
      shall not have been surrendered for cancellation within six months after the
      time specified in such notice, the Trustee 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 Trustee shall, directly or through an
      agent, mail a final notice to remaining related 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 year
      after
      the final notice any such Certificates shall not have been surrendered for
      cancellation, the Trustee shall pay to the Underwriters all remaining 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 Trustee as a result of such
      Certificateholder’s failure to surrender its Certificate(s) for final payment
      thereof in accordance with this Section 9.01.

     

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

     

    
      	SECTION
              9.02.  	
              Additional
                Termination Requirements.

            

    

     

    (a) In
      the event that the Terminator purchases all the Mortgage Loans and each REO
      Property or the final payment on or other liquidation of the last Mortgage
      Loan
      or REO Property remaining in REMIC I pursuant to Section 9.01, the Trust Fund
      shall be terminated in accordance with the following additional
      requirements:

     

    (i) The
      Trustee shall specify the first day in the 90-day liquidation period in a
      statement attached to each Trust REMIC’s final Tax Return pursuant to Treasury
      regulation Section 1.860F-1 and shall satisfy all requirements of a qualified
      liquidation under Section 860F of the Code and any regulations thereunder,
      as
      evidenced by an Opinion of Counsel obtained 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 Trustee
      shall distribute or credit, or cause to be distributed or credited, to the
      Holders of the Residual Certificates all cash on hand in the Trust Fund (other
      than cash retained to meet claims), and the Trust Fund shall terminate at that
      time.

     

    (b) At
      the expense of the applicable Terminator (or in the event of termination under
      Section 9.01(a)(ii), at the expense of the Trustee), the Trustee shall prepare
      or cause to be prepared the documentation required in connection with the
      adoption of a plan of liquidation of each Trust REMIC pursuant to this Section
      9.02.

     

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

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      X  

     

    REMIC
      PROVISIONS

     

    
      	SECTION
              10.01.  	
              REMIC
                Administration.

            

    

     

    (a) The
      Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and,
      if
      necessary, under applicable state law. Each such election shall be made by
      the
      Trustee on Form 1066 or other appropriate federal tax or information return
      or
      any appropriate state return for the taxable year ending on the last day of
      the
      calendar year in which the Certificates are issued. For the purposes of the
      REMIC election in respect of REMIC I, (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, (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,
      (iii) the Class A Certificates, the Mezzanine Certificates (exclusive of the
      right to receive payments from the Net WAC Carryover Reserve Account or the
      Swap
      Account or the obligation to make payments to the Swap Account), the Class
      SWAP-IO Interest, the Class CE Interest and the Class P Interest shall be
      designated as the Regular Interests in REMIC III and the Class R-III Interest
      shall be designated as the Residual Interest in REMIC III, (v) the Class CE
      Certificates shall be designated as the Regular Interests in REMIC IV and the
      Class R-IV Interest shall be designated as the Residual Interest in REMIC IV,
      (vi) the Class P Certificates shall be designated as the Regular Interests
      in
      REMIC V and the Class R-V Interest shall be designated as the Residual Interest
      in REMIC V and (vii) REMIC VI Regular Interest SWAP-IO shall be designated
      as
      the Regular Interests in REMIC VI and the Class R-VI Interest shall be
      designated as the Residual Interest in REMIC VI. The Trustee shall not permit
      the creation of any “interests” in any Trust REMIC (within the meaning of
      Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC
      II
      Regular Interests, the Class CE Interest, the Class P Interest, the Class
      SWAP-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
      Trustee shall pay out of its own funds, without any right of reimbursement,
      any
      and all expenses relating to any tax audit of the Trust Fund caused by the
      Trustee (including, but not limited to, any professional fees or any
      administrative or judicial proceedings with respect to any Trust REMIC that
      involve the Internal Revenue Service or state tax authorities), other than
      the
      expense of obtaining any tax related Opinion of Counsel except as specified
      herein. The Trustee, 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 Trustee or an Affiliate as its agent to perform all
      of
      the duties of the tax matters person for the Trust Fund.

     

    (d) The
      Trustee shall prepare, sign and file 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 Trustee without any right of reimbursement therefor. The Master
      Servicer shall provide on a timely basis to the Trustee or its designee such
      information with respect to the assets of the Trust Fund as is in its possession
      and reasonably required by the Trustee to enable it to perform its obligations
      under this Article.

     

    (e) The
      Trustee 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 Trustee shall provide (i) to any Transferor of a Residual Certificate such
      information as is necessary for the application of any tax relating to the
      transfer of a Residual Certificate to any Person who is not a Permitted
      Transferee, (ii) to the Certificateholders such information or reports as are
      required by the Code or the REMIC Provisions including reports relating to
      interest, original issue discount and market discount or premium (using the
      Prepayment Assumption as required) and (iii) to the Internal Revenue Service
      the
      name, title, address and telephone number of the person who shall serve as
      the
      representative of each Trust REMIC. The Master Servicer shall provide on a
      timely basis to the Trustee such information with respect to the assets of
      the
      Trust Fund, including, without limitation, the Mortgage Loans, as is in its
      possession and reasonably required by the Trustee to enable each of them to
      perform their respective obligations under this subsection. In addition, the
      Depositor shall provide or cause to be provided to the Trustee within ten (10)
      days after the Closing Date, all information or data that the Trustee reasonably
      determines to be relevant for tax purposes as to the valuations and issue prices
      of the Certificates, including, without limitation, the price, yield, prepayment
      assumption and projected cash flow of the Certificates.

     

    (f) The
      Trustee 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 (and the Master Servicer shall assist
      it,
      to the extent reasonably requested by it). The Trustee 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 (i) endanger the status of any Trust REMIC
      as a
      REMIC or (ii) result in the imposition of a tax upon the Trust Fund (including
      but not limited to the tax on prohibited transactions as defined in Section
      860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in
      Section 860G(d) of the Code) (either such event, an “Adverse REMIC Event”)
      unless the Trustee and the NIMS Insurer have received an Opinion of Counsel,
      addressed to the Trustee and the NIMS Insurer (at the expense of the party
      seeking to take such action but in no event at the expense of the Trustee)
      to
      the effect that the contemplated action shall not, with respect to any Trust
      REMIC, endanger such status or result in the imposition of such a tax, nor
      shall
      the Master Servicer take or fail to take any action (whether or not authorized
      hereunder) as to which the Trustee and the NIMS Insurer has advised it in
      writing that it has received an Opinion of Counsel to the effect that an Adverse
      REMIC Event could occur with respect to such action. 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 Master Servicer shall consult with the
      Trustee, the NIMS Insurer 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 Master Servicer shall not take any such action or cause
      any
      Trust REMIC to take any such action as to which the Trustee or the NIMS Insurer
      has advised it in writing that an Adverse REMIC Event could occur. The Trustee
      or the NIMS Insurer may consult with counsel to make such written advice, and
      the cost of same shall be borne by the party seeking to take the action not
      permitted by this Agreement, but in no event shall such cost be an expense
      of
      the Trustee. At all times as may be required by the Code, the Master Servicer
      on
      behalf of the Trustee shall ensure that substantially all of the assets of
      any
      Trust REMIC shall consist of “qualified mortgages” as defined in Section
      860G(a)(3) of the Code and “permitted investments” as defined in Section
      860G(a)(5) of the Code.

     

    (g) In
      the event that any tax is imposed on “prohibited transactions” of 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 10.03 hereof, if such tax arises
      out of or results from a breach by the Trustee of any of its obligations under
      this Article X, (ii) to the Master Servicer pursuant to Section 10.03 hereof,
      if
      such tax arises out of or results from a breach by the Master Servicer of any
      of
      its obligations under Article III or this Article X, or otherwise (iii) against
      amounts on deposit in the Distribution Account and shall be paid by withdrawal
      therefrom.

     

    (h) On
      or before April 15th
      of each calendar year, commencing April 15, 2007, the Trustee shall deliver
      to
      the Master Servicer, the NIMS Insurer and each Rating Agency a Certificate
      from
      a Responsible Officer of the Trustee stating, without regard to any action
      taken
      by any party other than the Trustee, the Trustee’s compliance with this Article
      X.

     

    (i) The
      Trustee 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. The
      Trustee shall apply for an Employer Identification Number for the Trust Fund
      from the Internal Revenue Service via a Form SS-4 or such other form as is
      appropriate.

     

    (j) Following
      the Startup Day, the Trustee shall not 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 shall not cause the related REMIC to fail to qualify as a REMIC at any
      time
      that any Certificates are outstanding or subject such REMIC to any tax under
      the
      REMIC Provisions or other applicable provisions of federal, state and local
      law
      or ordinances.

     

    (k) Neither
      the Trustee nor the Master Servicer shall enter into any arrangement by which
      any Trust REMIC shall receive a fee or other compensation for services nor
      permit any such REMIC to receive any income from assets other than the Mortgage
      Pool which are deemed to constitute “qualified mortgages” as defined in Section
      860G(a)(3) of the Code or “permitted investments” as defined in Section
      860G(a)(5) of the Code.

     

    
      	SECTION
              10.02.  	
              Prohibited
                Transactions and Activities.

            

    

     

    None
      of the Depositor, the 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
      IX
      of this Agreement, (iv) a substitution pursuant to Article II of this Agreement
      or (v) a purchase of Mortgage Loans pursuant to Article II or III of this
      Agreement), or acquire any assets for any Trust REMIC (other than REO Property
      acquired in respect of a defaulted Mortgage Loan), or sell or dispose of any
      investments in the Collection Account or the Distribution Account for gain,
      or
      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
      NIMS Insurer (at the expense of the party seeking to cause such sale,
      disposition, substitution, acquisition or contribution but in no event at the
      expense of the Trustee) that such sale, disposition, substitution, acquisition
      or contribution shall not (a) affect adversely the status of any Trust REMIC
      as
      a REMIC or (b) cause any Trust REMIC to be subject to a tax on “prohibited
      transactions” or “contributions” pursuant to the REMIC Provisions.

     

    
      	SECTION
              10.03.  	
              Master
                Servicer and Trustee
                Indemnification.

            

    

     

    (a) The
      Trustee agrees to indemnify the Trust Fund, the NIMS Insurer, the Depositor
      and
      the Master Servicer for any taxes and costs including, without limitation,
      any
      reasonable attorneys fees imposed on or incurred by the Trust Fund, the
      Depositor or the Master Servicer, caused solely by the Trustee’s failure to act
      in accordance with its standard of care set forth in this Article X or any
      state, local or franchise taxes imposed upon the Trust as a result of the
      location of the Trustee.

     

    (b) The
      Master Servicer agrees to indemnify the Trust Fund, the NIMS Insurer, the
      Depositor 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 or the Trustee, as a result of a breach of the Master Servicer’s
      covenants set forth in Article III or this Article X or any state, local or
      franchise taxes imposed upon the Trust as a result of the location of the Master
      Servicer or any subservicer.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      XI  

     

    MISCELLANEOUS
      PROVISIONS

     

    
      	SECTION
              11.01.  	
              Amendment.

            

    

     

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

     

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

     

    Notwithstanding
      any contrary provision of this Agreement, neither the Trustee nor the NIMS
      Insurer shall consent to any amendment to this Agreement unless it shall have
      first received an Opinion of Counsel satisfactory to the NIMS Insurer to the
      effect that such amendment shall not result in the imposition of any tax on
      any
      Trust REMIC pursuant to the REMIC Provisions or cause any Trust REMIC to fail
      to
      qualify as a REMIC at any time that any Certificates are
      outstanding.

     

    Notwithstanding
      any of the other provisions of this Section 11.01, none of the Depositor, the
      Master Servicer or the Trustee shall enter into any amendment of this Agreement
      that would significantly change the permitted activities of the Trust Fund
      without the consent of the NIMS Insurer and the Holders of Certificates that
      represent more than 50% of the aggregate Certificate Principal Balance of all
      Certificates.

     

    Notwithstanding
      any of the other provisions of this Section 11.01, none of the Depositor, the
      Master Servicer or the Trustee shall enter into any amendment to Section
      3.05(c)(i), Section 4.01(f), Section 4.10 or Section 11.10 of this Agreement
      or
      any other amendment that would have a material adverse affect on the Interest
      Rate Swap Provider without the prior written consent of the Interest Rate Swap
      Provider.

     

    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
      11.01 to approve the particular form of any proposed amendment, but it shall
      be
      sufficient if such consent shall approve the substance thereof. The manner
      of
      obtaining such consents and of evidencing the authorization of the execution
      thereof by Certificateholders shall be subject to such reasonable regulations
      as
      the Trustee may prescribe.

     

    The
      cost of any Opinion of Counsel to be delivered pursuant to this Section 11.01
      shall be borne by the Person seeking the related amendment, but in no event
      shall such Opinion of Counsel be an expense of the Trustee.

     

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

     

    
      	SECTION
              11.02.  	
              Recordation
                of Agreement; Counterparts.

            

    

     

    To
      the extent permitted by applicable law, this Agreement is subject to recordation
      in all appropriate public offices for real property records in all the counties
      or other comparable jurisdictions in which any or all of the properties subject
      to the Mortgages are situated, and in any other appropriate public recording
      office or elsewhere, such recordation to be effected by the Master Servicer
      at
      the expense of the Certificateholders, but only upon direction of the Trustee
      accompanied by an Opinion of Counsel to the effect that such recordation
      materially and beneficially affects the interests of the
      Certificateholders.

     

    For
      the purpose of facilitating the recordation of this Agreement as herein provided
      and for other purposes, this Agreement may be executed simultaneously in any
      number of counterparts, each of which counterparts shall be deemed to be an
      original, and such counterparts shall constitute but one and the same
      instrument.

     

    
      	SECTION
              11.03.  	
              Limitation
                on Rights of Certificateholders.

            

    

     

    The
      death or incapacity of any Certificateholder shall not operate to terminate
      this
      Agreement or the Trust Fund, nor entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or to take any action or
      proceeding in any court for a partition or winding up of the Trust Fund, nor
      otherwise affect the rights, obligations and liabilities of the parties hereto
      or any of them.

     

    No
      Certificateholder shall have any right to vote (except as expressly provided
      for
      herein) or in any manner otherwise control the operation and management of
      the
      Trust Fund, or the obligations of the parties hereto, nor shall anything herein
      set forth, or contained in the terms of any of the Certificates, be construed
      so
      as to constitute the Certificateholders from time to time as partners or members
      of an association; nor shall any Certificateholder be under any liability to
      any
      third person by reason of any action taken by the parties to this Agreement
      pursuant to any provision hereof.

     

    No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to this Agreement, unless (i) such Holder previously
      shall have given to the Trustee a written notice of default and of the
      continuance thereof, as hereinbefore provided, and (ii) 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
      the name of the Trustee hereunder and shall have offered to the Trustee such
      reasonable indemnity as it may require against the costs, expenses and
      liabilities to be incurred therein or thereby, and the Trustee, for 15 days
      after its receipt of such notice, request and offer of indemnity, shall have
      neglected or refused to institute any such action, suit or proceeding. It is
      understood and intended, and expressly covenanted by each Certificateholder
      with
      every other Certificateholder and the Trustee, that no one or more Holders
      of
      Certificates shall have any right in any manner whatsoever by virtue of any
      provision of this Agreement to affect, disturb or prejudice the rights of the
      Holders of any other of such Certificates, or to obtain or seek to obtain
      priority over or preference to any other such Holder, or to enforce any right
      under this Agreement, except in the manner herein provided and for the equal,
      ratable and common benefit of all Certificateholders. For the protection and
      enforcement of the provisions of this Section, each and every Certificateholder
      and the Trustee shall be entitled to such relief as can be given either at
      law
      or in equity.

     

    
      	SECTION
              11.04.  	
              Governing
                Law.

            

    

     

    This
      Agreement shall be construed in accordance with the laws of the State of New
      York and the obligations, rights and remedies of the parties hereunder shall
      be
      determined in accordance with such laws excluding the choice of laws provisions
      therein.

     

    
      	SECTION
              11.05.  	
              Notices.

            

    

     

    All
      directions, demands, requests, authorizations and notices hereunder shall be
      in
      writing and shall be deemed to have been duly given when received if personally
      delivered at or mailed by first class mail, postage prepaid, or by express
      delivery service, facsimile, electronic mail or delivered in any other manner
      specified herein, to (a) in the case of the Depositor, 1100 Town & Country
      Road, Suite 1100, Orange, California 92868, Attention: Capital Markets (telecopy
      number: (714) 245-0198), or such other address or telecopy number as may
      hereafter be furnished to the Master Servicer, the NIMS Insurer and the Trustee
      in writing by the Depositor, (b) in the case of the Master Servicer, 1100 Town
      & Country Road, 11th
      Floor, Orange, California 92868, Attention: General Counsel (telecopy number:
      (714) 564-9639), or such other address or telecopy number as may hereafter
      be
      furnished to the Trustee, the NIMS Insurer and the Depositor in writing by
      the
      Master Servicer, (c) in the case of the Trustee, Deutsche Bank National Trust
      Company, 1761 East St. Andrew Place, Santa Ana, California 92705-4934,
      Attention: Trust Administration-AQ0601 (telecopy number: (714) 247-6009), or
      such other address or telecopy number as may hereafter be furnished to the
      Master Servicer, the NIMS Insurer and the Depositor in writing by the Trustee
      and (d) in the case of the NIMS Insurer, such address furnished to the
      Depositor, the Master Servicer and the Trustee in writing by the NIMS Insurer.
      Any notice required or permitted to be given to a Certificateholder shall be
      given by first class mail, postage prepaid, at the address of such Holder as
      shown in the Certificate Register. Any notice so mailed within the time
      prescribed in this Agreement shall be conclusively presumed to have been duly
      given when mailed, whether or not the Certificateholder receives such notice.
      A
      copy of any notice required to be telecopied hereunder also shall be mailed
      to
      the appropriate party in the manner set forth above.

     

    
      	SECTION
              11.06.  	
              Severability
                of Provisions.

            

    

     

    If
      any one or more of the covenants, agreements, provisions or terms of this
      Agreement shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the Holders thereof.

     

    
      	SECTION
              11.07.  	
              Notice
                to Rating Agencies and the NIMS
                Insurer.

            

    

     

    The
      Trustee shall use its best efforts promptly to provide notice to the Rating
      Agencies and the NIMS Insurer with respect to each of the following of which
      it
      has actual knowledge:

     

    1. Any
      material change or amendment to this Agreement;

     

    2. The
      occurrence of any Master Servicer Event of Default that has not been cured
      or
      waived;

     

    3. The
      resignation or termination of 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;

     

    6. Any
      change in the location of the Collection Account or the Distribution
      Account;

     

    7. Any
      event that would result in the inability of the Trustee, were it to succeed
      as
      Master Servicer, to make advances regarding delinquent Mortgage Loans;
      and

     

    8. The
      filing of any claim under the Master Servicer’s blanket bond and errors and
      omissions insurance policy required by Section 3.09 or the cancellation or
      material modification of coverage under any such instrument.

     

    In
      addition, the Trustee shall promptly furnish to each Rating Agency and the
      NIMS
      Insurer copies of each report to Certificateholders described in Section 4.02
      and the Master Servicer, as required pursuant to Section 3.19 and Section 3.20,
      shall promptly furnish to each Rating Agency copies of the
      following:

     

    1. Each
      annual statement as to compliance described in Section 3.19; and

     

    2. Each
      annual independent public accountants’ servicing report described in Section
      3.20.

     

    Any
      such notice pursuant to this Section 11.07 shall be in writing and shall be
      deemed to have been duly given if personally delivered at or mailed by first
      class mail, postage prepaid, or by express delivery service to Moody’s Investors
      Service, Inc., 99 Church Street, New York, New York 10007, to Fitch Ratings,
      One
      State Street Plaza, New York, New York 10004 and to Standard & Poor’s
      Ratings Services, a division of The McGraw-Hill Companies, Inc., 55 Water
      Street, New York, New York 10041, or such other addresses as the Rating Agencies
      may designate in writing to the parties hereto.

     

    
      	SECTION
              11.08.  	
              Article
                and Section References.

            

    

     

    All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

     

    
      	SECTION
              11.09.  	
              Grant
                of Security Interest.

            

    

     

    It
      is the express intent of the parties hereto that the conveyance of the Mortgage
      Loans by the Depositor to the Trustee be, and be construed as, a sale of the
      Mortgage Loans by the Depositor and not a pledge of the Mortgage Loans by the
      Depositor to secure a debt or other obligation of the Depositor or the Seller.
      However, in the event that, notwithstanding the aforementioned intent of the
      parties, the Mortgage Loans are held to be property of the Depositor or the
      Seller, then, (a) it is the express intent of the parties that such conveyance
      be deemed a pledge of the Mortgage Loans by the Depositor to the Trustee to
      secure a debt or other obligation of the Depositor or 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 Uniform Commercial Code as in effect from time to time
      in the State of New York; (2) the conveyance provided for in Section 2.01 hereof
      shall be deemed to be a grant by the Seller and the Depositor to the Trustee
      of
      a security interest in all of the Seller’s and 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 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 on behalf of the Certificateholders
      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 and the transfer pursuant to the Mortgage
      Loan Purchase Agreement to be a true, absolute and unconditional sale of the
      Mortgage Loans and assets constituting the Trust Fund by the Depositor to the
      Trustee.

     

    
      	SECTION
              11.10.  	
              Third
                Party Rights.

            

    

     

    Each
      of the NIMS Insurer and the Interest Rate Swap Provider shall be 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. Without
      limiting the generality of the foregoing, provisions herein that refer to the
      “benefit” of Certificateholders or the “interests” of the Certificateholders or
      actions “for the benefit of” Certificateholders also include an implicit
      reference to the benefits or interests of the NIMS Insurer, if any.

     

    
      	SECTION
              11.11.  	
              Intention
                of the Parties and Interpretation.

            

    

     

    Each
      of the parties acknowledges and agrees that the purpose of Sections 3.19, 3.20
      and 4.06 of this Agreement is to facilitate compliance by the Depositor with
      the
      provisions of Regulation AB promulgated by the SEC under the Exchange Act (17
      C.F.R. §§ 229.1100 - 229.1123), as such may be amended from time to time and
      subject to clarification and interpretive advice as may be issued by the staff
      of the SEC from time to time. Therefore, each of the parties agrees that (a)
      the
      obligations of the parties hereunder shall be interpreted in such a manner
      as to
      accomplish that purpose, (b) the parties’ obligations hereunder will be
      supplemented and modified as necessary to be consistent with any such
      amendments, interpretive advice or guidance, convention or consensus among
      active participants in the asset-backed securities markets, opinion of counsel,
      or otherwise in respect of the requirements of Regulation AB, (c) the parties
      shall comply with reasonable requests made by the Depositor for delivery of
      additional or different information, to the extent that such information is
      available or reasonably attainable, as the Depositor may determine in good
      faith
      is necessary to comply with the provisions of Regulation AB, and (d) no
      amendment of this Agreement shall be required to effect any such changes in
      the
      parties’ obligations as are necessary to accommodate evolving interpretations of
      the provisions of Regulation AB; provided, however, that any such changes shall
      require the consent of each of the parties hereto.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

     

    
      	 	 	 	 	 	 	 	
              AMERIQUEST
                MORTGAGE SECURITIES INC.,

              as
                Depositor

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	
              /s/
                John P. Grazer

            
	 	 	 	 	 	 	 	
              Name:

            	
              John
                P. Grazer

            
	 	 	 	 	 	 	 	
              Title:

            	
              CFO

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              AMERIQUEST
                MORTGAGE COMPANY,

              as
                Master Servicer

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	
              /s/
                John P. Grazer

            
	 	 	 	 	 	 	 	
              Name:

            	
              John
                P. Grazer

            
	 	 	 	 	 	 	 	
              Title:

            	
              EVP

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY,

              as
                Trustee

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	
              /s/
                Ronaldo Reyes

            
	 	 	 	 	 	 	 	
              Name:

            	
              Ronaldo
                Reyes

            
	 	 	 	 	 	 	 	
              Title:

            	
              Vice
                President

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	
              /s/
                Valerie Delgado

            
	 	 	 	 	 	 	 	
              Name:

            	
              Valerie
                Delgado

            
	 	 	 	 	 	 	 	
              Title:

            	
              Assistant
                Vice President

            

    

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF ORANGE

            	
              )

            	 

    

    

    On
      the ___ day of __________ 2006, before me, a notary public in and for said
      State, personally appeared ____________, known to me to be a(n) ________________
      of Ameriquest Mortgage Securities Inc., one of the entities that executed the
      within instrument, and also known to me to be the person who executed it on
      behalf of said entity, and acknowledged to me that such entity executed the
      within instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF ORANGE

            	
              )

            	 

    

    

     

    On
      the ___ day of __________ 2006, before me, a notary public in and for said
      State, personally appeared __________________, known to me to be a(n)
      _________________ of Ameriquest Mortgage Company, one of the entities that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said entity, and acknowledged to me that such entity
      executed the within instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

    [Notarial
      Seal]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF 

            	
              )

            	 

    

    

    On
      the ___ day of _________ 2006, before me, a notary public in and for said State,
      personally appeared _________________, known to me to be a(n)
      ____________________ of Deutsche Bank National Trust Company, one of the
      entities that executed the within instrument, and also known to me to be the
      person who executed it on behalf of said entity, and acknowledged to me that
      such entity executed the within instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

    [Notarial
      Seal]

    

 

 

EXHIBIT A-1

FORM OF CLASS A-1 CERTIFICATE

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

 

	
            Series 2006-R1, Class A-1
 	
             
 	
            Aggregate Certificate Principal Balance of the Class A-1 Certificates as of the Issue Date:   $975,411,000
 
	
            Pass-Through Rate: Variable
 	
             
 	
            Denomination: $975,411,000
 
	
            Date of Pooling and Servicing Agreement and Cut-off Date: February 1, 2006
 	
             
 	
            Master Servicer: Ameriquest Mortgage Company
 
	
            First Distribution Date: March 27, 2006
 	
             
 	
            Trustee: Deutsche Bank National Trust Company
 
	
            No. 1
 	
             
 	
             

	
             
 	
             
 	
            Issue Date: February 23, 2006
 
	
             
 	
             
 	
            CUSIP: 03072S W7 6
 

 

 

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.

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE (EACH, A “PLAN”).

 

 

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 adjustable-rate and fixed-rate first and second lien mortgage loans (the “Mortgage Loans”) formed and sold by

AMERIQUEST MORTGAGE SECURITIES INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN AMERIQUEST MORTGAGE SECURITIES INC., THE MASTER 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 Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class A-1 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class A-1 Certificates in a REMIC created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Ameriquest Mortgage Securities Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the Master Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

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

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Trustee in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date 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 Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee 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 the lesser of (x) the related Formula Rate for such Distribution Date and (y) the Net WAC Pass-Through Rate for such Distribution Date.  For any Distribution Date and this Certificate, the Formula Rate is the lesser of (a) One-Month LIBOR plus the Certificate Margin and (b) the Maximum Cap Rate.  The Certificate Margin with respect to this Certificate shall be determined in accordance with the terms of the Agreement.

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

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, 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 NIMS Insurer (if any) and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the NIMS Insurer (if any) and the Trustee with the consent of the NIMS Insurer (if any) 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 Trustee 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 Trustee and the Certificate Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Certificates are 

 

exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

 

No transfer of this Certificate may be made to a Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person using “Plan Assets” to acquire this Certificate.

No service charge will be made for any such registration of transfer or exchange of Certificates, but the Trustee 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 and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Trustee or the Certificate Registrar 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 Certificate Registrar 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 Trustee 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 cannot be exercised until the Optional Termination Date.

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

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

 

 

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

Dated: February __, 2006

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Trustee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

CERTIFICATE OF AUTHENTICATION

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

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Certificate Registrar
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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
 
 
	
            TEN ENT - 
 	
            as tenants by the entireties
 	
             
 	
             
 	
            (Cust)     (Minor)

under Uniform Gifts to Minors Act
 
	
            JT TEN - 
 	
            as joint tenants with right if survivorship and not as tenants in common
 	
             
 	
             
 	
            ___________________

(State)
 
	
             
 	
             
 	
             
 	
             
 	
             
 

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 Certificate Registrar 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
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
									

 

 

 

 

EXHIBIT A-2A

FORM OF CLASS A-2A 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”).

 

	
            Series 2006-R1, Class A-2A
 	
             
 	
            Aggregate Certificate Principal Balance of the Class A-2A Certificates as of the Issue Date: $83,530,000
 
	
            Pass-Through Rate: Variable
 	
             
 	
            Denomination:  $83,530,000
 
	
            Date of Pooling and Servicing Agreement and Cut-off Date: February 1, 2006
 	
             
 	
            Master Servicer: Ameriquest Mortgage Company
 
	
            First Distribution Date: March 27, 2006
 	
             
 	
            Trustee: Deutsche Bank National Trust Company
 
	
            No. 1
 	
             
 	
             

	
             
 	
             
 	
            Issue Date: February 23, 2006
 
	
             
 	
             
 	
            CUSIP: 03072S W8 4
 

 

 

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

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE (EACH, A “PLAN”).

 

 

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 adjustable-rate and fixed-rate first and second lien mortgage loans (the “Mortgage Loans”) formed and sold by

AMERIQUEST MORTGAGE SECURITIES INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN AMERIQUEST MORTGAGE SECURITIES INC., THE MASTER 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 Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class A-2A Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class A-2A Certificates in a REMIC created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Ameriquest Mortgage Securities Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the Master Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered on the Record Date, in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class A-2A 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 or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Trustee in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date 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 Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee 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 the lesser of (x) the related Formula Rate for such Distribution Date and (y) the Net WAC Pass-Through Rate for such Distribution Date.  For any Distribution Date and this Certificate, the Formula Rate is the lesser of (a) One-Month LIBOR plus the Certificate Margin and (b) the Maximum Cap Rate.  The Certificate Margin with respect to this Certificate shall be determined in accordance with the terms of the Agreement.

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

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, 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 NIMS Insurer (if any) and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the NIMS Insurer (if any) and the Trustee with the consent of the NIMS Insurer (if any) 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 Trustee 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 Trustee and the Certificate Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

 

 

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

No transfer of this Certificate may be made to a Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person using “Plan Assets” to acquire this Certificate.

No service charge will be made for any such registration of transfer or exchange of Certificates, but the Trustee 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 and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Trustee or the Certificate Registrar 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 Certificate Registrar 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 Trustee 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 cannot be exercised until the Optional Termination Date.

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

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

 

 

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

Dated: February __, 2006

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Trustee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

CERTIFICATE OF AUTHENTICATION

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

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Certificate Registrar
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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
 
 
	
            TEN ENT - 
 	
            as tenants by the entireties
 	
             
 	
             
 	
            (Cust)     (Minor)

under Uniform Gifts to Minors Act
 
	
            JT TEN - 
 	
            as joint tenants with right if survivorship and not as tenants in common
 	
             
 	
             
 	
            ___________________

(State)
 
	
             
 	
             
 	
             
 	
             
 	
             
 

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 Certificate Registrar 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
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

EXHIBIT A-2B

FORM OF CLASS A-2B 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”).

 

	
            Series 2006-R1, Class A-2B
 	
             
 	
            Aggregate Certificate Principal Balance of the Class A-2B Certificates as of the Issue Date: $37,660,000
 
	
            Pass-Through Rate: Variable
 	
             
 	
            Denomination:  $37,660,000
 
	
            Date of Pooling and Servicing Agreement and Cut-off Date: February 1, 2006
 	
             
 	
            Master Servicer: Ameriquest Mortgage Company
 
	
            First Distribution Date: March 27, 2006
 	
             
 	
            Trustee: Deutsche Bank National Trust Company
 
	
            No. 1
 	
             
 	
             

	
             
 	
             
 	
            Issue Date: February 23, 2006
 
	
             
 	
             
 	
            CUSIP: 03072S W9 2
 

 

 

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

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE (EACH, A “PLAN”).

 

 

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 adjustable-rate and fixed-rate first and second lien mortgage loans (the “Mortgage Loans”) formed and sold by

AMERIQUEST MORTGAGE SECURITIES INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN AMERIQUEST MORTGAGE SECURITIES INC., THE MASTER 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 Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class A-2B Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class A-2B Certificates in a REMIC created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Ameriquest Mortgage Securities Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the Master Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered on the Record Date, in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class A-2B 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 or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Trustee in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date 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 Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee 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 the lesser of (x) the related Formula Rate for such Distribution Date and (y) the Net WAC Pass-Through Rate for such Distribution Date.  For any Distribution Date and this Certificate, the Formula Rate is the lesser of (a) One-Month LIBOR plus the Certificate Margin and (b) the Maximum Cap Rate.  The Certificate Margin with respect to this Certificate shall be determined in accordance with the terms of the Agreement.

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

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, 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 NIMS Insurer (if any) and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the NIMS Insurer (if any) and the Trustee with the consent of the NIMS Insurer (if any) 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 Trustee 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 Trustee and the Certificate Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

 

 

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

No transfer of this Certificate may be made to a Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person using “Plan Assets” to acquire this Certificate.

No service charge will be made for any such registration of transfer or exchange of Certificates, but the Trustee 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 and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Trustee or the Certificate Registrar 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 Certificate Registrar 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 Trustee 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 cannot be exercised until the Optional Termination Date.

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

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

 

 

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

Dated: February __, 2006

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Trustee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

CERTIFICATE OF AUTHENTICATION

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

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Certificate Registrar
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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
 
 
	
            TEN ENT - 
 	
            as tenants by the entireties
 	
             
 	
             
 	
            (Cust)     (Minor)

under Uniform Gifts to Minors Act
 
	
            JT TEN - 
 	
            as joint tenants with right if survivorship and not as tenants in common
 	
             
 	
             
 	
            ___________________

(State)
 
	
             
 	
             
 	
             
 	
             
 	
             
 

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 Certificate Registrar 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
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

EXHIBIT A-2C

FORM OF CLASS A-2C 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”).

 

	
            Series 2006-R1, Class A-2C
 	
             
 	
            Aggregate Certificate Principal Balance of the Class A-2C Certificates as of the Issue Date: $38,500,000
 
	
            Pass-Through Rate: Variable
 	
             
 	
            Denomination:  $38,500,000
 
	
            Date of Pooling and Servicing Agreement and Cut-off Date: February 1, 2006
 	
             
 	
            Master Servicer: Ameriquest Mortgage Company
 
	
            First Distribution Date: March 27, 2006
 	
             
 	
            Trustee: Deutsche Bank National Trust Company
 
	
            No. 1
 	
             
 	
             

	
             
 	
             
 	
            Issue Date: February 23, 2006
 
	
             
 	
             
 	
            CUSIP: 03072S X2 6
 

 

 

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.

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE (EACH, A “PLAN”).

 

 

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 adjustable-rate and fixed-rate first and second lien mortgage loans (the “Mortgage Loans”) formed and sold by

AMERIQUEST MORTGAGE SECURITIES INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN AMERIQUEST MORTGAGE SECURITIES INC., THE MASTER 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 Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class A-2C Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class A-2C Certificates in a REMIC created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Ameriquest Mortgage Securities Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the Master Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered on the Record Date, in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class A-2C 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 or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Trustee in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date 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 Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee 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 the lesser of (x) the related Formula Rate for such Distribution Date and (y) the Net WAC Pass-Through Rate for such Distribution Date.  For any Distribution Date and this Certificate, the Formula Rate is the lesser of (a) One-Month LIBOR plus the Certificate Margin and (b) the Maximum Cap Rate.  The Certificate Margin with respect to this Certificate shall be determined in accordance with the terms of the Agreement.

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

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, 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 NIMS Insurer (if any) and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the NIMS Insurer (if any) and the Trustee with the consent of the NIMS Insurer (if any) 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 Trustee 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 Trustee and the Certificate Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

 

 

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

No transfer of this Certificate may be made to a Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person using “Plan Assets” to acquire this Certificate.

No service charge will be made for any such registration of transfer or exchange of Certificates, but the Trustee 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 and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Trustee or the Certificate Registrar 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 Certificate Registrar 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 Trustee 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 cannot be exercised until the Optional Termination Date.

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

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

 

 

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

Dated: February __, 2006

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Trustee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

CERTIFICATE OF AUTHENTICATION

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

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Certificate Registrar
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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
 
 
	
            TEN ENT - 
 	
            as tenants by the entireties
 	
             
 	
             
 	
            (Cust)     (Minor)

under Uniform Gifts to Minors Act
 
	
            JT TEN - 
 	
            as joint tenants with right if survivorship and not as tenants in common
 	
             
 	
             
 	
            ___________________

(State)
 
	
             
 	
             
 	
             
 	
             
 	
             
 

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 Certificate Registrar 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
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

.

 

 

EXHIBIT A-2D

FORM OF CLASS A-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”).

 

	
            Series 2006-R1, Class A-2D
 	
             
 	
            Aggregate Certificate Principal Balance of the Class A-2D Certificates as of the Issue Date: $27,409,000
 
	
            Pass-Through Rate: Variable
 	
             
 	
            Denomination:  $27,409,000
 
	
            Date of Pooling and Servicing Agreement and Cut-off Date: February 1, 2006
 	
             
 	
            Master Servicer: Ameriquest Mortgage Company
 
	
            First Distribution Date: March 27, 2006
 	
             
 	
            Trustee: Deutsche Bank National Trust Company
 
	
            No. 1
 	
             
 	
             

	
             
 	
             
 	
            Issue Date: February 23, 2006
 
	
             
 	
             
 	
            CUSIP: 03072S X3 4
 

 

 

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

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE (EACH, A “PLAN”).

 

 

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 adjustable-rate and fixed-rate first and second lien mortgage loans (the “Mortgage Loans”) formed and sold by

AMERIQUEST MORTGAGE SECURITIES INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN AMERIQUEST MORTGAGE SECURITIES INC., THE MASTER 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 Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class A-2D Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class A-2D Certificates in a REMIC created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Ameriquest Mortgage Securities Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the Master Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered on the Record Date, in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class A-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 or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Trustee in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date 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 Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee 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 the lesser of (x) the related Formula Rate for such Distribution Date and (y) the Net WAC Pass-Through Rate for such Distribution Date.  For any Distribution Date and this Certificate, the Formula Rate is the lesser of (a) One-Month LIBOR plus the Certificate Margin and (b) the Maximum Cap Rate.  The Certificate Margin with respect to this Certificate shall be determined in accordance with the terms of the Agreement.

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

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, 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 NIMS Insurer (if any) and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the NIMS Insurer (if any) and the Trustee with the consent of the NIMS Insurer (if any) 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 Trustee 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 Trustee and the Certificate Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

 

 

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

No transfer of this Certificate may be made to a Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person using “Plan Assets” to acquire this Certificate.

No service charge will be made for any such registration of transfer or exchange of Certificates, but the Trustee 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 and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Trustee or the Certificate Registrar 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 Certificate Registrar 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 Trustee 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 cannot be exercised until the Optional Termination Date.

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

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

 

 

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

Dated: February __, 2006

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Trustee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

CERTIFICATE OF AUTHENTICATION

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

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Certificate Registrar
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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
 
 
	
            TEN ENT - 
 	
            as tenants by the entireties
 	
             
 	
             
 	
            (Cust)     (Minor)

under Uniform Gifts to Minors Act
 
	
            JT TEN - 
 	
            as joint tenants with right if survivorship and not as tenants in common
 	
             
 	
             
 	
            ___________________

(State)
 
	
             
 	
             
 	
             
 	
             
 	
             
 

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 Certificate Registrar 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
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

EXHIBIT A-M-1

FORM OF CLASS M-1 CERTIFICATE

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

THIS CERTIFICATE IS SUBORDINATE TO EACH CLASS OF CLASS A CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

	
            Series 2006-R1, Class M-1
 	
             
 	
            Aggregate Certificate Principal Balance of the Class M-1 Certificates as of the Issue Date: $82,500,000
 
	
            Pass-Through Rate: Variable
 	
             
 	
            Denomination:  $82,500,000
 
	
            Date of Pooling and Servicing Agreement and Cut-off Date: February 1, 2006
 	
             
 	
            Master Servicer: Ameriquest Mortgage Company
 
	
            First Distribution Date: March 27, 2006
 	
             
 	
            Trustee: Deutsche Bank National Trust Company
 
	
            No. 1
 	
             
 	
            Issue Date: February 23, 2006
 
	
             
 	
             
 	
            CUSIP: 03072S X4 2
 
	
             
 	
             
 	
             
 

 

 

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

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE (EACH, A “PLAN”).

 

 

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 adjustable-rate and fixed-rate first and second lien mortgage loans (the “Mortgage Loans”) formed and sold by

AMERIQUEST MORTGAGE SECURITIES INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN AMERIQUEST MORTGAGE SECURITIES INC., THE MASTER 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 Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class M-1 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class M-1 Certificates in a REMIC created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Ameriquest Mortgage Securities Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the Master Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

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

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Trustee in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date 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 Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee 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 the lesser of (x) the related Formula Rate for such Distribution Date and (y) the Net WAC Pass-Through Rate for such Distribution Date.  For any Distribution Date and this Certificate, the Formula Rate is the lesser of (a) One-Month LIBOR plus the Certificate Margin and (b) the Maximum Cap Rate.  The Certificate Margin with respect to this Certificate shall be determined in accordance with the terms of the Agreement.

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

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, 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 NIMS Insurer (if any) and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the NIMS Insurer (if any) and the Trustee with the consent of the NIMS Insurer (if any) 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 Trustee 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 Trustee and the Certificate Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

 

 

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

No transfer of this Certificate may be made to a Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person using “Plan Assets” to acquire this Certificate.

No service charge will be made for any such registration of transfer or exchange of Certificates, but the Trustee 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 and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Trustee or the Certificate Registrar 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 Certificate Registrar 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 Trustee 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 cannot be exercised until the Optional Termination Date.

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

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

 

 

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

Dated: February __, 2006

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Trustee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

CERTIFICATE OF AUTHENTICATION

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

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Certificate Registrar
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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
 
 
	
            TEN ENT - 
 	
            as tenants by the entireties
 	
             
 	
             
 	
            (Cust)     (Minor)

under Uniform Gifts to Minors Act
 
	
            JT TEN - 
 	
            as joint tenants with right if survivorship and not as tenants in common
 	
             
 	
             
 	
            ___________________

(State)
 
	
             
 	
             
 	
             
 	
             
 	
             
 

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 Certificate Registrar 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
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

 

EXHIBIT A-M-2

FORM OF CLASS M-2 CERTIFICATE

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

THIS CERTIFICATE IS SUBORDINATE TO EACH CLASS OF CLASS A CERTIFICATES AND THE CLASS M-1 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

	
            Series 2006-R1, Class M-2
 	
             
 	
            Aggregate Certificate Principal Balance of the Class M-2 Certificates as of the Issue Date:  $63,000,000
 
	
            Pass-Through Rate: Variable
 	
             
 	
            Denomination:  $63,000,000
 
	
            Date of Pooling and Servicing Agreement and Cut-off Date: February 1, 2006
 	
             
 	
            Master Servicer: Ameriquest Mortgage Company
 
	
            First Distribution Date: March 27, 2006
 	
             
 	
            Trustee: Deutsche Bank National Trust Company
 
	
            No. 1
 	
             
 	
            Issue Date: February 23, 2006
 
	
             
 	
             
 	
            CUSIP: 03072S X5 9
 
	
             
 	
             
 	
             
 

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

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE (EACH, A “PLAN”).

 

 

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 adjustable-rate and fixed-rate first and second lien mortgage loans (the “Mortgage Loans”) formed and sold by

AMERIQUEST MORTGAGE SECURITIES INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN AMERIQUEST MORTGAGE SECURITIES INC., THE MASTER 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 Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class M-2 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class M-2 Certificates in a REMIC created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Ameriquest Mortgage Securities Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the Master Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

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

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Trustee in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date 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 Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee 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 the lesser of (x) the related Formula Rate for such Distribution Date and (y) the Net WAC Pass-Through Rate for such Distribution Date.  For any Distribution Date and this Certificate, the Formula Rate is the lesser of (a) One-Month LIBOR plus the Certificate Margin and (b) the Maximum Cap Rate.  The Certificate Margin with respect to this Certificate shall be determined in accordance with the terms of the Agreement.

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

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, 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 NIMS Insurer (if any) and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the NIMS Insurer (if any) and the Trustee with the consent of the NIMS Insurer (if any) 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 Trustee 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 Trustee and the Certificate Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

 

 

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

No transfer of this Certificate may be made to a Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person using “Plan Assets” to acquire this Certificate.

No service charge will be made for any such registration of transfer or exchange of Certificates, but the Trustee 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 and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Trustee or the Certificate Registrar 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 Certificate Registrar 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 Trustee 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 cannot be exercised until the Optional Termination Date.

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

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

 

 

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

Dated: February __, 2006

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Trustee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

CERTIFICATE OF AUTHENTICATION

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

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Certificate Registrar
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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
 
 
	
            TEN ENT - 
 	
            as tenants by the entireties
 	
             
 	
             
 	
            (Cust)     (Minor)

under Uniform Gifts to Minors Act
 
	
            JT TEN - 
 	
            as joint tenants with right if survivorship and not as tenants in common
 	
             
 	
             
 	
            ___________________

(State)
 
	
             
 	
             
 	
             
 	
             
 	
             
 

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 Certificate Registrar 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
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

EXHIBIT A-M-3

FORM OF CLASS M-3 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 EACH CLASS OF CLASS A CERTIFICATES, THE CLASS M-1 CERTIFICATES AND THE CLASS M-2 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

	
            Series 2006-R1, Class M-3
 	
             
 	
            Aggregate Certificate Principal Balance of the Class M-3 Certificates as of the Issue Date: $30,000,000
 
	
            Pass-Through Rate: Variable
 	
             
 	
            Denomination:  $30,000,000
 
	
            Date of Pooling and Servicing Agreement and Cut-off Date: February 1, 2006
 	
             
 	
            Master Servicer: Ameriquest Mortgage Company
 
	
            First Distribution Date: March 27, 2006
 	
             
 	
            Trustee: Deutsche Bank National Trust Company
 
	
            No. 1
 	
             
 	
            Issue Date: February 23, 2006
 
	
             
 	
             
 	
            CUSIP: 03072S X6 7
 
	
             
 	
             
 	
             
 

 

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

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE (EACH, A “PLAN”).

 

 

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 adjustable-rate and fixed-rate first and second lien mortgage loans (the “Mortgage Loans”) formed and sold by

AMERIQUEST MORTGAGE SECURITIES INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN AMERIQUEST MORTGAGE SECURITIES INC., THE MASTER 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 Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class M-3 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class M-3 Certificates in a REMIC created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Ameriquest Mortgage Securities Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the Master Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

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

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Trustee in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date 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 Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee 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 the lesser of (x) the related Formula Rate for such Distribution Date and (y) the Net WAC Pass-Through Rate for such Distribution Date.  For any Distribution Date and this Certificate, the Formula Rate is the lesser of (a) One-Month LIBOR plus the Certificate Margin and (b) the Maximum Cap Rate.  The Certificate Margin with respect to this Certificate shall be determined in accordance with the terms of the Agreement.

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

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, 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 NIMS Insurer (if any) and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the NIMS Insurer (if any) and the Trustee with the consent of the NIMS Insurer (if any) 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 Trustee 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 Trustee and the Certificate Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement.  As 

 

provided in the Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

No transfer of this Certificate may be made to a Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person using “Plan Assets” to acquire this Certificate.

No service charge will be made for any such registration of transfer or exchange of Certificates, but the Trustee 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 and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Trustee or the Certificate Registrar 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 Certificate Registrar 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 Trustee 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 cannot be exercised until the Optional Termination Date.

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

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

 

 

 

 

 

 

 

 

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

Dated: February __, 2006

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Trustee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

CERTIFICATE OF AUTHENTICATION

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

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Certificate Registrar
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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
 
 
	
            TEN ENT - 
 	
            as tenants by the entireties
 	
             
 	
             
 	
            (Cust)     (Minor)

under Uniform Gifts to Minors Act
 
	
            JT TEN - 
 	
            as joint tenants with right if survivorship and not as tenants in common
 	
             
 	
             
 	
            ___________________

(State)
 
	
             
 	
             
 	
             
 	
             
 	
             
 

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 Certificate Registrar 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
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

EXHIBIT A-M-4

FORM OF CLASS M-4 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 EACH CLASS OF CLASS A CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES AND THE CLASS M-3 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

	
            Series 2006-R1, Class M-4
 	
             
 	
            Aggregate Certificate Principal Balance of the Class M-4 Certificates as of the Issue Date:  $24,750,000
 
	
            Pass-Through Rate: Variable
 	
             
 	
            Denomination:  $24,750,000
 
	
            Date of Pooling and Servicing Agreement and Cut-off Date: February 1, 2006
 	
             
 	
            Master Servicer: Ameriquest Mortgage Company
 
	
            First Distribution Date: March 27, 2006
 	
             
 	
            Trustee: Deutsche Bank National Trust Company
 
	
            No. 1
 	
             
 	
            Issue Date: February 23, 2006
 
	
             
 	
             
 	
            CUSIP: 03072S X7 5
 
	
             
 	
             
 	
             
 

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

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE (EACH, A “PLAN”).

 

 

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 adjustable-rate and fixed-rate first and second lien mortgage loans (the “Mortgage Loans”) formed and sold by

AMERIQUEST MORTGAGE SECURITIES INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN AMERIQUEST MORTGAGE SECURITIES INC., THE MASTER 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 Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class M-4 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class M-4 Certificates in a REMIC created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Ameriquest Mortgage Securities Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the Master Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

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

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Trustee in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date 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 Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee 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 the lesser of (x) the related Formula Rate for such Distribution Date and (y) the Net WAC Pass-Through Rate for such Distribution Date.  For any Distribution Date and this Certificate, the Formula Rate is the lesser of (a) One-Month LIBOR plus the Certificate Margin and (b) the Maximum Cap Rate.  The Certificate Margin with respect to this Certificate shall be determined in accordance with the terms of the Agreement.

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

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, 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 NIMS Insurer (if any) and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the NIMS Insurer (if any) and the Trustee with the consent of the NIMS Insurer (if any) 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 Trustee 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 Trustee and the Certificate Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement.  As 

 

provided in the Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

No transfer of this Certificate may be made to a Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person using “Plan Assets” to acquire this Certificate.

No service charge will be made for any such registration of transfer or exchange of Certificates, but the Trustee 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 and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Trustee or the Certificate Registrar 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 Certificate Registrar 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 Trustee 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 cannot be exercised until the Optional Termination Date.

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

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

 

 

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

Dated: February __, 2006

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Trustee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

CERTIFICATE OF AUTHENTICATION

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

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Certificate Registrar
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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
 
 
	
            TEN ENT - 
 	
            as tenants by the entireties
 	
             
 	
             
 	
            (Cust)     (Minor)

under Uniform Gifts to Minors Act
 
	
            JT TEN - 
 	
            as joint tenants with right if survivorship and not as tenants in common
 	
             
 	
             
 	
            ___________________

(State)
 
	
             
 	
             
 	
             
 	
             
 	
             
 

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 Certificate Registrar 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
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

EXHIBIT A-M-5

FORM OF CLASS M-5 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 EACH CLASS OF CLASS A CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES AND THE CLASS M-4 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

	
            Series 2006-R1, Class M-5
 	
             
 	
            Aggregate Certificate Principal Balance of the Class M-5 Certificates as of the Issue Date: $23,250,000
 
	
            Pass-Through Rate: Variable
 	
             
 	
            Denomination:  $23,250,000
 
	
            Date of Pooling and Servicing Agreement and Cut-off Date: February 1, 2006
 	
             
 	
            Master Servicer: Ameriquest Mortgage Company
 
	
            First Distribution Date: March 27, 2006
 	
             
 	
            Trustee: Deutsche Bank National Trust Company
 
	
            No. 1
 	
             
 	
            Issue Date: February 23, 2006
 
	
             
 	
             
 	
            CUSIP: 03072S X8 3
 
	
             
 	
             
 	
             
 

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

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE (EACH, A “PLAN”).

 

 

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 adjustable-rate and fixed-rate first and second lien mortgage loans (the “Mortgage Loans”) formed and sold by

AMERIQUEST MORTGAGE SECURITIES INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN AMERIQUEST MORTGAGE SECURITIES INC., THE MASTER 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 Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class M-5 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class M-5 Certificates in a REMIC created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Ameriquest Mortgage Securities Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the Master Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered on the Record Date, in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class M-5 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Trustee in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date 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 Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee 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 the lesser of (x) the related Formula Rate for such Distribution Date and (y) the Net WAC Pass-Through Rate for such Distribution Date.  For any Distribution Date and this Certificate, the Formula Rate is the lesser of (a) One-Month LIBOR plus the Certificate Margin and (b) the Maximum Cap Rate.  The Certificate Margin with respect to this Certificate shall be determined in accordance with the terms of the Agreement.

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

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, 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 NIMS Insurer (if any) and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the NIMS Insurer (if any) and the Trustee with the consent of the NIMS Insurer (if any) 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 Trustee 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 Trustee and the Certificate Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement.  As 

 

provided in the Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

No transfer of this Certificate may be made to a Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person using “Plan Assets” to acquire this Certificate.

No service charge will be made for any such registration of transfer or exchange of Certificates, but the Trustee 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 and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Trustee or the Certificate Registrar 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 Certificate Registrar 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 Trustee 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 cannot be exercised until the Optional Termination Date.

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

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

 

 

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

Dated: February __, 2006

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Trustee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

CERTIFICATE OF AUTHENTICATION

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

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Certificate Registrar
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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
 
 
	
            TEN ENT - 
 	
            as tenants by the entireties
 	
             
 	
             
 	
            (Cust)     (Minor)

under Uniform Gifts to Minors Act
 
	
            JT TEN - 
 	
            as joint tenants with right if survivorship and not as tenants in common
 	
             
 	
             
 	
            ___________________

(State)
 
	
             
 	
             
 	
             
 	
             
 	
             
 

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 Certificate Registrar 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
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

EXHIBIT A-M-6

FORM OF CLASS M-6 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 EACH CLASS OF CLASS A CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES AND THE CLASS M-5 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

	
            Series 2006-R1, Class M-6
 	
             
 	
            Aggregate Certificate Principal Balance of the Class M-6 Certificates as of the Issue Date: $21,000,000
 
	
            Pass-Through Rate: Variable
 	
             
 	
            Denomination:  $21,000,000
 
	
            Date of Pooling and Servicing Agreement and Cut-off Date: February 1, 2006
 	
             
 	
            Master Servicer: Ameriquest Mortgage Company
 
	
            First Distribution Date: March 27, 2006
 	
             
 	
            Trustee: Deutsche Bank National Trust Company
 
	
            No. 1
 	
             
 	
            Issue Date: February 23, 2006
 
	
             
 	
             
 	
            CUSIP: 03072S X9 1
 
	
             
 	
             
 	
             
 

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

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE (EACH, A “PLAN”).

 

 

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 adjustable-rate and fixed-rate first and second lien mortgage loans (the “Mortgage Loans”) formed and sold by

AMERIQUEST MORTGAGE SECURITIES INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN AMERIQUEST MORTGAGE SECURITIES INC., THE MASTER 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 Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class M-6 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class M-6 Certificates in a REMIC created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Ameriquest Mortgage Securities Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the Master Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered on the Record Date, in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class M-6 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Trustee in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date 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 Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee 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 the lesser of (x) the related Formula Rate for such Distribution Date and (y) the Net WAC Pass-Through Rate for such Distribution Date.  For any Distribution Date and this Certificate, the Formula Rate is the lesser of (a) One-Month LIBOR plus the Certificate Margin and (b) the Maximum Cap Rate.  The Certificate Margin with respect to this Certificate shall be determined in accordance with the terms of the Agreement.

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

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, 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 NIMS Insurer (if any) and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the NIMS Insurer (if any) and the Trustee with the consent of the NIMS Insurer (if any) 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 Trustee 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 Trustee and the Certificate Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Certificates are 

 

exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

No transfer of this Certificate may be made to a Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person using “Plan Assets” to acquire this Certificate.

No service charge will be made for any such registration of transfer or exchange of Certificates, but the Trustee 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 and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Trustee or the Certificate Registrar 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 Certificate Registrar 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 Trustee 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 cannot be exercised until the Optional Termination Date.

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

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

 

 

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

Dated: February __, 2006

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Trustee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

CERTIFICATE OF AUTHENTICATION

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

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Certificate Registrar
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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
 
 
	
            TEN ENT - 
 	
            as tenants by the entireties
 	
             
 	
             
 	
            (Cust)     (Minor)

under Uniform Gifts to Minors Act
 
	
            JT TEN - 
 	
            as joint tenants with right if survivorship and not as tenants in common
 	
             
 	
             
 	
            ___________________

(State)
 
	
             
 	
             
 	
             
 	
             
 	
             
 

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 Certificate Registrar 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
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

EXHIBIT A-M-7

CLASS OF CLASS M-7 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 EACH CLASS OF CLASS A CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES AND THE CLASS M-6 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

	
            Series 2006-R1, Class M-7
 	
             
 	
            Aggregate Certificate Principal Balance of the Class M-7 Certificates as of the Issue Date:  $20,250,000
 
	
            Pass-Through Rate: Variable
 	
             
 	
            Denomination:  $20,250,000
 
	
            Date of Pooling and Servicing Agreement and Cut-off Date: February 1, 2006
 	
             
 	
            Master Servicer: Ameriquest Mortgage Company
 
	
            First Distribution Date: March 27, 2006
 	
             
 	
            Trustee: Deutsche Bank National Trust Company
 
	
            No. 1
 	
             
 	
            Issue Date: February 23, 2006
 
	
             
 	
             
 	
            CUSIP: 03072S Y2 5
 
	
             
 	
             
 	
             
 

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

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE (EACH, A “PLAN”).

 

 

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 adjustable-rate and fixed-rate first and second lien mortgage loans (the “Mortgage Loans”) formed and sold by

AMERIQUEST MORTGAGE SECURITIES INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN AMERIQUEST MORTGAGE SECURITIES INC., THE MASTER 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 Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class M-7 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class M-7 Certificates in a REMIC created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Ameriquest Mortgage Securities Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the Master Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered on the Record Date, in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class M-7 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Trustee in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date 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 Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee 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 the lesser of (x) the related Formula Rate for such Distribution Date and (y) the Net WAC Pass-Through Rate for such Distribution Date.  For any Distribution Date and this Certificate, the Formula Rate is the lesser of (a) One-Month LIBOR plus the Certificate Margin and (b) the Maximum Cap Rate.  The Certificate Margin with respect to this Certificate shall be determined in accordance with the terms of the Agreement.

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

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, 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 NIMS Insurer (if any) and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the NIMS Insurer (if any) and the Trustee with the consent of the NIMS Insurer (if any) 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 Trustee 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 Trustee and the Certificate Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement.  As 

 

provided in the Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

No transfer of this Certificate may be made to a Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person using “Plan Assets” to acquire this Certificate.

No service charge will be made for any such registration of transfer or exchange of Certificates, but the Trustee 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 and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Trustee or the Certificate Registrar 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 Certificate Registrar 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 Trustee 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 cannot be exercised until the Optional Termination Date.

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

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

 

 

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

Dated: February __, 2006

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Trustee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

CERTIFICATE OF AUTHENTICATION

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

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Certificate Registrar
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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
 
 
	
            TEN ENT - 
 	
            as tenants by the entireties
 	
             
 	
             
 	
            (Cust)     (Minor)

under Uniform Gifts to Minors Act
 
	
            JT TEN - 
 	
            as joint tenants with right if survivorship and not as tenants in common
 	
             
 	
             
 	
            ___________________

(State)
 
	
             
 	
             
 	
             
 	
             
 	
             
 

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 Certificate Registrar 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
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

EXHIBIT A-M-8

FORM OF CLASS M-8 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 EACH CLASS OF CLASS A CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES AND THE CLASS M-7 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

	
            Series 2006-R1, Class M-8
 	
             
 	
            Aggregate Certificate Principal Balance of the Class M-8 Certificates as of the Issue Date: $15,000,000
 
	
            Pass-Through Rate: Variable
 	
             
 	
            Denomination:  $15,000,000
 
	
            Date of Pooling and Servicing Agreement and Cut-off Date: February 1, 2006
 	
             
 	
            Master Servicer: Ameriquest Mortgage Company
 
	
            First Distribution Date: March 27, 2006
 	
             
 	
            Trustee: Deutsche Bank National Trust Company
 
	
            No. 1
 	
             
 	
            Issue Date: February 23, 2006
 
	
             
 	
             
 	
            CUSIP: 03072S Y3 3
 

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

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE (EACH, A “PLAN”).

 

 

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 adjustable-rate and fixed-rate first and second lien mortgage loans (the “Mortgage Loans”) formed and sold by

AMERIQUEST MORTGAGE SECURITIES INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN AMERIQUEST MORTGAGE SECURITIES INC., THE MASTER 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 Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class M-8 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class M-8 Certificates in a REMIC created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Ameriquest Mortgage Securities Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the Master Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered on the Record Date, in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class M-8 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Trustee in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date 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 Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee 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 the lesser of (x) the related Formula Rate for such Distribution Date and (y) the Net WAC Pass-Through Rate for such Distribution Date.  For any Distribution Date and this Certificate, the Formula Rate is the lesser of (a) One-Month LIBOR plus the Certificate Margin and (b) the Maximum Cap Rate.  The Certificate Margin with respect to this Certificate shall be determined in accordance with the terms of the Agreement.

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

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, 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 NIMS Insurer (if any) and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the NIMS Insurer (if any) and the Trustee with the consent of the NIMS Insurer (if any) 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 Trustee 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 Trustee and the Certificate Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement.  As 

 

provided in the Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

No transfer of this Certificate may be made to a Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person using “Plan Assets” to acquire this Certificate.

No service charge will be made for any such registration of transfer or exchange of Certificates, but the Trustee 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 and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Trustee or the Certificate Registrar 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 Certificate Registrar 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 Trustee 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 cannot be exercised until the Optional Termination Date.

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

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

 

 

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

Dated: February __, 2006

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Trustee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

CERTIFICATE OF AUTHENTICATION

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

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Certificate Registrar
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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
 
 
	
            TEN ENT - 
 	
            as tenants by the entireties
 	
             
 	
             
 	
            (Cust)     (Minor)

under Uniform Gifts to Minors Act
 
	
            JT TEN - 
 	
            as joint tenants with right if survivorship and not as tenants in common
 	
             
 	
             
 	
            ___________________

(State)
 
	
             
 	
             
 	
             
 	
             
 	
             
 

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 Certificate Registrar 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
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

EXHIBIT A-M-9

FORM OF CLASS M-9 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 EACH CLASS OF CLASS A CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES, THE CLASS M-7 CERTIFICATES AND THE CLASS M-8 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

	
            Series 2006-R1, Class M-9
 	
             
 	
            Aggregate Certificate Principal Balance of the Class M-9 Certificates as of the Issue Date: $9,000,000
 
	
            Pass-Through Rate: Variable
 	
             
 	
            Denomination:  $9,000,000
 
	
            Date of Pooling and Servicing Agreement and Cut-off Date: February 1, 2006
 	
             
 	
            Master Servicer: Ameriquest Mortgage Company
 
	
            First Distribution Date: March 27, 2006
 	
             
 	
            Trustee: Deutsche Bank National Trust Company
 
	
            No. 1
 	
             
 	
            Issue Date: February 23, 2006
 
	
             
 	
             
 	
            CUSIP: 03072S Y4 1
 

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

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE (EACH, A “PLAN”).

 

 

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 adjustable-rate and fixed-rate first and second lien mortgage loans (the “Mortgage Loans”) formed and sold by

AMERIQUEST MORTGAGE SECURITIES INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN AMERIQUEST MORTGAGE SECURITIES INC., THE MASTER 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 Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class M-9 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class M-9 Certificates in a REMIC created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Ameriquest Mortgage Securities Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the Master Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered on the Record Date, in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class M-9 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Trustee in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date 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 Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee 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 the lesser of (x) the related Formula Rate for such Distribution Date and (y) the Net WAC Pass-Through Rate for such Distribution Date.  For any Distribution Date and this Certificate, the Formula Rate is the lesser of (a) One-Month LIBOR plus the Certificate Margin and (b) the Maximum Cap Rate.  The Certificate Margin with respect to this Certificate shall be determined in accordance with the terms of the Agreement.

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

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, 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 NIMS Insurer (if any) and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the NIMS Insurer (if any) and the Trustee with the consent of the NIMS Insurer (if any) 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 Trustee 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 Trustee and the Certificate Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement.  As 

 

provided in the Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

No transfer of this Certificate may be made to a Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person using “Plan Assets” to acquire this Certificate.

No service charge will be made for any such registration of transfer or exchange of Certificates, but the Trustee 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 and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Trustee or the Certificate Registrar 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 Certificate Registrar 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 Trustee 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 cannot be exercised until the Optional Termination Date.

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

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

 

 

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

Dated: February __, 2006

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Trustee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

CERTIFICATE OF AUTHENTICATION

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

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Certificate Registrar
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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
 
 
	
            TEN ENT - 
 	
            as tenants by the entireties
 	
             
 	
             
 	
            (Cust)     (Minor)

under Uniform Gifts to Minors Act
 
	
            JT TEN - 
 	
            as joint tenants with right if survivorship and not as tenants in common
 	
             
 	
             
 	
            ___________________

(State)
 
	
             
 	
             
 	
             
 	
             
 	
             
 

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 Certificate Registrar 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
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

EXHIBIT A-M-10

FORM OF CLASS M-10 CERTIFICATE

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

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES, THE CLASS M-7 CERTIFICATES, THE CLASS M-8 CERTIFICATES AND THE CLASS M-9 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

	
            Series 2006-R1, Class M-10
 	
             
 	
            Aggregate Certificate Principal Balance of the Class M-10 Certificates as of the Issue Date: $11,250,000
 
	
            Pass-Through Rate: Variable
 	
             
 	
            Denomination:  $11,250,000
 
	
            Date of Pooling and Servicing Agreement and Cut-off Date: February 1, 2006
 	
             
 	
            Master Servicer: Ameriquest Mortgage Company
 
	
            First Distribution Date: March 27, 2006
 	
             
 	
            Trustee: Deutsche Bank National Trust Company
 
	
            No. 1
 	
             
 	
            Issue Date: February 23, 2006
 
	
             
 	
             
 	
            CUSIP: 03072S Y5 8
 

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

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE (EACH, A “PLAN”).

 

 

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 adjustable-rate and fixed-rate first and second lien mortgage loans (the “Mortgage Loans”) formed and sold by

AMERIQUEST MORTGAGE SECURITIES INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN AMERIQUEST MORTGAGE SECURITIES INC., THE MASTER 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 Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class M-10 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class M-10 Certificates in a REMIC created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Ameriquest Mortgage Securities Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the Master Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered on the Record Date, in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class M-10 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Trustee in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date 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 Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee 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 the lesser of (x) the related Formula Rate for such Distribution Date and (y) the Net WAC Pass-Through Rate for such Distribution Date.  For any Distribution Date and this Certificate, the Formula Rate is the lesser of (a) One-Month LIBOR plus the Certificate Margin and (b) the Maximum Cap Rate.  The Certificate Margin with respect to this Certificate shall be determined in accordance with the terms of the Agreement.

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

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, 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 NIMS Insurer (if any) and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the NIMS Insurer (if any) and the Trustee with the consent of the NIMS Insurer (if any) 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 Trustee 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 Trustee and the Certificate Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement.  As 

 

provided in the Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

No transfer of this Certificate may be made to a Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person using “Plan Assets” to acquire this Certificate.

No service charge will be made for any such registration of transfer or exchange of Certificates, but the Trustee 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 and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Trustee or the Certificate Registrar 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 Certificate Registrar 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 Trustee 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 cannot be exercised until the Optional Termination Date.

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

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

 

 

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

Dated: February __, 2006

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Trustee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

CERTIFICATE OF AUTHENTICATION

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

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Certificate Registrar
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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
 
 
	
            TEN ENT - 
 	
            as tenants by the entireties
 	
             
 	
             
 	
            (Cust)     (Minor)

under Uniform Gifts to Minors Act
 
	
            JT TEN - 
 	
            as joint tenants with right if survivorship and not as tenants in common
 	
             
 	
             
 	
            ___________________

(State)
 
	
             
 	
             
 	
             
 	
             
 	
             
 

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 Certificate Registrar 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
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

EXHIBIT A-M-11

FORM OF CLASS M-11 CERTIFICATE

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

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES, THE CLASS M-7 CERTIFICATES, THE CLASS M-8 CERTIFICATES, THE CLASS M-9 CERTIFICATES AND THE CLASS M-10 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

 

	
            Series 2006-R1, Class M-11
 	
             
 	
            Aggregate Certificate Principal Balance of the Class M-11 Certificates as of the Issue Date: $15,000,000
 
	
            Pass-Through Rate: Variable
 	
             
 	
            Denomination:  $15,000,000
 
	
            Date of Pooling and Servicing Agreement and Cut-off Date: February 1, 2006
 	
             
 	
            Master Servicer: Ameriquest Mortgage Company
 
	
            First Distribution Date: March 27, 2006
 	
             
 	
            Trustee: Deutsche Bank National Trust Company
 
	
            No. 1
 	
             
 	
            Issue Date: February 23, 2006
 
	
             
 	
             
 	
            CUSIP: 03072S Y6 6
 

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.

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE (EACH, A “PLAN”).

 

 

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 adjustable-rate and fixed-rate first and second lien mortgage loans (the “Mortgage Loans”) formed and sold by

AMERIQUEST MORTGAGE SECURITIES INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN AMERIQUEST MORTGAGE SECURITIES INC., THE MASTER 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 Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class M-11 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class M-11 Certificates in a REMIC created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Ameriquest Mortgage Securities Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the Master Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered on the Record Date, in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class M-11 Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Trustee in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date 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 Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee 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 the lesser of (x) the related Formula Rate for such Distribution Date and (y) the Net WAC Pass-Through Rate for such Distribution Date.  For any Distribution Date and this Certificate, the Formula Rate is the lesser of (a) One-Month LIBOR plus the Certificate Margin and (b) the Maximum Cap Rate.  The Certificate Margin with respect to this Certificate shall be determined in accordance with the terms of the Agreement.

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

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, 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 NIMS Insurer (if any) and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the NIMS Insurer (if any) and the Trustee with the consent of the NIMS Insurer (if any) 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 Trustee 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 Trustee and the Certificate Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Certificates are 

 

exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

No transfer of this Certificate shall be made unless the transfer is made pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “1933 Act”), and an effective registration or qualification under applicable state securities laws, or is made in a transaction that does not require such registration or qualification.  In the event that such a transfer of this Certificate is to be made without registration or qualification, the Trustee and the Certificate Registrar shall require receipt of written certifications from the Holder of the Certificate desiring to effect the transfer, and from such Holder’s prospective transferee, substantially in the forms attached to the Agreement as Exhibit F-1.  None of the Depositor, the Certificate Registrar or the Trustee 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 Certificate Registrar and the Master Servicer against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

No transfer of this Certificate may be made to a Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person using “Plan Assets” to acquire this Certificate.

No service charge will be made for any such registration of transfer or exchange of Certificates, but the Trustee 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 and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Trustee or the Certificate Registrar 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 Certificate Registrar 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 Trustee 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 cannot be exercised until the Optional Termination Date.

 

 

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

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

 

 

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

Dated: February __, 2006

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Trustee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

CERTIFICATE OF AUTHENTICATION

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

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Certificate Registrar
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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
 
 
	
            TEN ENT - 
 	
            as tenants by the entireties
 	
             
 	
             
 	
            (Cust)     (Minor)

under Uniform Gifts to Minors Act
 
	
            JT TEN - 
 	
            as joint tenants with right if survivorship and not as tenants in common
 	
             
 	
             
 	
            ___________________

(State)
 
	
             
 	
             
 	
             
 	
             
 	
             
 

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 Certificate Registrar 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
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

 

 

 

EXHIBIT A-CE

FORM OF CLASS CE CERTIFICATE

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

THIS CERTIFICATE IS SUBORDINATE TO THE A CERTIFICATES AND THE MEZZANINE CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE (EACH, A “PLAN”).

	
            Series 2006-R1, Class CE
 	
             
 	
            Initial Notional Amount of the Class CE Certificates as of the Issue Date:  $1,500,014,770.05

 

Denomination: $1,500,014,770.05
 
	
            Date of Pooling and Servicing Agreement and Cut-off Date: February 1, 2006
 	
             
 	
            Aggregate Certificate Principal Balance of the Class CE Certificates as of the Issue Date:  $ 22,504,770.05

 

Denomination:  $ 22,504,770.05
 
	
            First Distribution Date: March 27, 2006
 	
             
 	
             
 

	
            No. 1
 	
             
 	
            Master Servicer: Ameriquest Mortgage Company
 
	
            Issue Date: February 23, 2006

 
 	
             
 	
            Trustee: Deutsche Bank National Trust Company
 
	
            CUSIP: 03072S Y7 4
 	
             
 	
             

 

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

 

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 adjustable-rate and fixed-rate first and second lien mortgage loans (the “Mortgage Loans”) formed and sold by

AMERIQUEST MORTGAGE SECURITIES INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN AMERIQUEST MORTGAGE SECURITIES INC., THE MASTER 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 Merrill Lynch, Pierce, Fenner & Smith Incorporated is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class CE Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class CE Certificates in a REMIC created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Ameriquest Mortgage Securities Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the Master Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued
under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement, distributions will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately 

 

following (a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered on the Record Date, in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount required to be distributed to the Holders of Class CE Certificates on such Distribution Date pursuant to the Agreement.

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Trustee in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date 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 Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee 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 Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing a Percentage Interest in the Class of Certificates specified on the face hereof equal to the denomination specified on the face hereof divided by the aggregate Certificate Principal Balance of the Class of Certificates specified on the face hereof.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the 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 NIMS Insurer (if any) and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the NIMS Insurer (if any) and the Trustee with the consent of the NIMS Insurer (if any) 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 Trustee 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 Trustee and the Certificate Registrar duly executed by, the Holder hereof or such Holder’s attorney duly 

 

authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

No transfer of this Certificate shall be made unless the transfer is made pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “1933 Act”), and an effective registration or qualification under applicable state securities laws, or is made in a transaction that does not require such registration or qualification (other than in connection with (i) the initial transfer of any such Certificate by the Depositor to an affiliate of the Depositor, (ii) the transfer of any such Certificate to the issuer under the Indenture or the indenture trustee under the Indenture or (iii) a transfer of any such Certificate from the issuer under the Indenture or the indenture trustee under the Indenture to the Depositor or an Affiliate of the Depositor).  In the event that such a transfer of this Certificate is to be made without registration or
qualification, the Trustee and the Certificate Registrar shall require receipt of (i) if such transfer is purportedly being made in reliance upon Rule 144A under the 1933 Act, written certifications from the Holder of the Certificate desiring to effect the transfer, and from such Holder’s prospective transferee, substantially in the forms attached to the Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel satisfactory to it that such transfer may be made without such registration or qualification (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Trustee or the Master Servicer 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 Certificate Registrar or the Trustee 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 Certificate Registrar and the Master Servicer against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

No transfer of this Certificate may be made to a Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person using “Plan Assets” to acquire this Certificate.

No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar 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 and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Trustee or the Certificate Registrar 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 Certificate Registrar 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 Trustee 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 cannot be exercised until the Optional Termination Date.

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

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

 

 

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

Dated: February __, 2006

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Trustee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

CERTIFICATE OF AUTHENTICATION

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

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Certificate Registrar
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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
 
 
	
            TEN ENT - 
 	
            as tenants by the entireties
 	
             
 	
             
 	
            (Cust)     (Minor)

under Uniform Gifts to Minors Act
 
	
            JT TEN - 
 	
            as joint tenants with right if survivorship and not as tenants in common
 	
             
 	
             
 	
            ___________________

(State)
 
	
             
 	
             
 	
             
 	
             
 	
             
 

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 Certificate Registrar 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
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

EXHIBIT A-P

FORM OF CLASS P CERTIFICATE

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

ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE (EACH, A “PLAN”).

	
            Series 2006-R1, Class P
 	
             
 	
            Aggregate Certificate Principal Balance of the Class P Certificates as of the Issue Date: $100.00
 
	
            Date of Pooling and Servicing Agreement and Cut-off Date: February 1, 2006
 	
             
 	
            Denomination:  $100.00
 
	
            First Distribution Date: March 27, 2006
 	
             
 	
            Master Servicer: Ameriquest Mortgage Company
 
	
            No. 1
 	
             
 	
            Trustee:  Deutsche Bank National Trust Company
 
	
            CUSIP:  03072S Y8 2
 	
             
 	
            Issue Date: February 23, 2006
 

 

 

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

 

 

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 adjustable-rate and fixed-rate first and second lien mortgage loans (the “Mortgage Loans”) formed and sold by

AMERIQUEST MORTGAGE SECURITIES INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN AMERIQUEST MORTGAGE SECURITIES INC., THE MASTER 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 Merrill Lynch, Pierce, Fenner & Smith Incorporated is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class P Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class P Certificates in a REMIC created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Ameriquest Mortgage Securities Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the Master Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued
under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.

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

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Trustee in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date 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 Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee 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 Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing a Percentage Interest in the Class of Certificates specified on the face hereof equal to the denomination specified on the face hereof divided by the aggregate Certificate Principal Balance of the Class of Certificates specified on the face hereof.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the 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 NIMS Insurer (if any) and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the NIMS Insurer (if any) and the Trustee with the consent of the NIMS Insurer (if any) 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 Trustee 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 Trustee and the Certificate Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

No transfer of this Certificate shall be made unless the transfer is made pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “1933 Act”), and an effective registration or qualification under applicable state securities laws, or is made in a transaction that does not require such registration or qualification (other than in connection with (i) the initial transfer of any such Certificate by the Depositor to an affiliate of the Depositor, (ii) the transfer of any such Certificate to the issuer under the Indenture or the 

 

indenture trustee under the Indenture or (iii) a transfer of any such Certificate from the issuer under the Indenture or the indenture trustee under the Indenture to the Depositor or an Affiliate of the Depositor).  In the event that such a transfer of this Certificate is to be made without registration or qualification, the Trustee and the Certificate Registrar shall require receipt of (i) if such transfer is purportedly being made in reliance upon Rule 144A under the 1933 Act, written certifications from the Holder of the Certificate desiring to effect the transfer, and from such Holder’s prospective transferee, substantially in the forms attached to the Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel satisfactory to it that such transfer may be made without such registration or qualification (which Opinion of Counsel shall not be an expense of the Trust Fund or of the
Depositor, the Trustee or the Master Servicer 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 Certificate Registrar or the Trustee 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 Certificate Registrar and the Master Servicer against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

No transfer of this Certificate may be made to a Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person using “Plan Assets” to acquire this Certificate.

No service charge will be made for any such registration of transfer or exchange of Certificates, but the Certificate Registrar 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 and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Trustee or the Certificate Registrar 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 Certificate Registrar 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 Trustee 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 cannot be exercised until the Optional Termination Date.

 

 

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

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

 

 

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

Dated: February __, 2006

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Trustee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

CERTIFICATE OF AUTHENTICATION

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

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Certificate Registrar
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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
 
 
	
            TEN ENT - 
 	
            as tenants by the entireties
 	
             
 	
             
 	
            (Cust)     (Minor)

under Uniform Gifts to Minors Act
 
	
            JT TEN - 
 	
            as joint tenants with right if survivorship and not as tenants in common
 	
             
 	
             
 	
            ___________________

(State)
 
	
             
 	
             
 	
             
 	
             
 	
             
 

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 Certificate Registrar 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
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

EXHIBIT A-R

FORM OF CLASS R CERTIFICATE

THIS CERTIFICATE MAY NOT BE TRANSFERRED TO A NON- UNITED STATES PERSON.

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

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE (EACH, A “PLAN”).

ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE TRUSTEE THAT (A) SUCH TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY POSSESSION THEREOF, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (2) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE) THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (3) ANY ORGANIZATION DESCRIBED IN 

 

SECTION 1381(A)(2)(C) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL HEREINAFTER BE REFERRED TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF A DISQUALIFIED ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH
HOLDER OF THIS CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 5.02(D) OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A DISQUALIFIED ORGANIZATION IS PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP OF THIS CERTIFICATE.

	
            Series 2006-R1, Class R
 	
             
 	
            Aggregate Percentage Interest of the Class R Certificates as of the Issue Date: 100% Percentage Interest
 
	
            Date of Pooling and Servicing Agreement and Cut-off Date: February 1, 2006
 	
             
 	
            Denomination: 100% Percentage Interest
 
	
            First Distribution Date: March 27, 2006
 	
             
 	
            Master Servicer: Ameriquest Mortgage Company
 
	
            No. 1
 	
             
 	
            Trustee:  Deutsche Bank National Trust Company
 
	
             
 	
             
 	
             

	
            CUSIP:  03072S Y9 0
 	
             
 	
            Issue Date: February 23, 2006
 

 

 

 

 

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 adjustable-rate and fixed-rate first and second lien mortgage loans (the “Mortgage Loans”) formed and sold by

AMERIQUEST MORTGAGE SECURITIES INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN AMERIQUEST MORTGAGE SECURITIES INC., THE MASTER 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 Ameriquest Mortgage Company is the registered owner of a Percentage Interest specified above in that certain beneficial ownership interest evidenced by all the Class R Certificates in a REMIC created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Ameriquest Mortgage Securities Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the Master Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.

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

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Trustee in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date 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 Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee 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 Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing a Percentage Interest in the Class of Certificates specified on 

 

the face hereof equal to the denomination specified on the face hereof divided by the aggregate Certificate Principal Balance of the Class of Certificates specified on the face hereof.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the 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 NIMS Insurer (if any) and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the NIMS Insurer (if any) and the Trustee with the consent of the NIMS Insurer (if any) 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 Trustee 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 Trustee and the Certificate Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement.  As provided in the Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

No transfer of this Certificate shall be made unless the transfer is made pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “1933 Act”), and an effective registration or qualification under applicable state securities laws, or is made in a transaction that does not require such registration or qualification (other than in connection with (i) the initial transfer of any such Certificate by the Depositor to an affiliate of the Depositor, (ii) the transfer of any such Certificate to the issuer under the Indenture or the indenture trustee under the Indenture or (iii) a transfer of any such Certificate from the issuer under the Indenture or the indenture trustee under the Indenture to the Depositor or an Affiliate of the Depositor).  In the event that such a transfer of this Certificate is to be made without 

 

registration or qualification, the Trustee and the Certificate Registrar shall require receipt of (i) if such transfer is purportedly being made in reliance upon Rule 144A under the 1933 Act, written certifications from the Holder of the Certificate desiring to effect the transfer, and from such Holder’s prospective transferee, substantially in the forms attached to the Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel satisfactory to it that such transfer may be made without such registration or qualification (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Trustee or the Master Servicer 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 Certificate Registrar or the Trustee 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 Certificate Registrar and the Master Servicer against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

Prior to registration of any transfer, sale or other disposition of this Certificate, the proposed transferee shall provide to the Trustee (i) an affidavit to the effect that such transferee is any Person other than a Disqualified Organization or the agent (including a broker, nominee or middleman) of a Disqualified Organization, and (ii) a certificate that acknowledges that (A) the Class R Certificates have been designated as a residual interest in a REMIC, (B) it will include in its income a pro rata share of the net income of the Trust Fund and that such income may be an “excess inclusion,” as defined in the Code, that, with certain exceptions, cannot be offset by other losses or benefits from any tax exemption, and (C) it expects to have the financial means to satisfy all of its tax obligations including those relating to holding the Class R Certificates. Notwithstanding the
registration in the Certificate Register of any transfer, sale or other disposition of this Certificate to a Disqualified Organization or an agent (including a broker, nominee or middleman) of a Disqualified Organization, such registration shall be deemed to be of no legal force or effect whatsoever and such Person shall not be deemed to be a Certificateholder for any purpose, including, but not limited to, the receipt of distributions in respect of this Certificate.

The Holder of this Certificate, by its acceptance hereof, shall be deemed to have consented to the provisions of Section 5.02 of the Agreement and to any amendment of the Agreement deemed necessary by counsel of the Depositor to ensure that the transfer of this Certificate to any Person other than a Permitted Transferee or any other Person will not cause the Trust Fund to cease to qualify as a REMIC or cause the imposition of a tax upon the REMIC.

No transfer of this Certificate may be made to a Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person using “Plan Assets” to acquire this Certificate.

No service charge will be made for any such registration of transfer or exchange of Certificates, but the Trustee 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 and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Trustee or the Certificate Registrar 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 Certificate Registrar 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 Trustee 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 cannot be exercised until the Optional Termination Date.

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

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

 

 

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

Dated: February __, 2006

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Trustee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

CERTIFICATE OF AUTHENTICATION

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

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Certificate Registrar
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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
 
 
	
            TEN ENT - 
 	
            as tenants by the entireties
 	
             
 	
             
 	
            (Cust)     (Minor)

under Uniform Gifts to Minors Act
 
	
            JT TEN - 
 	
            as joint tenants with right if survivorship and not as tenants in common
 	
             
 	
             
 	
            ___________________

(State)
 
	
             
 	
             
 	
             
 	
             
 	
             
 

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 Certificate Registrar 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
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

EXHIBIT A-R-X

FORM OF CLASS R-X CERTIFICATE

THIS CERTIFICATE MAY NOT BE TRANSFERRED TO A NON- UNITED STATES PERSON.

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

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE (EACH, A “PLAN”).

ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE TRUSTEE THAT (A) SUCH TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY POSSESSION THEREOF, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (2) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE) THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (3) ANY ORGANIZATION DESCRIBED IN 

 

SECTION 1381(A)(2)(C) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL HEREINAFTER BE REFERRED TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF A DISQUALIFIED ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH
HOLDER OF THIS CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 5.02(D) OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A DISQUALIFIED ORGANIZATION IS PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP OF THIS CERTIFICATE.

 

	
            Series 2006-R1, Class R-X

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

First Distribution Date: March 27, 2006

No. 1

CUSIP:  03072S Z2 4
 	
            Aggregate Percentage Interest of the Class R-X Certificates as of the Issue Date: 100% Percentage Interest

Denomination: 100% Percentage Interest

Master Servicer: Ameriquest Mortgage Company

Trustee:  Deutsche Bank National Trust Company

Issue Date: February 23, 2006
 

 

 

 

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 adjustable-rate and fixed-rate first and second lien mortgage loans (the “Mortgage Loans”) formed and sold by

AMERIQUEST MORTGAGE SECURITIES INC.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN AMERIQUEST MORTGAGE SECURITIES INC., THE MASTER 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 Ameriquest Mortgage Company is the registered owner of a Percentage Interest specified above in that certain beneficial ownership interest evidenced by all the Class R-X Certificates in a REMIC created pursuant to a Pooling and Servicing Agreement, dated as specified above (the “Agreement”), among Ameriquest Mortgage Securities Inc. (hereinafter called the “Depositor,” which term includes any successor entity under the Agreement), the Master Servicer and the Trustee, a summary of certain of the pertinent provisions of which is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.

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

All distributions to the Holder of this Certificate under the Agreement will be made or caused to be made by or on behalf of the Trustee by wire transfer in immediately available funds to the account of the Person entitled thereto if such Person shall have so notified the Trustee in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date 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 Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Trustee 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 Certificates of the Series specified on the face hereof (herein called the “Certificates”) and representing a Percentage Interest in the Class of Certificates specified on 

 

the face hereof equal to the denomination specified on the face hereof divided by the aggregate Certificate Principal Balance of the Class of Certificates specified on the face hereof.

The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. As provided in the Agreement, withdrawals from the 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 NIMS Insurer (if any) and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor, the Master Servicer, the NIMS Insurer (if any) and the Trustee with the consent of the NIMS Insurer (if any) 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 Trustee 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 Trustee and the Certificate Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

The Certificates are issuable in fully registered form only without coupons in Classes and denominations representing Percentage Interests specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized denominations evidencing the same aggregate Percentage Interest, as requested by the Holder surrendering the same.

No transfer of this Certificate shall be made unless the transfer is made pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “1933 Act”), and an effective registration or qualification under applicable state securities laws, or is made in a transaction that does not require such registration or qualification (other than in connection with (i) the initial transfer of any such Certificate by the Depositor to an affiliate of the Depositor, (ii) the transfer of any such Certificate to the issuer under the Indenture or the indenture trustee under the Indenture or (iii) a transfer of any such Certificate from the issuer under the Indenture or the indenture trustee under the Indenture to the Depositor or an Affiliate of the Depositor).  In the event that such a transfer of this Certificate is to be made without registration or
qualification, the Trustee and the Certificate Registrar shall require receipt of (i) if 

 

such transfer is purportedly being made in reliance upon Rule 144A under the 1933 Act, written certifications from the Holder of the Certificate desiring to effect the transfer, and from such Holder’s prospective transferee, substantially in the forms attached to the Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel satisfactory to it that such transfer may be made without such registration or qualification (which Opinion of Counsel shall not be an expense of the Trust Fund or of the Depositor, the Trustee or the Master Servicer 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 Certificate Registrar or the Trustee 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 Certificate Registrar and the Master Servicer against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

No transfer of this Certificate may be made to a Plan, any Person acting, directly or indirectly, on behalf of any such Plan or any Person using “Plan Assets” to acquire this Certificate.

Prior to registration of any transfer, sale or other disposition of this Certificate, the proposed transferee shall provide to the Trustee (i) an affidavit to the effect that such transferee is any Person other than a Disqualified Organization or the agent (including a broker, nominee or middleman) of a Disqualified Organization, and (ii) a certificate that acknowledges that (A) the Class R-X Certificates have been designated as residual interests in three REMICs, (B) it will include in its income a pro rata share of the net income of the Trust Fund and that such income may be an “excess inclusion,” as defined in the Code, that, with certain exceptions, cannot be offset by other losses or benefits from any tax exemption, and (C) it expects to have the financial means to satisfy all of its tax obligations including those relating to holding the Class R-X Certificates.
Notwithstanding the registration in the Certificate Register of any transfer, sale or other disposition of this Certificate to a Disqualified Organization or an agent (including a broker, nominee or middleman) of a Disqualified Organization, such registration shall be deemed to be of no legal force or effect whatsoever and such Person shall not be deemed to be a Certificateholder for any purpose, including, but not limited to, the receipt of distributions in respect of this Certificate.

The Holder of this Certificate, by its acceptance hereof, shall be deemed to have consented to the provisions of Section 5.02 of the Agreement and to any amendment of the Agreement deemed necessary by counsel of the Depositor to ensure that the transfer of this Certificate to any Person other than a Permitted Transferee or any other Person will not cause the Trust Fund to cease to qualify as a REMIC or cause the imposition of a tax upon the REMIC.

No service charge will be made for any such registration of transfer or exchange of Certificates, but the Trustee 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 NIMS Insurer (if any) and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Trustee, the NIMS Insurer (if any) or the Certificate Registrar 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 NIMS Insurer (if any), the Certificate Registrar or 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 Trustee 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 Stated Principal Balance of the Mortgage Loans at the time of purchase being less than 10% of the aggregate Stated Principal Balance of the Mortgage Loans at the Cut-off Date.

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

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

 

 

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

Dated: February __, 2006

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Trustee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Authorized Officer
 

 

 

CERTIFICATE OF AUTHENTICATION

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

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY

as Certificate Registrar
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            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
 
 
	
            TEN ENT - 
 	
            as tenants by the entireties
 	
             
 	
             
 	
            (Cust)     (Minor)

under Uniform Gifts to Minors Act
 
	
            JT TEN - 
 	
            as joint tenants with right if survivorship and not as tenants in common
 	
             
 	
             
 	
            ___________________

(State)
 
	
             
 	
             
 	
             
 	
             
 	
             
 

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 Certificate Registrar 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
 	
            
 
 
 	
            ,
 
	
            the assignee named above, or
 	
            
 
 
 	
            ,
 
	
            as its agent.
 	
             
 	
             
 
					

 

 

 

EXHIBIT B

FORM OF LOST NOTE AFFIDAVIT

Loan #: ____________

Borrower: _____________

LOST NOTE AFFIDAVIT

I, as ____________________ of ______________________, a _______________ corporation am authorized to make this Affidavit on behalf of _____________________ (the “Seller”).  In connection with the administration of the Mortgage Loans held by ____________________, a _________________ corporation as Seller on behalf of Ameriquest Mortgage Securities Inc. (the “Purchaser”), _____________________ (the “Deponent”), being duly sworn, deposes and says that:

	
             
 	
            1.
 	
            The Seller’s address is:
 	
            _____________________
 
	
             
 	
            _____________________
 
	
             
 	
            _____________________
 

 

	
             
 	
            2.
 	
            The Seller previously delivered to the Purchaser a signed Initial Certification with respect to such Mortgage and/or Assignment of Mortgage;
 

	
             
 	
            3.
 	
            Such Mortgage Note and/or Assignment of Mortgage was assigned or sold to the Purchaser by ________________________, a ____________ corporation pursuant to the terms and provisions of a Mortgage Loan Purchase Agreement dated as of __________ __, _____;
 

	
             
 	
            4.
 	
            Such Mortgage Note and/or Assignment of Mortgage is not outstanding pursuant to a request for release of Documents;
 

	
             
 	
            5.
 	
            Aforesaid Mortgage Note and/or Assignment of Mortgage (the “Original”) has been lost;
 

	
             
 	
            6.
 	
            Deponent has made or caused to be made a diligent search for the Original and has been unable to find or recover same;
 

	
             
 	
            7.
 	
            The Seller was the Seller of the Original at the time of the loss; and
 

	
             
 	
            8.
 	
            Deponent agrees that, if said Original should ever come into Seller’s possession, custody or power, Seller will immediately and without consideration surrender the Original to the Purchaser.
 

	
             
 	
            9.
 	
            Attached hereto is a true and correct copy of (i) the Note, endorsed in blank by the Mortgagee and (ii) the Mortgage or Deed of Trust (strike one) which secures the Note, which Mortgage or Deed of Trust is recorded in the county where the property is located.
 

 

 

	
             
 	
            10.
 	
            Deponent hereby agrees that the Seller (a) shall indemnify and hold harmless the Purchaser, its successors and assigns, against any loss, liability or damage, including reasonable attorney’s fees, resulting from the unavailability of any Notes, including but not limited to any loss, liability or damage arising from (i) any false statement contained in this Affidavit, (ii) any claim of any party that has already purchased a mortgage loan evidenced by the Lost Note or any interest in such mortgage loan, (iii) any claim of any borrower with respect to the existence of terms of a mortgage loan evidenced by the Lost Note on the related property to the fact that the mortgage loan is not evidenced by an original note and (iv) the issuance of a new instrument in lieu thereof (items (i) through (iv) above hereinafter referred to as
the “Losses”) and (b) if required by any Rating Agency in connection with placing such Lost Note into a Pass-Through Transfer, shall obtain a surety from an insurer acceptable to the applicable Rating Agency to cover any Losses with respect to such Lost Note.
 

	
             
 	
            11.
 	
            This Affidavit is intended to be relied upon by the Purchaser, its successors and assigns.  _____________________, a ______________ corporation represents and warrants that it has the authority to perform its obligations under this Affidavit of Lost Note.
 

Executed this ____ day, of ___________ ______.

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            SELLER
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Name:        
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Title:                   
 

 

On this _____ day of ________, _____, before me appeared _________________ to me personally known, who being duly sworn did say that he is the _____________________ of ____________________ a ______________ corporation and that said Affidavit of Lost Note was signed and sealed on behalf of such corporation and said acknowledged this instrument to be the free act and deed of said corporation.

Signature:

[Seal]

 

 

EXHIBIT C-1

FORM OF TRUSTEE'S INITIAL CERTIFICATION

[Date]

Ameriquest Mortgage Securities Inc.

1100 Town & Country Road, Suite 1100

Orange, California 92868

 

Ameriquest Mortgage Company

1100 Town & Country Road

Orange, California 92868

 

	
             
 	
            Re:
 	
            
Pooling and Servicing Agreement, dated as of February 1, 2006, among Ameriquest Mortgage Securities Inc., Ameriquest Mortgage Company and Deutsche Bank National Trust Company, relating to Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2006-R1
 
 

 

Ladies and Gentlemen:

Pursuant to Section 2.01 of the Pooling and Servicing Agreement, dated as of February 1, 2006, among Ameriquest Mortgage Securities Inc. as depositor, Ameriquest Mortgage Company as master servicer and Deutsche Bank National Trust Company as trustee, we hereby acknowledge that as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or any Mortgage Loan specifically identified in the exception report annexed thereto as not being covered by such certification), (i) all documents constituting part of such Mortgage File (other than such documents described in Section 2.01(v)) required to be delivered to it pursuant to this Agreement are in its possession, (ii) such documents have been reviewed by it or such Custodian and are not mutilated, torn or defaced unless initialed by the related borrower and relate to such Mortgage Loan, (iii) based on
its or the Custodian’s examination and only as to the foregoing, the information set forth in the Mortgage Loan Schedule that corresponds to items (1) through (3), (6), (9), (10), (13), (15) and (19) of the definition of “Mortgage Loan Schedule” accurately reflects information set forth in the Mortgage File.

The Trustee has made no independent examination of any documents contained in each Mortgage File beyond the review specifically required in the above-referenced Pooling and Servicing Agreement.  The Trustee makes no representations as to: (i) the validity, legality, sufficiency, recordability, enforceability or genuineness of any of the documents contained in the Mortgage File of any of the Mortgage Loans identified on the Mortgage Loan Schedule; or (ii) the collectability, insurability, perfection, priority, effectiveness or suitability of any such Mortgage Loan.

The Trustee was under no duty or obligation (i) to inspect, review or examine any such documents, instruments, certificates or other papers to determine whether they are genuine, enforceable, or appropriate for the represented purpose or whether they have actually been 

 

recorded or that they are other than what they purport to be on their face or (ii) to determine whether any Mortgage File should include any of the documents specified in clause (v) of Section 2.01.

Capitalized terms used but not defined herein shall have the meanings assigned to them in the Pooling and Servicing Agreement.

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY, as Trustee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Name:        
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Title:                   
 

 

 

 

EXHIBIT C-2

FORM OF TRUSTEE'S FINAL CERTIFICATION

[Date]

Ameriquest Mortgage Securities Inc.

1100 Town & Country Road, Suite 1100

Orange, California 92868

Ameriquest Mortgage Company

1100 Town & Country Road

Orange, California 92868

 

 

	
             
 	
            Re:
 	
            
Pooling and Servicing Agreement, dated as of February 1, 2006, among Ameriquest Mortgage Securities Inc., Ameriquest Mortgage Company and Deutsche Bank National Trust Company, relating to Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2006-R1
 
 

 

Ladies and Gentlemen:

In accordance with Section 2.02 of the above-captioned Pooling and Servicing Agreement, the undersigned, as Trustee, hereby certifies that as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or listed on the attachment hereto), it or a Custodian on its behalf has received each of the documents listed in Section 2.01.

The Trustee has made no independent examination of any documents contained in each Mortgage File beyond the review specifically required in the above-referenced Pooling and Servicing Agreement.  The Trustee makes no representations as to: (i) the validity, legality, sufficiency, recordability, enforceability or genuineness of any of the documents contained in the Mortgage File of any of the Mortgage Loans identified on the Mortgage Loan Schedule, or (ii) the collectability, insurability, perfection, priority, effectiveness or suitability of any such Mortgage Loan.

Capitalized words and phrases used herein shall have the respective meanings assigned to them in the above-captioned Pooling and Servicing Agreement.

 

 

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY, as Trustee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Name:        
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Title:                   
 

 

 

 

EXHIBIT C-3

FORM OF TRUSTEE'S RECEIPT OF MORTGAGE NOTE

[Date]

Ameriquest Mortgage Securities Inc.

1100 Town & Country Road, Suite 1100

Orange, California 92868

Ameriquest Mortgage Company

1100 Town & Country Road

Orange, California 92868

 

	
             
 	
            Re:
 	
            
Pooling and Servicing Agreement, dated as of February 1, 2006, among Ameriquest Mortgage Securities Inc., Ameriquest Mortgage Company and Deutsche Bank National Trust Company, relating to Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2006-R1
 
 

 

Ladies and Gentlemen:

Pursuant to Section 2.01 of the above-captioned Pooling and Servicing Agreement, we hereby acknowledge the receipt of the original Mortgage Note for each Mortgage Loan with any exceptions thereto listed on Exhibit 1.

Capitalized terms used but not defined herein shall have the meanings assigned to them in the above-captioned Pooling and Servicing Agreement.

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY, as Trustee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Name:        
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Title:                   
 

 

 

 

  

 

EXHIBIT D

FORM OF MORTGAGE LOAN PURCHASE AGREEMENT

 

This is a Mortgage Loan Purchase Agreement (the “Agreement”), dated February 9, 2006, between Ameriquest Mortgage Company, a Delaware corporation (the “Seller”), and Ameriquest Mortgage Securities Inc., a Delaware corporation (the “Purchaser”).

Preliminary Statement

The Seller intends to sell the Mortgage Loans (as hereinafter defined) to the Purchaser on the terms and subject to the conditions set forth in this Agreement.  The Purchaser shall deposit the Mortgage Loans into a mortgage pool constituting the Trust Fund.  The Trust Fund will be evidenced by a single series of asset-backed pass-through certificates designated as Series 2006-R1 (the “Certificates”).  The Certificates will consist of twenty classes of certificates.  The Class M-11 Certificates, the CE Certificates, the Class P Certificates and the Residual Certificates (collectively, the “Non-Offered Certificates”) will be delivered to the Seller or its designee as partial consideration for the Mortgage Loans as further described below.

The Certificates will be issued pursuant to a Pooling and Servicing Agreement relating to the Series 2006-R1 Certificates, dated as of February 1, 2006 (the “Pooling and Servicing Agreement”), among the Purchaser as depositor (in such capacity, the “Depositor”), the Seller as master servicer (in such capacity, the “Master Servicer”) and Deutsche Bank National Trust Company as trustee (in such capacity, the “Trustee”).  Pursuant to the Pooling and Servicing Agreement, the Depositor will assign all of its right, title and interest in and to the Mortgage Loans, together with its rights under this Agreement, to the Trustee for the benefit of the Certificateholders.  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 or before February 23, 2006 (the “Closing Date”), certain adjustable-rate and fixed-rate conventional, one- to four-family, residential mortgage loans (the “Mortgage Loans”), having an aggregate principal balance as of the close of business on February 1, 2006 (the “Cut-off Date”) of $1,500,014,870.05 after giving effect to all payments due on the Mortgage Loans on or before the Cut-off Date (the “Closing Balance”), whether or not received, including the right to any Prepayment Charges collected after the Cut-off Date from the Mortgagors in connection with any Principal Prepayments on the Mortgage Loans.  Any payments (including Prepayment
Charges) collected on or before the Cut-off Date, including 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.   In addition to the sale of the Mortgage Loans, the Seller will direct the Trustee to enter into the Interest Rate Swap Agreement and the Swap Administration Agreement on behalf of the Trust.

SECTION 2.           Mortgage Loan Schedule and Prepayment Charge 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 shall prepare or 

 

cause to be prepared on or prior to the Closing Date a final schedule (the “Closing Schedule”) describing such Mortgage Loans and setting forth all of the Mortgage Loans to be purchased under this Agreement.  The Closing Schedule shall conform to the requirements set forth in this Agreement and to the definition of “Mortgage Loan Schedule” under the Pooling and Servicing Agreement.  The Closing Schedule shall be used as the Mortgage Loan Schedule under the Pooling and Servicing Agreement.  The Seller shall also prepare or cause to be prepared on or prior to the Closing Date a final schedule (the “Prepayment Charge Schedule”) setting forth each Mortgage Loan containing a Prepayment Charge and conforming to the definition of Prepayment Charge Schedule under the Pooling and Servicing Agreement.

	
             
  	
            SECTION 3.
 	
            Consideration.
 

(a)          In consideration for the Mortgage Loans that will 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 equal to the net sale proceeds of the Class A and Mezzanine Certificates (other than the Class M-11 Certificates) and (ii) deliver to the Seller or its designee the Non-Offered Certificates.

	
             
  	
            (b)
 	
            [Reserved].
 	
             

	
             
  	
            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 collected after the Cut-off Date.  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:

(1)          the original Mortgage Note, endorsed in blank without recourse or in the following form: “Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse,” with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; provided, however, that such substitutions of Lost Note Affidavits for 

 

original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut-off Date;

(2)          the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;

	
             
  	
            (3)
 	
            an original Assignment assigned in blank without recourse;
 

(4)          the original recorded intervening Assignment or Assignments showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (3) or the original unrecorded intervening Assignments;

(5)          the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and

(6)          the original lender’s title insurance policy or an attorney’s opinion of title or similar guarantee of title acceptable to mortgage lenders generally in the jurisdiction where the Mortgaged Property is located, together with all endorsements or riders which 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, or in the event such original title policy is unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company.

If any document referred to in Section 4(b)(2), 4(b)(3) or 4(b)(4) 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 (1) delivery by or on behalf of the Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Seller in the case of (x) above or the public recording office in the case of (y) above to be a true and complete copy of the recorded original thereof and (2) if such delivered copy is certified by the Seller, then in addition thereto, delivery promptly upon receipt thereof of either the original or a copy of such
document certified by the 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.   Promptly upon receipt by the Seller of any such original title insurance policy, the Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser.

The Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Seller and the Trustee, following the 

 

later of (i) the Closing Date, (ii) the date on which the Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Seller of the recording information for a Mortgage) submit or cause to be submitted for recording, at no expense to the Trust Fund or the Trustee, in the appropriate public office for real property records, each Assignment referred to in (3) and (4) above and shall execute each original Assignment referred to in (3) in the following form: “Deutsche Bank National Trust Company, as Trustee under the applicable agreement”.  In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded.

Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, so long as recordation of an Assignment is not necessary to protect the Trustee’s and the Certificateholders’ interests in the related Mortgage Loan under the laws of the jurisdiction in which the related Mortgaged Property is located, the Assignments shall not be required to be submitted for recording (except with respect to any Mortgage Loan located in Maryland) unless such failure to record would result in a withdrawal or a downgrading by any Rating Agency of the rating on any Class of Certificates; provided further, however, each Assignment shall be submitted for recording by the Seller (at the direction of the Master Servicer) in the manner described above, at no expense to the Trust Fund or the Trustee, upon the earliest to occur of: (i)
reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights or the NIMS Insurer, (ii) a failure of the Master Servicer Termination Test as set forth in the Pooling and Servicing Agreement, (iii) the occurrence of the bankruptcy or insolvency of the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement and (v) if the Seller is not the Master Servicer and with respect to any one Assignment or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage.

Each original document relating to any 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 or its assignee, transferee or designee.

(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 (7) 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 Mortgage Loan Schedule.

	
             
  	
            (d)
 	
            [Reserved].
 

(e)          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 shall be promptly reimbursed by the Seller.

(f)           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 at the Trustee’s offices in Santa Ana, California.  Such examination may be made by the Purchaser and its respective designees, upon reasonable notice to the Seller and the Trustee 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 Loan that
does not conform to the requirements of the Purchaser as described in this Agreement, such Mortgage Loan 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:

(1)          The Seller is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and is duly authorized and qualified to transact any and all business contemplated by this Agreement to be conducted by the Seller 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 the ability of the Master Servicer to enforce each Mortgage Loan and to service the Mortgage Loans in accordance with the terms of the Pooling and Servicing Agreement;

(2)          The Seller had the full corporate power and authority to hold and sell each Mortgage Loan and has the full corporate power and authority to service each Mortgage Loan and to execute, deliver and perform, and to enter into and consummate the transactions contemplated by this Agreement and has duly authorized by all necessary corporate action on the part of the Seller the execution, delivery and performance of this Agreement; this Agreement has been duly executed and delivered by the Seller; and this Agreement, assuming the due authorization, execution and delivery thereof by the Purchaser, constitutes a legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, except to the extent that (a) the enforceability thereof may be limited by bankruptcy,
insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally and (b) the remedy of specific performance and injunctive and other forms of equitable relief may be subject 

 

to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought;

(3)          The execution and delivery of this Agreement by the Seller, the servicing of the Mortgage Loans by the Seller under the Pooling and Servicing Agreement, the consummation 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 Seller and will not (A) result in a breach of any term or provision of the charter or by-laws of the Seller 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 Seller is a party or by which it may be bound, or any statute, order or regulation applicable to the Seller of any court, regulatory body, administrative agency or governmental body having jurisdiction over the
Seller; and the Seller 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 Seller’s knowledge, would in the future materially and adversely affect, (x) the ability of the Seller to perform its obligations under this Agreement or (y) the business, operations, financial condition, properties or assets of the Seller taken as a whole;

(4)          No consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and performance by the Seller of, or compliance by the Seller with, this Agreement or the consummation of the transactions contemplated hereby, or if any such consent, approval, authorization or order is required, the Seller has obtained the same;

(5)          The Seller is an approved originator/servicer for Fannie Mae or Freddie Mac in good standing and is a HUD approved mortgagee pursuant to Section 203 and Section 211 of the National Housing Act; and

(6)          Except as otherwise disclosed in the Prospectus Supplement, no litigation is pending against the Seller that would materially and adversely affect the execution, delivery or enforceability of this Agreement or the ability of the Seller to service the Mortgage Loans or the Seller to perform any of its other obligations hereunder in accordance with the terms hereof.

	
             
  	
            SECTION 6.
 	
            Representations and Warranties of the Seller Relating to the Mortgage Loans.
 

(a)  The Seller hereby represents and warrants to the Purchaser, with respect to the Mortgage Loans as of the Closing Date or as of such date specifically provided herein:

(1)          The information set forth on the Mortgage Loan Schedule with respect to each Mortgage Loan is true and correct in all material respects;

 

 

(2)          No material error, omission, misrepresentation, negligence, fraud or similar occurrence with respect to any 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;

(3)          All payments due prior to the Cut-off Date have been made and none of the Mortgage Loans will have been contractually delinquent for more than one calendar month more than once since the origination thereof;

(4)          Each Mortgage is a valid and enforceable first lien or second lien on the Mortgaged Property, including all improvements thereon, subject only to (a) the lien of nondelinquent current real property taxes and assessments, (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record as of the date of recording of such Mortgage, such exceptions appearing of record being acceptable to mortgage lending institutions generally or specifically reflected in the appraisal made in connection with the origination of the related Mortgage Loan, (c) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by such Mortgage and (d) in the case of a second lien, the first lien on such
Mortgaged Property;

(5)          Immediately prior to the sale of the Mortgage Loans to the Purchaser, the Seller had good title to, and was the sole legal and beneficial owner of, each Mortgage Loan free and clear of any pledge, lien, encumbrance or security interest and has full right and authority, subject to no interest or participation of, or agreement with, any other party to sell and assign the same;

(6)          There is no delinquent tax or assessment lien against any Mortgaged Property;

(7)          There is no valid offset, defense or counterclaim to any Mortgage Note or Mortgage, including the obligation of the Mortgagor to pay the unpaid principal of or interest on such Mortgage Note, nor will the operation of any of the terms of the Mortgage Note and the Mortgage, or the exercise of any right thereunder, render the Mortgage unenforceable, in whole or in part, or subject to any valid right of rescission, set-off, counterclaim or defense, including the defense of usury and no such valid right of rescission, set-off, counterclaim or defense has been asserted with respect thereto;

(8)          There are no mechanics’ liens or claims for work, labor or material rendered to the Mortgaged Property affecting any Mortgaged Property which are or may be a lien prior to, or equal with, the lien of the related Mortgage, except those which are insured against by the title insurance policy referred to in (12) below;

 

 

(9)          Subject to the Escrow Withhold referred to in (19) below, each Mortgaged Property is free of material damage and is in good repair;

(10)        Each Mortgage Loan at origination complied in all material respects with applicable local, state and federal laws and regulations, including, without limitation, usury, equal credit opportunity, real estate settlement procedures, truth-in-lending, disclosure laws and all applicable predatory and abusive lending laws, and consummation of the transactions contemplated hereby will not involve the violation of any such laws;

(11)        Neither the Seller nor any prior holder of any Mortgage has modified, impaired or waived the Mortgage in any material respect (except that a Mortgage Loan may have been modified by a written instrument which has been recorded, if necessary, to protect the interests of the Purchaser and which has been delivered to the Trustee); satisfied, canceled or subordinated such Mortgage in whole or in part; released the related Mortgaged Property in whole or in part from the lien of such Mortgage; or executed any instrument of release, cancellation, modification or satisfaction with respect thereto;

(12)        A lender’s policy of title insurance together with a condominium endorsement, extended coverage endorsement, and an adjustable rate mortgage endorsement (each as applicable) in an amount at least equal to the Cut-off Date principal balance of each such Mortgage Loan or a commitment (binder) to issue the same was effective on the date of the origination of each Mortgage Loan, each such policy is valid and remains in full force and effect, the transfer of the related Mortgage Loan to the Purchaser will not affect the validity or enforceability of such policy and each such policy was issued by a title insurer qualified to do business in the jurisdiction where the Mortgaged Property is located and in a form acceptable to Fannie Mae or Freddie Mac, which policy insures the Seller and successor owners of indebtedness
secured by the insured Mortgage, as to the first priority lien of the Mortgage; no claims have been made under such lender’s title insurance policy and no prior holder of the related Mortgage, including the Seller, has done, by act or omission, anything which would impair the coverage of such lender’s title insurance policy;

(13)        Each Mortgage Loan was originated by the Seller or an Affiliate of the Seller in accordance with the underwriting standards as set forth in the Prospectus Supplement (or, if generated by an entity other than the Seller or an Affiliate of the Seller, in accordance with such other underwriting standards as set forth in the Prospectus Supplement or, if generated on behalf of the Seller or an Affiliate of the Seller, by a person other than the Seller or an Affiliate of the Seller, is subject to the same underwriting standards and procedures used by the Seller in originating mortgage loans directly as set forth in the Prospectus Supplement) or by a savings and loan association, savings bank, commercial bank, credit union, insurance company or similar institution which is supervised and examined by a federal or state
authority (including a mortgage broker), or by a mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act;

 

 

(14)        With respect to each Adjustable-Rate Mortgage Loan, on each adjustment date, the Mortgage Rate will be adjusted to equal the Index plus the Gross Margin, rounded to the nearest 0.125%, subject to the Periodic Rate Cap, the Maximum Mortgage Rate and the  Minimum Mortgage Rate.  The related Mortgage Note is payable on the first day of each month in self-amortizing monthly installments of principal and interest, with interest payable in arrears, and requires a monthly payment which is sufficient to fully amortize the outstanding principal balance of the Mortgage Loan over its remaining term and to pay interest at the applicable Mortgage Rate.  No Mortgage Loan is subject to negative amortization;

(15)        All of the improvements which were included for the purpose of determining the appraised value of the Mortgaged Property lie wholly within the boundaries and building restriction lines of such property, and no improvements on adjoining properties encroach upon the Mortgaged Property, except those, if any, which are insured against by the lender’s title insurance policy referred to in (12) above;

(16)        All inspections, licenses and certificates required to be made or issued with respect to all occupied portions of the Mortgaged Property, including but not limited to certificates of occupancy, have been made or obtained from the appropriate authorities, and the Mortgaged Property is lawfully occupied under applicable law except as may otherwise be insured against by the lender’s title insurance policy referred to in (12) above;

(17)        All parties which have had any interest in the Mortgage, whether as mortgagee, assignee, pledgee or otherwise, are (or, during the period in which they held and disposed of such interest, were) in compliance with any and all applicable licensing requirements of the laws of the state wherein the Mortgaged Property is located;

(18)        The Mortgage Note and the related Mortgage are genuine, and each is the legal, valid and binding obligation of the maker thereof, enforceable in accordance with its terms and with applicable laws.  All parties to the Mortgage Note and the Mortgage had legal capacity to execute the Mortgage Note and the Mortgage and each Mortgage Note and Mortgage have been duly and properly executed by such parties;

(19)        The proceeds of each Mortgage Loan have been fully disbursed, there is no requirement for future advances thereunder and any and all requirements as to completion of any on-site or off-site improvements and as to disbursements of any escrow funds therefor have been complied with, except any Mortgaged Property or Mortgage Loan subject to an Escrow Withhold as defined in the applicable Originator’s underwriting guidelines.  All costs, fees and expenses incurred in making, closing or recording the Mortgage Loans were paid;

(20)        The related Mortgage contains customary and enforceable provisions which render the rights and remedies of the holder thereof adequate for the realization against the Mortgaged Property of the benefits of the security, including, (i) in the case of a Mortgage 

 

designated as a deed of trust, by trustee’s sale, and (ii) otherwise by judicial foreclosure.  There is no homestead or other exemption available to the Mortgagor which would materially interfere with the right to sell the Mortgaged Property at a trustee’s sale or the right to foreclose the Mortgage;

(21)        With respect to each Mortgage constituting 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 such Mortgage, and no fees or expenses are or will become payable by the Purchaser to the trustee under the deed of trust, except in connection with a trustee’s sale after default by the Mortgagor;

(22)        There exist no deficiencies with respect to escrow deposits and payments, if such are required, for which customary arrangements for repayment thereof have not been made, and no escrow deposits or payments of other charges or payments due the Seller have been capitalized under the Mortgage or the related Mortgage Note;

(23)        The origination, collection and servicing practices used by the Seller or its Affiliate with respect to each Mortgage Loan have been in all material respects legal, proper, reasonable and customary in the subprime mortgage origination and servicing business and each of the Mortgage Loans has been serviced by the Seller since origination;

(24)        There is no pledged account or other security other than real estate securing the Mortgagor’s obligations;

(25)        No Mortgage Loan has a shared appreciation feature, or other contingent interest feature;

(26)        The improvements upon each Mortgaged Property are covered by a valid, binding and existing hazard insurance policy that is in full force and effect with a generally acceptable carrier that provides for fire extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located representing coverage not less than the lesser of the outstanding principal balance of the related Mortgage Loan or the minimum amount required to compensate for damage or loss on a replacement cost basis.  All individual insurance policies and flood policies referred to in clause (27) below contain a standard mortgagee clause naming the Seller or the original mortgagee, and its successors in interest, as mortgagee, and the Seller has received no notice that any premiums due and payable thereon have not
been paid; the Mortgage obligates the Mortgagor thereunder to maintain all such insurance, including flood insurance, at the Mortgagor’s cost and expense, and upon the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to obtain and maintain such insurance at the Mortgagor’s cost and expense and to seek reimbursement therefor from the Mortgagor, except as may be limited or restricted by applicable law;

 

 

(27)        If the Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards, a valid and binding flood insurance policy that is in full force and effect in a form meeting the requirements of the current guidelines of the Flood Insurance Administration is in effect with respect to such Mortgaged Property with a generally acceptable carrier in an amount representing coverage not less than the least of (A) the original outstanding principal balance of the Mortgage Loan, (B) the minimum amount required to compensate for damage or loss on a replacement cost basis or (C) the maximum amount of insurance that is available under the Flood Disaster Protection Act of 1973;

(28)        There is no default, breach, violation or event of acceleration existing under the Mortgage or the related Mortgage Note; and the Seller has not waived any default, breach, violation or event of acceleration;

(29)        Each Mortgaged Property is improved by a one- to four-family residential dwelling, including condominium units and dwelling units in planned unit developments, which does not include (a) cooperatives or (b) mobile homes and manufactured homes (as defined in the Fannie Mae Seller-Servicer’s Guide), except when the appraisal indicates that (i) the mobile or manufactured home was built under the Federal Manufactured Home Construction and Safety Standards of 1976 or (ii) otherwise assumes the characteristics of site-built housing and meets local building codes, is readily marketable, has been permanently affixed to the site, is not in a mobile home “park,” and is treated as real property under the applicable state law.  With respect to any Mortgage Loan that is secured by a leasehold estate: (a) the lease
is valid, in full force and effect; (b) all rents and other payments due under the lease have been paid; (c) the lessee is not in default under any provision of the lease; (d) the term of the lease exceeds the maturity date of the related Mortgage Loan by at least five (5) years; and (e) the Mortgagee under the Mortgage Loan is given notice and an opportunity to cure any defaults under the lease;

(30)        There is no obligation on the part of the Seller or any other party under the terms of the Mortgage or related Mortgage Note to make payments in lieu of or in addition to those made by the Mortgagor;

(31)        Any future advances made prior to the Cut-off Date have been consolidated with the outstanding principal amount secured by the Mortgage, and the secured principal amount, as consolidated, bears a single interest rate and single repayment term reflected on the Mortgage Loan Schedule.  The consolidated principal amount does not exceed the original principal amount of the Mortgage Loan;

(32)        The Mortgage File contains an appraisal which was either (i) performed by an appraiser who satisfied, and which was conducted in accordance with, all of the applicable requirements of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended or (ii) conducted in accordance with an insured valuation model;

 

 

(33)        None of the Mortgage Loans is a graduated payment mortgage loan, nor is any Mortgage Loan subject to a temporary buydown or similar arrangement;

(34)        No Mortgagor has currently requested any relief under the Servicemembers Civil Relief Act or similar state laws;

(35)        The Mortgage Loans comply in all material respects with the descriptions set forth under the captions “The Mortgage Pool” and Annex III in the Prospectus Supplement;

(36)        The Mortgage contains an enforceable provision for the acceleration of the payment of the unpaid principal balance of the Mortgage Loan in the event that the related Mortgaged Property is sold or transferred without the prior written consent of the mortgagee thereunder, except as may be limited by applicable law;

(37)        The information set forth in the Prepayment Charge Schedule attached as Schedule 2 to the Pooling and Servicing Agreement (including the prepayment charge summary attached thereto) 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 full and voluntary prepayment by the Mortgagor under applicable law and complied in all material respects with applicable local, state and federal laws (except to the extent that (i) the enforceability thereof may be limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally or (ii) the collectability thereof may be limited due to acceleration in connection
with a foreclosure or other involuntary payoff);

(38)        Each Mortgage Loan is an obligation that is principally secured by real property for purposes of the REMIC Provisions of the Code;

(39)        The Mortgage Loans are not subject to the requirements of the Home Ownership and Equity Protection Act of 1994 (“HOEPA”) and no Mortgage Loan is subject to, or in violation of, any applicable state or local law, ordinance or regulation similar to HOEPA;

(40)        (a)  No Mortgage Loan is a High Cost Loan as defined by HOEPA or any other applicable predatory or abusive lending laws and (b) no Mortgage Loan is a “high cost home”, “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 applicable state, federal or local law (or a similarly classified loan using different terminology under a law imposing heightened regulatory scrutiny or additional legal liability for resident mortgage loans having high interest rates, points and/or fees);

 

 

(41)        No Mortgage Loan originated on or after October 1, 2002 will impose a Prepayment Charge for a term in excess of three years.  Any Mortgage Loans originated prior to such date will not impose a Prepayment Charge for a term in excess of five (5) years;

(42)        No Mortgage Loan that is secured by property located in the State of Georgia is either a “Covered Loan” or “High Cost Home Loan” within the meaning of the Georgia Fair Lending Act, as amended (the “Georgia Act”);

(43)        The Seller or one of its Affiliates as servicer for each 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 (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company or their successors (the “Credit Repositories”) on a monthly basis;

(44)        There is no Mortgage Loan that was originated on or after October 1, 2002 and before March 7, 2003 which is secured by property located in the State of Georgia;

(45)        The Prepayment Charges included in the transaction are enforceable and originated in compliance with all applicable federal, state and local law (except to the extent that (i) the enforceability thereof may be limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally or (ii) the collectability thereof may be limited due to acceleration in connection with a foreclosure or other involuntary payoff);

(46)        No proceeds from any Mortgage Loan were used to finance single-premium credit insurance policies; 

(47)        No Mortgage Loan is a high cost loan or a covered loan, as applicable (as such terms are defined in Standard & Poor’s LEVELS Version 5.6(c) Glossary Revised, Appendix E);

(48)        With respect to any 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;

(49)        With respect to any Group I Mortgage Loan that is secured by a subordinate lien on the related mortgaged property, such lien is on a one- to four-family residence that is (or will be) the principal residence of the borrower upon origination of such mortgage loan; and

 

 

(50)        The original principal balance of each Group I Mortgage Loan is within Freddie Mac’s dollar amount limits for conforming one- to four-family mortgage loans.

	
             
  	
            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 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.

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 the Trustee’s Preliminary Exception Report) as part of, any Mortgage File or of a breach of any of the representations and warranties contained in Section 5 or 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 (it being understood that with respect to the representations and warranties set forth in (10), (39), (40), (41), (42), (43), (44), (46), (47), (48), (49) and (50) of Section 6(a) herein, a breach of any such representation or warranty shall in and of itself be deemed to materially adversely affect the interest therein of the Purchaser
and the Purchaser’s assignee, transferee or designee), the party discovering the breach shall give prompt written notice to the others.  Within ninety (90) days of its discovery or its receipt of notice of any such missing documentation which was not transferred to the Purchaser as described above or materially defective documentation or any such breach of a representation and warranty (it being understood that with respect to the representations and warranties set forth in (10), (39), (40), (41), (42), (43), (44), (46), (47), (48), (49) and (50) of Section 6(a) herein, a breach of any such representation or warranty shall in and of itself be deemed to materially adversely affect the interest therein of the Purchaser and the Purchaser’s assignee, transferee or designee), 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 such defect or breach cannot
be cured, the Seller shall, within ninety (90) days of its discovery or receipt of notice, either (i) repurchase the affected Mortgage Loan at a price equal to the Purchase Price 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.  In the event that any Mortgage Loan is subject to a breach of the representation and warranty in Section 6(a)(37) or (45) resulting in the Master Servicer’s inability to collect all or part of the Prepayment Charge from the Mortgagor, in lieu of repurchase, the Seller shall be obligated to remit to the Master Servicer (for deposit in the Collection Account) any shortfall in the Prepayment Charge collected upon the Mortgagor’s voluntary Principal Prepayment.

Notwithstanding the foregoing, within ninety (90) days of the earlier of discovery by the Seller or receipt of notice by the Seller of the breach of the representation of the Seller set forth in Section 6(a)(37) or (45) above, which materially and adversely affects the interests of the 

 

Holders of the Class P Certificates in any Prepayment Charge, the Seller shall pay the amount of the scheduled Prepayment Charge, for the benefit of the Holders of the Class P Certificates, by depositing such amount into the Collection Account, net of any amount previously collected by the Master Servicer and paid by the Master Servicer, for the benefit of the Holders of the Class P Certificates, in respect of such Prepayment Charge.

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 and the addition, if any, of a Qualified Substitute Mortgage Loan.  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 deposit in the Collection Account of the amount of the Purchase Price in accordance with Section 2.03 of the Pooling and Servicing Agreement.  Any repurchase or substitution required by this Section shall be made in a manner consistent with Section 2.03 of the Pooling and Servicing Agreement.

In addition, upon discovery by the Seller, the Purchaser, or any assignee, transferee or designee of the Purchaser that any Mortgage Loan does not constitute a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code, the party discovering the breach shall give prompt written notice within five (5) Business Days to the others.  Within ninety (90) days of its discovery or its receipt of notice, the Seller promptly shall 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.

(b)          It is understood and agreed that the obligations of the Seller set forth in this Section 7 to cure, remit a Prepayment Charge shortfall, repurchase or substitute for a defective Mortgage Loan constitute the sole remedies of the Purchaser against the Seller respecting a missing or defective material document or a breach of the representations and warranties contained in Section 5 or Section 6.

SECTION 8.            Closing; Payment for the Mortgage Loans.  The closing of the purchase and sale of the Mortgage Loans shall be held at the New York City office of Thacher Proffitt & Wood LLP at 10:00 AM 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;
 

	
             
  	
            (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 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, by delivery to the Seller of the purchase price.

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)
 	
            (i) An Officer’s Certificate of the Seller and the Master Servicer, dated the Closing Date, in form satisfactory to and upon which the Purchaser and the Underwriters may rely, and attached thereto copies of the certificate of incorporation, by-laws and certificate of good standing of the Seller and the Master Servicer under the laws of Delaware and stating that the information contained in the Prospectus Supplement relating to the Mortgage Loans, the Seller, the Master Servicer and the applicable loan portfolio is true and accurate in all material respects and does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading and (ii) if any of the
Certificates are offered on the Closing Date pursuant to a private placement memorandum, the Seller shall deliver an Officer’s Certificate stating that the same information contained in such private placement memorandum is true and accurate in all material respects;
 

	
             
  	
            (b)
 	
            An Officer’s Certificate of the Seller, dated the Closing Date, in form satisfactory to and upon which the Purchaser and the Underwriters may 
 

 

rely, with respect to certain facts regarding the sale of the Mortgage Loans by the Seller to the Purchaser;

	
             
  	
            (c)
 	
            An Opinion of Counsel of the Seller and the Master Servicer, dated the Closing Date, in form satisfactory to and addressed to the Purchaser and the Underwriters;
 

	
             
  	
            (d)
 	
            Such opinions of counsel from the Purchaser’s or Seller’s counsel as the Rating Agencies 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 upon which the Underwriters may rely;
 

	
             
  	
            (e)
 	
            [Reserved];
 

	
             
  	
            (f)
 	
            A letter from Ernst & Young, certified public accountants, dated the date hereof and to the effect that they have performed certain specified procedures as a result of which they determined that certain information of an accounting, financial or statistical nature set forth in the Prospectus Supplement, under the captions “Summary of Prospectus Supplement”, “Risk Factors”, “The Mortgage Pool”, “Yield on the Certificates”, “Description of the Certificates”, “The Seller, Sponsor and Master Servicer”, Annex II and Annex III agrees with the records of the Seller and the Master Servicer;
 

	
             
  	
            (g)
 	
            [Reserved];
 

	
             
  	
            (h)
 	
            The Seller and the Master Servicer shall deliver for inclusion in the Prospectus Supplement, under the captions “The Originator” and “The Seller, Sponsor and Master Servicer,” or for inclusion in other offering material, such publicly available information regarding its financial condition and its mortgage loan delinquency, foreclosure and loss experience, underwriting standards, lending activities and loan sales, production, and servicing and collection practices, and any similar nonpublic, unaudited financial information;
 

	
             
  	
            (i)
 	
            [Reserved];
 

	
             
  	
            (j)
 	
            Such further information, certificates, opinions and documents as the Purchaser or the Underwriters 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, assignment of mortgage recording costs and/or fees for title policy endorsements and continuations, the fees and expenses of the Seller’s in-house accountants and in-house attorneys, the costs and expenses incurred in connection with producing the Seller’s loan loss, foreclosure and delinquency experience, and the costs and expenses incurred in connection with obtaining the documents referred to in Sections 9(d) and 9(f) to the extent such costs and expenses were not previously paid by the
Seller.  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) the costs and expenses of printing (or otherwise reproducing) and delivering this Agreement, the Pooling and Servicing Agreement, the Certificates, the prospectus, the Prospectus Supplement and the private placement memorandum relating to the Certificates and other related documents, the initial fees, costs and expenses of the Trustee relating to the issuance of the initial certification of the Trustee under Section 2.02 of the Pooling and Servicing Agreement, the fees and expenses of the Seller’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, the cost of outside special counsel that may be required for the Purchaser, the cost of obtaining the documents referred to
in Section 9(j) and the fees charged by any rating agency to rate the Certificates.  All  other costs and expenses in connection with the transactions contemplated hereunder shall be borne by the party incurring such expense.

	
             
  	
            SECTION 11.
 	
            [Reserved].
 
	
             
  	
            SECTION 12.
 	
            [Reserved].
 

SECTION 13.         Mandatory Delivery; Grant of Security Interest.  The sale and delivery on the Closing Date of the Mortgage Loans described on the Mortgage Loan 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.  The Seller agrees that, upon acceptance of the Mortgage Loans by the Purchaser or its designee and delivery of payment to the Seller, its security interest in the Mortgage Loans shall be released.  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 13 shall be deemed to have been released.

SECTION 14.          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 telex or telegraph and confirmed by a similar mailed writing, if to the Purchaser, addressed to the Purchaser at 1100 Town & Country Road, Suite 1100, Orange, California 92868, Facsimile: (714) 564-9639, Attention: General Counsel, or such other address as may hereafter be furnished to the Seller in writing by the Purchaser; if to the Seller, addressed to the Seller at 1100 Town & Country Road, Suite 1100, Orange, California 92868, Facsimile: (714) 564-9639, Attention: General Counsel, or to such other address as the Seller may designate in writing to the Purchaser.

SECTION 15.          Severability of Provisions.  Any part, provision, representation or warranty of this Agreement which is prohibited or which 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 which 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 16.         Agreement of Parties.  The Seller and the Purchaser agree to execute and deliver such instruments and take such actions as either 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 17.          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 18.        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 AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCPLES OF CONFLICTS OF LAW OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW WHICH SHALL GOVERN.

SECTION 19.         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.  The NIMS Insurer, if any, shall be a third-party beneficiary hereof and may enforce the terms hereof as if a party hereto.

It is the express intent of the parties hereto that the conveyance of the Mortgage Loans by the Seller to the Purchaser as provided in Section 4 hereof be, and be construed as, a sale of the Mortgage Loans by the Seller to the Purchaser and not as a pledge of the Mortgage Loans 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 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 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 all amounts payable to the holders of the Mortgage Loans in accordance with the terms thereof and all proceeds of the conversion, voluntary or involuntary, of the foregoing into cash, instruments, securities or other property, including without limitation all amounts, other than investment earnings, from time to time held or invested in the Collection Account whether in the form of cash, instruments, securities or other property; (3) the possession by the Purchaser or its agent of Mortgage Notes, the related Mortgages and such other items of property that constitute instruments, money, negotiable documents or chattel paper shall be deemed to be “possession” for purposes of perfecting the security interest pursuant to 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.  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, 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 20.        Obligations of ACC Capital Holdings Corporation.  ACC Capital Holdings Corporation (“ACCH”) agrees with the Purchaser and any assignee of the Purchaser as follows: as an inducement to the Purchaser’s agreement to purchase the Mortgage Loans from the Seller, to indemnify and hold harmless the Purchaser and any assignee of the Purchaser against any failure by the Seller to repurchase or substitute for any Mortgage Loan pursuant to Section 7 hereof; provided, however, ACCH may at any time terminate its obligations pursuant to this Section 20 so long as it receives written confirmation from the Rating Agencies that such termination would not result in a withdrawal or a downgrade by any Rating Agency of the rating on any Class of Certificates.

 

 

IN WITNESS WHEREOF, the Seller and the Purchaser have caused their names to be signed by their respective officers thereunto duly authorized as of the date first above written.

	
            AMERIQUEST MORTGAGE COMPANY
 
	
             
 	
             
 
	
            By:
 	
             
 
	
            Name:
 	
             
 
	
            Title:
 	
             
 
	
             
 	
             
 
	
             
 	
             
 
	
            AMERIQUEST MORTGAGE SECURITIES INC.
 
	
             
 	
             
 
	
             
 	
             
 
	
            By:
 	
             
 
	
            Name:
 	
             
 
	
            Title:
 	
             
 

 

 

 

	
            For purposes of Section 20:

ACC CAPITAL HOLDINGS CORPORATION
 
	
            By:______________________________________________________
 
	
            Name:
 
	
            Title:
 

 

 

 

 

 

 

EXHIBIT E

REQUEST FOR RELEASE OF DOCUMENTS

	
            To:
 	
            Deutsche Bank National Trust Company
 

1761 East St. Andrew Place

Santa Ana, CA 92705-4934

Attn: Trust Administration AQ0601

 

	
             
 	
            Re:
 	
            Pooling and Servicing Agreement, dated as of February 1, 2006, among Ameriquest Mortgage Securities Inc., as depositor, Ameriquest Mortgage Company, as master servicer, and Deutsche Bank National Trust Company, as trustee.
 
	
             
 	
             
 	
             
 
	
             
 	
             
 	
            In connection with the administration of the Mortgage Loans held by you as Trustee pursuant to the above-captioned Pooling and Servicing Agreement, we request the release, and hereby acknowledge receipt, of the Trustee’s Mortgage File for the Mortgage Loan described below, for the reason indicated.
 
	
             
 	
             
 	
             
 

 

Mortgage Loan Number:

Mortgagor Name, Address & Zip Code:

Reason for Requesting Documents (check one):

	
            ____1.
 	
            Mortgage Paid in Full
 	
             
 
	
            ____2.
 	
            Foreclosure
 	
             
 
	
            ____3.
 	
            Substitution
 	
             
 
	
            ____4.
 	
            Other Liquidation (Repurchases, etc.)
 	
             
 
	
            ____5.
 	
            Nonliquidation
 	
            Reason: _________________
 

 

Address to which Trustee should deliver

the Trustee’s Mortgage File:

___________________________

___________________________

 

 

	
            By:
 	
            
 
 
 
	
             
 	
            (authorized signer)
 
	
             
 	
             
 
	
             
 	
             
 
	
            Issuer:
 	
            
 
 
 
	
            Address:
 	
            
 
 
 
	
            Date:
 	
            
 
 
 

 

Trustee

Deutsche Bank National Trust Company

Please acknowledge the execution of the above request by your signature and date below:

	
            ______________________________

Signature
 	
             
 	
            _______________________

Date
 
	
             
 	
             
 	
             
 
	
            Documents returned to Trustee:
 	
             
 	
             
 
	
            ______________________________

Trustee
 	
             
 	
            _______________________

Date
 

 

 

 

EXHIBIT F-1

FORM OF TRANSFEROR REPRESENTATION LETTER

[DATED]

Deutsche Bank National Trust Company

1761 East St. Andrew Place

Santa Ana, CA 92705-4934

	
             
 	
            Re:
 	
            
Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2006-R1, Class [CE] [P], [representing a       % Percentage Interest] [with an aggregate Certificate Principal Balance of _____] [with a Notional Amount of ____]
 
 

 

 

Ladies and Gentlemen:

In connection with the transfer by _____________ (the “Transferor”) to ________________ (the “Transferee”) of the above-captioned asset-backed 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 February 1, 2006 (the “Pooling and Servicing Agreement”), among Ameriquest Mortgage Securities Inc. as Depositor, Ameriquest Mortgage Company as Master Servicer and Deutsche Bank National Trust Company as Trustee, pursuant to which Pooling and Servicing Agreement the Certificates were issued.

 

 

Capitalized terms used but not defined herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Very truly yours,

 

[Transferor]
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Name:        
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Title:                   
 

 

 

 

FORM OF TRANSFEREE REPRESENTATION LETTER

[Date]

Deutsche Bank National Trust Company

1761 East St. Andrew Place

Santa Ana, CA 92705-4934

 

	
             
 	
            Re:
 	
            
Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2006-R1, Class [CE] [P], [representing a ___ % Percentage Interest] [with an aggregate Certificate Principal Balance of ___] [with a Notional Amount of ___]
 
 

 

Ladies and Gentlemen:

In connection with the purchase from ______________ (the “Transferor”) on the date hereof of the above-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, as amended (the “1933 Act”) and has completed either of the forms of certification to that effect attached hereto as Annex 1 or Annex 2.  The Transferee is aware that the sale to it is being made in reliance on Rule 144A.  The Transferee is acquiring the Certificates for its own account or for the account of a qualified institutional buyer, and understands that such Certificate may be resold, pledged or transferred only (i) to a person reasonably believed to be a qualified institutional buyer that purchases for its own account or for the account of a qualified institutional buyer to whom
notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A, or (ii) pursuant to another exemption from registration under the 1933 Act.

2.           The Transferee has been furnished with all information regarding (a) the Certificates and distributions thereon, (b) the nature, performance and servicing of the Mortgage Loans, (c) the Pooling and Servicing Agreement referred to below and (d) any credit enhancement mechanism associated with the Certificates, that it has requested.

All capitalized terms used but not otherwise defined herein have the respective meanings assigned thereto in the Pooling and Servicing Agreement, dated as of February 1, 2006, among Ameriquest Mortgage Securities Inc. as Depositor, Ameriquest Mortgage Company as Master Servicer and Deutsche Bank National Trust Company as Trustee, pursuant to which the Certificates were issued.

 

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            [TRANSFEREE]
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Name:        
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Title:                   
 

 

 

 

ANNEX 1 TO EXHIBIT F-1

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

[For Transferees Other Than Registered Investment Companies]

The undersigned hereby certifies as follows to _____________ (the “Transferor”) and Deutsche Bank National Trust Company as Trustee, 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, as amended (“Rule 144A”) because (i) the Transferee owned and/or invested on a discretionary basis $______________________ 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, as amended.

 
 
	
             
 	
            ____
 	
            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 1Transferee must own and/or invest on a discretionary basis at least $100,000,000 in securities unless Transferee is a dealer, and, in that case, Transferee must own and/or invest on a discretionary basis at least $10,000,000 in securities. $25,000,000 as demonstrated in its latest annual financial statements, a copy of which is attached hereto.

 
 
	
             
 	
            ____
 	
            Broker-Dealer.  The Transferee is a dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended.

 
 
	
             
 	
            ____
 	
            Insurance Company.  The Transferee is an insurance company whose primary and predominant business activity is the writing of insurance or the reinsuring of risks underwritten by insurance companies and which is subject to supervision by the insurance commissioner or a similar official or agency of a State, territory or the District of Columbia.

 
 
	
             
 	
            ____
 	
            State or Local Plan.  The Transferee is a plan established and maintained by a State, its political subdivisions, or any agency or instrumentality of the State or its political subdivisions, for the benefit of its employees.

 
 
	
             
 	
            ____
 	
            ERISA Plan.  The Transferee is an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974.

 
 
	
             
 	
            ____
 	
            Investment Advisor.  The Transferee is an investment advisor registered under the Investment Advisers Act of 1940, as amended.

 
 

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, as amended.

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.

 

 

 

 

	
            _____

Yes
 	
            _____

No
 	
            Will the Transferee be purchasing the Certificates only for the Transferee’s own account?
 

6.            If the answer to the foregoing question is “no”, the Transferee agrees that, in connection with any purchase of securities sold to the Transferee for the account of a third party (including any separate account) in reliance on Rule 144A, the Transferee will only purchase for the account of a third party that at the time is a “qualified institutional buyer” within the meaning of Rule 144A.  In addition, the Transferee agrees that the Transferee will not purchase securities for a third party unless the Transferee has obtained a current representation letter from such third party or taken other appropriate steps contemplated by Rule 144A to conclude that such third party independently meets the definition of “qualified institutional buyer” set forth in Rule 144A.

7.            The Transferee will notify each of the parties to which this certification is made of any changes in the information and conclusions herein.  Until such notice is given, the Transferee’s purchase of the Certificates will constitute a reaffirmation of this certification as of the date of such purchase.  In addition, if the Transferee is a bank or savings and loan as provided above, the Transferee agrees that it will furnish to such parties updated annual financial statements promptly after they become available.

Dated:

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Print Name of Transferee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Name:        
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Title:                   
 

 

 

 

ANNEX 2 TO EXHIBIT F-1

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

[For Transferees That Are Registered Investment Companies]

The undersigned hereby certifies as follows to ______________ (the “Transferor”) and Deutsche Bank National Trust Company, as Trustee, 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, as amended (“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, as amended, and (ii) as marked below, the Transferee alone, or the Transferee’s Family of Investment Companies, owned at least $100,000,000 in securities (other than the excluded securities referred to below) as of the end of the Transferee’s most recent fiscal year.  For purposes of determining the amount of securities owned by the Transferee or the Transferee’s Family of Investment Companies, the cost of such securities was used.

	
             
 	
            ____
 	
            The Transferee owned $___________________ in securities (other than the excluded securities referred to below) as of the end of the Transferee’s most recent fiscal year (such amount being calculated in accordance with Rule 144A).

 
 
	
             
 	
            ____
 	
            The Transferee is part of a Family of Investment Companies which owned in the aggregate $______________ in securities (other than the excluded securities referred to below) as of the end of the Transferee’s most recent fiscal year (such amount being calculated in accordance with Rule 144A).

 
 

3.            The term “Family of Investment Companies” as used herein means two or more registered investment companies (or series thereof) that have the same investment adviser or investment advisers that are affiliated (by virtue of being majority owned subsidiaries of the same parent or because one investment adviser is a majority owned subsidiary of the other).

4.            The term “Securities” as used herein does not include (i) securities of issuers that are affiliated with the Transferee or are part of the Transferee’s Family of Investment Companies, (ii) securities issued or guaranteed by the U.S. or any instrumentality thereof, (iii) bank deposit notes and certificates of deposit, (iv) loan participations, (v) repurchase agreements, 

 

(vi) securities owned but subject to a repurchase agreement and (vii) currency, interest rate and commodity swaps.

5.            The Transferee is familiar with Rule 144A and understands that the parties to which this certification is being made are relying and will continue to rely on the statements made herein because one or more sales to the Transferee will be in reliance on Rule 144A. In addition, the Transferee will only purchase for the Transferee’s own account.

6.            The undersigned will notify the parties to which this certification is made of any changes in the information and conclusions herein.  Until such notice, the Transferee’s purchase of the Certificates will constitute a reaffirmation of this certification by the undersigned as of the date of such purchase.

Dated:

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Print Name of Transferee or Advisor
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Name:        
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Title:                   
 
	
             
 	
            
 
 
 
	
             
 	
            
IF AN ADVISER:

 

 

 
 
 
	
             
 	
            Print Name of Transferee
 

 

 

 

FORM OF TRANSFEREE REPRESENTATION LETTER

The undersigned hereby certifies on behalf of the purchaser named below (the “Purchaser”) as follows:

	
             
 	
            1.
 	
            I am an executive officer of the Purchaser.
 

2.            The Purchaser is a “qualified institutional buyer”, as defined in Rule 144A, (“Rule 144A”) under the Securities Act of 1933, as amended.

3.            As of the date specified below (which is not earlier than the last day of the Purchaser’s most recent fiscal year), the amount of “securities”, computed for purposes of Rule 144A, owned and invested on a discretionary basis by the Purchaser was in excess of $100,000,000.

	
            Name of Purchaser
 	
            ____________________________________________________________
 

	
            By:
 	
            (Signature)
 	
            ____________________________________________________________
 

	
            Name of Signatory 
 	
            ____________________________________________________________
 

	
            Title
 	
            ________________________________________________________________________
 

	
            Date of this certificate
 	
            ____________________________________________________________
 

	
            Date of information provided in paragraph 3
 	
            __________________________________________
 

 

 

EXHIBIT F-2

FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

 

	
            STATE OF NEW YORK
 	
            )
 	
             
 
	
             
 	
            )
 	
            ss.:
 
	
            COUNTY OF NEW YORK
 	
            )
 	
             
 

 

The undersigned, being first duly sworn, deposes and says as follows:

1.            The undersigned is an officer of ________________________, the proposed Transferee of an Ownership Interest in a Residual Certificate (the “Certificate”) issued pursuant to the Pooling and Servicing Agreement, dated as of February 1, 2006 (the “Agreement”), among Ameriquest Mortgage Securities Inc., as depositor (the “Depositor”), Ameriquest Mortgage Company, as master servicer (the “Servicer”), and Deutsche Bank National Trust Company, as trustee (the “Trustee”).  Capitalized terms used, but not
defined herein or in Exhibit 1 hereto, shall have the meanings ascribed to such terms in the Agreement.  The Transferee has authorized the undersigned to make this affidavit on behalf of the Transferee for the benefit of the Depositor and the Trustee.

2.            The Transferee is, as of the date hereof, and will be, as of the date of the Transfer, a Permitted Transferee.  The Transferee is acquiring its Ownership Interest in the Certificate for its own account.  The Transferee has no knowledge that any such affidavit is false.

3.            The Transferee has been advised of, and understands that (i) a tax will be imposed on Transfers of the Certificate to Persons that are not Permitted Transferees; (ii) such tax will be imposed on the transferor, or, if such Transfer is through an agent (which includes a broker, nominee or middleman) for a Person that is not a Permitted Transferee, on the agent; and (iii) the Person otherwise liable for the tax shall be relieved of liability for the tax if the subsequent Transferee furnished to such Person an affidavit that such subsequent Transferee is a Permitted Transferee and, at the time of Transfer, such Person does not have actual knowledge that the affidavit is false.

4.            The Transferee has been advised of, and understands that a tax will be imposed on a “pass-through entity” holding the Certificate if at any time during the taxable year of the pass-through entity a Person that is not a Permitted Transferee is the record holder of an interest in such entity.  The Transferee understands that such tax will not be imposed for any period with respect to which the record holder furnishes to the pass-through entity an affidavit that such record holder is a Permitted Transferee and the pass-through entity does not have actual knowledge that such affidavit is false.  (For this purpose, a “pass-through entity” includes a regulated investment company, a real estate investment trust or common trust fund, a partnership, trust or estate,
and certain cooperatives and, except as may be provided in Treasury Regulations, persons holding interests in pass-through entities as a nominee for another Person.)

 

 

5.            The Transferee has reviewed the provisions of Section 5.02(c) of the Agreement and understands the legal consequences of the acquisition of an Ownership Interest in the Certificate including, without limitation, the restrictions on subsequent Transfers and the provisions regarding voiding the Transfer and mandatory sales.  The Transferee expressly agrees to be bound by and to abide by the provisions of Section 5.02(c) of the Agreement and the restrictions noted on the face of the Certificate.  The Transferee understands and agrees that any breach of any of the representations included herein shall render the Transfer to the Transferee contemplated hereby null and void.

6.            The Transferee agrees to require a Transfer Affidavit from any Person to whom the Transferee attempts to Transfer its Ownership Interest in the Certificate, and in connection with any Transfer by a Person for whom the Transferee is acting as nominee, trustee or agent, and the Transferee will not Transfer its Ownership Interest or cause any Ownership Interest to be Transferred to any Person that the Transferee knows is not a Permitted Transferee.  In connection with any such Transfer by the Transferee, the Transferee agrees to deliver to the Trustee a certificate substantially in the form set forth as Exhibit L to the Agreement (a “Transferor Certificate”) to the effect that such Transferee has no actual knowledge
that the Person to which the Transfer is to be made is not a Permitted Transferee.

7.            The Transferee has historically paid its debts as they have come due, intends to pay its debts as they come due in the future, and understands that the taxes payable with respect to the Certificate may exceed the cash flow with respect thereto in some or all periods and intends to pay such taxes as they become due.  The Transferee does not have the intention to impede the assessment or collection of any tax legally required to be paid with respect to the Certificate.

	
             
 	
            8.
 	
            The Transferee’s taxpayer identification number is ___________.
 	
             

	
             
 	
            9.
 	
            The Transferee is a U.S. Person as defined in Code Section 7701(a)(30).
 

10.          The Transferee is aware that the Certificate may be a “noneconomic residual interest” within the meaning of proposed Treasury regulations promulgated pursuant to the Code and that the transferor of a noneconomic residual interest will remain liable for any taxes due with respect to the income on such residual interest, unless no significant purpose of the transfer was to impede the assessment or collection of tax.

11.          The Transferee will not cause income from the Certificate to be attributable to a foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of the Transferee or any other U.S. person.

	
             
 	
            12.
 	
            Check one of the following:
 

[_]  The present value of the anticipated tax liabilities associated with holding the Certificate, as applicable, does not exceed the sum of:

	
             
 	
            (i)
 	
            the present value of any consideration given to the Transferee to acquire such Certificate;
 

 

 

	
             
 	
            (ii)
 	
            the present value of the expected future distributions on such Certificate; and
 

	
             
 	
            (iii)
 	
            the present value of the anticipated tax savings associated with holding such Certificate as the related REMIC generates losses.
 

For purposes of this calculation, (i) the Transferee is assumed to pay tax at the highest rate currently specified in Section 11(b) of the Code (but the tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate specified in Section 11(b) of the Code if the Transferee has been subject to the alternative minimum tax under Section 55 of the Code in the preceding two years and will compute its taxable income in the current taxable year using the alternative minimum tax rate) and (ii) present values are computed using a discount rate equal to the short-term Federal rate prescribed by Section 1274(d) of the Code for the month of the transfer and the compounding period used by the Transferee.

 

[_]  The transfer of the Certificate complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly,

 

	
            (i)
 	
            the Transferee is an “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as to which income from the Certificate will only be taxed in the United States;
 
	
            (ii)
 	
            at the time of the transfer, and at the close of the Transferee’s two fiscal years preceding the year of the transfer, the Transferee had gross assets for financial reporting purposes (excluding any obligation of a person related to the Transferee within the meaning of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;
 
	
            (iii)
 	
            the Transferee will transfer the Certificate only to another “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5) of the U.S. Treasury Regulations; and
 
	
            (iv)
 	
            the Transferee determined the consideration paid to it to acquire the Certificate based on reasonable market assumptions (including, but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions, tax rates and other factors specific to the Transferee) that it has determined in good faith.
 

[_]  None of the above.

13.          The Transferee is not an employee benefit plan that is subject to Title I of ERISA or a plan that is subject to Section 4975 of the Code or a plan subject to any Federal, state or local law that is substantially similar to Title I of ERISA or Section 4975 of the Code, and the Transferee is not acting on behalf of or investing plan assets of such a plan.

 

 

IN WITNESS WHEREOF, the Transferee has caused this instrument to be executed on its behalf, pursuant to authority of its Board of Directors, by its duly authorized officer and its corporate seal to be hereunto affixed, duly attested, this      day of                   , 20  .

 

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            [OWNER]
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Name:        
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Title:                   
 

 

 [Corporate Seal]

ATTEST:

 

________________________________

[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 the ___________ of the Transferee, and acknowledged that he executed the same as his free act and deed and the free act and deed of the Transferee.

	
             
 	
            Subscribed and sworn before me this   
 	
            day of   
 	
            , 20  .
 

 

 

	
             
 	
            
 
 
 
	
             
 	
            NOTARY PUBLIC
 

My Commission expires the __ day

of _________, 20__

 

 

 

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] [R-X] (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 Certificate Registrar a transfer affidavit and agreement in the form attached to the Pooling and Servicing Agreement as Exhibit F-2.  The Owner does not know or believe that any representation contained therein is false.

5.           At the time of transfer, the Owner has conducted a reasonable investigation of the financial condition of the Purchaser as contemplated by Treasury Regulations Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Owner has determined that the Purchaser has historically paid its debts as they became due and has found no significant evidence to indicate that the Purchaser will not continue to pay its debts as they become due in the future.  The Owner understands that the transfer of a Residual Certificate may not be respected for United States income tax purposes (and the Owner may continue to be liable for United States income taxes associated therewith) unless the Owner has conducted such an investigation.

6.           Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Pooling and Servicing Agreement.

 

 

IN WITNESS WHEREOF, the Owner has caused this instrument to be executed on its behalf, pursuant to the authority of its Board of Directors, by its [Vice] President, attested by its [Assistant] Secretary, this ____ day of ___________, 200__.

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            [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 __________, 200__.

	
             
 	
            
 
 
 
	
             
 	
            Notary Public
 
	
             
 	
             

County of  ____________________

State of _______________________

 

My Commission expires:
 

 

 

 

EXHIBIT G

FORM OF CERTIFICATION WITH RESPECT TO ERISA AND THE CODE

_____________, 200__

	
            Ameriquest Mortgage Securities Inc.

1100 Town & Country Road, Suite 1100

Orange, California 92868
 	
            Deutsche Bank National Trust Company

1761 East St. Andrew Place

Santa Ana, California 92705-4934
 
	
            Ameriquest Mortgage Company

1100 Town & Country Road

Orange, California 92868
 	
             
 

 

	
             
 	
            Re:
 	
            
Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2006-R1, Class [   ]
 
 

 

Dear Ladies and Gentlemen:

__________________________________ (the “Transferee”) intends to acquire from _____________________ (the “Transferor”) [$____________ Initial Certificate Principal Balance] [$____________ initial Notional Amount] [_____% Percentage Interest] of Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2006-R1, Class [___] (the “Certificates”), issued pursuant to a Pooling and Servicing Agreement, dated as of February 1, 2006 (the “Pooling and Servicing Agreement”), among Ameriquest Mortgage Securities Inc. as depositor (the “Depositor”), Ameriquest Mortgage Company as master servicer (the “Master Servicer”) and Deutsche Bank National Trust Company as trustee (the “Trustee”).  Capitalized terms used herein and not otherwise defined shall have the meanings assigned thereto in the Pooling and
Servicing Agreement.  The Transferee hereby certifies, represents and warrants to, and covenants with the Depositor, the Trustee and the Master Servicer that the following statements in either (1) or (2) are accurate:

1.            The Certificates (i) are not being acquired by, and will not be transferred to, any employee benefit plan within the meaning of section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or other retirement arrangement, including individual retirement accounts and annuities, Keogh plans and bank collective investment funds and insurance company general or separate accounts in which such plans, accounts or arrangements are invested, that is subject to Section 406 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being acquired with “plan assets” (within the meaning of the Department of Labor (“DOL”) regulation, 29
C.F.R. § 2510.3-101) of a Plan, and (iii) will not be transferred to any entity that is deemed to be investing in plan assets of a Plan.

 

 

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Very truly yours,
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Name:        
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Title:                   
 

 

 

 

EXHIBIT H

FORM OF INTEREST RATE SWAP AGREEMENT

 

 

	
            [Deutsche Bank Logo]
 	
            
 
 

 

 

	
            Date:
 	
            February 23, 2006
 

 

	
            To:
 	
            Deutsche Bank National Trust Company, not in its individual capacity, but solely as Trustee for Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2006-R1.
 

 

	
            Attention:
 	
            Trust Administration – AQ0601
 
	
            Facsimile no.:
 	
            (714) 247-6009
 	
             

 

	
            Our Reference:
 	
            Global No. N447576N
 

 

	
            Re:
 	
            Interest Rate Swap Transaction
 

 

 

 

Ladies and Gentlemen:

 

The purpose of this letter agreement is to set forth the terms and conditions of the Transaction entered into between Deutsche Bank AG (“DBAG”) and Deutsche Bank National Trust Company, not in its individual capacity, but solely as Trustee for Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2006-R1 (“Counterparty”) on the Trade Date specified below (the “Transaction”).  This letter agreement constitutes a “Confirmation” as referred to in the Agreement specified below.

 

The definitions and provisions contained in the 2000 ISDA Definitions (the “Definitions”) as published by the International Swaps and Derivatives Association, Inc. are incorporated by reference herein.  In the event of any inconsistency between the Definitions and this Confirmation, this Confirmation will govern.

 

For the purpose of this Confirmation, all references in the Definitions or the Agreement to a “Swap Transaction” shall be deemed to be references to this Transaction.

 

 

	
            1.
 	
            This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA Master Agreement dated as of February 23, 2006 (as the same may be amended or supplemented from time to time, the “Agreement”), between DBAG and Counterparty.  All provisions contained in the Agreement shall govern this Confirmation except as expressly modified below.
 

 

	
            2.
 	
            The terms of the particular Transaction to which this Confirmation relates are as follows:
 

 

	
             
 	
            Notional Amount:
 	
            The Base Calculation Amount, which shall initially be USD
 

5,631,648.97, subject to adjustment as set out in the Additional Terms attached hereto.

 

	
             
 	
            Trade Date:
 	
            February 6, 2006
 

 

 

 

	
             
 	
            Effective Date:
 	
            February 23, 2006
 

 

	
             
 	
            Termination Date:
 	
            April 25, 2010, subject to No adjustment.
 

 

 

Fixed Amounts:

 

	
            Fixed Rate Payer:
 	
            Counterparty
 
	
             
 	
             
 
	
            Fixed Rate Payer Period End Dates:
 	
            The 25th day of each month, commencing March 25, 2006, through and including the Termination Date, subject to No adjustment
 
	
             
 	
             
 
	
            Fixed Rate Payer Payment Dates:
 	
            The 25th day of each month, commencing March 25, 2006, through and including the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
 
	
             
 	
             
 
	
            Fixed Amounts:
 	
            The Fixed Amount payable by Counterparty shall be an amount equal to (i) the Base Calculation Amount for such Fixed Rate Payer Payment Date * (ii) Fixed Rate * (iii) 250 * (iv) Fixed Rate Day Count Fraction 
 
	
             
 	
             
 
	
            Fixed Rate:
 	
            4.978%
 
	
             
 	
             
 
	
            Fixed Rate Day Count Fraction:
 	
            30/360
 
	
             
 	
             
 

 

Floating Amounts:

 

	
            Floating Rate Payer:
 	
            DBAG
 
	
             
 	
             
 
	
            Floating Rate Payer Period End Dates:
 	
            The 25th day of each month, commencing March 25, 2006, through and including the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
 
	
             
 	
             
 
	
            Floating Rate Payer Payment Dates:
 	
            The 25th day of each month, commencing March 25, 2006, through and including the Termination Date, subject to adjustment in accordance with the Modified Following Business Day Convention.
 
	
             
 	
             
 
	
            Floating  Amounts:
 	
            The amount calculated pursuant to Section 6.1(a) of the 2000 ISDA Definitions as the Floating Amount shall be multiplied by 250 for each Calculation Period and the resulting product shall be the actual Floating Amount, respectively, with respect to each Calculation Period, payable by DBAG.
 
	
             
 	
             
 
	
            Floating Rate Option:
 	
            USD-LIBOR-BBA
 
	
             
 	
             
 
	
            Designated Maturity:
 	
            1 month
 
	
             
 	
             
 

 

 

 

 

	
            Spread:
 	
            None
 
	
             
 	
             
 
	
            Floating Rate Day Count Fraction:
 	
            Actual/360
 
	
             
 	
             
 
	
            Reset Dates:
 	
            The first day of each Calculation Period
 
	
             
 	
             
 
	
            Compounding:
 	
            Inapplicable:
 

 

	
            Calculation Agent:
 	
            Party A
 

 

	
            Business Days:
 	
            New York
 

 

	
            3.
 	
            Account Details:
 

 

Account Details for DBAG:

 

Deutsche Bank AG New York

ABA# 026003780

Acct# 100440170004

Swift Code: DEUTUS33

 

Account Details for Counterparty:

 

Deutsche Bank 

ABA# 021001033 

Acct# 01419663

Acct Name: NYLTD Funds Control - Stars West 

Ref: Trust Administration - Ameriquest 2006-R1

 

	
            4.
 	
            Offices:
 

 

The Office of DBAG for this Transaction is New York

 

	
            5.
 	
            It is expressly understood and agreed by the parties hereto that (i) this Confirmation is executed and delivered by Deutsche Bank National Trust Company, not individually or personally but solely as trustee of Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2006-R1 (the “Trust”), in the exercise of the powers and authority conferred and vested in it under the Pooling and Servicing Agreement, (ii) each of the representations, undertakings and agreements herein made on the part of the Trust is made and intended not as personal representations, undertakings and agreements by Deutsche Bank National Trust Company but is made and intended for the purpose of binding only the Trust,  (iii) nothing herein contained shall be construed as creating any liability on the part of Deutsche Bank National Trust Company, individually or
personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (iv) under no circumstances shall Deutsche Bank National Trust Company be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by Counterparty under this Confirmation or any other related documents.
 

 

 

 

 

	
            6.
 	
            Please confirm that the foregoing correctly sets forth the terms of our agreement by having an authorized officer sign this Confirmation and return it via facsimile to:
 

 

	
             
 	
            Attention: Derivative Documentation
 	
             
 
	
             
 	
            Telephone: 44 20 7547 4755
 	
             
 
	
             
 	
            Facsimile: 44 20 7545 9761
 	
             
 
	
             
 	
            E-mail: derivative.documentation@db.com
 	
             
 

 

This message will be the only form of Confirmation dispatched by us.  If you wish to exchange hard copy forms of this Confirmation, please contact us.

 

Yours sincerely,

 

DEUTSCHE BANK AG 

 

 

	
            By:
 	
            __________________________________
 
	
            Name:
 	
            __________________________________
 
	
            Title:
 	
            Authorized Signatory
 	
             

 

 

	
            By:
 	
            __________________________________
 
	
            Name:
 	
            __________________________________
 
	
            Title:
 	
            Authorized Signatory
 	
             

 

 

Confirmed as of the date first written above:

 

Deutsche Bank National Trust Company, not in its individual capacity, but solely as Trustee for Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2006-R1

 

	
            By:
 	
            __________________________________
 
	
            Name:
 	
            __________________________________
 
	
            Title:
 	
            __________________________________
 

 

 

 

ADDITIONAL TERMS

 

 

	
            From and Including
 	
            To but Excluding
 	
            Base Calculation Amount (USD):
 
	
            Effective Date
 	
            3/25/2006
 	
            5,631,648.97
 
	
            3/25/2006
 	
            4/25/2006
 	
            5,592,654.64
 
	
            4/25/2006
 	
            5/25/2006
 	
            5,550,102.52
 
	
            5/25/2006
 	
            6/25/2006
 	
            5,476,062.48
 
	
            6/25/2006
 	
            7/25/2006
 	
            5,401,735.15
 
	
            7/25/2006
 	
            8/25/2006
 	
            5,324,512.63
 
	
            8/25/2006
 	
            9/25/2006
 	
            5,215,118.77
 
	
            9/25/2006
 	
            10/25/2006
 	
            5,106,841.92
 
	
            10/25/2006
 	
            11/25/2006
 	
            4,992,007.06
 
	
            11/25/2006
 	
            12/25/2006
 	
            4,823,571.65
 
	
            12/25/2006
 	
            1/25/2007
 	
            4,659,664.55
 
	
            1/25/2007
 	
            2/25/2007
 	
            4,495,740.15
 
	
            2/25/2007
 	
            3/25/2007
 	
            4,291,353.17
 
	
            3/25/2007
 	
            4/25/2007
 	
            4,096,641.27
 
	
            4/25/2007
 	
            5/25/2007
 	
            3,911,025.42
 
	
            5/25/2007
 	
            6/25/2007
 	
            3,734,081.68
 
	
            6/25/2007
 	
            7/25/2007
 	
            3,565,471.60
 
	
            7/25/2007
 	
            8/25/2007
 	
            3,394,086.78
 
	
            8/25/2007
 	
            9/25/2007
 	
            3,166,018.24
 
	
            9/25/2007
 	
            10/25/2007
 	
            2,954,162.65
 
	
            10/25/2007
 	
            11/25/2007
 	
            2,751,401.97
 
	
            11/25/2007
 	
            12/25/2007
 	
            2,518,752.88
 
	
            12/25/2007
 	
            1/25/2008
 	
            2,307,528.23
 
	
            1/25/2008
 	
            2/25/2008
 	
            1,645,624.29
 
	
            2/25/2008
 	
            3/25/2008
 	
            1,609,979.39
 
	
            3/25/2008
 	
            4/25/2008
 	
            1,574,334.49
 
	
            4/25/2008
 	
            5/25/2008
 	
            1,538,689.60
 
	
            5/25/2008
 	
            6/25/2008
 	
            1,503,044.70
 
	
            6/25/2008
 	
            7/25/2008
 	
            1,467,399.80
 
	
            7/25/2008
 	
            8/25/2008
 	
            1,431,754.90
 
	
            8/25/2008
 	
            9/25/2008
 	
            1,249,197.89
 
	
            9/25/2008
 	
            10/25/2008
 	
            1,222,028.09
 
	
            10/25/2008
 	
            11/25/2008
 	
            1,194,858.29
 
	
            11/25/2008
 	
            12/25/2008
 	
            1,167,688.49
 
	
            12/25/2008
 	
            1/25/2009
 	
            1,140,518.69
 
	
            1/25/2009
 	
            2/25/2009
 	
            1,113,348.89
 
	
            2/25/2009
 	
            3/25/2009
 	
            1,081,090.29
 
	
            3/25/2009
 	
            4/25/2009
 	
            1,049,937.61
 
	
            4/25/2009
 	
            5/25/2009
 	
            1,020,028.33
 
	
            5/25/2009
 	
            6/25/2009
 	
            991,054.18
 
	
            6/25/2009
 	
            7/25/2009
 	
            963,059.36
 
	
            7/25/2009
 	
            8/25/2009
 	
            935,770.75
 
	
            8/25/2009
 	
            9/25/2009
 	
            909,149.83
 
	
            9/25/2009
 	
            10/25/2009
 	
            883,051.84
 
	
            10/25/2009
 	
            11/25/2009
 	
            857,426.88
 
	
            11/25/2009
 	
            12/25/2009
 	
            832,650.04
 

	
            12/25/2009
 	
            1/25/2010
 	
            808,653.34
 
	
            1/25/2010
 	
            2/25/2010
 	
            785,457.59
 
	
            2/25/2010
 	
            3/25/2010
 	
            763,006.87
 
	
            3/25/2010
 	
            Termination Date
 	
            741,226.93
 

 

 

 

 

 

 

 

 (Multicurrency - Cross Border) 

 

ISDA®

International Swaps and Derivatives Association, Inc.

 

SCHEDULE 

to the 

Master Agreement

 

dated as of February 23, 2006

 

between

 

 

 

	
            DEUTSCHE BANK AG, 

NEW YORK BRANCH
 	
             

 

and
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS TRUSTEE FOR AMERIQUEST MORTGAGE SECURITIES INC., ASSET-BACKED PASS-THROUGH CERTIFICATES, SERIES 2006-R1 (“the Trust”)
 
	
            _______________________________________

("Party A")
 	
             
 	
            ________________________________________

("Party B")
 

 

 

Part 1

Termination Provisions.

	
            (a)
 	
            "Specified Entity" means in relation to Party A for the purpose of:
 

	
             
 	
            Section 5(a)(v),
 	
            Not Applicable
 
	
             
 	
            Section 5(a)(vi),
 	
            Not Applicable
 
	
             
 	
            Section 5(a)(vii),
 	
            Not Applicable
 
	
             
 	
            Section 5(b)(iv),
 	
            Not Applicable
 

and in relation to Party B for the purpose of:

	
             
 	
            Section 5(a)(v),
 	
            Not Applicable
 
	
             
 	
            Section 5(a)(vi),
 	
            Not Applicable
 
	
             
 	
            Section 5(a)(vii),
 	
            Not Applicable
 
	
             
 	
            Section 5(b)(iv),
 	
            Not Applicable
 

 

 

 

	
            (b)
 	
            "Specified Transaction" will have the meaning specified in Section 14 of this Agreement.
 

	
            (c)
 	
            Certain Events of Default.  The following Events of Default will apply to the parties as specified below, and the definition of "Event of Default" in Section 14 is deemed to be modified accordingly:
 

Section 5(a)(i) (Failure to Pay or Deliver) will apply to Party A and Party B; provided, however, that the reference to “third Local Business Day” shall be amended to be “first Local Business Day” and provided that a failure by Party B to make a payment as a result of insufficient funds therefore being available under the Pooling and Servicing Agreement referred to below shall not constitute an Event of Default so long as all funds are applied in accordance with the Pooling and Servicing Agreement.

Section 5(a)(ii) (Breach of Agreement) will not apply to Party A or Party B.

Section 5(a)(iii) (Credit Support Default) will apply to Party A and will not apply to Party B. 

Section 5(a)(iv) (Misrepresentation) will not apply to Party A or Party B. 

Section 5(a)(v) (Default under Specified Transaction) will not apply to Party A or Party B.

Section 5(a)(vi) (Cross Default) will not apply to Party A or Party B.

Section 5(a)(vii) (Bankruptcy) will apply to Party A and Party B; provided that clause (2) thereof shall not apply to Party B.

Section 5(a)(viii) (Merger without Assumption) will apply to Party A and will not apply to Party B.

	
            (d)
 	
            Termination Events.  The following Termination Events will apply to the parties as specified below:
 

Section 5(b)(i) (Illegality) will apply to Party A and Party B.

Section 5(b)(ii) (Tax Event) will apply to Party A and Party B.

Section 5(b)(iii) (Tax Event upon Merger) will apply to Party A and will not apply to Party B; provided for clarification that Party B may be a Burdened Party for purpose of this provision.

Section 5(b)(iv) (Credit Event upon Merger) will not apply to Party A or Party B.

 

	
            (e)
 	
            The "Automatic Early Termination" provision of Section 6(a) of this Agreement will not apply to Party A and will not apply to Party B.
 

	
            (f)
 	
            Payments on Early Termination. For the purpose of Section 6(e) of this Agreement:
 

	
             
 	
            (i)
 	
            Market Quotation will apply.
 

	
             
 	
            (ii)
 	
            The Second Method will apply.
 

	
            (g)
 	
            "Termination Currency" means United States Dollars.
 

	
            (h)
 	
            Additional Termination Events.  The following Additional Termination Events will apply, in each case with respect to Party B as the sole Affected Party (unless otherwise provided below): 
 

	
             
 	
            (i)
 	
            Party A fails to comply with the Downgrade Provisions as set forth in Part 5(b).  For all purposes of this Agreement, Party A shall be the sole Affected Party with respect to the occurrence of a Termination Event described in this Part 1(h)(i).
 

	
             
 	
            (ii)
 	
            The Trust Fund (as defined in the Pooling and Servicing Agreement, dated as of February 1, 2006 among Ameriquest Mortgage Securities Inc., as depositor, Ameriquest Mortgage Company, as master servicer, and Deutsche Bank National Trust Company, as trustee (the Pooling and Servicing Agreement)) is terminated pursuant to the Pooling and Servicing Agreement.
 

	
             
 	
            (iii)
 	
            The Pooling and Servicing Agreement is amended or modified without the prior written consent of Party A, where such consent is required under the terms of the Pooling and Servicing Agreement.
 

 

 

	
             
 	
            (iv)
 	
            Notice of the requisite amount of Class CE Certificateholders', the NIMS Insurer's (if any), or the Master Servicer's intention to exercise its option to purchase the Mortgage Loans pursuant to Section 9.01 of the Pooling and Servicing Agreement is given by the Trustee to Certificateholders pursuant to Section 9.02 of the Pooling and Servicing Agreement.  The Early Termination Date with respect to such Additional Termination Event shall be the Distribution Date upon which the Trust Fund shall terminate and final payment is made in respect of the Certificates.
 

	
             
 	
            (v)
 	
            If, upon the occurrence of a Swap Disclosure Event (as defined in Part 5(s) below) DBAG has not, within 15 days after such Swap Disclosure Event complied with any of the provisions set forth in Part 5(s) below, then an Additional Termination Event shall have occurred with respect to DBAG and DBAG shall be the sole Affected Party with respect to such Additional Termination Event.
 

 

 

Part 2

Tax Representations.

	
            (a)
 	
            Payer Representations. For the purpose of Section 3(e) of this Agreement, Party A will make the following representation 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 this Agreement) to be made by it to the other party under this Agreement. In making this representation, it may rely on (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement, (ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this 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 this Agreement and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of this 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 this Agreement by reason of material prejudice to its legal or commercial position.

	
            (b)
 	
            Payee Representations. For the purpose of Section 3(f) of this Agreement, Party A and Party B make the representations specified below, if any:
 

	
             
 	
            (i)
 	
            Party A represents that it is a “foreign person” within the meaning of the applicable U.S. Treasury Regulations concerning information reporting and backup withholding tax (as in effect on January 1, 2001), unless Party A provides written notice to Party B that it is no longer a foreign person.  In respect of each Transaction it enters into through an office or discretionary agent in the United States or which otherwise is allocated for United States federal income tax purposes to such United States trade or business, each payment received or to be received by it under such Transaction will be effectively connected with its conduct of a trade or business in the United States.
 

 

	
             
 	
            (ii)
 	
            Party B represents that Deutsche Bank National Trust Company is the Trustee of the Trust and is executing this Agreement, not in its Individual Capacity, but solely as Trustee for Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2006-R1 under the Pooling and Servicing Agreement.
 

 

 

 

Part 3

Agreement to Deliver Documents.

For the purpose of Sections 4(a)(i) and (ii) of this Agreement, each party agrees to deliver the following documents, as applicable:

	
            (a)
 	
            Tax forms, documents or certificates to be delivered are:
 

	
            Party required
 to deliver
 document
 	
            Form/Document/Certificate
 	
            Date by which to be delivered
 
	
            Party A 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 are:

 

	
            Party required to deliver document
 	
            Form/Document/Certificate
 	
            Date by which to be delivered
 	
            Covered by Section 3(d) Representation
 
	
            Party B
 	
            Certified copy of the Board of Directors resolution (or equivalent authorizing documentation) which sets forth the authority of each signatory to this Agreement and each Credit Support Document (if any) signing on its behalf and the authority of such party to enter into Transactions contemplated and performance of its obligations hereunder.
 	
            Concurrently with the execution and delivery of this Agreement.
 	
            Yes
 
	
            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 this Agreement which sets forth the specimen signatures of each signatory to this Agreement, each Confirmation and each Credit Support Document (if any) signing on its behalf.
 	
            Concurrently with the execution and delivery of this Agreement unless previously delivered and still in full force and effect.
 	
            Yes
 
	
            Party A
 	
            Opinions of counsel of Party A reasonably satisfactory to Party B.
 	
            Concurrently with the execution and delivery of the Confirmation.
 	
            No
 
	
            Party B
 	
            An executed copy of the Pooling and Servicing Agreement.
 	
            Within 30 days after the date of this Agreement.
 	
            No
 

 

 

 

Part 4.

Miscellaneous.

	
            (a)
 	
            Addresses for Notices. For the purposes of Section 12(a) of this Agreement: 
 

Party A:

Addresses for notices to Party A under Sections 5 or 6 (other than notices under Section 5(a)(i)) shall be sent to:

 

Deutsche Bank AG, Head Office

Taunusanlage 12

60262 Frankfurt

GERMANY

Attention:  Legal Department

Telex No:  411836 or 416731 or 41233

	
             
 	
            Answerback:
 	
            DBF-D
 

 

All other notices to Party A shall be sent directly to the Office through which Party A is acting for the relevant Transaction, using the address and contact particulars specified in the Confirmation of that Transaction or otherwise notified.

 

	
             
 	
            Party B:
 	
            Ameriquest Mortgage Securities Inc.,
 

Asset-Backed Pass-Through Certificates, Series 2006-R1

c/o Deutsche Bank National Trust Company

1761 East St. Andrew Place

Santa Ana, California 92705-4934

Attention:  Trust Administration AQ0601

Facsimile No.  (714) 247-6009

 

	
            (b)
 	
            Process Agent. For the purposes of Section 13(c) of this Agreement:
 

Party A appoints as its Process Agent:  Not Applicable.

Party B appoints as its Process Agent:  Not Applicable.

	
            (c)
 	
            Offices. With respect to Party A, the provisions of Section 10(a) will apply to this Agreement.
 

	
            (d)
 	
            Multibranch Party. For the purpose of Section 10(c) of this Agreement:
 

Party A is 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: the ISDA Credit Support Annex and supplementary “Paragraph 13 - Elections & Variables” in the form appended hereto shall constitute a “Credit Support Document” in relation to Party A with respect to all of the obligations of Party A and for all purposes of this Agreement. 
 

 

 

	
            (g)
 	
            Credit Support Provider.
 

Credit Support Provider means in relation to Party A:  Not Applicable, unless Party A has a person guarantee its payment obligations under this Agreement in order to remedy a Rating Event, in which event such person shall be a Credit Support Provider.

Credit Support Provider means in relation to Party B:  Not Applicable.

	
            (h)
 	
            Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of New York (without reference to choice of law doctrine other than New York General Obligations Law Sections 5-1401 and 5-1402).
 

	
            (i)
 	
            Netting of Payments. Subparagraph (ii) of Section 2(c) of this Agreement will apply to all Transactions (in each case starting from the date of this Agreement).
 

	
            (j)
 	
            "Affiliate."  Each of Party A and Party B shall be deemed to have no Affiliates, including for purposes of Section 6(b)(ii).
 

	
            (k)
 	
            Jurisdiction. Section 13(b) is hereby amended by: (i) deleting in the second line of subparagraph (i) thereof the word "non-", (ii) deleting “ and” from the end of subparagraph 1 and inserting “.” at the end of such provision, and (iii) deleting the final paragraph thereof.
 

	
            (l)
 	
            Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to this Agreement or any Credit Support Document. Each party certifies (i) that no representative, agent or attorney of the other party or any Credit Support Provider has represented, expressly or otherwise, that such other party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party have been induced to enter into this Agreement and provide for any Credit Support Document, as applicable, by, among other things, the mutual waivers and certifications in this Section.
 

	
            (m)
 	
            Consent to Recording. Each party (i) consents to the recording of the telephone conversations of trading and marketing personnel of the parties and their Affiliates in connection with this Agreement or any potential transaction and (ii) if applicable, agrees to obtain any necessary consent of, and give notice of such recording to, such personnel of it and its Affiliates. 
 

	
            (n)
 	
            Severability.  If any term, provision, covenant, or condition of this Agreement, or the application thereof to any party or circumstance, shall be held to be illegal, invalid or unenforceable (in whole or in part) for any reason, the remaining terms, provisions, covenants and conditions hereof shall continue in full force and effect as if this Agreement had been executed with the illegal, invalid or unenforceable portion eliminated, so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter of this Agreement and the deletion of such portion of this Agreement will not substantially impair the respective benefits or expectations of the parties to this Agreement.
 

The parties shall endeavor to engage in good faith negotiations to replace any illegal, invalid or unenforceable term, provision, covenant or condition with a valid or enforceable term, provision, covenant or condition, the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable term, provision, covenant or condition.

 

 

Part 5.

Other Provisions.

	
            (a)
 	
            Definitions. 
 

This Agreement, including each Confirmation and each Swap Transaction, is subject to the 2000 ISDA Definitions, as amended, supplemented, updated, and superseded from time to time (the "Definitions"), as published by the International Swaps and Derivatives Association, Inc. ("ISDA") and will be governed in all respects by the Definitions (except that references to "Swap Transactions" shall be deemed to be references to "Transactions"). The Definitions are incorporated by reference in, and made part of, this Agreement and each Confirmation as if set forth in full in this Agreement and such Confirmations. In the event of any inconsistency between the provisions of this Agreement and the Definitions, this Agreement will prevail (and, in the event of any inconsistency between any Confirmation and the Definitions, the Confirmation will control). Any reference in a Confirmation to any
Definitions which are amended or supplemented in this Schedule shall be deemed to be a reference to such Definitions as so amended or supplemented, unless the Confirmation states, by specific reference to any such amendment or supplement, that such amendment or supplement will not apply in respect of the Transaction to which such Confirmation relates. Any capitalized terms used but not otherwise defined in this Agreement shall have the meanings assigned to them (or incorporated by reference) in the Pooling and Servicing Agreement. 

	
            (b)
 	
            Downgrade Provisions.  
 

 

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 Standard and Poor’s, a Division of McGraw-Hill Companies, Inc. (“S&P”), Moody’s Investors Service, Inc. (“Moody’s”) and Fitch Ratings (“Fitch”)  (each a “Rating Agency”) has reconfirmed the rating of the Certificates and any notes issued pursuant to the Indenture (the “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) deliver collateral pursuant to an ISDA Credit Support Annex (subject to New York Law) with a form of Paragraph 13 in the form annexed hereto (the “CSA”), (iii) obtain a guaranty of Party A’s obligations under this Transaction from a third party that meets or exceeds the Approved Ratings Threshold, (iv) establish any other arrangement which will be sufficient to restore the immediately prior ratings of the Certificates and the 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, if Party A, or any applicable credit support provider, does not have a short-term rating, then its long-term unsecured and unsubordinated debt ceases to be rated at least “A+”
by S&P) and its long-term unsecured and unsubordinated debt ceases to be rated at least “A2” by Moody’s and its long-term unsecured and unsubordinated debt ceases to be rated at least “A” by Fitch (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 Party A’s (or any applicable credit support provider) long-term unsecured and unsubordinated debt ceases to be rated at least “BBB-” or  Party A’s (or any applicable credit support provider) short-term unsecured and unsubordinated debt ceases to be rated at least “A-3” or is withdrawn by S&P, then Party A shall, within (10) days of such downgrade or withdrawal, subject to the Rating Agency Condition (as hereinafter defined) and at its own expense (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.  “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 the 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 the Notes.

	
            (c)
 	
            Section 3(a) of this Agreement is hereby amended to include the following additional representations after paragraph 3(a)(v):
 

(vi) Eligible Contract Participant. It is an "eligible contract participant" as defined in section 1a(12) of the U.S. Commodity Exchange Act.

(vii) Individual Negotiation. This Agreement and each Transaction hereunder is subject to individual negotiation by the parties.

(viii) Relationship between Party A and Party B. Subject as provided in Part 5(g), each of Party A and Party B will be deemed to represent to the other on the date on which it enters into a Transaction or an amendment thereof that (absent a written agreement between Party A and Party B that expressly imposes affirmative obligations to the contrary for that Transaction):

(1)           Principal. Party A is acting as principal and not as agent, and with respect to Party B, the Trustee is acting in its capacity as trustee for the Trust when entering into this Agreement and each Transaction. 

(2)           Non-Reliance. It is acting for its own account and it has made its own independent decisions to enter into that Transaction and as to whether that Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisors as it has deemed necessary. It is not relying on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into that Transaction; it being understood that information and explanations related to the terms and conditions of a Transaction shall not be considered investment advice or a recommendation to enter into that Transaction. 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
that Transaction.

(3)           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 this Agreement and each Transaction hereunder. It is also capable of assuming, and assumes, all financial and other risks of this Agreement and each Transaction hereunder. 

(4)           Status of Parties. The other party is not acting as a fiduciary or an advisor for it in respect of that Transaction. 

	
            (d)
 	
            Section 4 is hereby amended by adding the following new agreement: 
 

(f) Actions Affecting Representations. Party B agrees not to take any action during the term of this Agreement or any Transaction hereunder that renders or could render any of the representations and warranties in this Agreement untrue, incorrect, or incomplete, and if any event or condition occurs that renders or could render any such representation untrue, incorrect, or incomplete, Party B will immediately give written notice thereof to Party A.

 

 

	
            (e)
 	
            Section 1(c).  For purposes of Section 1(c) of the Agreement, this Transaction shall be the sole Transaction under the Agreement. 
 

	
            (f)
 	
            Transfer.  Section 7 is hereby amended to read in its entirety as follows:
 

Neither Party A nor Party B is permitted to assign, novate or transfer (whether by way of security or otherwise) as a whole or in part any of its rights, obligations or interests under this Agreement or any Transaction without the prior written consent of the other party; provided, however, that (i) Party A may make such a transfer or assignment of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of substantially all of its assets to, another entity, or an incorporation, reincorporation or reconstitution, and (ii) Party A may transfer or assign this Agreement to any Person, including, without limitation, another of Party A’s offices, branches or affiliates (any such Person, office, branch or affiliate, a "Transferee") on at least five
Business Days’ prior written notice to Party B and the Trustee;  provided that, with respect to clause (ii), (A) as of the date of such transfer the Transferee will not be required to withhold or deduct on account of a Tax from any payments under this Agreement unless the Transferee will be required to make payments of additional amounts pursuant to Section 2(d)(i)(4) of this Agreement in respect of such Tax (B) a Termination Event or Event of Default does not occur under this Agreement as a result of such transfer; (C) such notice is accompanied by a written instrument pursuant to which the Transferee acquires and assumes the rights and obligations of Party A so transferred; and (D) Party A will be responsible for any costs or expenses incurred in connection with such transfer.  Party B will execute such documentation as is reasonably deemed necessary by Party A for the effectuation of any such transfer.  Notwithstanding the
foregoing, no such transfer shall be made unless the transferring party obtains a written acknowledgment from each of the Rating Agencies that, notwithstanding such transfer, the then-current ratings of the Certificates and the Notes will not be reduced or withdrawn.

Except as specified otherwise in the documentation evidencing a transfer or assignment, a transfer or assignment of all the obligations of Party A made in compliance with this Section 7 will constitute an acceptance and assumption of such obligations (and any related interests so transferred) by the Transferee, a novation of the transferee in place of Party A with respect to such obligations (and any related interests so transferred), and a release and discharge by Party B of Party A from, and an agreement by Party B not to make any claim for payment, liability, or otherwise against Party A with respect to, such obligations from and after the effective date of the transfer.

	
            (g)
 	
            Trustee Capacity.  It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by Deutsche Bank National Trust Company, not individually or personally but solely as trustee of Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2006-R1, in the exercise of the powers and authority conferred and vested in it under the Pooling and Servicing Agreement, (ii) each of the representations, undertakings and agreements herein made on the part of the Trust is made and intended not as personal representations, undertakings and agreements by Deutsche Bank National Trust Company but is made and intended for the purpose of binding only the Trust,  (iii) nothing herein contained shall be construed as creating any liability on the
part of Deutsche Bank National Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (iv) under no circumstances shall Deutsche Bank National Trust Company be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by Party B under this Agreement or any other related documents.
 

Party B represents that:

(i)            Status.  Deutsche Bank National Trust Company (the "Trustee") is trustee of the Trust whose appointment is valid and effective both under the laws of the State of New York and under the Pooling 

 

and Servicing Agreement, and the Trustee has the power to own assets in its capacity as trustee of the Trust.

(ii)           Powers. In its capacity as trustee of the Trust, the Trustee has power under the Pooling and Servicing Agreement to execute this Agreement and any other documentation relating to this Agreement to which the Trustee is party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform obligations on behalf of the Trust under this Agreement and any obligations of the Trust under any Credit Support Document which the Trustee has executed on behalf of the Trust and has taken all necessary action to authorise such execution, delivery and performance;

(iii)          No Violation or Conflict. Such execution, delivery and performance do not violate or conflict with any law applicable to the Trust, any provision of the Pooling and Servicing Agreement, any order or judgment of any court or other agency of government applicable to the Trust or any assets of the Trust, or any contractual restriction binding on or affecting the Trustee, the Trust or any assets of the Trust;

(iv)          Consents. All governmental and other consents that are required have been obtained by the Trust with respect to this Agreement or any Credit Support Document which the Trustee has executed on behalf of the Trust have been obtained and are in full force and effect and all conditions of such consents have been complied with; and 

 (v)          Obligations Binding. The obligation of the Trust under this Agreement and any Credit Support Document which the Trustee has executed on behalf of the Trust constitute legal, valid and binding obligations of the Trust, enforceable against the Trust in accordance with their respective terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors' rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or law)).

	
            (h)
 	
            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, Depositor or Trust Fund (each as defined in 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 then in effect, following indefeasible payment in full of the Certificates and the Notes.  Nothing shall preclude, or be deemed to stop, Party A (i) from taking any action prior to the expiration of the aforementioned one year and one day period, or if longer the applicable preference period then in effect, in
(A) any case or proceeding voluntarily filed or commenced by Party B or (B) any involuntary insolvency proceeding filed or commenced by a Person other than Party A, or (ii) from commencing against Party B or any of the Collateral any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium, liquidation or similar proceeding. 
 

	
            (i)
 	
            Change of Account.  Section 2(b) of this Agreement is hereby amended by the addition of the following after the word "delivery" in the first line thereof:-
 

"to another account in the same legal and tax jurisdiction as the original account"

 

	
            (j)
 	
            Pooling and Servicing Agreement.
 

(1)    Capitalized terms used in this Agreement that are not defined herein and are defined in the Pooling and Servicing Agreement shall have the respective meanings assigned to them in the Pooling and Servicing Agreement.

 

 

 

(2)    Notwithstanding any of the other provisions of Section 11.01 of the Pooling and Servicing Agreement, Party B shall not enter into any amendment to Section 3.05(c)(i), 4.01, 4.09 or Section 11.10 of the Pooling and Servicing Agreement without the prior written consent of the Party A.

 

	
            (k)
 	
            Set-off.  Notwithstanding any provision of this Agreement or any other existing or future agreements, each of Party A and Party B irrevocably waives as to itself any and all contractual rights it may have to set off, net, recoup or otherwise withhold or suspend or condition its payment or performance of any obligation to the other party under this Agreement against any obligation of one party hereto to the other party hereto arising outside of this Agreement (which Agreement includes without limitation, the Master Agreement to which this Schedule is attached, this Schedule and the Confirmation).  The provisions for set-off set forth in Section 6(e) of this Agreement shall not apply for purposes of this Transaction.
 

	
            (l)
 	
            Notice of Certain Events or Circumstances.  Each party agrees, upon learning of the occurrence or existence of any event or condition that constitutes (or that with the giving of notice or passage of time or both would constitute) an Event of Default or Termination Event with respect to such party, promptly to give the other party  notice of such event or condition (or, in lieu of giving notice of such event or condition in the case of an event or condition that with the giving of notice or passage of time or both would constitute an Event of Default or Termination Event with respect to the party, to cause such event or condition to cease to exist before becoming an Event of Default or Termination Event); provided that
failure to provide notice of such event or condition pursuant to this Part 5(l) shall not constitute an Event of Default or a Termination Event.
 

	
            (m)
 	
            Regarding Party A.  Party B acknowledges and agrees that Party A has had and will have no involvement in and, accordingly Party A accepts no responsibility for:  (i) the establishment, structure, or choice of assets of Party B; (ii) the selection of any person performing services for or acting on behalf of Party B; (iii) the selection of Party A as the counterparty; (iv) the terms of the Certificates; (v) the preparation of or passing on the disclosure and other information contained in any offering circular for the Certificates, the Pooling and Servicing Agreement, or any other agreements or documents used by Party B or any other party in connection with the marketing and sale of the Certificates; (vi) the ongoing operations and administration of Party B, including
the furnishing of any information to Party B which is not specifically required under this Agreement; or (vii) any other aspect of Party B’s existence.
 

	
            (n)
 	
            Amendments.  This Agreement will not be amended unless Party B shall have received prior written confirmation from each of the Rating Agencies that such amendment will not cause S&P, Moody's or Fitch to downgrade or withdraw its then-current ratings of any outstanding Certificates and the Notes. 
 

	
            (o)
 	
            Gross-up.  Section 2(d)(i)(4) shall only apply in the event Party A is “X” and Party B is “Y” thereunder.
 

	
            (p)
 	
            Payment Dates.  Notwithstanding anything to the contrary in the Agreement, (i) Party B will not be required to make any payment specified in a Confirmation until the next scheduled Distribution Date (as defined in the Pooling & Servicing Agreement) and (ii) if an amount is calculated as being due in respect of any Early Termination Date under 6(e) from Party B to Party A, the payment will be due on the next subsequent Distribution Date or if such Early Termination Date is the final Distribution Date, on such final Distribution Date
 

	
            (q)
 	
            Swap Administration.  The parties acknowledge that Deutsche Bank National Trust Company has been appointed as “Swap Administrator” under the Swap Administration Agreement, dated as of February 23, 2006 among the Swap Administrator, Deutsche Bank National Trust Company, as trustee for the Trust and Ameriquest Mortgage Company (the “Swap Administration Agreement”) to receive all Net Swap Payments (as defined in the Pooling and Servicing Agreement) to be made by Party A under this Agreement.  Party A agrees that it will make Net Swap Payments to the Swap Account (as defined in the Pooling and Servicing Agreement) established by the Swap Administrator.
 

 

 

	
             
 	
            (r)
 	
            Limited Recourse.  Notwithstanding any other provisions of this Agreement, the obligations of Party B under this Agreement are limited-recourse obligations of Party B.  Such obligations are non-recourse to Party B, its assets and its property other than the assets of Trust Fund, and following realization of such assets, any claims of Party A shall be extinguished and shall not thereafter be reinstated.  No recourse shall be had against any principal, director, officer, employee, beneficiary, shareholder, partner, member, trustee, agent or affiliate of Party B or any person owning, directly or indirectly, any legal or beneficial interest in Party B, or any successors or assigns of any of the foregoing (the “Exculpated Parties”) for the payment of any amount payable under this Agreement.
Party A shall not enforce the liability and obligations of Party B to perform and observe the obligations contained in this Agreement by any action or proceeding wherein a money judgment establishing any personal liability shall be sought against Party B, subject to the following sentence, or the Exculpated Parties.  The agreements in this paragraph shall survive termination of this Agreement and the performance of all obligations hereunder.
 

(s)  Compliance with Regulation AB.  

 

	
             
 	
            (i)
 	
            DBAG agrees and acknowledges that Ameriquest Mortgage Securities Inc. (“AMS”) is required under Regulation AB under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (“Regulation AB”), to disclose certain financial information regarding DBAG or its group of affiliated entities, if applicable, depending on the aggregate “significant percentage” of this Agreement and any other derivative contracts between DBAG or its group of affiliated entities, if applicable, and Party B, as calculated from time to time in accordance with Item 1115 of Regulation AB.
 

 

	
             
 	
            (ii)
 	
            It shall be a swap disclosure event (“Swap Disclosure Event”) if, on any Business Day after the date hereof, AMS requests from DBAG the applicable financial information described in Item 1115 of Regulation AB (such request to be based on a reasonable determination by AMS, in good faith, that such information is required under Regulation AB) (the “Swap Financial Disclosure”).
 

 

	
             
 	
            (iii)
 	
            Upon the occurrence of a Swap Disclosure Event, DBAG, at its own expense, shall (a) provide to AMS the Swap Financial Disclosure, (b) secure another entity to replace DBAG as party to this Agreement on terms substantially similar to this Agreement which entity (or a guarantor therefore) meets or exceeds the Approved Rating Thresholds and which satisfies the Rating Agency Condition and which entity is able to comply with the requirements of Item 1115 of Regulation AB or (c) obtain a guaranty of the DBAG’s obligations under this Agreement from an affiliate of the DBAG, subject to the Rating Agency Condition, that is able to comply with the financial information disclosure requirements of Item 1115 of Regulation AB, such that disclosure provided in respect of the affiliate will satisfy any disclosure requirements applicable to the Swap Provider, and cause
such affiliate to provide Swap Financial Disclosure.  If permitted by Regulation AB, any required Swap Financial Disclosure may be provided by incorporation by reference from reports filed pursuant to the Exchange Act. 
 

 

	
             
 	
            (iv)
 	
            DBAG and the primary obligor under any Credit Support Document agree that, in the event that DBAG provides Swap Financial Disclosure to AMS in accordance with Part 5(s)(iii)(a) or causes its affiliate to provide Swap Financial Disclosure to AMS in accordance with Part 5(s)(iii)(c), DBAG and such primary obligor will indemnify and hold harmless AMS, its respective directors or officers and any person controlling AMS, from and against any and all losses, claims, damages and liabilities caused by any untrue statement or alleged untrue statement of a material fact contained in such Swap Financial Disclosure or caused by any omission or alleged omission to state in such Swap Financial Disclosure a material fact, when considered in conjunction with any other information regarding Party A or the derivative instrument being written by Party A in the final prospectus
for Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2006-R1, required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.
 

 

 

IN WITNESS WHEREOF, the parties have executed this document by their duly authorized officers with effect from the date so specified on the first page hereof.

 

 

	
            DEUTSCHE BANK AG,

NEW YORK BRANCH
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS TRUSTEE FOR AMERIQUEST MORTGAGE SECURITIES INC., ASSET-BACKED PASS-THROUGH CERTIFICATES, SERIES 2006-R1
 
	
            ("Party A")

 
 	
            ("Party B")

 
 
	
            By: _______________________________________________

Name:

Title:
 	
            By: _______________________________________________

Name:

Title:
 
	
             
 	
             
 
	
             
 	
             
 
	
            By: _______________________________________________

Name:

Title:
 	
             
 

 

 

 

Annex 

 

	
            Paragraph 13.
 	
            Elections and Variables
 

 

(a)           Security Interest for "Obligations".  The term "Obligations" as used in this Annex includes the following additional obligations:  Not applicable.

 

	
            (b)
 	
            Credit Support Obligations.
 

 

	
             
 	
            (i)
 	
            Delivery Amount, Return Amount and Credit Support Amount.
 

 

	
             
 	
            (A)
 	
            “Delivery Amount” has the meaning specified in Paragraph 3(a) , except that the words “upon a demand made by the Secured Party on or promptly following a Valuation Date” shall be deleted and replaced with the words “not later than the close of business on the next Local Business Day following a Valuation Date”.
 

 

	
             
 	
            (B)
 	
            “Return Amount” has the meaning specified in Paragraph 3(b).
 

 

	
             
 	
            (C)
 	
            “Credit Support Amount” shall not have the meaning specified in Paragraph 3(b) and, instead, will have the following meaning:
 

 

“Credit Support Amount” means, (a) for any Valuation Date on which a Ratings Event (as defined in the Agreement) has occurred and is continuing, the Secured Party’s Modified Exposure for that Valuation Date.

 

	
             
 	
            (ii)
 	
            Eligible Collateral.  The following items will qualify as “Eligible Collateral”:
 

	
             
 	
             
 	
            Valuation

Percentage
 
	
            (A)
 	
            Cash
 	
            100%
 
	
             
 	
             
 	
             
 
	
            (B)
 	
            Coupon-bearing negotiable debt obligations issued by the U.S. Treasury Department having a remaining maturity of less than one year (“Treasury Bills”)
 	
            98%
 
	
             
 	
             
 	
             
 
	
            (C)
 	
            Coupon-bearing negotiable debt obligations issued by the U.S. Treasury Department having a remaining maturity of 1-10 years (“Treasury Notes”)
 	
            86.9%
 
	
             
 	
             
 	
             
 
	
            (D)
 	
            Coupon-bearing negotiable debt obligations issued by the U.S. Treasury Department having a remaining maturity of more than 10 years (“Treasury Bonds”)
 	
            79.2%
 
	
             
 	
             
 	
             
 

 

(iii)          Other Eligible Support.  The following items will qualify as "Other Eligible Support" for the party specified:   Inapplicable.

 

	
             
 	
            (iv)
 	
            Thresholds.
 

 

	
             
 	
            (A)
 	
            "Independent Amount" means with respect to Part A:  Inapplicable
 

 

 

 

"Independent Amount" means with respect to Party B:  Inapplicable

 

	
             
 	
            (B)
 	
            "Threshold" means with respect to Party A, if a Ratings Event has occurred and is continuing, Zero, and if a Ratings Event has either not occurred or is not continuing, Infinity.
 

 

"Threshold" means with respect to Party B:  Infinity.  

 

	
             
 	
            (C)
 	
            “Minimum Transfer Amount” means with respect to Party A:  $50,000.
 

 

	
             
 	
            (D)
 	
            Rounding.  The Delivery Amount and the Return Amount will be rounded up and down respectively to the nearest integral multiple of $10,000.
 

 

	
            (c)
 	
            Valuation and Timing.
 

 

	
             
 	
            (i)
 	
            “Valuation Agent” means:  Party A.  The valuation agent's calculations shall be made in accordance with market practices using commonly accepted third party sources such as Bloomberg or Reuters.
 

 

	
             
 	
            (ii)
 	
            “Valuation Date” means:  Any Local Business Day.
 

 

	
             
 	
            (iii)
 	
            “Valuation Time” means:
 

 

	
             
 	
            [_]
 	
            the close of business in the city of the Valuation Agent on the Valuation Date or date of calculation, as applicable;
 

 

	
             
 	
            x
 	
            the close of business on the Local Business Day before the Valuation Date or date of calculation, as applicable;
 

 

provided that the calculations of Value and Exposure will be made as of approximately the same time on the same date.

 

	
             
 	
            (iv)
 	
            “Notification Time” means 1:00pm, New York time, on a Local Business Day.
 

 

	
            (d)
 	
            Conditions Precedent and Secured Party's Rights and Remedies.  Each Termination Event specified below with respect to a party will be a “Specified Condition” for that party (the specified party being the Affected Party if a Termination Event or Additional Termination Event occurs with respect to that party):  Illegality, Credit Event Upon Merger and Additional Termination Event.
 

 

	
            (e)
 	
            Substitution.
 

 

	
             
 	
            (i)
 	
            “Substitution Date” has the meaning specified in Paragraph 4(d)(ii).
 

 

(ii)           Consent.  If specified here as applicable, then the Pledgor must obtain the Secured Party's consent for any substitution pursuant to Paragraph 4(d):   Inapplicable

 

	
            (f)
 	
            Dispute Resolution.
 

 

(i)            “Resolution Time” means 1:00 p.m., New York time, on the Local Business Day following the date on which the notice is given that gives rise to a dispute under Paragraph 5.

 

(ii)           Value.  For the purpose of Paragraphs 5(i)(C) and 5(ii), the Value of Posted Credit Support will be calculated as follows:   as set forth for other purposes in Paragraph 12.

 

 

(iii)          Alternative.  The provisions of Paragraph 5 will apply, except to the following extent:  (A) pending the resolution of a dispute, Transfer of the undisputed Value of Eligible Credit Support or Posted Credit Support involved in the relevant demand will be due as provided in Paragraph 5 if the demand is given by the Notification Time, but will be due on the second Local Business Day after the demand if the demand is given after the Notification Time; and (B) the Disputing Party need not comply with the provisions of Paragraph 5(II)(2) if the amount to be Transferred does not exceed the Disputing Party’s Minimum Transfer Amount.

 

 

	
            (g)
 	
            Holding and Using Posted Collateral.
 

 

(i)            Eligibility to Hold Posted Collateral; Custodians.  Party B and its Custodian will be entitled to hold Posted Collateral pursuant to Paragraph 6(b); provided that the following conditions applicable to it are satisfied:

 

	
             
 	
            (A)
 	
            Party B is not a Defaulting Party. 
 

 

	
             
 	
            (B)
 	
            Posted Collateral may be held only in the following jurisdictions:  Posted Collateral consisting of certificated securities must be held in New York.
 

	
             
 	
            (C)
 	
            In the event that the Custodian holds Posted Collateral, the long-term unsubordinated unsecured debt of the Custodian is rated at least A by Standard & Poors, a division of The McGraw-Hill Companies, Inc. (or any successor thereto) and at least A2 by Moody’s Investors Service, Inc. (or any successor thereto) and at least A by Fitch Rating (such ratings, the “Approved Ratings”).  In the event that the long-term unsubordinated unsecured debt of the Custodian is downgraded below the Approved Ratings, the Party B shall, within 30 days of such downgrade replace the Custodian with a replacement Custodian that meets or exceeds, or as to which any applicable credit support provider of such replacement Custodian meets or exceeds, the Approved Ratings.
 

 

Initially, the Custodian for Party B is:  to be provided in writing by Party B to Party A.

 

	
             
 	
            (ii)
 	
            Use of Posted Collateral.  The provisions of Paragraph 6(c) will apply.
 

 

	
            (h)
 	
            Distributions and Interest Amount.
 

 

(i)            Interest Rate.  The “Interest Rate” will be the rate earned on Cash Posted Credit Support pursuant to clause (g)(ii) above.

 

(ii)           Transfer of Interest Amount.  The Transfer of the Interest Amount will be made on the first Local Business Day of each calendar month.

 

(iii)          Alternative to Interest Amount.  The provisions of Paragraph 6(d)(ii) will apply.  Provided, however, the obligations of Party B to Transfer any Interest Amount to Party A shall limited to the extent that such funds are available to Party B. 

 

	
            (i)
 	
            Other Eligible Support and Other Posted Support.
 

 

 

 

(i)            “Value” with respect to Other Eligible Support and Other Posted Support means:   Inapplicable

 

	
             
 	
            (ii)
 	
            “Transfer” with respect to Other Eligible Support and Other Posted Support means:   Inapplicable
 

 

	
             
 	
            (j)
 	
            Demands and Notices.  All demands, specifications and notices under this Annex will be made pursuant to the Notices Section of this Agreement, unless otherwise specified here:
 

 

	
             
 	
            Party A:
 	
            Deutsche Bank AG
 

60 Wall Street

New York, NY  10005

	
             
 	
            Attention:
 	
            Collateral Management and Valuations
 

 

 

 

	
            (k)
 	
            Addresses for Transfers
 

 

	
             
 	
            Party A: 
 	
            For Cash:  DBAG NY, ABA:  026003780, Ref:  A / C#  [to be provided]
 

 

For Eligible Collateral:

Fed Eligible Settlements:

Bk of NYC/Cust/604000

Acct: Deutsche Bank AG CMV Group

DTC Eligible Settlements:

DTC# 901

A/c# 604000

Acct: Deutsche Bank AG CMV Group

Euroclear Settlements:

Euroclear # 10104

Ref: Acct: Deutsche Bank AG CMV Group 604000

Canadian Settlements:

Royal Bank of Canada

BIC Code: ROYCCAT2

Acct: Bank of New York, Brussels

Ref: Acct: Deutsche Bank AG CMV Group 604000

 

	
             
 	
            Party B:
 	
            To be provided by Party B to Party A.
 

 

	
            (l)
 	
            Agreement as to Single Secured Party and Pledgor.  Party A and Party B agree that, notwithstanding anything to the contrary in this Annex, (a) the term “Secured Party” as used in this Annex means only Party B, (b) the term “Pledgor” as used in this Annex means only Party A, (c) only Party A makes the pledge and grant in Paragraph 2, the acknowledgment in the final sentence of Paragraph 8(a) and the representations in Paragraph 9, (d) only Party A will be required to make Transfers of Eligible Credit Support hereunder and (e) Paragraph 7 shall apply to Party A only and shall not apply to Party B.
 

 

 

 

	
            (m)
 	
            Additional definition.
 

 

“Modified Exposure” means, for any Valuation Date, an amount equal to the sum of (1) the greater of (a) the mark-to-market value of the swap and (b) zero and (2) the swap notional balance times volatility buffers (as determined by S&P).

 

	
            (n)
 	
            Expenses.  Notwithstanding Paragraph 10, the Pledgor will be responsible for, and will reimburse the Secured Party for, all transfer and other taxes and other costs involved in the transfer of Eligible Collateral.
 

 

	
            (o)
 	
            Exposure.  The Parties agree that in the event of a Ratings Event relating to an action taken by S&P, the Valuation Agent shall verify its calculation of the Secured Party’s Exposure on a daily basis but shall verify such valuation by seeking two quotations from Reference Market-makers at the end of each quarter.    For the avoidance of doubt, the Valuation Agent must (i) obtain at least 2 Market Quotations (as stated above) and (ii) may not obtain the quotations referred to above from the same Reference Market-maker in excess of four times during any 12 month period.  Furthermore, the Exposure valuations should reflect the higher of two bids from Reference Market-makers that would be eligible and willing to provide the market quotation in the absence of the current provider. The collateral requirement
should be based on the greater of the internal and external market quotations.  In the event the verification procedures set forth above indicate that there is a deficiency in the amount of Eligible Collateral that has been posted to the Secured Party, the Pledgor shall post the amount of Eligible Collateral necessary to cure such deficiency to the Secured Party within three Local Business Days.
 

 

 

 

(Multicurrency - Cross Border)

ISDA®

International Swaps and Derivatives Association, Inc.

MASTER AGREEMENT

dated as of December 28, 2005 

and

	
            DEUTSCHE BANK AG, NEW YORK BRANCH
 	
            DETUSCHE BANK NATIONAL TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS TRUSTEE FOR AMERIQUEST MORTGAGE SECURITIES INC., ASSET-BACKED PASS-THROUGH CERTIFICATES, SERIES 2006-R1
 
	
            ("Party A")
 	
            ("Party B")
 

have entered and/or anticipate entering into one or more transactions (each a "Transaction") that are or will be governed by this Master Agreement, which includes the schedule (the "Schedule"), and the documents and other confirming evidence (each a "Confirmation") exchanged between the parties confirming those Transactions.

Accordingly, the parties agree as follows: -

	
            1.
 	
            Interpretation
 

(a)           Definitions. The terms defined in Section 14 and in the Schedule will have the meanings therein specified for the purpose of this Master Agreement.

(b)           Inconsistency. In the event of any inconsistency between the provisions of the Schedule and the other provisions of this Master Agreement, the Schedule will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement (including the Schedule), such Confirmation will prevail for the purpose of the relevant Transaction.

(c)           Single Agreement. All Transactions are entered into in reliance on the fact that this Master Agreement and all Confirmations form a single agreement between the parties (collectively referred to as this "Agreement'), and the parties would not otherwise enter into any Transactions.

	
            2.
 	
            Obligations
 

	
            (a)
 	
            General Conditions.
 

(i)    Each party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement.

(ii)    Payments under this Agreement will be made on the due date for value on that date in the place of the account specified in the relevant Confirmation or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary for payments in the required currency. Where settlement is by delivery (that is, other than by payment), such delivery will be made for receipt on the due date in the manner customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement.

(iii)  Each obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent that no Event of Default or Potential Event of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant Transaction has occurred or been effectively designated and (3) each other applicable condition precedent specified in this Agreement.

 

 

value of that which was (or would have been) required to be delivered as of the originally scheduled date for delivery, in each case together with (to the extent permitted under applicable law) interest, in the currency of such amounts, from (and including) the date such amounts or obligations were or would have been required to have been paid or performed to (but excluding) such Early Termination Date, at the Applicable Rate. Such amounts of interest will be calculated on the basis of daily compounding and the actual number of days elapsed. The fair market value of any obligation referred to in clause (b) above shall be reasonably determined by the party obliged to make the determination under Section 6(e) or, if each party is so obliged, it shall be the average of the Termination Currency Equivalents of the fair market values reasonably determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below with effect from the date specified on the first page of this document.

 

	
            DEUTSCHE BANK AG, 

NEW YORK BRANCH
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS TRUSTEE FOR AMERIQUEST MORTGAGE SECURITIES INC., ASSET-BACKED PASS-THROUGH CERTIFICATES, SERIES 2006-R1
 
	
             
 	
             

 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
             
 
	
            By: __________________________________________

 
 	
            By: __________________________________________

 
 
	
            Name:

Title:

Date:
 	
            Name:

Title:

Date:
 
	
             
 	
             
 
	
             
 	
             
 
	
            By: __________________________________________
 	
             
 
	
            Name:

Title:

Date:
 	
             
 

 

 

 

 

 

 

EXHIBIT I

LOSS MITIGATION ACTION PLAN

 

	
            DEFAULT MITIGATION ACTION
  	
            SUPPORTING STANDARDS
  
	
            Forbearance Workout

Defer any of the following:

1.accrued interest

2.past due principal

3.escrow advances

4.corporate advances

5.ancillary fees

6.any combination of the above

 
 	
            Borrower documents a temporary financial hardship 

resulting in request for a forbearance

Borrower documents financial ability to pay under the

proposed forbearance terms

Borrower expresses a willingness to perform.

Current monthly payments  are scheduled to be made 

prior to late charge date during the forbearance term
 
	
            Loan Modification Workout

Any of the following:

1.waive accrued interest

2.waive past due principal

3.waive corporate advances

4.waive
ancillary fees

5.reduce principal

6.reduce interest rate

7.any combination of the above items

8.any combination with the Forbearance items
 	
            Borrower documents a  non-temporary financial hardship resulting in the request for a loan modification

Borrower documents financial ability to pay under the  proposed loan modification terms

Borrower does not have the ability to pay under the  original loan terms

Borrower expresses a willingness to perform

No waiver of escrow advances (taxes and insurance) is  allowed

 
 
	
            Note Sale Workout

Waive or negotiate a reduced amount of any of the following:

1.accrued interest

2.principal

3.escrow advances

4.corporate advances

5.ancillary fees

6.prepayment fees

7.any combination of the above items
 	
            Sale of Note, not property to a third party

Independent appraisal or valuation report/product supports sales price or other significant information affecting value exists

Borrower is transparent to the transaction

Viable option if there is no cooperation or contact with the borrower, or other significant property conditions or risks
existing
 

	
            Short Sale Disposal

Waive or negotiate a reduced amount of any of the    following:

1.accrued interest

2.principal

3.escrow advances

4.corporate advances

5.ancillary fees

6.prepayment charges

7.any combination of the above items

 
 	
            Sale to a third party 

Independent appraisal supports sale price

No cash to seller (borrower), excluding costs necessary to close

Borrower does not have the ability and/or willingness to pay

Borrower no longer wants property
 
	
            Short pay-off Disposal

Waive or negotiate a reduced amount of any of the    following:

1.accrued interest

2.principal

3.escrow advances

4.corporate advances

5.ancillary fees

6.prepayment charges

7.any combination of the above items

 
 	
            Refinance by independent third party Lender

Independent appraisal supports new loan amount

New loan is no cash out (i.e. no cash to borrower  excluding costs necessary to close)

Borrower has expressed his/her unwillingness to pay 

Anticipated refinance time frame is less than anticipated
foreclosure time frame
 
	
            Deed-in-lieu Disposal
 	
            Borrower has already  or will abandon the property or is willing to vacate the property (in a broom sweep  condition) on a mutually agreeable date

Borrower does not have the ability and/or willingness to pay

Independent appraisal confirms property has a value

Title is clean

Property appears to be
resalable based on condition and value shown in independent appraisal

Property does not appear to have any environmental or  hazardous conditions (or such conditions appear to be  curable)

 
 

	
            Foreclosure Disposal
 	
            Borrower has already  or will abandon the property (which may be by an eviction proceeding or mutual agreement)

Borrower does not have the ability and/or willingness to pay

Independent appraisal confirms property has a value

Property appears to be resalable based on condition and value shown in independent appraisal

Property does not appear to have any environmental or 

hazardous conditions (or such conditions appear to be 

curable)

 
 

 

Workouts in the form of either a Forbearance or Loan Modification require that the Borrower document the existence of a financial hardship leading to the payment delinquency and document the ability to make the payments required under the proposed Forbearance or Loan Modification.  If the Borrower fails to meet both of these conditions or the Borrower is uncooperative, a Disposal Loss Mitigation Action will be employed to liquidate the delinquent loan, assuming the Borrower does not otherwise cure the existing default. Each of the Default Mitigation Actions and Supporting Standards may not be applicable to each and every loan subject to a default in its monthly payments and in those cases where a Default Mitigation Action or Supporting Standard may be applicable, each is subject to amendment and/or waiver on an individual basis pursuant to applicable federal, state and
local laws, decisional authorities, court orders, instructions of regulatory and/or other governmental authorities, the advice of legal counsel, instructions from the Trustee and changes in the loan servicing standards.

 

 

 

 

EXHIBIT J-1

FORM OF CERTIFICATION TO BE PROVIDED BY THE DEPOSITOR WITH FORM 10-K

	
             
 	
            Re:
 	
            Ameriquest Mortgage Securities Inc.,
 

Asset-Backed Pass-Through Certificates, Series 2006-R1

I, [identify the certifying individual], certify that:

1.            I have reviewed this annual report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of Ameriquest Mortgage Securities Trust 2006-R1 (the “Exchange Act Periodic Reports”);

2.            Based on my knowledge, the Exchange Act Periodic Reports, 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 light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.            Based on my knowledge, the distribution, servicing and other information required to be provided under Form 10-D for the period covered by this report is included in the Exchange Act Periodic Reports;

4.            Based on my knowledge and the servicer compliance statement(s) required in this report under Item 1123 of Regulation AB and except as disclosed in the Exchange Act Periodic Reports, the servicer(s) [has/have] fulfilled [its/their] obligations under the servicing agreement(s) in all material respects; and; 

5.            All of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise disclosed in this report.  Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10-K.

In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: Deutsche Bank National Trust Company.

 

Date: __________________

	
             
 	
            
 
 
 
	
             
 	
            [Signature]

[Title]
 

 

 

 

EXHIBIT J-2

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR BY THE TRUSTEE

	
             
 	
            Re:
 	
            Ameriquest Mortgage Securities Inc.,
 

Asset-Backed Pass-Through Certificates, Series 2006-R1

I, [identify the certifying individual], a [title] of Deutsche Bank National Trust Company, as Trustee, hereby certify to Ameriquest Mortgage Securities Inc. (the “Depositor”), and its officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

I have reviewed this annual report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of Ameriquest Mortgage Securities Trust 2006-R1 (the “Exchange Act Periodic Reports”);

2.            Based on my knowledge, the information in the Monthly Statements (excluding information provided, or based on information provided, by the Master Servicer or any servicer) and those items in Exhibit N attached to the Pooling and Servicing Agreement which indicate the 4.02 statement or the Trustee as the responsible party, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report; and

3.            Based on my knowledge, the distribution information required to be provided by the Trustee under the Pooling and Servicing Agreement is included in the Monthly Statements.

 

Capitalized terms used but not defined herein have the meanings ascribed to them in the Pooling and Servicing Agreement, dated February 1, 2006 (the “Pooling and Servicing Agreement”), among the Depositor as depositor, Ameriquest Mortgage Company as master servicer and Deutsche Bank National Trust Company as trustee.

 

	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            DEUTSCHE BANK NATIONAL TRUST COMPANY, as Trustee
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            By:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Name:        
 
	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
             
 	
            Title:                   
 

 

Date:

 

 

EXHIBIT K

[Reserved]

 

 

 

EXHIBIT L

[Reserved]

 

 

EXHIBIT M

 

SERVICING CRITERIA TO BE ADDRESSED

IN ASSESSMENT OF COMPLIANCE

Key:

X - obligation

 

Where there are multiple checks for criteria the attesting party will identify in their management assertion that they are attesting only to the portion of the distribution chain they are responsible for in the related transaction agreements.

 

 

	
            Reg AB Reference
 	
            Servicing Criteria
 	
            Master Servicer
 	
            Trustee
 
	
             
 	
            General Servicing Considerations
 	
             
 	
             
 
	
            1122(d)(1)(i)
 	
            Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.
 	
            X
 	
            X
 
	
            1122(d)(1)(ii)
 	
            If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities. 
 	
            X
 	
            X
 
	
            1122(d)(1)(iii)
 	
            Any requirements in the transaction agreements to maintain a back-up servicer for the Pool Assets are maintained. 
 	
             
 	
             
 
	
            1122(d)(1)(iv)
 	
            A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. 
 	
            X
 	
             
 
	
             
 	
            Cash Collection and Administration
 	
             
 	
             
 
	
            1122(d)(2)(i)
 	
            Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements. 
 	
            X
 	
            X
 
	
            1122(d)(2)(ii)
 	
            Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. 
 	
            X
 	
            X
 
	
            1122(d)(2)(iii)
 	
            Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. 
 	
            X
 	
             
 
	
            1122(d)(2)(iv)
 	
            The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements. 
 	
             
 	
            X
 
	
            1122(d)(2)(v)
 	
            Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. 
 	
            X
 	
            X
 
	
            1122(d)(2)(vi)
 	
            Unissued checks are safeguarded so as to prevent unauthorized access. 
 	
             
 	
             
 

 

 

 

 

	
            1122(d)(2)(vii) 
 	
            Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. 
 	
            X
 	
            X
 
	
             
 	
            Investor Remittances and Reporting
 	
             
 	
             
 
	
            1122(d)(3)(i)
 	
            Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of Pool Assets serviced by the Master Servicer. 
 	
            X
 	
            X
 
	
            1122(d)(3)(ii)
 	
            Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. 
 	
            X
 	
            X
 
	
            1122(d)(3)(iii)
 	
            Disbursements made to an investor are posted within two business days to the Master Servicer’s investor records, or such other number of days specified in the transaction agreements. 
 	
            X
 	
            X
 
	
            1122(d)(3)(iv)
 	
            Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. 
 	
            X
 	
            X
 
	
             
 	
            Pool Asset Administration
 	
             
 	
             
 
	
            1122(d)(4)(i) 
 	
            Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. 
 	
            X
 	
             
 
	
            1122(d)(4)(ii)
 	
            Pool assets  and related documents are safeguarded as required by the transaction agreements 
 	
            X
 	
            X
 
	
            1122(d)(4)(iii)
 	
            Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. 
 	
            X
 	
            X
 
	
            1122(d)(4)(iv)
 	
            Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Master Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents. 
 	
            X
 	
             
 
	
            1122(d)(4)(v)
 	
            The Master Servicer’s records regarding the pool assets agree with the Master Servicer’s records with respect to an obligor’s unpaid principal balance. 
 	
            X
 	
             
 
	
            1122(d)(4)(vi)
 	
            Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. 
 	
            X
 	
             
 
	
            1122(d)(4)(vii)
 	
            Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. 
 	
            X
 	
             
 
	
            1122(d)(4)(viii)
 	
            Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). 
 	
            X
 	
             
 
	
            1122(d)(4)(ix)
 	
            Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. 
 	
            X
 	
             
 

	
            1122(d)(4)(x)
 	
            Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements. 
 	
            X
 	
             
 
	
            1122(d)(4)(xi)
 	
            Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. 
 	
            X
 	
             
 
	
            1122(d)(4)(xii)
 	
            Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Master 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. 
 	
             
 	
             
 

 

 

 

 

 

 

EXHIBIT N

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 pursuant to Section 4.06.  If the Trustee is indicated below as to any item, then the Trustee is primarily responsible for obtaining that information.  

 

Under Item 1 of Form 10-D: a) items marked “4.02 statement” are required to be included in the periodic Distribution Date statement under Section 4.02, provided by the Trustee based on information received from the Master Servicer and the Depositor, as applicable; and b) items marked “Form 10-D report” are required to be in the Form 10-D report but not the 4.02 statement, provided by the party indicated.  Information under all other Items of Form 10-D is to be included in the Form 10-D report.

 

	
            Form
 	
            Item
 	
            Description
 	
            Responsible Party
 

	
            10-D
 	
            Must be filed within 15 days of the Distribution Date.
 
	
            1
 	
            Distribution and Pool Performance Information
 	
             
 
	
            Item 1121(a) – Distribution and Pool Performance Information
 	
             
 
	
            (1) Any applicable record dates, accrual dates, determination dates for calculating distributions and actual distribution dates for the distribution period.
 	
            4.02 statement
 
	
            (2) Cash flows received and the sources thereof for distributions, fees and expenses.
 	
            4.02 statement
 
	
            (3) Calculated amounts and distribution of the flow of funds for the period itemized by type and priority of payment, including:
 	
            4.02 statement
 
	
            (i) Fees or expenses accrued and paid, with an identification of the general purpose of such fees and the party receiving such fees or expenses.
 	
            4.02 statement
 
	
            (ii) Payments accrued or paid with respect to enhancement or other support identified in Item 1114 of Regulation AB (such as insurance premiums or other enhancement maintenance fees), with an identification of the general purpose of such payments and the party receiving such payments.
 	
            4.02 statement
 
	
            (iii) Principal, interest and other distributions accrued and paid on the asset-backed securities by type and by class or series and any principal or interest shortfalls or carryovers.
 	
            4.02 statement
 
	
            (iv) The amount of excess cash flow or excess spread and the disposition of excess cash flow.
 	
            4.02 statement
 
	
            (4) Beginning and ending principal balances of the asset-backed securities.
 	
            4.02 statement
 
	
            (5) Interest rates applicable to the pool assets and the asset-backed securities, as applicable.  
 	
            4.02 statement
 
	
            (6) Beginning and ending balances of transaction accounts, such as reserve accounts, and material account activity during the period.
 	
            4.02 statement
 
	
            (7) Any amounts drawn on any credit enhancement or other support identified in Item 1114 of Regulation AB, as applicable, and the amount of coverage remaining under any such enhancement, if known and applicable.
 	
            Depositor
 
	
            (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 life, weighted average remaining term, pool factors and prepayment amounts.
 	
            4.02 statement

 

Updated pool composition information fields to be as specified by Depositor
 
	
            (9) Delinquency and loss information for the period. 

 

In addition, describe any material changes to the information specified in Item 1100(b)(5) of Regulation AB regarding the pool assets.
 	
            4.02 statement.

 

 

Form 10-D report: Depositor
 
	
            (10) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements.
 	
            4.02 statement
 
	
            (11) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time.
 	
            Form 10-D report: Master Servicer
 
	
            (12) Material breaches of pool asset representations or warranties or transaction covenants.
 	
            Form 10-D report: Depositor/Trustee (to the extent of written notice received)
 
	
            (13) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met.
 	
            4.02 statement
 
	
            (14) Information regarding any new issuance of asset-backed securities backed by the same asset pool, 

[information regarding] any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable.

Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
 	
            Form 10-D report: Depositor

 

Form 10-D report: Depositor

 

 

 

 

Form 10-D report: Depositor
 
	
            Item 1121(b) – Pre-Funding or Revolving Period Information

Updated pool information as required under Item 1121(b).
 	
            Depositor
 
	
            2
 	
            Legal Proceedings
 	
             
 
	
            Item 1117 – Legal proceedings pending against the following entities, or their respective property, that is material to Certificateholders, including proceedings known to be contemplated by governmental authorities (excluding loan level legal proceedings):

Seller

Depositor

Trustee

Issuing entity

Master Servicer

Originator 

Custodian
 	
             

 

 

Seller

Depositor

Trustee

Depositor

Master Servicer

Originator

Custodian
 
	
            3
 	
            Sales of Securities and Use of Proceeds
 	
             
 
	
            Information from Item 2(a) of Part II of Form 10-Q:

 

With respect to any sale of securities by the sponsor, depositor or issuing entity, that are backed by the same asset pool or are otherwise issued by the issuing entity, whether or not registered, provide the sales and use of proceeds information in Item 701 of Regulation S-K.  Pricing information can be omitted if securities were not registered.
 	
             

 

 

Depositor
 
	
            4
 	
            Defaults Upon Senior Securities
 	
             
 
	
            Information from Item 3 of Part II of Form 10-Q:

 

Report the occurrence of any Event of Default (after expiration of any grace period and provision of any required notice)
 	
             

 

 

Trustee
 
	
            5
 	
            Submission of Matters to a Vote of Security Holders
 	
             
 
	
            Information from Item 4 of Part II of Form 10-Q
 	
            Trustee (to the extent of actual knowledge); Depositor
 
	
            6
 	
            Significant Obligors of Pool Assets
 	
             
 
	
            Item 1112(b) – Significant Obligor Financial Information*
 	
            Depositor
 
	
            *This information need only be reported on the Form 10-D for the distribution period in which updated information is required pursuant to the Item.
 	
             
 
	
            7
 	
            Significant Enhancement Provider Information
 	
             
 
	
            Item 1114(b)(2) – Credit Enhancement Provider Financial Information*

Determining applicable disclosure threshold

Obtaining required financial information or effecting incorporation by reference
 	
             

Depositor
 
	
            Item 1115(b) – Derivative Counterparty Financial Information*

Determining current maximum probable exposure

Determining current significance percentage

Obtaining required financial information or effecting incorporation by reference
 	
             

 

Depositor

 
 
	
            *This information need only be reported on the Form 10-D for the distribution period in which updated information is required pursuant to the Items.
 	
             
 
	
            8
 	
            Other Information
 	
             
 
	
            Disclose any information required to be reported on Form 8-K during the period covered by the Form 10-D but not reported
 	
            The Responsible Party for the applicable Form 8-K item as indicated below
 
	
            9
 	
            Exhibits
 	
             
 
	
            Distribution report
 	
            Trustee
 
	
            Exhibits required by Item 601 of Regulation S-K, such as material agreements
 	
            Depositor
 
	
            8-K
 	
            Must be filed within four business days of an event reportable on Form 8-K.
 
	
            1.01
 	
            Entry into a Material Definitive Agreement
 	
             
 
	
            Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization, even if depositor is not a party.  

Examples: servicing agreement, custodial agreement.

Note: disclosure not required as to definitive agreements that are fully disclosed in the prospectus
 	
            Depositor
 
	
            1.02
 	
            Termination of a Material Definitive Agreement
 	
             
 
	
            Disclosure is required regarding termination of  any definitive agreement that is material to the securitization (other than expiration in accordance with its terms), even if depositor is not a party.  

Examples: servicing agreement, custodial agreement.

 
 	
            Depositor
 
	
            1.03
 	
            Bankruptcy or Receivership
 	
             
 
	
            Disclosure is required regarding the bankruptcy or receivership, if known to the Master Servicer, with respect to any of the following: 

Sponsor (Seller), Depositor, Master Servicer, Trustee, Cap Provider, Custodian
 	
            Master Servicer/Depositor (to the extent of actual knowledge)
 
	
            2.04
 	
            Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
 	
             
 
	
            Includes an early amortization, performance trigger or other event, including event of default, that would materially alter the payment priority/distribution of cash flows/amortization schedule.

Disclosure will be made of events other than waterfall triggers which are disclosed in the 4.02 statement
 	
            Trustee, Depositor, Master Servicer
 
	
            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
 	
            Depositor
 
	
            5.03
 	
            Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
 	
             
 
	
            Disclosure is required of any amendment “to the governing documents of the issuing entity”
 	
            Depositor
 
	
            5.06
 	
            Change in Shell Company Status
 	
             
 
	
            [Not applicable to ABS issuers]
 	
            Depositor
 
	
            6.01
 	
            ABS Informational and Computational Material
 	
             
 
	
            [Not included in reports to be filed under Section 4.07]
 	
            Depositor
 
	
            6.02
 	
            Change of Master Servicer or Trustee
 	
             
 
	
            Requires disclosure of any removal, replacement, substitution or addition of any master servicer, affiliated servicer, other servicer servicing 10% or more of pool assets at time of report, other material servicers, certificate administrator or trustee.  Reg AB disclosure about any new servicer or trustee is also required.
 	
            Trustee or Master Servicer
 
	
            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.  Reg AB disclosure about any new enhancement provider is also required.
 	
            Depositor or Trustee (to the extent of actual knowledge)
 
	
            6.04
 	
            Failure to Make a Required Distribution
 	
            Trustee
 
	
            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.
 	
            Depositor
 
	
            If there are any new servicers or originators required to be disclosed under Regulation AB as a result of the foregoing, provide the information called for in Items 1108 and 1110 respectively.
 	
            Depositor
 
	
            7.01
 	
            Regulation FD Disclosure
 	
            Depositor
 
	
            8.01
 	
            Other Events
 	
             
 
	
            Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance to security holders.
 	
            Depositor
 
	
            9.01
 	
            Financial Statements and Exhibits
 	
            The Responsible Party applicable to reportable event
 
	
            10-K
 	
            Must be filed within 90 days of the fiscal year end for the registrant.
 
	
            9B
 	
            Other Information
 	
             
 
	
            Disclose any information required to be reported on Form 8-K during the fourth quarter covered by the Form 10-K but not reported
 	
            The Responsible Party for the applicable Form 8-K item as indicated above
 
	
            15
 	
            Exhibits and Financial Statement Schedules
 	
             
 
	
            Item 1112(b) – Significant Obligor Financial Information
 	
            Depositor
 
	
            Item 1114(b)(2) – Credit Enhancement Provider Financial Information

Determining applicable disclosure threshold

Obtaining required financial information or effecting incorporation by reference
 	
             

Depositor
 
	
            Item 1115(b) – Derivative Counterparty Financial Information

Determining current maximum probable exposure

Determining current significance percentage

Obtaining required financial information or effecting incorporation by reference
 	
             

Depositor

 
 
	
            Seller

Depositor

Trustee

Issuing entity

Master Servicer

Originator 

Custodian
 	
            Seller

Depositor

Trustee

Issuing entity

Master Servicer

Originator 

Custodian
 
	
            Item 1119 – Affiliations and relationships, as applicable, between the following entities, or their respective affiliates, that are material to Certificateholders:

Seller

Depositor

Trustee

Issuing entity

Master Servicer

Originator 

Custodian 

Credit Enhancer/Support Provider, if any

Significant Obligor, if any
 	
             

 

Seller

Depositor

Trustee

Issuing entity

Master Servicer

Originator 

Custodian 

Depositor

Depositor
 
	
            Item 1122 – Assessment of Compliance with Servicing Criteria
 	
            Each Party participating in the servicing function
 
	
            Item 1123 –Servicer Compliance Statement
 	
            Master Servicer
 

 

 

 

 

SCHEDULE 1

MORTGAGE LOAN SCHEDULE

 

(Available upon request)

 

 

SCHEDULE 2

PREPAYMENT CHARGE SCHEDULE

Available Upon Requestexv10w1

 

Exhibit 10.1

Amendment to F5 Networks, Inc. 2005 Equity Incentive Plan Award Agreement

This Agreement, dated as of March 8, 2006, amends the specific F5 Networks, Inc. 2005 Equity
Incentive Plan Award Agreements (“Award Agreement”) described below between John Rodriguez and F5
Networks, Inc. as follows:

The Award Agreements associated with the Notices of Grant of Stock Units dated July 1, 2005 for
15,000 RSUs and September 30, 2005 for 5,000 RSUs are amended to add the following as Section 2.3:

     Accelerated Vesting. Notwithstanding the vesting provisions set forth in the Grant
Notice and Section 11 of the Plan, in the event of a change in control transaction as described in
Section 11 of the Plan, the vesting of 100% of the shares of Common Stock subject to the Award (and
if applicable, the time during which the Award may be exercised or settled) shall be accelerated in
full, and the Award shall terminate if not exercised or settled at or prior to the closing of the
change in control transaction.

All capitalized terms used in this Agreement have the same meaning as those used in the Award
Agreement.

In all other respects the Notice of Grant of Stock Units and the Award Agreements will remain
unchanged, and in full force and effect.

Agreed:

F5 Networks, Inc.

	 	 	 	 	 
	 	 	 
	/s/ JOANN REITER
 	 	 
	Joann Reiter 	 	 
	Senior Vice President and General Counsel 	 	 
	 

	 	 	 	 	 
	 	 	 
	/s/ JOHN RODRIQUEZ
 	 	 
	John Rodriguez

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